FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
(As last amended by 34-32231, eff. 6/3/93.)
U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 1996
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 0-11574
SHELTER PROPERTIES V LIMITED PARTNERSHIP
(Exact name of small business issuer as specified in its charter)
South Carolina 57-0721855
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices) (Zip Code)
Issuer's telephone number (864) 239-1000
Check whether the issuer (1) 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 .
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a) SHELTER PROPERTIES V LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEET
(Unaudited)
May 31, 1996
Assets
Cash:
Unrestricted $ 3,305,020
Restricted--tenant security deposits 391,984
Accounts receivable 25,633
Escrow for taxes and insurance 515,051
Restricted escrows 735,430
Other assets 559,968
Investment properties:
Land $ 4,241,860
Buildings and related personal property 69,037,930
73,279,790
Less accumulated depreciation (35,895,416) 37,384,374
$42,917,460
Liabilities and Partners' (Deficit) Capital
Liabilities
Accounts payable $ 189,808
Tenant security deposits 391,984
Accrued taxes 342,260
Other liabilities 574,016
Mortgage notes payable 28,606,370
Partners' (Deficit) Capital
General partners $ (309,583)
Limited partners (52,538 units
issued and outstanding) 13,122,605 12,813,022
$42,917,460
See Accompanying Notes to Consolidated Financial Statements
b) SHELTER PROPERTIES V LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
May 31, May 31,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Revenues:
Rental income $2,972,767 $2,938,587 $5,973,022 $5,910,939
Other income 172,096 188,269 336,844 345,544
Casualty gains -- 181,845 -- 213,794
Total revenues 3,144,863 3,308,701 6,309,866 6,470,277
Expenses:
Operating 1,007,657 1,020,967 1,992,731 1,978,009
General and administrative 107,139 159,254 181,249 244,764
Maintenance 458,727 450,739 833,322 765,736
Depreciation 754,224 712,799 1,494,009 1,414,360
Interest 669,112 694,493 1,347,599 1,392,034
Property taxes 205,342 200,443 407,412 390,412
Total expenses 3,202,201 3,238,695 6,256,322 6,185,315
Net (loss) income $ (57,338) $ 70,006 $ 53,544 $ 284,962
Net (loss) income allocated
to general partners (1%) $ (573) $ 699 $ 535 $ 2,850
Net (loss) income allocated
to limited partners (99%) (56,765) 69,307 53,009 282,112
$ (57,338) $ 70,006 $ 53,544 $ 284,962
Net (loss) income per limited
partnership unit $ (1.08) $ 1.32 $ 1.01 $ 5.37
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
c) SHELTER PROPERTIES V LIMITED PARTNERSHIP
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS'(DEFICIT) CAPITAL
(Unaudited)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partners Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 52,538 $ 2,000 $52,538,000 $52,540,000
Partners' (deficit) capital
at November 30, 1995 52,538 $(310,118) $13,569,584 $13,259,466
Distributions paid to partners -- (499,988) (499,988)
Net income for the six
months ended May 31, 1996 535 53,009 53,544
Partners' (deficit) capital
at May 31, 1996 52,538 $(309,583) $13,122,605 $12,813,022
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d) SHELTER PROPERTIES V LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
May 31,
1996 1995
<S> <C> <C>
Cash flows from operating activities:
Net income $ 53,544 $ 284,962
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 1,494,009 1,414,360
Amortization of discounts and loan costs 69,676 82,804
Casualty gains -- (213,794)
Change in accounts:
Restricted cash (33,256) (40,006)
Accounts receivable 15,797 (6,062)
Escrows for taxes and insurance (193,372) 136,935
Other assets 80,175 (60,826)
Accounts payable (256,030) (104,764)
Tenant security deposit liabilities 31,079 20,307
Accrued taxes 145,923 (113,758)
Other liabilities (11,475) 20,255
Net cash provided by
operating activities 1,396,070 1,420,413
Cash flows from investing activities:
Property improvements and replacements (453,708) (653,134)
Deposits to restricted escrows investments (54,731) (52,379)
Receipts from restricted escrows 62,719 187,300
Insurance proceeds from property damage -- 13,974
Net cash used in
investing activities (445,720) (504,239)
Cash flows from financing activities:
Payments on mortgage notes payable (401,483) (366,861)
Partners' distributions (499,988) (252,036)
Net cash used in
financing activities (901,471) (618,897)
Net increase in cash 48,879 297,277
Cash at beginning of period 3,256,141 3,245,424
Cash at end of period $3,305,020 $3,542,701
Supplemental disclosure of cash flow
information:
Cash paid for interest $1,277,923 $1,309,230
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d) SHELTER PROPERTIES V LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS - continued
(Unaudited)
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY
Property Damage
Accounts receivable and accounts payable were adjusted by $360,268 and $62,831,
respectively, at May 31, 1995, for non-cash amounts in connection with property
damage. Also, buildings and improvements and accumulated depreciation were
adjusted by $146,340 and $62,697, respectively, in connection with the property
damage which resulted in a casualty gain.
