UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly report pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
For the period ended March 31, 1998 or
[ ] Transition report pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
For the transition period from to
Commission File No. 33-30891
DEAN WITTER PRINCIPAL PLUS FUND L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3541588
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification
No.)
c/o Demeter Management Corporation
Two World Trade Center, 62 Fl. New York, NY 10048
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 392-5454
(Former name, former address, and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has 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 registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
<PAGE>
<TABLE>
DEAN WITTER PRINCIPAL PLUS FUND L.P.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
March 31, 1998
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Consolidated Financial Statements
Consolidated Statements of Financial Condition
March 31, 1998 (Unaudited) and December 31, 1997......2
Consolidated Statements of Operations for the
Quarters Ended March 31, 1998 and 1997 (Unaudited)....3
Consolidated Statements of Changes in Partners'
Capital for the Quarters Ended March 31, 1998 and
1997 (Unaudited)......................................4
Consolidated Statements of Cash Flows for the
Quarters Ended March 31, 1998 and 1997(Unaudited).....5
Notes to Consolidated Financial Statements
(Unaudited)........................................6-11
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations..12-15
Part II. OTHER INFORMATION
Item 1. Legal Proceedings..............................16-17
Item 6. Exhibits and Reports on Form 8-K..................18
</TABLE>
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DEAN WITTER PRINCIPAL PLUS FUND L.P.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
March 31, December 31,
1998 1997
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 9,313,952 8,956,497
Net unrealized gain on open contracts1,463,541 779,432
Net option premiums - (719,950)
Total Trading Equity 10,777,493 9,015,979
Investment in Zero-Coupon U.S. Treasury Securities 45,361,696 45,239,044
Interest receivable (DWR) 39,803 39,109
Total Assets 56,178,992 54,294,132
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 2,724,546 723,025
Accrued brokerage fees (DWR) 186,941 181,150
Accrued administrative expenses 182,641 159,640
Accrued management fees 46,735 45,287
Accrued incentive fees 6,068
- -
Total Liabilities 3,146,931 1,109,102
Minority Interest 292,248 239,168
Partners' Capital
Limited Partners (28,700.132 and
30,223.237 Units, respectively) 51,337,787 51,607,436
General Partner (783 Units) 1,402,026 1,338,426
Total Partners' Capital 52,739,813 52,945,862
Total Liabilities and Partners' Capital 56,178,992 54,29
4,132
NET ASSET VALUE PER UNIT 1,788.81 1,707.59
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER PRINCIPAL PLUS FUND L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended March 31,
1998 1997
$ $
REVENUES
<S>
<C> <C>
Trading profit (loss):
Realized 1,771,767 1,583,071
Net change in unrealized 684,109 (447,915)
Total Trading Results 2,455,876 1,135,156
Interest Income 737,613 751,442
Change in value of Yield Pool 124,579 (
1,441,268)
Total Revenues 3,318,068 445,330
EXPENSES
Brokerage fees (DWR) 551,891 556,673
Management fees 137,973 139,168
Transaction fees and costs 27,559 30,532
Administrative expenses 23,000 27,000
Incentive fees 6,068 -
Total Expenses 746,491 753,373
INCOME (LOSS) BEFORE MINORITY INTEREST2,571,577 (
308,043)
Minority interest in income (53,080) (11,967)
NET INCOME (LOSS) 2,518,497 (320,010)
NET INCOME (LOSS) ALLOCATION
Limited Partners 2,454,897 (312,858)
General Partner 63,600 (7,152)
NET INCOME (LOSS) PER UNIT
Limited Partners 81.22 (9.13)
General Partner 81.22 (9.13)
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER PRINCIPAL PLUS FUND L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Quarters Ended March 31, 1998 and 1997
