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, 1995
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 0-16208
WESTFORD TECHNOLOGY VENTURES, L.P.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
Delaware 13-3423417
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
17 Academy Street, 5th Floor
Newark, New Jersey 07102-2905
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: (201) 624-2131
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>
WESTFORD TECHNOLOGY VENTURES, L.P.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Balance Sheets as of June 30, 1995 (Unaudited) and December 31, 1994
Schedule of Portfolio Investments as of June 30, 1995 (Unaudited)
Statements of Operations for the Three and Six Months Ended June 30, 1995 and
1994 (Unaudited)
Statements of Cash Flows for the Six Months Ended June 30, 1995 and 1994
(Unaudited)
Statement of Changes in Partners' Capital for the Six Months Ended June 30, 1995
(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.
WESTFORD TECHNOLOGY VENTURES, L.P.
BALANCE SHEETS
<TABLE>
June 30, 1995 December 31,
(Unaudited) 1994
ASSETS
Investments - Note 2
Portfolio investments, at fair value (cost $7,538,861 at
<S> <C> <C>
June 30, 1995 and $7,681,237 at December 31, 1994) $ 7,524,194 $ 7,454,603
Short-term investments, at amortized cost 499,178 497,769
Cash and cash equivalents 262,679 281,341
Receivable from securities sold (net of unamortized
discount of $99,425 at June 30, 1995 and $101,530
at December 31, 1994) 213,365 225,760
Accrued interest receivable 20,051 11,343
------ ------
TOTAL ASSETS $ 8,519,467 $ 8,470,816
= ========= = =========
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable $ 17,807 $ 28,143
Due to Independent General Partners - Note 5 10,500 10,500
------ ------
Total liabilities 28,307 38,643
------ ------
Partners' Capital:
Managing General Partner 84,187 85,701
Individual General Partners 2,956 3,010
Limited Partners (11,217 Units) 8,418,684 8,570,096
Unallocated net unrealized depreciation of investments - Note 2 (14,667) (226,634)
------- --------
Total partners' capital 8,491,160 8,432,173
--------- ---------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 8,519,467 $ 8,470,816
= ========= = =========
</TABLE>
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED)
June 30, 1995
<TABLE>
Initial Investment
Company / Position Date Cost Fair Value
Cincinnati Bell Inc.(A)
<C> <C> <C> <C>
21,673 shares of Common Stock Nov. 1989 $ 425,199 $ 548,869
----------------------------- --------- - ------- - -------
Cybernetics Systems International Corp.*
100,000 shares of Common Stock Mar. 1990 224,970 224,970
4,520 shares of Preferred Stock 1,126,821 1,126,821
Warrants to purchase 78,295 shares of Common Stock
at $.52 per share, expiring between 12/31/98 and 3/23/00 375 375
-------------------------------------------------------- --- ---
Inn-Room Systems, Inc.*
1,342,491 shares of Common Stock Oct. 1989 1,243,686 671,254
Warrants to purchase 206,003 shares of Common Stock at
$0.01 per share, expiring between 12/31/97 and 6/30/98 74,603 100,941
------------------------------------------------------ ------ -------
Picture Productions, L.P.
1% Limited Partnership Interest Dec. 1991 10,000 10,000
------------------------------- --------- ------ ------
Spectrix Corporation*
742,304 shares of Preferred Stock June 1989 3,511,351 2,969,216
274,862 shares of Common Stock 142,681 1,099,448
Warrants to purchase 336,894 shares of Common Stock
at $.50 per share, expiring between 12/31/97 and 12/2/99 0 0
Warrants to purchase 25,000 shares of Common Stock at
$5 per share, expiring 12/2/99 0 0
Options to purchase 5,000 shares of Common Stock at
$4 per share, expiring 4/26/96 6,875 0
------------------------------ ----- -
Thunderbird Technologies, Inc.
581,533 shares of Preferred Stock Oct. 1992 581,533 581,533
Convertible Promissory Note at prime due on demand 190,767 190,767
-------------------------------------------------- ------- -------
TOTALS $ 7,538,861 $ 7,524,194
= ========= = =========
</TABLE>
(A) Public company
* May be deemed an affiliated person of the Partnership as defined in the
Investment Company Act of 1940.
