<PAGE>
<PAGE>
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 SEPTEMBER 30, 1998
Commission file number 0-20213
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
--- ---
1<PAGE>
<PAGE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
INDEX
Page
Number
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 15
Item 6. Exhibits and Reports on Form 8-K 15
Signatures 16
[FN]
<F*> Items 2,3,4 and 5 are omitted as they are not applicable
2 <PAGE>
<PAGE>
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
BALANCE SHEET
(UNAUDITED)
<CAPTION>
September 30, December 31,
1998 1997
- ----------------------------------------------------------------------------------------------------
ASSETS
------
<S> <C> <C>
Investments at Fair Value
(cost $1,807,912 and $1,757,091, respectively) $1,706,161 $1,733,229
Cash and Cash Equivalents 26,613 112,496
Accrued Interest and Dividends Receivable 23,353 18,974
---------- ----------
TOTAL ASSETS $1,756,127 $1,864,699
========== ==========
<CAPTION>
LIABILITIES AND PARTNERSHIP CAPITAL
-----------------------------------
<S> <C> <C>
Liabilities:
Accounts Payable and Accrued Expenses $ 9,822 $ 15,804
---------- ----------
TOTAL LIABILITIES 9,822 15,804
---------- ----------
Partnership Capital:
Capital - Limited Partners 1,728,723 1,830,287
Capital - General Partners 17,582 18,608
---------- ----------
TOTAL PARTNERSHIP CAPITAL 1,746,305 1,848,895
---------- ----------
TOTAL LIABILITIES AND
PARTNERSHIP CAPITAL $1,756,127 $1,864,699
========== ==========
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
3<PAGE>
<PAGE>
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Company Nature of Business Fair Value
Initial Investment Date Investment Cost September 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
September 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 124,993 142,792
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 249,865 130,315
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
4<PAGE>
<PAGE>
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
COMMUNITY INVESTMENT PARTNERS II, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (CONT'D)
- -----------------------------------------------------------------------------------------------------------------
Company Nature of Business Fair Value
Initial Investment Date Investment Cost September 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
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
<PAGE>
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
COMMUNITY INVESTMENT PARTNERS II, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (CONT'D)
- -----------------------------------------------------------------------------------------------------------------
Company Nature of Business Fair Value
Initial Investment Date Investment Cost September 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
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
<PAGE>
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
COMMUNITY INVESTMENT PARTNERS II, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (CONT'D)
- -----------------------------------------------------------------------------------------------------------------
Company Nature of Business Fair Value
Initial Investment Date Investment Cost September 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 $1,706,161
========== ==========
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
7
<PAGE>
<PAGE>
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
INCOME STATEMENT
(UNAUDITED)
<CAPTION>
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1998 1997 1998 1997
- -------------------------------------------------------------------------------------------------------
INCOME
------
<S> <C> <C> <C> <C>
Dividend and Interest Income $ 2,491 $ 6,817 $ 9,806 $ 29,493
--------- -------- --------- --------
TOTAL INCOME 2,491 6,817 9,806 29,493
--------- -------- --------- --------
<CAPTION>
EXPENSES
--------
<S> <C> <C> <C> <C>
Professional Fees 3,178 6,897 17,646 16,463
Management Fees -- 7,285 14,325 21,679
Independent General Partners' Fees -- 3,000 2,000 9,000
Amortization of Deferred
Organizational Costs -- 9,171 -- 27,512
Other 515 515 536 2,363
--------- -------- --------- --------
TOTAL EXPENSES 3,693 26,868 34,507 77,017
--------- -------- --------- --------
Net (Loss) before Realized Gains and
Unrealized (Losses) and Gains (1,202) (20,051) (24,701) (47,524)
Net Realized Gains on
Sale of Investments -- 1,476 -- 511,898
Net Unrealized (Losses) Gains on
Investments (126,554) 163,853 (77,889) 80,777
--------- -------- --------- --------
NET (LOSS) INCOME $(127,756) $145,278 $(102,590) $545,151
========= ======== ========= ========
Per Unit Information:
Net (Loss) Income $ (1.14) $1.29 $ (.91) $ 4.84
========= ======== ========= ========
Net Asset Value (as of
September 30, 1998
and December 31, 1997) $ 15.52 $ 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>
<PAGE>
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
Nine Months Ended
September 30, 1998 September 30, 1997
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CASH FLOWS (USED) PROVIDED BY
OPERATING ACTIVITIES:
Net (Loss) Income $(102,590) $ 545,151
Adjustments to reconcile Net (Loss) Income to Net
Cash (Used) Provided by Operating Activities -
Amortization of Deferred Organization Costs - 27,513
(Decrease) Increase in Accrued Expenses (5,982) 16,130
(Increase) Decrease in Accrued Interest and
Dividends Receivable (4,379) 1,322
Decrease in Prepaid Expense - 2,449
Purchase of Portfolio Investments (102,421) (452,474)
Sale of Portfolio Investments 51,600 759,511
Unrealized Losses (Gains) on Portfolio Investments 77,889 (80,777)
Net Realized Gains on Sale of Portfolio Investments - (511,898)
- --------- ---------
Total Cash (Used) Provided by Operating Activities (85,883) 306,927
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 (85,883) (255,723)
CASH AND EQUIVALENTS, beginning of period 112,496 540,528
--------- ---------
CASH AND EQUIVALENTS, end of period $ 26,613 $ 284,805
========= =========
- --------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
9<PAGE>
<PAGE>
Part. 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
STATEMENT OF CHANGES IN PARTNERSHIP CAPITAL
(UNAUDITED)
<CAPTION>
Nine Months Ended September 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 539,699 5,452 545,151
---------- ------- ----------
Balance, September 30, 1997 $1,945,454 $19,772 $1,965,226
========== ======= ==========
Balance, December 31, 1997 $1,830,287 $18,608 $1,848,895
Net Loss (101,564) (1,026) (102,590)
---------- ------- ----------
Balance, September 30, 1998 $1,728,723 $17,582 $1,746,305
========== ======= ==========
- -------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
10
<PAGE>
<PAGE>
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>
<PAGE>
Part. 1. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
COMMUNITY INVESTMENT PARTNERS II, L.P.
