<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 or 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998
Commission file number __________
Maximus Fund I, L.L.C.
(Exact name of registrant as specified in its charter)
Delaware 36-4161664
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8218 N. University 61615
Peoria, IL (Zip code)
(Address of principal executive offices)
Registrant's telephone number, including area code:(309)691-5706.
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12 (g) of the Act: 0
0 Units of Limited Partnership Interest
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 such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes No X
---- ----
Registrant is a limited partnership and thus has no voting stock held by
non-affiliates or otherwise.
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Item 1. Business
(a) Maximus Fund I, L.L.C. (the "Company", the "Partnership", the "Registrant")
a limited liability company was organized on January 17, 1997. The Company
commenced trading as of February 3, 1998. The business of the Fund is the
speculative trading of commodity interests. The General Partner for the Fund is
Maximus Capital Management, Inc.(the "General Partner"). Maximus Capital
Management, Inc. will also initially act as the Company's Trading Advisor.
The Clearing broker for the Company is Iowa Grain Company (the "Clearing
Broker"). The Company's trades are introduced to the Clearing Broker by D&R
Commodities, Inc. (the "Introducing Broker").
In accordance with the Company's prospectus, the Company commenced trading
after receiving a minimum of $1,000,000 in initial membership interests. Trading
began after initial subsriptions of $1,009,106 were received.
The Company offers both Class "A" and "B" interests. Class "A" interests
are charged a monthly management fee equal to 1/12 of 1% (1% annually)of the Net
Asset Value. Class "B" interests are charged both a 1/12 of 1% management fee
and a quarterly incentive fee equal to 25% of the net trading profits. Brokerage
fees for both share classes are $65.00 per round turn.
The Company's prospectus dated September 4, 1997 contains a more detailed
description of the fee calculations.
The Company incurs ongoing legal, accounting, administrative, and other
miscellaneous costs.
The Company has no Employees.
2
<PAGE> 3
The Company does not engage in operations in any foreign countries other
than trading on foreign exchanges.
The Trading Advisors and the General Partner are required to be registered
under regulations of the CFTC and the NFA, a commodity industry self-regulatory
organization. The Clearing Broker and Introducing Broker are required to be
registered with the CFTC and the NFA and are subject to certain financial and/or
other requirements in order to maintain its registration.
Item 2. Properties.
The Fund does not own or lease any real property. The General Partner uses
its offices to perform administrative services for the Fund at no cost to the
Fund.
Item 3. Legal Proceedings.
The General Partner is not aware of any pending legal proceedings to which
the Fund or the General Partner is a party or to which any of its assets are
subject.
Item 4. Submission of Matters to a Vote of Security Holders.
No matters were submitted during the fiscal year ended December 31, 1998 to
a vote of security holders through the solicitation of proxies or otherwise.
PART II
Item 5. Market for the Registrant's Common Equity and Related
Stockholders Matters.
There is no established public trading market for the Units, nor will one
develop. Units may be transferred or redeemed subject to the condition imposed
by the Agreement of Limited Partnership. As of December 31, 1998 a total of 335
"A" Units and 229 "B" units were outstanding, with the General Partner holding
25 "A" units.
3
<PAGE> 4
The General Partner, pursuant to the Limited Partnership Agreement, has the
sole discretion in determining what distributions, if any, the Partnership will
make to its Unit Holders. The General Partner has not made any distributions as
of December 31, 1998.
Item 6. Selected Financial Data.
The following is a summary of operations and total assets of the
Partnership for the year ended December 31, 1998 and the period from March 15,
1997 (Inception) through December 31, 1997.
See Following Page For Selected Financial Data.
4
<PAGE> 5
MAXIMUS FUND I, L.L.C.
