FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(X) QUARTERLY REPORT UNDER SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
OR ( ) TRANSITION REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended June 30, 1999
Commission File Number 0-28336
SMITH BARNEY MID-WEST FUTURES FUND L.P. II
(Exact name of registrant as specified in its charter)
New York 13-3772374
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Smith Barney Futures Management Inc.
390 Greenwich St. - 1st Fl.
New York, New York 10013
(Address and Zip Code of principal executive offices)
(212) 723-5424
(Registrant's telephone number, including area code)
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>
SMITH BARNEY MID-WEST FUTURES FUND L.P. II
FORM 10-Q
INDEX
Page
Number
PART I - Financial Information:
Item 1. Financial Statements:
Statement of Financial Condition
at June 30, 1999 (unaudited) and
December 31, 1998. 3
Statement of Income and Expenses
and Partners' Capital for the three
and six months ended June 30, 1999
and 1998 (unaudited). 4
Notes to Financial Statements
(unaudited) 5 - 8
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations 9 - 12
Item 3. Quantitative and Qualitative
Disclosures of Market Risk 13 - 14
PART II - Other Information 15
2
<PAGE>
PART I
Item 1. Financial Statements
SMITH BARNEY MID-WEST FUTURES FUND L.P. II
STATEMENT OF FINANCIAL CONDITION
June 30, December 31,
1999 1998
Assets:
---------------------------
(Unaudited)
Equity in commodity futures trading account:
Cash $ 79,507,023 $ 87,033,493
Net unrealized appreciation
on open futures contracts 8,492,540 9,603,763
----------- -----------
87,999,563 96,637,256
Interest receivable 232,609 255,940
----------- -----------
$88,232,172 $96,893,196
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL:
Liabilities:
Accrued expenses:
Commissions $ 441,161 $ 484,466
Management fees 292,520 321,183
Administrative fees 73,130 80,296
Other 35,093 53,822
Redemptions payable 513,286 1,778,990
----------- -----------
1,355,190 2,718,757
----------- -----------
Partners' Capital:
General Partner, 608.9156 Unit equivalents
outstanding in 1999 and 1998 1,132,833 1,088,918
Limited Partners, 46,088.9221 and
52,052.8275 Units of Limited
Partnership Interest outstanding in
1999 and 1998, respectively 85,744,149 93,085,521
----------- -----------
86,876,982 94,174,439
----------- -----------
$88,232,172 $96,893,196
=========== ===========
See Notes to Financial Statements.
3
<PAGE>
SMITH BARNEY MID-WEST FUTURES FUND L.P. II
STATEMENT OF INCOME AND EXPENSES AND PARTNERS' CAPITAL
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------------------- ------------------------------
1999 1998 1999 1998
------------------------------ ------------------------------
<S> <C> <C> <C> <C>
Income:
Net gains (losses) on trading of commodity
futures:
Realized gains (losses) on closed positions $ 6,114,636 $ (2,562,481) $ 7,398,630 $ (6,951,765)
Change in unrealized gains/losses on open
positions 6,150,572 (5,421,133) (1,111,223) (9,305,144)
------------- ------------- ------------- -------------
12,265,208 (7,983,614) 6,287,407 (16,256,909)
Less, brokerage commissions including clearing fees of
$19,170, $17,890, $42,719 and $42,756, respectively (1,380,126) (1,310,883) (2,791,183) (2,832,179)
------------- ------------- ------------- -------------
Net realized and unrealized gains (losses) 10,885,082 (9,294,497) 3,496,224 (19,089,088)
Interest income 693,536 810,659 1,428,522 1,793,982
------------- ------------- ------------- -------------
11,578,618 (8,483,838) 4,924,746 (17,295,106)
------------- ------------- ------------- -------------
Expenses:
Management fees 841,155 822,538 1,707,546 1,761,587
Administrative fees 210,289 205,634 426,887 440,396
Other 16,888 20,297 38,370 41,352
------------- ------------- ------------- -------------
1,068,332 1,048,469 2,172,803 2,243,335
------------- ------------- ------------- -------------
Net income (loss) 10,510,286 (9,532,307) 2,751,943 (19,538,441)
Redemptions (2,558,282) (2,195,660) (10,049,400) (3,385,863)
------------- ------------- ------------- -------------
Net increase (decrease) in Partners' capital 7,952,004 (11,727,967) (7,297,457) (22,924,304)
Partners' capital, beginning of period 78,924,978 90,120,737 94,174,439 101,317,074
------------- ------------- ------------- -------------
Partners' capital, end of period $ 86,876,982 $ 78,392,770 $ 86,876,982 $ 78,392,770
============= ============= ============= =============
Net asset value per Unit
(46,697.8377 and 56,156.8188 Units outstanding
at June 30, 1999 and 1998, respectively) $ 1,860.41 $ 1,395.96 $ 1,860.41 $ 1,395.96
============= ============= ============= =============
Net gain (loss) per Unit of Limited Partnership
Interest and General Partner Unit equivalent $ 221.55 $ (166.45) $ 72.12 $ 338.17
============= ============= ============= =============
</TABLE>
See Notes to Financial Statements.