(Unaudited)
<CAPTION>
Units of
Partnership Limited General
Interest Partners Partner Total
<S> <C> <C> <C>
<C>
Partners' Capital
December 31, 1996 35,036.485 $50,688,703 $1,160,110
$51,848,813
Net Loss - (312,858) (7,152) (320,010)
Redemptions (1,344.781) (1,977,795) -
(1,977,795)
Partners' Capital
March 31, 1997 33,691.704 $48,398,050 $1,152,958
$49,551,008
Partners' Capital
December 31, 1997 31,006.237 $51,607,436 $1,338,426
$52,945,862
Net Income - 2,454,897 63,600
2,518,497
Redemptions (1,523.105) (2,724,546) -
(2,724,546)
Partners' Capital
March 31, 1998 29,483.132 $51,337,787 $1,402,026
$52,739,813
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER PRINCIPAL PLUS FUND L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Quarters Ended March 31,
1998 1997
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>
<C> <C>
Net income (loss) 2,518,497 (
320,010)
Noncash item included in income (loss):
Net change in unrealized (684,109) 447,915
(Increase) decrease in operating assets:
Net option premiums (719,950) (
369,600)
Investment in Zero-coupon U.S. Treasury Securities(122,652)
2,241,316
Interest receivable (DWR) (694) (4,937)
Increase (decrease) in operating liabilities:
Accrued brokerage fees (DWR) 5,791 (2,058)
Accrued administrative expenses 23,001 (1,173)
Accrued management fees 1,448 (514)
Accrued incentive fees 6,068
(1,078)
Net cash provided by operating activities 1,027,400 1
,989,861
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in redemptions payable 2,001,521 320,414
Minority interest 53,080 11,967
Redemptions of units (2,724,546) (
1,977,795)
Net cash used for financing activities (669,945) (
1,645,414)
Net increase in cash 357,455 344,447
Balance at beginning of period 8,956,497 6
,625,325
Balance at end of period 9,313,952 6
,969,772
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DEAN WITTER PRINCIPAL PLUS FUND L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The financial statements include, in the opinion of management,
all adjustments necessary for a fair presentation of the results
of operations and financial condition of Dean Witter Principal
Plus Fund L.P. (the "Partnership"). The consolidated financial
statements and condensed notes herein should be read in
conjunction with the Partnership's December 31, 1997 Annual
Report on Form 10-K.
1. Organization
Dean Witter Principal Plus Fund L.P. is a limited partnership
organized to engage in the speculative trading of commodity
futures contracts, commodity options contracts and forward
contracts on foreign currencies. The general partner for the
Partnership is Demeter Management Corporation ("Demeter"). The
non-clearing commodity broker is Dean Witter Reynolds Inc.
("DWR"), with an unaffiliated broker, Carr Futures, Inc.
("Carr"), providing clearing and execution services. Both
Demeter and DWR are wholly-owned subsidiaries of Morgan Stanley
Dean Witter & Co. ("MSDW"). Demeter has retained RXR Inc. as the
trading manager of the Trading Company.
2. Revenue Recognition
The investment in zero-coupon U.S. Treasury Securities (the
"Yield Pool") maintained to provide for the Partnership's
guaranteed
<PAGE>
DEAN WITTER PRINCIPAL PLUS FUND L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
return is valued at the lesser of cost plus accreted interest or
market value. For the quarter ended March 31, 1998, $622,953 of
interest income has been accreted on the Yield Pool. At March
31, 1998, the cost of the Yield Pool was $40,276,849 and the
accreted interest receivable thereon was $5,170,699. The market
value of the Yield Pool on March 31, 1998 is approximately
$45,361,696.
3. Related Party Transactions
The Partnership's cash is on deposit with DWR and Carr in
commodity trading accounts to meet margin requirements as needed.
DWR pays interest on these funds based on current 13-week U.S.
Treasury Bill rates. Brokerage expenses incurred by the
Partnership are paid to DWR.
4. Financial Instruments
The Partnership trades futures, options and forward contracts in
interest rates, stock indices, commodities and currencies.