SELECTED FINANCIAL DATA
FOR THE YEARS ENDED DECEMBER 31, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
REVENUE
<S> <C> <C>
Gross realized gains from trading $ 27,366 $ 0
Change in unrealized gains/(loss)
from trading $ 4,737 $ 0
Interest Income $ 20,950 $ 0
-------------------------
Total Revenue $ 53,053 $ 0
EXPENSES
Brokerage commissions/fees $ 41,714 $ 0
Advisory fees $ 3,288 $ 0
Other administrative expenses $ 29,050
Organizational expenses $ 7,093 $ 0
-------------------------
Total Expenses $ 81,145 $ 0
-------------------------
Net Income/(Loss) $ (28,092) $ 0
=========================
TOTAL ASSETS $ 550,999 $1,000
=========================
TOTAL LIABILITIES $ 14,490 $ 0
PARTNERS CAPITAL
Limited Partner "A" Units $ 294,914 $ 0
General Partner "A" Units $ 23,804 $1,000
Limited Partner "B" Units $ 217,790 $ 0
-------------------------
-------------------------
TOTAL LIABILITIES AND PARTNERS CAPITAL $ 536,508 $ 0
=========================
NUMBER OF OUTSTANDING "A" 'UNITS 335 1
NET ASSET VALUE PER "A"UNIT (ROUNDED) $ 951 $1,000
NUMBER OF OUTSTANDING "B" 'UNITS 229
NET ASSET VALUE PER "B"UNIT (ROUNDED) $ 951
</TABLE>
5
<PAGE> 6
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Liquidity
The Partnership's assets are on deposit in separate commodity interest
accounts with the Broker and are used by the Partnership as margin to engage in
commodity futures and other commodity interest trading. The Broker holds such
assets in either non-interest bearing bank accounts or in securities approved by
the CFTC for investment of customer funds. The Partnership's assets held by the
Broker may be used as margin solely for the Partnership's trading. Since the
Partnership's sole purpose is to trade in commodity futures contracts and other
commodity interests, it is expected that the Partnership will continue to own
such liquid assets for margin purposes, once trading commences.
The Partnership's investment in commodity futures contracts, forward
contracts and other commodity interests may be illiquid. If the price for 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 Partnership from promptly liquidating its commodity futures
positions.
There is no limitation on daily price moves in trading forward contracts on
foreign currencies. The markets for some world currencies have low trading
volume and are illiquid, which may prevent the Partnership from trading in
potentially profitable markets or prevent the Partnership from promptly
liquidating unfavorable positions in such markets and subjecting it to
substantial losses.
Either of these market conditions could result in restrictions on
redemptions.
Capital Resources
6
<PAGE> 7
The purpose of the Fund is to trade commodity interests; as such, the Fund
does not have, nor does it expect to have, any capital assets and has no
material commitments for capital expenditures. The Fund's use of assets is
solely to provide necessary margin or premiums for, and to pay for any losses
incurred in connection with its trading activities.
Results of Operations
Total assets of the partnership were $536,508 as of December 31, 1999 and
$36,000 at December 31, 1997. Total redemptions for 1998 were $576,567.
As of December 31, 1998, the Net Asset Value per Unit was $951.36, a loss
of 4.86% over the prior years NAV. At December 31, 1997, the Net Asset Value per
Unit was $1,000, as no trading had yet commenced.
In 1998, the partnership had a net loss of $28,092. Trading activity
accounted for $9611 of this loss.
Item 8. Financial Statements and Supplementary Data.
The information required by this item is attached hereto.
Item 9. Changes in and Disagreements With Accountants on
Accounting and Financial Disclosure.
None
PART III
Item 10. Directors and Executive Officers of the Registrant.
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<PAGE> 8
The Company has no directors or executive officers, as it is managed by the
General Partner. There are no "significant employees" of the Company.
The Company's General Partner is Maximus Capital Management, Inc. an
Illinois corporation incorporated in December 1996. The General Partner has been
registered with the CFTC as a Commodity Pool Operator and Commodity Trading
Advisor since December 13, 1996, and is also an NFA member.
The two principals of the General Partner are as follows:
Darren Frye is the President and sole shareholder of the General Partner.
Mr. Frye has run D&R Enterprises, a fertilizer dealership, from October 1987 to
present. Mr. Frye also runs his own soil-testing and consulting business,
Midwest Soil Services, since September 1991. Mr. Frye started D&R Marketing in
December 1994, in response to his customers demand for grain marketing advice.
In February 1995, Mr. Frye founded D&R Commodities, a sole proprietorship which
operated as an introducing broker. In May 1996, this sole proprietorship was
incorporated as D&R Commodities, Inc. And Mr. Frye became the sole shareholder.
D&R Commodities, Inc. Is registered with the NFA and CFTC as an Introducing
Broker and Commodity Trading Advisor.
Eric Sampson is the Director of Operations of the General Partner. Mr.
Sampson graduated from Bradley University in December 1992 with a degree in
finance, while he also worked as a bookkeeper for Dunlap State Bank from 1991
until graduation. In August 1992, Mr. Sampson entered the securities industry as
a registered broker with Walnut Street Securities. In February 1994, Mr. Sampson
became as Associated Person of bates Commodities, an introducing broker. He left
Bates in February 1995 to accept a job with D&R Commodities, where he became an
associated person in may 1995. Mr. Sampson has also served a representative of
D&R Marketing and became a principal of D&R Commodities in December 1995.
