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 September 30, 1996 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 number 33-80146
DEAN WITTER SPECTRUM STRATEGIC L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3782225
State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification No.)
c/o Demeter Management Corp.
Two World Trade Center, New York, NY 62 Fl. 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 SPECTRUM STRATEGIC L.P.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
September 30, 1996
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition
September 30, 1996 (Unaudited) and
December 31, 1995...........................................2
Statements of Operations for the Quarters Ended
September 30, 1996 and 1995 (Unaudited) ....................3
Statements of Operations for the Nine Months Ended
September 30, 1996 and 1995 (Unaudited) ....................4
Statements of Changes in Partners' Capital for
the Nine Months Ended September 30, 1996
and 1995 (Unaudited)........................................5
Statements of Cash Flows for the Nine Months Ended
September 30, 1996 and 1995 (Unaudited).....................6
Notes to Financial Statements (Unaudited)...............7-12
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations..........................................13-18
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K...................... 19
/TABLE
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM STRATEGIC L.P.
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
September 30, December 31,
1996 1995
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 40,889,999 29,593,927
Net unrealized gain on open contracts 2,718,505 1,819,403
Net option premiums 348,980 (19,873)
Total Trading Equity 43,957,484 31,393,457
Interest receivable (DWR) 140,133 108,075
Subscriptions receivable - 1,547,750
Total Assets 44,097,617 33,049,282
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 541,884 77,310
Accrued brokerage commissions (DWR) 285,309 212,825
Accrued management fees 138,332 97,291
Incentive fees payable 77,893 198,924
Total Liabilities 1,043,418 586,350
Partners' Capital
Limited Partners (4,141,104.197 and
2,905,719.741 Units, respectively) 42,607,315 32,132,595
General Partner (43,433.657 and
29,872.079 Units, respectively) 446,884 330,337
Total Partners' Capital 43,054,199 32,462,932
Total Liabilities and Partners' Capital 44,097,617 33,049,282
NET ASSET VALUE PER UNIT 10.29 11.06
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM STRATEGIC L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended September 30,
1996 1995
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized (307,120) 409,461
Net change in unrealized 1,801,181 680,788
Total Trading Results 1,494,061 1,090,249
Interest Income (DWR) 417,394 250,370
Total Revenues 1,911,455 1,340,619
EXPENSES
Brokerage commissions (DWR) 881,098 491,583
Management fees 410,692 224,723
Incentive fees 77,894 -
Total Expenses 1,369,684 716,306
NET INCOME 541,771 624,313
NET INCOME ALLOCATION
Limited Partners 536,122 588,042
General Partner 5,649 36,271
NET INCOME PER UNIT
Limited Partners .11 .27
General Partner .11 .27
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM STRATEGIC L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1996 1995
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized (372,395) 1,176,275
Net change in unrealized 899,102 273,245
Total Trading Results 526,707 1,449,520
Interest Income (DWR) 1,138,178 593,618
Total Revenues 1,664,885 2,043,138
EXPENSES
Brokerage commissions (DWR) 2,465,365 1,208,258
Management fees 1,134,929 552,346
Incentive fees 474,793 238,386
Total Expenses 4,075,087 1,998,990
NET INCOME (LOSS) (2,410,202) 44,148
NET INCOME (LOSS) ALLOCATION
Limited Partners (2,386,749) 27,750
General Partner (23,453) 16,398
NET INCOME (LOSS) PER UNIT
Limited Partners (.77) .09
General Partner (.77) .09
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM STRATEGIC L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Nine Months Ended September 30, 1996 and 1995
(Unaudited)
<CAPTION>
Units of
Partnership Limited General
Interest Partners Partner Total
<S> <C> <C> <C> <C>
Partners' Capital
December 31, 1994 1,190,794.333 $11,791,839 $127,090 $11,918,929
Continuous Offering 1,432,344.828 14,419,287 120,000 14,539,287