4
<PAGE>
Smith Barney Mid-West Futures Fund L.P. II
Notes to Financial Statements
June 30, 1999
(Unaudited)
1. General:
Smith Barney Mid-West Futures Fund L.P. II,(the "Partnership") is a limited
partnership which was organized on June 3, 1994 under the partnership laws of
the State of New York to engage in the speculative trading of a diversified
portfolio of commodity interests including futures contracts, options and
forward contracts. The commodity interests that are traded by the Partnership
are volatile and involve a high degree of market risk. The Partnership commenced
trading operations on September 1, 1994.
Smith Barney Futures Management Inc. acts as the general partner (the
"General Partner") of the Partnership. The Partnership=s commodity broker is
Salomon Smith Barney Inc. ("SSB"). SSB is an affiliate of the General Partner.
The General Partner is wholly owned by Salomon Smith Barney Holdings Inc.
("SSBH"), which is the sole owner of SSB. SSBH is a wholly owned subsidiary of
Citigroup Inc. All trading decisions for the Partnership are being made by John
W. Henry & Company, Inc. (the "Advisor").
The accompanying financial statements are unaudited but, in the opinion
of management, include all adjustments (consisting only of normal recurring
adjustments) necessary for a fair presentation of the Partnership's financial
condition at June 30, 1999 and the results of its operations for the three and
six months ended June 30, 1999 and 1998. These financial statements present the
results of interim periods and do not include all disclosures normally provided
in annual financial statements. It is suggested that these financial statements
be read in conjunction with the financial statements and notes 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.
Due to the nature of commodity trading, the results of operations for
the interim periods presented should not be considered indicative of the results
that may be expected for the entire year.
5
<PAGE>
Smith Barney Mid-West Futures Fund L.P. II
Notes to Financial Statements
(continued)
2. Net Asset Value Per Unit:
Changes in net asset value per Unit for the three and six months
ended June 30, 1999 and 1998 were as follows:
THREE-MONTHS ENDED SIX-MONTHS ENDED
JUNE 30, JUNE 30,
1999 1998 1999 1998
------------------ ---------------------
Net realized and unrealized
gains (losses) $ 229.42 $ (162.27)$ 87.15 $ (330.36)
Interest income 14.56 14.20 28.81 31.10
Expenses (22.43) (18.38) (43.84) (38.91)
--------- --------- --------- ---------
Increase (decrease) for
period 221.55 (166.45) 72.12 (338.17)
Net Asset Value per Unit,
beginning of period 1,638.86 1,562.41 1,788.29 1,734.13
--------- --------- --------- ---------
Net Asset Value per Unit,
end of period $ 1,860.41 $ 1,395.96 $ 1,860.41 $ 1,395.96
========= ========= ========= =========
3. Trading Activities:
The Partnership was formed for the purpose of trading contracts in a
variety of commodity interests, including derivative financial instruments and
derivative commodity instruments. The results of the Partnership's trading
activity are shown in the statement of income and expenses.
