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 March 31, 1998
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)
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)
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 March 31, 1998 (Unaudited) and December 31, 1997
Schedule of Portfolio Investments as of March 31, 1998 (Unaudited)
Statements of Operations for the Three Months Ended March 31, 1998 and 1997
(Unaudited)
Statements of Cash Flows for the Three Months Ended March 31, 1998 and 1997
(Unaudited)
Statement of Changes in Partners' Capital for the Three Months Ended March 31,
1998 (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>
March 31, 1998 December 31,
(Unaudited) 1997
ASSETS
Portfolio investments, at fair value (cost $10,528,421 as of
<S> <C> <C> <C> <C> <C> <C>
March 31, 1998 and December 31, 1997) $ 7,043,299 $ 6,366,864
Cash and cash equivalents 23,910 16,061
Receivable from securities sold (net of unamortized discount of
$57,271 at March 31, 1998 and $66,322 at December 31, 1997) 114,256 122,180
Accrued interest receivable 182,013 150,000
----------------- -----------------
TOTAL ASSETS $ 7,363,478 $ 6,655,105
================= =================
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable $ 47,989 $ 44,355
Due to Management Company 86,530 22,134
Due to Independent General Partners 21,000 10,500
----------------- -----------------
Total Liabilities 155,519 76,989
----------------- -----------------
Partners' Capital:
Managing General Partner 584,865 577,197
Individual General Partners 3,558 3,577
Limited Partners (11,217 Units) 10,104,658 10,158,899
Unallocated net unrealized depreciation of investments (3,485,122) (4,161,557)
------------------ -----------------
Total Partners' Capital 7,207,959 6,578,116
----------------- -----------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 7,363,478 $ 6,655,105
================= =================
</TABLE>
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (Unaudited)
March 31, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Initial Investment
Company / Position Date Cost Fair Value
EIS International, Inc.(A)
206,267 shares of Common Stock Mar. 1990 $ 2,726,335 $ 1,727,486
Warrants to purchase 29,015 shares of Common Stock
at $1.41 per share, expiring between 12/31/98 and 3/23/00 438,469 202,185
-------------- -------------
3,164,804 1,929,671
- -------------------------------------------------------------------------------------------------------------------------------
Inn-Room Systems, Inc.*
1,480,491 shares of Common Stock Oct. 1989 1,285,894 740,246
Demand Promissory Note at prime plus 1% due 12/31/98 103,620 103,620
Warrants to purchase 68,003 shares of Common Stock at
$0.01 per share, expiring 6/30/98 33,775 33,321
-------------- -------------
1,423,289 877,187
- -------------------------------------------------------------------------------------------------------------------------------
Spectrix Corporation*
742,304 shares of Preferred Stock June 1989 3,511,351 1,113,458
274,862 shares of Common Stock 142,681 412,293
Demand Promissory Notes at 8% 1,497,500 1,497,500
Warrants to purchase 424,394 shares of Common Stock
at $.50 per share, expiring between 12/31/99 and 4/30/03 0 424,394
Warrants to purchase 50,000 shares of Common Stock at
$4.00 per share, expiring 04/30/03 0 0
-------------- -------------
5,151,532 3,447,645
- -------------------------------------------------------------------------------------------------------------------------------
Thunderbird Technologies, Inc.