Net Income - 27,750 16,398 44,148
Redemptions (110,950.712) (1,130,695) - (1,130,695)
Partners' Capital
September 30, 1995 2,512,188.449 $25,108,181 $263,488 $25,371,669
Partners' Capital
December 31, 1995 2,935,591.820 32,132,595 330,337 32,462,932
Continuous Offering 1,481,608.146 15,248,993 140,000 15,388,993
Net Loss - (2,386,749) (23,453) (2,410,202)
Redemptions (232,662.112) (2,387,524) - (2,387,524)
Partners' Capital
September 30, 1996 4,184,537.854 $42,607,315 $446,884 $43,054,199
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM STRATEGIC L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1996 1995
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) (2,410,202) 44,148
Noncash item included in net income (loss):
Net change in unrealized (899,102) (273,245)
(Increase) decrease in operating assets:
Interest receivable (DWR) (32,058) (51,198)
Net option premiums (368,853) 329,392
Increase (decrease) in operating liabilities:
Accrued brokerage commissions (DWR) 72,484 103,077
Accrued management fees 41,041 47,121
Incentive fees payable (121,031) (18,841)
Net cash used for operating activities (3,717,721) (180,454)
CASH FLOWS FROM FINANCING ACTIVITIES
Continuous offering 15,388,993 14,539,287
Decrease in subscriptions receivable 1,547,750 532,696
Increase in redemptions payable 464,574 46,325
Redemptions of units (2,387,524) (1,130,695)
Net cash provided by financing activities 15,013,793 13,987,613
Net increase in cash 11,296,072 14,168,067
Balance at beginning of period 29,593,927 9,649,168
Balance at end of period 40,889,999 23,817,235
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DEAN WITTER SPECTRUM STRATEGIC L.P.
NOTES TO 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. The financial statements and
condensed notes herein should be read in conjunction with the
Partnership's December 31, 1995 Annual Report on Form 10-K.
1. Organization
Dean Witter Spectrum Strategic L.P. (the "Partnership") is a
limited partnership organized to engage in the speculative trading
of futures and forward contracts, options on future contracts and
on physical commodities, and other commodity interests, including
foreign currencies, financial instruments, precious and industrial
metals, energy products and agriculturals. The general partner of
the Partnership, Demeter Management Corporation ("the General
Partner"), has retained Blenheim Investments, Inc., A. Gary
Shilling & Co., Inc., and Willowbridge Associates Inc. as the
trading advisors of the Partnership. Both the General Partner and
the commodity broker, Dean Witter Reynolds Inc. ("DWR") are wholly
owned subsidiaries of Dean Witter, Discover & Co.
2. Summary of Significant Accounting Policies
Effective September 1, 1996, brokerage fees are reduced to 33/48 of
1% of the Net Assets as of the first day of the month.
<PAGE>
DEAN WITTER SPECTRUM STRATEGIC L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. Related Party Transactions
The Partnership's cash is on deposit with DWR in commodity trading
accounts to meet margin requirements as needed. DWR pays interest
on these funds based on prevailing U.S. Treasury Bill rates.
Brokerage expenses incurred by the Partnership are paid to DWR.
4. Financial Instruments
The Partnership trades futures and forward contracts in interest
rates, stock indices, commodities, currencies, petroleum and
precious metals. 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
rate volatility. At September 30, 1996, open contracts were:
Contract or
Notional Amount
$
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 38,623,000
Commitments to Sell 60,788,000
Commodity Futures:
Commitments to Purchase 68,351,000
Commitments to Sell 3,863,000
Options Written 2,122,000
Foreign Futures:
Commitments to Purchase 74,880,000
Commitments to Sell 8,881,000
Off-Exchange-Traded Forward
Currency Contracts
Commitments to Purchase 15,119,000
Commitments to Sell 15,110,000
<PAGE>
DEAN WITTER SPECTRUM STRATEGIC L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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
Statement of Financial Condition and totaled $2,718,505 at
September 30, 1996. Of this amount, $2,675,924 related to
exchange-traded futures contracts and $42,581 related to off-
exchange-traded forward currency contracts.
