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 June 30, 1997
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 2-91941
ML TECHNOLOGY VENTURES, L.P.
===============================================================================
(Exact name of registrant as specified in its charter)
Delaware 13-3213176
===============================================================================
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
World Financial Center, North Tower
New York, New York 10281-1326
==============================================================================
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 449-1000
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
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Balance Sheets as of June 30, 1997 (Unaudited) and December 31, 1996
Statements of Operations for the Three and Six Months Ended June 30, 1997 and
1996 (Unaudited)
Statements of Cash Flows for the Six Months Ended June 30, 1997 and 1996
(Unaudited)
Statement of Changes in Partners' Capital for the Six Months Ended June 30, 1997
(Unaudited)
Notes to Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
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>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
ML TECHNOLOGY VENTURES, L.P.
BALANCE SHEETS
<TABLE>
June 30, 1997 December 31,
(Unaudited) 1996
ASSETS
<S> <C> <C>
Cash and cash equivalents $ 584,290 $ 218,215
Publicly traded securities (cost $4,319,708 as of June 30, 1997
and $1,125,000 as of December 31, 1996) 6,272,736 1,388,888
U.S. Government securities, at amortized cost 4,998,104 -
Other equity investments, at cost - 73,043
Subordinated promissory note 130,000 130,000
Receivable from securities sold 3,497,103 -
Other assets 44,350 32,245
--------------- ---------------
TOTAL ASSETS $ 15,526,583 $ 1,842,391
=============== ===============
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable $ 58,123 $ 70,027
Due to Management Company 50,000 50,000
--------------- ---------------
Total liabilities 108,123 120,027
--------------- ---------------
Partners' Capital:
General Partner 563,104 16,042
Limited Partners (69,094 Units) 12,902,328 1,442,434
Unallocated net unrealized appreciation of investments 1,953,028 263,888
--------------- ---------------
Total partners' capital 15,418,460 1,722,364
--------------- ---------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 15,526,583 $ 1,842,391
=============== ===============
</TABLE>
See notes to financial statements.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
--------------- ------------ -------------- --------
INCOME
<S> <C> <C> <C> <C>
Royalty and licensing income $ 32,788 $ 37,567 $ 69,975 $ 73,571
Interest on accounts receivable - - - 49,716
Other interest income 48,785 45,182 49,882 67,377
-------------- ----------- --------------- -------------
Total income 81,573 82,749 119,857 190,664
-------------- ----------- --------------- -------------
EXPENSES
Management fee 50,000 50,000 100,000 100,000
Professional fees 4,206 5,654 69,706 114,003
Mailing and printing 4,853 12,714 16,547 27,528
Miscellaneous 442 - 1,493 1,050
-------------- ----------- --------------- -------------
Total expenses 59,501 68,368 187,746 242,581
-------------- ----------- --------------- -------------
NET OPERATING INCOME (LOSS) 22,072 14,381 (67,889) (51,917)
-------------- ----------- --------------- -------------
Net realized gain from research and development
ventures - - - 618,843
Net realized gain (loss) from investments 2,457,339 - 12,074,845 (323,693)
-------------- ----------- --------------- -------------
NET REALIZED GAIN 2,457,339 - 12,074,845 295,150
-------------- ----------- --------------- -------------
NET INCOME (allocable to Partners) $ 2,479,411 $ 14,381 $ 12,006,956 $ 243,233
============== =========== =============== =============
Net income per unit of limited partnership interest $ 32.30 $ .21 $ 167.74 $ 3.48
========== ======= =========== =========
</TABLE>
See notes to financial statements.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Six Months Ended June 30,
<TABLE>
1997 1996
-------------- ---------
CASH FLOWS PROVIDED FROM (USED FOR) OPERATING
ACTIVITIES
<S> <C> <C>
Interest and other income received $ 117,278 $ 194,777
Other operating expenses paid (211,072) (321,477)
-------------- ---------------
Cash provided from (used for) operating activities (93,794) (126,700)
-------------- ---------------
CASH FLOWS PROVIDED FROM (USED FOR) INVESTING
ACTIVITIES
Net return (purchase) of investments in U.S. Treasury Bills (4,996,208) 1,090,252
Proceeds from the sale or termination of research and
development ventures - 2,350,284
