<PAGE>
New England Variable Annuity Fund I
is a separate account of
Metropolitan Life Insurance Company
One Madison Avenue
New York, New York 10010
Board of Managers
Anne M. Goggin, Chairman
John J. Arena
Edward A. Benjamin
Mary Ann Brown
John W. Flynn
Nancy Hawthorne
John T. Ludes
Dale Rogers Marshall
Designated Office for Contractholder Services
New England Life Insurance Company
501 Boylston Street
Boston, Massachusetts 02116-3700
(617) 578-2000
Investment Adviser
Capital Growth Management Limited Partnership
One International Place
Boston, Massachusetts 02110
Distributor
New England Securities Corporation
399 Boylston Street
Boston, Massachusetts 02116
Legal Counsel
Ropes & Gray
One International Place
Boston, Massachusetts 02110
Independent Auditors
Deloitte & Touche LLP
200 Berkeley Street
Boston, Massachusetts 02116-5022
This report has been prepared for the contract owners of the Fund and is
authorized for distribution to prospective investors in the Fund when it is
accompanied or preceded by a current prospectus.
--------------------------------------------------------------------------------
Equal Opportunity Employer M/F
New England Financial is the service mark for New England Life Insurance
Company, Boston, MA and related companies.
VA-195-00
[NEW ENGLAND FINANCIAL LOGO]
--------------------------------------------------------------------------------
NEW ENGLAND
VARIABLE ANNUITY
FUND I
Semi-Annual Report
June 30, 2000
<PAGE>
To Our Contract Owners: August 11, 2000
I am pleased to provide you with your Semi-Annual Report for New England
Variable Annuity Fund I. This report reviews the performance of the fund and
the holdings in the portfolio through June 30, 2000.
The proven long-term investment record of this fund is most impressive. In
addition to the performance of the fund, there are a number of other benefits
to owning your variable annuity. It is ideally suited for retirement planning
since you are provided with a hedge against inflation, a guaranteed minimum
death benefit and variable and fixed payout options, including options that
provide payments for your lifetime. Your annuity contract will also provide for
immediate payment of death proceeds to your named beneficiary without incurring
the long delays and costs of probate.
If you would like more information about this investment opportunity, please
contact your New England Financial representative.
Sincerely,
/s/ Mary Ann Brown
Mary Ann Brown
President, New England Financial
Products and Services
NOTE: Investment performance results contained in this report are not a
prediction of future returns and, except for the average annual total returns,
do not reflect the deduction of the maximum 6% sales load, the maximum 3%
administrative charge or 3.5% premium tax, if applicable. If included, these
charges would reduce performance figures. The investment return on and
principal value of your investment will fluctuate, so that your contract may be
worth more or less than you invested.
1
<PAGE>
NATIONAL ASSOCIATION OF SECURITIES DEALERS DISCLOSURE
The National Association of Securities Dealers Regulation, Inc. (NASDR) has a
"Public Disclosure Program" which provides current and historical information
on registered representatives and Financial Institutions registered with the
NASD. If you would like information pertaining to the "Public Disclosure
Program", including an informational brochure that describes the program, you
may contact the NASD directly by calling the NASDR, Inc. Public Disclosure
Hotline at 800-289-9999 or by visiting the NASDR, Inc.'s website at NASDR.com.
If you would like to contact New England Financial concerning any aspect of
your account or our products and services, please call us directly at 800-435-
4117.
2
<PAGE>
NEW ENGLAND VARIABLE ANNUITY FUND I
INVESTMENT RECORD (Unaudited)
Percent Change in Unit Value*
<TABLE>
<CAPTION>
New England
Variable Annuity
Fund I
<S> <C>
29 years ended June 30, 2000............................. +3,058.0%
20 years ended June 30, 2000............................. +2,488.7%
15 years ended June 30, 2000............................. +746.1%
10 years ended June 30, 2000............................. +305.9%
5 years ended June 30, 2000............................. +143.1%
1 year ended June 30, 2000.............................. +6.7%
6 months ended June 30, 2000............................ -3.7%
</TABLE>
* The percentage figures for the Fund are based upon beginning accumulation
unit values for the periods shown of $1.166948, $1.423583, $4.355736,
$9.079903, $15.158337, $34.527024 and $38.279606, respectively.
