================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
- --------------------------------------------------------------------------------
For the quarterly period ended June 26, 1998
Merrill Lynch Preferred Capital Trust I
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its certificate of trust)
Commission File No.: 1-7182-01
Delaware 13-7102991
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
World Financial Center
North Tower
New York, New York 10281
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 449-1000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
- --------------------------------------------------------------------------------
7-3/4% Trust Originated Preferred New York Stock Exchange
Securities ("TOPrS")
(and the related guarantee)
Securities registered pursuant to Section 12(g) of the Act: None
Merrill Lynch Preferred Funding I, L.P.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified
in its certificate of limited partnership)
Commission File No.: 1-7182-02
Delaware 13-3917686
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
World Financial Center
North Tower
New York, New York 10281
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 449-1000
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on which
Title of each class registered
- --------------------------------------------------------------------------------
7-3/4% Partnership Preferred Securities New York Stock Exchange
(and the related guarantee)
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the Registrants (1) have 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
Registrants were required to file such reports), and (2) have been subject to
such requirements for the past 90 days. Yes |X| No |_|
As of June 26, 1998, no voting stock was held by non-affiliates of the
Registrants.
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<PAGE>
PART I - FINANCIAL INFORMATION
------------------------------
ITEM 1. FINANCIAL STATEMENTS
--------------------
MERRILL LYNCH PREFERRED CAPITAL TRUST I
BALANCE SHEETS (UNAUDITED)
- --------------------------------------------------------------------------------
JUNE 26, 1998 DECEMBER 26, 1997
------------- -----------------
ASSETS
Investment in partnership preferred
securities $ 283,505,200 $ 283,505,200
Income receivable 5,492,913 5,492,913
------------- -------------
Total Assets $ 288,998,113 $ 288,998,113
============= =============
LIABILITY AND STOCKHOLDERS' EQUITY
Distributions payable $ 5,492,913 $ 5,492,913
------------- -------------
Stockholders' equity:
Preferred securities (7 3/4% Trust
Originated Preferred Securities;
11,000,000 authorized, issued, and
outstanding; $25 liquidation amount
per security) 275,000,000 275,000,000
Common securities (7 3/4% Trust Common
Securities; 340,208 authorized, issued,
and outstanding; $25 liquidation amount
per security) 8,505,200 8,505,200
------------- -------------
Total stockholders' equity 283,505,200 283,505,200
------------- -------------
Total Liability and Stockholders' Equity $ 288,998,113 $ 288,998,113
============= =============
See Notes to Financial Statements
2
<PAGE>
MERRILL LYNCH PREFERRED CAPITAL TRUST I
STATEMENTS OF EARNINGS (UNAUDITED)
- --------------------------------------------------------------------------------
FOR THE THREE MONTHS ENDED
-----------------------------------
JUNE 26, 1998 JUNE 27, 1997
-------------- --------------
EARNINGS:
Income on partnership preferred securities $ 5,492,913 $ 5,492,913
============== ==============
FOR THE SIX MONTHS ENDED
-----------------------------------
JUNE 26, 1998 JUNE 27, 1997
-------------- --------------
EARNINGS:
Income on partnership preferred securities $ 10,985,826 $ 11,108,284
============== ==============
See Notes to Financial Statements
3
<PAGE>
MERRILL LYNCH PREFERRED CAPITAL TRUST I
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED
-------------------------------
JUNE 26, 1998 JUNE 27, 1997
-------------- --------------
PREFERRED SECURITIES
Balance, beginning and end of period $ 275,000,000 $ 275,000,000
-------------- --------------
COMMON SECURITIES
Balance, beginning and end of period 8,505,200 8,505,200
-------------- --------------
UNDISTRIBUTED EARNINGS
Balance, beginning of period -- --
Earnings 10,985,826 11,108,284
Distribution paid in excess of amount accrued
at December 27, 1996 -- (122,458)
Distributions (5,492,913) (5,492,913)
Distributions payable (5,492,913) (5,492,913)
-------------- --------------
Balance, end of period -- --
-------------- --------------
Total Stockholders' Equity $ 283,505,200 $ 283,505,200
============== ==============
See Notes to Financial Statements
4
<PAGE>
MERRILL LYNCH PREFERRED CAPITAL TRUST I
STATEMENTS OF CASH FLOWS (UNAUDITED)
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED
--------------------------------
JUNE 26, 1998 JUNE 27, 1997
-------------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Earnings $ 10,985,826 $ 11,108,284
Increase in income receivable -- (4,821,557)
-------------- --------------
Cash provided by operating activities 10,985,826 6,286,727
-------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions (10,985,826) (6,286,727)
-------------- --------------
Cash used for financing activities (10,985,826) (6,286,727)
-------------- --------------
NET CHANGE IN CASH -- --
CASH, BEGINNING OF PERIOD -- --
-------------- --------------
CASH, END OF PERIOD $ -- $ --
============== ==============
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:
Preferred and common distributions of $5,328,125 and $164,788, respectively,
were accrued at June 26, 1998 and June 27, 1997.
