<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 1998
OR
/ /TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from _______________________ to ______________________
Commission file number: 0-26002
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 13-3702808
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
One New York Plaza, 13th Floor, New York, New York 10292
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 778-7866
N/A
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report
Indicate by check CK whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes _CK_ No __
<PAGE>
Part I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
(a limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------
ASSETS
Equity in commodity trading accounts:
Cash $ 1,625,173 $1,811,247
U.S. Treasury bills, at amortized cost 4,954,544 5,035,022
Net unrealized gain on open commodity positions 225,788 131,368
------------- ------------
Net equity 6,805,505 6,977,637
Organizational costs, net 725 1,341
------------- ------------
Total assets $ 6,806,230 $6,978,978
------------- ------------
------------- ------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable $ 347,821 $ 597,404
Accrued expenses 87,691 73,381
Management fees payable 11,196 11,503
Options, at market 750 3,725
------------- ------------
Total liabilities 447,458 686,013
------------- ------------
Commitments
Partners' capital
Limited partners (62,291.908 and 65,699.974 units outstanding) 6,295,105 6,230,001
General partner (630 and 664 units outstanding) 63,667 62,964
------------- ------------
Total partners' capital 6,358,772 6,292,965
------------- ------------
Total liabilities and partners' capital $ 6,806,230 $6,978,978
------------- ------------
------------- ------------
Net asset value per limited and general partnership unit ('Units') $ 101.06 $ 94.83
------------- ------------
------------- ------------
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
2
<PAGE>
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
(a limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
---------------------------
1998 1997
<S> <C> <C>
- --------------------------------------------------------------------------------------------------
REVENUES
Net realized gain (loss) on commodity transactions $ 433,219 $ (213,580)
Change in net unrealized gain/loss on open commodity positions 101,433 (176,394)
Interest income 84,048 100,267
----------- -----------
618,700 (289,707)
----------- -----------
EXPENSES
Commissions 127,421 176,027
Other transaction fees 2,579 17,056
Management fees 32,599 43,128
General and administrative 41,857 43,127
Amortization of organizational costs 582 816
----------- -----------
205,038 280,154
----------- -----------
Net income (loss) $ 413,662 $ (569,861)
----------- -----------
----------- -----------
ALLOCATION OF NET INCOME (LOSS)
Limited partners $ 409,523 $ (564,158)
----------- -----------
----------- -----------
General partner $ 4,139 $ (5,703)
----------- -----------
----------- -----------
NET INCOME (LOSS) PER WEIGHTED AVERAGE LIMITED AND GENERAL
PARTNERSHIP UNIT
Net income (loss) per weighted average limited and general
partnership unit $ 6.23 $ (6.16)
----------- -----------
----------- -----------
Weighted average number of limited and general partnership
units outstanding 66,363.974 92,535.501
----------- -----------
----------- -----------
- --------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
(Unaudited)
<TABLE>
<CAPTION>
LIMITED GENERAL
UNITS PARTNERS PARTNER TOTAL
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------
Partners' capital--December 31, 1997 66,363.974 $ 6,230,001 $ 62,964 $ 6,292,965
Net income -- 409,523 4,139 413,662
Redemptions (3,442.066) (344,419) (3,436) (347,855)
----------- ----------- -------- -----------
Partners' capital--March 31, 1998 62,921.908 $ 6,295,105 $ 63,667 $ 6,358,772
----------- ----------- -------- -----------
----------- ----------- -------- -----------
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
3
<PAGE>
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
(a limited partnership)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1998
(Unaudited)
A. General
These financial statements have been prepared without audit. In the opinion
of management, the financial statements contain all adjustments (consisting of
only normal recurring adjustments) necessary to present fairly the financial
position of Prudential Securities Aggressive Growth Fund L.P. (the
'Partnership') as of March 31, 1998 and the results of its operations for the
three months ended March 31, 1998 and 1997. However, the operating results for
the interim periods may not be indicative of the results expected for a full
year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with generally accepted accounting
principles have been omitted. It is suggested that these financial statements be
read in conjunction with the financial statements and notes thereto included in
the Partnership's Annual Report on Form 10-K filed with the Securities and
Exchange Commission for the year ended December 31, 1997.
Certain balances from the prior year have been reclassified to conform with
the current financial statement presentation.
