<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: 038593
RENAISSANCE CAPITAL PARTNERS II, LTD.
_____________________________________________________________________________
(Exact name of registrant as specified in its charter)
Texas 75-2407159
_____________________________________________________________________________
(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 II, LTD.
Statement of Assets, Liabilities and
Partners' Equity
As of June 30, 1996
(Unaudited)
Assets December 31, 1995 June 30, 1996
- ------ ----------------- -------------
Cash and cash equivalents $ 467,916 $ 732,004
Investments at market value, cost
of $28,968,505 and $28,601,897 28,598,520 27,599,946
Interest receivable 695,365 703,366
Other assets 130,790 86,366
----------- -----------
$29,892,591 $29,121,682
=========== ===========
Liabilities and Partners' Equity
Accounts payable - related parties $ 219,489 $ 168,636
Distribution payable to limited partners 138 -
------------ ----------
Total liabilities 219,627 168,636
------------ ----------
Partners' equity (deficit):
General partner (26,009) (33,209)
Limited partners (43,434.003 units) 29,698,973 28,986,255
------------ ----------
Total partners' equity 29,672,964 28,953,046
------------ ----------
$29,892,591 $29,121,682
============ ===========
See accompanying notes to financial statements.
<PAGE> 3
RENAISSANCE CAPITAL PARTNERS II, 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 $ 407,378 $ 169,286 $ 801,475 $ 364,735
Dividends 17,310 4,290 127,977 8,697
Other income 6,000 6,000 12,000 15,607
------------ ----------- --------- ---------
Total income 430,688 179,576 941,452 389,039
------------ ----------- --------- ---------
Expenses:
General and administrative 108,950 101,200 233,988 198,244
Management fee 26,333 145,493 240,703 278,747
Total expenses 135,283 246,693 474,691 476,991
Investment income net 295,405 (67,117) 466,761 (87,952)
Net realized and unrealized
gain (loss) on investments 3,830,104 2,502,616 (626) (631,966)
--------- --------- -------- ----------
Net increase in net assets
resulting from operations $4,125,509 $2,435,499 $466,135 $(719,918)
========== ========== ======== ==========
Income (loss) per limited
partnership unit $ 94.00 $ 55.51 $ 10.62 $ (16.41)
========== ========== ======== =========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 4
RENAISSANCE CAPITAL PARTNERS II, LTD.
STATEMENT OF PARTNERS' EQUITY (DEFICIT)
Six Months Ended June 30, 1996
(Unaudited)
General Limited
Partner Partners Total
------- -------- -----
Balance at December 31, 1995 $(26,009) $29,698,973 $29,672,964
Net loss (71,912) (647,206) (719,118)
Balance at June 30, 1996 $(97,921) $29,051,767 $28,953,846
See accompanying notes to financial statements.
<PAGE> 5
RENAISSANCE CAPITAL PARTNERS II, 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 $ 4,125,509 $ (719,918) $ 466,135 $2,435,499
----------- ----------- --------- ----------
Adjustments to reconcile net decrease to
cash flows from operating activities:
Unrealized (gain) loss on investments (3,830,104) 631,966 626 (2,502,616)
Realized loss on investments -0- -0- -0- -0-
(Increase) decrease in accounts receivable (7,176) 36,424 (288,595) (1,713)
Increase (decrease) in accounts payable (195,314) (50,991) (226,344) 34,248
---------- --------- --------- -----------
Total adjustments (4,032,594) 617,399 (514,313) (2,470,081)
----------- -------- --------- -----------
Net cash flows from operating activities 92,915 (102,519) (48,178) (34,582)
---------- --------- --------- -----------
Cash flows from investing activities:
Purchase of investments (613,516) (284,933) (942,516) (100,000)
Proceeds from sale of securities -0- 651,540 -0- 12,886
----------- --------- --------- -----------
Net cash flows from investing activities (613,516) 366,607 (942,516) (87,114)
----------- --------- --------- -----------
Cash flows from financing activities:
Limited partner withdrawal -0- -0- (11,667) -0-
Distributions to limited partners (200,000) -0- (500,000) -0-
----------- --------- --------- -----------
Net cash flows from financing activities (200,000) -0- (511,667) -0-
Net increase (decrease) in cash (720,601) 264,088 (1,502,361) (121,696)
Cash and cash equivalents at beginning of period 2,091,861 467,916 2,873,621 853,700
---------- -------- ---------- --------
Cash and cash equivalents at end of period $ 1,371,260 $ 732,004 $ 1,371,260 $ 732,004
========== ======== ========== =========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 6
Notes to Financial Statements
June 30, 1996
(Unaudited)
1. ORGANIZATION AND BUSINESS PUROPSE
Renaissance Capital Partners II, Ltd. (the "Partnership"), a Texas
limited partnership, was formed on January 14, 1991. The Partnership
Agreement required minimum aggregate capital contributions by limited
partners of not less than $2,500,000 and allowed for maximum limited
partnership contributions of $50,000,000. The final closing occurred on June
30, 1993 with total subscriptions for limited partnership interests of
$42,873,900. The Partnership seeks to achieve current income and capital
appreciation principally by making direct investments primarily in private
placement convertible debt securities of small to medium size public
companies.