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
---- ---- ---- ----
INVESTMENT INCOME AND EXPENSES
Income:
<S> <C> <C> <C> <C>
Interest from short-term investments $ 10,509 $ 12,727 $ 19,703 $ 26,469
Interest and other income (loss) from portfolio
investments 9,562 (10,913) 22,883 3,983
----- ------- ------ -----
Totals 20,071 1,814 42,586 30,452
------ ----- ------ ------
Expenses:
Management fee - Note 4 55,986 56,023 112,011 114,448
Professional fees 17,957 27,542 44,865 56,882
Mailing and printing 2,871 3,811 14,101 6,617
Independent General Partners' fees - Note 5 10,500 10,500 21,000 21,000
Miscellaneous - 1,000 - 1,000
- ----- - -----
Totals 87,314 98,876 191,977 199,947
------ ------ ------- -------
NET INVESTMENT LOSS (67,243) (97,062) (149,391) (169,495)
Net realized loss from portfolio investments - (384,213) (3,589) (384,213)
- -------- ------ --------
NET REALIZED LOSS FROM OPERATIONS
(allocable to Partners) - Note 3 (67,243) (481,275) (152,980) (553,708)
Net change in unrealized depreciation of investments 75,314 241,669 211,967 141,654
------ ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 8,071 $ (239,606) $ 58,987 $ (412,054)
= ===== = ======== = ====== = ========
</TABLE>
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Six Months Ended June 30,
<TABLE>
1995 1994
---- ----
CASH FLOWS USED FOR OPERATING ACTIVITIES
<S> <C> <C>
Net investment loss $ (149,391) $ (169,495)
Adjustments to reconcile net investment loss to cash used for operating
activities:
(Increase) decrease in accrued interest on short-term investments (1,561) 2,680
(Increase) decrease in accrued interest receivable (8,708) 12,687
Decrease in payables (10,336) (3,336)
------- ------
Cash used for operating activities (169,996) (157,464)
-------- --------
CASH FLOWS PROVIDED FROM (USED FOR)
INVESTING ACTIVITIES
Net return of short-term investments 152 746,773
Cost of portfolio investments purchased (250,000) (872,300)
Proceeds from the sale of portfolio investments 401,182 4,190
------- -----
Cash provided from (used for) investing activities 151,334 (121,337)
------- --------
Decrease in cash and cash equivalents (18,662) (278,801)
Cash and cash equivalents at beginning of period 281,341 744,390
------- -------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 262,679 $ 465,589
= ======= = =======
</TABLE>
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)
For the Six Months Ended June 30, 1995
<TABLE>
Unallocated
Managing Individual Net Unrealized
General General Limited Depreciation of
Partner Partners Partners Investments Total
<S> <C> <C> <C> <C> <C>
Balance at beginning of period $ 85,701 $ 3,010 $ 8,570,096 $ (226,634) $ 8,432,173
Net investment loss - Note 3 (1,478) (53) (147,860) - (149,391)
Net realized loss from portfolio
investments - Note 3 (36) (1) (3,552) - (3,589)
Net change in unrealized
depreciation of investments - - - 211,967 211,967
- - - ------- -------
Balance at end of period $ 84,187 $ 2,956 $ 8,418,684(A) $ (14,667) $ 8,491,160
= ====== = ===== = ========= = ======= = =========
</TABLE>
(A) The net asset value per $1,000 unit of limited partnership interest,
including an assumed allocation of net unrealized depreciation of
investments, is $749.
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. Organization and Purpose
Westford Technology Ventures, L.P. (the "Partnership") is a Delaware limited
partnership formed on September 3, 1987. WTVI Co., L.P., the managing general
partner of the Partnership (the "Managing General Partner") and four individuals
(the "Individual General Partners") are the general partners of the Partnership.
Hamilton Capital Management Inc. (the "Management Company") is the general
partner of the Managing General Partner and the management company of the
Partnership. The Partnership began its principal operations on December 1, 1988.