B. Related Parties
Prudential Securities Futures Management Inc. (the 'General Partner') and its
affiliates perform services for the Partnership which include, but are not
limited to: brokerage services; accounting and financial management; registrar,
transfer and assignment functions; investor communications; printing services
and other administrative services. The costs incurred for these services for the
three months ended March 31, 1998 and 1997 were:
<TABLE>
<CAPTION>
1998 1997
<S> <C> <C>
----------------------------------------------------------------------
Commissions $ 127,421 $ 176,027
General and administrative 22,912 24,010
--------- ---------
$ 150,333 $ 200,037
--------- ---------
--------- ---------
</TABLE>
Expenses payable to the General Partner and its affiliates (which are
included in accrued expenses) as of March 31, 1998 and December 31, 1997 were
$39,582 and $19,078, respectively.
The General Partner is a wholly owned subsidiary of Prudential Securities
Incorporated ('PSI'). The Partnership maintains its trading and cash accounts at
PSI, the Partnership's commodity broker. Except for the portion of assets that
is deposited as margin to maintain forward currency contract positions as
further discussed below, the Partnership's assets are maintained either with PSI
or, for margin purposes, with the various exchanges on which the Partnership is
permitted to trade.
The Partnership, acting through its trading managers, executes
over-the-counter, spot, forward and/or option foreign exchange transactions with
PSI. PSI then engages in back-to-back trading with an affiliate,
Prudential-Bache Global Markets Inc. ('PBGM'). PBGM attempts to earn a profit on
such transactions. PBGM keeps its prices on foreign currency competitive with
other interbank trading desks. All over-the-counter currency transactions are
conducted between PSI and the Partnership pursuant to a line of credit. PSI may
require that collateral be posted against the marked-to-market position of the
Partnership.
As of March 31, 1998, a non-U.S. affiliate of the General Partner owns
249.772 limited partnership units of the Partnership.
4
<PAGE>
C. Credit and Market Risk
Since the Partnership's business is to trade futures, forward and options
contracts, its capital is at risk due to changes in the value of these contracts
(market risk) or the inability of counterparties to perform under the terms of
the contracts (credit risk).
Futures, forward and options contracts involve varying degrees of off-balance
sheet risk; and changes in the level of volatility of interest rates, foreign
currency exchange rates or the market values of the contracts (or commodities
underlying the contracts) frequently result in changes in the Partnership's
unrealized gain (loss) on open commodity positions reflected in the statements
of financial condition. The Partnership's exposure to market risk is influenced
by a number of factors including the relationships among the contracts held by
the Partnership as well as the liquidity of the markets in which the contracts
are traded.
Futures and options contracts are traded on organized exchanges and are thus
distinguished from forward contracts which are entered into privately by the
parties. The credit risks associated with futures and options contracts are
typically perceived to be less than those associated with forward contracts
because exchanges typically provide clearinghouse arrangements in which the
collective credit (subject to certain limitations) of the members of the
exchanges is pledged to support the financial integrity of the exchange. On the
other hand, the Partnership must rely solely on the credit of its broker (PSI)
with respect to forward transactions. The Partnership presents unrealized gains
and losses on open forward positions as a net amount in its statements of
financial condition because it has a master netting agreement with PSI.
The General Partner attempts to minimize both credit and market risks by
requiring the Partnership's trading managers to abide by various trading
limitations and policies. The General Partner monitors compliance with these
trading limitations and policies which include, but are not limited to,
executing and clearing all trades with creditworthy counterparties (currently,
PSI is the sole counterparty or broker); limiting the amount of margin or
premium required for any one commodity or all commodities combined; and
generally limiting transactions to contracts which are traded in sufficient
volume to permit the taking and liquidating of positions. The General Partner
may impose additional restrictions (through modifications of such trading
limitations and policies) upon the trading activities of the trading managers as
it, in good faith, deems to be in the best interests of the Partnership.
PSI, when acting as the Partnership's futures commission merchant in
accepting orders for the purchase or sale of domestic futures and options
contracts, is required by Commodity Futures Trading Commission ('CFTC')
regulations to separately account for and segregate as belonging to the
Partnership all assets of the Partnership relating to domestic futures and
options trading and is not to commingle such assets with other assets of PSI. At
March 31, 1998 and December 31, 1997, such segregated assets totalled $4,753,781
and $5,383,588, respectively. Part 30.7 of the CFTC regulations also requires
PSI to secure assets of the Partnership related to foreign futures and options
trading which totalled $2,118,375 and $1,615,755 at March 31, 1998 and December
31, 1997, respectively. There are no segregation requirements for assets related
to forward trading.