The Customer Agreement between the Partnership and SSB gives the
Partnership the legal right to net unrealized gains and losses.
All of the commodity interests owned by the Partnership are held for
trading purposes. The fair value of these commodity interests, including options
thereon, if applicable, at June 30, 1999 and December 31, 1998 was $8,492,540
and $9,603,763, respectively, and the average fair value during the three and
six months then ended, based on monthly calculation, was $5,538,653 and
$5,751,592, respectively.
6
<PAGE>
4. Financial Instrument Risk:
The Partnership is party to financial instruments with off-balance
sheet risk, including derivative financial instruments and derivative commodity
instruments, in the normal course of its business. These financial instruments
may include forwards, futures and options, whose value is based upon an
underlying asset, index, or reference rate, and generally represent future
commitments to exchange currencies or cash flows, to purchase or sell other
financial instruments at specific terms at specified future dates, or, in the
case of derivative commodity instruments, to have a reasonable possibility to be
settled in cash, through physical delivery or with another financial instrument.
These instruments may be traded on an exchange or over-the-counter ("OTC").
Exchange traded instruments are standardized and include futures and certain
option contracts. OTC contracts are negotiated between contracting parties and
include forwards and certain options. Each of these instruments is subject to
various risks similar to those related to the underlying financial instruments
including market and credit risk. In general, the risks associated with OTC
contracts are greater than those associated with exchange traded instruments
because of the greater risk of default by the counterparty to an OTC contract.
Market risk is the potential for changes in the value of the financial
instruments traded by the Partnership due to market changes, including interest
and foreign exchange rate movements and fluctuations in commodity or security
prices. Market risk is directly impacted by the volatility and liquidity in the
markets in which the related underlying assets are traded.
Credit risk is the possibility that a loss may occur due to the failure
of a counterparty to perform according to the terms of a contract. Credit risk
with respect to exchange traded instruments is reduced to the extent that an
exchange or clearing organization acts as a counterparty to the transactions.
The Partnership's risk of loss in the event of counterparty default is typically
limited to the amounts recognized in the statement of financial condition and
not represented by the contract or notional amounts of the instruments. The
Partnership has concentration risk because the sole counterparty or broker with
respect to the Partnership's assets is SSB.
The General Partner monitors and controls the Partnership's risk
exposure on a daily basis through financial, credit and risk management
monitoring systems and, accordingly believes that it has effective procedures
for evaluating and limiting the credit and market risks to which the Partnership
is subject. These monitoring systems allow the General Partner to statistically
analyze actual trading results with risk adjusted performance indicators and
correlation statistics. In addition, on-line monitoring systems provide account
analysis of futures, forwards and options positions by sector, margin
requirements, gain and loss transactions and collateral positions.
7
<PAGE>
The notional or contractual amounts of these instruments, while not
recorded in the financial statements, reflect the extent of the Partnership's
involvement in these instruments.
At June 30, 1999, the notional or contractual amounts of the
Partnership's commitment to purchase and sell these instruments was $17,586,939
and $1,428,089,618, respectively, as detailed below. All of these instruments
mature within one year of June 30, 1999. However, due to the nature of the
Partnership's business, these instruments may not be held to maturity. At June
30, 1999, the fair value of the Partnership's derivatives, including options
thereon, if applicable, was 8,492,540, as detailed below.
JUNE 30, 1999
NOTIONAL OR CONTRACTUAL
AMOUNT OF COMMITMENTS
TO PURCHASE TO SELL FAIR VALUE
Currencies
- - OTC Contracts -- $ 157,902,060 $ 1,730,857
Interest Rates U.S. -- 327,102,474 1,228,912
Interest Rates Non-U.S -- 904,413,604 3,677,827
Metals -- 38,671,480 1,609,320
Stock Indices $ 17,586,939 -- 245,624
-------------- -------------- --------------
Totals $ 17,586,939 $1,428,089,618 $ 8,492,540
============== ============== ==============
At December 31, 1998, the notional or contractual amounts of the
Partnership's commitment to purchase and sell these instruments was $586,519,983
and $601,838,838, respectively, and the fair value of the Partnership's
derivatives, including options thereon, if applicable, was $9,603,763, as
detailed below.
