-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J3tHMeCMFXasVfucsCgQurW0jLvHnOigVsP/fftQcnqrhbl5RcQGjJQEEit4KG7z KbKR3gyGs+yCMrH09a7qTQ== 0000898733-99-000351.txt : 19990517 0000898733-99-000351.hdr.sgml : 19990517 ACCESSION NUMBER: 0000898733-99-000351 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRUDENTIAL BACHE CAPITAL RETURN FUTURES FUND 2 L P CENTRAL INDEX KEY: 0000851786 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 133533120 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-18418 FILM NUMBER: 99622213 BUSINESS ADDRESS: STREET 1: ONE NEW YORK PLAZA CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 2128047866 10-Q 1 P-B CAPITAL RETURN FUTURES FUND 2, L.P. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1999 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: 0-18418 PRUDENTIAL-BACHE CAPITAL RETURN FUTURES FUND 2, L.P. - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Delaware 13-3533120 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) One New York Plaza, 13th Floor New York, New York 10292 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (212) 778-7866 N/A - -------------------------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report. Indicate by check CK 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 CK No __ Part I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PRUDENTIAL-BACHE CAPITAL RETURN FUTURES FUND 2, L.P. (a limited partnership) STATEMENTS OF FINANCIAL CONDITION (Unaudited)
March 31, December 31, 1999 1998 - ---------------------------------------------------------------------------------------------------- ASSETS Equity in commodity trading accounts: Cash $ 5,587,960 $ 4,870,709 U.S. Treasury bills, at amortized cost 18,148,823 19,282,809 Net unrealized gain on open commodity positions 207,947 587,862 ------------- ------------ Total assets $23,944,730 $24,741,380 ------------- ------------ ------------- ------------ LIABILITIES AND PARTNERS' CAPITAL Liabilities Redemptions payable $ 1,142,293 $ 566,962 Accrued expenses 46,334 56,959 Management fees payable 42,268 44,165 Options, at market 35,583 10,929 Due to affiliates 25,809 11,263 Incentive fees payable 24,513 19,484 ------------- ------------ Total liabilities 1,316,800 709,762 ------------- ------------ Commitments Partners' capital Limited partners (94,232 and 98,989 units outstanding) 22,401,611 23,791,274 General partner (952 and 1,000 units outstanding) 226,319 240,344 ------------- ------------ Total partners' capital 22,627,930 24,031,618 ------------- ------------ Total liabilities and partners' capital $23,944,730 $24,741,380 ------------- ------------ ------------- ------------ Net asset value per limited and general partnership unit ('Units') $ 237.73 $ 240.34 ------------- ------------ ------------- ------------ - ---------------------------------------------------------------------------------------------------- The accompanying notes are an integral part of these statements.
2 PRUDENTIAL-BACHE CAPITAL RETURN FUTURES FUND 2, L.P. (a limited partnership) STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended March 31, ------------------------- 1999 1998 - --------------------------------------------------------------------------------------------------- REVENUES Net realized gain (loss) on commodity transactions $ 598,535 $ (671,692) Change in net unrealized gain on open commodity positions (389,639) (1,040,749) Interest from U.S. Treasury bills 196,508 294,511 --------- ----------- 405,404 (1,417,930) --------- ----------- EXPENSES Commissions 476,607 643,279 Management fees 126,950 267,075 Incentive fees 24,513 7,756 General and administrative 38,729 40,650 --------- ----------- 666,799 958,760 --------- ----------- Net loss $(261,395) $(2,376,690) --------- ----------- --------- ----------- ALLOCATION OF NET LOSS Limited partners $(258,781) $(2,352,911) --------- ----------- --------- ----------- General partner $ (2,614) $ (23,779) --------- ----------- --------- ----------- NET LOSS PER WEIGHTED AVERAGE LIMITED AND GENERAL PARTNERSHIP UNIT Net loss per weighted average limited and general partnership unit $ (2.61) $ (19.75) --------- ----------- --------- ----------- Weighted average number of limited and general partnership units outstanding 99,989 120,339 --------- ----------- --------- ----------- - ---------------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (Unaudited)
LIMITED GENERAL UNITS PARTNERS PARTNER TOTAL - ----------------------------------------------------------------------------------------------------- Partners' capital--December 31, 1998 99,989 $23,791,274 $ 240,344 $24,031,618 Net loss -- (258,781) (2,614) (261,395) Redemptions (4,805) (1,130,882) (11,411) (1,142,293) -------- ----------- --------- ----------- Partners' capital--March 31, 1999 95,184 $22,401,611 $ 226,319 $22,627,930 -------- ----------- --------- ----------- -------- ----------- --------- ----------- - ----------------------------------------------------------------------------------------------------- The accompanying notes are an integral part of these statements.
