<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
/X/QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1996
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: 0-12045
PRUDENTIAL ACQUISITION FUND I, L.P.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3173903
- --------------------------------------------------------------------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
One Seaport Plaza, New York, NY 10292-0116
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 214-1016
N/A
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last
report.
Indicate by check CK whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes _CK_ No __
<PAGE>
<PAGE>
Part I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PRUDENTIAL ACQUISITION FUND I, L.P.
(a limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
1996 1995
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------
ASSETS
Property held for sale $ 11,828,115 $17,712,532
Investment in joint venture, net 170,386 9,057,964
Cash and cash equivalents 1,358,924 750,153
Deferred rent 21,325 391,978
Other assets 153,373 48,236
------------- ------------
Total assets $ 13,532,123 $27,960,863
------------- ------------
------------- ------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Accounts payable and accrued expenses $ 453,136 $ 513,226
Tenant security deposits 19,624 18,724
------------- ------------
Total liabilities 472,760 531,950
------------- ------------
Partners' capital
Limited partners (70,124 units issued and outstanding) 13,059,363 27,428,913
General partners -- --
------------- ------------
Total partners' capital 13,059,363 27,428,913
------------- ------------
Total liabilities and partners' capital $ 13,532,123 $27,960,863
------------- ------------
------------- ------------
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements
</TABLE>
2
<PAGE>
PRUDENTIAL ACQUISITION FUND I, L.P.
(a limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Nine months Three months
ended September 30, ended September 30,
------------------------- -------------------------
1996 1995 1996 1995
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------
REVENUES
Rental income $1,949,203 $2,205,300 $ 402,035 $ 738,577
Recovery of expenses 702,563 647,256 262,442 221,394
Interest income 48,112 32,005 22,884 8,805
Joint venture equity income (loss) 238,422 (40,007) 57,803 142,577
Gain on sale of property 387,529 -- 387,529 --
---------- ---------- ---------- ----------
3,325,829 2,844,554 1,132,693 1,111,353
---------- ---------- ---------- ----------
EXPENSES
Property operating 1,029,122 963,016 384,773 325,798
Real estate taxes 347,916 398,357 117,521 133,026
General and administrative 223,156 305,382 51,237 169,005
Depreciation and amortization -- 889,333 -- 292,509
---------- ---------- ---------- ----------
1,600,194 2,556,088 553,531 920,338
---------- ---------- ---------- ----------
Net income $1,725,635 $ 288,466 $ 579,162 $ 191,015
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
ALLOCATION OF NET INCOME
Limited partners $1,535,976 $ 110,235 $ 516,830 $ 128,683
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
General partners $ 189,659 $ 178,231 $ 62,332 $ 62,332
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Net income per limited partnership unit $ 21.90 $ 1.57 $ 7.37 $ 1.84
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
- -----------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
(Unaudited)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------
Partners' capital--December 31, 1995 $27,428,913 $ -- $27,428,913
Net income 1,535,976 189,659 1,725,635
Distributions (15,905,526) (189,659) (16,095,185)
----------- -------- -----------
Partners' capital--September 30, 1996 $13,059,363 $ -- $13,059,363
----------- -------- -----------
----------- -------- -----------
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements
</TABLE>
3
<PAGE>
PRUDENTIAL ACQUISITION FUND I, L.P.