The Partnership's objective is to achieve long-term capital appreciation by
making venture capital investments in new and developing companies and other
special investment situations. The Partnership will not engage in any other
business or activity. The Partnership will terminate on December 31, 1998,
subject to the right of the Individual General Partners to extend the term for
up to two additional two-year periods.
2. Significant Accounting Policies
Valuation of Investments - Short-term investments are carried at amortized cost
which approximates market. Portfolio investments are carried at fair value as
determined quarterly by the Managing General Partner under the supervision of
the Individual General Partners. The fair value of publicly-held portfolio
securities is adjusted to the average closing public market price for the last
five trading days of each quarter discounted by a factor of 0% to 50% for sales
restrictions. Factors considered in the determination of an appropriate discount
include, underwriter lock-up or Rule 144 trading restrictions, insider status
where the Partnership either has a representative serving on the Board of
Directors or is greater than a 10% shareholder, and other liquidity factors such
as the size of the Partnership's position in a given company compared to the
trading history of the public security. Privately-held portfolio securities are
carried at cost until significant developments affecting the portfolio company
provide a basis for change in valuation. The fair value of private securities is
adjusted 1) to reflect meaningful third-party transactions in the private market
or 2) to reflect significant progress or slippage in the development of the
company's business such that cost is no longer reflective of fair value. As a
venture capital investment fund, the Partnership's portfolio investments involve
a high degree of business and financial risk that can result in substantial
losses. The Managing General Partner considers such risks in determining the
fair value of the Partnership's portfolio investments.
Investment Transactions - Investment transactions are recorded on the accrual
method. Portfolio investments are recorded on the trade date, the date the
Partnership obtains an enforceable right to demand the securities or payment
therefor. 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 income
tax returns. The Partnership's net assets for financial reporting purposes
differ from its net assets for tax purposes. Net unrealized depreciation of
$14,667 at June 30, 1995, which was recorded for financial statement purposes,
was not recognized for tax purposes.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
Additionally, from inception to June 30, 1995, timing differences relating to
realized losses totaling $382,000 have been deducted on the Partnership's
financial statements and syndication costs relating to the selling of Units
totaling $1.2 million were charged to partners' capital on the financial
statements. These amounts have not been deducted or charged against partners'
capital for tax purposes.
Statements of Cash Flows - The Partnership considers cash held in its interest
bearing cash account to be cash equivalents.
3. Allocation of Partnership Profits and Losses
The Partnership Agreement provides that the Managing General Partner will be
allocated, on a cumulative basis over the life of the Partnership, 20% of the
Partnership's aggregate investment income and net realized gains from venture
capital investments, provided that such amount is positive. All other gains and
losses of the Partnership are allocated among all the Partners, including the
Managing General Partner, in proportion to their respective capital
contributions to the Partnership.
4. Related Party Transactions
The Management Company provides, or arranges for others to provide, the
management and administrative services necessary for the operation of the
Partnership. For these services, the Management Company receives a management
fee at an annual rate of 2.5% of the gross capital contributions to the
Partnership (net of selling commissions and organizational expenses paid by the
Partnership), reduced by capital distributed and realized losses, with a minimum
fee of $200,000 per annum. Such fee is determined quarterly and paid monthly.
5. Independent General Partners' Fees
As compensation for services rendered to the Partnership, each of the three
Independent General Partners receives $10,000 annually in quarterly installments
and $1,000 for each meeting of the Independent General Partners attended, plus
out-of-pocket expenses.
6. Interim Financial Statements
In the opinion of WTVI Co., L.P., the managing general partner of the
Partnership, the unaudited financial statements at June 30, 1995, and for the
three and six month periods 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
At June 30, 1995, the Partnership held $762,000 in cash and short-term
investments: $499,000 in short-term securities with maturities of less than one
year and $263,000 in an interest-bearing cash account. The Partnership earned
$11,000 and $20,000 of interest on such investments for the three and six months
ended June 30, 1995, respectively. Interest earned from short-term investments
in future periods is subject to fluctuations in short-term interest rates and
changes in amounts available for investment in such securities.
