<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 1999
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: 0-19805
PRUDENTIAL-BACHE OPTIMAX FUTURES FUND, L.P.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 13-3577395
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
One New York Plaza, 13th Floor, New York, New York 10292
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 778-7866
N/A
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report
Indicate by check CK 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 _CK_ No __
<PAGE>
Part I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PRUDENTIAL-BACHE OPTIMAX FUTURES FUND, L.P.
(a limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------
ASSETS
Equity in commodity trading accounts:
Cash $ 3,965,876 $ 3,691,861
U.S. Treasury bills, at amortized cost 12,209,770 12,336,668
Net unrealized gain on open commodity positions 375,381 584,528
----------- ------------
Total assets $16,551,027 $16,613,057
----------- ------------
----------- ------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable $ 312,867 $ 230,441
Accrued expenses 77,072 70,377
Management fees payable 27,445 27,570
Incentive fees payable 16,265 --
Other transaction fees payable 2,031 1,260
----------- ------------
Total liabilities 435,680 329,648
----------- ------------
Commitments
Partners' capital
Limited partners (80,356.739 and 81,916.579 units outstanding) 15,954,131 16,120,466
General partner (812 and 828 units outstanding) 161,216 162,943
----------- ------------
Total partners' capital 16,115,347 16,283,409
----------- ------------
Total liabilities and partners' capital $16,551,027 $16,613,057
----------- ------------
----------- ------------
Net asset value per limited and general partnership unit ('Units') $ 198.54 $ 196.79
----------- ------------
----------- ------------
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
2
<PAGE>
PRUDENTIAL-BACHE OPTIMAX FUTURES FUND, L.P.
(a limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31,
--------------------------
<S> <C> <C>
1999 1998
- ---------------------------------------------------------------------------------------------------
REVENUES
Net realized gain on commodity transactions $ 693,956 $1,977,664
Change in unrealized gain on open commodity positions (209,147) (480,287)
Interest from U.S. Treasury bills 132,561 161,585
----------- ----------
617,370 1,658,962
----------- ----------
EXPENSES
Commissions 327,000 323,925
Other transaction fees 9,620 17,634
Management fees 82,155 90,282
Incentive fees 16,265 249,410
General and administrative 37,525 47,779
----------- ----------
472,565 729,030
----------- ----------
Net income $ 144,805 $ 929,932
----------- ----------
----------- ----------
ALLOCATION OF NET INCOME
Limited partners $ 143,356 $ 920,632
----------- ----------
----------- ----------
General partner $ 1,449 $ 9,300
----------- ----------
----------- ----------
NET INCOME PER WEIGHTED AVERAGE LIMITED
AND GENERAL PARTNERSHIP UNIT
Net income per weighted average limited
and general partnership unit $ 1.75 $ 9.99
----------- ----------
----------- ----------
Weighted average number of limited and
general partnership units outstanding 82,745 93,090
----------- ----------
----------- ----------
- ---------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
(Unaudited)
<TABLE>
<CAPTION>
LIMITED GENERAL
UNITS PARTNERS PARTNER TOTAL
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------
Partners' capital--December 31, 1998 82,744.579 $16,120,466 $162,943 $16,283,409
Net income -- 143,356 1,449 144,805
Redemptions (1,575.840) (309,691) (3,176 ) (312,867)
---------- ----------- -------- -----------
Partners' capital--March 31, 1999 81,168.739 $15,954,131 $161,216 $16,115,347
---------- ----------- -------- -----------
---------- ----------- -------- -----------
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
3
<PAGE>
PRUDENTIAL-BACHE OPTIMAX FUTURES FUND, L.P.
(a limited partnership)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
(Unaudited)
A. General
These financial statements have been prepared without audit. In the opinion
of management, the financial statements contain all adjustments (consisting of
only normal recurring adjustments) necessary to present fairly the financial
position of Prudential-Bache OptiMax Futures Fund, L.P. (the 'Partnership') as
of March 31, 1999 and the results of its operations for the three months ended
March 31, 1999 and 1998. However, the operating results for the interim periods
may not be indicative of the results expected for the full year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with generally accepted accounting
principles have been omitted. It is suggested that these financial statements be
read in conjunction with the financial statements and notes thereto included in
the Partnership's Annual Report on Form 10-K filed with the Securities and
Exchange Commission for the year ended December 31, 1998 (the 'Annual Report').
In accordance with the Agreement of Limited Partnership, if the Partnership's
net asset value declines below $10 million, the Partnership will dissolve.