Exchange-traded futures contracts held by the Partnership at
September 30, 1996 mature through June 1997. Off-exchange-traded
forward currency contracts held by the Partnership at September 30,
1996 mature through October 1996. 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 SPECTRUM STRATEGIC L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Partnership also has credit risk because DWR acts as the
futures commission merchant or the sole counterparty, with respect
to most of the Partnership's assets. Exchange-traded futures and
options contracts are marked to market on a daily basis, with
variations in value settled on a daily basis. DWR, as the futures
commission merchant for all of the Partnership's exchange-traded
futures and options contracts, is required pursuant to regulations
of the Commodity Futures Trading Commission to segregate from its
own assets and for the sole benefit of its commodity customers' all
funds held by DWR with respect to exchange-traded futures and
options contracts including an amount equal to the net unrealized
gain on all open futures contracts, which funds totaled $43,565,923
at September 30, 1996. 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 DWR, the counterparty on all such contracts, to perform.
<PAGE>
DEAN WITTER SPECTRUM STRATEGIC L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
For the nine months ended September 30, 1996, the average fair
value of financial instruments held for trading purposes was as
follows:
Assets Liabilities
$ $
Exchange-Traded Contracts
Financial Futures 43,264,000 40,009,000
Options on Financial Futures 13,457,000 1,289,000
Commodity Futures 114,018,000 7,724,000
Options Written on
Commodity Futures 21,219,000 1,970,000
Foreign Futures 62,727,000 14,445,000
Options Written on
Foreign Futures 4,356,000 21,000
Off-Exchange-Traded Forward
Currency Contracts 4,823,000 5,259,000
4. Legal Matters
On September 6, 10, and 20, 1996, 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, the General Partner, Dean Witter Futures and Currency
Management Inc., Dean Witter, Discover & Co. (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. Also, on
September 18 and 20, 1996 similar purported class actions were
filed in the Supreme Court of the State of New York, New York
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. Generally, these
<PAGE>
DEAN WITTER SPECTRUM STRATEGIC L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
complaints allege, among other things, that the defendants
committed fraud, deceit, misrepresentation, breach of fiduciary
duty, fraudulent and unfair business practices, unjust enrichment,
and conversion in connection with the sale and operation of the
various limited partnership commodity pools. 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 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity - The Partnership's assets are on deposit in separate
commodity interest trading accounts with DWR and are used by the
Partnership as margin to engage in commodity futures, forward
contracts on foreign currencies and other commodity interest
trading. DWR holds such assets in either designated depositories
or in securities approved by the Commodity Futures Trading
Commission for investment of customer funds. The Partnership's
assets held by DWR may be used as margin solely for the
Partnership's trading. Since the Partnership's sole purpose is to
trade in commodity futures contracts, forward contracts on foreign
currencies 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 and forward
contracts and other commodity interests may be illiquid. If the
price of the 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 currency. 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 in the future will impact the amount of funds available for
investments in commodity futures contracts and other commodity
interests. 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 and Nine Months Ended September 30, 1996
For the quarter ended September 30, 1996, the Partnership's total
trading revenues including interest income were $1,911,455. During
the third quarter, the Partnership posted an increase in Net Asset
Value per Unit. The most significant gains were recorded in the
financial futures markets from long Japanese, European and
Australian bond futures positions as global interest rate futures
prices moved steadily higher between July and September. Smaller
gains were recorded from long S&P 500 Index futures positions as
<PAGE>
U.S. stock prices moved sharply higher in early September.
Additional gains were recorded in the currency markets during
September from newly established short positions in the Japanese
yen, German mark and Swiss franc as the value of these currencies
moved lower late in the month. In the energy markets, gains
recorded from long crude oil futures during September more than
offset losses experienced from trading natural gas futures during
the quarter. A portion of the Partnership's overall gains for the
quarter was offset by losses in the agricultural markets. The most
significant of these losses were recorded from trading corn, wheat
and soybean products during July and September. Smaller losses
were recorded in soft commodities and metals as a result of choppy
price movement. Total expenses for the quarter were $1,369,684,
resulting in net income of $541,771. The value of an individual
Unit in the Partnership increased from $10.18 at June 30, 1996 to
$10.29 at September 30, 1996.
For the nine months ended September 30, 1996, the Partnership's
total trading revenues including interest income were $1,664,885.
