<PAGE> 1
UNITED STATES
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 quarterly period ended June 30, 1996
[ ] 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: 018581
-------
RENAISSANCE CAPITAL PARTNERS, LTD.
___________________________________________________________________________
(Exact name of registrant as specified in its charter)
Texas 75-2296301
____________________________________________________________________________
(State or other jurisdiction (I.R.S. Employer I.D. No.)
of incorporation or organization)
8080 North Central Expressway, Dallas, Texas 75206-1857
___________________________________________________________________________
(Address of principal executive offices) (Zip Code)
214/891-8294
___________________________________________________________________________
(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 ________
<PAGE> 2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
--------------------
RENAISSANCE CAPITAL PARTNERS, LTD.
Statement of Assets, Liabilities and
Partners' Equity
As of June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Assets December 31, 1995 June 30, 1996
------ ----------------- -------------
<S> <C> <C>
Cash and cash equivalents $ 2,823 $ 165,274
Investments at market value, cost
of $10,235,147 and $10,273,072, respectively 10,264,655 8,495,166
Interest and fees receivable 328,189 340,288
------------ ------------
$10,595,667 $ 9,000,728
=========== ============
Liabilities and Partners' Equity
--------------------------------
Accounts payable - related party $669,829 $ 773,257
669,829 773,257
---------- ----------
Partners' equity:
General partner 25,991 9,007
Limited partners (128.86 units) 9,899,847 8,218,464
---------- ----------
9,925,838 8,227,471
---------- ----------
$10,595,667 $9,000,728
=========== ==========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 3
RENAISSANCE CAPITAL PARTNERS, LTD.
Statement of Operations
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended June 30, Six Months Ended June 30,
1995 1996 1995 1996
---------- ---------- --------- ---------
<S> <C> <C> <C> <C>
Income:
Interest $ 77,241 $ 3,048 $ 145,643 $ 6,726
Dividends 1,246 -0- 5,927 -0-
--------- --------- --------- ----------
Total income 78,487 3,048 151,570 6,726
--------- --------- --------- ----------
Expenses:
General and
administrative 56,370 68,040 99,020 124,304
Management fees 64,430 41,344 128,860 84,065
-------- --------- -------- ---------
Total expenses 120,800 109,384 227,880 208,369
-------- --------- -------- ---------
Investment income
(loss) net (42,313) (106,336) (76,310) (201,643)
Net realized and
unrealized gain
(loss) on
investments (135,313) (167,629) 257,955 (1,496,724)
--------- --------- -------- ----------
Net increase
(decrease)
in net assets
resulting from
operations $ (177,626) $(273,965) $181,645 $(1,698,367)
========== ========= ======== ===========
Income (loss)
per limited
partnership
unit $ (1,365) $ (2,105) $ 1,396 $ (13,048)
========== ========== ========= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 4
RENAISSANCE CAPITAL PARTNERS, LTD.
Statement of Partners' Equity
(Unaudited)
<TABLE>
<CAPTION>
General Limited
Partner Partners Total
------- -------- -----
<S> <C> <C> <C>
Balance, December 31, 1989 $ (3,465) $ (74,131) $ (77,596)
Proceeds from issuance of 128.86
limited partnership Units, net
of syndication fees and brokers'
commissions of $845,132 -0- 12,114,964 12,114,964
Net income 2,615 258,925 261,540
Distributions -0- (433,329) (433,329)
-------- --------- ----------
Balance, December 31, 1990 (850) 11,866,429 11,865,579
Net income 28,551 2,826,506 2,855,057
Distributions -0- (795,605) (795,605)
-------- ---------- ----------
Balance, December 31, 1991 27,701 13,897,330 13,925,031
Net income 58,124 5,754,260 5,812,384
Distributions -0- (1,280,000) (1,280,000)
-------- ---------- ----------
Balance, December 31, 1992 85,825 18,371,590 18,457,415
Net income 17,954 1,777,408 1,795,362
Distributions -0- (973,160) (973,160)
-------- ---------- ----------
Balance, December 31, 1993 103,779 19,175,838 19,279,617
Net loss (46,675) (4,620,838) (4,667,513)
Distributions -0- (1,500,000) (1,500,000)
-------- ---------- ----------
Balance, December 31, 1994 57,104 13,055,000 13,112,104
Net Income loss (31,113) (3,080,153) (3,111,266)
Distributions -0- (75,000) (75,000)
-------- ---------- ----------
Balance, December 31, 1995 25,991 9,899,847 9,925,838
Net Income loss (16,984) (1,681,383) (1,698,367)
--------- ---------- ----------
Balance, June 30, 1996 $ 9,007 $8,218,464 $8,227,471
========= ========== ==========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 5
RENAISSANCE CAPITAL PARTNERS, LTD.