B. Related Parties
Seaport Futures Management, Inc. (the 'General Partner') and its affiliates
perform services for the Partnership which include, but are not limited to:
brokerage services, accounting and financial management, registrar, transfer and
assignment functions, investor communications, printing services and other
administrative services.
The costs incurred for these services for the three months ended March 31,
1999 and 1998 were:
<TABLE>
<CAPTION>
1999 1998
<S> <C> <C>
- ---------------------------------------------------------
Commissions $ 327,000 $323,925
General and administrative 17,503 23,082
------------- --------
$ 344,503 $347,007
------------- --------
------------- --------
</TABLE>
Expenses payable to the General Partner and its affiliates (which are
included in accrued expenses) were $30,314 and $15,295 as of March 31, 1999 and
December 31, 1998, respectively.
The Partnership's assets are maintained either in trading or cash accounts
with Prudential Securities Incorporated ('PSI'), the Partnership's commodity
broker, or for margin purposes, with the various exchanges on which the
Partnership is permitted to trade.
The Partnership, acting through its trading managers, executes
over-the-counter, spot, forward and/or option foreign exchange transactions with
PSI. PSI then engages in back-to-back trading with an affiliate,
Prudential-Bache Global Markets Inc. ('PBGM'). PBGM attempts to earn a profit on
such transactions. PBGM keeps its prices on foreign currency competitive with
other interbank currency trading desks. All over-the-counter currency
transactions are conducted between PSI and the Partnership pursuant to a line of
credit. PSI may require that collateral be posted against the marked-to-market
positions of the Partnership.
C. Credit and Market Risk
Since the Partnership's business is to trade futures, forward and options
contracts, its capital is at risk due to changes in the value of these contracts
(market risk) or the inability of counterparties to perform under the terms of
the contracts (credit risk).
Futures, forward and options contracts involve varying degrees of off-balance
sheet risk; and changes in the level or volatility of interest rates, foreign
currency exchange rates or the market values of the contracts (or commodities
underlying the contracts) frequently result in changes in the Partnership's
unrealized gain (loss) on open commodity positions reflected in the statements
of financial condition. The Partnership's
4
<PAGE>
exposure to market risk is influenced by a number of factors including the
relationships among the contracts held by the Partnership as well as the
liquidity of the markets in which the contracts are traded.
Futures and options contracts are traded on organized exchanges and are thus
distinguished from forward contracts which are entered into privately by the
parties. The credit risks associated with futures and options contracts are
typically perceived to be less than those associated with forward contracts
because exchanges typically provide clearinghouse arrangements in which the
collective credit (subject to certain limitations) of the members of the
exchanges is pledged to support the financial integrity of the exchange. On the
other hand, the Partnership must rely solely on the credit of its broker (PSI)
with respect to forward transactions. The Partnership presents unrealized gains
and losses on open forward positions as a net amount in the statements of
financial condition because it has a master netting agreement with PSI.
The General Partner attempts to minimize both credit and market risks by
requiring the Partnership's trading managers to abide by various trading
limitations and policies. The General Partner monitors compliance with these
trading limitations and policies which include, but are not limited to,
executing and clearing all trades with creditworthy counterparties (currently,
PSI is the sole counterparty or broker); limiting the amount of margin or
premium required for any one commodity or all commodities combined; and
generally limiting transactions to contracts which are traded in sufficient
volume to permit the taking and liquidating of positions. The General Partner
may impose additional restrictions (through modifications of such trading
limitations and policies) upon the trading activities of the trading managers as
it, in good faith, deems to be in the best interests of the Partnership.
PSI, when acting as the Partnership's futures commission merchant in
accepting orders for the purchase or sale of domestic futures and options
contracts, is required by Commodity Futures Trading Commission ('CFTC')
regulations to separately account for and segregate as belonging to the
Partnership all assets of the Partnership relating to domestic futures and
options trading and is not to commingle such assets with other assets of PSI. At
March 31, 1999 such segregated assets totalled $6,564,729. Part 30.7 of the CFTC
regulations also requires PSI to secure assets of the Partnership related to
foreign futures and options trading, which totalled $9,917,813 at March 31,
1999. There are no segregation requirements for assets related to forward
trading.
As of March 31, 1999, all open futures and forward contracts mature within
one year.
