<PAGE>
<PAGE>
UNITED STATES
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, 1999
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
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COMMUNITY INVESTMENT PARTNERS II, L.P.
INDEX
Page
Number
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
Schedule of Portfolio Investments 3
Statement of Financial Condition 7
Statement of Income 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 17
[FN]
<F*> Items 2,3,4 and 5 are omitted as they are not applicable
2
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Part 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30,1999
- ----------------------------------------------------------------------------------------------------------
<CAPTION>
Company Nature of Business
Initial Investment Date Investment Cost Fair Value
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
HAWK CORPORATION Designs, engineers, manufactures,
(Houghton Acquisition and markets friction products and precision
Corporation) engineered components
8% Contingent EBITDA
Promissory Note, due 4/30/00 - -
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)
September 6, 1996 40,948 warrants to purchase
common stock, exercisable at
$4.569 per warrant through 5/2/03 8 8
September 6, 1996 16,208 shares of Common Stock 124,993 162,080
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 -
- ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
3
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Part 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (CONT'D.)
AS OF SEPTEMBER 30,1999
- ----------------------------------------------------------------------------------------------------------
<CAPTION>
Company Nature of Business
Initial Investment Date Investment Cost Fair Value
- ----------------------------------------------------------------------------------------------------------
<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
November 12, 1997 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>
4
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Part 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (CONT'D)
AS OF SEPTEMBER 30, 1999
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
Company Nature of Business
Initial Investment Date Investment Cost Fair Value
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ONLINE RESOURCES & Provides a variety of inter-
COMMUNICATIONS active banking and financial services
CORPORATION to end-users and corporate
(ORCC) customers in the banking and
financial services industry
March 17, 1997 18,118 shares of common stock 152,466 251,387
Warrants to purchase
7,233 shares of Common
Stock at $8.43 per share,
expiring 6/1/02 - -
ADVANCED UROSCIENCE, Developing Acyst, an injectable
INC. bulking agent, for the treatment
of stress urinary incontinence.
April 7, 1997 25,000 shares of Series A
Preferred Stock 100,000 100,000
NOVOCELL, INC. Research and development of
minimally invasive, encapsulated
cellular transplant for the
treatment of diabetes.
September 9, 1999 10,000 shares of Series A
Preferred Stock 10,000 10,000
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
5
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<PAGE>
Part 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
SCHEDULE OF PORTFOLIO INVESTMENTS (CONT'D)
AS OF SEPTEMBER 30, 1999
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
Company Nature of Business
Initial Investment Date Investment Cost Fair Value
- ---------------------------------------------------------------------------------------------------------
<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 - -
Warrant to purchase 50,000 shares
of Series B Preferred Stock at $0.20
per share, through 1/31/01 - -
---------- ----------
$1,692,112 $1,578,255
========== ==========
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
6
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Part 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
STATEMENT OF FINANCIAL CONDITION
<CAPTION>
Unaudited
September 30, December 31,
1999 1998
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
------
Investments at Fair Value
(cost $1,692,112 and $1,807,912, respectively) $1,578,255 $1,671,491
Cash and Cash Equivalents 15,963 26,598
Accrued Interest and Dividends Receivable 30,712 25,322
---------- ----------
TOTAL ASSETS $1,624,930 $1,723,411
========== ==========
LIABILITIES AND PARTNERSHIP CAPITAL
-----------------------------------
Liabilities:
Accounts Payable and Accrued Expenses $ 10,680 $ 14,000
---------- ----------
TOTAL LIABILITIES 10,680 14,000
---------- ----------
Partnership Capital:
Capital - Limited Partners 1,597,989 1,692,198
Capital - General Partners 16,261 17,213
---------- ----------
TOTAL PARTNERSHIP CAPITAL 1,614,250 1,709,411
---------- ----------
TOTAL LIABILITIES AND
PARTNERSHIP CAPITAL $1,624,930 $1,723,411
========== ==========
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
7
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Part 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
STATEMENT OF INCOME
(UNAUDITED)
<CAPTION>
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1999 1998 1999 1998
===============================================================================================================
INCOME
------
<S> <C> <C> <C> <C>
Dividend and Interest Income $ 1,969 $ 2,491 $ 5,918 $ 9,806
--------- --------- --------- ---------
TOTAL INCOME 1,969 2,491 5,918 9,806
--------- --------- --------- ---------
<CAPTION>
EXPENSES
--------
<S> <C> <C> <C> <C>
Professional Fees 3,560 3,178 16,215 17,646
Management Fees -- -- -- 14,325
Independent General Partners' Fees -- -- -- 2,000
Other 515 515 515 536
--------- --------- --------- ---------
TOTAL EXPENSES 4,075 3,693 16,730 34,507
--------- --------- --------- ---------
Net (Loss) before Realized Gains and
Unrealized Gains and (Losses) (2,106) (1,202) (10,812) (24,701)
Net Realized Losses on
Sale of Investments (106,000) -- (106,913) --
Net Unrealized Gains (Losses) on
Investments 2,622 (126,554) 22,564 (77,889)
--------- --------- --------- ---------
NET LOSS $(105,484) $(127,756) $ (95,161) $(102,590)
========= ========= ========= =========
Per Unit Information:
Net Loss $ (.94) $ (1.14) $ (.85) $ (.91)
--------- --------- --------- ---------
Net Asset Value (as of Sept. 30, 1999
and December 31, 1998) $ 14.34 $ 15.19
========= =========
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
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Part 1. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS II, L.P.
STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
Nine Months Ended
Sept. 30, 1999 Sept. 30, 1998
=================================================================================================================
<S> <C> <C>
CASH FLOWS (USED) PROVIDED BY
OPERATING ACTIVITIES:
Net Loss $(95,161) $(102,590)
Adjustments to reconcile Net Income to Net
Cash Used by Operating Activities -
Sale of Portfolio Investments 24,887 51,600
Unrealized (Gains) Losses on Portfolio Investments (22,564) 77,889
Net Realized Losses on Sale of Portfolio Investments 106,913 --
Decrease in Accrued Expenses (3,320) (5,982)
Increase in Accrued Interest and
Dividends Receivable (5,390) (4,379)
Purchase of Portfolio Investments (16,000) (102,421)
-------- ---------
Total Cash Used by Operating Activities $(10,635) $ (85,883)
CASH AND EQUIVALENTS, beginning of period 26,598 112,496
-------- ---------
CASH AND EQUIVALENTS, end of period $ 15,963 $ 26,613
======== =========
- ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
9
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<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, 1999 and 1998
Limited Partners General Partners Total
=================================================================================================================
<S> <C> <C> <C>
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
========== ======= ==========
Balance, December 31, 1998 $1,692,198 $17,213 $1,709,411
Net Loss (94,209) (952) (95,161)
---------- ------- ----------
Balance, September 30, 1999 $1,597,989 $16,261 $1,614,250
========== ======= ==========
=================================================================================================================
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
10
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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 increase existing holdings.
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
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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, 1999 VERSUS QUARTER ENDED SEPTEMBER 30, 1998
Net losses for the three months ended September 30, 1999 and 1998
were $105,484 and $127,756, respectively. The September 30, 1999 net
loss is comprised of a $2,106 net loss before realized and unrealized
gains and losses, a $106,000 net realized loss on investments, and a
$2,622 net unrealized gain on investments.
Income for the three months ended September 30, 1999 is comprised
of $1,969 interest income and an unrealized gain on investments in the
amount of $2,622. Interest income decreased approximately 21% from
1998, due to the repayment of promissory notes held for investment.
Expenses, primarily professional fees, for the three months ended
September 30, 1999 were $4,075, an increase of $382 from the same period
in 1998.
Included in the September 30, 1999 net realized loss is a $100,000
realized loss on Neocrin Company (Neocrin) Series E Preferred Stock and
a $6,000 realized loss on Neocrin Series F Preferred Stock. The
shareholders of Neocrin voted to sell their assets to Novocell, Inc.
(Novocell) and subsequently dissolve the company. Shareholders of
Neocrin did not receive proceeds for their investment, as the company's
debt exceeded its assets on the date of termination. The dissolution
occurred on July 22, 1999 and the Partnership's $106,000 investment in
Neocrin, Inc. was written off. On September 9, 1999, the Partnership
invested $10,000 in Series A Preferred stock of the newly formed
Novocell.