Statement of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended June 30, Six Months Ended June 30,
1995 1996 1995 1996
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Cash flows from operating activities:
Net increase (decrease) in net assets
resulting from operations $ (177,626) $ (273,965) $ 181,645 $(1,698,370)
Adjustments to reconcile net decrease to
cash flows from operating activities:
Amortization of organizational costs 2,625 -0- 5,250 -0-
Unrealized (gain) loss on investments 135,313 342,934 (257,955) 1,807,414
Realized loss on investments -0- (175,305) -0- (310,687)
(Increase) decrease in:
Accounts receivable (38,994) (7,114) (16,317) (12,099)
Increase (decrease) in:
Accounts payable - related parties 102,975 74,093 193,512 103,428
Miscellaneous -0- (232) -0- (247)
---------- --------- --------
Total adjustments 201,919 234,376 (75,510) 1,587,809
========= ======== =========
Net cash flows from operating activities 24,293 (39,589) 106,135 (110,561)
Cash flows from investing activities:
Purchase of investments ( 95,000) (80,000) (195,000) (122,500)
Proceeds from sale of securities -0- 221,937 -0- 395,512
Net cash flows from investing activities (95,000) 141,937 (195,000) 273,012
--------- --------- ---------
Cash flows from financing activities:
Distributions to limited partners (75,000) -0- (175,000) -0-
--------- --------- --------- --------
Net increase (decrease) in cash (145,707) 102,348 (263,865) 162,451
Cash and cash equivalents at beginning of period 213,095 62,926 331,253 2,823
--------- --------- ---------
Cash and cash equivalents at end of period $ 67,388 $ 165,274 $ 67,388 $ 165,274
========== ========== ========= =========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 6
RENAISSANCE CAPITAL PARTNERS, LTD.
Notes to Financial Statements
June 30, 1996
(1) ORGANIZATION AND BUSINESS PURPOSE
Renaissance Capital Partners, Ltd. (the "Partnership"), a Texas limited
partnership, was formed on July 31, 1989. Limited Partnership contributions
of $12,886,000 were secured upon final closing of the Partnership on June 14,
1990. The Partnership seeks to achieve current income and long-term capital
appreciation by making investments primarily in private placement convertible
debt securities of smaller public companies. The Partnership has elected to
be treated as a business development company under the Investment Company Act
of 1940, as amended. The Partnership will terminate upon liquidation of all
its investments, but no later than June 14, 1998 subject to the right of the
Independent General Partners to extend the term for up to three additional
one-year periods if they determine that such extension is in the best
interest of the Partnership.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) ORGANIZATIONAL COSTS
Costs of organizing the Partnership were capitalized and amortized on a
straight-line basis over five years. These costs were completely amortized
during the quarter ended June 30, 1995.
(b) CONTRIBUTED CAPITAL
Proceeds from the sale of the limited partnership interests, net of
related selling commissions and syndication costs, are recorded as
contributed capital.
(c) STATEMENT OF CASH FLOWS
The Partnership considers all highly liquid debt instruments with
original maturities of three months or less to be cash equivalents. No
interest or income taxes were paid during the periods.
(d) VALUATION OF INVESTMENTS
The valuation of investments in debentures which are convertible into
unregistered securities is based upon the bid price of the underlying
securities obtained through normal market systems less a discount for selling
and registration costs. For those investments not having an established
market, the valuation is at the Partnership's costs for the first six months
after closing and will be redetermined by the General Partners subsequent to
that time period.