See Accompanying Notes to Consolidated Financial Statements
e) SHELTER PROPERTIES V LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of the Corporate General Partner, all adjustments (consisting of
normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the six month period ended May 31, 1996,
are not necessarily indicative of the results that may be expected for the
fiscal year ending November 30, 1996. For further information, refer to the
financial statements and footnotes thereto included in the Partnership's annual
report on Form 10-KSB for the year ended November 30, 1995.
Cash and Cash Equivalents:
Unrestricted - Unrestricted cash includes cash on hand and in banks, money
market funds and Certificates of Deposit with original maturities of less than
90 days. At certain times, the amount of cash deposited at a bank may exceed
the limit on insured deposits.
Restricted cash - tenant security deposits - The Partnership requires security
deposits from lessees for the duration of the lease and such deposits are
considered restricted cash. Deposits are refunded when the tenant vacates,
provided the tenant has not damaged its space and is current on its rental
payments.
Certain reclassifications have been made to the 1995 information to conform to
the 1996 presentation.
Note B - Reconciliation of Cash Flows
The following is a reconciliation of the subtotal on the accompanying statements
of cash flows captioned "net cash provided by operating activities" to "net cash
used in operations," as defined in the partnership agreement. However, "net
cash used in operations" should not be considered an alternative to net income
as an indicator of the Partnership's operating performance or to cash flows as a
measure of liquidity.
Note B - Reconciliation of Cash Flows - continued
For the Six Months Ended
May 31,
1996 1995
Net cash provided by operating activities $1,396,070 $1,420,413
Payments on mortgage notes payable (401,483) (366,861)
Property improvements and replacements (453,708) (653,134)
Change in restricted escrows, net 7,988 134,921
Changes in reserves for net operating
liabilities 221,159 147,919
Insurance proceeds from property damage -- 13,974
Additional reserves (771,000) (735,000)
Net cash used in operations $ (974) $ (37,768)
The General Partner reserved an additional $771,000 at May 31, 1996, to fund
continuing capital improvements and prepare for the possible refinancings of
Woodland Village, Lake Johnson Mews and Millhopper Village. In 1995 the General
Partner believed it to be in the best interest of the Partnership to reserve an
additional $735,000 to fund continuing capital improvements at the seven
properties.
Note C - Transactions with Affiliated Parties
The Partnership has no employees and is dependent on the Corporate General
Partner and its affiliates for the management and administration of all
partnership activities. The Partnership Agreement provides for payments to
affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership. Balances and other transactions with
Insignia Financial Group, Inc. and its affiliates in 1996 and 1995 are as
follows:
For the Six Months Ended
May 31,
1996 1995
Property management fees $313,187 $307,558
Reimbursement for services of affiliates 104,218 102,750
Note C - Transactions with Affiliated Parties - continued
The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the Corporate General Partner. An affiliate of
the Corporate General Partner acquired, in the acquisition of a business,
certain financial obligations from an insurance agency which was later acquired
by the agent who placed the current year's master policy. The current agent
assumed the financial obligations to the affiliate of the Corporate General
Partner, who receives payments on these obligations from the agent. The amount
of the Partnership's insurance premiums accruing to the benefit of the affiliate
of the Corporate General Partner by virtue of the agent's obligations is not
significant.