Funds needed to cover the Partnership's future follow-on investments and
operating expenses will be obtained from existing cash reserves, interest and
other income from portfolio investments and proceeds received from the sale of
portfolio investments.
Results of Operations
For the three and six months ended June 30, 1995, the Partnership had a net
realized loss from operations of $67,000 and $153,000, respectively. For the
three and six months ended June 30, 1994, the Partnership had a net realized
loss from operations of $481,000 and $554,000, respectively. Net realized gain
or loss from operations is comprised of 1) net realized gain or loss from
portfolio investments and 2) net investment income or loss (investment income
less operating expenses).
Investment Income and Expenses - Net investment loss for the three months ended
June 30, 1995 and 1994 was $67,000 and $97,000, respectively. The $30,000
improvement in net investment loss for the 1995 period primarily resulted from
an $18,000 increase in investment income and a $12,000 reduction in operating
expenses for the 1995 period compared to the 1994 period. The increase in
investment income primarily was due to the reversal of accrued interest
receivable relating to the Partnership's debt investment in Eidetics
Incorporated during the 1994 period. The $12,000 reduction in operating expenses
was primarily due to a decrease in professional fees incurred during the 1995
period.
Net investment loss for the six months ended June 30, 1995 and 1994 was $149,000
and $169,000, respectively. The $20,000 decrease in net investment loss for the
1995 period was a result of a $12,000 increase in investment income and an
$8,000 decrease in operating expenses for the 1995 period compared to the 1994
period.
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 receives a management fee at the annual rate
of 2.5% of the gross capital contributions to the Partnership (net of selling
commissions and organizational expenses paid by the Partnership), reduced by
capital distributed and realized losses, with a minimum annual fee of $200,000.
The management fee for the three months ended June 30, 1995 and 1994 was $56,000
for both periods. The management fee for the six months ended June 30, 1995 and
1994 was $112,000 and $114,000, respectively. To the extent possible, the
management fee and other expenses incurred directly by the Partnership are paid
with funds provided from operations. Funds provided from operations primarily
are obtained from interest received from short-term investments, income earned
from portfolio investments and proceeds received from the sale of portfolio
investments.
Realized Gains and Losses from Portfolio Investments - For the three months
ended June 30, 1995, the Partnership had no realized gains or losses from
portfolio investments. For the six months ended June 30, 1995, the Partnership
had a $4,000 net realized loss resulting from the sale of 20,000 shares of
Cincinnati Bell Inc. common stock in the public market for $389,000.
For the three and six months ended June 30, 1994, the Partnership had a $384,000
net realized loss from portfolio investments. In April 1994, Eidetics
Incorporated was sold in a management buyout for a small cash down payment and
future payments based on future cash receipts of the new company for five years
from the buyout date. The Partnership realized a $384,000 loss from this
transaction in 1994.
Unrealized Gains and Losses and Changes in Unrealized Appreciation or
Depreciation of Portfolio Investments - For the six months ended June 30, 1995,
the Partnership had a $170,000 net unrealized gain resulting from an increase in
the public market price of Cincinnati Bell common stock. Additionally, for the
six month period, $42,000 was transferred from unrealized loss to realized loss
relating to the sale of 20,000 shares of Cincinnati Bell common stock, as
discussed above. The $170,000 net unrealized gain and the $42,000 transfer to
realized loss, resulted in a $212,000 increase in net unrealized appreciation of
investments for the six month period.
For the six months ended June 30, 1994, the Partnership had an $83,000 net
unrealized loss resulting from a decrease in the public market price of
Cincinnati Bell common stock. Additionally, for the six month period, $225,000
was transferred from unrealized loss to realized loss due to the sale of the
Partnership's investment in Eidetics, as discussed above. The $83,000 unrealized
loss offset by the $225,000 transfer to realized loss, resulted in a $142,000
increase in net unrealized appreciation of investments for the six month period.
Net Assets - Changes in net assets resulting from operations are comprised of 1)
net realized gain or loss from operations and 2) changes in net unrealized
appreciation or depreciation of investments.