(a limited partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Nine months
ended September 30,
--------------------------
<S> <C> <C>
1996 1995
- ---------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Rental income received $ 2,246,568 $2,231,239
Recovery of expenses received 632,240 647,340
Interest received 48,112 32,005
Tenant security deposits received 900 1,654
Real estate taxes paid (246,825) (260,725)
Property operating expenses paid (1,042,309) (1,106,116)
General and administrative expenses paid (332,676) (234,792)
Distributions from joint venture income 238,422 --
----------- ----------
Net cash provided by operating activities 1,544,432 1,310,605
----------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Net proceeds from sale of property 6,354,998 --
Capitalized property expenditures (83,052) (155,196)
Distributions from joint venture in excess of income 8,887,578 540,000
----------- ----------
Net cash provided by investing activities 15,159,524 384,804
----------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to partners (16,095,185) (1,782,330)
----------- ----------
Net increase (decrease) in cash and cash equivalents 608,771 (86,921)
Cash and cash equivalents at beginning of period 750,153 646,346
----------- ----------
Cash and cash equivalents at the end of period $ 1,358,924 $ 559,425
----------- ----------
----------- ----------
- ---------------------------------------------------------------------------------------------------
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY
OPERATING ACTIVITIES
Net income $ 1,725,635 $ 288,466
----------- ----------
Adjustments to reconcile net income to net cash provided by
operating activities:
Gain on sale of property (387,529) --
Distributions from joint venture income 238,422 --
Joint venture equity loss (income) (238,422) 40,007
Depreciation and amortization -- 889,333
Changes in:
Deferred rent 370,653 85,307
Other assets (105,137) (53,997)
Accounts payable and accrued expenses (60,090) 59,835
Tenant security deposits 900 1,654
----------- ----------
Total adjustments (181,203) 1,022,139
----------- ----------
Net cash provided by operating activities $ 1,544,432 $1,310,605
----------- ----------
----------- ----------
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements
</TABLE>
4
<PAGE>
PRUDENTIAL ACQUISITION FUND I, L.P.
(a limited partnership)
NOTES TO FINANCIAL STATEMENTS
September 30, 1996
(Unaudited)
A. Basis of Presentation
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions for Form 10-Q and Rule 10-01 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for annual financial
statements. In the opinion of management, all adjustments (consisting of only
normal recurring adjustments as well as those adjustments relating to the sale
of the Ridge Plaza joint venture (``Joint Venture'') as reflected in Note D)
considered necessary for a fair presentation of the financial position of
Prudential Acquisition Fund I, L.P. (the ``Partnership'') as of September 30,
1996, the results of its operations for the nine and three months ended
September 30, 1996 and 1995 and its cash flows for the nine months ended
September 30, 1996 and 1995 have been included. Operating results for the
interim periods may not be indicative of the results expected for the full year.
It is suggested that these financial statements be read in conjunction with the
financial statements and footnotes thereto included in the Partnership's Annual
Report on Form 10-K filed with the Securities and Exchange Commission for the
year ended December 31, 1995.
B. Related Parties
Prudential-Bache Properties, Inc. (``PBP'') and Prudential Realty
Partnerships, Inc. (collectively, the
``General Partners'') and their affiliates perform services for the Partnership
which include, but are not limited to: accounting and financial management,
registrar, transfer and assignment functions, asset management, investor
communications, printing and other administrative services. The amount of
reimbursement from the Partnership is limited by the provisions of the
Partnership Agreement. The costs and expenses incurred on behalf of the
Partnership which are reimbursable to the General Partners and their affiliates
are:
<TABLE>
<CAPTION>
Nine months Three months
ended September 30, ended September 30,
---------------------- ---------------------
1996 1995 1996 1995
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------
Prudential Realty Partnerships, Inc. and
affiliates $ 32,500 $ 81,500 $(11,400) $ 50,700
Prudential-Bache Properties, Inc. and affiliates 104,000 87,900 33,400 40,700
--------- --------- -------- --------
$ 136,500 $ 169,400 $ 22,000 $ 91,400
--------- --------- -------- --------
--------- --------- -------- --------
</TABLE>
Expenses payable to the General Partners and their affiliates (which are
included in accounts payable and accrued expenses) as of September 30, 1996 and
December 31, 1995 are $77,600 and $74,000, respectively.
In addition, the General Partners and their affiliates performed similar
services for the Joint Venture. The Partnership's allocable share of the costs
and expenses incurred on behalf of the Joint Venture which are reimbursable to
the General Partners and their affiliates were $9,600 and $30,500, respectively,
for the nine months ended September 30, 1996 and 1995 and $(2,400) and $11,300,
respectively, for the three months ended September 30, 1996 and 1995.
Prudential Securities Incorporated (``PSI''), an affiliate of the General
Partners, owns 175 limited partnership units at September 30, 1996.
C. Sale of Norwalk Industrial Property
The Partnership sold its interest in Norwalk Industrial, a 180,000 square
foot industrial warehouse located in Norwalk, California, on August 6, 1996 for
a gross sales price of $6,600,000 less costs to sell and pro-rations of
approximately $300,000. In addition, approximately $300,000 of deferred rent and
other assets were written-off relating to the sale of the property. The gross
sales price represents 100% of the appraised value of the property based upon an
appraisal dated as of December 31, 1995. The purchaser of
5
<PAGE>
<PAGE>
the Norwalk property was NNW Real Estate, Inc., a California corporation and an
affiliate of the property's sole tenant, Weber Distribution, under a Purchase
and Sale Agreement dated April 11, 1996. On August 13, 1996, as a result of this
sale, a distribution of $89.82 per unit was made to limited partners.