3 PRUDENTIAL-BACHE CAPITAL RETURN FUTURES FUND 2, L.P. (a limited partnership) NOTES TO FINANCIAL STATEMENTS MARCH 31, 1999 (Unaudited) A. General These financial statements have been prepared without audit. In the opinion of management, the financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position of Prudential-Bache Capital Return Futures Fund 2, L.P. (the 'Partnership') as of March 31, 1999 and the results of its operations for the three months ended March 31, 1999 and 1998. However, the operating results for the interim periods may not be indicative of the results expected for a full year. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Partnership's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 1998 (the 'Annual Report'). B. Related Parties The general partner of the Partnership is Prudential Securities Futures Management Inc. (the 'General Partner'), a wholly owned subsidiary of Prudential Securities Incorporated ('PSI'). The General Partner and its affiliates perform services for the Partnership which include, but are not limited to: brokerage services, accounting and financial management, registrar, transfer and assignment functions, investor communications, printing and other administrative services. The costs incurred for these services for the three months ended March 31, 1999 and 1998 were:
1999 1998 - ----------------------------------------------------------------------- Commissions $476,607 $643,279 General and administrative 17,955 21,280 -------- -------- $494,562 $664,559 -------- -------- -------- --------
The Partnership's assets are maintained either in trading or cash accounts with PSI, the Partnership's commodity broker, or for margin purposes, with the various exchanges on which the Partnership is permitted to trade. The Partnership, acting through its trading managers, executes over-the-counter, spot, forward and/or option foreign exchange transactions with PSI. PSI then engages in back-to-back trading with an affiliate, Prudential-Bache Global Markets Inc. ('PBGM'). PBGM attempts to earn a profit on such transactions. PBGM keeps its prices on foreign currency competitive with other interbank currency trading desks. All over-the-counter currency transactions are conducted between PSI and the Partnership pursuant to a line of credit. PSI may require that collateral be posted against the marked-to-market position of the Partnership. C. Credit and Market Risk Since the Partnership's business is to trade futures, forward and options contracts, its capital is at risk due to changes in the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk). Futures, forward and options contracts involve varying degrees of off-balance sheet risk; and changes in the level or volatility of interest rates, foreign currency exchange rates or the market values of the contracts (or commodities underlying the contracts) frequently result in changes in the Partnership's unrealized gain (loss) on open commodity positions reflected in the statements of financial condition. The Partnership's exposure to market risk is influenced by a number of factors including the relationships among the contracts held by the Partnership as well as the liquidity of the markets in which the contracts are traded. 4 Futures and options contracts are traded on organized exchanges and are thus distinguished from forward contracts which are entered into privately by the parties. The credit risks associated with futures and options contracts are typically perceived to be less than those associated with forward contracts, because exchanges typically provide clearinghouse arrangements in which the collective credit (subject to certain limitations) of the members of the exchanges is pledged to support the financial integrity of the exchange. On the other hand, the Partnership must rely solely on the credit of its broker (PSI) with respect to forward transactions. The Partnership presents unrealized gains and losses on open forward positions as a net amount in the statements of financial condition because it has a master netting agreement with PSI. The General Partner attempts to minimize both credit and market risks by requiring the Partnership's trading managers to abide by various trading limitations and policies. The General Partner monitors compliance with these trading limitations and policies which include, but are not limited to: executing and clearing all trades with creditworthy counterparties (currently, PSI is the sole counterparty or broker), limiting the amount of margin or premium required for any one commodity or all commodities combined and generally limiting transactions to contracts which are traded in sufficient volume to permit the taking and liquidating of positions. The General Partner may impose additional restrictions (through