Futures and forwards represent contracts for delayed delivery of
an instrument at a specified date and price. Risk arises from
changes in the value of these contracts and the potential
inability of counterparties to perform under the terms of the
contracts. There are numerous factors which may significantly
influence the market value of these contracts, including interest
<PAGE>
DEAN WITTER PRINCIPAL PLUS FUND L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
rate volatility. At March 31, 1998 and December 31, 1997, open
contracts were:
Contract or Notional Amount
March 31, 1998 December 31, 1997
$ $
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 46,357,000 56,150,000
Commitments to Sell 47,425,000 7,527,000
Commodity Futures:
Commitments to Purchase 2,684,000 -
Commitments to Sell 1,860,000 5,700,000
Foreign Futures:
Commitments to Purchase 57,691,000 50,112,000
Commitments to Sell 7,043,000 28,881,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 11,078,000 2,606,000
Commitments to Sell 14,580,000 11,542,000
A portion of the amounts indicated as off-balance-sheet risk in
forward currency contracts is due to offsetting forward
commitments to purchase and to sell the same currency on the same
date in the future. These commitments are economically
offsetting, but are not offset in the forward market until the
settlement date.
The net unrealized gain on open contracts is reported as a
component of "Equity in Commodity futures trading accounts" on
the Statements of Financial Condition and totaled $1,463,541 and
$779,432 at March 31, 1998 and December 31, 1997, respectively.
<PAGE>
DEAN WITTER PRINCIPAL PLUS FUND L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Of the $1,463,541 net unrealized gain on open contracts at March
31, 1998, $1,373,970 was related to exchange-traded futures
contracts and $89,571 related to off-exchange-traded forward
currency contracts.
Of the $779,432 net unrealized gain on open contracts at December
31, 1997, $748,223 related to exchange-traded futures contracts
and $31,209 related to off-exchange-traded forward currency
contracts.
Exchange-traded futures contracts held by the Partnership at
March 31, 1998 and December 31, 1997 mature through June 1998 and
March 1998, respectively. Off-exchange-traded forward currency
contracts held at March 31, 1998 and December 31, 1997 mature
through June 1998 and March 1998, respectively.
The contract amounts in the above table represent the
Partnership's extent of involvement in the particular class of
financial instrument, but not the credit risk associated with
counterparty nonperformance. The credit risk associated with
these instruments is limited to the amounts reflected in the
Partnership's Statements of Financial Condition.
<PAGE>
DEAN WITTER PRINCIPAL PLUS FUND L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
The Partnership also has credit risk because either DWR or Carr
acts as the futures commission merchant or the counterparty, with
respect to most of the Partnership's assets. Exchange-traded
futures contracts are marked to market on a daily basis with
variations in value settled on a daily basis. DWR and Carr, as
the futures commission merchants for all of the Partnership's
exchange-traded futures and options contracts, are required
pursuant to regulations of the Commodity Futures Trading
Commission ("CFTC") to segregate from their own assets and for
the sole benefit of their commodity customers, all funds held by
them with respect to exchange-traded futures and option contracts
including an amount equal to the net unrealized gain on all open
futures and option contracts, which funds totaled $10,687,922 and
$9,704,720 at March 31, 1998 and December 31, 1997, respectively.
With respect to the Partnership's off-exchange-traded forward
currency contracts, there are no daily settlements of variations
in value nor is there any requirement that an amount equal to the
net unrealized gain on open forward contracts be segregated.
With respect to those off-exchange-traded forward currency
contracts, the Partnership is at risk to the ability of Carr, the
sole counterparty on all such contracts, to perform. Carr's
parent, Credit Agricole Indosuez, has guaranteed Carr's
obligations to the Partnership.
<PAGE>
DEAN WITTER PRINCIPAL PLUS FUND L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONCLUDED)
For the quarter ended March 31, 1998 and the year ended December
31, 1997, the average fair value of financial instruments held
for trading purposes was as follows:
March 1998
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 57,050,000 19,391,000
Options on Financial Futures - 4,712,000
Commodity Futures 1,092,000 3,751,000
Foreign Futures 65,414,000 16,239,000
Off-Exchange-Traded Forward
Currency Contracts 9,677,000 15,045,000
December 1997
Assets
Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 61,485,000 17,437,000
Options on Financial Futures 2,226,000 4,442,000
Commodity Futures 5,800,000 4,475,000
Foreign Futures 37,032,000 32,469,000
Off-Exchange-Traded Forward
Currency Contracts 16,304,000 23,711,000
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity - The Partnership's assets are on deposit in separate
commodity trading accounts with DWR and Carr, the commodity
brokers, and are used by the Partnership as margin to engage in
commodity futures, forward contracts and other commodity interest
trading. DWR and Carr hold such assets in either designated
depositories or in securities approved by the CFTC for investment
of customer funds. The Partnership's assets held by DWR and Carr
may be used as margin solely for the Partnership's trading.
