SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the Quarterly Period Ended March 31, 2000
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 0-29120
MICROCAP LIQUIDATING TRUST
(Successor to The MicroCap Fund, Inc.)
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
New York 13-7110611
- --------------------------------------------------------------------------------
(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
c/o Raymond S. Troubh
Ten Rockefeller Plaza, Suite 712
New York, New York 10020
- -------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (800) 888-6534
Not applicable
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report
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
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date. As of May 1, 2000 there were
2,427,281 units of beneficial interest outstanding.
<PAGE>
MICROCAP LIQUIDATING TRUST
(SUCCESSOR TO THE MICROCAP FUND, INC.)
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Statements of Net Assets in Liquidation as of March 31, 2000 (Unaudited) and
December 31, 1999
Schedule of Portfolio Investments as of March 31, 2000 (Unaudited)
Statements of Operations for the Three Months ended March 31, 2000 and 1999
(Unaudited)
Statements of Changes in Net Assets for the Three Months ended March 31, 2000
and 1999 (Unaudited)
Statements of Cash Flows for the Three Months ended March 31, 2000 and 1999
(Unaudited)
Notes to Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Item 3. Quantitative and Qualitative Disclosure about Market Risk.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
Item 2. Changes in Securities.
Item 3. Defaults upon Senior Securities.
Item 4. Submission of Matters to a Vote of Security Holders.
Item 5. Other Information.
Item 6. Exhibits and Reports on Form 8-K.
<PAGE>
MICROCAP LIQUIDATING TRUST
(Successor to The MicroCap Fund, Inc.)
STATEMENTS OF ASSETS AND LIABILITIES
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
March 31,
2000 December 31,
(Unaudited) 1999
Assets
Portfolio investments at fair value (cost $2,116,250 as of
March 31, 2000 and $1,937,500 as of December 31, 1999) $ 858,125 $ 484,375
Cash and cash equivalents - unrestricted 1,152,350 1,348,193
Cash and cash equivalents - restricted - 120,000
Receivable from securities sold 16,703 -
Accrued interest receivable 2,929 6,225
--------------- ----------------
Total assets 2,030,107 1,958,793
--------------- ----------------
Liabilities
Accrued distribution payable - 970,912
Accounts payable and accrued expenses 23,716 29,118
--------------- ----------------
Total liabilities 23,716 1,000,030
--------------- ----------------
Net Assets in Liquidation $ 2,006,391 $ 958,763
=============== ================
Net assets in liquidation per Unit of beneficial interest $0.83 $0.39
===== =====
Number of Units of beneficial interest outstanding 2,427,281 2,427,281
========= =========
</TABLE>
See notes to financial statements.
<PAGE>
MICROCAP LIQUIDATING TRUST
(Successor to The MicroCap Fund, Inc.)
SCHEDULE OF PORTFOLIO INVESTMENTS (Unaudited)
As of March 31, 2000
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Fair Value
as a % of
Issuer / Position Cost Fair Value Net Assets(1)
- ------------------------------------------------------------------------------------------------------------------------------------
Publicly-Held Securities:
Unigene Laboratories, Inc. (A)
130,000 shares of Common Stock $ 178,750 $ 373,750 18.63%
--------------- ------------- -------
Privately-Held Securities:
First Colony Acquisition Corp. (B)
106,562 shares of Series A1 Preferred Stock 594,174 148,544
240,179 shares of Series B1 Preferred Stock 1,343,326 335,831
--------------- -------------
1,937,500 484,375 24.14%
--------------- ------------- --------
Total Portfolio Investments (C) $ 2,116,250 $ 858,125 42.77%
=============== ============= ========
</TABLE>
(1) Represents fair value as a percentage of the Trust's total net assets.
(A) During the first quarter of 2000, the Trust exercised its warrant to
purchase 475,000 common shares of Unigene Laboratories, Inc. at $1.375 per
shares. Also during the quarter, the Trust sold 345,000 shares for
$1,374,333, realizing a gain of $899,958. Subsequent to the end of the
quarter and through April 30, 2000, the Trust sold an additional 65,000
shares of Unigene for $166,076, which will result in a realized gain of
$76,701 in the second quarter of 2000.