Proceeds from the repayment of subordinated note - 120,000
Proceeds from the sale of investments in equity securities 5,456,077 420,908
-------------- ---------------
Cash provided from (used for) investing activities 459,869 3,981,444
-------------- ---------------
CASH FLOWS PROVIDED FROM (USED FOR) FINANCING
ACTIVITIES
Cash distributions:
General Partner - (42,267)
Limited Partners - (3,800,170)
-------------- ---------------
Cash provided from (used for) financing activities - (3,842,437)
-------------- ---------------
Increase (decrease) in cash and cash equivalents 366,075 12,307
Cash and cash equivalents at beginning of period 218,215 243,366
-------------- ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 584,290 $ 255,673
============== ===============
Reconciliation of net income to cash provided from (used for) operating
activities:
Net income $ 12,006,956 $ 243,233
-------------- ---------------
Adjustments to reconcile net income to cash provided from
(used for) operating activities:
Net realized (gain) loss (12,074,845) (295,150)
(Increase) decrease in receivables (14,001) 4,956
(Decrease) increase in payables (11,904) (79,739)
-------------- ---------------
Total adjustments (12,100,750) (369,933)
-------------- ---------------
Cash provided from (used for) operating activities $ (93,794) $ (126,700)
============== ===============
</TABLE>
See notes to financial statements.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)
For the Six Months Ended June 30, 1997
<TABLE>
Unallocated
Net Unrealized
General Limited Appreciation
Partner Partners of Investments Total
<S> <C> <C> <C> <C>
Balance at beginning of period $ 16,042 $ 1,442,434 $ 263,888 $ 1,722,364
Allocation of net income 547,062 11,459,894 - 12,006,956
Change in net unrealized appreciation
of investments - - 1,689,140 1,689,140
------------ ---------------- -------------- ----------------
Balance at end of period $ 563,104 $ 12,902,328 $ 1,953,028 $ 15,418,460
============ ================ ============== ================
</TABLE>
See notes to financial statements.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. Organization and Purpose
ML Technology Ventures, L.P. (the "Partnership") is a Delaware limited
partnership formed in April 1984. ML R&D Co., L.P., the general partner of the
Partnership (the "General Partner"), is also a Delaware limited partnership
formed in April 1984, the general partner of which is Merrill Lynch R&D
Management Inc. (the "Management Company"), an indirect subsidiary of Merrill
Lynch & Co., Inc. DLJ Capital Management Corporation (the "Sub-Manager"), an
indirect subsidiary of Donaldson, Lufkin & Jenrette, Inc., is the sub-manager of
the Partnership, pursuant to a sub-management agreement among the Partnership,
the Management Company, the General Partner and the Sub-Manager.
The objective of the Partnership has been to achieve cash flow from the
commercialization of a broad range of technologies developed and owned by, or on
behalf of, the Partnership. The Partnership has been engaged in research and
development activities for the development of new technology through contracts,
joint ventures and investments in other partnerships. The Partnership is in the
process of liquidation and will terminate no later than January 31, 2005.
2. Significant Accounting Policies
Research and Development Costs - In prior periods, the Partnership incurred
costs in connection with its research and development ventures, including patent
application costs, which were expensed in the period incurred. Research and
development expenses were shown net of value received for the granting of
options to purchase technology being developed.
Valuation of Investments - In accordance with the Statement of Financial
Accounting Standards No. 115, investments in available-for-sale securities
(publicly traded securities) are accounted for at market value based on the
closing public market price on the last day of the quarter. Non-publicly traded
securities are accounted for at cost. The cost of an investment is written down
to its fair value when the investment is determined to be other than temporarily
impaired.
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 - Investment transactions are recorded on the accrual
method. Realized gains and losses on investments sold are computed on a specific
identification basis.
Income Taxes - No provision for income taxes has been made since all income and
losses are allocable to the Partners for inclusion in their respective tax
returns.
Statements of Cash Flows - The Partnership considers cash held in its
interest-bearing cash account to be cash equivalents.
