<PAGE>
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: 0-23885
PRUDENTIAL SECURITIES STRATEGIC TRUST
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 13-7075398
- --------------------------------------------------------------------------------
(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 __
<PAGE>
Part I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PRUDENTIAL SECURITIES STRATEGIC TRUST
(a Delaware Business Trust)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------
ASSETS
Equity in commodity trading accounts:
Cash $44,255,184 $47,615,180
Net unrealized gain on open commodity positions 891,304 981,485
------------- ------------
Net equity 45,146,488 48,596,665
Other receivable 43,681 9,104
------------- ------------
Total assets $45,190,169 $48,605,769
------------- ------------
------------- ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Redemptions payable $ 553,571 $ 1,735,717
Management fee payable 83,230 88,932
Incentive fee payable 311,850 1,766,804
------------- ------------
Total liabilities 948,651 3,591,453
------------- ------------
Commitments
Trust capital
Limited interests (341,539.978 and 359,949.431 interests
outstanding) 43,799,090 44,564,154
General interests (3,450 and 3,636 interests outstanding) 442,428 450,162
------------- ------------
Total trust capital 44,241,518 45,014,316
------------- ------------
Total liabilities and trust capital $45,190,169 $48,605,769
------------- ------------
------------- ------------
Net asset value per limited and general interest ('Interests') $ 128.24 $ 123.81
------------- ------------
------------- ------------
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
2
<PAGE>
PRUDENTIAL SECURITIES STRATEGIC TRUST
(a Delaware Business Trust)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three months ended March 31,
----------------------------
1999 1998
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------
REVENUES
Net realized gain on commodity transactions $ 2,716,229 $ 508,365
Change in net unrealized gain on open commodity positions (90,181) (223,730)
Interest income 395,126 580,684
------------- ----------
3,021,174 865,319
------------- ----------
EXPENSES
Commissions 846,696 1,019,567
Management fees 255,795 394,288
Incentive fees 311,850 --
------------- ----------
1,414,341 1,413,855
------------- ----------
Net income (loss) $ 1,606,833 $ (548,536)
------------- ----------
------------- ----------
ALLOCATION OF NET INCOME (LOSS)
Limited interests $ 1,590,772 $ (542,816)
------------- ----------
------------- ----------
General interests $ 16,061 $ (5,720)
------------- ----------
------------- ----------
NET INCOME (LOSS) PER WEIGHTED AVERAGE
LIMITED AND GENERAL INTEREST
Net income (loss) per weighted average limited
and general interest $ 4.51 $ (1.11)
------------- ----------
------------- ----------
Weighted average number of limited
and general interests outstanding 356,327 495,137
------------- ----------
------------- ----------
- ---------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN TRUST CAPITAL
(Unaudited)
<TABLE>
<CAPTION>
LIMITED GENERAL
INTERESTS INTERESTS INTERESTS TOTAL
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------
Trust capital--December 31, 1998 363,585.431 $44,564,154 $450,162 $45,014,316
Net income -- 1,590,772 16,061 1,606,833
Redemptions (18,595.453) (2,355,836) (23,795 ) (2,379,631)
------------ ----------- --------- -----------
Trust capital--March 31, 1999 344,989.978 $43,799,090 $442,428 $44,241,518
------------ ----------- --------- -----------
------------ ----------- --------- -----------
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
3
<PAGE>
PRUDENTIAL SECURITIES STRATEGIC TRUST
(a Delaware Business Trust)
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 Securities Strategic Trust (the 'Trust') 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 the 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 Trust'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 managing owner of the Trust is Prudential Securities Futures Management
Inc. (the 'Managing Owner'), a wholly owned subsidiary of Prudential Securities
Incorporated ('PSI'). The Managing Owner or its affiliates perform services for
the Trust 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. Except for costs
related to brokerage services, PSI or its affiliates pay the costs of these
services in addition to its routine operational, administrative, legal and
auditing fees as well as costs paid to organize the Trust and offer its
Interests. As described in the Annual Report, all commissions for brokerage
services are paid to PSI.
The Trust's assets are maintained either in trading or cash accounts with
PSI, the Trust's commodity broker, or for margin purposes, with the various
exchanges on which the Trust is permitted to trade. PSI credits the Trust
monthly with 80% of the interest it earns on the equity in these accounts and
retains the remaining 20%.
The Trust, 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 Trust pursuant to a line of credit. PSI may require that collateral
be posted against the marked-to-market positions of the Trust.