The periods selected cover the preceding twenty-nine years, twenty years,
fifteen years, ten years, five years, the past year and the past six months.
The results should be considered in light of the Fund's investment objective
and policies, the characteristics and quality of its portfolio securities, and
the periods selected. Inasmuch as the Fund does not distribute investment
income, the investment record reflects reinvestment of such income. The
investment record for the Fund also reflects charges, at an effective annual
rate of approximately 1.26%, made for investment management and mortality and
expense risks. It also reflects certain other expenses to the Fund, currently
at an annual rate of .05%.
-------------------------------------------------------------------------------
ACCUMULATION UNIT VALUE TABLE (Unaudited)
<TABLE>
<CAPTION>
Accumulation %
Date Unit Value Change
<S> <C> <C>
March 25, 1971........ $1.157298 --
December 31, 1971..... 1.180085 + 2.0
December 31, 1972..... 1.324345 +12.2
December 31, 1973..... 1.144645 -13.6
December 31, 1974..... 0.786512 -31.3
December 31, 1975..... 0.981727 +24.8
December 31, 1976..... 1.147484 +16.9
December 31, 1977..... 1.077867 - 6.1
December 31, 1978..... 1.180390 + 9.5
December 31, 1979..... 1.356685 +14.9
December 31, 1980..... 1.907809 +40.6
December 31, 1981..... 2.046992 + 7.3
December 31, 1982..... 3.254033 +59.0
December 31, 1983..... 3.943886 +21.2
December 31, 1984..... 3.572709 - 9.4
December 31, 1985..... 4.823900 +35.0
December 31, 1986..... 6.156190 +27.6
December 31, 1987..... 7.017161 +14.0
December 31, 1988..... 6.745649 - 3.9
December 31, 1989..... 7.984578 +18.4
December 31, 1990..... 8.383448 + 5.0
December 31, 1991..... 11.835525 +41.2
December 31, 1992..... 11.576959 - 2.2
December 31, 1993..... 12.850577 +11.0
December 31, 1994..... 11.899473 - 7.4
December 31, 1995..... 16.523266 +38.9
December 31, 1996..... 20.079854 +21.5
December 31, 1997..... 24.547721 +22.3
December 31, 1998..... 32.575691 +32.7
December 31, 1999..... 38.279606 +17.5
June 30, 2000......... 36.852234 - 3.7
</TABLE>
The above table indicates the accumulation unit value of the Fund on March 25,
1971, the date of the first sale, and on the last valuation date of each
twelve month period from December 31, 1971 through December 31, 1999, and on
June 30, 2000, together with the percentage change in accumulation unit values
during each such period.
-------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Unaudited)
The average annual total return of the Fund on a single purchase payment of
$1,000 for the 1, 5 and 10 year periods ending June 30, 2000 was -5.3%, 16.6%
and 13.7%, respectively, assuming deduction of the 3.5% maximum premium tax.
Assuming no premium tax deduction, the average annual total return on a $1,000
purchase payment for the same periods was -1.9%, 17.5% and 14.1%,
respectively. These performance results represent past performance. These
results reflect the deduction of the maximum sales and administrative load of
9% of the first $46 and 8% of the balance of the purchase payment (after
premium tax, if any).