D. Investment in Joint Venture
The Partnership has a 54% interest in a joint venture with an affiliated
limited partnership. Presented below is summarized financial information for the
Joint Venture:
<TABLE>
<CAPTION>
September 30, December 31,
1996 1995
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------
Assets
Property held for sale $ -- $14,978,372
Accounts receivable, net 223,400 688,279
Cash and cash equivalents 261,246 1,427,420
------------- ------------
Total assets $ 484,646 $17,094,071
------------- ------------
------------- ------------
Liabilities and partners' capital
Total liabilities $ 85,518 $ 326,699
------------- ------------
Partners' capital:
Prudential Acquisition Fund I, L.P. 170,386 9,009,238
Prudential Realty Acquisition Fund II, L.P. 228,742 7,758,134
------------- ------------
Total partners' capital 399,128 16,767,372
------------- ------------
Total liabilities and partners' capital $ 484,646 $17,094,071
------------- ------------
------------- ------------
</TABLE>
<TABLE>
<CAPTION>
Nine months Three months
ended September 30, ended September 30,
------------------------- ------------------------
1996 1995 1996 1995
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------
Revenues
Rental income $ 769,900 $2,093,702 $ -- $ 718,969
Recovery of expenses 250,341 801,472 -- 285,690
Interest income 51,801 76,056 5,169 26,803
---------- ---------- --------- ----------
1,072,042 2,971,230 5,169 1,031,462
---------- ---------- --------- ----------
Expenses
Property operating 430,759 831,705 -- 302,450
Real estate taxes 6,814 415,351 (106,661) 161,907
General and administrative 46,175 115,900 4,788 55,389
Loss on sale of assets 56,540 -- -- --
Provisions for loss on impairment of assets -- 850,000 -- --
Depreciation and amortization -- 825,945 -- 245,546
---------- ---------- --------- ----------
540,288 3,038,901 (101,873) 765,292
---------- ---------- --------- ----------
Net income (loss) $ 531,754 $ (67,671) $ 107,042 $ 266,170
---------- ---------- --------- ----------
---------- ---------- --------- ----------
</TABLE>
The two shopping centers owned by the Joint Venture (``Shopping Centers'')
were sold on March 26, 1996 for a gross sales price of $15,500,000 less costs to
sell.
Joint venture equity income includes a write-off of $49,000 during the three
months ended March 31, 1996 of the remaining Partnership costs incurred in the
acquisition of the Joint Venture investment that were in excess of its basis in
the Joint Venture. These excess costs were previously being amortized over an
eighteen-year period and were written-off as a result of the sale of the Joint
Venture properties.
6
<PAGE>
E. Subsequent Events
The Partnership sold for cash its interest in One Executive Center, a 114,000
square foot five-story office building located in Albuquerque, New Mexico, on
October 17, 1996 for a gross sales price of $7,300,000 less costs to sell and
pro-rations of approximately $409,000. The gross sales price was in excess of
the appraised value. The purchaser of the One Executive Center property was
WHEXC Real Estate Limited Partnership, a Delaware limited partnership.
The Partnership also sold for cash its interest in Norwest Center, a 97,000
square foot multi-tenant office building located in Rochester, Minnesota, on
October 18, 1996 for a gross sales price of $6,900,000 less costs to sell and
pro-rations of approximately $245,000. The gross sales price was in excess of
98% of the appraised value. The purchaser of the Norwest Center property was
Norwest Bank Minnesota South, N.A., a national banking association.
With the sale of One Executive Center and Norwest Center properties, there
are no remaining properties in the Partnership. A distribution of $200 per
$1,000 unit was made in November 1996 consisting of $193.17 per $1,000 unit from
the sale of the One Executive Center and Norwest Center properties and $6.83 per
$1,000 unit from previous undistributed cash flow from operations. The
Partnership intends to make a final liquidating distribution in 1997.