As of March 31, 1999, a non-U.S. affiliate of the Managing Owner owns 293.003
limited interests of the Trust.
C. Credit and Market Risk
Since the Trust's business is to trade futures, forward (including foreign
exchange transactions) 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 Trust's unrealized
gain (loss) on open commodity positions reflected in the statements of financial
condition. The Trust's exposure to market risk is influenced by a number of
factors including the relationships among the contracts held by the Trust as
well as the liquidity of the markets in which the contracts are traded.
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
4
<PAGE>
limitations) of the members of the exchanges is pledged to support the financial
integrity of the exchange. On the other hand, the Trust must rely solely on the
credit of its broker (PSI) with respect to forward transactions. The Trust
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 Managing Owner attempts to minimize both credit and market risks by
requiring the Trust's trading managers to abide by various trading limitations
and policies. The Managing Owner 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 Managing Owner 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 interests of the Trust.
PSI, when acting as the Trust'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 Trust all assets of the
Trust relating to domestic futures and options trading and not to commingle such
assets with other assets of PSI. At March 31, 1999, such segregated assets
totalled $41,305,563. Part 30.7 of the CFTC regulations also requires PSI to
secure assets of the Trust related to foreign futures and options trading which
totalled $4,033,166 at March 31, 1999. There are no segregation requirements for
assets related to forward trading.
As of March 31, 1999, all open futures and forward contracts mature within
one year.
As of March 31, 1999 and December 31, 1998, gross contract amounts of open
futures and forward contracts were:
<TABLE>
<CAPTION>
1999 1998
------------ ------------
<S> <C> <C>
Financial Futures Contracts:
Commitments to purchase $ 74,309,400 $ 97,619,028
Commitments to sell 204,991,346 181,380,377
Currency Futures Contracts:
Commitments to purchase 11,209,635 50,575,452
Commitments to sell 74,919,802 45,606,627
Other Futures Contracts:
Commitments to sell 1,143,456 1,413,262
Currency Forward Contracts:
Commitments to purchase 225,255 171,615
Commitments to sell 1,734,314 103,545
</TABLE>
The gross contract amounts represent the Trust's potential involvement in a
particular class of financial instrument (if it were to take or make delivery on
an underlying futures or forward contract). The gross contract amounts
significantly exceed the future cash requirements as the Trust 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
Trust considers the 'fair value' of its futures and forward contracts to be the
net unrealized gain or loss on the contracts. 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 Trust'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 Trust's potential involvement is
to make delivery of an underlying commodity at the contract price; therefore, it
must repurchase the contract at prevailing market prices.
5
<PAGE>
At March 31, 1999 and December 31, 1998, the fair values of open futures and
forward contracts were:
<TABLE>
<CAPTION>
1999 1998
--------------------------- ---------------------------
<S> <C> <C> <C> <C>
Assets Liabilities Assets Liabilities
----------- ----------- ----------- -----------
Futures Contracts:
Domestic exchanges
Financial $ 725,172 $ 15,095 $ 33,297 $ 7,775
Currencies 241,980 274,887 988,150 166,778
Other 1,725 -- 11,713 --
Foreign exchanges
Financial 545,924 148,424 509,091 215,661
Other 7,362 212 3,550 --
Forward Contracts:
Currencies -- 192,241 -- 174,102
----------- ----------- ----------- -----------
$ 1,522,163 $ 630,859 $ 1,545,801 $ 564,316
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
</TABLE>
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.
<TABLE>
<CAPTION>
1999 1998
--------------------------- ---------------------------
Assets Liabilities Assets Liabilities
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ 649,770 $ 27,528 $ 574,598 $ 140,440
Currencies 1,176,346 339,471 754,604 134,385
Other 19,462 275 643,162 561,735
Foreign exchanges
Financial 704,211 204,547 2,334,453 91,580
Other 30,669 53 -- 781
Forward Contracts:
Currencies 144 182,415 -- --
Other -- -- 283,825 1,614
Options Contracts:
Domestic exchanges
Financial 88,126 -- 55,001 --
Currencies 45,475 -- 100,000 --
Foreign exchanges
Other -- -- 11,757 --
----------- ----------- ----------- -----------
$ 2,714,203 $ 754,289 $ 4,757,400 $ 930,535
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
</TABLE>
6
<PAGE>
The following table presents the Trust's trading revenues from futures,
forward and options contracts for the three months ended March 31, 1999 and
1998.