(B) In January 2000, the Trust's warrant to purchase 7,560 common shares of
First Colony Acquisition Corp. expired unexercised.
(C) All portfolio securities held as of March 31, 2000 are non-income
producing. As of March 31, 2000, all of the Trust's portfolio companies
were located in the eastern United States. Using fair value as a percentage
of net assets, portfolio investments classified by industry are represented
by consumer products, 24.14%, and biotechnology, 18.63%. Portfolio
investments classified by type are represented by preferred stock, 24.14%,
and common stock, 18.63%.
See notes to financial statements.
<PAGE>
MICROCAP LIQUIDATING TRUST
(Successor to The MicroCap Fund, Inc.)
STATEMENTS OF OPERATIONS (Unaudited)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Three Months Three Months
Ended March 31, Ended March 31,
2000 1999
--------------------- -----------------
Investment Income and Expenses
Income:
Interest from U.S. Treasury Bills and repurchase agreements $ 10,602 $ 40,934
Other income - -
-------------- ------------
Total investment income 10,602 40,934
-------------- ------------
Expenses:
Administrative expenses 20,836 19,629
Legal fees - 7,259
Accounting fees 10,175 11,000
Trustee fees 22,459 43,705
Transfer agent and custodian fees 3,727 5,416
Litigation expense - 3,225
Other operating expenses 735 276
-------------- ------------
Total expenses 57,932 90,510
-------------- ------------
Net Investment Loss (47,330) (49,576)
-------------- ------------
Net realized gain from portfolio investments 899,958 -
Change in net unrealized depreciation of investments 195,000 -
-------------- ------------
Net realized and unrealized gain from portfolio investments 1,094,958 -
-------------- ------------
Net Increase (Decrease) in Net Assets in Liquidation $ 1,047,628 $ (49,576)
============== ============
</TABLE>
See notes to financial statements.
<PAGE>
MICROCAP LIQUIDATING TRUST
(Successor to The MicroCap Fund, Inc.)
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Three Months Three Months
Ended March 31, Ended March 31,
2000 1999
------------------ -----------------
Changes in net assets resulting from operations:
Net investment loss $ (47,330) $ (49,576)
Net realized gain from portfolio investments 899,958 -
Change in net unrealized depreciation of investments 195,000 -
--------------- ---------------
Net increase (decrease) in net assets resulting from operations 1,047,628 (49,576)
--------------- ---------------
Change in net assets from distributions:
Cash distributions - (1,820,461)
--------------- ---------------
Increase (decrease) in net assets in liquidation 1,047,628 (1,870,037)
Net assets in liquidation at beginning of period 958,763 3,793,538
--------------- ---------------
N et Assets in Liquidation at End of Period $ 2,006,391 $ 1,923,501
=============== ===============
Net assets per unit of beneficial interest $ 0.83 $ 0.79
========== =========
Number of units of beneficial interest 2,427,281 2,427,281
========= =========
</TABLE>
See notes to financial statements.
<PAGE>
MICROCAP LIQUIDATING TRUST
(Successor to The MicroCap Fund, Inc.)
STATEMENTS OF CASH FLOWS (Unaudited)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Three Months Three Months
Ended March 31, Ended March 31,
2000 1999
------------------ ------------------
Cash Flows Used For Operating Activities
Net investment loss $ (47,330) $ (49,576)
Adjustments to reconcile net investment loss to cash
used for operating activities:
Decrease in liabilities (5,402) (299,422)
Decrease in accrued interest 3,296 51,535
--------------- ---------------
Cash flows used for operating activities (49,436) (297,463)
--------------- ---------------
Cash Flows Used For Investing Activities
Cost to exercise warrants (653,125) -
Net proceeds from the sale of portfolio investments 1,357,630 -
--------------- ---------------
Cash flows from investing activities 704,505 -
--------------- ---------------
Cash Flows Used For Financing Activities
Cash distributions paid (970,912) (1,820,461)
--------------- ---------------
Cash flows used for financing activities (970,912) (1,820,461)
--------------- ---------------
Decrease in cash and cash equivalents (315,843) (2,117,924)
Cash and cash equivalents at beginning of period 1,468,193 3,604,050
--------------- ---------------
Cash and Cash Equivalents at End of Period $ 1,152,350 $ 1,486,126
=============== ===============
</TABLE>
See notes to financial statements.