As of March 31, 1998, the Partnership's open futures, forward and options
contracts mature within one year.
At March 31, 1998 and December 31, 1997, gross contract amounts of open
futures, forward and options contracts were:
<TABLE>
<CAPTION>
1998 1997
-------------- -----------------
<S> <C> <C>
Financial Futures and Options Contracts:
Commitments to purchase $181,838,531 $31,963,286
Commitments to sell 3,247,497 3,430,271
Currency Futures and Options Contracts:
Commitments to purchase 1,578,861 1,371,557
Commitments to sell 4,821,381 7,726,254
Currency Forward Contracts:
Commitments to purchase 107,342 173,921
Commitments to sell 1,778,817 8,190,630
Other Futures Contracts:
Commitments to purchase -- 48,400
Commitments to sell 1,565,559 3,413,653
</TABLE>
5
<PAGE>
The gross contract amounts represent the Partnership's potential involvement
in a particular class of financial instrument (if it were to take or make
delivery on an underlying futures, forward or options contract). The gross
contract amounts significantly exceed the future cash requirements as the
Partnership intends to close out open positions prior to settlement and thus is
generally subject only to the risk of loss arising from the change in the value
of the contracts. As such, the Partnership considers the 'fair value' of its
futures, forward and options contracts to be the net unrealized gain or loss on
the contracts (plus premiums on options). Thus, the amount at risk associated
with counterparty nonperformance of all contracts is the net unrealized gain
included in the statements of financial condition. The market risk associated
with the Partnership's commitments to purchase commodities is limited to the
gross contract amounts involved, while the market risk associated with its
commitments to sell is unlimited since the Partnership's potential involvement
is to make delivery of an underlying commodity at the contract price; therefore,
it must repurchase the contract at prevailing market prices.
At March 31, 1998 and December 31, 1997, the fair value of open futures,
forward and options contracts were:
<TABLE>
<CAPTION>
1998 1997
------------------------ ------------------------
Assets Liabilities Assets Liabilities
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ 15,500 $ 9,400 $ 4,438 $ --
Currencies 102,289 360 77,423 20,787
Other 36,114 -- 107,158 --
Foreign exchanges
Financial 159,869 18,269 33,537 2,970
Other 7,446 -- 6,400 48,400
Forward Contracts:
Currencies 39,941 107,342 170,173 195,604
Options Contracts:
Domestic exchanges
Financial -- -- -- 3,725
Currencies -- 750 -- --
-------- ----------- -------- -----------
$361,159 $ 136,121 $399,129 $ 271,486
-------- ----------- -------- -----------
-------- ----------- -------- -----------
</TABLE>
The following table presents the average fair value of futures, forward and
options contracts during the three months ended March 31, 1998 and 1997,
respectively.
<TABLE>
<CAPTION>
1998 1997
------------------------ ------------------------
<S> <C> <C> <C> <C>
Assets Liabilities Assets Liabilities
-------- ----------- -------- -----------
Futures Contracts:
Domestic exchanges
Financial $ 18,741 $ 3,584 $ 9,078 $ 1,041
Currencies 74,359 8,489 164,485 7,681
Other 44,334 1,709 -- 1,253
Foreign exchanges
Financial 174,352 13,909 149,850 71,294
Other 22,274 13,639 -- --
Forward Contracts:
Currencies 81,123 119,947 -- --
Options Contracts:
Domestic exchanges
Financial -- 1,984 -- 16,374
Currencies -- 4,531 -- 6,786
Foreign exchanges
Financial -- -- 5,871 8,025
-------- ----------- -------- -----------
$415,183 $ 167,792 $329,284 $ 112,454
-------- ----------- -------- -----------
-------- ----------- -------- -----------
</TABLE>
6
<PAGE>
The following table presents trading revenues from futures, forward and
options contracts during the three months ended March 31, 1998 and 1997,
respectively.
<TABLE>
<CAPTION>
1998 1997
-------- ---------
<S> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $(33,932) $ 8,992
Currencies 22,248 (46,161)
Other 75,563 5,010
Foreign exchanges
Financial 498,589 (440,580)
Other 38,671 --
Forward Contracts:
Currencies (102,157) --
Options Contracts:
Domestic exchanges
Financial 28,019 10,145
Currencies 7,651 2,536
Foreign exchanges
Financial -- 70,084
-------- ---------
$534,652 $(389,974)
-------- ---------
-------- ---------
</TABLE>
7
<PAGE>
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
(a limited partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
The Partnership commenced trading operations on August 2, 1993 with net
proceeds of $10,180,534. The Partnership continued to offer Units on a monthly
basis until the continuous offering was terminated on January 31, 1995.
