UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
X Quarterly Report Under Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the Quarter Ended March 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 0-13158
DELPHI FILM ASSOCIATES III
(Exact name of registrant as specified in its charter)
New York 13-3177344
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
666 Third Avenue, New York, New York 10017
(Address of principal executive offices) (Zip Code)
(212) 983-9040
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has
filed all reports
required to be filed by Section 13 or 15(d) of the
Securities Exchange
Act of 1934 during the preceding 12 months (or for such
shorter period
that the registrant was required to file such reports),
and (2) has been
subject to such filing requirements for the past 90
days.
Yes X No____
<PAGE>
DELPHI FILM ASSOCIATES III
(A New York Limited Partnership)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
March December
31, 31,
1996 1995
<S> <C> <C>
ASSETS
Cash $ $
164 155
Short-Term Investments 1,118 986
Receivable from Columbia-Delphi
III
Productions 678 640
Receivable from Tri-Star-Delphi
III
Productions 463 503
Interest in Motion Picture
Venture-Columbia-
Delphi III Productions 118 132
Interest in Motion Picture
Venture-Tri-Star-
Delphi III Productions
436 456
Total $ $
Assets 2,977 2,872
LIABILITIES AND PARTNERS'
CAPITAL
Liabilities:
Accrued Expenses and Accounts $ $
Payable 34 55
Total
Liabilities 34 55
Partners' Capital (Note 2):
General Partner 71 70
Limited Partners
2,872 2,747
Total
Partners' Capital 2,943 2,817
Total
Liabilities and Partners'
$ $
Capital 2,977 2,872
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES III
(A New York Limited Partnership)
STATEMENTS OF OPERATIONS
(000's Omitted, except net profit per unit)
Unaudited
<TABLE>
<CAPTION>
For the Three
Months Ended March 31,
1996
1995
<S> <C> <C>
Interest Income $ $
13 16
Expenses:
Operating Expenses
63 61
63 61
Loss before Share of
Profit
in Motion Picture (50) (45)
Ventures
Share of Profit in
Motion Picture
Venture--Columbia-
Delphi III
Productions 99
18
Share of Profit in
Motion Picture
Venture--Tri-Star-
Delphi III
Productions
77 181
Net Profit $ $
126 154
Net Profit Per Unit of
Limited Partnership
Interest
(9,702 Units) $ $
13 16
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES III
(A New York Limited Partnership)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Three Months Ended March 31,
1996 1995
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Profit $ $
126 154
Adjustments to reconcile Net
Profit to net cash
provided by operating
activities:
Share of Profit in Motion
Picture
Ventures (176) (199)
Distributions from Joint 210 218
Ventures
Changes in Assets and
Liabilities:
Decrease (Increase) in
Receivables from
Joint Ventures, net 2 (30)
Decrease in Accrued
Expenses and
Accounts Payable
(21) (13)
Net Cash Provided by
Operating
Activities
141 130
Cash Flow From Investing
Activities:
Purchases of Short-Term (619) (631)
Investments
Redemptions of Short-Term
Investments 487 484
Net Cash Used by Investing
Activities
(132) (147)
Increase (Decrease) In Cash 9 (17)
Cash at beginning of period
155 132
Cash at end of period $ $
164 115
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES III
(A New York Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change in
the information disclosed in the notes to financial
statements of the Partnership included in the Annual Report
on Form 10-K for the year ended December 31, 1995. The
information furnished includes all adjustments which are, in
the opinion of management, necessary to present fairly the
financial position of the Partnership as of March 31, 1996
and the results of operations and cash flows for the periods
ended March 31, 1996 and 1995. Results of operations for
the period ended March 31, 1996 are not necessarily
indicative of the results that may be expected for the
entire fiscal year.
2. Current Operations
As of March 31, 1996, all thirty-four films in which
the Partnership has an interest had been released. All of
these films have completed their theatrical release and are
being distributed in various ancillary markets.
As of March 31 1996, the Partnership received in the
aggregate approximately $531,000 and $1,503,000 from the
Columbia Joint Venture and the Tri-Star Joint Venture,
respectively, which represents accrued distribution fees
paid with respect to the Distribution Fee Reduction
Payments. These payments are net of amounts withheld by
each Distributor for the recoupment of the Advances. Since
these Distribution Fee Reduction Payments were not
sufficient to enable either Joint Venture to recoup amounts
spent by the respective Joint Venture for the production of
films and the acquisition of interests in films (excluding
amounts spent for payments in the nature of interest) (the
"Expenditures"), each Distributor is required to pay to each
Joint Venture an amount equal to all subsequent distribution
fees earned by it from the distribution of films on behalf
of that Joint Venture up to that Joint Venture's unrecouped
Expenditures. If the Joint Ventures are able to recoup
their Expenditures, each of the Distributors would be
entitled to recoup these payments, with interest, from
amounts thereafter otherwise payable to the Partnership.