MANAGEMENT'S FINANCIAL DISCUSSION
RESULTS OF OPERATIONS
QUARTER ENDED SEPTEMBER 30, 1998 VERSUS QUARTER ENDED SEPTEMBER 30, 1997
Losses for the three months ended September 30, 1998, were
$127,756, compared to income of $145,278 for the three months ended
September 30, 1997. Losses for the three months ended September 30,
1998, were due to an unrealized loss of $67,912 recorded for Computer
Motion, Inc. and an unrealized loss of $58,642 recorded for FCOA
Acquisition Corporation when their share prices decreased.
Income was derived from dividends and interest, which decreased
approximately $4,300, or 63%, from the three months ended September 30,
1997. This decrease resulted from fewer cash funds invested in
certificates of deposit and money market funds.
Expenses decreased approximately $23,000, or 86%, from the three
months ended September 30, 1997, primarily because no amortization
expense was incurred for deferred organizational costs, as these costs
were fully expensed in 1997. In addition, the quarterly fee paid to the
Independent General Partners was eliminated, as the Partnership is no
longer making initial investments. The Management Agreement was amended
to waive the management fee paid to the Managing General Partner. This
payment was terminated after the second quarter of 1998.
NINE MONTHS ENDED SEPTEMBER 30, 1998 VERSUS NINE MONTHS ENDED SEPTEMBER
30, 1997
Losses for the nine months ended September 30, 1998, were
$102,590, compared to income of $545,151 for the nine months ended
September 30, 1997. The decrease in net income is primarily attributable
to the absence of gains realized on the sale of investments during the
nine months ended September 30, 1998, compared to $511,898 of gains
realized on the sale of investments during the same period in 1997.
During the nine months ended September 30, 1998, there was a net
unrealized loss of $77,889, due to unrealized losses of $50,497 recorded
for FCOA Acquisition Corporation and $27,392 recorded for Computer
Motion, Inc. when their share prices decreased.
Dividend and interest income decreased approximately $19,700, or
67%, between the nine months ended September 30, 1998, and September 30,
1997, due to fewer cash funds invested in certificates of deposit and
money market funds.
Expenses decreased approximately $42,500, or 55%, primarily
because no amortization expense was incurred for deferred organizational
costs which were fully expensed in 1997. Additionally, expenses were
lower, as the quarterly fee paid to the Independent General partners was
eliminated, since the Partnership is no longer making initial
investments. However, the Partnership incurred an expense of $2,000 for
payment to the Independent General Partners for attending Board of
Directors' meetings. The Management Agreement was amended to waive the
management fee paid to the Managing General Partner. This payment was
terminated after the second quarter of 1998.
As of September 30, 1998, unrealized losses on investments totaled
$101,751. The future income or loss of the Partnership is contingent
upon the performance of the portfolio investments.
12<PAGE>
<PAGE>
Part. 1. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
INVESTMENT TRANSACTIONS
Following is a summary of portfolio investment transactions during the
period ended September 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
As of September 30, 1998, the partnership's total capital of
$1,746,305 consisted of $1,728,723 in limited partner capital and
$17,582 in general partner capital. Net loss was allocated to the
limited partners in the amount of $101,564 and to the general partners
in the amount of $1,026.
At September 30, 1998, the Partnership had $26,613 in cash and
cash equivalents.
13<PAGE>
<PAGE>
Part. 1. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
SUBSEQUENT EVENTS
There were no subsequent events.
14
<PAGE>
<PAGE>
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 September
30, 1998.
15<PAGE>
<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.
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 November 13, 1998
Daniel A. Burkhardt
/s/ Ray L. Robbins, Jr.
----------------------- Vice-President and Director November 13, 1998
Ray L. Robbins, Jr.
</TABLE>
16
<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 September 30, 1998 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1,807,912
<INVESTMENTS-AT-VALUE> 1,706,161
<RECEIVABLES> 23,353
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,756,127
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,822
<TOTAL-LIABILITIES> 9,822
<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> 1,746,305
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,806
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (77,889)
<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> 34,507
<AVERAGE-NET-ASSETS> 1,797,600
<PER-SHARE-NAV-BEGIN> 16.43
<PER-SHARE-NII> (.91)
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.52
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