Since the Partnership's sole purpose is to trade in commodity
futures contracts and other commodity interests, it is expected
that the Partnership will continue to own such liquid assets for
margin purposes.
The Partnership's investment in commodity futures contracts,
forward contracts and other commodity interests may be illiquid.
If the price for a futures contract for a particular commodity
has increased or decreased by an amount equal to the "daily
limit", positions in the commodity can neither be taken nor
liquidated unless traders are willing to effect trades at or
within the limit. Commodity futures prices have occasionally
moved the daily limit for several consecutive days with little or
no trading. Such market conditions could prevent the Partnership
from promptly liquidating its commodity futures positions.
<PAGE>
There is no limitation on daily price moves in trading forward
contracts on foreign currencies. The markets for some world
currencies have low trading volume and are illiquid, which may
prevent the Partnership from trading in potentially profitable
markets or prevent the Partnership from promptly liquidating
unfavorable positions in such markets and subjecting it to
substantial losses. Either of these market conditions could
result in restrictions on redemptions.
Capital Resources. The Partnership does not have, nor does it
expect to have, any capital assets. Redemptions of additional
Units of Limited Partnership Interest in the future will affect
the amount of funds available for investments in subsequent
periods. As redemptions are at the discretion of Limited
Partners, it is not possible to estimate the amount and
therefore, the impact of future redemptions.
Results of Operations
For the Quarter Ended March 31, 1998
For the quarter ended March 31, 1998, the Partnership's total
revenues, including interest income and change in value of the
Yield Pool were $3,318,068. During the first quarter, the
Partnership recorded a gain in Net Asset Value per Unit. The
most significant gains were recorded from long S&P 500 Index
futures positions in the stock index portion of the balanced
portfolio as domestic stock prices climbed to record highs during
the first
<PAGE>
three months of 1998. Additional gains were recorded in the
managed futures component from long European bond futures
positions, particularly German and French bond futures, as prices
in these markets trended higher during a majority of the quarter.
In energy futures trading, profits were recorded from short crude
oil futures positions during January and February as oil prices
declined on news of a tentative agreement between the U.N. and
Iraq. Smaller gains were recorded from livestock futures trading
during February. In the bond portion of the balanced portfolio,
small gains were recorded from long U.S. Treasury note futures
positions as prices finished the quarter slightly higher. These
gains were partially offset by losses experienced from short
cotton futures as cotton prices increased during March after
moving lower previously. Smaller losses were recorded in
currencies as the value of the Japanese yen moved in a short-term
volatile pattern during February. Total expenses for the quarter
were $746,491 resulting in a net income before minority interest
of $2,571,577. The minority interest in such income was $53,080
resulting in a net income of $2,518,497 for the Partnership. The
value of an individual Unit in the Partnership increased from
$1,707.59 at December 31, 1997 to $1,788.81 at March 31, 1998.
For the Quarter ended March 31, 1997
For the quarter ended March 31, 1997, the Partnership's total
revenues, including interest income and change in value of the
<PAGE>
Yield Pool were $445,330. During the first quarter, the
Partnership posted a loss in Net Asset Value per Unit. The most
significant gains were recorded in the currency markets due
primarily to a strengthening in the value of U.S. dollar relative
to most major currencies during January and February. Additional
gains were recorded in the stock portion of the portfolio from
long S&P 500 index futures positions as domestic stock prices
moved higher during January and February before reversing lower
during March. Trading gains were also experienced in the managed
futures portion of the balanced portfolio from short positions in
oil and gas futures as prices in these markets moved lower during
February. A portion of the overall gains for the quarter was
offset by losses recorded from long positions in the bond portion
of the portfolio as U.S. bond prices moved in a choppy pattern
during the quarter. Additionally, losses during the quarter were
attributed to a decline in the value of the zero coupon United
States Treasury securities held in the guarantee portion of the
Partnership. Total expenses for the quarter were $753,373
resulting in a loss before minority interest of $308,043. The
minority interest in such loss was $11,967 resulting in a net
loss of $320,010 for the Partnership. The value of an individual
Unit in the Partnership decreased from $1,479.85 at December 31,
1996 to $1,470.72 at March 31, 1997.