<TABLE>
<CAPTION>
1999 1998
---------- -----------
<S> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $1,599,598 $(1,499,065)
Currencies 336,758 (1,554,698)
Other (45,756) (1,712,147)
Foreign exchanges
Financial 1,492,047 4,895,516
Other 69,312 --
Forward Contracts:
Currencies (21,906) --
Other 2,208 582,546
Options Contracts:
Domestic exchanges
Financial (678,813) (143,660)
Currencies (127,400) (268,938)
Foreign exchanges
Other -- (14,919)
---------- -----------
$2,626,048 $ 284,635
---------- -----------
---------- -----------
</TABLE>
7
<PAGE>
PRUDENTIAL SECURITIES STRATEGIC TRUST
(a Delaware Business Trust)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
The Trust commenced operations on May 1, 1996 with gross proceeds of
$12,686,200 allocated to commodities trading. Additional Interests were offered
monthly at the then current net asset value per Interest until the continuous
offering period expired on January 31, 1998. Additional contributions made
during the continuous offering period totalled $51,242,700 including $375,000 of
contributions from the Managing Owner.
At March 31, 1999, 100% of the Trust's net assets were allocated to
commodities trading. A significant portion of the net assets are held in cash
which is used as margin for the Trust's trading in commodities. Inasmuch as the
sole business of the Trust is to trade in commodities, the Trust continues to
own such liquid assets to be used as margin. PSI credits the Trust monthly with
80% of the interest it earns on the equity in these accounts and retains the
remaining 20%.
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 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 Trust from promptly liquidating its commodity
futures positions.
Since the Trust'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 Trust'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 Trust's speculative trading as well as the development of drastic market
occurrences could result in monthly losses considerably beyond the Trust's
experience to date and could ultimately lead to a loss of all or substantially
all of investors' capital. The Managing Owner attempts to minimize these risks
by requiring the Trust's trading managers to abide by various trading
limitations and policies. See Note C to the financial statements for a further
discussion of the credit and market risks associated with the Trust's futures
and forward contracts.
Redemptions of limited interests and general interests for the three months
ended March 31, 1999 were $2,355,836 and $23,795, respectively. Redemptions of
limited interests and general interests from commencement of operations, May 1,
1996, through March 31, 1999 were $28,573,461 and $177,190, respectively. Future
redemptions will impact the amount of funds available for investment in
commodity contracts in subsequent periods.
The Trust does not have, nor does it expect to have, any capital assets.
Results of Operations
The net asset value per Interest as of March 31, 1999 was $128.24, an
increase of 3.58% from the December 31, 1998 net asset value per Interest of
$123.81.
First quarter trading resulted in net profits. Gains accumulated in the
financial and currency sectors offset losses in the index and metal sectors.
In the financial sector, significant gains came from short U.S. Treasury bond
positions which profited from falling prices mid-quarter resulting from yields
rising as the U.S. economy continued to grow at a rapid pace. The Trust also
experienced profits from European bond futures, which declined in price as
political pressures within Europe delayed central bank interest rate reductions.
In the currency sector, profits were recognized from positions in the Euro,
which declined relative to the U.S. dollar.
8
<PAGE>
The metal sector rallied during the first half of the quarter, until events
in Yugoslavia caused a reversal, resulting in losses for the Trust. The index
sector incurred losses resulting from positions in the S&P 500 and Euro FDAX
index.
Interest income is earned on the equity balances held at PSI and, therefore,
varies monthly according to interest rates, trading performance and redemptions.
Interest income decreased by $186,000 for the three months ended March 31, 1999
as compared to 1998 due to the effects of declining interest rates and
redemptions.
Commissions are calculated on the Trust's net asset value at the beginning of
each month and, therefore, vary according to trading performance and
redemptions. Commissions decreased by $173,000 for the three months ended March
31, 1999 as compared to 1998 due primarily to redemptions. Additionally,
effective September 1, 1998, the annual rate of commissions charged to the Trust
was reduced from 7.75% to 7.5% of the net asset value of the Trust.
At March 31, 1999, all trading decisions were made by Willowbridge
Associates, Inc. ('Willowbridge') and Bridgewater Associates, Inc.
('Bridgewater') (the 'Trading Managers'). Management fees are calculated on the
net asset value allocated to each Trading Manager at the end of each month and,
therefore, are affected by trading performance and redemptions. Management fees
decreased by $138,000 for the three months ended March 31, 1999 as compared to
1998. This decrease was primarily due to redemptions as well as a reduction in
the management fee rate during July 1998 on the portion of net assets traded by
Bridgewater. This reduction from a 3% annual rate to .9756% became effective
when approximately 50% of the net assets traded by Willowbridge were reallocated
to Bridgewater during July 1998.