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED), continued
3. Allocation of Partnership Profits and Losses
The Partnership Agreement provides that profits shall be allocated to all
Partners in proportion to their capital contributions until there have been
distributions to the Limited Partners equal to their capital contributions,
after which time 90% will be allocated to the Limited Partners and 10% to the
General Partner (90/10 ratio) until there has been distributed to the Limited
Partners an aggregate amount, since the inception of the Partnership, equal to
twice their capital contributions and thereafter 80% will be allocated to the
Limited Partners and 20% to the General Partner (80/20 ratio). Losses shall be
allocated to all Partners in proportion to their capital contributions provided,
however, that to the extent profits have been credited in the 90/10 or 80/20
ratio, losses shall be charged in such ratios in reverse order in which profits
were credited.
4. Commitment
The Partnership has a $388,957 commitment to fund MLMS Cancer Research, Inc. The
Partnership is a shareholder of MLMS Cancer Research which is the general
partner of ML/MS Associates, L.P., a research and development joint venture with
IDEC Pharmaceuticals Corporation. See Note 7 below.
5. Related Party Transactions
The Management Company performs, or arranges for others to perform, the
management and administrative services necessary for the operation of the
Partnership. The Management Company received a management fee at an annual rate
of 2% of the aggregate capital contributions to the Partnership for its first
four years of operations and 1% of the aggregate capital contributions
thereafter, through December 31, 1995. On March 27, 1996, the General Partner
and the Management Company agreed to reduce the management fee payable by the
Partnership to $200,000 per annum. The reduction commenced with the quarterly
management fee paid for the quarter ended March 31, 1996. The management fee is
payable quarterly in arrears.
6. Investments in Equity Securities
As of January 1, 1994, the Partnership adopted Financial Accounting Standards
Board No. 115 ("FASB" 115) ("Accounting for Certain Investments in Debt and
Equity Securities"). The effect on partners' capital of initially applying this
FASB was a change in accounting principle, and the unrealized gain for
securities available for sale is reflected as a separate component of partners'
capital. In accordance with this statement, debt and equity securities which do
not have readily determinable market values are not marked to market and the
market values of these securities are not reflected in the balance sheet.
The cost and market value of the Partnership's publicly-held securities as of
June 30, 1997 are as follows:
<TABLE>
Market
Cost Value
Photon Technology International, Inc.
<S> <C> <C>
396,825 shares of common stock $ 1,125,000 $ 2,380,950
IDEC Pharmaceuticals Corporation
160,486 shares of common stock 3,194,708 3,891,786
------------- -------------
$ 4,319,708 $ 6,272,736
============= =============
</TABLE>
<PAGE>
ML TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED), continued
7. Net Realized Gains or Losses from Investments
During the six months ended June 30, 1997, the Partnership received 501,096
common shares of IDEC Pharmaceuticals Corporation in two final liquidating
distribution payments from ML/MS Associates, L.P. and MLMS Cancer Research, Inc.
As of June 30, 1997, the Partnership had sold 340,610 shares of IDEC
Pharmaceuticals for $8,953,180, of which $3,497,103 was a receivable as of June
30, 1997. These transactions resulted in a net realized gain of $12,074,845 for
the six months ended June 30, 1997. See Note 9 below.
8. Subordinated Promissory Note
In December 1995, the R&D venture between the Partnership and Photon Technology
International, Inc. was terminated. In connection with the termination, Photon
agreed to pay the Partnership $770,761 to satisfy its $500,000 subordinated note
obligation and related accrued interest. The $770,761 was scheduled to be paid
in installments through December 1997. Such installment payments were suspended
in June 1996 and had not resumed as of June 30, 1997. Since the Partnership had
written-off $250,000 of the principal amount of such note in 1994, the first
$250,000 paid under the new arrangement is being recorded as a return of
principal on the note.
9. Subsequent Events
In July 1997, the Partnership sold its remaining 160,486 common shares of IDEC
Pharmaceuticals for $4,316,841, realizing a gain of $1.1 million.
On July 8, 1997, the Partnership made a cash distribution to Partners
totaling $5,234,394; $5,182,050, or $75 per Unit, to Limited Partners of
record on July 1, 1997 and $52,344 to the General Partner.
10. Interim Financial Statements
In the opinion of ML R&D Co., L.P., the managing general partner of the
Partnership, the unaudited financial statements as of June 30, 1997, and for the
three and six month period then ended, reflect all adjustments necessary for the
fair presentation of the results of the interim period.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Liquidity and Capital Resources
The Partnership is working toward the liquidation of its remaining assets and
subsequent termination in 1998 or earlier, if possible. The timing of such
liquidation of the Partnership's assets and termination of the Partnership is
contingent upon, among other things, market conditions and contractual and
securities laws restrictions and no assurances can be given that the Partnership
will be able to complete all steps necessary to liquidate its assets and
terminate within such time frame.