-------------------------------------------------------------------------------
3
<PAGE>
NEW ENGLAND VARIABLE ANNUITY FUND I
PORTFOLIO CHANGES
Shares owned at June 30, 2000 compared to shares owned December 31, 1999
<TABLE>
<CAPTION>
NEW SECURITIES ADDED
Shares
------
<S> <C>
Advanced Micro Devices..... 41,000
Chubb Corp. ............... 22,800
Conoco Inc. .............. 30,500
El Paso Energy Corp. ...... 70,000
Halliburton Co. ........... 72,000
HCA Healthcare Co. ........ 35,000
National Semiconductor..... 45,900
Philip Morris Cos, Inc. ... 120,800
Quaker Oats Co. ........... 15,000
Spieker Properties, Inc. .. 49,100
United Health Group Inc. .. 44,000
</TABLE>
<TABLE>
<CAPTION>
SECURITIES ELIMINATED
Shares
------
<S> <C>
AFLAC, Inc. ..................... 68,000
Apple Computer, Inc. ............ 40,000
Applied Materials, Inc. ......... 26,800
CVS Corp. ....................... 61,000
Deere & Co. ..................... 40,000
General Growth Properties, Inc. . 65,500
McDonald's Corp. ................ 38,500
Mirage Resorts, Inc. ............ 183,500
Nokia Corp. ..................... 16,800
Telecomunicacoes Brasileiras..... 11,500
Teradyne, Inc. .................. 32,900
Texas Instruments, Inc. ......... 23,100
Trico Global Restaurants, Inc. .. 91,000
</TABLE>
4
<PAGE>
NEW ENGLAND VARIABLE ANNUITY FUND I
PORTFOLIO OF INVESTMENTS JUNE 30, 2000 (Unaudited)
<TABLE>
<C> <S> <C>
COMMON STOCKS--98.0% of Total Net Assets
<CAPTION>
Value
Shares (Note 2)
------ -----------
<C> <S> <C>
Aluminium--6.1%
71,000 Alcan Aluminium, Ltd. .................................. $ 2,201,000
70,800 Alcoa, Inc. ............................................ 2,053,200
-----------
4,254,200
-----------
Beverages & Tobacco--8.5%
36,000 Anheuser-Busch Cos, Inc. ............................... 2,688,750
120,800 Philip Morris Cos, Inc. ................................ 3,208,750
-----------
5,897,500
-----------
Computer Software & Services--1.5%
14,000 Computer Sciences Corp.*................................ 1,045,625
-----------
Consumer Durables--5.1%
74,900 Koninklijke Philips Electron............................ 3,557,750
-----------
Electronic Components--17.1%
41,000 Advanced Micro Devices*................................. 3,167,250
69,600 Micron Technology, Inc.*................................ 6,129,150
45,900 National Semiconductor*................................. 2,604,825
-----------
11,901,225
-----------
Food--Retailers/Wholesalers--5.4%
55,000 Hershey Foods Corp. .................................... 2,667,500
15,000 Quaker Oats Co. ........................................ 1,126,875
-----------
3,794,375
-----------
Gas Pipelines--5.1%
70,000 El Paso Energy Corp. ................................... 3,565,625
-----------
Health Care Services--6.9%
35,000 HCA Healthcare Co. ..................................... 1,063,125
44,000 United Health Group Inc. ............................... 3,773,000
-----------
4,836,125
-----------
Insurance--2.0%
22,800 Chubb Corp. ............................................ 1,402,200
-----------
Metals & Mining--5.0%
225,000 Inco Ltd.*.............................................. 3,459,375
-----------
Oil--Major Integrated--7.1%
30,500 Conoco Inc. ............................................ 749,156
54,500 Total Fina.............................................. 4,186,281
-----------
4,935,437
-----------
Oil Service--4.9%
72,000 Halliburton Co. ........................................ 3,397,500
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
NEW ENGLAND VARIABLE ANNUITY FUND I
PORTFOLIO OF INVESTMENTS -- (Unaudited) Continued
<TABLE>
<C> <S> <C>
COMMON STOCKS -- Continued
<CAPTION>
Value
Shares (Note 2)
------ -----------
<C> <S> <C>
Real Estate Investment Trusts--12.2%
52,400 Apartment Investment & Management Co................... $ 2,266,300
52,500 Boston Properties, Inc. ............................... 2,027,813
49,100 Spieker Properties, Inc. .............................. 2,258,600
55,000 Vornado Realty Trust................................... 1,911,250
-----------
8,463,963
-----------
Steel--5.3%
153,000 Pohang Iron & Steel Ltd. .............................. 3,672,000
-----------
Telephone -- 5.8%
71,000 Telefonos de Mexico.................................... 4,055,875
-----------
TOTAL COMMON STOCK
(average cost $66,424,721)............................. 68,238,775
-----------
CORPORATE SHORT-TERM NOTES--0.8% of Total Net Assets
<CAPTION>
Face
Amount
------
<C> <S> <C>
$ 550,000 American Express Credit Corp., 6.88% due 7/3/00........ 550,000
-----------
TOTAL CORPORATE SHORT-TERM NOTES
(average cost $550,000)................................ 550,000
-----------
TOTAL INVESTMENTS--98.8%
(average cost $66,974,721)............................. 68,788,775
-----------
Other assets in excess of other liabilities--1.2%...... 833,524
-----------
TOTAL NET ASSETS--100%................................. $69,622,299
===========
*Non-income producing security.
