You are managing a pension fund with a value of $420 million and a beta of 1.00. You are concerned about a market decline and wish to hedge the portfolio. You have decided to use SPX calls. How many contracts do you need if the delta of the call option is 64 and the S\&P index is currently at 1,250? (Do not round intermedlate calculetlons. A negatlve value should be Indlcated by a minus slgn. Round your onswer to the nearest whole number.)