Note D - Contingencies
The Corporate General Partner owns 100 Limited Partnership Units ("Units"). On
or about April 26 and 27, 1995, six entities ("Affiliated Purchaser") affiliated
with the Partnership commenced tender offers for limited partner interests in
six limited partnerships, including the Partnership (collectively, the "Shelter
Properties Partnerships"). On May 27, 1995, the Affiliated Purchaser acquired
13,171 units of the Partnership pursuant to the tender offer. On or about May
12, 1995, in the United States District Court for the District of South
Carolina, certain limited partners of the Shelter Properties Partnerships
commenced a lawsuit, on behalf of themselves, on behalf of a putative class of
plaintiffs, and derivatively on behalf of the partnerships, challenging the
actions taken by defendants (including Insignia, the acquiring entities and
certain officers of Insignia) in the management of the Shelter Properties
Partnerships and in connection with the tender offers and certain other matters.
The plaintiffs alleged that, among other things: (i) the defendants
intentionally mismanaged the partnerships and acted contrary to the limited
partners' best interests by prolonging the existence of the partnerships in
order to perpetuate the revenues derived by Insignia (an affiliate of the
Corporate General Partner) and its affiliates from the partnerships, (ii) the
defendants' actions reduced the demand for the partnerships' limited partner
interests in the limited resale market by artificially depressing the trading
prices for limited partners' interests in order to create a favorable
environment for the tender offers; (iii) through the tender offers, the
acquiring entities sought to acquire effective voting control over the
partnerships while paying highly inadequate prices; and (iv) the documents
disseminated to the class in connection with the tender offers contained false
and misleading statements and omissions of material facts concerning such issues
as the advantages to limited partners of tendering pursuant to the tender
offers, the true value of the interest, the true financial condition of the
partnerships, the factors affecting the likelihood that properties owned by the
partnerships will be sold or liquidated in the near future, the liquidity and
true value of the limited partner interests, the reasons for the limited
secondary market for limited partner interests, and the true nature of the
market for the underlying real estate assets owned by the partnerships, all in
violation of the federal securities laws.
Note D - Contingencies - continued
On September 27, 1995, the parties entered into a stipulation to settle the
matter. The principal terms of the stipulation require supplemental payments to
tendering limited partners aggregating approximately $6 million to be paid by
Affiliated Purchaser, of which approximately $2,084,000 is Shelter Properties
V's portion; waiver by the Shelter Properties Partnership's general partners of
any right to certain proceeds from a sale or refinancing of the partnerships'
properties; some restrictions on Insignia's ability to vote the limited partner
interests it acquired; payment of $1.25 million (which amount is divided among
the various partnerships and acquiring entities) for plaintiffs' attorney fees
and expenses in the litigation; and general releases of all the defendants.
On June 24, 1996, after notice to the class and a hearing on the fairness and
adequacy of notice and the terms of settlement, the court approved the
settlement. If no appeal is taken within thirty days, the settlement will
become effective. No class member appeared at the hearing to oppose the
settlement and thus it appears that an appeal is unlikely. While approximately
60 unit holders opted out of the settlement, no more than 1% of the unit holders
in any one of the Partnerships opted out.
Note E - Casualty Gains
The Partnership recorded a casualty gain during 1995 resulting from a fire at
Woodland Village Apartments to the roof and interiors of four units. The damage
resulted in a gain of $31,761 arising from proceeds from the Partnership's
insurance carrier of $73,056 which exceeded the basis of the property plus
expenses to replace the roof and interiors damaged. The Partnership also
recorded a casualty gain at Old Salem Apartments resulting from a fire in the
basement and interiors of nine units located within the same building. The
damage resulted in a gain of $182,033 arising from proceeds from the
Partnership's insurance carrier of $284,743 which exceeded the basis of the
property plus expenses to replace the interiors of the building damaged.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The Partnership's investment properties consist of seven apartment complexes.
The following table sets forth the average occupancy of the properties for the
quarters ended May 31, 1996 and 1995:
Average
Occupancy
1996 1995
Foxfire Apartments
Atlanta, Georgia 94% 96%
Old Salem Apartments
Charlottesville, Virginia 83% 92%
Woodland Village Apartments
Columbia, South Carolina 92% 94%
Lake Johnson Mews
Raleigh, North Carolina 95% 98%
The Lexington Apartments
Sarasota, Florida 96% 96%
Millhopper Village Apartments
Gainesville, Florida 98% 98%
Tar River Estates
Greenville, North Carolina 88% 90%
The Corporate General Partner attributes the decrease in occupancy at Old Salem
Apartments to the property billing utilities to the tenants. The Corporate
General Partner believes occupancy will improve with the new tenants who will be
willing to pay utilities in the near future. The Corporate General Partner
attributes the decrease in occupancy at Lake Johnson Mews to new construction in
the local area.