The Partnership 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 of its investments, but no
later than eight years from the final closing of the sale of units, subject
to the right of the Independent General Partners to extend the term for up to
two 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. Cash and Cash Equivalents - for purposes of the statement of cash
flows, cash and cash equivalents include cash in checking and savings
accounts and all instruments on hand with original maturities of three months
or less. The Partnership paid no interest for the period ended June 30,
1996.
B. Federal Income Taxes - no provision has been made for federal
income taxes as any liability for such taxes is that of the partners rather
than the Partnership.
C. Income Per Limited Partnership Unit - income per limited
partnership unit is based on the weighted average of the limited partnership
units outstanding during the period and net income allocated to the limited
partners.
D. Organization expenses - all organizational expenses will be paid
by the Managing General Partner and the Partnership will not include those
amounts on its financial statements - see Note 4.
E. Management estimates - 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.
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
<PAGE> 7
that quarter is reduced to reflect the net interest earned during the period.
Interest accrued for the current quarter was $523,545 and the amount
determined to be uncollectible and charged against the income was $354,259.
<PAGE> 8
RENAISSANCE CAPITAL PARTNERS II, LTD.
Notes to Financial Statements
June 30, 1996
(Unaudited)
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 by
generally 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.
4. MANAGEMENT AGREEMENT AND FEES
The Partnership has one general partner, Renaissance Capital Group,
Inc., a Texas Corporation (the "Managing General Partner"), and two
independent, individual general partners (the "Independent General
Partners"). The Independent General Partners receive a quarterly fee as
defined in the Partnership Agreement and reimbursement for certain out-of-
pocket expenses relating to performance of duties as Independent General
Partners.
The Partnership has entered into a management agreement with the
Managing General Partner. Pursuant to such agreement, the Managing General
Partner performs certain services, including certain management and
administrative services necessary for the operation of the Partnership. The
Managing General Partner is entitled to receive a management fee equal to
2.0% of the Partnership's net assets (.5% quarterly), payable in arrears. 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 paid to the Managing General Partner during the three months
ended June 30, 1996 were $145,493.
In addition, the Managing General Partner is entitled to an
incentive fee equal to 20% of the amount of distributions in excess of
distributions representing returns of capital, subject to payment of the
"Priority Return" of the limited partners as defined. The Managing General
Partner will also receive compensation for providing certain administrative
services to the Partnership on terms determined by the Independent General
Partners to be no less favorable to the Partnership than those obtainable
from competent unaffiliated parties.
<PAGE> 9
5. RELATED PARTY TRANSACTIONS
Pursuant to the Partnership Agreement, an initial partnership
contribution of $10,000 was made by the Initial Limited Partner. Upon
admission of additional limited partners at the closings, the Initial Limited
Partner withdrew from the Partnership.
Pursuant to the Management Agreement as described in Note 4 above,
the Partnership owed the Managing General Partner $152,209 at June 30, 1996
which includes the second quarter management fee.
At June 30, 1996 the Partnership owed the two Independent General
Partners $8,214 each for the second quarter Independent General Partner fee
as defined in the Partnership Agreement.
<PAGE> 10
RENAISSANCE CAPITAL PARTNERS II, LTD.
Notes to Financial Statements
June 30, 1996
(Unaudited)
6. INVVESTMENTS
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.
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.
The Partnership advanced Consolidated Health Care Associates, Inc.
$100,000 under terms of a promissory note during the quarter ended June 30,
1996.
<TABLE>
<CAPTION>
CONVERSION FAIR
COST OR FACE VALUE VALUE
<S> <C> <C> <C>
AmeriShop, Inc.
12.50% Convertible Debenture,
Conversion price $.56, maturity 7/1/99 $ 2,000,000 $ 2,219,854 $ 2,036,663
Promissory Notes 1,628,448 1,628,448 1,128,448
Biodynamics International, Inc.
Preferred stock 4,164,826 5,971,626 5,563,328
Promissory Notes 374,064 536,342 504,162
CCI Coded Communications, Inc.
12% Convertible Subordinated Debenture,
Conversion price $1.50, maturity 10/1/99 4,000,100 4,000,100 2,500,100
Promissory Note with Warrants 1,000,000 1,000,000 1,000,000
</TABLE>
<PAGE> 11
RENAISSANCE CAPITAL PARTNERS II, LTD.