(e) MANAGEMENT EXTIMATES
The financial statements have been prepared in conformity with generally
accepted accounting principles. The preparation of the accompanying
financial statements requires estimates and assumptions made by management of
the Partnership that affect the reported amounts of assets and liabilities as
of the date of the statements of assets, liabilities and partners' equity and
income and expenses for the period. Actual results could differ
significantly from those estimates.
<PAGE> 7
(f) INTEREST INCOME
Interest income is accrued on all debt securities owned by the
partnership on a quarterly basis. When it is determined that the interest
accrued will not be collected, the income for that quarter is reduced to
reflect the net interest earned during the period. Interest accrued for the
current quarter was $232,935 and the amount determined to be uncollectible
and charged against the income was $229,887.
(3) MANAGEMENT
Renaissance Capital Group, Inc. (Renaissance), the Managing General
Partner, serves as the investment adviser for the Partnership. Renaissance
is registered as an investment adviser under the Investment Advisers Act of
1940. Pursuant to the management agreement, Renaissance will perform certain
services, including certain management, investment, and administrative
services, necessary for the operation of the Partnership.
Renaissance is entitled to quarterly fees equal to 0.5% of the
Partnership assets at the end of each quarter. On April 21, 1994 at the
Annual Meeting of Limited Partners, a proposal to amend the Advisory
Agreement was ratified by the Limited Partners. The agreement now dictates
that to the extent any portion of such fee is based on an increase in Net
Assets Value attributable to non-realized appreciation of securities or other
assets that exceed capital contributions, such portion of the fee shall be
deferred and not earned or payable until such time as appreciation or any
portion thereof is in fact realized and then such deferred fees shall be
earned and paid in proportion to the gains in fact realized. Fees due to
Renaissance for the three months ended June 30, 1996 were $41,344.
Renaissance is reimbursed by the Partnership for administrative expenses
paid by Renaissance on behalf of the Partnership. For the three months ended
June 30, 1996 the Partnership incurred reimbursable expenses of $32,749 and
reimbursed Renaissance nothing to be applied to the total account.
In addition, the Partnership is served by two independent, individual
general partners (the "Independent General Partners"). The Independent
General Partners receive a quarterly fee of $6,000 each, payable in advance.
(4) FEDERAL INCOME TAXES
No provision has been made for Federal income taxes as the liability for
such taxes is that of the partners rather than the Partnership.
(5) PARTNERSHIP AGREEMENT
Pursuant to the terms of the partnership agreement, all items of income,
gain, loss and deduction of the Partnership, other than any Capital
Transaction, as defined, will be allocated 1% to Renaissance and 99% to the
Limited Partners. All items of gain of the Partnership resulting from a
Capital Transaction shall be allocated such that the Limited Partners receive
a cumulative simple annual return of 10% on their capital contributions and
any remaining gains shall be allocated 20% to Renaissance and 80% to the
Limited Partners. All items of loss resulting from Capital Transactions
shall be allocated 1% to Renaissance and 99% to the Limited Partners.
(6) INVESTMENTS
Investments of the Partnership are carried in the statements of assets,
liabilities and partners' equity at quoted market or fair value, as
determined in good faith by the Managing General Partner and approved by the
Independent General Partners.
For securities that are publicly traded and for which quotations are
available, the Partnership will value the investments based on the closing
sale as of the last day of the fiscal quarter, or in the event of an interim
valuation, as of the date of the valuation. If no sale is reported on such
date, the securities will be valued at the average of the closing bid and
asked prices.
<PAGE> 8
RENAISSANCE CAPITAL PARTNERS, LTD.
Notes to Financial Statements (Continued)
June 30, 1996
Generally, debt securities will be valued at their face value. However,
if the debt is impaired, an appropriate valuation reserve will be established
or the investment discounted to estimated realizable value. Conversely, if
the underlying stock has appreciated in value and the conversion feature
justifies a premium value, such premium will of necessity be recognized.
The Managing General Partner, subject to the approval and supervision of
the Independent General Partners, will be responsible for determining fair
value.