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
NEW ENGLAND VARIABLE ANNUITY FUND I
STATEMENT OF
OPERATIONS
For the six months ended June 30, 2000 (Unaudited)
<TABLE>
<S> <C>
Investment income (Note 2)
Income
Dividends (net of foreign taxes of $7,993)...................... $ 695,635
Interest........................................................ 32,391
Other income.................................................... 22,375
------------
Total income.................................................. 750,401
------------
Expenses
Mortality and expense risks (Notes 2 and 5)..................... 329,972
Investment advisory fee (Note 4)................................ 112,469
Other direct expenses (Note 4).................................. 18,687
------------
Total expenses................................................ 461,128
------------
Net investment income........................................... 289,273
------------
Realized and unrealized gain on investments (Note 3)
Net realized gain from investments sold......................... 7,468,241
Net change in unrealized depreciation of investments............ (10,383,488)
------------
Net loss on investments....................................... (2,915,247)
------------
Decrease in net assets resulting from operations................. $ (2,625,974)
============
</TABLE>
STATEMENT OF
ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
<TABLE>
<S> <C>
Assets
Investments at value (average cost $66,974,721) (Note 2).......... $68,788,775
Receivable for investments sold................................... 921,014
Dividends and interest receivable................................. 235,660
-----------
Total assets................................................... 69,945,449
-----------
Liabilities
Payable for investments purchased................................. 161,288
Payable for investment advisory fees (Note 4)..................... 17,813
Payable for mortality and expense risks (Note 5).................. 51,999
Payable for other direct expenses (Note 4)........................ 77,181
Payable to bank................................................... 14,869
-----------
Total liabilities.............................................. 323,150
-----------
Net assets......................................................... $69,622,299
===========
Net assets attributable to variable annuity contractholders
1,685,689 accumulation units at $36.85 per unit................... $62,121,408
Annuity reserves (Note 2).......................................... 7,500,891
-----------
$69,622,299
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
NEW ENGLAND VARIABLE ANNUITY FUND I
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six months ended
June 30, 2000 Year ended
(Unaudited) December 31, 1999
---------------- -----------------
<S> <C> <C>
Increase in net assets from operations
Net investment income...................... $ 289,273 $ 402,118
Realized net gain from investments sold.... 7,468,241 17,597,004
Change in unrealized depreciation of
investments............................... (10,383,488) (5,988,129)
------------ ------------
Increase (decrease) in net assets resulting
from operations........................... (2,625,974) 12,010,993
------------ ------------
Changes from principal transactions
Purchase payments, less sales and
administrative expenses and application
premium taxes (Note 4).................... 138,091 388,326
Contract terminations...................... (4,879,937) (14,269,358)
Annuity payments........................... (489,706) (921,771)
Adjustments to annuity reserves (Note 2)... 212,985 328,710
------------ ------------
Decrease in net assets resulting from
principal transactions.................... (5,018,567) (14,474,093)
------------ ------------
Total decrease in net assets............... (7,644,541) (2,463,100)
Net assets
Beginning of period........................ 77,266,840 79,729,940
------------ ------------
End of period.............................. $ 69,622,299 $ 77,266,840
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
NEW ENGLAND VARIABLE ANNUITY FUND I
SUPPLEMENTARY INFORMATION--
Selected Per Unit Data and Ratios
Selected data for an accumulation unit outstanding throughout each year, and
for the six months ended June 30, 2000, and ratios are as follows:
<TABLE>
<CAPTION>
Six Months
Ended
June 30, Year Ended December 31,
2000 -----------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