Item 11. Executive Compensation.
The Company has no officers or directors. The General Partner performs the
services for the Fund as described in the Prospectus.
8
<PAGE> 9
Item 12. Security Ownership of Certain Beneficial Owners and
Management.
The Partnership has no directors or officers: the Limited Partnership
Agreement delegates all management of the Partnership's affairs to the General
Partner. The registrant does not know of any arrangement the operation of which
may at a subsequent date result in a change in control of the registrant. As of
December 31, 1998, the General Partner owned 25.02 unit in the Company. As of
December 31, 1998, the following persons were known to the registrant to be
beneficail owners of more than 5% of the Units.
Name and Address of Amount and Nature Percent of
Class Beneficial Owner of Beneficail Ownership Class
- ----- ------------------- ----------------------- ----------
"A" Maschoff Pork Farms $95,136 29.8%
Item 13. Certain Relationships and Related Transactions.
Except as described in the Prospectus and Items 11 and 12 above, there are no
relationships or related transaction which are required to be described herein
other than as described below.
The public offering of the Units began on September 4, 1997. The General
Partner has paid for the organizational and offering expenses of the Company,
totaling $115,000. The General Partner will be reimbursed for such expenses
through the allocation of interest earned by the Company until such expenses
have been reimbursed. As of December 31, 1998, $7,093 was reimbursed to the
General Partner for such expenses.
PART IV
9
<PAGE> 10
Item 14. Exhibits, Financial Statements Schedules, and Reports
on Form 8-K.
(a) (1) and (2)Financial Statements and Financial Statements
Schedules.
The Financial Statements and Report of Independent Auditors listed in the
accompanying index are file as part of this annual report.
(3) Exhibits.
*1.00 1997 Independent Auditors Report
1.01 1998 Independent Auditors Report
* Incorporated by reference from the Partnerships 1997 Form
10-K.
The registrant has no subsidiaries.
(b) Reports on Form 8-K
None
10
<PAGE> 11
SIGNATURES
Pursuant to the requirement 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 on the 29th day of
March 1999.
Maximus Fund I, L.L.C.
(Registrant)
/s/
--------------------------------
Darren Frye, President
Maximus Capital Management, Inc.
General Partner
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 indicated on the 29th day of March 1999.
/s/
- --------------------------------
Darren Frye, President
Maximus Capital Management, Inc.
General Partner
11
<PAGE> 1
EXHIBIT 1.01
MAXIMUS FUND I, LLC
Annual Report
December 31, 1998
INDEPENDENT AUDITOR'S REPORT
To the Member:
Maximus Fund I, LLC
We have audited the accompanying statement of financial condition of Maximus
Fund I, LLC at December 31, 1998, and the related statements of operations, and
changes in Members' equity for the period March 16, 1998 (inception) to December
31, 1998. These financial statements are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
These standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Maximus Fund I, LLC at December
31, 1998 and the results of its operations for the period March 16, 1998
(inception) to December 31, 1998 in conformity with generally accepted
accounting principles.
Jeffrey Vorisek
Certified Public Accountant
McHenry, IL
March 25, 1999
<PAGE> 2
MAXIMUS FUND I, LLC
STATEMENT OF FINANCIAL CONDITION
December 31, 1998
<TABLE>
<CAPTION>
ASSETS 1998
<S> <C>
Cash $175,990
Cash at Broker 370,272
Unrealized net trading gains 4,737
------------
Total Assets $550,999
============
LIABILITIES
Accrued commissions $ 8,435
Accrued management fees 288
Accrued administrative fees 5,057
Organization costs payable 443
Pending Member additions 267
------------
Total Liabilities 14,490
------------
MEMBER EQUITY
Managing Member,
25 units outstanding 23,804
Class A Members,
310 units outstanding 294,914
Class B Members,
229 units outstanding 217,791
------------
Total Member Equity 536,509
------------
Total Liabilities and Member Equity $ 550,999
============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 3
MAXIMUS FUND I, LLC
STATEMENT OF OPERATIONS
For the period March 16, 1998 to December 31, 1998
<TABLE>
<CAPTION>
REVENUES 1998
<S> <C>
Realized net trading gains $ 27,366
Change in unrealized net trading gains 4,737
Interest income 20,950
-----------
Total Revenue 53,053
-----------
EXPENSES
Commissions 40,046
Management fees 3,288
Administrative fees 30,718
Organizational costs 7,093
-----------
Total Expenses 81,145
-----------
Net loss $(28,092)
===========
1998 per unit information
Managing Member net loss per unit $ (47.84)
===========
Class A Members net loss per unit $ (47.84)
===========
Class B Members net loss per unit $ (47.84)
===========
</TABLE>
See accompanying notes to financial statements.