<PAGE>
MICROCAP LIQUIDATING TRUST
(Successor to The MicroCap Fund, Inc.)
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. Organization and Purpose
The MicroCap Liquidating Trust (the "Trust"), a liquidating trust established
under the laws of the State of New York, is the successor entity to The MicroCap
Fund, Inc., formerly Commonwealth Associates Growth Fund, Inc. (the "Fund"). The
Fund, which was a Maryland corporation formed on January 26, 1993, was a
non-diversified, closed-end management investment company and operated as a
business development company under the Investment Company Act of 1940. The
Fund's investment objective was to achieve long-term capital appreciation of
assets, rather than current income, by investing in debt and equity securities
of emerging and established companies that management believed offered
significant growth potential.
Pursuant to its Plan of Liquidation, which was approved at a special meeting of
shareholders on July 23, 1996, the Fund transferred all of its remaining assets
and its remaining fixed and contingent liabilities to the Trust, effective as of
the close of business on February 24, 1997, the Fund's termination date.
Also effective as of the close of business on February 24, 1997, the 2,188,085
common shares and 191,357 preferred shares of the Fund, outstanding on such
date, were automatically deemed to represent 2,427,281 units of beneficial
interest in the Trust ("Units"). As a result, on February 24, 1997, each
shareholder of the Fund received one Unit of the Trust for each share of the
Fund's common stock held on such date and 1.25 Units of the Trust for each share
of the Fund's preferred stock held on such date.
2. Significant Accounting Policies
Valuation of Investments - Portfolio investments are carried at fair value as
determined quarterly by the Trustee. The fair value of each publicly-held
portfolio security is adjusted to the closing public market price on the last
day of the calendar quarter discounted by a factor of 0% to 20% for sales
restrictions, if any. Factors considered in the determination of an appropriate
discount include: underwriter lock-up, affiliate status by owning greater than
10% of the outstanding shares of a portfolio security, and other liquidity
factors such as the size of the Trust's position in a given portfolio company
compared to the trading history of the public security. Privately-held portfolio
securities are carried at cost until significant developments affecting the
portfolio company provide a basis for change in valuation, including adjustments
to reflect meaningful third-party transactions in the private market.
Use of Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
Investment Transactions - Realized gains and losses on investments sold are
computed on a specific identification basis. The Trust records its transactions
on the accrual method.
Income Taxes - The Trust is a complete pass-through entity for federal income
tax purposes and, accordingly, is not subject to income tax. Instead, each
beneficiary of the Trust is required to take into account, in accordance with
such beneficiary's method of accounting, such beneficiary's pro rata share of
the Trust's income, gain, loss, deduction or expense, regardless of the amount
or timing of distributions to beneficiaries.
<PAGE>
MICROCAP LIQUIDATING TRUST
(Successor to The MicroCap Fund, Inc.)
NOTES TO FINANCIAL STATEMENTS (Unaudited), continued
Cash and Cash Equivalents - The Trust invests its available cash in U.S.
Treasury Bills and overnight repurchase agreements collateralized by securities
issued by the U.S. Government or its agencies. Such investments are considered
to be cash equivalents for the statement of cash flows. The cash and cash
equivalents of the Trust include restricted cash of $120,000 relating to the
potential reimbursement of out-of-pocket expenses of a shareholder group that
had solicited proxies in opposition to the Fund's Plan of Liquidation. See Note
4 below.
3. Related Party Transactions
In July 1996, the Fund entered into an agreement with Raymond S. Troubh, whereby
Mr. Troubh provided management services to the Fund in connection with its Plan
of Liquidation and has continued to provide such services to the Trust during
its liquidation. For services rendered under the agreement, Mr. Troubh received
$8,500 per month through December 1999. Commencing January 1, 2000, Mr. Troubh
voluntarily reduced his compensation for management services by 50% to $4,250
per month. Additionally, Mr. Troubh is paid 1% of the amount of each
distribution (other than the initial distribution paid by the Fund on August 30,
1996).