<PAGE> 9
RENAISSANCE CAPITAL PARTNERS, LTD.
Notes to Financial Statements (Continued)
June 30, 1996
<TABLE><CAPTION>
CONVERSION FAIR
COST OR FACE VALUE VALUE
<S> <C> <C> <C>
Biopharmaceutics, Inc.
12.5% Convertible Debenture $1,000,000 $1,320,000 $1,190,800
Conversion price $.25, maturity 10/10/98
CEL Communications, Inc.
12.50% Convertible Debenture 1,825,000 1,825,000 1,165,850
Conversion price $.80, maturity 7/1/98
Nine-month secured note 50,000 50,000 50,000
Post Petition loans 545,000 545,000 545,000
Standby Commitment* 50,000 50,000 50,000
Global Environmental Corp.
Convertible Preferred Stock 100,000 75,000 70,500
B Preferred Stock 1,600,000 1,200,000 1,078,000
Term Note 211,635 211,635 211,635
International Movie Group, Inc.
12% Convertible Subordinated Debenture 1,500,000 1,500,000 750,000
Conversion price $1.50, maturity 3/31/98
MaxServ, Inc.Common Stock 352,425 1,820,863 1,802,654
Microlytics, Inc.
Convertible Preferred Stock 1,556,654 264,631 198,753
Common Stock 133,108 34,813 32,724
UNICO, Inc.
12.50% Convertible Debenture 1,250,000 1,250,000 1,250,000
Conversion price $.90, maturity 1/1/99
Term Note 149,250 149,250 149,250
*Less undisbursed commitments (50,000) (50,000) (50,000)
----------- ----------- ----------
$10,273,072 $10,246,192 $8,495,166
=========== =========== ==========
</TABLE>
Additional post petition loans in the aggregate amount of $80,000 were
made to CEL Communications, Inc. in the current quarter. The Partnership has
a standby commitment with CEL Communications, Inc. for an additional $50,000.
The Partnership realized a capital gain of $175,305 on the sale of
61,867 shares of MaxServ, Inc. during the quarter ended June 30, 1996.
(7) RELATED PARTY TRANSACTIONS
Certain officers of Renaissance are also limited partners in the
Partnership. There were no distributions for the three months ended June 30,
1996.
<PAGE> 10
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
(1) Material Changes in Financial Condition
Discuss material changes from end of preceding fiscal year to date of
most recent interim balance sheet provided. If necessary for an understanding
discuss seasonal fluctuations.
For the past 3 months, the Partnership recorded a decrease of
approximately $273,965 in the net assets resulting from operations. This was
due primarily to a decrease in market values for the common stocks of certain
of its Portfolio companies.
The following Portfolio transactions are noted for the quarter
(portfolio companies are herein referred to as the "Company"):
CEL COMMUNICATIONS - The Company is seeking a sale of assets or merger
as a basis for finalizing a plan of liquidation. The Partnership has agreed
to stay foreclosure action until mid September pending such plan of
liquidation. The Partnership has provided additional post petition financing
of $80,000 during the first quarter of 1996. This brings the Partnerships'
post petition financing to a total of $595,000.00 at the quarter end. In
addition, the Partnership has agreed to provide additional loans to the
Company in the amount of $30,000 to cover legal fees. Subsequently, the
Partnership has provided additional post petition financing during the second
quarter, in the amount of $30,000, concluding this commitment to cover legal
fees.
GLOBAL ENVIRONMENTAL - The Company has employed a new president and CEO
and effective May 22, 1996 has sold the stock and assets of Rage, Inc., the
wholly owned subsidiary, engaged in design and construction of material
handling systems to the former President and CEO in consideration for
assumption of certain liabilities and for common stock. The Company has
consolidated its facilities at Hagerstown, Maryland.
MAXSERV, INC. - The Partnership realized capital gains of $175,305.00 on
the sale of 61,867 shares of MaxServ, Inc. during the quarter ended June
30, 1996. This brings the total realized gains on the sale of 112,767 shares
of MaxServ stock to $300,552 for the first six months of 1996. The
Partnership held 469,900 shares as of the quarter end. Subsequently, the
Partnership has sold an additional 19,900 shares for capital gains of
$81,968.35, and now holds 450,000 shares of MaxServ, Inc.