----------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
beginning of period.... $38.28 $32.58 $24.55 $20.08 $16.52 $11.90
--------- --------- --------- --------- --------- ---------
Per unit data
Investment income...... .38 .60 .50 .29 .28 .24
Expenses............... (.24) (.44) (.38) (.32) (.24) (.19)
--------- --------- --------- --------- --------- ---------
Net investment income
(loss)................ .14 .16 .12 (.03) .04 .05
Net realized and
unrealized gain (loss)
on investments........ (1.57) 5.54 7.91 4.50 3.52 4.57
--------- --------- --------- --------- --------- ---------
Net increase (decrease)
in net asset value.... (1.43) 5.70 8.03 4.47 3.56 4.62
--------- --------- --------- --------- --------- ---------
Net Asset Value, end of
period................ $36.85 $38.28 $32.58 $24.55 $20.08 $16.52
========= ========= ========= ========= ========= =========
Total Return (%)........ (3.7) 17.5 32.7 22.3 21.5 38.9
Ratios..................
Ratio of operating
expenses to average
net assets (%)........ 1.31* 1.30 1.34 1.35 1.34 1.35
Ratio of net investment
income to average net
assets (%)............ .74* .48 .44 (.09) .22 .34
Portfolio turnover (%).. 271.27* 204.32 195.15 209.18 196.25 228.26
Number of accumulation
units outstanding at
end of period.......... 1,685,689 1,805,042 2,219,809 2,694,327 3,012,611 3,399,132
</TABLE>
*Computed on an annualized basis.
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
NEW ENGLAND VARIABLE ANNUITY FUND I
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1.Nature of Operations
New England Variable Annuity Fund I (the "Fund") is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company. The Fund is sold for use with various retirement
plans that are qualified under the Internal Revenue Code, for individual use,
and for use with plans and trusts that are not qualified under the Internal
Revenue Code. The operations of the Fund are part of Metropolitan Life
Insurance Company (the "Insurance Company"). The Insurance Company is a wholly-
owned subsidiary of MetLife Inc., a publicly traded company. Prior to August
30, 1996, the Fund was a part of New England Mutual Life Insurance Company,
("New England Mutual"). Effective August 30, 1996, New England Mutual merged
into the Insurance Company. New England Life Insurance Company, a subsidiary of
the Insurance Company, is the designated office for contract-holder services.
No new contracts are being offered at this time, but holders of existing
flexible payment deferred contracts may continue to make purchase payments.
2.Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by the Fund.
A. Security valuation. Investments in common stocks traded on a national
securities exchange or on the NASDAQ national market system are valued at
their last reported sales prices on the principal exchange, or if there was
no reported sale during the day and for over-the-counter securities not so
listed, at the last reported bid prices. Corporate short-term notes are
stated at cost, which approximates fair value.
B. Security transactions and related investment income. Security transactions
are accounted for on the trade date (the date the order to buy or sell is
executed), and dividend income is recorded on the ex-dividend date. Interest
income is recorded on the accrual basis. Net investment income and net
realized and unrealized gain (loss) on investments are allocated to the
contracts on each valuation date based on each contract's pro rata share of
the net assets of the Fund as of the beginning of the valuation period.
C. Federal income taxes. The Fund is not taxed separately because the
operations of the Fund are part of the total operations of the Insurance
Company. The Insurance Company is taxed as a life insurance company under
the Internal Revenue Code. The Fund will not be taxed as a regulated
investment company under subchapter M of the Code. Under existing federal
income tax law, no taxes are payable on the investment income or on the
capital gains of the Fund.
D. Annuity Reserves. Annuity reserves are computed for currently payable
contracts according to the 1983-a Mortality Tables. The assumed interest
rate may be 0%, 3.5% or 5% as elected by the annuitant and as regulated by
the laws of the respective states. Adjustments to annuity reserves are
reimbursed to or from the Insurance Company. For contracts payable on or
after January 1, 1998 annuity reserves will be computed according to the
Annuity 2000 Mortality Tables.