The Partnership's net income for the six months ended May 31, 1996, was $53,544
with the second quarter having a net loss of $57,338. The Partnership reported
net income of $284,962 and $70,006 for the corresponding periods of 1995. The
decrease in net income for the six months and the increase in net loss for the
three months ended May 31, 1996, is primarily due to the casualty gains of
$213,794 recorded in 1995 which resulted from fires at Woodland Village and Old
Salem Apartments. Also, other income decreased during the second quarter of
1996 as lease cancellation and cleaning and damage fees decreased as a result of
tenants fulfilling lease obligations. Partially offsetting the decrease in
income for the six months ended May 31, 1996, was a decrease in general and
administrative expense due to a decrease in cost associated with the tender
offers in 1995.
The Partnership recorded a casualty gain during 1995 resulting from a fire to
the roof and interiors of four units at Woodland Village Apartments. The damage
resulted in a gain of $31,761 arising from proceeds from the Partnership's
insurance carrier of $73,056 which exceeded the basis of the property plus
expenses to replace the roof and interiors damaged. The Partnership also
recorded a casualty gain at Old Salem Apartments resulting from a fire in the
basement and interiors of nine units located within the same building. The
damage resulted in a gain of $182,033 arising from proceeds from the
Partnership's insurance carrier of $284,743 which exceeded the basis of the
property plus expenses to replace the interiors of the building damaged.
As part of the ongoing business plan of the Partnership, the Corporate General
Partner monitors the rental market environment of each of its investment
properties to assess the feasibility of increasing rents, maintaining or
increasing occupancy levels and protecting the Partnership from increases in
expenses. As part of this plan, the Corporate General Partner attempts to
protect the Partnership from the burden of inflation-related increases in
expenses by increasing rents and maintaining a high overall occupancy level.
However, due to changing market conditions, which can result in the use of
rental concessions and rental reductions to offset softening market conditions,
there is no guarantee that the Corporate General Partner will be able to sustain
such a plan.
At May 31, 1996, the Partnership reported unrestricted cash of $3,305,020
compared to $3,542,701 at May 31, 1995. Net cash provided by operating
activities decreased as a result of the increase in the use of cash for accounts
payable due to timing of payments to vendors. Net cash used in investing
activities decreased as a result of a decrease in property improvements and
replacements due to costs incurred as a result of the casualties in 1995.
Offsetting this decrease was a decrease in net receipts from restricted escrows
and insurance proceeds in 1996 as compared to 1995. Net cash used in financing
activities increased due to an increase in partners' distributions and principal
payments on mortgage notes payable in 1996.
The Partnership has no material capital programs scheduled to be performed in
1996, although certain routine capital expenditures and maintenance expenses
have been budgeted. These capital expenditures and maintenance expenses will be
incurred only if cash is available from operations or is received from the
capital reserve account.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the property to adequately maintain the physical assets
and other operating needs of the Partnership. Such assets are currently thought
to be sufficient for any near-term needs of the Partnership. The mortgage
indebtedness of $28,606,370, net of discount, is amortized over varying periods
with required balloon payments ranging from January 1, 1997, to December 10,
2016, at which time the properties will either be refinanced or sold. The
Corporate General Partner is currently assessing the feasibility of refinancing
the mortgages encumbering Woodland Village, Lake Johnson Mews and Millhopper
Village. Future cash distributions will depend on the levels of net cash
generated from operations, property sales, and the availability of cash
reserves. During the six months ended May 31, 1996 and 1995, the Partnership
made distributions of $499,988 and $252,036.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEDURES
The Corporate General Partner owns 100 Limited Partnership Units ("Units"). On
or about April 26 and 27, 1995, six entities ("Affiliated Purchaser") affiliated
with the Partnership commenced tender offers for limited partner interests in
six limited partnerships, including the Partnership (collectively, the "Shelter
Properties Partnerships"). On May 27, 1995, the Affiliated Purchaser acquired
13,171 units of the Partnership pursuant to the tender offer. On or about May
12, 1995, in the United States District Court for the District of South
Carolina, certain limited partners of the Shelter Properties Partnerships
commenced a lawsuit, on behalf of themselves, on behalf of a putative class of
plaintiffs, and derivatively on behalf of the partnerships, challenging the
actions taken by defendants (including Insignia, the acquiring entities and
certain officers of Insignia) in the management of the Shelter Properties
Partnerships and in connection with the tender offers and certain other matters.