At March 31, 1999 and December 31, 1998, gross contract amounts of open
futures and forward contracts were:
<TABLE>
<CAPTION>
1999 1998
------------- ------------
<S> <C> <C>
Financial Futures Contracts:
Commitments to purchase $59,871,393 $45,547,184
Commitments to sell 9,924,906 50,274,885
Currency Futures Contracts:
Commitments to purchase 445,270 216,163
Commitments to sell 15,009,948 1,262,608
Currency Forward Contracts:
Commitments to purchase 13,083,521 7,750,478
Commitments to sell 17,041,704 7,482,181
Other Futures Contracts:
Commitments to purchase 374,086 138,101
Commitments to sell 3,953,906 8,197,840
</TABLE>
The gross contract amounts represent the Partnership's potential involvement
in a particular class of financial instrument (if it were to take or make
delivery on an underlying futures or forward contract). The gross contract
amounts significantly exceed the future cash requirements as the Partnership
intends to close out open positions prior to settlement and thus is generally
subject only to the risk of loss arising from the change in the value of the
contracts. As such, the Partnership considers the 'fair value' of its futures
and forward contracts to be the net unrealized gain or loss on the contracts.
Thus, the amount at risk associated with counterparty nonperformance of all
contracts is the net unrealized gain included in the statements of financial
condition. The market risk associated with the Partnership's commitments to
purchase commodities is limited to the gross contract amounts involved, while
the market risk associated
5
<PAGE>
with its commitments to sell is unlimited since the Partnership's potential
involvement is to make delivery of an underlying commodity at the contract
price; therefore, it must repurchase the contract at prevailing market prices.
At March 31, 1999 and December 31, 1998, the fair values of open futures and
forward contracts were:
<TABLE>
<CAPTION>
1999 1998
------------------------ ------------------------
Assets Liabilities Assets Liabilities
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ 12,250 $ 437 $ 3,400 $ 3,572
Currencies 289,632 10,990 20,106 3,388
Other 77,186 -- 97,898 22,075
Foreign exchanges
Financial 84,454 44,870 644,508 3,568
Other 25,195 125,524 95,112 6,195
Forward Contracts:
Currencies 194,786 126,301 -- 237,698
-------- ----------- -------- -----------
$683,503 $ 308,122 $861,024 $ 276,496
-------- ----------- -------- -----------
-------- ----------- -------- -----------
</TABLE>
The following table presents the average fair value of futures, forward and
options contracts during the three months ended March 31, 1999 and 1998,
respectively.
<TABLE>
<CAPTION>
1999 1998
-------------------------- --------------------------
Assets Liabilities Assets Liabilities
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ 10,338 $ 4,171 $ 107,279 $ 18,820
Currencies 133,582 12,455 209,641 16,325
Other 118,302 18,526 162,140 8,559
Foreign exchanges
Financial 388,287 51,208 506,368 44,335
Other 117,442 38,809 103,942 50,910
Forward Contracts:
Currencies 256,728 237,507 393,346 163,166
Other -- -- 29,984 208
Options Contracts:
Domestic exchanges
Financial -- -- 5,586 --
Currencies -- -- 10,156 --
Foreign exchanges
Other -- -- 1,085 --
---------- ----------- ---------- -----------
$1,024,679 $ 362,676 $1,529,527 $ 302,323
---------- ----------- ---------- -----------
---------- ----------- ---------- -----------
</TABLE>
6
<PAGE>
The following table presents trading revenues from futures, forward and
options contracts during the three months ended March 31, 1999 and 1998,
respectively.
<TABLE>
<CAPTION>
1999 1998
-------------- --------------
<S> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $(83,422) $ (169,515)
Currencies 361,965 61,055
Other (34,648) 156,352
Foreign exchanges
Financial (513,538) 1,092,892
Other 29,889 101,685
Forward Contracts:
Currencies 724,563 235,782
Other -- 61,797
Options Contracts:
Domestic exchanges
Financial -- (14,234)
Currencies -- (27,051)
Foreign exchanges
Other -- (1,386)
-------------- --------------
$484,809 $1,497,377
-------------- --------------
-------------- --------------
</TABLE>
7
<PAGE>
PRUDENTIAL-BACHE OPTIMAX FUTURES FUND, L.P.
(a limited partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
The Partnership commenced operations on February 15, 1991 with gross proceeds
of $70,309,500. After accounting for organizational and offering expenses, the
Partnership's net proceeds were $68,609,503.
As of March 31, 1999, a significant portion of the Partnership's net assets
was held in U.S. Treasury bills (which represented approximately 74% of the net
assets prior to redemptions payable) and cash, which are used as margin for the
Partnership's trading in commodities. Inasmuch as the sole business of the
Partnership is to trade in commodities, the Partnership continues to own such
liquid assets to be used as margin. The percentage that U.S. Treasury bills
bears to the net assets varies each day, and from month to month, as the market
value of commodity interests change. The balance of the total net assets is held
in cash. All interest earned on the Partnership's interest-bearing funds is paid
to the Partnership.