4. Other Information
On July 15, 1996, the Fund entered into a settlement agreement with a group of
shareholders of the Fund's common stock that had solicited proxies in opposition
to the Fund's Plan of Liquidation (the "13D Group"). Under the settlement
agreement, the Fund and the 13D Group agreed, among other things, that the Trust
would reimburse the 13D Group for its reasonable out of pocket expenses up to
$120,000, subject to approval by the Securities and Exchange Commission (the
"SEC"). An application relating to such reimbursement by the Trust to the 13D
Group was filed with the SEC on September 27, 1996. In February 2000, the 13D
Group agreed to release the Trust from any and all claims for such expense
reimbursement.
5. Cash Distribution
On January 28, 2000, the Trust paid a $0.40 per share cash distribution totaling
$970,912 to unit holders of record on January 14, 2000. Such distribution was
declared and accrued for in December 1999.
6. Subsequent Event
Subsequent to March 31, 2000 and through April 30, 2000, the Trust sold 65,000
common shares of Unigene Laboratories, Inc. for $166,076, which will result in a
realized gain of $76,701 for the second quarter of 2000.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
----------------------------------------------------------------
Liquidity and Capital Resources
During the quarter ended March 31, 2000, the Trust exercised its warrant to
purchase 475,000 common shares of Unigene Laboratories, Inc. at $1.375 per
share, or $653,125. During the quarter, the Trust sold 345,000 of these shares
for net proceeds of $1,374,333, or $4.02 per share.
As of March 31, 2000, the Trust held cash and cash equivalents totaling
$1,152,350. Such cash balances are invested in U.S. Treasury Bills or overnight
repurchase agreements collateralized by securities issued by the U.S. Government
or its agencies. Interest earned from such investments for the three months
ended March 31, 2000, totaled $10,602. Interest earned from such cash balances
in future periods is subject to fluctuations in short-term interest rates and
changes in cash equivalent balances held by the Trust. The Trust had no
restricted cash balances as of March 31, 2000.
Subsequent to March 31, 2000 and through April 30, 2000, the Trust sold an
additional 65,000 common shares of Unigene Laboratories, Inc. for $166,076.
Results of Operations
The Trust is pursuing the orderly liquidation of its assets and subsequent
distribution to unit holders of the proceeds from such liquidation, including
the Trust's remaining cash balances, after payment of, or provision for, all
current, future and contingent liabilities. Prior to the creation of the Trust,
the Fund had begun to pursue this objective upon the approval of its Plan of
Liquidation in July 1996.
Realized and Unrealized Gains and Losses from Portfolio Investments
For the three months ended March 31, 2000, the Trust had a $1,094,958 net
realized and unrealized gain from its portfolio investments, comprised of an
$899,958 realized gain and a $195,000 increase to unrealized appreciation of
investments. As discussed above, during the quarter the Trust acquired 475,000
common shares of Unigene Laboratories, Inc. through the exercise of its warrant
to purchase such shares at $1.375 per share. During the quarter, the Trust sold
345,000 of these shares for net proceeds of $1,374,333, realizing a gain of
$899,958. Additionally, for the quarter, the Trust had a $195,000 unrealized
gain reflecting the increased public market price of the remaining 130,000
Unigene shares held by the Trust as of March 31, 2000.
The Trust had no realized or unrealized gains or losses from portfolio
investments for the three months ended March 31, 1999.
Investment Income and Expenses
For the three months ended March 31, 2000 and 1999, the Trust had a net
investment loss of $47,330 and $49,576, respectively. The slight increase in net
investment loss for the three months ended March 31, 2000 as compared to the
same period in 1999 resulted from a $30,332 decrease in investment income, which
was more than offset by a $32,578 decrease in operating expenses for the 2000
period. The decrease in investment income resulted from a decline in interest
income from short-term investments primarily due to a reduction of funds
available for investment in such securities during the three months ended March
31, 2000 compared to the same period in 1999.
