<PAGE>
UNITED STATES 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 June 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 0-15298
THE FUTURES EXPANSION FUND LIMITED PARTNERSHIP
----------------------------------------------
(Exact Name of Registrant as
specified in its charter)
Delaware 13-3365950
- ------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
c/o Merrill Lynch Investment Partners Inc.
(formerly ML Futures Investment Partners Inc.)
Merrill Lynch World Headquarters - South Tower, 6th Fl.
World Financial Center New York, New York 10080-6106
-----------------------------------------------------
(Address of principal executive offices)
(Zip Code)
212-236-4161
-----------------------------------------------
(Registrant's telephone number, including area code)
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_____
-----
This document contains 11 pages.
There are no exhibits and no exhibit index filed with this document
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
THE FUTURES EXPANSION FUND LIMITED PARTNERSHIP
----------------------------------------------
(a Delaware limited partnership)
------------------------------
AND JOINT VENTURE
-----------------
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
---- ----
<S> <C> <C>
ASSETS
- -------
Accrued interest $ 30,433 $ 39,699
Equity in commodity futures trading accounts:
Cash and option premiums 8,759,499 9,860,595
Net unrealized gain on open contracts 430,111 576,906
------------ ------------
TOTAL $9,220,043 $10,477,200
============ ============
LIABILITIES AND PARTNERS' CAPITAL
- ---------------------------------
LIABILITIES:
Administrative expense payable (Note 2) $ 1,921 $ -
Redemptions payable 116,060 7,169
Brokerage commissions payable (Note 2) 89,662 103,775
Profit shares payable - 475,153
------------ ------------
Total liabilities 207,643 586,097
------------ ------------
PARTNERS' CAPITAL:
General Partner (518 and 518 Units) 117,880 123,779
Limited Partners (39,085 and 40,875 Units) 8,894,520 9,767,324
------------ ------------
Total partners' capital 9,012,400 9,891,103
------------ ------------
TOTAL 9,220,043 $10,477,200
============ ============
NET ASSET VALUE PER UNIT
(Based on 39,603 and 41,393 Units outstanding) $227.57 $238.96
======= =======
</TABLE>
See notes to consolidated financial statements.
2
<PAGE>
THE FUTURES EXPANSION FUND LIMITED PARTNERSHIP
----------------------------------------------
(a Delaware limited partnership)
------------------------------
AND JOINT VENTURE
-----------------
CONSOLIDATED STATEMENTS OF OPERATIONS
-------------------------------------
<TABLE>
<CAPTION>
For the three For the three For the six For the six
months ended months ended months ended months ended
June 30, 1996 June 30, 1995 June 30, 1996 June 30, 1995
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
REVENUES:
Trading (Loss) Profits:
Realized $(141,080) $ 1,610,164 51,950 $2,604,617
Change in unrealized 406,999 (1,038,896) (146,795) 62,590
--------- ------------- ---------- -----------
Total trading results 265,919 571,268 (94,845) 2,667,207
---------- ------------ ---------- -----------
Interest income 94,393 124,158 191,109 234,643
---------- ------------ ---------- -----------
Total revenues 360,312 695,426 96,264 2,901,850
---------- ------------ ---------- ------------
EXPENSES:
Profit shares - 64,967 - 459,626
Brokerage commissions (Note 2) 272,688 325,590 559,303 608,568
Administrative expense (Note 2) 5,842 - 11,983 -
---------- ------------ ----------- -----------
Total expenses 278,530 390,557 571,286 1,068,194
---------- ------------ ---------- ----------
NET INCOME (LOSS): $ 81,782 $ 304,869 $(475,022) $1,833,656
========== ============ =========== ===========
NET INCOME (LOSS) PER UNIT:
Weighted average number of units
outstanding 40,610 43,538 40,991 44,093
======= ======= ======= =======
Weighted average net Income (Loss)
per unit $2.01 $7.00 $(11.59) $41.59
====== ====== ======== =======
</TABLE>
See notes to consolidated financial statements.