MAXIMUS FUND I, LLC
AFFIRMATION OF THE MANAGING MEMBER
To the best of my knowledge and belief, the information contained herein is
accurate and complete.
Darren R. Frye, President
Maximus Capital Management, Inc.
General Partner and CPO
Maximus Fund I, LLC
<PAGE> 4
MAXIMUS FUND I, LLC
STATEMENT OF MEMBERS' EQUITY
For the period March 16, 1998 to December 31, 1998
<TABLE>
<CAPTION>
Class A Class B
Limited Limited Managing
Members Members Member Total
<S> <C> <C> <C> <C>
Beginning
Equity -- -- -- --
Additions $862,355 $253,812 $ 25,000 $1,141,167
Net Loss (20,228) (6,668) (1,196) (28,092)
Withdrawals (547,214) (29,353) -- (576,567)
---------------------------------------------
12/31/98
Equity $294,913 $217,791 $ 23,804 $ 536,508
=============================================
12/31/98 per
unit
information
Net asset
value $ 951.36 $ 951.36 $ 951.36 $ 951.36
=============================================
Units
outstanding 310 229 25 564
=============================================
</TABLE>
See accompanying notes to financial statements.
<PAGE> 5
MAXIMUS FUND I, LLC
NOTES TO FINANCIAL STATEMENTS
Note 1. Significant Accounting Policies
NATURE OF BUSINESS AND ORGANIZATION: Maximus Fund I, LLC (the "Fund") is a
limited liability company organized under the Delaware Limited Liability Company
Act on January 17, 1997. The Fund seeks capital appreciation through the
speculative trading of futures and options on futures in US markets. The Fund
commenced trading During February 1998. The Fund will terminate December 31,
2027 or earlier upon certain circumstances as defined in the Limited Liability
Company Agreement.
NET ASSETS: The valuation of net assets includes unliquidated commodity
futures and options contracts owned by the Fund, if any, at the end of the
period. The unrealized gain or loss on these contracts, if any, has been
calculated based on closing prices on the last business day of the year of 1998.
Net asset Value is determined by subtracting liabilities from assets, which also
equals Member equity. Net asset value per unit is determined by dividing member
capital, by units outstanding at period end for each Class.
THE FUND accounts for subscriptions, allocations, redemption's and
management and incentive fees on a per unit basis by class.
INCOME TAXES: No provision for income taxes has been made since the Fund is
not subject to taxes on income. Each member is individually liable for the tax
on its share of income or loss. The Fund prepares a calendar year information
tax return.
REVENUE RECOGNITION: Commodity futures and options are recorded on the
trade date, and open futures positions are reflected in the accompanying
statement of financial condition as the difference between the original contract
value and the market value on the last business day of the reporting period. The
market value of commodity futures and options contracts is based upon the most
recent available settlement price on the appropriate commodity exchanges. US
Treasury Securities are reported at cost plus accrued interest, which
approximates market. Changes in unrealized gains or (losses) represent the total
increases (decreases) in unrealized gains or (increases) decreases in unrealized
losses on open positions during the period.
INTEREST INCOME RECOGNITION: The Fund records interest income in the period
it is earned.
STATEMENT OF CASH FLOWS: The Fund has elected not to provide a statement of
cash flows as permitted by Statement of Accounting Standards 102 "Statement of
Cash Flows".
Note 2. Agreements and Related Party Transactions:
The Limited Liability Company Agreement vests all responsibility and powers
for the management of the business and affairs of the Fund with the Managing
Member, Maximus Capital Management, Inc.
<PAGE> 6
MAXIMUS FUND I, LLC
NOTES TO FINANCIAL STATEMENTS
The Managing Member is registered with the Commodity Futures Trading
Commission as a Commodity Pool Operator and Commodity Trading Advisor; and is
also a member of the National Futures Association. The Managing Member is the
Trading Advisor for the Fund.
The Fund pays the Managing Member a monthly management fee as follows:
Class A Interests - .083 (approximately 1% annually) of month end net asset
value.
Class B Interests - .083 (approximately 1% annually of month end net asset
value.
Class B Interests also pay a quarterly incentive fee to the Managing Member
equal to 25% of new trading profits.
The registered commodity broker is Iowa Grain Company, which clears futures
transactions for the Partnership. The Partnership pays commissions to the
commodity broker. The Introducing Broker of the Fund is D&R Commodities. The
Introducing Broker may share in the commissions paid by the Fund to the
Commodity Broker. The principal of the Managing Member is also a principal of
the Introducing Broker.