Additional contributions raised through the continuous offering resulted in
additional net proceeds to the Partnership of $9,988,243.
At March 31, 1998, 100% of the Partnership's total net assets were allocated
to commodities trading. A significant portion of the net asset value was held in
U.S. Treasury bills (which represented approximately 74% of the net asset value
prior to redemptions payable) and cash, which are used as margin for the
Partnership's trading in commodities. Inasmuch as the sole business of the
Partnership is to trade in commodities, the Partnership continues to own such
liquid assets to be used as margin.
The commodity contracts are subject to periods of illiquidity because of
market conditions, regulatory considerations and other reasons. For example,
commodity exchanges limit fluctuations in certain commodity futures contract
prices during a single day by regulations referred to as 'daily limits.' During
a single day no trades may be executed at prices beyond the daily limit. Once
the price of a futures contract for a particular commodity has increased or
decreased by an amount equal to the daily limit, positions in the commodity can
neither be taken nor liquidated unless traders are willing to effect trades at
or within the daily limit. Commodity futures prices have occasionally moved the
daily limit for several consecutive days with little or no trading. Such market
conditions could prevent the Partnership from promptly liquidating its commodity
futures positions.
Since the Partnership's business is to trade futures, forward and options
contracts, its capital is at risk due to changes in the value of these contracts
(market risk) or the inability of counterparties to perform under the terms of
the contracts (credit risk). The General Partner attempts to minimize these
risks by requiring the Partnership's trading managers to abide by various
trading limitations and policies. See Note C to the financial statements for a
further discussion on the credit and market risks associated with the
Partnership's futures, forward and options contracts.
Redemptions recorded for the three months ended March 31, 1998 were $344,419
for the limited partners and $3,436 for the General Partner, and from
commencement of operations, August 2, 1993 through March 31, 1998, totalled
$13,035,445 for limited partners and $131,879 for the General Partner. Future
redemptions will impact the amount of funds available for investment in
commodity contracts in subsequent periods.
The Partnership does not have, nor does it expect to have, any capital
assets.
Results of Operations
The net asset value per Unit as of March 31, 1998 was $101.06, an increase of
6.57% from the December 31, 1997 net asset value per Unit of $94.83.
The Partnership's positive January performance resulted from gains in the
financial, energy and metal sectors. Losses were incurred in the currency, grain
and index sectors. In the financial sector, easing fears over the Far East
crisis led to a pullback in many European bonds leading to gains in British,
Eurodollar, French and Spanish bonds. Over the course of the month, the energy
sector was impacted by the expanding concern in the Middle East. This caused a
price increase in both light crude and heating oil, which was profitable for the
Partnership. Metal sector positions were also profitable, particularly aluminum
positions. Overall, gains were somewhat offset by losses, primarily in the
currency sector. As the aforementioned Far East crisis began to ease, the flight
to quality that had once existed began to wane. As this occurred, the
Partnership experienced losses in the Swiss franc, Swedish krona, Canadian
dollar, Japanese yen and Australian dollar. Additionally, crossrate positions
were unprofitable, particularly Japanese yen/deutsche mark positions. Finally,
within the grain sector, the Partnership incurred losses in corn and soybean
positions.
8
<PAGE>
The Partnership's positive February performance resulted from gains in the
index, grain and energy sectors. Losses were incurred in the currency, metal and
financial sectors. In the index sector, the Partnership recognized significant
gains as many of the world's indices had positive returns, including the German
DAX, S&P 500, French CAC 40 and British FTSE 100. The Partnership profited from
corn positions and short soybean positions (soybean prices fell throughout the
month) in the grain sector. Finally, natural gas positions in the energy sector
gained as tensions reduced in the Middle East. The Partnership experienced
losses in the currency sector, partially offsetting overall Partnership gains
generated during February. Indecisiveness over the quality of the Asian markets
confused investors throughout the month, and as as result, the Partnership lost
value from its Swiss franc and Japanese yen positions. Crossrate positions were
unprofitable as well, particularly Swedish krona/deutsche mark, Swiss
franc/deutsche mark and Swiss franc/Japanese yen positions.