DECEMBER 31, 1998
NOTIONAL OR CONTRACTUAL
AMOUNT OF COMMITMENTS
TO PURCHASE TO SELL FAIR VALUE
Currencies
- - OTC Contracts $ 49,170,952 $ 15,254,946 $ 507,509
Interest Rates U.S. 92,333,813 104,166,375 (699,138)
Interest Rates Non-U.S 445,015,218 474,903,517 9,800,592
Metals -- 7,514,000 (5,200)
------------ ------------ ------------
Totals $586,519,983 $601,838,838 $ 9,603,763
============ ============ ============
8
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Liquidity and Capital Resources
The Partnership does not engage in the sale of goods or services. Its
only assets are its equity in its commodity futures trading account, net
unrealized appreciation (depreciation) on open futures and forward contracts,
commodity options, if applicable, and interest receivable. Because of the low
margin deposits normally required in commodity futures trading, relatively small
price movements may result in substantial losses to the Partnership. While
substantial losses could lead to a decrease in liquidity, no such losses
occurred in the second quarter of 1999.
The Partnership's capital consists of the capital contributions of the
partners as increased or decreased by gains or losses on commodity futures
trading, expenses, interest income, redemptions of Units and distributions of
profits, if any.
For the six months ended June 30, 1999, Partnership capital decreased
7.7% from $94,174,439 to $86,876,982. This decrease was primarily attributable
to the redemption of 5,963.9054 Units resulting in an outflow of $10,049,400 and
partially offset by a net gain from operations of $2,751,943 for the six months
ended June 30, 1999. Future redemptions can impact the amount of funds available
for investments in commodity contract positions in subsequent periods.
Risk of Computer System Failure (Year 2000 Issue)
The Year 2000 issue is the result of existing computers in
many businesses using only two digits to identify a year in the date field.
These computers and programs, often referred to as "information technology,"
were designed and developed without considering the impact of the upcoming
change in the century. If not corrected, many computer applications could fail
or create erroneous results at the Year 2000. Such systems and processes are
dependent on correctly identifying dates in the next century.
The General Partner administers the business of the
Partnership through various systems and processes maintained by SSBH and SSB. In
addition, the operation of the Partnership is dependent on the capability of the
9
<PAGE>
Partnership's Advisors, the brokers and exchanges through which the Advisors
trade, and other third parties to prepare adequately for the Year 2000 impact on
their systems and processes. The Partnership itself has no systems or
information technology applications relevant to its operations.
The General Partner, SSB, SSBH and their parent organization Citigroup Inc.
have undertaken a comprehensive, firm-wide evaluation of both internal and
external systems (systems related to third parties) to determine the specific
modifications needed to prepare for the year 2000. The combined Year 2000
program in SSB is expected to cost approximately $140 million over the four
years from 1996 through 1999, and has involved over 450 people. As of June 30,
1999, SSB has completed all compliance and certification work.
The systems and components supporting the General Partner's
business that require remediation have been brought into Year 2000 compliance.
Final testing and certification was completed as of June 30, 1999.
This expenditure and the General Partner's resources dedicated to the
preparation for Year 2000 do not and will not have a material impact on the
operation or results of the Partnership.
The General Partner has received statements from the Advisors that they
have completed their Year 2000 remediation program.
The most likely and most significant risk to the Partnership associated
with the lack of Year 2000 readiness is the failure of outside organizations,
including the commodities exchanges, clearing organizations, or regulators with
which the Partnership interacts to resolve their Year 2000 issues in a timely
manner. This risk could involve the inability to determine the value of the
Partnership at some point in time and would make effecting purchases or
redemptions of Units in the Partnership infeasible until such valuation was
determinable.