Based on the anticipated performance of the
Partnership's films, each Distributor is required to
continue making Distribution Fee Reduction Payments with
respect to its films. Accordingly, the Partnership's share
of distribution fees earned and expected to be earned by the
Distributors as of March 31, 1996 of approximately $45,000
and $358,000 have been accrued by the Partnership as a
receivable from the Columbia Joint Venture and the Tri-Star
Joint Venture, respectively.
For the purpose of computing the net profit per unit,
the net profit for the period is allocated 99% to the
limited partners and 1% to the General Partner.
3. Additional Information
Additional information, including the audited year end
1995 Financial Statements and the Summary of Significant
Accounting Policies, is included in the Partnership's Annual
Report on Form 10-K for the year ended December 31, 1995 on
file with the Securities and Exchange Commission.
<PAGE>
Management's Discussion and Analysis of Financial Condition
And Results of Operations
a. Financial Condition
The Partnership has fully satisfied its commitments to
contribute funds to the Joint Ventures for the production
of, and acquisition of interests in, films. At March 31,
1996, the Partnership held cash of approximately $164,000
and short-term investments of approximately $1,118,000.
Based on the performance of the films released through
the Columbia Joint Venture and the Tri-Star Joint Venture,
as of March 31,1996, the Distributors made Distribution Fee
Reduction Payments with respect to their films of which
approximately $531,000 and $1,503,000, respectively, was
allocated to the Partnership. The payments are net of
amounts withheld by the Distributor for the recoupment of
Advances. Since these payments were not sufficient to
enable either Joint Venture to recoup its Expenditures, each
Distributor is required to pay its respective Joint Venture
an amount equal to all subsequent distribution fees earned
by it from the distribution of films on behalf of that Joint
Venture up to its unrecouped Expenditures. If the Joint
Ventures are able to recoup their Expenditures, the
Distributors will be entitled to recoup these payments, with
interest, from amounts thereafter otherwise payable to the
Partnership.
The Partnership is in the process of evaluating the
value of its interest in the film assets for the purpose of
possibly selling that interest and eventually liquidating
the Partnership. The General Partner anticipates that the
Partnership will be liquidated by the end of 1996. No
assurance can be provided that the film assets will be
successfully sold, or if sold, on such schedule. Upon the
ultimate sale of the film assets, the Partnership will
commence taking steps to liquidate and dissolve. Since the
Partnership's obligation to make contributions to the Joint
Ventures for the production of, and acquisition of interests
in, films has been satisfied, all revenues received by the
Partnership is used to establish a reserve for operating
expenses of the Partnership and, to the extent possible, to
make cash distributions to partners. The Partnership does
not anticipate significant future revenues and accordingly,
the Partnership does not currently anticipate making cash
distributions to partners on a quarterly basis. However,
the Partnership may make future distributions if it realizes
proceeds from its interest in films or from the sale of its
interest in films (should the sale occur) net of a reserve
for the Partnership's operating expenses.
The Partnership commenced cash distributions to its
partners in February 1986. Distributions to limited
partners through March 31, 1996 have aggregated $3,070 per
unit (61.4% of the limited partners' original $5,000
investment in the Partnership).
b. Results of Operations
The Partnership's operating results are primarily
dependent upon the operating results of the Joint Ventures
and are significantly impacted by the Joint Ventures'
policies.
The performance of each film is based upon the amount
expended for production and other costs associated with a
film and the revenue generated by a film. The amount and
timing of revenue generated by each film is dependent upon
the degree of acceptance by the consumer public and the
particular ancillary market in which the film is then being
exhibited.
Amounts contributed toward each film are compared
periodically to the expected total revenue to be generated
for that film, and write-downs may occur to the extent the
amounts invested exceed the expected total revenue for that
film.
Additionally, each Joint Venture records income with
respect to the Distribution Fee Reduction Payments, to the
extent available, which may allow it to recover its
investment in films.
For the three months ended March 31, 1996, the Columbia
Joint Venture had a net profit of which the Partnership's
share was approximately $99,000, due primarily to the
profitable results of certain films. The Tri-Star Joint
Venture had a net profit of which the Partnership's share
was approximately $77,000, due primarily to the profitable
results of certain films. In addition, the Partnership
earned approximately $13,000 of interest income from its
short-term investments and incurred approximately $63,000 of
expenses from its operations, resulting in an overall net
profit to the Partnership of approximately $126,000.