At June 30, 1995, the Partnership's net assets were $8.5 million, up $59,000
from $8.4 million at December 31, 1994. The $59,000 increase was comprised of
the $212,000 increase in net unrealized appreciation of investments offset by
the $153,000 net realized loss from operations for the six month period.
At June 30, 1994, the Partnership's net assets were $8.5 million, a decrease of
$412,000 from $8.9 million at December 31, 1993. The $412,000 decrease was
comprised of the $554,000 net realized loss from operations offset by the
$142,000 increase in net unrealized appreciation for the six month period.
Gains and losses from investments are allocated to the Partners' capital
accounts when realized in accordance with the Partnership Agreement (see Note 3
of Notes to Financial Statements). However, for purposes of calculating the net
asset value per unit of limited partnership interest ("Unit"), net unrealized
appreciation or depreciation of investments has been included as if it had been
realized and allocated to the Limited Partners in accordance with the
Partnership Agreement. Pursuant to such calculation, the net asset value per
$1,000 Unit at June 30, 1995 and December 31, 1994 was $749 and $744,
respectively.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Partnership is not a party to any material pending 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.
The 1995 Annual Meeting of the Limited Partners was held on June 16, 1995. At
the meeting, the four Individual General Partners, Jeffrey T. Hamilton, Robert
S. Ames, Alfred M. Bertocchi and George M. Weimer, were elected to continue to
serve as Individual General Partners and WTVI Co., L.P. was elected to continue
to serve as the Managing General Partner. The following other matters were also
voted on and were approved, with the exception of the proposal to amend
Paragraph 11.4.1 of the Amended and Restated Agreement of Limited Partnership
with respect to hold Annual Meetings of Limited Partners.
<TABLE>
Affirmative Negative
Votes Votes Abstentions
Approval of the continuance of the
Management Agreement between the
<S> <C> <C> <C>
Partnership and the Management Company 4,394 1,020 347
Ratification of the selection of
BDO Seidman LLP as independent
auditors for the Partnership's fiscal
year ending December 31, 1995 4,870 556 335
Proposal to amend Paragraph 11.4.1 of the Amended and Restated Agreement of
Limited Partnership with respect to the requirement to hold Annual Meetings of
Limited Partners (requires affirmative votes
from a majority of the outstanding units) 4,181 1,240 340
</TABLE>
<PAGE>
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
(27) Financial Data Schedule.
(b) No reports on Form 8-K have been filed during the quarter
covered by this report.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, this report has been signed below by the following persons on
behalf of the Registrant, in the capacities indicated.
WESTFORD TECHNOLOGY VENTURES, L.P.
By: WTVI Co., L.P.
its managing general partner
By: Hamilton Capital Management Inc.
its general partner
<TABLE>
<S> <C> <C> <C>
By: /s/ Jeffrey T. Hamilton President, Secretary and Director (Principal
Jeffrey T. Hamilton Executive Officer) of Hamilton Capital
Management Inc. and Individual General
Partner of Westford Technology Ventures, L.P.
By: /s/ Susan J. Trammell Treasurer and Director (Principal Financial
Susan J. Trammell and Accounting Officer) of Hamilton Capital
Management Inc.
</TABLE>
Date: August 11, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM WESTFORD
TECHNOLOGY VENTURES, L.P.'S QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED
JUNE 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 7,538,861
<INVESTMENTS-AT-VALUE> 7,524,194
<RECEIVABLES> 233,416
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 761,857
<TOTAL-ASSETS> 8,519,467
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,307
<TOTAL-LIABILITIES> 28,307
<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> (14,667)
<NET-ASSETS> 8,491,160
<DIVIDEND-INCOME> 12,670
<INTEREST-INCOME> 29,916
<OTHER-INCOME> 0
<EXPENSES-NET> 191,977
<NET-INVESTMENT-INCOME> (149,391)
<REALIZED-GAINS-CURRENT> (3,589)
<APPREC-INCREASE-CURRENT> 211,967
<NET-CHANGE-FROM-OPS> 58,987
<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> 48,651
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 744
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 749
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