788,796 shares of Preferred Stock Oct. 1992 788,796 788,796
- -------------------------------------------------------------------------------------------------------------------------------
TOTALS $ 10,528,421 $ 7,043,299
============== =============
</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)
For the Three Months Ended March 31,
<TABLE>
1998 1997
------------- ----------
INVESTMENT INCOME AND EXPENSES
Income:
<S> <C> <C>
Interest from short-term investments $ 165 $ 7,683
Interest and other income from portfolio investments 41,052 26,735
------------- ---------------
Total investment income 41,217 34,418
------------- ---------------
Expenses:
Management fee 55,896 55,896
Professional fees 7,683 8,628
Mailing and printing 3,490 3,170
Independent General Partners' fees 10,500 10,500
Other expenses 10,240 20,812
------------- ---------------
Total expenses 87,809 99,006
------------- ---------------
NET INVESTMENT LOSS (46,592) (64,588)
Net realized gain (loss) from portfolio investments - -
------------- ---------------
NET REALIZED LOSS FROM OPERATIONS (46,592) (64,588)
Change in unrealized depreciation of investments 676,435 (426,792)
------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS $ 629,843 $ (491,380)
============= ===============
</TABLE>
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
STATEMENTS OF CASH FLOWS (Unaudited)
For the Three Months Ended March 31,
<TABLE>
1998 1997
------------ -------
CASH FLOWS USED FOR OPERATING ACTIVITIES
<S> <C> <C>
Net investment loss $ (46,592) $ (64,588)
Adjustments to reconcile net investment loss to cash used for operating
activities:
Increase in accrued interest on short-term investments - (1,534)
Increase in accrued interest and other receivables (35,389) (23,401)
Increase (decrease) in payables 78,530 (12,706)
------------ ------------
Cash used for operating activities (3,451) (102,229)
------------ ------------
CASH FLOWS PROVIDED FROM (USED FOR)
INVESTING ACTIVITIES
Net purchase of short-term investments - (395,813)
Cost of portfolio investments purchased - (300,000)
Proceeds from the sale of portfolio investments 11,300 9,920
------------ ------------
Cash provided from (used for) investing activities 11,300 (685,893)
------------ ------------
Increase (decrease) in cash and cash equivalents 7,849 (788,122)
Cash and cash equivalents at beginning of period 16,061 900,186
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 23,910 $ 112,064
============ ============
</TABLE>
See notes to financial statements.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (Unaudited)
For the Three Months Ended March 31, 1998
<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 $ 577,197 $ 3,577 $ 10,158,899 $ (4,161,557) $ 6,578,116
Net investment loss 7,668 (19) (54,241) - (46,592)
Net change in unrealized
depreciation of investments - - - 676,435 676,435
------------ --------- --------------- --------------- ---------------
Balance at end of period $ 584,865 $ 3,558 $ 10,104,658 $ (3,485,122) $ 7,207,959
============ ========= =============== ================ ===============
</TABLE>
(A) The net asset value per $1,000 unit of limited partnership interest,
including an assumed allocation of net unrealized appreciation of
investments, is $636.
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 is scheduled to 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 closing public market price for the last trading
day 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.
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. 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.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (Unaudited) - continued
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 $3.5
million at March 31, 1998, which was recorded for financial statement purposes,
has not been recognized for tax purposes. Additionally, from inception to March
31, 1998, other timing differences relating to net realized gains totaling $1.0
million have been recorded on the Partnership's financial statements but have
not yet been recorded on the Partnership's tax return and syndication costs
relating to the selling of Units totaling $1.2 million were charged to partners'
capital on the financial statements but have not been deducted or charged
against partners' capital for tax purposes.
Cash Equivalents - The Partnership considers all highly liquid debt instruments
(primarily money market funds) 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 is responsible for 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.
The Management Company also directly provides certain shareholder services and
database management support for the Limited Partners of the Partnership. For
such services, the Management Company charges the Partnership $8,500 per
quarter. This amount is paid to the Management Company in addition to the
regular management fee discussed above.
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.
<PAGE>
WESTFORD TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (Unaudited) - continued
6. Classification of Portfolio Investments
As of March 31, 1998, the Partnership's investments were categorized as follows:
<TABLE>
Percentage of
Type of Investments Cost Fair Value Net Assets*
- ------------------- --------------- --------------- -----------
<S> <C> <C> <C>
Preferred Stock $ 4,300,147 $ 1,902,254 26.39%
Common Stock 4,627,154 3,539,925 49.12%
Debt Securities 1,601,120 1,601,120 22.21%
---------------- -------------- ------
Total $ 10,528,421 $ 7,043,299 97.72%
================ ============== ======
Country/Geographic Region
Midwestern U.S. $ 6,574,821 $ 4,324,832 60.00%
Eastern U.S. 3,953,600 2,718,467 37.72%
---------------- -------------- ------
Total $ 10,528,421 $ 7,043,299 97.72%
================ ============== ======
Industry
Wireless Communications $ 5,151,532 $ 3,447,645 47.83%
Computer Software 3,164,804 1,929,671 26.78%
Vending Equipment 1,423,289 877,187 12.17%
Semiconductors 788,796 788,796 10.94%
---------------- -------------- -------
Total $ 10,528,421 $ 7,043,299 97.72%
================ ============== ======
</TABLE>
* Fair value as a percentage of net assets.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Liquidity and Capital Resources
As of March 31, 1998, the Partnership held $23,910 in an interest-bearing cash
account. The Partnership earned $165 of interest from such cash account for the
three months ended March 31, 1998. 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.
