<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------------
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended JUNE 30, 1998 Commission file number 0-18042
COMMUNITY INVESTMENT PARTNERS II, L.P.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
MISSOURI 43-1609351
- -------------------------------------------------------------------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
12555 Manchester Road
St. Louis, Missouri 63131
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 515-2000
----------------------
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
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
INDEX
<CAPTION>
Page
Number
<S> <C>
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheet 3
Schedule of Portfolio Investments 4
Income Statement 8
Statement of Cash Flows 9
Statement of Changes in Partnership Capital 10
Notes to Financial Statements 11
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 12
Part II. OTHER INFORMATION<F*>
Item 1. Legal Proceedings 16
Item 6. Exhibits and Reports on Form 8-K 16
Signatures 17
<FN>
<F*> Items 2,3,4 and 5 are omitted as they are not applicable
</TABLE>
2
<PAGE> 3
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
BALANCE SHEET
(UNAUDITED)
<CAPTION>
June 30, December 31,
1998 1997
- --------------------------------------------------------------------------------------
ASSETS
------
<S> <C> <C>
Investments at Fair Value
(cost $1,807,912 and $1,757,091, respectively) $1,832,715 $1,733,229
Cash and Cash Equivalents 26,606 112,496
Accrued Interest and Dividends Receivable 21,384 18,974
---------- ----------
TOTAL ASSETS $1,880,705 $1,864,699
========== ==========
<CAPTION>
LIABILITIES AND PARTNERSHIP CAPITAL
-----------------------------------
<S> <C> <C>
Liabilities:
Accounts Payable and Accrued Expenses $ 6,645 $ 15,804
---------- ----------
TOTAL LIABILITIES 6,645 15,804
---------- ----------
Partnership Capital:
Capital - Limited Partners 1,855,200 1,830,287
Capital - General Partners 18,860 18,608
---------- ----------
TOTAL PARTNERSHIP CAPITAL 1,874,060 1,848,895
---------- ----------
TOTAL LIABILITIES AND
PARTNERSHIP CAPITAL $1,880,705 $1,864,699
========== ==========
- --------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
3
<PAGE> 4
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS
- ------------------------------------------------------------------------------------------------------------
Company Nature of Business Fair Value
Initial Investment Date Investment Cost June 30, 1998
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
HAWK CORPORATION Designs, engineers, manufactures,
(Houghton Acquisition and markets friction products and precision
Corporation) engineered components
January 2, 1997 8% Convertible Promissory Note,
due 1/2/99 $ 25,800 $ 25,800
8% Contingent EBITDA Promissory
Note, due 4/30/00 0 0
GLOBAL SURGICAL Formed to acquire the Urban Microscope
CORPORATION Division and the Surgical Mechanical
Research subsidiary of Storz Medical
January 31, 1994 3,000 shares of Common Stock 300,000 300,000
June 30, 1995 7% Promissory Note, due 6/29/00 45,000 45,000
January 26, 1996 7% Promissory Note, due 1/25/01 67,500 67,500
COMPUTER MOTION, INC. Develops and supplies medical robotics
(RBOT)
June 26, 1997 40,948 warrants to purchase
common stock, exercisable at
$4.569 per warrant through 5/2/03 8 8
August 12, 1997 16,208 shares of Common Stock 124,993 210,704
16,209 warrants to purchase
common stock, exercisable at
$7.712 per warrant, through 12/31/03 250 250
FCOA ACQUISITION A chain of greeting card/
CORPORATION party stores which offer
(d/b/a Factory Card a full line of products at
Outlet) (FCPY) everyday value prices
July 30, 1996 26,063 Common Shares 249,865 188,957
- ------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
4
<PAGE> 5
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (cont'd)
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Company Nature of Business Fair Value
Initial Investment Date Investment Cost June 30, 1998
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
PERMALOK CORPORATION Develops and sells steel pipe joining
system to the domestic underground utility
construction industry
September 24, 1996 25,000 shares of Convertible
Preferred Stock $200,000 $200,000
Warrant to purchase 25,000 shares
of Convertible Preferred Stock,
exercisable at $9.60 per share,
through 7/31/03
STEREOTAXIS, INC. Develops and markets a system by which
surgery can be conducted remotely using
computer controlled magnets
December 30, 1996 138,889 shares of Series B
Preferred Stock 100,000 100,000
June 26, 1998 28,019 shares of Series C Preferred
Stock and warrants to purchase
Preferred Stock at $1.50 per share,
through 10/31/02 42,029 42,029
June 26, 1998 66,667 shares of Series C
Preferred Stock 100,001 100,001
MEDICAL DEVICE Specializes in the development,
ALLIANCE, INC. manufacture and marketing of
devices for ultrasound-assisted lipoplasty
January 24, 1997 20,000 shares of Common Stock 100,000 100,000
- ------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
5
<PAGE> 6
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (cont'd)
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Company Nature of Business Fair Value
Initial Investment Date Investment Cost June 30, 1998
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ONLINE RESOURCES & Provides a variety of inter-
COMMUNICATIONS active banking and financial services
CORPORATION to end-users and corporate
customers in the banking and
financial services industry
March 17, 1997 1,525 shares of Series C
Convertible Preferred Stock 152,466 152,466
Warrants to purchase
20,327 shares of Common
Stock at $3.00 per warrant,
expiring 6/1/02
0 0
ADVANCED UROSCIENCE, INC. Developing Acyst, an injectable
bulking agent, for the treatment
of stress urinary incontinence.