During the quarter ending June 30, 1996 except as outlined above, no
additional investments were made.
(2) Material Changes in Operations
Discuss material changes with respect to the most recent year-to-date
period and corresponding period for prior year, if most recent quarter
included also covers changes for quarterly period.
During the past twelve months, interest income has declined
substantially as the result of not accruing certain past due payments from
portfolio companies because the likelihood of receiving such payments appears
to be in question. In addition, income has declined as the result of payment
defaults and as the Partnership has converted debentures into common and
preferred stock that traditionally have lower current yields as compared to
debentures.
Income received is primarily from interest income on a portfolio of
Convertible Debenture investments and upon the sale of common stock. In
prior quarters, as investments were committed or closed, income from closing
fees and commitment fees was also recorded. This source of income is not
available on an ongoing basis, except to the extent funds are available for
new investments.
Portfolio investments still held as debentures require interest payments
generally on either a monthly or quarterly basis. UNICO, Inc. has terms in
certain of its Term Notes for interest payable annually. As of June 30, 1996
all companies are current on interest payments with the following exceptions:
Biopharmaceutics is in arrears in interest payments to the Partnership in the
aggregate amount of $360,089.11; CEL Communications is in arrears in
<PAGE> 11
interest payments to the Partnership in the aggregate amount of $939,682.40;
Global Environmental is in arrears in interest payment to the Partnership in
the aggregate amount of $34,107.65; International Movie Group, Inc. is in
arrears in interest payment to the Partnership in the aggregate amount of
$450,246.55; UNICO, Inc. is in arrears in interest payment to the
Partnership in the aggregate amount of $173,479.32.
<PAGE> 12
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
-----------------
162nd Judicial District Court, Dallas, County, Texas
John Pembroke vs. Renaissance Capital Group, Inc.
Commenced on November 9, 1995
John Pembroke vs. Renaissance Capital Partners, Ltd.
Commenced on July 15, 1996
On November 9, 1995, John Pembroke commenced action against Renaissance
Capital Group, Inc. ("Renaissance Group") seeking collection of a judgment
awarded to him by default in a suit against AFN, Inc. in the amount of
$2,441,320.04 plus interest and attorney's fees to seek payment of sums
claimed due under an employment contract with AFN, Inc. The stated basis
for claim was that Renaissance Group became the "alter ego" of AFN and
therefore liable under the employment contract. Renaissance Group has
denied liability and seeks dismissal of the action on summary judgment.
The Partnership may be bound by agreement to indemnify Renaissance Group
from any costs of litigation and any judgments in favor of Pembroke.
On July 15, 1996, the Partnership commenced action against Pembroke seeking
damages for its losses on the investment of AFN, Inc. The basis for claim is
misrepresentations made by Pemkbroke regarding the financial condition of AFN,
Inc. at the time of the Partnership's investment. Pembroke has denied
liability.
On July 26, 1996, Pembroke filed a counterclaim against the Partnership based
on the same claims and demands as the earlier suit commenced against
Renaissance Capital Group, Inc.
<PAGE> 13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Partnership has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
RENAISSANCE CAPITAL PARTNERS, LTD.