<PAGE>
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
On September 6, 10, and 20, 1996, and on March 13, 1997,
similar purported class actions were filed in the Superior
Court of the State of California, County of Los Angeles, on
behalf of all purchasers of interests in limited partnership
commodity pools sold by DWR. Named defendants include DWR,
Demeter, Dean Witter Futures and Currency Management, Inc.,
MSDW, (all such parties referred to hereafter as the "Dean
Witter Parties"), certain limited partnership commodity
pools of which Demeter is the general partner, and certain
trading advisors to those pools. On June 16, 1997, the
plaintiffs in the above actions filed a consolidated amended
complaint, alleging, among other things, that the defendants
committed fraud, deceit, negligent misrepresentation,
various violations of the California Corporations Code,
intentional and negligent breach of fiduciary duty,
fraudulent and unfair business practices, unjust enrichment,
and conversion in the sale and operation of the various
limited partnership commodity pools. Similar purported
class actions were also filed on September 18 and 20, 1996,
in the Supreme Court of the State of New York, New York
County, and on November 14, 1996 in the Superior Court of
the State of Delaware, New Castle County, against the Dean
Witter Parties and certain trading advisors on behalf of all
purchasers of interests in various limited partnership
commodity pools sold by DWR. A
<PAGE>
consolidated and amended complaint in the action pending in
the Supreme Court of the State of New York was filed on
August 13, 1997, alleging that the defendants committed
fraud, breach of fiduciary duty, and negligent
misrepresentation in the sale and operation of the various
limited partnership commodity pools. On December 16, 1997,
upon motion of the plaintiffs, the action pending in the
Superior Court of the State of Delaware was voluntarily
dismissed without prejudice. The complaints seek unspecified
amounts of compensatory and punitive damages and other
relief. It is possible that additional similar actions may
be filed and that, in the course of these actions, other
parties could be added as defendants. The Dean Witter
Parties believe that they have strong defenses to, and they
will vigorously contest, the actions. Although the ultimate
outcome of legal proceedings cannot be predicted with
certainty, it is the opinion of management of the Dean
Witter Parties that the resolution of the actions will not
have a material adverse effect on the financial condition or
the results of operations of any of the Dean Witter Parties.
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
(A) Exhibits - None.
(B) Reports on Form 8-K. - None.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Dean Witter Principal Plus
Fund L.P. (Registrant)
By: Demeter Management Corporation
(General Partner)
May 11, 1998 By: /s/ Patti L. Behnke
Patti L. Behnke
Chief Financial Officer
The General Partner which signed the above is the only party
authorized to act for the Registrant. The Registrant has no
principal executive officer, principal financial officer,
controller, or principal accounting officer and has no Board of
Directors.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from Dean
Witter Principal Plus Fund L.P. and is qualified in its entirety by
reference to such financial instruments.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 9,313,952
<SECURITIES> 0
<RECEIVABLES> 39,803
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 56,178,992<F1>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 56,178,992<F2>
<SALES> 0
<TOTAL-REVENUES> 3,318,068<F3>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 746,491
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,518,497<F4>
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,518,497
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,518,497
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $1,463,541 and Investment in Zero-coupon U.S.
Treasury Securities of $45,361,696.
<F2>Liabilities include redemptions payable of $2,724,546, accrued brokerage
fees of $186,941, accrued administrative expenses of $182,641, accrued
management fees of $46,735, and accrued incentive fees of $6,068.
<F3>Total revenue includes realized trading revenue of $1,771,767, net
change in unrealized of $684,109, interest income of $737,613 and
change in valuation of Yield Pool of $124,579.
<F4>Income-Pretax, Income Continuing and Net Income includes minority
interest in income of $53,080.
</FN>
</TABLE>