3
<PAGE>
THE FUTURES EXPANSION FUND LIMITED PARTNERSHIP
----------------------------------------------
(a Delaware limited partnership)
------------------------------
AND JOINT VENTURE
-----------------
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
-------------------------------------------------------
For the six months ended June 30, 1996 and 1995
-----------------------------------------------
<TABLE>
<CAPTION>
Limited General
Units Partners Partner Total
----- -------- ------- -----
<S> <C> <C> <C> <C>
PARTNERS' CAPITAL,
DECEMBER 31, 1994 45,234 $8,761,840 $101,500 $ 8,863,340
Net income - 1,814,109 19,547 1,833,656
Redemptions (2,746) (605,692) - (605,692)
-------- ----------- --------- ------------
PARTNERS' CAPITAL,
JUNE 30, 1995 42,488 $9,970,257 $121,047 $10,091,304
======== =========== ========= ============
PARTNERS' CAPITAL,
DECEMBER 31, 1995 41,393 $9,767,324 $123,779 $ 9,891,103
Net loss - (469,123) (5,899) (475,022)
Redemptions (1,790) (403,681) - (403,681)
-------- ----------- --------- -----------
PARTNERS' CAPITAL,
JUNE 30, 1996 39,603 $8,894,520 $117,880 $9,012,400
======== =========== ========= ============
</TABLE>
See notes to consolidated financial statements.
4
<PAGE>
THE FUTURES EXPANSION FUND LIMITED PARTNERSHIP
(A Delaware Limited Partnership) AND JOINT VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These financial statements have been prepared without audit. In the opinion
of management, the financial statements contain all adjustments (consisting
of only normal recurring adjustments) necessary to present fairly the
financial position of The Futures Expansion Fund Limited Partnership (the
"Partnership") as of June 30, 1996 and the results of its operations for
the six months ended June 30, 1996 and 1995. However, the operating results
for the interim periods may not be indicative of the results expected for
the full year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with general accepted
accounting principles have been omitted. It is suggested that these
financial statements be read in conjunction with the financial statements
and notes 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 (the "Annual Report").
2. RELATED PARTY TRANSACTIONS
The Joint Venture pays brokerage commissions to MLF at a flat rate of .9933
of 1% (an 11.92% annual rate) of the Joint Venture's month-end assets.
Monthly-end assets are not reduced for purposes of calculating brokerage
commissions by any accrued but unpaid brokerage commissions, profit shares
or other fees or charges. Effective January 1, 1996, the brokerage
commission the Joint Venture pays to the Commodity Broker was reduced to
.9725% (a 11.67% annual rate), and the Partnership began to pay an
administrative fee to the General Counsel of .020833% (a .25% annual rate).
MLIP estimates that the round-turn equivalent commission rate charged to
the Joint Venture during the six months ended June 30, 1996 and 1995, was
approximately $106 and $33, respectively (not including, in calculating
round-turn equivalents, forward contracts on a futures-equivalent basis).
MLF pays the Trading Manager annual Consulting Fees of 4% of the Joint
Venture's average month-end assets, after reduction for a portion of the
brokerage commissions.
3. FAIR VALUE AND OFF-BALANCE SHEET RISK
The Joint Venture trades futures, options and forward contracts in interest
rates, stock indices, commodities, currencies, energy and metals. The Joint
Venture's revenues by reporting category for the six months ended June 30,
1996 were as follows:
<TABLE>
<CAPTION>
1996
----
<S> <C>
Interest rate $(380,645)
Stock indices (104,500)
Commodities (318,380)
Currencies 630,959
Energy 346,042
Metals (268,321)
-----------
$ (94,845)
===========
</TABLE>
Market Risk
-----------
Derivative instruments involve varying degrees of off-balance sheet market
risk, and changes in the level or volatility of interest rates, foreign
currency exchange rates or the market values of the financial instruments
or commodities underlying such derivative instruments frequently result in
changes in the Partnership's unrealized gain or loss on such derivative
instruments as reflected in the Consolidated Statements of Financial
Condition. The Joint Venture's exposure to market risk is influenced by a
number of factors, including the relationships among the derivative
instruments held by the Joint Venture as well as the volatility and
liquidity of the markets in which the derivative instruments are traded.
5
<PAGE>
The General Partner has procedures in place intended to control market
risk, although there can be no assurance that they will, in fact, succeed
in doing so. These procedures focus primarily on monitoring the trading of
the Trading Manager, calculating the Net Asset Value of the Joint Venture
as of the close of business on each day and reviewing outstanding positions
for over-concentration. While the General Partner will not itself intervene
in the markets to hedge or diversify the Joint Venture's market exposure,
the General Partner may urge the Trading Manager to reallocate positions in
an attempt to avoid over-concentrations. However, such interventions are
unusual. Except in cases in which it appears that the Advisor has begun to
deviate from past practice or trading policies or to be trading
erratically, the General Partner's basic risk control procedures consist
simply of the ongoing process of Trading Manager monitoring, with the
market risk controls being applied by the Trading Manager.