For the three months ended March 31, 1995, the Columbia
Joint Venture had a net profit of which the Partnership's
share was approximately $18,000, due primarily to the
profitable results of certain films. The Tri-Star Joint
Venture had a net profit of which the Partnership's share
was approximately $181,000, due primarily to the accrual of
Distribution Fee Reduction Payments and the profitable
results of certain films. In addition, the Partnership
earned approximately $16,000 of interest income from its
short-term investments and incurred approximately $61,000 of
expenses from its operations, resulting in an overall net
profit to the Partnership of approximately $154,000.
The decrease in interest income for the three month
period ended March 31, 1996 as compared with the
corresponding period in 1995 is due primarily to lower
interest rates earned on short-term investments during 1996.
The Partnership's operating expenses for the three
month period ended March 31, 1996 as compared with the
corresponding period in 1995 was virtually unchanged.
<PAGE>
COLUMBIA-DELPHI III PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
March December
31, 31,
1996 1995
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization
of $76,784 and $76,726, $ $
respectively 702 760
Motion Picture Costs Recoverable
from
Distribution Fees 180 171
Receivable from Columbia
Pictures
(Distributor)
2,100 2,010
Total $ 2,982 $
Assets 2,941
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to Columbia Pictures $ $
Industries, Inc. 1,602 1,541
Payable to Delphi Film
Associates III 678 640
Total
Liabilities 2,280 2,181
Venturers' Capital:
Columbia Pictures Industries, 569 613
Inc.
Delphi Film Associates III
133 147
Total
Venturers' Capital 702 760
Total
Liabilities and Venturers'
$ $ 2,941
Capital 2,982
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI III PRODUCTIONS
(A Joint Venture)
STATEMENTS OF OPERATIONS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Three
Months Ended March 31,
1996 1995
<S> <C> <C>
Net Revenue From Motion
Picture
Exploitation $ $
378 86
Less: Amortization of
Motion
Picture
Production and
Advertising
Costs 58 43
Income from Operations 43
320
Accrued Distribution Fee
Reduction
16 0
Net Income $ $
336 43
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI III PRODUCTIONS
(A Joint Venture)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the ThreeMonths Ended March 31,
1996 1995
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Income $ $
336 43
Adjustments to reconcile Net
Income to net cash
provided by operating
activities:
Amortization of Motion Picture
Production and
Advertising Costs 58 43
Accrued Distributions to (99) 251
Venturers
Changes in Assets and
Liabilities:
Increase (Decrease) in
Payable to Columbia
Pictures Industries, 61 (183)
Inc.
(Increase) Decrease in
Receivable from
Columbia Pictures (90) 157
(Distributor)
(Increase) Decrease in
Motion Picture Costs
Recoverable from (9)
Distribution Fees 94
Increase (Decrease) in
Payable to Delphi
Film Associates III, net 38
(41)
Decrease in Advance from
Columbia
Pictures Industries,
Inc. (Distributor) 0 (27)
Net Cash Provided by
Operating Activities 295 337
Cash Flow from Financing
Activities:
Distributions to Venturers
(295) (337)
Net Cash Used by
Financing Activities (295) (337)
Net Change in Cash 0 0
Cash at beginning of period
0 0
Cash at end of period $ $
0 0
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI III PRODUCTIONS
(A Joint Venture)
NOTES TO FINANCIAL STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change in
the information disclosed in the notes to financial
statements of the Joint Venture included in the Annual
Report on Form 10-K of Delphi Film Associates III (the
"Partnership") for the year ended December 31, 1995. The
information furnished includes all adjustments which are, in
the opinion of management, necessary to present fairly the
financial position of the Joint Venture as of March 31,
1996 and the results of its operations and cash flows for
the periods ended March 31, 1996 and 1995. Results of
operations for the period ended March 31, 1996 are not
necessarily indicative of the results that may be expected
for the entire fiscal year.
2. Current Operations
All seven films in which the Joint Venture has an
interest have completed their theatrical release and are
being distributed in various ancillary markets. For the
three
month period ended March 31, 1996, the Joint Venture is
reporting net revenue of $378,000, due primarily to the
performance of its films in the worldwide free and pay
television markets.
For the three month period ended March 31, 1995, the
Joint Venture reported net revenue of $86,000 due primarily
to the performance of the films in the worldwide free
television market.
3. Distribution Fee Reduction
The Joint Venture was entitled to a payment from its
Distributor in reduction of the Distributor's aggregate
distribution fee if, by June 30, 1991, the Joint Venture had
not received, in the aggregate, from net proceeds and gross
receipts (excluding amounts paid to the Joint Venture for
the recovery of advertising and promotion charge payments)
an amount at least equal to the amounts spent by the Joint
Venture for the production of films and the acquisition of
interests in films (excluding certain amounts spent for
payments in the nature of interest) (the "Expenditures").