See Notes to Financial Statements
5
<PAGE>
MERRILL LYNCH PREFERRED CAPITAL TRUST I
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
JUNE 26, 1998
- --------------------------------------------------------------------------------
BASIS OF PRESENTATION
These unaudited financial statements should be read in conjunction with the
audited financial statements included in the Annual Report on Form 10-K of
Merrill Lynch Preferred Capital Trust I (the "Trust") for the year ended
December 26, 1997. The December 26, 1997 balance sheet was derived from the
audited financial statements. The interim financial statements for the three-
month periods are unaudited; however, in the opinion of the Regular Trustees of
the Trust, all adjustments, consisting only of normal recurring accruals
necessary for a fair statement of the results of operations, have been included.
6
<PAGE>
MERRILL LYNCH PREFERRED FUNDING I, L.P.
BALANCE SHEETS (UNAUDITED)
- --------------------------------------------------------------------------------
JUNE 26, 1998 DECEMBER 26, 1997
-------------- -----------------
ASSETS
Investments:
Affiliate debentures $ 330,055,000 $ 330,055,000
U.S. Treasury bills 3,766,733 3,677,796
-------------- --------------
Total investments 333,821,733 333,732,796
Interest receivable 6,394,816 6,394,816
-------------- --------------
Total Assets $ 340,216,549 $ 340,127,612
============== ==============
LIABILITY AND PARTNERS' CAPITAL
Distributions payable $ 6,394,816 $ 6,394,816
-------------- --------------
Partners' capital:
Limited partnership interest 283,505,200 283,505,200
General partnership interest 50,316,533 50,227,596
-------------- --------------
Total partners' capital 333,821,733 333,732,796
-------------- --------------
Total Liability and Partners' Capital $ 340,216,549 $ 340,127,612
============== ==============
See Notes to Financial Statements
7
<PAGE>
MERRILL LYNCH PREFERRED FUNDING I, L.P.
STATEMENTS OF EARNINGS (UNAUDITED)
- --------------------------------------------------------------------------------
FOR THE THREE MONTHS ENDED
-------------------------------
JUNE 26, 1998 JUNE 27, 1997
-------------- --------------
Interest income:
Affiliate debentures $ 6,394,816 $ 6,394,816
U.S. Treasury Bills 55,639 48,109
-------------- --------------
Earnings $ 6,450,455 $ 6,442,925
============== ==============
FOR THE SIX MONTHS ENDED
-------------------------------
JUNE 26, 1998 JUNE 27, 1997
-------------- --------------
Interest income:
Affiliate debentures $ 12,789,632 $ 12,932,132
U.S. Treasury Bills 102,813 96,219
-------------- --------------
Earnings $ 12,892,445 $ 13,028,351
============== ==============
See Notes to Financial Statements
8
<PAGE>
MERRILL LYNCH PREFERRED FUNDING I, L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED
--------------------------------
JUNE 26, 1998 JUNE 27, 1997
-------------- --------------
LIMITED PARTNER'S CAPITAL
Balance, beginning of period $ 283,505,200 $ 283,505,200
Net income allocated to limited partner 10,985,826 11,108,284
Distribution in excess of amount accrued
at December 27, 1996 -- (122,458)
Distributions (5,492,913) (5,492,913)
Distribution payable (5,492,913) (5,492,913)
-------------- --------------
Balance, end of period 283,505,200 283,505,200
-------------- --------------
GENERAL PARTNER'S CAPITAL
Balance, beginning of period 50,227,596 50,144,862
Net income allocated to general partner 1,906,619 1,920,067
Distributions (915,779) (1,032,178)
Distribution payable (901,903) (901,903)
-------------- --------------
Balance, end of period 50,316,533 50,130,848
-------------- --------------
TOTAL PARTNERS' CAPITAL $ 333,821,733 $ 333,636,048
============== ==============
See Notes to Financial Statements
9
<PAGE>
MERRILL LYNCH PREFERRED FUNDING I, L.P.