Notes to Financial Statements
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
CONVERSION FAIR
COST OR FACE VALUE VALUE
<S> <C> <C> <C>
Consolidated Health Care Associates, Inc.
Preferred Stock 1,195,984 1,049,109 986,162
Common Stock 2,500,000 2,500,000 2,300,000
Series B Preferred Stock 500,000 1,000,000 940,000
Promissory Note 100,000 100,000 100,000
Industrial Holdings, Inc.
12% Convertible Debentures,
Conversion price $3.26, maturity 10/1/99 1,875,000 4,673,121 4,392,734
Warrants -0- 406,250 181,875
Prism Group, Inc.
12% Convertible Debentures,
Conversion price varying, maturity 1/1/00 1,236,975 1,236,975 1,236,975
Preferred Stock 1,250,000 468,750 415,625
Common Stock 1,250,000 468,750 415,625
Scientific Software-Intercomp, Inc.
Promissory Note 1,500,000 1,500,000 1,500,000
Common Stock 250,000 493,882 414,249
Tricom Corporation
Promissory Notes 484,000 484,000 484,000
12% Convertible Debenture,
Conversion price $.50, maturity 11/1/99 1,500,000 1,500,000 1,500,000
US Fax
Common Stock 1,625,000 3,991,469 -0-
Promissory Note 100,000 100,000 -0-
Protech, Inc.
Promissory Notes 67,500 67,500 -0-
----------- ----------- ----------
$28,601,897 $35,396,176 $27,599,946
=========== =========== ===========
</TABLE>
The fair value of debt securities convertible into common stock is the sum of
(a) the value of such securities without regard to the conversion feature,
and (b) the value, if any, of the conversion feature. The fair value of debt
securities without regard to conversion features is determined on the basis
of the terms of the debt security, the interest yield and the financial
condition of the issuer. The fair value of the conversion features of a
security, if any, are based on fair values as of this date less an allowance,
<PAGE> 12
as appropriate, for costs of registration, if any, and selling expenses.
Publicly traded securities, or securities that are convertible into publicly
traded securities, are valued at the last sale price, or at the average
closing bid and asked price, as of the valuation date. While these
valuations are believed to represent fair value, these values do not
necessarily reflect amounts which may be ultimately realized upon disposition
of such securities.
<PAGE> 13
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
$2,435,499 from operations in the aggregate value of its investments in
Portfolio Investments and a corresponding increase in Total Partner's Equity.
This was due to an increase in investment valuations reflecting an increase
in market values for the Common Stocks of certain of its Portfolio Companies,
principally the values of Biodynamics, Inc., Consolidated Health Care, Inc.,
Industrial Holdings, Inc., and Scientific Software, which aggregate increase
was more than the aggregate decrease in the valuation of other investments,
principally Prism Group, Inc..
The following portfolio transactions are noted for the quarter:
CODED COMMUNICATIONS CORP. - The Company has entered into a tentative
agreement with Grupo Information, Satellites and Advertising S.A. de C.V.
("ISA"), and the Company's senior secured debt holders, pursuant to which ISA
is to acquire a controlling common stock ownership interest in Coded and
Company's senior secured debt holders are to restructure their debt. Through
this restructuring, The Partnership's $4,000,000 secured 12% Convertible
Debenture and its accrued interest will be exchanged for a new seven year 6%
Debenture convertible into a new Series B preferred stock, liquidation
preference with a dividend rate of 6% per year, convertible into
approximately 7,344,000 shares of common stock. The Partnership also holds
$1,000,000 Promissory Note with Warrants. Upon closing, the Notes are to be
exchanged for a cash payment of $224,000, a new $336,000 6% one-year term
loan convertible into common shares at a price of $.25 per share, and newly
issued Series A preferred stock which has liquidation preference of $336,000
and a dividend of 8% per year convertible into 1,344,000 shares of common
stock. The Warrants are to be cancelled.
CONSOLIDATED HEALTH CARE ASSOCIATES, INC. - On April 25, 1996, the
Partnership made a $100,000 investment in the Company under a 10% Promissory
Note and Security Agreement. Subsequent to the quarter, on July 8, 1996, an
additional $20,000 advance was made under the same terms.
INDUSTRIAL HOLDINGS, INC. - On March 15, 1996, the Company paid $625,000 of
principal leaving a balance due of $1,875,000. In addition, at that time the
Partnership received warrants to purchase 50,000 shares of the company's
common stock at $4.00 per share. These warrants are to be exercised on or
before March 31, 1999. In connection with the prepayment, a new Debenture
was executed which calls for mandatory principal payments beginning November
1, 1997. This debenture adopted the same terms and conditions of the
previous debenture.