7
<PAGE>
PRUDENTIAL ACQUISITION FUND I, L.P.
(a limited partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
As of September 30, 1996 the Partnership had a real estate investment
portfolio consisting of two office buildings. In August 1996, the Partnership
sold its warehouse facility, Norwalk Industrial, for a gross sales price of
$6,600,000 less costs to sell and pro-rations. Additionally, in October 1996,
the Partnership sold its last remaining properties, consisting of two office
buildings, One Executive Center and Norwest Center, for the gross sales prices
of $7,300,000 and $6,900,000, respectively, less costs to sell and pro-rations.
The Partnership also has an equity interest in a joint venture (the ``Joint
Venture'') which owned two shopping centers (``Shopping Centers''). The Shopping
Centers were sold on March 26, 1996 for a gross sales price of $15,500,000 less
costs to sell.
In January 1996, the General Partners mailed to all limited partners a
Consent Solicitation Statement asking for their written consent to approve (i) a
plan of sale of the remaining assets of the Partnership and (ii) the complete
liquidation and dissolution of the Partnership, as more fully described in the
Statement. On March 11, 1996, the limited partners holding a majority of the
limited partnership units approved the plan of sale and complete liquidation and
dissolution of the Partnership. Pursuant to the plan of liquidation, the General
Partners have sold the remaining properties and intend to liquidate the
Partnership in 1997.
During the nine months ended September 30, 1996, the Partnership's cash and
cash equivalents increased $609,000 because cash generated by operating
activities, distributions from the Joint Venture and net proceeds from the sale
of the Norwalk Industrial property exceeded capital expenditures and
distributions paid to the partners.
Cash Distributions
Cash distributions during the nine months ended September 30, 1996 totalled
$16,095,000 of which the limited partners received $15,905,000 ($226.82 per
unit) and the General Partners received the remainder. These distributions
consisted of $112.66 per unit paid in April 1996 from the sale of the Shopping
Centers, $89.82 per unit paid in August 1996 from the sale of the Norwalk
Industrial property and $24.34 per unit funded from current and prior
undistributed cash flow from operations of the directly-owned and Joint Venture
properties. Additionally, during November 1996, a distribution of $200 per unit
was made to limited partners as a result of the sale of the One Executive Center
and Norwest Center properties.
As a result of the sale of One Executive Center and Norwest Center, the
Partnership has no remaining properties. Accordingly, all recurring quarterly
distributions from operations have been suspended. The Partnership intends to
make a final liquidating distribution in 1997.
Capital Improvements--Directly-Owned Properties
For the nine months ended September 30, 1996, the Partnership expended
$83,000 on capital improvements ($41,000 at One Executive Center and $42,000 at
Norwest Center) which were necessary to maintain the properties.
Results of Operations
The Partnership's net income for the nine and three months ended September
30, 1996 increased $1,437,000 and $388,000, respectively, as compared to 1995.
The variances for the directly-owned properties and Joint Venture investment are
discussed below.
Directly-Owned Properties
The Norwalk property, a 180,000 square foot industrial warehouse facility
located in Norwalk, California, was sold on August 6, 1996 to an affiliate of
the sole tenant of that facility for a gross sales price of $6,600,000 which
represented 100% of the appraised value of the property. As a result of the
sale, the Partnership recorded a gain on sale of property of $388,000 in the
third quarter of 1996. Rental income for the nine and three months ended
September 30, 1996 both decreased $380,000 primarily as a result of a
8
<PAGE>
$274,000 reversal of the property's deferred asset and reduced rent received due
to the sale of the property in August 1996.
The Norwest Center property in Rochester, Minnesota was 96% and 91% leased as
of September 30, 1996 and 1995, respectively. Rental income for the nine and
three months ended September 30, 1996 increased $19,000 and $11,000,
respectively, as compared to 1995 due to increased occupancy. Property operating
expenses for the nine months ended September 30, 1996 decreased $10,000 as
compared to 1995 mainly due to lower repairs and maintenance costs and
professional fees. Property operating expenses for the three months ended
September 30, 1996 were comparable to 1995. The Norwest Center property was sold
on October 18, 1996 for a gross sales price of $6,900,000.