modifications of such trading limitations and policies) upon the trading activities of the trading managers as it, in good faith, deems to be in the best interest of the Partnership. PSI, when acting as the Partnership's futures commission merchant in accepting orders for the purchase or sale of domestic futures and options contracts, is required by Commodity Futures Trading Commission ('CFTC') regulations to separately account for and segregate as belonging to the Partnership all assets of the Partnership relating to domestic futures and options trading and is not to commingle such assets with other assets of PSI. At March 31, 1999, such segregated assets totalled $15,193,603. Part 30.7 of the CFTC regulations also requires PSI to secure assets of the Partnership related to foreign futures and options trading which totalled $8,600,270 at March 31, 1999. There are no segregation requirements for assets related to forward trading. As of March 31, 1999, the Partnership's open futures, forward and options contracts mature within one year. At March 31, 1999 and December 31, 1998, gross contract amounts of open futures, forward and options contracts are:
1999 1998 ----------- ------------ Currency Forward Contracts: Commitments to purchase $16,550,691 $22,873,426 Commitments to sell 7,132,304 34,657,512 Currency Futures and Options Contracts: Commitments to purchase 7,528,996 5,856,239 Commitments to sell 16,412,993 6,186,805 Financial Futures and Options Contracts: Commitments to purchase 76,321,612 64,800,054 Commitments to sell 41,794,536 63,817,191 Other Futures and Options Contracts: Commitments to purchase 2,242,713 67,482 Commitments to sell 2,239,244 5,956,997
The gross contract amounts represent the Partnership's potential involvement in a particular class of financial instrument (if it were to take or make delivery on an underlying futures, forward or options contract). The gross contract amounts significantly exceed the future cash requirements as the Partnership intends to close out open positions prior to settlement and thus is generally subject only to the risk of loss arising from the change in the value of the contracts. As such, the Partnership considers the 'fair value' of its futures, forward and options contracts to be the net unrealized gain or loss on the contracts (plus premiums on options). Thus, the amount at risk associated with counterparty nonperformance of all contracts is the net unrealized gain included in the statements of financial condition. The market risk associated with the Partnership's commitments to purchase commodities is limited to the gross contract amounts involved, while the market risk associated with its commitments to sell is unlimited since the Partnership's potential 5 involvement is to make delivery of an underlying commodity at the contract price; therefore, it must repurchase the contract at prevailing market prices. At March 31, 1999 and December 31, 1998, the fair value of open futures, forward and options contracts was:
1999 1998 ------------------------ -------------------------- Assets Liabilities Assets Liabilities -------- ----------- ---------- ----------- Futures Contracts: Domestic exchanges Financial $ 23,980 $ 48,693 $ 182,195 $ 10,003 Currencies 163,665 30,290 163,687 80,275 Other 154,382 12,630 105,886 31,160 Foreign exchanges Financial 104,542 96,159 640,142 45,819 Other 9,936 176,060 61,678 98,026 Forward Contracts: Currencies 191,246 75,972 445,954 746,397 Options Contracts: Domestic exchanges Financial -- 7,875 -- 2,046 Currencies -- 13,838 -- 7,150 Other -- 13,870 -- 1,733 -------- ----------- ---------- ----------- $647,751 $ 475,387 $1,599,542 $ 1,022,609 -------- ----------- ---------- ----------- -------- ----------- ---------- -----------
The following table presents the average fair value of futures, forward and options contracts during the three months ended March 31, 1999 and 1998, respectively.
1999 1998 -------------------------- -------------------------- Assets Liabilities Assets Liabilities ---------- ----------- ---------- ----------- Futures Contracts: Domestic exchanges Financial $ 169,727 $ 25,789 $ 237,913 $ 31,152 Currencies 218,370 133,603 72,917 24,244 Other 132,311 20,749 355,669 25,894 Foreign exchanges Financial 380,396 87,552 749,190 167,372 Other 63,995 139,064 118,828 45,370 Forward Contracts: Currencies 347,214 302,240 199,497 549,340 Options Contracts: Domestic exchanges Financial -- 5,565 -- 1,022 Currencies -- 8,385 -- 5,463 Other -- 4,226 -- 18 ---------- ----------- ---------- ----------- $1,312,013 $ 727,173 $1,734,014 $ 849,875 ---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
6 The following table presents the trading revenues from futures, forward and options contracts during the three months ended March 31, 1999 and 1998, respectively.