The decrease in operating expenses for the three months ended March 31, 2000, as
compared to the same period in 1999, includes a decrease in Trustee fees of
$21,246. For services rendered under, the Trustee, Mr. Raymond S. Troubh,
received $8,500 per month through December 1999. Commencing January 1, 2000, Mr.
Troubh voluntarily reduced his compensation for management services by 50% to
$4,250 per month. As a result, the regular Trustee fees declined $12,750 for the
quarter ended March 31, 2000 compared to the same period in 1999. Additionally,
Mr. Troubh is paid 1% of the amount of each distribution paid to beneficial
holders. For cash distributions paid during the three months ended March 31,
2000 and 1999, Mr. Troubh was paid $9,709 and $18,205, respectively. The Trust
had reductions in other operating expenses during the 2000 period as compared to
the same period in 1999, primarily relating to a reduction in legal fees,
reflecting the declining legal work required for the Trust's activities as it
moves closer to termination.
Net Assets in Liquidation
As of March 31, 2000, net assets in liquidation totaled $2,006,391, reflecting
an increase of $1,047,628 from net assets in liquidation of $958,763 as of
December 31, 1999. This increase is the result of the $1,094,958 realized and
unrealized gain from portfolio investments offset by the $47,330 net investment
loss for the three months ended March 31, 2000. As of March 31, 2000, the net
asset value per Unit of beneficial interest was $0.83, compared to $0.39 as of
December 31, 1999.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
The Trust is subject to market risk arising from changes in the value of its
portfolio investments, investments in U.S. Treasury Bills and interest-bearing
cash equivalents, which may result from fluctuations in interest rates and
equity prices. The Trust has calculated its market risk related to its holdings
of these investments based on changes in interest rates and equity prices
utilizing a sensitivity analysis. The sensitivity analysis estimates the
hypothetical change in fair values, cash flows and earnings based on an assumed
10% change (increase or decrease) in interest rates and equity prices. To
perform the sensitivity analysis, the assumed 10% change is applied to market
rates and prices on investments held by the Trust as of the end of the
accounting period.
The Trust's portfolio investments had an aggregate fair value of $858,125 as of
March 31, 2000. An assumed 10% decline from this fair value would result in a
reduction to the fair value of such investments and an unrealized loss of
$85,813.
Market risk relating to the Trust's interest-bearing cash equivalents,
investments in U.S. Treasury Bills and overnight repurchase agreements
collateralized by securities issued by the U.S. Government or its agencies held
as of March 31, 2000 is considered to be immaterial.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
-----------------
Not applicable.
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.
---------------------------------------------------
No matter was brought to a vote of security holders during the period covered by
this report.
Item 5. Other Information.
-----------------
Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
--------------------------------
(a) Exhibits
(27) Financial Data Schedule
(b) Reports on Form 8-K
None.
<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.
MICROCAP LIQUIDATING TRUST
/s/ Raymond S. Troubh
Raymond S. Troubh
Trustee
Date: May 15, 2000
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS INCLUDED IN THE MICROCAP LIQUIDATING TRUST'S QUARTERLY
REPORT ON FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-1-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 2,116,250
<INVESTMENTS-AT-VALUE> 858,125
<RECEIVABLES> 19,632
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,152,350
<TOTAL-ASSETS> 2,030,107
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23,716
<TOTAL-LIABILITIES> 23,716
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2,427,281
<SHARES-COMMON-PRIOR> 2,427,281
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,258,125)
<NET-ASSETS> 2,006,391
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,602
<OTHER-INCOME> 0
<EXPENSES-NET> 57,932
<NET-INVESTMENT-INCOME> (47,330)
<REALIZED-GAINS-CURRENT> 899,958
<APPREC-INCREASE-CURRENT> 195,000
<NET-CHANGE-FROM-OPS> 1,047,628
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,047,628
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 1,482,577
<PER-SHARE-NAV-BEGIN> 0.39
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> .46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.83
<EXPENSE-RATIO> 0
</TABLE>