As of June 30, 1997, the Partnership had $5.0 million in U.S. Treasury Bills
with maturities of less than one year, and $584,000 in an interest bearing cash
account. For the three and six months ended June 30, 1997, the Partnership
earned interest of $49,000 and $50,000 from such cash balances, respectively.
Interest earned in future periods is subject to fluctuations in short-term
interest rates and amounts available for investment in such securities.
During the three months ended June 30, 1997, the Partnership sold 133,172 shares
of IDEC Pharmaceuticals Corporation for $3.5 million, which was a receivable at
June 30, 1997. Such proceeds were received by the Partnership in July 1997.
Additionally, subsequent to the end of the quarter, the Partnership sold its
remaining 160,486 common shares of IDEC Pharmaceuticals for $4.3 million.
In July 1997, the Partnership made a cash distribution to Partners totaling
$5,234,394. Limited Partners of record of July 1, 1997 received $5,182,050, or
$75 per Unit, and the General Partner received $52,344.
As was provided in the Partnership's prospectus delivered to Limited Partners in
connection with their investment, and as disclosed in subsequent filings and
reports, the Partnership is obligated to pay, and has paid accordingly, an
annual management fee equal to 2% of aggregate capital contributions during the
four years subsequent to its closing ($1,397,250 annually) and, thereafter, 1%
of aggregate capital contributions ($698,624 annually). The original objectives
of the Partnership anticipated that the bulk of the Partnership's revenues would
be earned between 1988 and 1996. Therefore, in consideration of the
Partnership's originally contemplated objectives, the reduction of assets under
management and the anticipated termination of the Partnership, the General
Partner and the Management Company, while not required to do so, have reduced
the annual management fee payable by the Partnership from $698,624 to $200,000,
commencing with the management fee payment paid for the quarter ended March 31,
1996.
It is anticipated that funds needed to cover future operating expenses will be
obtained from the Partnership's existing cash reserves, royalty and licensing
income, interest income and proceeds received from the sale of the Partnership's
remaining assets.
Results of Operations
For the three and six months ended June 30, 1997, the Partnership had net income
of $2.5 million and $12.0 million, respectively, as compared to $14,000 and
$243,000, respectively, for the six months ended June 30, 1996. Net income or
loss is comprised of 1) net operating income or loss and 2) net realized gain or
loss.
Net Operating Income or Loss - For the three months ended June 30, 1997 and
1996, the Partnership had net operating income of $22,000 and $14,000,
respectively. The increase in net operating income for the 1997 period compared
to the 1996 period primarily was the result of an $8,000 decrease in operating
expenses. Investment income remained relatively flat in 1997 from the same
period in 1996 with a slight decrease in royalty and licensing income mostly
offset by an increase in other interest income.
For the six months ended June 30, 1997 and 1996, the Partnership had a net
operating loss of $68,000 and $52,000, respectively. The increase in net
operating loss for the 1997 period compared to the 1996 period primarily
resulted from a $71,000 decrease in investment income partially offset by a
$55,000 decrease in operating expenses. The decrease in investment income
included a $50,000 reduction in interest earned on the receivable balance due
from United AgriSeeds, Inc., which was paid in full in March 1996. Other income
decreased by $17,000, primarily due to a decrease in interest earned from
short-term investments, due to a reduction of cash available for investment in
such securities during the 1997 period compared to the same period in 1996.
Additionally, royalty and licensing income decreased by $4,000 for the 1997
period compared to the 1996 period. The decrease in operating expenses for the
1997 period compared to the 1996 period resulted mainly from a $44,000 decrease
in professional fees, resulting from a decline in legal fees incurred, and an
$11,000 decrease in mailing and printing expenses.