SSB has successfully participated in industry-wide testing including: The
Streetwide Beta Testing organized by the Securities Industry Association (SIA),
a government securities clearing test with the Federal Reserve Bank of New York,
The Depository Trust Company, and The Bank of New York, and Futures Industry
Association participants test. The firm also participated in the streetwide
testing that was conducted from March through May 1999.
It is possible that problems may occur that would require some time to
repair. Moreover, it is possible that problems will occur outside SSBH for which
SSBH could experience a secondary effect. Consequently, SSBH has prepared
comprehensive, written contingency plans so that alternative procedures and a
framework for critical decisions are defined before any potential crisis occurs.
The goal of year 2000 contingency planning is a set of alternate procedures
to be used in the event of a critical system failure by a supplier of
counterparty. Planning work was completed in January 1999, and testing of
alternative procedures will be completed in the third and fourth quarter of
1999.
10
<PAGE>
Results of Operations
During the Partnership's second quarter of 1999, the net asset value
per unit increased 13.5% from $1,638.86 to $1,860.41 as compared to a decrease
of 10.7% in the second quarter of 1998. The Partnership experienced a net
trading gain before brokerage commissions and related fees in the second quarter
of 1999 of $12,265,208. These gains were primarily attributable to the trading
of commodity futures in currencies, U.S. and non U.S. interest rates, metals and
indices. The Partnership experienced a net trading loss before commissions and
related fees in the second quarter of 1998 of $7,983,614. Losses were primarily
attributable to the trading of commodity futures in currencies, U.S. and
non-U.S. interest rates, metals and indices.
Commodity futures markets are highly volatile. Broad price fluctuations
and rapid inflation increase the risks involved in commodity trading, but also
increase the possibility of profit. The profitability of the Partnership depends
on the existence of major price trends and the ability of the Advisor to
identify correctly those price trends. Price trends are influenced by, among
other things, changing supply and demand relationships, weather, governmental,
agricultural, commercial and trade programs and policies, national and
international political and economic events and changes in interest rates. To
the extent that market trends exist and the Advisor is able to identify them,
the Partnership expects to increase capital through operations.
Interest income on 80% of the Partnership's average daily equity was
earned at the monthly average 30 day U.S. Treasury bill rate. Interest income
for the three and six months ended June 30, 1999 decreased by $117,123 and
$365,460, respectively, as compared to the corresponding periods in 1998. The
decrease in interest income is primarily the result of the effect of redemptions
on the Partnership=s equity maintained in cash during the six month period.
Brokerage commissions are calculated on the adjusted net asset value on
the last day of each month and, therefore, vary according to trading
performance, additions and redemptions. Accordingly, they must be compared in
relation to the fluctuations in the monthly net asset values. Commissions and
fees for the three and six months ended June 30, 1999 increased by $69,243 and
decreased by $40,996, respectively, as compared to the corresponding periods in
1998.
All trading decisions for the Partnership are currently being made by
the Advisor. Management fees are calculated as a percentage of the Partnership's
net asset value as of the end of each month and are affected by trading
performance, additions and redemptions. Management fees for the three and six
months ended June 30, 1999 increased by $18,617 and decreased by $54,041,
respectively, as compared to the corresponding periods in 1998.
11
<PAGE>
Administrative fees are paid to the General Partner for administering
the business and affairs of the Partnership. These fees are calculated as a
percentage of the Partnership=s net asset value as of the end of each month and
are affected by trading performance, additions and redemptions. Administrative
fees for the three and six months ended June 30, 1999 increased by $4,655 and
decreased by $13,509, respectively, as compared to the corresponding periods in
1998.
Incentive fees are based on the new trading profits generated by the
Advisor as defined in the advisory agreement between the Partnership, the
General Partner and the Advisor. There were no incentive fees earned for the
three and six months ended June 30, 1999 or 1998.