During the first nine months of the year, the Partnership posted a
decrease in Net Asset Value per Unit. Trading gains during the
first nine months of the year were offset by brokerage commissions
resulting in a net loss. The most significant of these losses were
recorded in the metals markets as a result of trendless price
movement in most base metals during the second and third quarters
of the year. In soft commodities, losses were recorded as a result
of choppy price movement in coffee, cocoa and cotton futures during
a majority of the first nine months of the year. Additional losses
<PAGE>
were recorded in the energy markets as losses in natural gas
futures experienced during April, May and the third quarter more
than offset gains from long crude oil futures positions during
September. Smaller losses were recorded in the financial futures
markets as gains in Japanese and French bond futures, and global
stock index futures during the third quarter, offset losses
experienced in U.S. and most European interest rate futures during
the first half of the year. A portion of the Partnership's overall
losses was offset by gains in the currency markets from short Swiss
franc, Japanese yen and German mark positions as the value of these
currencies moved lower relative to the U.S. dollar during the
second and third quarters of the year. Additional currency gains
were recorded from transactions involving the British pound. Gains
were also recorded in the agricultural markets from long corn
futures positions, as prices increased during the first quarter,
and from long wheat futures positions, as prices increased early in
the second quarter. Total expenses for the period were $4,075,087,
resulting in a net loss of $2,410,202. The value of an individual
Unit in the Partnership decreased from $11.06 at December 31, 1995
to $10.29 at September 30, 1996.
For the Quarter and Nine Months Ended September 30, 1995
For the quarter ended September 30, 1995, the Partnership's total
trading revenues including interest income were $1,340,619. During
the third quarter, the Partnership posted an increase in Net Asset
Value per Unit. The most significant gains resulted from the
Partnership's short positions in the Japanese yen, as a downward
trend in the value of the yen relative to the U.S. dollar was
<PAGE>
evident until late September. Additional gains were recorded from
short global interest rate futures positions as prices moved
downward in mid-July and in long agricultural futures positions as
prices began to move upward in September. Losses were recorded in
metals, soft commodities and energy futures as trendless price
movement prevailed across a majority of the markets in each of
these sectors for much of the third quarter. These losses offset
a portion of the profits recorded in other sectors during the
quarter. Total expenses for the period were $716,306, resulting in
net income of $624,313. The value of an individual Unit in the
Partnership increased from $9.83 at June 30, 1995 to $10.10 at
September 30, 1995.
For the nine months ended September 30, 1995, the Partnership's
total trading revenues including interest income were $2,043,138.
During the first three quarters of the year, the Partnership posted
an increase in Net Asset Value per Unit. The most significant
profits for this period occurred from trading currencies, primarily
as a result of trending movement in the value of the Japanese yen
throughout the first nine months of the year and in major European
currencies in the year's first quarter. Additional gains were
recorded in global interest rate futures as prices in Japanese and
European government bond futures contracts trended higher in the
first half of 1995 and in agricultural futures which began to move
higher in mid-September. Losses across a majority of traditional
commodities, including metals, soft commodities and energies,
resulting from inconsistent price patterns for much of 1995, offset
a portion of the profits recorded elsewhere. Total expenses for
<PAGE>
the period were $1,998,990, resulting in net income of $44,148.
The value of an individual Unit in the Partnership increased from
$10.01 at December 31, 1994 to $10.10 at September 30, 1995.
<PAGE>
PART II. OTHER INFORMATION
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 Spectrum Strategic L.P.
(Registrant)
By: Demeter Management Corporation
(General Partner)
November 12, 1996 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.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from Dean
Witter Spectrum Strategic L.P. and is qualified in its entirety by
reference to such financial instruments.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<CASH> 40,889,999
<SECURITIES> 0
<RECEIVABLES> 140,133
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 44,097,617<F1>
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 44,097,617<F2>
<SALES> 0
<TOTAL-REVENUES> 1,664,885<F3>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4,075,087
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (2,410,202)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,410,202)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,410,202)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $2,718,505 and net option premiums of $348,980.
<F2>Liabilities include redemptions payable of $541,884, accrued brokerage
commissions of $285,309, incentive fee payable of $77,893 and accrued
management fees of $138,332.
<F3>Total revenues include realized trading revenue of $(372,395), net
change in unrealized of $899,102 and interest income of $1,138,178.
</FN>
</TABLE>