The commodities contracts are subject to periods of illiquidity because of
market conditions, regulatory considerations and other reasons. For example,
commodity exchanges limit fluctuations in commodity futures contract prices
during a single day by regulations referred to as 'daily limits.' During a
single day, no trades may be executed at prices beyond the daily limit. Once the
price of a futures contract for a particular commodity has increased or
decreased by an amount equal to the daily limit, positions in the commodity can
neither be taken nor liquidated unless traders are willing to effect trades at
or within the limit. Commodity futures prices have occasionally moved the daily
limit for several consecutive days with little or no trading. Such market
conditions could prevent the Partnership from promptly liquidating its commodity
futures positions.
Since the Partnership's business is to trade futures, forward and options
contracts, its capital is at risk due to changes in the value of these contracts
(market risk) or the inability of counterparties to perform under the terms of
the contracts (credit risk). The Partnership's exposure to market risk is
influenced by a number of factors including the volatility of interest rates and
foreign currency exchange rates, the liquidity of the markets in which the
contracts are traded and the relationships among the contracts held. The
inherent uncertainty of the Partnership's speculative trading as well as the
development of drastic market occurrences could result in monthly losses
considerably beyond the Partnership's experience to date and could ultimately
lead to a loss of all or substantially all of investors' capital. The General
Partner attempts to minimize these risks by requiring the Partnership's trading
managers to abide by various trading limitations and policies. See Note C to the
financial statements for a further discussion on the credit and market risks
associated with the Partnership's futures and forward contracts.
The Partnership does not have, nor does it expect to have, any capital
assets.
Redemptions by limited partners and the General Partner recorded for the
three months ended March 31, 1999 were $309,691 and $3,176, respectively.
Redemptions by limited partners and the General Partner from commencement of
operations, February 15, 1991, through March 31, 1999 totalled $74,936,811 and
$802,414, respectively. Future redemptions will impact the amount of funds
available for investment in commodity contracts in subsequent periods.
In accordance with the Agreement of Limited Partnership, if the Partnership's
net asset value declines below $10 million, the Partnership will dissolve.
Results of Operations
The net asset value per Unit as of March 31, 1999 was $198.54, an increase of
.89% from the December 31, 1998 value of $196.79.
First quarter performance resulted in slight net profits. Gains were
accumulated in the currency, soft and grain sectors. The financial, index, metal
and energy sectors incurred losses.
First quarter profits in the currency sector were derived from long U.S.
dollar positions against the Deutsche mark and Swiss franc. The U.S. dollar rose
against the Euro and most major currencies as evidence mounted for the continued
relative strength of the U.S. economy and on safe-haven buying in
8
<PAGE>
response to uncertainty caused by NATO military attacks on Yugoslavia late in
the quarter. Additionally, the U.S. dollar benefited from the considerable slow
down in European growth and market sentiment that the European Central Bank will
have to smooth the transition to the Euro by cutting rates.
Grain sector positions recorded gains due to the prospects of global soy bean
surpluses resulting from weak Asian demand. Cocoa and cotton positions in the
soft markets were also profitable.
The metal sector rallied during the first half of the quarter until events in
Kosovo led to military NATO attacks on Yugoslavia, resulting in losses for long
positions in silver and zinc.
Interest income is earned on the Partnership's investment in U.S. Treasury
bills and varies monthly according to interest rates, trading performance and
redemptions. Interest income from U.S. Treasury bills decreased by approximately
$29,000 for the three months ended March 31, 1999 as compared to 1998 as a
result of declining interest rates as well as the effect of fewer funds
available for investments in U.S. Treasury bills resulting from the liquidation
of such investments for the payment of redemptions.
Commissions are calculated on the net asset value on the first day of each
month and, therefore, vary due to trading performance and redemptions.
Commissions increased by approximately $3,000 for the three months ended March
31, 1999 as compared to 1998 due to the effect of positive trading performance
since the latter part of 1998 partially offset by redemptions, on the monthly
net asset values.
Other transaction fees consist of National Futures Association, exchange and
clearing fees which are based on the number of trades the trading managers
execute as well as the exchange, clearing firm or bank on, or through, which the
contract is traded. Other transaction fees decreased by approximately $8,000 for
the three months ended March 31, 1999 as compared to 1998 due to decreased
trading volume.
