<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 September 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
(Unaudited)
ASSETS
December 31, September 30,
1995 1996
Cash and cash equivalents $ 2,823 $ 111,423
Investments at market value, cost of
$10,235,147 and $10,555,617 10,264,655 9,763,567
Interest and fees receivable 328,189 256,151
----------- -----------
$10,595,667 $10,131,141
=========== ===========
LIABILITIES AND PARTNERS' EQUITY
Liabilities:
Accounts payable - related party $ 669,829 $ 823,713
Total liabilities 669,829 823,713
----------- -----------
Partners' equity:
General partner 25,991 19,807
Limited partners (128.86 units) 9,899,847 9,287,621
----------- -----------
Total partners' equity 9,925,838 9,307,428
----------- -----------
$10,595,667 $10,131,141
=========== ===========
See accompanying notes to financial statements.
<PAGE> 3
RENAISSANCE CAPITAL PARTNERS, LTD.
Statement of Operations
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
1995 1996 1995 1996
----------- ----------- ---------- -----------
<S> <C> <C> <C>
Income:
Interest $ 47,056 $ 101,741 $ 192,699 $ 108,467
Dividends 562 - 6,489 -
---------- ---------- ---------- ----------
Total income 47,618 101,741 199,188 108,467
---------- ---------- ---------- ----------
Expenses:
General and administrative 42,581 167,398 141,601 291,702
Management fees 64,430 46,771 193,290 130,836
---------- --------- ---------- ----------
Total expenses 107,011 214,169 334,891 422,538
---------- --------- ---------- ----------
Investment income (loss) net (59,393) (112,428) (135,703) (314,071)
Net realized and unrealized
gain (loss) on investments (22,818) 1,192,385 235,137 (304,339)
Net increase (decrease) in
assets from operations $ (82,211) $1,079,957 $ 99,434 $ (618,410)
========== ========== ========== ==========
Income (loss) per limited
partnership unit $ (632) $ 8,297 $ 764 $ (4,751)
========== ========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 4
RENAISSANCE CAPITAL PARTNERS, LTD.
Statement of Partners' Equity
Nine Months Ended September 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
General Limited
Partner Partners Total
------- -------- -----
<S> <C> <C> <C>
Balance, December 31, 1995 $ 25,991 $9,899,847 $9,925,838
Net loss (6,184) (612,226) (618,410)
--------- ---------- ----------
Balance, September 30, 1996 $ 19,807 $9,287,621 $9,307,428
========= ========== ==========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 5
RENAISSANCE CAPITAL PARTNERS, LTD.
Statement of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
1995 1996 1995 1996
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Cash flows from operating activities:
Net income (loss) $ (82,211) $1,079,957 $ 99,434 $ (618,413)
Adjustments to reconcile net income (loss)
cash flows provided by operating activities:
Amortization of organizational costs - - 5,250 -
Net realized and unrealized (gain) loss on
investments 22,818 (1,192,385) (235,137) 304,340
(Increase) decrease in accounts receivable (35,234) 84,137 (51,551) 72,038
Increase in accounts payable - related parties 96,306 50,456 289,818 153,884
---------- ---------- --------- --------
Total adjustments 83,890 (1,057,792) 8,380 530,262
---------- ---------- --------- --------
Net cash flows provided by operating activities 1,679 (22,165) 107,814 (88,148)
---------- ---------- --------- --------
Cash flows from investing activities:
Proceeds from sale of investments 31,247 243,954 31,247 639,218
Purchase of investments (40,000) (319,970) (235,000) (442,470)
---------- ---------- --------- --------
Net cash flows provided by investing activities (8,753) (76,016) (203,753) 196,748
---------- ---------- --------- --------
Cash flows from financing activities:
Distributions to limited partners - - (175,000) -
---------- ---------- --------- --------
Net increase (decrease) in cash (7,074) (53,851) (270,939) 108,600
Cash and cash equivalents at beginning of period 67,388 165,274 331,253 2,823
---------- ---------- --------- --------
Cash and cash equivalents at end of period $ 60,314 $ 111,423 $ 60,314 $111,423
========== ========== ========= ========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 6
RENAISSANCE CAPITAL PARTNERS, LTD.
Notes to Financial Statements
September 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 Estimates
--------------------
The financial statements have been prepared in conformity withgenerally
accepted accounting principles. The preparation of the
accompanying financial statements requires estimates and assumptions made
<PAGE> 7
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.
(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 forthe
current quarter was $210,197, and the amount determined to be
uncollectible and charged against the income was $108,456 for the three
months ended September 30, 1996.
(3) Basis of Presentation
---------------------
The accompanying financial statements have been prepared without audit
in accordance with the rules and regulations of the Securities and Exchange
Commission and do not include all disclosures normally required bygenerally
accepted accounting principles or those normally made in annual
reports on Form 10-K. All material adjustments, consisting only of those
of a normal recurring nature, which, in the opinion of management, were
necessary for a fair presentation of the results for the interim periods
have been made.
<PAGE> 8
RENAISSANCE CAPITAL PARTNERS, LTD.