The Partnership has fully invested the net proceeds received from the offering
of Units and will not make investments in any new portfolio companies. However,
the Partnership may make additional follow-on investments in existing portfolio
companies when required.
As of March 31, 1998, the Partnership's current liabilities exceeded its cash
balance by approximately $131,600. Funds needed to cover such current
liabilities and the Partnership's future follow-on investments and operating
expenses are expected to be obtained from existing cash reserves, interest and
other income from portfolio investments and proceeds from the sale of portfolio
investments. As a result of the current cash shortage, payments to the Managing
General Partner and Independent General Partners have been temporarily
suspended.
Results of Operations
For the three months ended March 31, 1998 and 1997, the Partnership had a net
realized loss from operations of $46,592 and $64,588, respectively. Net realized
gain or loss from operations is comprised of (i) net realized gain or loss from
portfolio investments and (ii) net investment income or loss (investment income
less operating expenses).
Realized Gains and Losses from Portfolio Investments - For the three months
ended March 31, 1998 and 1997, the Partnership had no realized gains or losses
from its portfolio investments.
Investment Income and Expenses - Net investment loss for the three months ended
March 31, 1998 and 1997 was $46,592 and $64,588, respectively. The $17,996
decrease in net investment loss for the 1998 period as compared to the same
period in 1997, is comprised of an $11,197 decrease in operating expenses and a
$6,799 increase in investment income. The decrease in operating expenses
primarily resulted from a decline in other expenses for the 1998 period,
resulting from expense accrual adjustments made in the first quarter of 1997.
The increase in investment income for the 1998 period is comprised of a $14,317
increase in income from portfolio investments partially offset by a $7,518
decrease in interest from short-term investments. The increase in income from
portfolio investments relates to the additional promissory notes of Spectrix
Corporation held by the Partnership during the 1998 period compared to the same
period in 1997. The decrease in interest from short-term investments for the
1998 period compared to the same period in 1997 primarily is due to a reduction
of funds available for investment in such securities during the 1998 period.
The Management Company is responsible for 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 March 31, 1998 and 1997 was $55,896 for both periods. 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.
Unrealized Gains and Losses and Changes in Unrealized Appreciation or
Depreciation of Portfolio Investments - For the three months ended March 31,
1998, the Partnership had a $676,435 net unrealized gain, resulting from the net
upward revaluation of its investment in EIS International, Inc., resulting from
the increase in the public market price of the company's common stock at the end
of the quarter.
For the three months ended March 31, 1997, the Partnership had a $426,792 net
unrealized loss, resulting from the net downward revaluation of its investment
in EIS International, Inc., resulting from the decline in the public market
price of the company's common stock at the end of the quarter.
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.
As of March 31, 1998, the Partnership's net assets were $7,207,959, up $629,843
from $6,578,116 at December 31, 1997. The $629,843 increase was comprised of the
$676,435 increase to net unrealized appreciation of investments offset by the
$46,592 net realized loss from operations for the three month period.
As of March 31, 1997, the Partnership's net assets were $8,521,715, down
$491,380 from $9,013,095 at December 31, 1996. The $491,380 decrease was
comprised of the $426,792 decrease to net unrealized appreciation of investments
and the $64,588 net realized loss from operations for the three 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 March 31, 1998 and December 31, 1997 was $636 and $580,
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 1998 Annual Meeting of Limited Partners is scheduled to be held on June 26,
1998.
Item 5. Other Information.
Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
(27) Financial Data Schedule (filed with SEC, EDGAR version
only)
(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, and on the dates 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> <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: May 14, 1998
<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
MARCH 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 10,528,421
<INVESTMENTS-AT-VALUE> 7,043,299
<RECEIVABLES> 296,269
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 23,910
<TOTAL-ASSETS> 7,363,478
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 155,519
<TOTAL-LIABILITIES> 155,519
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 11,217
<SHARES-COMMON-PRIOR> 11,217
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,485,122)
<NET-ASSETS> 7,207,959
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 41,217
<OTHER-INCOME> 0
<EXPENSES-NET> 87,809
<NET-INVESTMENT-INCOME> (46,592)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 676,435
<NET-CHANGE-FROM-OPS> 629,843
<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> 629,843
<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> 6,893,038
<PER-SHARE-NAV-BEGIN> 580
<PER-SHARE-NII> (5)
<PER-SHARE-GAIN-APPREC> 61
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 636
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