PRISM GROUP, INC. - Effective April 15, 1996, the Company effected an 8 to 1
reverse stock split.
<PAGE> 14
SCIENTIFIC SOFTWARE - INTERCOP, INC. - Effective April 26, 1996, the Company
entered into an agreement with Lindner Dividend Fund, providing the company
with $5,000,000 financing which restructured the Convertible Debenture
position held by the Partnership. In combination with the new financing and
issued pursuant to the same terms as all parties. The Partnership's
$1,750,000 Convertible Debenture has been converted into the following: (i) A
non-convertible secured $1,500,000 Promissory Note paying 7% interest due on
April 30, 2001. (ii) A Warrant to purchase 450,000 shares of common stock at
$3.00 per share, and (iii) 282,218 common shares of Scientific Software, with
a cost assignment of $250,000.
U.S. FAX, INC. - The Company has not reported financial information.
Accordingly, we have fully reserved this investment pending the Partnership
obtaining financial information on the company.
(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 cover changes for quarterly period.
The Partnership currently is not actively considering additional
Portfolio Investments. Therefore no significant further amount of income
from closing fees and commitment fees is anticipated.
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 a 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.
Portfolio investments still held as debentures require interest payments
generally on either a monthly or quarterly basis. As of June 30, 1996, all
companies are current on interest payments with the following exceptions. At
June 30, 1996, AmeriShop, Inc., is in arrears six quarters in interest
payments to the Partnership in the aggregate amount of $902,584.20 and
principal payments of $267,500.00, of which $902,584.20 of the interest has
been reserved. Biodynamics International, Inc., is in arrears four quarters
in interest payments to the Partnership in the aggregate amount of
$41,331.27. Coded Communications, Inc. is in arrears seven quarters in
interest payments to the Partnership in the aggregate amount of $989,327.69
and principal payments of $440,000.00 of which $595,965.36 of the interest
has been reserved. Tricom Corporation, is in arrears nine quarters in
interest payments to the Partnership in the aggregate amount of $574,150.91
and principal payments of $135,000.00 of which $430,292.49 of the interest
has been reserved.
The Partnership did not make any distributions of income to partners for
the three months ended June 30, 1996.
<PAGE> 15
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 II, 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
<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-30-1996 JUN-30-1995 JUN-30-1996
JUN-30-1995
<INVESTMENTS-AT-COST> 28,968,505 28,601,897 0 0
0
<INVESTMENTS-AT-VALUE> 28,598,520 27,599,946 0 0
0
<RECEIVABLES> 695,365 703,366 0 0
0
<ASSETS-OTHER> 130,790 86,366 0 0
0
<OTHER-ITEMS-ASSETS> 0 0 0 0
0
<TOTAL-ASSETS> 29,892,591 29,121,682 0 0
0
<PAYABLE-FOR-SECURITIES> 0 0 0 0
0
<SENIOR-LONG-TERM-DEBT> 0 0 0 0
0
<OTHER-ITEMS-LIABILITIES> 219,627 168,636 0 0
0
<TOTAL-LIABILITIES> 219,627 168,636 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> 29,672,964 28,953,046 0 0
0
<DIVIDEND-INCOME> 0 8,697 127,977 4,290
17,310
<INTEREST-INCOME> 0 364,735 801,475 169,286
407,378
<OTHER-INCOME> 0 15,607 12,000 6,000
6,000
<EXPENSES-NET> 0 476,991 474,691 246,693
135,283
<NET-INVESTMENT-INCOME> 0 (87,952) 466,761 (67,117)
295,405
<REALIZED-GAINS-CURRENT> 0 0 0 0
0
<APPREC-INCREASE-CURRENT> 0 (631,966) (626) 2,502,616
3,830,104
<NET-CHANGE-FROM-OPS> 0 (719,918) 466,135 2,435,499
4,125,509
<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> 0 719,118 466,135 2,435,499
4,125,509
<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> 0 278,747 240,703 145,493
26,333
<INTEREST-EXPENSE> 0 0 0 0
0
<GROSS-EXPENSE> 0 476,991 474,691 246,693
135,283
<AVERAGE-NET-ASSETS> 0 0 0 0
0
<PER-SHARE-NAV-BEGIN> 0 683 762 611
673
<PER-SHARE-NII> 0 (2) 11 (2)
7
<PER-SHARE-GAIN-APPREC> 0 (15) (1) 57
88
<PER-SHARE-DIVIDEND> 0 0 0 0
0
<PER-SHARE-DISTRIBUTIONS> 0 0 (9) 0
(5)
<RETURNS-OF-CAPITAL> 0 0 0 0
0
<PER-SHARE-NAV-END> 0 666 763 666
763
<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>