Notes to Financial Statements (Continued)
September 30, 1996
(4) 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 performcertain
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 September 30, 1996, were
$46,771.
Renaissance is reimbursed by the Partnership for administrative
expenses paid by Renaissance on behalf of the Partnership. For the three
months ended September 30, 1996, the Partnership incurred reimbursable
expenses of $98,685 and reimbursed Renaissance $95,000 which was 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.
(5) 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.
(6) 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.
(7) 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.
<PAGE> 9
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.
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 ofnecessity 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> 10
RENAISSANCE CAPITAL PARTNERS, LTD.
Notes to Financial Statements (Continued)
September 30, 1996
<TABLE>
<CAPTION>
CONVERSION FAIR
COST OR FACE VALUE VALUE
<S> <C> <C> <C>
Biopharmaceutics, Inc.
12.5% Convertible Debenture $1,000,000 $1,120,000 $1,002,800
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
Secured Note 50,000 50,000 50,000
Post Petition Loans 575,000 575,000 575,000
Global Environmental Corp.
Convertible Senior Preferred Stock 100,000 93,750 88,125
conversion price $.40
Convertible B Preferred Stock 1,600,000 1,500,000 1,360,000
conversion price $.40
Term Note 211,635 211,635 211,635
Common Stock 50,000 75,000 70,500
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 315,000 2,310,000 2,286,900
Microlytics, Inc.
Common Stock 1,689,762 211,372 148,690
UNICO, Inc.
Convertible Preferred Series C Stock 1,589,220 2,185,178 2,004,067
conversion price $.25
Term Note 50,000 50,000 50,000
----------- ----------- ----------
$10,555,617 $11,706,935 $9,763,567
=========== =========== ==========
</TABLE>
The Partnership loaned UNICO, Inc. $50,000 for the quarter ended
September 30, 1996. The Partnership also purchased $50,000 of common stock
in Global Environmental Corp.
Additional post petition loans in the aggregate amount of $30,000 were
made to CEL Communications, Inc. in the current quarter.
The Partnership realized a capital gain of $206,529 on the sale of
49,900 shares of MaxServ, Inc. during the quarter ended September 30, 1996.
(8) Related Party Transactions
--------------------------
Certain officers of Renaissance are also limited partners in the
Partnership. There were no distributions for the three months ended
September 30, 1996.
(9) Litigation
----------
The Partnership is involved in litigation arising in the ordinary
course of business. In the opinion of the Partnership's legal counsel and
management, any liability resulting from such litigation would not be
material in relation to the Partnership's financial position.
<PAGE> 11
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 an increase of
$1,079,957 in the net assets resulting from operations. This was due
primarily to an increase 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"):
BIOPHARMACEUTICS, INC. Subsequent to the quarter, we have tentatively
agreed to convert $400,000 of our Debentures into common stock of the
company in accordance with the terms of the Loan Agreement.
CEL COMMUNICATIONS, INC. The Partnership has provided an additional
$30,000 of funding in the quarter ended September 30, 1996, bringing total
advances for legal and administrative costs for the nine months to
$140,000. The Partnership has requested and obtained court approval for a
"Lift Stay Order", which permits the Partnership to foreclose on its
collateral consisting of the video library and archives owned by the
Company. This collateral includes the Video Encyclopedia of the 20th
Century. The foreclosure sale is scheduled for November 15, 1996.
GLOBAL ENVIRONMENTAL CORP. In September, 1996, the Company sold
1,250,000 shares of stock for $300,000. The Partnership purchased 250,000
of the shares for $50,000 and another investor purchased the balance for
$250,000. the issuance of these additional shares triggered the anti-
dilution provisions of the Company's preferred stocks which lowered the per
share conversion price to $0.40 per share. This reduction in the
conversion price increased the shares available upon conversion of the
Partnership's preferred stocks to 4,250,000 shares of Global
Environmental's common stock.
MAXSERV, INC. The Partnership realized capital gains of $206,529 on
the sale of 49,900 shares of MaxServ, Inc. during the quarter ended
September 30, 1996. This brings the total realized gains on the sale of
162,667 shares of MaxServ stock to $507,081 for the first nine months of
1996. At September 30, 1996, the Partnership held 420,000 shares of the
Company's common stock.
UNICO, INC. In accordance with a Loan Conversion Agreement dated July
12, 1996, as amended July 30, 1996, UNICO, Inc. and the Partnership agreed
to convert the December, 1991 Convertible Debentures ($1,250,000 principal
amount) and accrued interest thereon of $170,871, and Notes receivable
($150,000 principal amount) along with the accrued unpaid interest thereon
of $18,349, into 1,589,220 shares of the Company's Series C Preferred
Stock. Each share of Series C Preferred Stock is convertible into 4 shares
of UNICO's common stock, which effectively lowered the conversion rate of
the Company's debt held by the Partnership from $0.90 to $0.25 per share.
In addition, other holders of UNICO's Notes converted $150,000 of debt plus
accrued interest into 168,349 shares of Series C stock. The series C
Preferred Stock is preferred in liquidation, not dividends.