Administrative expenses are borne by the Partnership.
Note 3. Member Equity and Redemption's:
Members may withdraw all or part of their interests at month end net asset
value with 10 days prior written notice.
New Members are admitted at net asset value per unit as of the end of each
calendar month.
Note 4. Financial Instruments with Off-Balance Sheet Credit and Market Risk:
Included in the definition of financial instruments forward contracts,
options, and futures. The Fund invests in various futures and futures option
contracts for speculative purposes. These contracts are marked to market daily,
with variations in the value settled on a daily basis with the exchange upon
which they are traded. For these contracts the unrealized gain or loss rather
than the notional amounts, represents the approximate future cash requirements.
At December 31, 1998 the Fund owned open positions that would have provided
$4,737 if settled.
Theoretically, the Fund is exposed to a market risk (loss) equal to the
notional value of financial instruments purchased and unlimited liability on
financial instruments sold short. Generally financial instruments can be closed
out at the discretion of the Trading Advisor. However, if the market is
illiquid, it could prevent the timely closeout of any unfavorable positions or
require the Fund to hold these positions until maturity, regardless of the
changes in their value or the Trading Advisor's investment strategies.
<PAGE> 7
MAXIMUS FUND I, LLC
NOTES TO FINANCIAL STATEMENTS
Credit risk represents the accounting loss that would be recognized at the
reporting date if counterparties failed completely to perform as contracted.
Concentrations of credit risk (whether on or off balance sheet) that arise from
financial instruments exist for groups of counterparties when they have similar
economic characteristics that would cause their ability to meet contractual
obligations to be similarly affected by changes in economic or other conditions.
Futures contracts have little credit risk because futures exchanges are the
counterparties.
Note 5. Derivative Financial Instruments and Fair Value of Financial
Instruments:
A derivative financial instrument is a financial agreement whose value is
linked to, or derived from, the performance of an underlying asset. The
underlying asset can be currencies, commodities, interest rates, stocks, or any
combination. Changes in the underlying asset indirectly affect the value of the
derivative. All trading instruments are subject to market risk, the risk that
future changes in market conditions may make an instrument less valuable or more
onerous. As the instruments are recognized at fair market value, those changes
directly affect reported income.
Financial instruments (including derivatives) used for trading purposes are
recorded in the statement of financial condition at fair value at the reporting
date. Realized and unrealized changes in fair values are recognized in the
period in which the changes occur.
Interest income arising from trading instruments is included in the
statement of operations as part of interest income.
Notional amounts are equivalent to the aggregate face value of the
derivative financial instruments. Notional amounts do not represent the amounts
exchanged by the parties to derivatives and do not measure the Fund's exposure
to credit or market risks. The amounts exchanged are based on the notional
amounts and other terms of the derivatives.
The Fund engages in the speculative trading of derivative financial
instruments, which includes futures contracts. Futures contracts are commitments
to either purchase or sell designated financial instruments at a future date for
a specified price and may be settled in cash or through delivery. The Fund has
assets at the Clearing Broker in accounts which are used to meet minimum margin
requirements for all of the Fund's open positions. These requirements are
adjusted, as needed, due to daily fluctuations in the values of the underlying
assets. At December 31, 1998 the Fund had assets at the Commodity broker of
$375,009.
<PAGE> 8
NOTES TO FINANCIAL STATEMENTS
The Fund had realized net gains from trading for the year ended 1998 of
$27,366 as reported in the statement of operations. The Fund had income from the
change in unrealized gains of $4,737 for the same period, as reported in the
statement of operations.
Note 6. Selected Financial Data
Net realized and unrealized trading gains (losses), interest income, net
income (loss) and increases (decreases) in net asset value per unit for the year
ended December 31, 1998 and total assets as of December 31, 1998.
<TABLE>
<CAPTION>
<S> <C>
Net realized and unrealized trading
gains (losses) net of brokerage
commissions and fees $ 7,943
=============
Interest income $ 20,950
=============
Net loss $ (28,092)
=============
Decrease in net asset value per unit $ (47.84)
=============
Total assets $ 550,999
=============
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 550,999
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 550,999
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,490
<TOTAL-LIABILITIES> 14,490
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 536,509
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 20,950
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 27,366
<APPREC-INCREASE-CURRENT> 4737
<NET-CHANGE-FROM-OPS> 0
<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> 549,999
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,288
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1000
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (49)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 951
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