Management fees are calculated on the portion of the net asset value
allocated to each trading manager at the end of each month, and, therefore, are
affected by trading performance and redemptions. Management fees decreased by
approximately $8,000 for the three months ended March 31, 1999 as compared to
1998. This decrease was due to a reduction in the management fee rate from a 3%
annual rate to 2% on the portion of the net assets that were reallocated from
Willowbridge Associates, Inc. to Robert M. Tamiso during July 1998.
Additionally, this decrease was due to redemptions during 1998 offset, in part,
by positive trading performance since the latter part of 1998.
Incentive fees are based on the New High Net Trading Profits generated by
each trading manager, as defined in the Advisory Agreements among the
Partnership, the General Partner and each trading manager. Accordingly,
incentive fees of approximately $16,000 were earned during the three months
ended March 31, 1999 by Robert M. Tamiso. Additionally, incentive fees of
approximately $20,000 and $229,000 were earned during the three months ended
March 31, 1998 by Eagle Trading Systems, Inc. and Robert M. Tamiso,
respectively.
General and administrative expenses decreased by approximately $10,000 for
the three months ended March 31, 1999 as compared to 1998. These expenses
include reimbursements of costs incurred by the General Partner on behalf of the
Partnership, in addition to accounting, audit, tax and legal fees as well as
printing and postage costs related to reports sent to limited partners. This
decrease was due to a reduction in overall costs associated with administering
the Partnership including continuing declines in printing and postage costs as
limited partners redeem their units.
Year 2000 Risk
A discussion of Year 2000 risk and its effect on the operations of the
Partnership is included in the Partnership's Annual Report.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Information regarding quantitative and qualitative disclosures about market
risk is not required pursuant to Item 305(e) of Regulation S-K.
9
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings--There are no material legal proceedings pending by or
against the Registrant or the General Partner.
Item 2. Changes in Securities--None
Item 3. Defaults Upon Senior Securities--None
Item 4. Submission of Matters to a Vote of Security Holders--None
Item 5. Other Information--Effective April 1999, Eleanor L. Thomas and Joseph
A. Filicetti were elected by the Board of Directors
of the General Partner as directors. In addition, Ms.
Thomas has also been elected by the Board of
Directors as President of the General Partner
replacing Thomas M. Lane. Ms. Thomas joined
Prudential Securities Incorporated in February 1993
and is primarily responsible for origination, asset
allocation, and due diligence for Managed Futures.
Mr. Filicetti was elected by the Board of Directors
of the General Partner as Executive Vice President.
Mr. Filicetti joined Prudential Securities
Incorporated in September 1998 and is the Director of
Sales and Marketing for Managed Futures.
Item 6. Exhibits and Reports on Form 8-K:
(a) Exhibits
3.1 Agreement of Limited Partnership of the Partnership,
dated as of July 12, 1990
and as amended as of October 3, 1990 (incorporated
by reference to Exhibit A to the
4.1 Registrant's Registration Statement on Form S-1,
File No. 33-36216)
4.2 Subscription Agreement (incorporated by reference to
Exhibit E to the Registrant's Registration
Statement on Form S-1, File No. 33-36216)
4.3 Request for Redemption (incorporated by reference to
Exhibit B to the Registrant's Registration
Statement on Form S-1, File No. 33-36216)
4.4 Request for Exchange (incorporated by reference
to Exhibit B to the Registrant's Registration
Statement on Form S-1, File No. 33-36216)
27.1 Financial Data Schedule (filed herewith)
(b) Reports on Form 8-K--None
10
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PRUDENTIAL-BACHE OPTIMAX FUTURES FUND, L.P.
By: Seaport Futures Management, Inc.
A Delaware corporation, General Partner
By: /s/ Steven Carlino Date: May 14, 1999
----------------------------------------
Steven Carlino
Vice President and Treasurer
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial
information extracted from the financial
statements for Prudential-Bache OptiMax Futures
Fund, LP and is qualified in its entirety by
reference to such financial statements
</LEGEND>
<RESTATED>
<CIK> 0000866533
<NAME> Prudential-Bache OptiMax Futures Fund, LP
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-START> Jan-1-1999
<PERIOD-END> Mar-31-1999
<PERIOD-TYPE> 3-Mos
<CASH> 3,965,876
<SECURITIES> 12,585,151
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 16,551,027
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 16,551,027
<CURRENT-LIABILITIES> 435,680
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 16,115,347
<TOTAL-LIABILITY-AND-EQUITY> 16,551,027
<SALES> 0
<TOTAL-REVENUES> 617,370
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 472,565
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 144,805
<EPS-PRIMARY> 1.75
<EPS-DILUTED> 0
</TABLE>