E. Use of Estimates. The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of income and expenses
during the reporting period. Actual results could differ from those
estimates.
10
<PAGE>
NEW ENGLAND VARIABLE ANNUITY FUND I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- Continued
3.Purchases and Sales of Investment Securities
The aggregate cost of purchases and proceeds from sales of investments (other
than short-term securities) for the six months ended June 30, 2000 were
$97,624,416 and $102,169,155, respectively. Gains and losses from sales of
investments are computed on the basis of average cost.
4.Advisory and Services Fees With Affiliates
During the six months ended June 30, 2000, the Fund incurred investment
management fees of $112,469, payable to the Fund's investment adviser, Capital
Growth Management Limited Partnership, an affiliate of the Insurance Company.
The advisory agreement provides for a fee at the annual rate of 0.03066% of the
average net assets of the Fund. Deductions from purchase payments for sales and
administrative expenses, which for the six months ended June 30, 2000, amounted
to $10,670, were retained by the Insurance Company.
Effective January 1, 1995, the audit and Board of Managers fees have been borne
by the Fund. A charge is deducted daily against the Fund based on estimated
audit and manager fees. This daily charge is reviewed on a quarterly basis and
adjusted as necessary. Any excess or deficiency in the daily charge relative to
incurred expenses is applied to future periods in the quarterly review. For the
six months ended June 30, 2000 the charges to the Fund amounted to $18,687.
5.Mortality and Expense Risks
Although variable annuity payments differ according to the investment
performance of the Fund, they are not affected by mortality or expense
experience because the Insurance Company assumes the expense risk and the
mortality risk under the contracts. The Insurance Company charges the Fund
assets for assuming those risks. For the six months ended June 30, 2000, the
mortality and expense risk charges totaled $329,972.
The expense risk assumed by the Insurance Company is the risk that the
deductions for sales and administrative expenses and for investment advisory
services provided for in the variable annuity contract may prove insufficient
to cover the cost of those items.
The mortality risk assumed by the Insurance Company has two elements; a life
annuity mortality risk and, for deferred annuity contracts, a minimum death
refund risk.
The life annuity mortality risk results from a provision in the contract in
which the Insurance Company agrees to make annuity payments regardless of how
long a particular annuitant or other payee lives and how long all annuitants or
other payees as a class live if payment options involving life contingencies
are chosen. Those annuity payments are determined in accordance with annuity
purchase rate provisions established at the time the contracts are issued.
Under deferred annuity contracts, the Insurance Company also assumes a minimum
death refund risk by providing that there will be payable, on the death of the
annuitant during the accumulation period, an amount equal to the greater of (1)
the aggregate purchase payments made, without interest, adjusted for any
partial surrender, and (2) the value of the contract as of the death valuation
date.
If those deductions are insufficient to cover the cost of the expense and
mortality risks assumed by the Insurance Company, the Insurance Company absorbs
the resulting losses and makes sufficient transfers
11
<PAGE>
NEW ENGLAND VARIABLE ANNUITY FUND I
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- Continued
to the Fund from its general assets. Conversely, if those deductions are more
than sufficient after the establishment of any contingency reserves deemed
prudent or required by law, the excess is transferred to the Insurance Company.
6.Related Parties
The Chairman of the Board of Managers and one other Manager of the Fund are
also officers of New England Life Insurance Company.
7.Increase (Decrease) in Accumulation Units
<TABLE>
<CAPTION>
Six months ended
June 30, 2000 Year ended
(Unaudited) December 31, 1999
---------------- -----------------
<S> <C> <C>
Units purchased............................. 3,561 28,117
Units redeemed ............................. (122,914) (442,884)
--------- ---------
Net decrease............................... (119,353) (414,767)
Units at beginning of period................. 1,805,042 2,219,809
--------- ---------
Units at end of period....................... 1,685,689 1,805,042
========= =========
</TABLE>
12