1999 1998 --------- ----------- Futures Contracts: Domestic exchanges Financial $ (46,421) $ (131,368) Currencies 70,358 (19,218) Other 79,502 (854,250) Foreign exchanges Financial (525,648) (263,933) Other (173,809) 13,668 Forward Contracts: Currencies 738,864 (476,758) Options Contracts: Domestic exchanges Financial 72,185 15,938 Currencies 805 3,050 Other (6,940) 430 --------- ----------- $ 208,896 $(1,712,441) --------- ----------- --------- -----------
7 PRUDENTIAL-BACHE CAPITAL RETURN FUTURES FUND 2, L.P. (a limited partnership) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Liquidity and Capital Resources The Partnership commenced trading operations on October 6, 1989 with gross proceeds of $101,010,000. After accounting for organizational and offering costs, the Partnership's net proceeds were $99,010,000. At March 31, 1999, 100% of the Partnership's total net asset value was allocated to commodities trading. A significant portion of the net asset value was held in U.S. Treasury bills (which represented approximately 76% of the net asset value prior to redemptions payable) and cash, which are used as margin for the Partnership's trading in commodities. Inasmuch as the sole business of the Partnership is to trade in commodities, the Partnership continues to own such liquid assets to be used as margin. The percentage that U.S. Treasury bills bears to the total net assets varies each day, and from month to month, as the market values of commodity interests change. The balance of the total net assets is held in cash. All interest earned on the Partnership's interest-bearing funds is paid to the Partnership. The commodities contracts are subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. For example, commodity exchanges limit fluctuations in certain commodity futures contract prices during a single day by regulations referred to as 'daily limits.' During a single day, no trades may be executed at prices beyond the daily limit. Once the price of 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. Since the Partnership's business is to trade futures, forward and options contracts, its capital is at risk due to changes in the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk). The Partnership's exposure to market risk is influenced by a number of factors including the volatility of interest rates and foreign currency exchange rates, the liquidity of the markets in which the contracts are traded and the relationships among the contracts held. The inherent uncertainty of the Partnership's speculative trading as well as the development of drastic market occurrences could result in monthly losses considerably beyond the Partnership's experience to date and could ultimately lead to a loss of all or substantially all of investors' capital. The general partner attempts to minimize these risks by requiring the Partnership's trading managers to abide by various trading limitations and policies. See Note C to the financial statements for a further discussion on the credit and market risks associated with the Partnership's futures, forward and options contracts. Redemptions by limited partners and the general partner recorded for the three months ended March 31, 1999 were $1,130,882 and $11,411, respectively, and from commencement of operations, October 6, 1989, through March 31, 1999, totalled $124,052,998 and $1,799,110, respectively. Future redemptions will impact the amount of funds available for investment in commodity contracts in subsequent periods. The Partnership does not have, nor does it expect to have, any capital assets. Results of Operations The net asset value per Unit as of March 31, 1999 was $237.73, a decrease of 1.09% from the December 31, 1998 net asset value per Unit of $240.34. First quarter trading resulted in net losses for the Partnership. Losses were incurred in the financial, index, metal, soft and meat sectors. Profits were recorded in the currency, energy and grain sectors. The Partnership experienced losses in the financial sector due to positions in U.S. Treasury bonds and MEF 10-year bonds. Bond yields rose and consequently prices fell as the U.S. economy continued to grow at a rapid pace. Most European and Asian stock indices experienced solid gains following the Dow Jones Industrial Average as it rose through the 10,000 level. As a result short index sector positions incurred losses. The metal sector rallied during the first half of the quarter until events in Kosovo, and NATO military attacks on 8 Yugoslavia caused a sharp reversal, resulting in losses for the Partnership. The energy sector returned profits due to an OPEC-orchestrated rally that pushed crude oil prices higher in February. Interest income is earned on the Partnership's investment in U.S. Treasury bills and varies monthly according to interest rates, trading performance, and redemptions. Interest income from U.S. Treasury bills decreased by approximately $98,000 for the three months ended March 31, 1999 compared to the same period in 1998. The decline in interest income was the result of lower interest rates in 1999 as well as fewer funds being invested in U.S. Treasury bills as a result of redemptions. Commissions paid to