Fair Value
----------
The derivative instruments used in the Joint Venture's trading activities
are marked to market daily with the resulting unrealized gains or losses
recorded in the Consolidated Statements of Financial Condition and the
related profit or loss reflected in trading revenues in the Consolidated
Statements of Income. The contract/notional values of the Trading
Partnership's open derivative instrument positions as of June 30, 1996 and
December 31, 1995 were as follows:
<TABLE>
<CAPTION>
1996 1995
---------------------------------------------- -----------------------------------------------
Commitment to Commitment to Commitment to Commitment to
Purchase (Futures, Sell (Futures, Purchase (Futures, Sell (Futures,
Options & Forwards) Options & Forwards) Options & Forwards) Options & Forwards)
------------------- --------------------- ------------------ ------------------
<S> <C> <C> <C> <C>
Interest rate $ 9,028,222 $33,213,028 $17,631,109 $17,124,189
Stock indices 2,562,107 1,459,996 2,744,799 -
Commodities 1,132,411 2,047,415 987,392 1,770,746
Currencies 31,651,405 35,559,963 19,188,424 33,984,223
Energy 3,375,548 - 4,266,468 -
Metals 2,109,125 5,789,571 1,106,950 4,593,110
---------------- -------------- -------------- --------------
$49,858,818 $78,069,973 $45,925,142 $57,472,268
================ ============== ============== ==============
</TABLE>
Substantially all of the Joint Venture's derivative instruments outstanding
as of June 30, 1996 expire within one year.
The contract/notional value of the Trading Partnership's exchange-traded and
non-exchange-traded derivative instrument positions as of June 30, 1996 and
December 31, 1995 were as follows:
<TABLE>
<CAPTION>
1996 1995
-------------------------------------------- -------------------------------------------
Commitment to Commitment to Commitment to Commitment to
Purchase (Futures, Sell (Futures, Purchase (Futures, Sell (Futures,
Options & Forwards) Options & Forwards) Options & Forwards) Options & Forwards)
------------------- ------------------- -------------------- -------------------
<S> <C> <C> <C> <C>
Exchange
traded $16,361,633 $39,489,290 $26,004,588 $21,373,095
Non-Exchange
traded 33,497,185 38,580,683 19,920,554 36,099,173
-------------------- ----------------- -------------------- ------------------
$49,858,818 $78,069,973 $45,925,142 $57,472,268
==================== ================= ==================== ==================
</TABLE>
6
<PAGE>
The average fair value of the Partnership's derivative instrument positions
which were open as of the end of each calendar month during the quarter
ended June 30, 1996 and the year ended December 31, 1995 was as follows:
<TABLE>
<CAPTION>
1996 1995
--------------------------------------------- ---------------------------------------------
Commitment to Commitment to Commitment to Commitment to
Purchase (Futures, Sell (Futures, Purchase (Futures, Sell (Futures,
Options & Forwards) Options & Forwards) Options & Forwards) Options & Forwards)
-------------------- ------------------- -------------------- -------------------
<S> <C> <C> <C> <C>
Interest rate $19,510,118 $ 30,728,957 $20,766,056 $ 7,523,452
Stock indices 3,388,277 966,133 9,249,690 1,491,066
Commodities 2,557,053 815,343 1,548,022 1,302,572
Currencies 51,561,796 64,668,941 42,383,672 40,767,472
Energy 2,629,736 1,039,236 2,368,843 1,331,304
Metals 5,181,162 6,397,846 2,456,274 3,268,684
---------------- ------------------ ----------------- -----------------
$84,828,142 $104,616,456 $78,772,557 $55,684,550
================ ================== ================= =================
</TABLE>
A portion of the amounts indicated as off-balance sheet risk reflects
offsetting commitments to purchase and sell the same derivative instrument
on the same date in the future. These commitments are economically
offsetting but are not, as a technical matter, offset in the forward market
until the settlement date.
Credit Risk
-----------
The risks associated with exchange-traded contracts are typically perceived
to be less than those associated with over-the-counter (non-exchange-
traded) transactions, because exchanges typically (but not universally)
provide clearinghouse arrangements in which the collective credit (in some
cases limited in amount, in some cases not) of the members of the exchange
is pledged to support the financial integrity of the exchange. In over-the-
counter transactions, on the other hand, traders must rely solely on the
credit of their respective individual counterparties. Margins, which may be
subject to loss in the event of a default, are generally required in
exchange trading, and counterparties may also require margin in the over-
the-counter markets.
The fair value amounts in the above tables represent the extent of the
Joint Venture's market exposure in the particular class of derivative
instrument listed, but not the credit risk associated with counterparty
nonperformance. The credit risk associated with these instruments from
counterparty nonperformance is the net unrealized gain, if any, included in
the Consolidated Statements of Financial Condition. The Joint Venture also
has credit risk because the sole counterparty or broker with respect to
most of the Joint Venture's assets is MLF.