Incentive fees are based on the New High Net Trading Profits generated by
each Trading Manager, as defined in the Advisory Agreements among the Trust, the
Managing Owner and each Trading Manager. Incentive fees of approximately
$312,000 were earned during the three months ended March 31, 1999.
Year 2000 Risk
A discussion of Year 2000 risk and its effect on the operations of the Trust
is included in the Trust's Annual Report.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 305(c) of Regulation S-K requires disclosure during each interim
reporting period of material changes in the quantitative and qualitative market
risk information provided as of the end of the immediately preceding year. The
following information should be read in conjunction with the Trust's Form 10-K
as filed with the Securities and Exchange Commission for the year ended December
31, 1998.
The Value at Risk of the Trust's open positions as of March 31, 1999 was
$6,688,886 (15.12% of total capitalization) as compared to $3,339,878 (7.42% of
total capitalization) at December 31, 1998. The increase since December 31, 1998
is due primarily to a greater number of contracts held in the interest rate and
stock index market sectors.
The Value at Risk of open positions subject to interest rate exposure held by
the Trust at March 31, 1999 was $1,936,684 (4.38% of total capitalization) as
compared to $1,069,880 (2.38% of total capitalization) at December 31, 1998. The
Trust's primary interest rate exposure is generally due to long-term interest
rate fluctuations in the U.S. and other G-7 countries which directly affect the
price of sovereign bond positions held by the Trust. The increase since December
31, 1998 is due primarily to increased positions in U.S. Treasury bonds.
The Value at Risk of open index positions held by the Trust at March 31, 1999
was $2,895,535 (6.54% of total capitalization) as compared to $323,431 (.72% of
total capitalization) at December 31, 1998. The increase since December 31, 1998
is due primarily to increased positions in the New S&P 500 (U.S.) and OSE Nikkei
Dow (Japan).
9
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings--There are no material legal proceedings pending by or
against the Registrant or the Managing Owner
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 were elected by the Board of Directors of the Managing Owner as
directors. In addition, Mr. Filicetti has also been elected by the Board of
Directors as President of the Managing Owner replacing Thomas M. Lane. Mr.
Filicetti joined Prudential Securities Incorporated 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 Managing Owner as Executive Vice President. Ms.
Thomas joined Prudential Securities Incorporated 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
3.1
and
4.1--Second Amended and Restated Declaration of Trust and Trust
Agreement of the Registrant dated as of December 14, 1995
(incorporated by reference to Exhibit 3.1 to 4.1 to the
Registrant's Registration Statement on Form S-1, File No.
33-80443)
4.2--Subscription Agreement (incorporated by reference to
Exhibit 4.2 to the Registrant's Registration
Statement on Form S-1, File No. 33-80443)
4.3--Request for Redemption (incorporated by
reference to Exhibit 4.3 to the
Registrant's Registration Statement on Form
S-1, File No. 33-80443)
27.1--Financial Data Schedule (filed herewith)
(b) Reports on Form 8-K--None
10
<PAGE>
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 thereunto duly authorized.
PRUDENTIAL SECURITIES STRATEGIC TRUST
By: Prudential Securities Futures Management Inc.
A Delaware corporation, Managing Owner
By: /s/ Steven Carlino Date: May 14, 1999
----------------------------------------
Steven Carlino
Vice President and Treasurer
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial
information extracted from the financial
statements for Prudential Securities Strategic
Trust and is qualified in its entirety by
reference to such financial statements
</LEGEND>
<RESTATED>
<CIK> 0001005006
<NAME> Prudential Securities Strategic Trust
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-START> Jan-1-1999
<PERIOD-END> Mar-31-1999
<PERIOD-TYPE> 3-Mos
<CASH> 44,255,184
<SECURITIES> 891,304
<RECEIVABLES> 43,681
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 45,190,169
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 45,190,169
<CURRENT-LIABILITIES> 948,651
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 44,241,518
<TOTAL-LIABILITY-AND-EQUITY> 45,190,169
<SALES> 0
<TOTAL-REVENUES> 3,021,174
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,414,341
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,606,833
<EPS-PRIMARY> 4.51
<EPS-DILUTED> 0
</TABLE>