April 7, 1997 25,000 shares of Series A
Preferred Stock 100,000 100,000
NEOCRIN COMPANY Research and development
of minimally invasive,
encapsulated cellular transplants
for the treatment of diabetes.
September 3, 1997 50,000 shares of Series E
Preferred Stock 100,000 100,000
- ------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
6
<PAGE> 7
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (cont'd)
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Company Nature of Business Fair Value
Initial Investment Date Investment Cost June 30, 1998
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BIOSEPARATIONS, INC. Develops automated instrumentation
that can isolate and process cells for
use in biotechnology, diagnostic,
therapeutic, and clinical research
applications
October 14, 1997 50,000 shares of Series B
Preferred Stock 100,000 100,000
Warrant to purchase 9,091 shares
of Common Stock at $1.10 per
share, through 10/15/02 0 0
Warrant to purchase 50,000 shares
of Series B Preferred Stock at $0.20
per share, through 1/31/01 0 0
---------- ----------
$1,807,912 $1,832,715
========== ==========
- ------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
7
<PAGE> 8
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
INCOME STATEMENT
(UNAUDITED)
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
1998 1997 1998 1997
=================================================================================================================
INCOME
------
<S> <C> <C> <C> <C>
Dividend and Interest Income $ 3,441 $ 14,508 $ 7,315 $ 22,676
-------- -------- -------- --------
TOTAL INCOME 3,441 14,508 7,315 22,676
-------- -------- -------- --------
EXPENSES
--------
Professional Fees 10,394 1,658 14,490 9,565
Management Fees 7,233 7,254 14,325 14,394
Independent General Partners' Fees 1,000 3,000 2,000 6,000
Amortization of Deferred
Organizational Costs -- 9,171 -- 18,342
Other -- 35 -- 1,848
-------- -------- -------- --------
TOTAL EXPENSES 18,627 21,118 30,815 50,149
-------- -------- -------- --------
Net (Loss) before Realized Gains and
Unrealized (Losses) and Gains (15,186) (6,610) (23,500) (27,473)
Net Realized Gains on
Sale of Investments -- 19,656 -- 510,422
Net Unrealized (Losses) Gains on
Investments (71,479) (57,013) 48,665 (83,076)
-------- -------- -------- --------
NET (LOSS) INCOME $(86,665) $(43,967) $ 25,165 $399,873
======== ======== ======== ========
Per Unit Information:
Net (Loss) Income $ (.77) $ (.39) $ .22 $ 3.55
======== ======== ======== ========
Net Asset Value (as of June 30, 1998
and December 31, 1997) $ 16.65 $ 16.43
======== ========
Units Outstanding:
Limited Partners 111,395 111,395
General Partners 1,135 1,135
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
8
<PAGE> 9
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
Six Months Ended
June 30, 1998 June 30, 1997
===========================================================================================
<S> <C> <C>
CASH FLOWS (USED) PROVIDED BY
OPERATING ACTIVITIES:
Net Income $ 25,165 $ 399,873
Adjustments to reconcile Net Income to Net
Cash (Used) Provided by Operating Activities -
Amortization of Deferred Organization Costs -- 18,342
(Decrease) Increase in Accrued Expenses (9,159) 2,294
Increase in Accrued Interest and
Dividends Receivable (2,410) (7,032)
Decrease in Prepaid Expense - 2,449
Purchase of Portfolio Investments (102,421) (350,008)
Sale of Portfolio Investments 51,600 633,035
Unrealized (Gains) Losses on Portfolio Investments (48,665) 83,076
Net Realized Gains on Sale of Portfolio Investments -- (510,422)
--------- ---------
Total Cash (Used) Provided by Operating Activities (85,890) 271,607
CASH FLOWS USED BY FINANCING ACTIVITIES:
Capital Distributions -- (562,650)
--------- ---------
Total Cash Used by Financing Activities -- (562,650)
--------- ---------
Net Decrease in Cash and Cash Equivalents (85,890) (291,043)
CASH AND EQUIVALENTS, beginning of period 112,496 540,528
--------- ---------
CASH AND EQUIVALENTS, end of period $ 26,606 $ 249,485
========= =========
- -------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
9
<PAGE> 10
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
STATEMENT OF CHANGES IN PARTNERSHIP CAPITAL
(UNAUDITED)
<CAPTION>
Six Months Ended June 30, 1998 and 1997
Limited Partners General Partners Total
================================================================================================
<S> <C> <C> <C>
Balance, December 31, 1996 $1,962,730 $19,995 $1,982,725
Distribution (556,975) (5,675) (562,650)
Net Income 395,874 3,999 399,873
---------- ------- ----------
Balance, June 30, 1997 $1,801,629 $18,319 $1,819,948
========== ======= ==========
Balance, December 31, 1997 $1,830,287 $18,608 $1,848,895
Net Income 24,913 252 25,165
---------- ------- ----------
Balance, June 30, 1998 $1,855,200 $18,860 $1,874,060
========== ======= ==========
================================================================================================
- ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
10
<PAGE> 11
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
COMMUNITY INVESTMENT PARTNERS II, L.P.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
BASIS OF PRESENTATION
Community Investment Partners II, L.P. (CIP II) is a limited
partnership which has elected to be a business development company under the
Investment Company Act of 1940, as amended. As a business development
company, the partnership is required to invest at least 70% of its total
assets in qualifying investments as specified in the Investment Company Act.