12
<PAGE>
Item 3. Quantitative and Qualitative Disclosures of Market Risk
The Partnership is a speculative commodity pool. The market
sensitive instruments held by it are acquired for speculative trading purposes,
and all or substantially all of the Partnership's assets are subject to the risk
of trading loss. Unlike an operating company, the risk of market sensitive
instruments is integral, not incidental, to the Partnership's main line of
business.
Market movements result in frequent changes in the fair market value of
the Partnership's open positions and, consequently, in its earnings and cash
flow. The Partnership's market risk is influenced by a wide variety of factors,
including the level and volatility of interest rates, exchange rates, equity
price levels, the market value of financial instruments and contracts, the
diversification effects among the Partnership's open positions and the liquidity
of the markets in which it trades.
The Partnership rapidly acquires and liquidates both long and short
positions in a wide range of different markets. Consequently, it is not possible
to predict how a particular future market scenario will affect performance, and
the Partnership's past performance is not necessarily indicative of its future
results.
Value at Risk is a measure of the maximum amount which the Partnership
could reasonably be expected to lose in a given market sector. However, the
inherent uncertainty of the Partnership's speculative trading and the recurrence
in the markets traded by the Partnership of market movements far exceeding
expectations could result in actual trading or non-trading losses far beyond the
indicated Value at Risk or the Partnership's experience to date (i.e., "risk of
ruin"). In light of the foregoing as well as the risks and uncertainties
intrinsic to all future projections, the inclusion of the quantification
included in this section should not be considered to constitute any assurance or
representation that the Partnership's losses in any market sector will be
limited to Value at Risk or by the Partnership's attempts to manage its market
risk.
13
<PAGE>
The following table indicates the trading Value at Risk associated
with the Partnership's open positions by market category as of June 30, 1999.
All open position trading risk exposures of the Partnership have been included
in calculating the figures set forth below. As of June 30, 1999, the
Partnership's total capitalization was $86,876,982. There has been no material
change in the trading Value at Risk information previously disclosed in the Form
10-K for the year ended December 31, 1998.
June 30, 1999
% of Total
Market Sector Value at Risk Capitalization
Currencies $ 2,626,596 3.02%
Interest rates U.S. 1,587,800 1.83%
Interest rates Non-U.S 4,748,307 5.47%
Metals 1,124,800 1.29%
Indices 1,265,547 1.46%
----------- -----
Total $11,353,050 13.07%
=========== =====
14
<PAGE>
PART II OTHER INFORMATION
Item 1. Legal Proceedings Item.1 Legal Proceedings
For information concerning a purported class action against
numerous broker-dealers including Salomon Smith Barney, see the
description that appears in the sixth paragraph under the caption Item
3. "Legal Proceedings" on Form 10-K for the year ending December 31,
1998. SSBH has filed a motion to dismiss the amended complaint
Item 2. Changes in Securities and Use of Proceeds - None
Item 3. Defaults Upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - None
Item 5. Other Information - None
Item 6. (a) Exhibits - None
(b) Reports on Form 8-K - None
15
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) 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.
SMITH BARNEY MID-WEST FUTURES FUND L.P. II
By: Smith Barney Futures Management Inc.
(General Partner)
By: /s/ David J. Vogel, President
David J. Vogel, President
Date: 8/13/99
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
By: Smith Barney Futures Management Inc.
(General Partner)
By: /s/ David J. Vogel, President
David J. Vogel, President
Date: 8/13/99
By: /s/ Daniel A. Dantuono
Daniel A. Dantuono
Chief Financial Officer and
Director
Date: 8/13/99
16
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001013167
<NAME> Smith Barney Mid-West Futures Fund L.P.II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 79,507,023
<SECURITIES> 8,492,540
<RECEIVABLES> 232,609
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 88,232,172
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 88,232,172
<CURRENT-LIABILITIES> 1,355,190
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 86,876,982
<TOTAL-LIABILITY-AND-EQUITY> 88,232,172
<SALES> 0
<TOTAL-REVENUES> 4,924,746
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,172,803
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,751,943
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,751,943
<EPS-BASIC> 72.12
<EPS-DILUTED> 0
</TABLE>