The plaintiffs alleged that, among other things: (i) the defendants
intentionally mismanaged the partnerships and acted contrary to the limited
partners' best interests by prolonging the existence of the partnerships in
order to perpetuate the revenues derived by Insignia (an affiliate of the
Corporate General Partner) and its affiliates from the partnerships, (ii) the
defendants' actions reduced the demand for the partnerships' limited partner
interests in the limited resale market by artificially depressing the trading
prices for limited partners interests in order to create a favorable environment
for the tender offers; (iii) through the tender offers, the acquiring entities
sought to acquire effective voting control over the partnerships while paying
highly inadequate prices; and (iv) the documents disseminated to the class in
connection with the tender offers contained false and misleading statements and
omissions of material facts concerning such issues as the advantages to limited
partners of tendering pursuant to the tender offers, the true value of the
interest, the true financial condition of the partnerships, the factors
affecting the likelihood that properties owned by the partnerships will be sold
or liquidated in the near future, the liquidity and true value of the limited
partner interests, the reasons for the limited secondary market for limited
partner interests, and the true nature of the market for the underlying real
estate assets owned by the partnerships, all in violation of the federal
securities laws.
On September 27, 1995, the parties entered into a stipulation to settle the
matter. The principal terms of the stipulation require supplemental payments to
tendering limited partners aggregating approximately $6 million to be paid by
Affiliated Purchaser, of which approximately $2,084,000 is Shelter Properties
V's portion; waiver by the Shelter Properties Partnership's general partners of
any right to certain proceeds from a sale or refinancing of the partnerships'
properties; some restrictions on Insignia's ability to vote the limited partner
interests it acquired; payment of $1.25 million (which amount is divided among
the various partnerships and acquiring entities) for plaintiffs' attorney fees
and expenses in the litigation; and general releases of all the defendants.
On June 24, 1996, after notice to the class and a hearing on the fairness and
adequacy of notice and the terms of settlement, the court approved the
settlement. If no appeal is taken within thirty days, the settlement will
become effective. No class member appeared at the hearing to oppose the
settlement and thus it appears that an appeal is unlikely. While approximately
60 unit holders opted out of the settlement, no more than 1% of the unit holders
in any one of the Partnerships opted out.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
report.
b) Reports on Form 8-K filed during the quarter ended May 31, 1996:
None.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
SHELTER PROPERTIES V LIMITED PARTNERSHIP
By: Shelter Realty V Corporation
Corporate General Partner
By:/s/William H. Jarrard, Jr.
William H. Jarrard, Jr.
President
By:/s/Ronald Uretta
Ronald Uretta
Principal Financial Officer
and Principal Accounting Officer
Date: July 11, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Shelter
Properties V Limited Partnership 1996 Second Quarter 10-QSB and is qualified in
its entirety by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000712753
<NAME> SHELTER PROPERTIES V LIMITED PARTNERSHIP
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-END> MAY-31-1996
<CASH> 3,305,020
<SECURITIES> 0
<RECEIVABLES> 25,633
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 73,279,790
<DEPRECIATION> 35,895,416
<TOTAL-ASSETS> 42,917,460
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 28,606,370
0
0
<COMMON> 0
<OTHER-SE> 12,813,022
<TOTAL-LIABILITY-AND-EQUITY> 42,917,460
<SALES> 0
<TOTAL-REVENUES> 6,309,866
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 6,256,322
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,347,599
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 53,544
<EPS-PRIMARY> 1.01
<EPS-DILUTED> 0
<FN>
<F1>The Partnership has an unclassfied balance sheet.
</FN>
</TABLE>