CIP Management, L.P., LLLP (Management), a limited liability limited
partnership, is the Managing General Partner of CIP II. Management is
responsible for making all decisions regarding CIP II's investment portfolio.
CIP II is no longer making initial investments, but may continue to make
follow-on investments.
All portfolio investments are carried at cost until significant
developments affecting an investment provide a basis for revaluation.
Thereafter, portfolio investments are carried at fair value as obtained from
outside sources or at a value determined quarterly by the Managing General
Partner under the supervision of the Independent General Partners. Due to the
inherent uncertainty of valuation, those estimated values for portfolio
investments carried at cost may differ significantly from the values that
would have been used had a ready market for the investment existed, and the
differences could be material to the financial statements. Investments in
securities traded on a national securities exchange are valued at the latest
reported sales price on the last business day of the period. If no sale has
taken place, the securities are valued at the last bid price. If no bid price
has been reported, or if no exchange quotation is available, the securities
are valued at the quotation obtained from an outside broker. Investment
transactions are recorded on a trade date basis. Income is recorded on an
accrual basis.
The General Partners of CIP II, have amended, and Management has agreed
to amend, the Management Agreement for CIP II to clarify the right of
Management to waive all or any portion of the management fee from time to
time without any reduction in the level of services.
11
<PAGE> 12
Part. 1. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results fo Operations
COMMUNITY INVESTMENT PARTNERS II, L.P.
MANAGEMENT'S FINANCIAL DISCUSSION
RESULTS OF OPERATIONS
QUARTER ENDED JUNE 30, 1998 VERSUS QUARTER ENDED JUNE 30, 1997
Losses for the three months ended June 30, 1998 and 1997 were $86,665
and $43,967, respectively. Losses for the three months ended June 30, 1998
were primarily due to an unrealized loss of $114,025 recorded for FCOA
Acquisition Corporation when its share price decreased. This unrealized loss
was offset by an unrealized gain of $42,546 recorded for Computer Motion,
Inc., when its share price increased. Income was derived from dividends and
interest. However, dividend and interest income decreased approximately
$11,000, or 76%, from the three months ended June 30, 1997, due to fewer cash
funds invested in certificates of deposit and money market funds. Expenses
decreased approximately $2,500, or 12%, from the three months ended June 30,
1997 primarily because no amortization expense was incurred for deferred
organizational costs, as these costs were fully amortized by the end of 1997.
In addition, the quarterly fee paid to the Independent General Partners was
eliminated effective January 1, 1998, as the Partnership is no longer making
initial investments. There was however, an expense of $1,000 incurred for
payment to the Independent General Partners for attending a Board of
Directors meeting. Professional fees were higher during the three months
ended June 30, 1998 compared to the three months ended June 30, 1997
primarily due to increased legal and trustee fees.
SIX MONTHS ENDED JUNE 30, 1998 VERSUS SIX MONTHS ENDED JUNE 30, 1997
Income for the six months ended June 30, 1998 and 1997 was $25,165 and
$399,873, respectively. The decrease in net income is primarily attributable
to the absence of gains realized on the sale of investments during the six
months ended June 30, 1998 and $510,422 of gains realized on the sale of
investments during the same period in 1997. During the six months ended June
30, 1998, there was a net unrealized gain of $48,665 due to unrealized gains
of $40,520 recorded for Computer Motion, Inc., and $8,145 recorded for FCOA
Acquisition Corporation when their share prices increased.
Dividend and interest income decreased approximately $15,400, or 68%
between the six months ended June 30, 1998 and June 30, 1997 due to fewer
cash funds invested in certificates of deposit and money market funds.