August 13, 1996 /s/ Russell Cleveland
-----------------------------------------------
Renaissance Capital Group, Inc., Managing General Partner
Russell Cleveland, President
August 13, 1996 /s/ Barbe Butschek
-----------------------------------------------
Renaissance Capital Group, Inc., Managing General Partner
Barbe Butschek, Chief Financial Officer
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C> <C> <C> <C>
<C>
<PERIOD-TYPE> YEAR 6-MOS 6-MOS 3-MOS
3-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1996 DEC-31-1995 DEC-31-1996
DEC-31-1995
<PERIOD-END> DEC-31-1995 JUN-30-1995 JUN-30-1995 JUN-30-1996
JUN-30-1995
<INVESTMENTS-AT-COST> 10,235,147 10,273,072 0 0
0
<INVESTMENTS-AT-VALUE> 10,264,655 8,495,166 0 0
0
<RECEIVABLES> 328,189 340,288 0 0
0
<ASSETS-OTHER> 2,823 165,274 0 0
0
<OTHER-ITEMS-ASSETS> 0 0 0 0
0
<TOTAL-ASSETS> 10,595,667 9,000,728 0 0
0
<PAYABLE-FOR-SECURITIES> 0 0 0 0
0
<SENIOR-LONG-TERM-DEBT> 0 0 0 0
0
<OTHER-ITEMS-LIABILITIES> 669,829 773,257 0 0
0
<TOTAL-LIABILITIES> 669,829 773,257 0 0
0
<SENIOR-EQUITY> 0 0 0 0
0
<PAID-IN-CAPITAL-COMMON> 0 0 0 0
0
<SHARES-COMMON-STOCK> 0 0 0 0
0
<SHARES-COMMON-PRIOR> 0 0 0 0
0
<ACCUMULATED-NII-CURRENT> 0 0 0 0
0
<OVERDISTRIBUTION-NII> 0 0 0 0
0
<ACCUMULATED-NET-GAINS> 0 0 0 0
0
<OVERDISTRIBUTION-GAINS> 0 0 0 0
0
<ACCUM-APPREC-OR-DEPREC> 0 0 0 0
0
<NET-ASSETS> 9,925,838 8,227,471 0 0
0
<DIVIDEND-INCOME> 0 0 5,927 0
1,246
<INTEREST-INCOME> 0 6,726 145,643 3,048
77,241
<OTHER-INCOME> 0 0 0 0
0
<EXPENSES-NET> 0 208,369 227,880 109,384
120,800
<NET-INVESTMENT-INCOME> 0 (201,643) (96,310) (106,336)
(42,313)
<REALIZED-GAINS-CURRENT> 0 310,687 0 175,305
0
<APPREC-INCREASE-CURRENT> 0 (1,807,414) 257,955 (342,934)
(135,313)
<NET-CHANGE-FROM-OPS> 0 (1,698,367) 181,645 (273,965)
(177,626)
<EQUALIZATION> 0 0 0 0
0
<DISTRIBUTIONS-OF-INCOME> 0 0 0 0
0
<DISTRIBUTIONS-OF-GAINS> 0 0 0 0
0
<DISTRIBUTIONS-OTHER> 0 0 0 0
0
<NUMBER-OF-SHARES-SOLD> 0 0 0 0
0
<NUMBER-OF-SHARES-REDEEMED> 0 0 0 0
0
<SHARES-REINVESTED> 0 0 0 0
0
<NET-CHANGE-IN-ASSETS> 0 (1,698,367) 181,645 (273,965)
(177,626)
<ACCUMULATED-NII-PRIOR> 0 0 0 0
0
<ACCUMULATED-GAINS-PRIOR> 0 0 0 0
0
<OVERDISTRIB-NII-PRIOR> 0 0 0 0
0
<OVERDIST-NET-GAINS-PRIOR> 0 0 0 0
0
<GROSS-ADVISORY-FEES> 0 84,065 128,860 41,344
64,430
<INTEREST-EXPENSE> 0 0 0 0
0
<GROSS-EXPENSE> 0 208,369 277,880 109,834
120,800
<AVERAGE-NET-ASSETS> 0 0 0 0
0
<PER-SHARE-NAV-BEGIN> 0 76,258 100,738 65,315
102,922
<PER-SHARE-NII> 0 (13,048) 1,396 (2,105)
(1,364)
<PER-SHARE-GAIN-APPREC> 0 0 0 0
0
<PER-SHARE-DIVIDEND> 0 0 0 0
0
<PER-SHARE-DISTRIBUTIONS> 0 0 (576) 0
0
<RETURNS-OF-CAPITAL> 0 0 0 0
0
<PER-SHARE-NAV-END> 0 63,210 101,558 63,210
101,558
<EXPENSE-RATIO> 0 0 0 0
0
<AVG-DEBT-OUTSTANDING> 0 0 0 0
0
<AVG-DEBT-PER-SHARE> 0 0 0 0
0
</TABLE>