Realized Gains and Losses - In March 1997 and in May 1997, the Partnership
received 365,217 and 135,879 common shares of IDEC Pharmaceuticals Corporation,
respectively, from ML/MS Associates, L.P. and MLMS Cancer Research, Inc. (MLMS),
representing the final liquidating distribution from MLMS. The Partnership sold
207,438 shares of IDEC in March 1997 and sold an additional 133,172 shares in
June 1997. These transactions resulted in a net realized gain of $2.5 million
and $12.1 million for the three and six months ended June 30, 1997,
respectively. Subsequent to the end of the quarter, in July 1997, the
Partnership sold its remaining 160,486 shares of IDEC Pharmaceuticals for $4.3
million and will record an additional gain of $1.1 million in the third quarter
of 1997.
The Partnership had no realized gains or losses for the three months ended June
30, 1996. However, the Partnership had a $295,000 net realized gain for the six
months ended June 30, 1996. During March 1996, the Partnership received the
final $2.4 million installment payment from United AgriSeeds, resulting in the
recognition of a $619,000 realized gain. Additionally, during the three months
ended March 31, 1996, the Partnership sold its remaining common shares of Ecogen
for $322,000, realizing a loss of $324,000.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Partnership is not a party to any legal proceedings.
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.
None.
<PAGE>
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
(4) (A) Amended and Restated Certificate and
Agreement of Limited Partnership of the
Partnership dated as of April 23, 1984, as
amended through February 22, 1985, included
as Exhibit A to the Prospectus of the
Partnership dated March 11, 1985.(a)
(B) (i) Amendment dated August 20, 1985 to the
Amended and Restated Certificate and
Agreement of Limited Partnership of the
Partnership.(b)
(B) (ii) Amendment dated August 28, 1985 to the
Amended and Restated Certificate and
Agreement of Limited Partnership of the
Partnership.(c)
(10) (a) Management Agreement dated as of May 23,
1991 among the Partnership, Management
Company and the Managing General Partner.(d)
(10) (b) Sub-Management Agreement dated as of May 23,
1991 among the Partnership, Management
Company, the Managing General Partner and
the Sub-Manager.(d)
(10) (c) Amendment dated March 27, 1996 to the
Management Agreement among the Partnership,
Management Company and the Managing General
Partner.(e)
(10) (d) Amendment dated March 27, 1996 to the
Sub-Management Agreement among the
Partnership, Management Company, the
Managing General Partner and the Sub-Manager.(e)
(27) Financial Data Schedule.
(b) No reports on Form 8-K have been filed since the beginning of
the period covered by this report.
- ------------------------------
(a) Incorporated by reference to the Partnership's Annual Report on Form
10-K for the fiscal year ended December 31, 1984 filed with the
Securities and Exchange Commission on August 12, 1985.
(b) Incorporated by reference to the Partnership's Quarterly Report on Form
10-Q for the quarter ended September 30, 1985 filed with the Securities
and Exchange Commission on November 12, 1985.
(c) Incorporated by reference to the Partnership's Quarterly Report on Form
10-Q for the quarter ended March 31, 1986 filed with the Securities and
Exchange Commission on May 14, 1986.
(d) Incorporated by reference to the Partnership's Annual Report on Form
10-K for the fiscal year ended December 31, 1991 filed with the
Securities and Exchange Commission on March 30, 1992.
(e) Incorporated by reference to the Partnership's Quarterly Report on Form
10-Q for the quarter ended March 31, 1996 filed with the Securities and
Exchange Commission on May 14, 1996.
<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.
ML TECHNOLOGY VENTURES, L.P.
By: ML R&D Co., L.P.
its General Partner
By: Merrill Lynch R&D Management Inc.
its General Partner
By: /s/ Kevin K. Albert
Kevin K. Albert
President
(Principal Executive Officer)
By: /s/ Diane T. Herte
Diane T. Herte
Vice President and Treasurer
(Principal Financial and Accounting Officer)
Date: August 19, 1997
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ML
TECHNOLOGY VENTURES, L.P.'S QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED
JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> JUN-30-1997
<CASH> 584,290
<SECURITIES> 11,400,840
<RECEIVABLES> 3,541,453
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 15,526,583
<CURRENT-LIABILITIES> 108,123
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 15,418,460
<TOTAL-LIABILITY-AND-EQUITY> 15,526,583
<SALES> 0
<TOTAL-REVENUES> 12,194,702
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 187,746
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12,006,956
<EPS-PRIMARY> 165.86
<EPS-DILUTED> 165.86
</TABLE>