The One Executive Center office property in Albuquerque, New Mexico was 99%
leased as of September 30, 1996 and 1995, respectively. Rental income for the
nine and three months ended September 30, 1996 increased $80,000 and $25,000,
respectively, as compared to 1995 mainly due to increased rental rates. Property
operating expenses for the nine and three months ended September 30, 1996
increased $61,000 and $31,000, respectively, as compared to 1995 mainly due to
increased cleaning, security, repairs and maintenance and utilities costs. The
One Executive Center property was sold on October 17, 1996 for the gross sales
price of $7,300,000.
Interest income for the nine and three months ended September 30, 1996
increased $16,000 and $14,000, respectively, as compared to 1995 primarily due
to an increased average cash balance as a result of the proceeds from the sales
of both the Shopping Centers and the Partnership's Norwalk property.
Real estate taxes for the nine and three months ended September 30, 1996
decreased $50,000 and $16,000, respectively, as compared to 1995 due to lower
assessments at the Norwalk and Norwest properties.
General and administrative expenses for the nine and three months ended
September 30, 1996 decreased $82,000 and $118,000, respectively, compared to
1995 primarily due to decreased costs to administer the Partnership and to costs
incurred in the prior year relating to the Consent Solicitation Statement.
Depreciation expense for the nine and three months ended September 30, 1996
decreased $889,000 and $293,000, respectively, as compared to 1995 due to the
reclassification of the Partnership's properties from held for use to held for
sale as of December 31, 1995. Under generally accepted accounting principles,
such properties are no longer depreciated and, therefore, no depreciation
expense was recorded for the nine months ended September 30, 1996.
Joint Venture Investment
The sale of the two shopping centers owned by the Joint Venture occurred on
March 26, 1996 at a gross sales price of $15,500,000 less costs to sell,
resulting in a $56,000 loss on the sale.
Joint venture equity income includes a write-off of $49,000 during the three
months ended March 31, 1996 of the remaining Partnership costs incurred in the
acquisition of the Joint Venture investment that were in excess of its basis in
the Joint Venture. These excess costs were previously being amortized over an
eighteen-year period and were written-off as a result of the sale of the Joint
Venture properties.
During the third quarter of 1996, the Joint Venture received $107,000 as a
result of the successful appeal of the 1995 real estate assessment values of the
Shopping Centers. The amount was recorded as a reduction of the 1996 real estate
tax expense.
9
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings--None
Item 2. Changes in Securities--None
Item 3. Defaults Upon Senior Securities--Not Applicable
Item 4. Submission of Matters to a Vote of Security Holders--None
Item 5. Other Information--None
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
Description:
3 and 4 Amended and Restated Agreement of Limited Partnership(1)
Amendment to Limited Partnership Agreement dated as of
January 1, 1987(2)
27 Financial Data Schedule (filed herewith)
b. Reports on Form 8-K--None
- ---------------
(1) Incorporated by reference to Prospectus dated July 1, 1983 as filed with the
Commission pursuant to Rule 424(b) under the Securities Act of 1933
(2) Incorporated by reference to Exhibits 3 and 4 of the Registrant's Annual
Report on Form 10-K for the year ended December 31, 1988
10
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Prudential Acquisition Fund I, L.P.
By: Prudential-Bache Properties, Inc.
A Delaware corporation, General Partner
By: /s/ Eugene D. Burak Date: November 14, 1996
-----------------------------------------
Eugene D. Burak
Vice President
Chief Accounting Officer for the Registrant
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial
information extracted from the financial
statements for Prudential Acquisition
Fund I, L.P. and is qualified in its entirety
by reference to such financial statements
</LEGEND>
<RESTATED>
<CIK> 0000717319
<NAME> Prudential Acquisition Fund I, L.P.
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-START> Jan-1-1996
<PERIOD-END> Sep-30-1996
<PERIOD-TYPE> 9-Mos
<CASH> 1,358,924
<SECURITIES> 0
<RECEIVABLES> 345,084
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,704,008
<PP&E> 11,828,115
<DEPRECIATION> 0
<TOTAL-ASSETS> 13,532,123
<CURRENT-LIABILITIES> 472,760
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 13,059,363
<TOTAL-LIABILITY-AND-EQUITY> 13,532,123
<SALES> 3,325,829
<TOTAL-REVENUES> 3,325,829
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,600,194
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,725,635
<EPS-PRIMARY> 21.90
<EPS-DILUTED> 0
</TABLE>