STATEMENTS OF CASH FLOWS (UNAUDITED)
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED
--------------------------------
JUNE 26, 1998 JUNE 27, 1997
-------------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Earnings $ 12,892,445 $ 13,028,351
Accretion of U.S. Treasury bills (102,813) (96,219)
Increase in interest receivable -- (5,613,227)
-------------- --------------
Cash provided by operating activities 12,789,632 7,318,905
-------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investment securities (3,655,489) (8,805)
Maturities of investment securities 3,669,365 --
-------------- --------------
Cash provided by (used for)
investing activities 13,876 (8,805)
-------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to limited partner (10,985,826) (6,286,727)
Distributions to general partner (1,817,682) (1,032,178)
-------------- --------------
Cash used for financing activities (12,803,508) (7,318,905)
-------------- --------------
NET CHANGE IN CASH -- (8,805)
CASH, BEGINNING OF PERIOD -- 8,805
-------------- --------------
CASH, END OF PERIOD $ -- $ --
============== ==============
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:
Distributions of $6,394,816 were accrued at June 26, 1998 and June 27, 1997.
See Notes to Financial Statements
10
<PAGE>
MERRILL LYNCH PREFERRED FUNDING I, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
JUNE 26, 1998
- --------------------------------------------------------------------------------
BASIS OF PRESENTATION
These unaudited financial statements should be read in conjunction with the
audited financial statements included in the Annual Report on Form 10-K of
Merrill Lynch Preferred Funding I, L.P. (the "Partnership") for the year ended
December 26, 1997. The December 26, 1997 balance sheet was derived from the
audited financial statements. The interim financial statements for the three-
month periods are unaudited; however, in the opinion of the General Partner of
the Partnership, all adjustments, consisting only of normal recurring accruals
necessary for a fair statement of the results of operations, have been included.
11
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Merrill Lynch Preferred Capital Trust I (the "Trust") is a statutory
business trust formed under the Delaware Business Trust Act, as amended,
pursuant to a declaration of trust and the filing of a certificate of trust with
the Secretary of State on November 20, 1996, which was subsequently amended by
an amended and restated declaration of trust dated as of December 11, 1996. The
Trust exists for the exclusive purposes of (i) issuing trust securities,
consisting of 7-3/4% Trust Originated Preferred Securities (the "TOPrS") and
trust common securities (the "Trust Common Securities"), representing undivided
beneficial ownership interests in the assets of the Trust, (ii) investing the
gross proceeds of the trust securities in 7-3/4% Partnership Preferred
Securities (the "Partnership Preferred Securities") issued by Merrill Lynch
Preferred Funding I, L.P. (the "Partnership"), and (iii) engaging in only those
other activities necessary or incidental thereto.
The Partnership is a limited partnership formed under the Delaware Revised
Uniform Limited Partnership Act, as amended, pursuant to an agreement of limited
partnership and the filing of a certificate of limited partnership with the
Secretary of State on November 20, 1996, which was subsequently amended by an
amended and restated agreement of limited partnership dated December 17, 1996.
Merrill Lynch & Co., Inc. (the "Company") is the sole general partner of the
Partnership. The Partnership is managed by the general partner and exists for
the exclusive purposes of (i) issuing its partnership interests, consisting of
the Company's general partner interest and the Partnership Preferred Securities,
(ii) investing the proceeds thereof in certain eligible securities of the
Company and wholly owned subsidiaries of the Company (the "Affiliate Investment
Instruments") and certain eligible debt securities, and (iii) engaging in only
those other activities necessary or incidental thereto.
The Registrants' activities are limited to issuing securities and
investing the proceeds as described above. Since the Trust was organized on
November 20, 1996, its activities, as specified in its declaration of trust,
have been limited to the issuance of the TOPrS and the Trust Common Securities,
the investing of the proceeds in the Partnership Preferred Securities, and the
payment of distributions on the TOPrS and the Trust Common Securities in
accordance with their terms. Since the Partnership was organized on November 20,
1996, its activities, as specified in its agreement of limited partnership, have
been limited to the issuance of the Partnership Preferred Securities, the
receipt of a capital contribution from the Company, as general partner, the
investment of the proceeds in Affiliate Investment Instruments and certain
eligible debt securities, and the payment of distributions on the Partnership
Preferred Securities.