The net unrealized gain on investments represents a $5,661
increase and a $3,039 decrease in the share prices of Online Resources
and Communications Corporation and Computer Motion, Inc. common stock,
respectively. The difference between the cost and fair market value of
investments at September 30, 1999 consisted of a $98,921 unrealized gain
on Online Resources and Communications Corporation, a $37,087 unrealized
gain on Computer Motion, Inc., and a $249,865 unrealized loss on FCOA
Acquisition Corp, which declared bankruptcy in the first quarter of
1999. The future income or loss of the Partnership is contingent upon
the performance of the portfolio investments and the ability to find
suitable investment alternatives.
NINE MONTHS ENDED SEPTEMBER 30, 1999 VERSUS SIX MONTHS ENDED SEPTEMBER
30, 1998
Net losses for the nine months ended September 30, 1999 and 1998
were $95,161 and $102,590, respectively. Dividend and interest income
decreased $3,888 (40%) from the nine months ended September 30, 1998
due to the repayment of promissory notes held for investment. Expenses
decreased $17,777 (52%) from the nine months ended September 30, 1998,
attributable to the termination of the payment of management fees after
the second quarter of 1998, and a one-time payment to Independent
General Partners in 1998 for attending Board of Directors' meetings.
At September 30, 1999, security gains and losses included a
$106,913 realized loss and a $22,564 unrealized gain, compared to a
$77,889 unrealized loss at September 30, 1998. The September 30, 1999
realized loss is attributable to a loss on the Neocrin investment,
described above. Increasing market prices per share of Online Resources
and Communications Corporation and Computer Motion, Inc. caused the
change in unrealized gain between the two periods.
12
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<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, 1999.
<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 $ 25,800 $24,887 $ (913)
Quarter 3 ended:
- ----------------
Neocrin Company Write-off investment
in Series E
Preferred Stock $100,000 -- $(100,000)
Write-off investment
in Series F
Preferred Stock $ 6,000 -- $ (6,000)
-------- ------- ---------
Total Sales $131,800 -- $(106,913)
======== ======= =========
PURCHASES:
- ----------
Quarter 2 ended:
- ----------------
BioSeparations, Inc. Purchase of Series
F Preferred Stock $ 6,000
Quarter 3 ended:
- ----------------
Novocell, Inc. Purchase of Series
A Preferred Stock $ 10,000
--------
Total Purchases $ 16,000
========
</TABLE>
In addition to the above transactions, the 1,525 shares of Online
Resources and Communications Corporation Series C Convertible Preferred
Stock previously held underwent a 2.81 reverse stock split and were
converted in 18,118 shares of common stock in conjunction with a public
offering. The Partnership now hold warrants to purchase 7,233 shares of
common stock, exercisable at $8.43 until June 1, 2002.
13
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<PAGE>
Part 1. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
LIQUIDITY AND CAPITAL RESOURCES
The partnership's total capital of $1,614,250 as of September 30,
1999, consisted of $1,597,989 in limited partner capital and $16,261 in
general partner capital. Net loss was allocated to the limited partners
in the amount of $94,209 and to the general partners in the amount of
$952.
At September 30, 1999, the Partnership had $15,963 in cash and
cash equivalents.
SUBSEQUENT EVENTS
There were no subsequent events.
YEAR 2000 ISSUE
Although the Partnership has no Year 2000 issues that would result
from its own information systems, the Partnership has investments in
publicly and privately placed securities and loans. The Partnership may
be exposed to credit risk to the extent that the related borrowers are
materially adversely impacted by the Year 2000 issue.
14
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<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, 1999.
15
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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
/s/ Daniel A. Burkhardt
--------------------- President, Treasurer and Director November 15, 1999
Daniel A. Burkhardt
/s/ Ray L. Robbins, Jr.
--------------------- Vice-President and Director November 15, 1999
Ray L. Robbins, Jr.
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, 1999 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 1,692,112
<INVESTMENTS-AT-VALUE> 1,578,255
<RECEIVABLES> 30,712
<ASSETS-OTHER> 15,963
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,624,930
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,680
<TOTAL-LIABILITIES> 10,680
<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> 1,614,250
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,918
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> (106,913)
<APPREC-INCREASE-CURRENT> 22,564
<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> 16,215
<AVERAGE-NET-ASSETS> 1,661,831
<PER-SHARE-NAV-BEGIN> 15.19
<PER-SHARE-NII> (0.85)
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.34
<EXPENSE-RATIO> 0
</TABLE>