<PAGE> 12
It has an anti-dilution provision and is automatically converted at the
issuance of a registration statement for UNICO's stock or August 1, 1998.
The stock carries piggy-back registration provisions. Subsequent to the
agreement to convert as discussed above, the Partnership advanced an
additional $50,000 to the Company. This advance is evidenced by a secured
note.
During the quarter ending September 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 has increased by $54,685
whereby prior period interest income which was delinquent, was recognized
upon conversion of the UNICO portfolio investment as outlined in the above
discussion. Interest income has otherwise 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 were 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. As of September
30, 1996, all companies are delinquent on interest payments as follows:
Biopharmaceutics is in arrears in interest payments to the Partnership in
the aggregate amount of $402,941.24; CEL Communications is in arrears in
interest payments to the Partnership in the aggregate amount of
$1,039,064.86; Global Environmental is in arrears in interest payment to
the Partnership in the aggregate amount of $40,301.72; International Movie
Group, Inc. is in arrears in interest payment to the Partnership in the
aggregate amount of $495,616.41;
<PAGE> 13
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
Renaissance Capital Partners, Ltd. vs. John Pembroke
Commenced on July 15, 1996
John Pembroke vs. Renaissance Capital Partners, Ltd.
Commenced on July 26, 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 Pembroke 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 Group, Inc.
<PAGE> 14
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.
November 18, 1996 /s/ Russell Cleveland
-------------------------------------
Renaissance Capital Group, Inc.,
Managing General Partner
Russell Cleveland, President
November 18, 1996 /s/ Barbe Butschek
--------------------------------------
Renaissance Capital Group, Inc.,
Managing General Partner
Barbe Butschek, Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C> <C> <C> <C>
<C>
<PERIOD-TYPE> YEAR 9-MOS 9-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 SEP-30-1996 SEP-30-1995 SEP-30-1996
SEP-30-1995
<INVESTMENTS-AT-COST> 10,235,147 10,555,617 0 0
0
<INVESTMENTS-AT-VALUE> 10,264,655 9,763,567 0 0
0
<RECEIVABLES> 328,189 256,151 0 0
0
<ASSETS-OTHER> 2,823 111,423 0 0
0
<OTHER-ITEMS-ASSETS> 2,823 111,423 0 0
0
<TOTAL-ASSETS> 10,595,667 10,131,141 0 0
0
<PAYABLE-FOR-SECURITIES> 0 0 0 0
0
<SENIOR-LONG-TERM-DEBT> 0 0 0 0
0
<OTHER-ITEMS-LIABILITIES> 669,829 823,713 0 0
0
<TOTAL-LIABILITIES> 669,829 823,713 0 0
0
<SENIOR-EQUITY> 0 0 0 0
0
<PAID-IN-CAPITAL-COMMON> 0 12,040,686 0 0
0
<SHARES-COMMON-STOCK> 0 0 0 0
0
<SHARES-COMMON-PRIOR> 0 0 0 0
0
<ACCUMULATED-NII-CURRENT> 0 19,172 0 0
0
<OVERDISTRIBUTION-NII> 0 0 0 0
0
<ACCUMULATED-NET-GAINS> 0 544,108 0 0
0
<OVERDISTRIBUTION-GAINS> 0 (2,504,670) 0 0
0
<ACCUM-APPREC-OR-DEPREC> 0 (792,050) 0 0
0
<NET-ASSETS> 9,925,838 9,307,428 0 0
0
<DIVIDEND-INCOME> 0 0 6,489 0
562
<INTEREST-INCOME> 0 108,467 192,699 101,741
47,056
<OTHER-INCOME> 0 0 0 0
0
<EXPENSES-NET> 0 422,538 344,891 214,169
107,011
<NET-INVESTMENT-INCOME> 0 (314,071) (135,703) (112,428)
(59,393)
<REALIZED-GAINS-CURRENT> 0 517,129 235,137 206,529
(22,818)
<APPREC-INCREASE-CURRENT> 0 (821,558) 0 985,856
0
<NET-CHANGE-FROM-OPS> 0 (618,410) 99,434 (1,079,957)
(82,211)
<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 (618,410) 99,434 (1,079,957)
(82,211)
<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> 0 130,836 193,290 46,771
64,430
<INTEREST-EXPENSE> 0 0 0 0
0
<GROSS-EXPENSE> 0 422,538 344,891 214,169
107,011
<AVERAGE-NET-ASSETS> 0 0 0 0
0
<PER-SHARE-NAV-BEGIN> 0 77,028 101,312 63,848
101,558
<PER-SHARE-NII> 0 (4,799) 764 8,381
(638)
<PER-SHARE-GAIN-APPREC> 0 0 0 0
574
<PER-SHARE-DIVIDEND> 0 0 (582) 0
0
<PER-SHARE-DISTRIBUTIONS> 0 0 0 0
0
<RETURNS-OF-CAPITAL> 0 0 0 0
0
<PER-SHARE-NAV-END> 0 72,229 101,494 72,229
101,494
<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>