Item 3. Quantitative and Qualitative Disclosure about Market Risk
On December 17, 1996, the Trust invested the gross proceeds from the sale
of the Trust Common Securities and the TOPrS in the Partnership Preferred
Securities (the "Trust Assets"). The Partnership, in turn, invested the proceeds
from the sale of the Partnership Preferred Securities and a capital contribution
from the Company in certain Affiliate Investment Instruments and eligible
securities (the "Partnership Assets"). To the extent the Partnership has funds
available from the Partnership Assets, the general partner of the Partnership
may declare distributions to the Trust, as holder of the Partnership Preferred
Securities. The Trust's ability to pay distributions to the holders of the TOPrS
is dependent on its receipt of distributions on the Trust Assets from the
Partnership. Therefore, upon the receipt by the Partnership of payments from the
Partnership Assets and the distribution thereof to the Trust, the Trust will
pass through such payments to the holders of the TOPrS.
12
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Registrants know of no material legal proceedings involving the Trust,
the Partnership, or the assets of either of them.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 5. Other Information
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
4.1 Certificate of Trust dated November 20, 1996, of the Trust
(incorporated by reference to Exhibit 4.1 to Registration
Statement on Form S-3 (No. 333-16603) (the "Registration
Statement"))
4.2 Amended and Restated Declaration of Trust, dated as of
December 11, 1996, of the Trust (incorporated by reference to
Exhibit 4.2 to the Trust's Annual Report on Form 10-K for the
fiscal year ended December 27, 1996 (File No. 1-7182-01))
4.3 Certificate of Limited Partnership, dated as of November 20,
1996, of the Partnership (incorporated by reference to Exhibit
4.3 to the Registration Statement)
4.4 Amended and Restated Agreement of Limited Partnership, dated
as of December 17, 1996, of the Partnership (incorporated by
reference to Exhibit 4.2 to the Partnership's Annual Report on
Form 10-K for the fiscal year ended December 27, 1996 (File
No. 1-7182-02))
4.5 Form of Trust Preferred Securities Guarantee Agreement between
the Company and The Chase Manhattan Bank, as guarantee trustee
(incorporated by reference to Exhibit 4.5 to the Registration
Statement)
13
<PAGE>
4.6 Form of Partnership Preferred Securities Guarantee Agreement
between the Company and The Chase Manhattan Bank, as guarantee
trustee (incorporated by reference to Exhibit 4.6 to the
Registration Statement)
4.7 Form of Subordinated Debenture Indenture between the Company
and The Chase Manhattan Bank, as trustee (incorporated by
reference to Exhibit 4.7 to the Registration Statement)
4.8 Form of Affiliate Debenture Guarantee Agreement between the
Company and The Chase Manhattan Bank, as guarantee trustee
(incorporated by reference to Exhibit 4.8 to the Registration
Statement)
4.9 Form of Trust Preferred Security (included in Exhibit 4.2
above)
4.10 Form of Partnership Preferred Security (included in Exhibit
4.4 above)
4.11 Form of Subordinated Debenture (incorporated by reference to
Exhibit 4.11 to the Registration Statement)
12 Computation of Ratios of Earnings to Combined Fixed Charges
and Preferred Securities Distributions
27 Financial Data Schedules*
- ----------
* The Financial Data Schedules to be contained in Exhibit 27 are required to be
submitted only in the Registrants' electronic filing of this Form 10-Q by means
of the EDGAR system.
(b) Reports on Form 8-K
None.
14
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrants have duly caused this report to be signed on their
behalf by the undersigned, thereunto duly authorized on the 7th day of August,
1998.
MERRILL LYNCH PREFERRED CAPITAL TRUST I*
By: /s/ THERESA LANG
----------------------------------------
Name: Theresa Lang
Title: Regular Trustee
By: /s/ STANLEY SCHAEFER
----------------------------------------
Name: Stanley Schaefer
Title: Regular Trustee
MERRILL LYNCH PREFERRED FUNDING I, L.P.*
By: MERRILL LYNCH & CO., INC., as General Partner
By: /s/ THERESA LANG
-----------------------------------------
Name: Theresa Lang
Title: Senior Vice President and Treasurer
- --------
* There is no principal executive officer(s), principal financial officer,
controller, principal accounting officer or board of directors of the
Registrant. The Trustees of the Registrant (which include the Regular
Trustees, the Property Trustee and the Delaware Trustee) together exercise
all powers and perform all functions with respect to the Registrant.