As of June 30, 1996 and December 31, 1995, $6,591,629 and $7,759,078 of the
Joint Venture's assets, respectively, were held in segregated accounts at
MLF in accordance with Commodity Futures Trading Commission regulations.
The gross unrealized gain and the net unrealized gain on the Partnership's
open derivative instrument positions as of June 30, 1996 and December 31,
1995 were as follows:
<TABLE>
<CAPTION>
1996 1995
---- ----
Gross Net Gross Net
Unrealized Unrealized Unrealized Unrealized
Gain Gain (Loss) Gain Gain (Loss)
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Exchange
traded $ 562,242 $443,760 $ 892,375 $674,608
Non-Exchange
traded 474,800 (13,649) 205,307 (97,702)
---------------- --------------- --------------- ---------------
$1,037,042 $430,111 $1,097,682 $576,906
================ =============== =============== ===============
</TABLE>
The Partnership controls credit risk by dealing almost exclusively with
Merrill Lynch entities as brokers and counterparties.
7
<PAGE>
Item 2: Management's Discussion and Analysis of Financial Condition and
---------------------------------------------------------------
Results of Operations
---------------------
Operational Overview: Advisor Selections
- ----------------------------------------
Due to the nature of the Fund's business, its results of operations
depend on Trading Advisor's ability to recognize and capitalize on trends and
other profit opportunities in different Sectors of the world commodity markets.
The Trading Advisor's trading methods are confidential, so that substantially
the only information that can be furnished regarding the Fund's results of
operations is contained in the performance record of its trading. Unlike
operating businesses, general economic or seasonal conditions do not directly
affect the profit potential of the Fund, and its past performance is not
necessarily indicative of future results. Because of the speculative nature of
its trading, operational or economic trends have little relevance to the Fund's
results. MLIP believes, however, that there are certain market conditions, for
example, markets with strong price trends, in which the Fund has a better
likelihood of being profitable than in others.
Results of Operations - General
- -------------------------------
Unlike an operating business, MLIP believes that it is difficult to
identify "trends" in the Fund's operations and virtually impossible to make any
predictions regarding future results based on results to date (even over the
nine year operational history of the Fund to date). The Trading Advisor regards
its strategy as long-term in nature.
Markets in which sustained price trends occur with some frequency
tend to be more favorable to managed futures investments than "whipsaw,"
"choppy" markets, but (i) this is not always the case, (ii) it is impossible to
predict when trending markets will occur and (iii) the Trading Advisor is
affected by trends in general as well as by particular types of trends.
The Fund controls credit risk in its trading in the derivatives
markets by trading only through Merrill Lynch entities which MLIP believes to be
creditworthy. The Trading Advisor attempts to control the market risk inherent
in derivatives trading by applying multiple trading systems in each market as
well as implementing the basic risk management policies described above under
"Item 1: Business - (c) Narrative Description of Business." However, as a single
advisor fund, the Partnership must be considered a more speculative investment
than the multi-advisor funds which have become popular in the public commodity
pool markets during approximately the last decade. Millburn Ridgefield trades a
diversified portfolio for the Fund, but with an emphasis on the currency and
financial instrument markets.
Performance Summary
- -------------------
During the six months of 1995, the Fund's average month-end Net
Assets equalled $9,602,707, and the Fund recognized gross trading gains of
$2,667,207 or 27.78% of such average month-end Net Assets. Brokerage commissions
of $608,568 or 6.34% and Profit Shares of $459,626 or 4.79% of average month-end
Net Assets were paid. Interest income of $234,643 or 2.44% of average month-end
Net Assets resulted in a net gain of $1,833,656 or 19.10% of average month-end
Net Assets, which resulted in a 21.22% increase in the Net Asset Value per Unit
since December 31, 1994.
During the six months of 1996, the Fund's average month-end Net
Assets equalled $9,473,799, and the Fund recognized gross trading losses of
$94,845 or 1.00% of such average month-end Net Assets. Brokerage commissions of
$559,303 or 5.90% and Administrative expense of $11,982 or .13% of average month
end Net Assets were paid. Interest income of $191,109 or 2.02% of average month-
end Net Assets resulted in net loss of $475,022 or 5.01% of average month end
Net Assets which resulted in a 4.77% decrease in the Net Asset Value per Unit
since December 31, 1995.
During the six months of 1996 and 1995, the Fund experienced 8
profitable months and 4 unprofitable months.