Expenses decreased approximately $19,300, or 39% primarily because no
amortization expense was incurred for deferred organizational costs, as these
costs were fully amortized by the end of 1997. Additionally, expenses were
lower, as the quarterly fee paid to the Independent General Partners was
eliminated effective January 1, 1998, because the Partnership is no longer
making initial investments. There was however, an expense of $2,000 incurred
for payment to the Independent General Partners for attending a Board of
Directors meeting.
12
<PAGE> 13
Part. 1. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results fo Operations
On June 26, 1998, the Partnership made an additional investment in
Stereotaxis, Inc. by purchasing 66,667 shares of Series C Preferred stock for
$100,001. Concurrently, the Partnership's 10% Convertible Promissory Note,
due October 31, 2002 converted into 26,406 shares of Series C Preferred
Stock. The outstanding interest on the 10% Convertible Promissory Note
($2,420 as of 6/26/98) was converted into 1,613 shares of Series C Preferred
Stock. The total number of shares of Series C Preferred Stock received at
conversion was 28,019. Additionally, the Partnership received 5,281 warrants
to purchase Preferred Stock at $1.50 per share, exercisable through
October 31, 2002.
As of June 30, 1998, unrealized gains on investments totaled $24,803.
The future income or loss of the Partnership is contingent upon the
performance of the portfolio investments.
13
<PAGE> 14
Part. 1. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results fo Operations
INVESTMENT TRANSACTIONS
Following is a summary of portfolio investment transactions during the period
ended June 30, 1998.
<TABLE>
<CAPTION>
Type of Realized
Company Transaction Cost Proceeds Gain (Loss)
- ------------------------ ------------------- -------- -------- -----------
<S> <C> <C> <C> <C>
Sales:
- ------
Quarter 1 ended:
- ----------------
Hawk Corp. (Houghton Payment of
Acquisition Corp.) Term Note $ 51,600 $51,600 $ 0
-------- ------- ----
Total Sales $ 51,600 $51,600 $ 0
======== ======= ====
Purchases:
- ----------
Quarter 2 ended:
- ----------------
Stereotaxis, Inc. Purchase of Series C
Convertible
Preferred Stock $100,001
Conversion of accrued
interest on Note into
Series C Convertible
Preferred Stock 2,420 <Fa>
--------
Total Purchases $102,421
========
<FN>
<Fa> On June 26, 1998, the Stereotaxis, Inc. 10% Convertible Promissory
Note, due October 31, 2002 converted into 26,406 shares of Series C
Preferred Stock. The outstanding interest on this 10% Convertible
Promissory Note ($2,420 as of 6/26/98) was converted into 1,613 shares
of Series C Preferred Stock. Additionally, the Partnership received
5,281 warrants to purchase Preferred Stock at $1.50 per share,
exercisable through October 31, 2002.
</TABLE>
LIQUIDITY AND CAPITAL RESOURCES
The partnership's total capital of $1,874,060 as of June 30, 1998,
consisted of $1,855,200 in limited partner capital and $18,860 in general
partner capital. Net income was allocated to the limited partners in the
amount of $24,913 and to the general partners in the amount of $252.
At June 30, 1998, the Partnership had $26,606 in cash and cash
equivalents.
14
<PAGE> 15
Part. 1. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results fo Operations
SUBSEQUENT EVENTS
There were no subsequent events.
15
<PAGE> 16
Part. II. OTHER INFORMATION
COMMUNITY INVESTMENT PARTNERS II, L.P.
Item 1: Legal Proceedings
The partnership is not a party to any material pending legal
proceedings.
Item 6: Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
No reports were filed on Form 8-K for the quarter ended
June 30, 1998.
16
<PAGE> 17
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.
COMMUNITY INVESTMENT PARTNERS II, L.P.
By: CIP Management, L.P., LLLP, Managing General Partner
By: CIP Management, Inc., its Managing General Partner
<TABLE>
<S> <C> <C>
/s/ Daniel A. Burkhardt
President, Treasurer and Director August 14, 1998
-------------------------
Daniel A. Burkhardt
/s/ Ray L. Robbins, Jr.
Vice-President and Director August 14, 1998
-------------------------
Ray L. Robbins, Jr.
</TABLE>
17
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements for Community Investment Partners II, L.P. for the
quarter ended June 30, 1998 and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1,807,912
<INVESTMENTS-AT-VALUE> 1,832,715
<RECEIVABLES> 21,384
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,880,705
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,645
<TOTAL-LIABILITIES> 6,645
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 112,530
<SHARES-COMMON-PRIOR> 112,530
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,874,060
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,315
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 48,665
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 30,815
<AVERAGE-NET-ASSETS> 1,861,478
<PER-SHARE-NAV-BEGIN> 16.43
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.65
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