15
<PAGE>
INDEX TO EXHIBITS
Exhibits
12 Computation of Ratios of Earnings to Combined Fixed Charges and
Preferred Securities Distributions
27 Financial Data Schedules
MERRILL LYNCH PREFERRED CAPITAL TRUST I
MERRILL LYNCH PREFERRED FUNDING I, L.P.
COMPUTATION OF RATIOS OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED SECURITIES DISTRIBUTIONS
<TABLE>
<CAPTION>
For the Three Months Ended June 26, 1998 For the Three Months Ended June 27, 1997
------------------------------------------------- -------------------------------------------------
Merrill Lynch Preferred Merrill Lynch Preferred Merrill Lynch Preferred Merrill Lynch Preferred
Capital Trust I Funding I, L.P. Capital Trust I Funding I, L.P.
----------------------- ----------------------- ----------------------- -----------------------
<S> <C> <C> <C> <C>
Earnings $ 5,492,913 $ 6,450,455 $ 5,492,913 $ 6,442,925
================ =============== ================ ===============
Fixed charges $ - $ - $ - $ -
Preferred securities
distribution requirements 5,328,125 5,492,913 5,328,125 5,492,913
---------------- --------------- ---------------- ---------------
Total combined fixed charges
and preferred securities
distributions $ 5,328,125 $ 5,492,913 $ 5,328,125 $ 5,492,913
================ =============== ================ ===============
Ratio of earnings to combined
fixed charges and preferred
securities distributions 1.03 1.17 1.03 1.17
<CAPTION>
For the Six Months Ended June 26, 1998 For the Six Months Ended June 26, 1997
------------------------------------------------- -------------------------------------------------
Merrill Lynch Preferred Merrill Lynch Preferred Merrill Lynch Preferred Merrill Lynch Preferred
Capital Trust I Funding I, L.P. Capital Trust I Funding I, L.P.
----------------------- ----------------------- ----------------------- -----------------------
<S> <C> <C> <C> <C>
Earnings $ 10,985,826 $ 12,892,445 $ 11,108,284 $ 13,028,351
================ =============== ================ ===============
Fixed charges $ - $ - $ - $ -
Preferred securities
distribution requirements 10,656,250 10,985,826 10,656,250 10,985,826
---------------- --------------- ---------------- ---------------
Total combined fixed charges
and preferred securities
distributions $ 10,656,250 $ 10,985,826 $ 10,656,250 $ 10,985,826
================ =============== ================ ===============
Ratio of earnings to combined
fixed charges and preferred
securities distributions 1.03 1.17 1.04 1.19
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001027342
<NAME> MERRILL LYNCH PREFERRED CAPITAL TRUST I
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-25-1998
<PERIOD-START> DEC-27-1997
<PERIOD-END> JUN-26-1998
<CASH> 0
<SECURITIES> 283,505,200
<RECEIVABLES> 5,492,913
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 288,998,113
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 288,998,113
<CURRENT-LIABILITIES> 5,492,913
<BONDS> 0
0
275,000,000
<COMMON> 8,505,200
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 288,998,113
<SALES> 0
<TOTAL-REVENUES> 10,985,826
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 10,985,826
<INCOME-TAX> 0
<INCOME-CONTINUING> 10,985,826
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,985,826
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001027343
<NAME> MERRILL LYNCH PREFERRED FUNDING I, L.P.
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-25-1998
<PERIOD-START> DEC-27-1997
<PERIOD-END> JUN-26-1998
<CASH> 0
<SECURITIES> 333,821,733
<RECEIVABLES> 6,394,816
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 340,216,549
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 340,216,549
<CURRENT-LIABILITIES> 6,394,816
<BONDS> 0
0
283,505,200
<COMMON> 50,316,533
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 340,216,549
<SALES> 0
<TOTAL-REVENUES> 12,892,445
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 12,892,445
<INCOME-TAX> 0
<INCOME-CONTINUING> 12,892,445
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12,892,445
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