<TABLE>
<CAPTION>
MONTH-END NET ASSET VALUE PER UNIT
------------------------------------------------------------
Jan. Feb. Mar. April May June
------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1995 $189.48 $201.01 $231.61 $240.44 $235.91 $237.51
------------------------------------------------------------
1996 $252.05 $224.51 $225.51 $236.49 $219.53 $227.57
------------------------------------------------------------
</TABLE>
8
<PAGE>
Importance of Market Factors
- ----------------------------
Comparisons between the Fund's performance in one fiscal year to that
in a prior year are unlikely to be meaningful, given the uncertainty of price
movements in the markets traded by the Fund. In general, MLIP expects that the
Fund is most likely to trade successfully in markets which exhibit strong and
sustained price trends. Millburn Ridgefield's strategy is based on technical
trend analysis (and certain non-trend following technical systems).
Consequently, one would expect that in trendless, "choppy" markets the Fund
would likely be unprofitable, while in markets in which major price movements
occur, the Fund would have its best profit potential (although there could be no
assurance that the Fund would, in fact, trade profitably). However, the Trading
Advisor will not infrequently miss major price movements, and market corrections
can result in rapid and material losses (sometimes as much as 10% in a single
day).
Liquidity
- ---------
Most of the Joint Venture's assets are held as cash which, in turn,
is used to margin its futures positions and earns interest income and is
withdrawn, as necessary, to pay redemptions and fees.
The futures contracts in which the Joint Venture trades may become illiquid
under certain market conditions. Commodity exchanges limit fluctuations in
futures prices during a single day by regulations referred to as "daily limits."
During a single day no trades may be executed at prices beyond the daily limit.
Once the price of a futures contract for a particular commodity has increased or
decreased by an amount equal to the daily limit, positions in the commodity can
generally neither be taken nor liquidated unless traders are willing to effect
trades at or within the limit. Futures contracts have occasionally moved to the
daily limit for several consecutive days with little or no trading. Such market
conditions could prevent the Joint Venture from promptly liquidating its futures
(including its options) positions. There are no limitations on the daily price
moves in trading foreign currency forward contracts through banks, although
illiquidity may develop in the forward markets due to large spreads between
"bid" and "ask" prices quoted. (Forward contracts are the bank version of
currency futures contracts and are not traded on exchanges.)
Capital Resources
- -----------------
The Joint Venture does not have, nor does it expect to have, any
capital assets and has no material commitments for capital expenditures. The
Joint Venture uses its assets to supply the necessary margin or premiums for,
and to pay any losses incurred in connection with, its trading activity and to
pay redemptions and fees.
Inflation is not a significant factor in the Fund's profitability,
although inflationary cycles can give rise to the type of major price movements
which can have a materially favorable or adverse impact on the Fund's
performance.
9
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
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.
---------
There are no exhibits required to be filed as part of this
document.
(b) Reports on Form 8-K.
--------------------
There were no reports on Form 8-K filed during the six months of
fiscal 1996.
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.
THE FUTURES EXPANSION FUND
LIMITED PARTNERSHIP
By: MERRILL LYNCH INVESTMENT PARTNERS INC.
(General Partner)
Date: August 9, 1996 By /s/JOHN R. FRAWLEY, JR.
-----------------------
John R. Frawley, Jr.
President, Chief Executive Officer
and Director
Date: August 9, 1996 By /s/JAMES M. BERNARD
-------------------
James M. Bernard
Chief Financial Officer,
Treasurer and Senior Vice President
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> BD
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION, CONSOLIDATED STATEMENTS OF OPERATIONS,
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1994
<PERIOD-START> JAN-01-1996 JAN-01-1995
<PERIOD-END> JUN-30-1996 JUN-30-1995
<CASH> 0 0
<RECEIVABLES> 9,220,043 10,791,777
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 9,220,043 10,791,777
<SHORT-TERM> 0 0
<PAYABLES> 207,643 700,473
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> 9,012,400 10,091,304
<TOTAL-LIABILITY-AND-EQUITY> 9,220,043 10,791,777
<TRADING-REVENUE> (94,845) 2,667,207
<INTEREST-DIVIDENDS> 191,109 234,643
<COMMISSIONS> 571,286 1,068,194
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> 0 0
<INCOME-PRETAX> (475,022) 1,833,656
<INCOME-PRE-EXTRAORDINARY> (475,022) 1,833,656
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (475,022) 1,833,656
<EPS-PRIMARY> (11.59) 41.59
<EPS-DILUTED> (11.59) 41.59
</TABLE>