The Partnership's positive March performance resulted from gains in all
sectors traded. Many of the world's indices gained throughout the month
profiting the Partnership's long positions. The biggest winners of the index
sector were the German DAX, Spanish IBEX, Italian FIB 31, French CAC 40 and S&P
500. Throughout March, investors abandoned the safe haven of the Swiss franc and
moved investments elsewhere which profited the Partnership's short positions.
Crossrate positions also benefited, particularly the Swiss franc/deutsche mark,
Swedish Krona/deutsche mark and Japanese yen/British pound. In the financial
sector, profits were achieved as Japanese bonds experienced significant
volatility in response to announcements of government economic stimulus packages
and the corresponding global investor reaction. Positions in the British gilt
and German bund gained as well.
The Partnership earns interest on its investments in U.S. Treasury bills
(approximately 75% of its net assets) and receives an interest credit from PSI
on the remaining 25% of its net assets. Interest income decreased by
approximately $16,000 for the three months ended March 31, 1998 compared to the
corresponding period in 1997. This decrease was primarily the result of
redemptions during 1997 which reduced the Partnership's net assets, including
its investments in U.S. Treasury bills.
Commissions are calculated on the Partnership's net asset value as of the
first day of each month and, therefore, vary according to trading performance
and redemptions. Commissions decreased by approximately $49,000 for the three
months ended March 31, 1998 as compared to the corresponding period in 1997
primarily due to the effect of 1997 redemptions on the monthly net asset values.
Other transaction fees consist of National Futures Association, exchange and
clearing fees which are based on the number of trades the trading managers
execute. Other transaction fees decreased by approximately $14,000 during the
three months ended March 31, 1998 as compared to the corresponding period in
1997. This decrease was due to a decline in trading volume resulting from lower
average net asset values caused by redemptions. In addition, the October 1997
replacement of Sjo, Inc. with Eagle Trading Systems, Inc. as a trading manager
to the Partnership led to lower transaction fees as a result of the different
trading strategies executed by the respective trading managers.
All trading decisions are currently being made by Eagle Trading Systems, Inc.
and Welton Investment Systems Corporation (the 'Trading Managers'). Management
fees are calculated on the portion of the Partnership's net asset value
allocated to each Trading Manager at the end of each month and, therefore, are
affected by trading performance and redemptions. Management fees decreased by
approximately $11,000 for the three months ended March 31, 1998 as compared to
the corresponding period in 1997 primarily for the same reasons commissions
decreased as described above.
Incentive fees are based on the New High Net Trading Profits generated by
each Trading Manager, as defined in the Advisory Agreement among the
Partnership, the General Partner and each Trading Manager. No incentive fees
were earned during the three months ended March 31, 1998 and 1997.
9
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings--There are no material legal proceedings pending by or
against the Registrant or the General Partner.
Item 2. Changes in Securities--None
Item 3. Defaults Upon Senior Securities--None
Item 4. Submission of Matters to a Vote of Security Holders--None
Item 5. Other Information--None
Item 6. (a) Exhibits--
3.1 -- Agreement of Limited Partnership of the Registrant, dated as
of March 19, 1993 as amended and restated as of May 6, 1993
(Incorporated by reference to Exhibit A to Registrant's
Amendment No. 1 to Registration Statement on Form S-1, File
No. 33-59828 dated May 7, 1993)
27.1 --Financial Data Schedule (filed herewith)
(b) Reports on Form 8-K--None
10
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PRUDENTIAL SECURITIES AGGRESSIVE GROWTH FUND L.P.
By: Prudential Securities Futures Management Inc.
A Delaware corporation, General Partner
By: /s/ Steven Carlino Date: May 14, 1998
----------------------------------------
Steven Carlino
Vice President and
Chief Accounting Officer for the Registrant
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial
information extracted from the financial
statements for Prudential Securities Aggressive
Growth Fund, L.P. and is qualified in its
entirety by reference to such financial statements
</LEGEND>
<RESTATED>
<CIK> 0000899174
<NAME> Prudential Securities Aggressive Growth Fund, L.P.
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-1-1998
<PERIOD-END> Mar-31-1998
<PERIOD-TYPE> 3-Mos
<CASH> 1,625,173
<SECURITIES> 5,180,332
<RECEIVABLES> 725
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 6,806,230
<CURRENT-LIABILITIES> 447,458
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 6,358,772
<TOTAL-LIABILITY-AND-EQUITY> 6,806,230
<SALES> 0
<TOTAL-REVENUES> 618,700
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 205,038
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 413,662
<EPS-PRIMARY> 6.23
<EPS-DILUTED> 0
</TABLE>