PSI are calculated on the Partnership's net asset value on the first day of each month and, therefore, vary monthly according to trading performance and redemptions. Commissions decreased by approximately $167,000 for the three months ended March 31, 1999 as compared to the same period in 1998 principally due to the effect of 1998 redemptions on the monthly net asset values as well as a reduction in the annual commission rate from 9% to 8% of the monthly net asset values which took effect August 1, 1998. All trading decisions are currently being made by Welton Investment Corporation ('Welton'), Eclipse Capital Management, Inc. ('Eclipse'), Trendlogic Associates, Inc. ('Trendlogic') and Gaiacorp Ireland Limited ('Gaiacorp'). Management fees are calculated on the Partnership's net asset value allocated to each trading manager as of the end of each month and, therefore, are affected by trading performance and redemptions. Management fees decreased by approximately $140,000 for the three months ended March 31, 1999 as compared to the same period in 1998 due to the effect of redemptions on monthly net asset values as well as a reduction in the management fee rate from a 4% annual rate to a 2% rate on the portion of net assets that were reallocated from John W. Henry & Company, Inc. to Welton, Eclipse, Trendlogic and Gaiacorp effective September 1, 1998. Incentive fees are based on the New High Net Trading Profits generated by each trading manager, as defined in each Advisory Agreement among the Partnership, the General Partner and each trading manager. Despite overall Partnership net trading losses during the three months ended March 31, 1999 and 1998, Eclipse generated sufficient trading profits to earn incentive fees of approximately $25,000 during 1999 and Welton generated sufficient trading profits to earn incentive fees of approximately $8,000 during 1998. General and administrative expenses decreased by approximately $2,000 for the three months ended March 31, 1999 as compared to the same period in 1998. These expenses include reimbursements of costs incurred by the General Partner on behalf of the Partnership, in addition to accounting, audit, tax and legal fees as well as printing and postage costs related to reports sent to limited partners. Year 2000 Risk A discussion of Year 2000 risk and its effect on the operations of the Partnership is included in the Partnership's Annual Report. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Information regarding quantitative and qualitative disclosures about market risk is not required pursuant to Item 305(e) of Regulation S-K. 9 PART II. OTHER INFORMATION Item 1. Legal Proceedings--There are no material legal proceedings pending by or against the Registrant or the General Partner. Item 2. Changes in Securities--None Item 3. Defaults Upon Senior Securities--None Item 4. Submission of Matters to a Vote of Security Holders--None Item 5. Other Information--Effective April 1999, Eleanor L. Thomas and Joseph A. Filicetti have been elected by the Board of Directors of the General Partner as directors. In addition, Mr. Filicetti has also been elected by the Board of Directors as President of the General Partner replacing Thomas M. Lane. Mr. Filicetti joined PSI in September 1998 and is the Director of Sales and Marketing for Managed Futures. Ms. Thomas was elected by the Board of Directors of the General Partner as Executive Vice President. Ms. Thomas joined PSI in February 1993 and is primarily responsible for origination, asset allocation, and due diligence for Managed Futures. Item 6. Exhibits and Reports on Form 8-K: (a) Exhibits 4.1 Agreement of Limited Partnership of the Registrant, dated as of June 8, 1989 as amended and restated as of July 21, 1989 (incorporated by reference to Exhibits 3.1 and 4.1 to the Registrant's Annual Report on Form 10-K for the period ended December 31, 1989) 4.2 Subscription Agreement (incorporated by reference to Exhibit 4.2 to the Registrant's Registration Statement on Form S-1, File No. 33-29039) 4.3 Request for Redemption (incorporated by reference to Exhibit 4.3 to the Registrant's Registration Statement on Form S-1, File No. 33-29039) 27 Financial Data Schedule (filed herewith) (b) Reports on Form 8-K-- No reports on Form 8-K were filed during the quarter. 10 SIGNATURES 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 hereunto duly authorized. Prudential-Bache Capital Return Futures Fund 2, L.P. By: Prudential Securities Futures Management Inc. A Delaware corporation, General Partner By: /s/ Steven Carlino Date: May 14, 1999 ---------------------------------------- Steven Carlino Vice President and Treasurer 11 EX-27 2 ART. 5 FDS FOR 1ST QUARTER 10-Q
5 The Schedule contains summary financial information extracted from the financial statements for P-B Capital Return Futures Fund 2, L.P. and is qualified in its entirety by reference to such financial statements 0000851786 P-B Capital Return Futures Fund 2, L.P. 1 Dec-31-1999 Jan-1-1999 Mar-31-1999 3-Mos 5,587,960 18,356,770 0 0 0 0 0 0 23,944,730 1,316,800 0 0 0 0 22,627,930 23,944,730 0 405,404 0 0 666,799 0 0 0 0 0 0 0 0 (261,395) (2.61) 0
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