Payments totaling $2,343,000 were made to the Joint Venture
representing the aggregate distribution fee previously
received by its Distributor. The payment to the Joint
Venture was allocated to the Partnership and Columbia based
on their respective percentage interest in a film for which
a distribution fee was received. In addition, the
Distributor is required to pay to the Joint Venture an
amount equal to all subsequent distribution fees earned by
it until the Joint Venture has recouped an amount equal to
its Expenditures. Accordingly, $180,000 has been accrued as
Motion Picture Costs Recoverable from Distribution Fees as
of March 31, 1996, in the accompanying financial statements.
4. Additional Information
Additional information, including the audited year end
1995 Financial Statements and the Summary of Significant
Accounting Policies, is included in the Annual Report on
Form 10-K of the Partnership for the year ended December 31,
1995.
<PAGE>
TRI-STAR -DELPHI III PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
December
March 31, 31,
1996 1995
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization of
$194,723 and $194,664, $ 2,607 $
respectively 2,666
Motion Picture Costs Recoverable
from
Distribution Fees 1,347 1,432
Receivable from TriStar
Pictures, Inc.
(Distributor)
479 476
Total $ 4,433 $
Assets 4,574
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to TriStar Pictures, $ 1,363 $
Inc. 1,405
Payable to Delphi Film
Associates III 463 503
Total
Liabilities 1,826 1,908
Venturers' Capital:
TriStar Pictures, Inc. 2,171 2,210
Delphi Film Associates III
436 456
Total
Venturers' Capital 2,607 2,666
Total
Liabilities and Venturers'
$ $
Capital 4,433 4,574
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRI-STAR-DELPHI III PRODUCTIONS
(A Joint Venture)
STATEMENTS OF OPERATIONS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the
Three Months Ended March 31,
1996 1995
<S> <C> <C>
Net Revenue From Motion
Picture
Exploitation $ $
354 117
Less: Amortization of
Motion
Picture
Production
and
Advertising Costs 59 22
Income from Operations 295 95
Accrued Distribution Fee
Reduction
0 461
Net Income $ $
295 556
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRI-STAR - DELPHI III PRODUCTIONS
(A Joint Venture)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Three Months Ended March 31,
1996 1995
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Income $ $
295 556
Adjustments to reconcile Net
Income to net cash
provided by operating
activities:
Amortization of Motion Picture
Production
and Advertising Costs 59 22
Accrued Distributions to 82 (259)
Venturers
Changes in Assets and
Liabilities:
(Decrease) Increase in
Payable to Delphi
Film Associates III, net (40) 71
(Decrease ) Increase in
Payable to TriStar
Pictures, Inc. (42) 188
Increase in Receivable
from TriStar
Pictures, Inc. (3) 0
(Distributor)
Increase in Payable to
TriStar
Pictures, Inc. 0 59
(Distributor)
Decrease (Increase) in
Motion Picture Costs
Recoverable from
Distribution Fees 85 (318)
Net Cash Provided by
Operating
Activities
436 319
Cash Flow From Financing
Activities:
Distributions to Venturers
(436) (319)
Net Cash Used by Financing
Activities (436) (319)
Net Change in Cash 0 0
Cash at beginning of period
0 0
Cash at end of period $ $
0 0
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRISTAR - DELPHI III PRODUCTIONS
(A Joint Venture)
NOTES TO FINANCIAL STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change in
the information disclosed in the notes to financial
statements of the Joint Venture included in the Annual
Report on Form 10-K of Delphi Film Associates III (the
"Partnership") for the year ended December 31, 1995. The
information furnished includes all adjustments which are, in
the opinion of management, necessary to present fairly the
financial position of the Joint Venture as of March 31, 1996
and the results of its operations and cash flows for the
periods ended March 31, 1996 and 1995. Results of
operations for the period ended March 31, 1996 are not
necessarily indicative of the results that may be expected
for the entire fiscal year.
2. Current Operations
All twenty-seven films in which the Joint Venture has
an interest have completed their theatrical release and are
being distributed in various ancillary markets. For the
three month period ended March 31, 1996 the Joint Venture is
reporting net revenue of $354,000, due primarily to the
performance of its films in the worldwide free and pay
television markets.
For the three month period ended March 31, 1995, the
Joint Venture reported net revenue of $117,000 due primarily
to the performance of its films in the worldwide free
television market. For the three month period ended March
31, 1995, the Joint Venture recorded an increase of $461,000
in Motion Picture Costs Recoverable from Distribution Fees
due to a change in the estimated distribution fee to be
earned by the Distributor.
3. Distribution Fee Reduction
The Joint Venture was entitled to a payment from its
Distributor in reduction of the Distributor's aggregate
distribution fee if, by June 30, 1991, the Joint Venture had
not received, in the aggregate, from net proceeds and gross
receipts (excluding amounts paid to the Joint Venture for
the recovery of advertising and promotion charge payments)
an amount at least equal to the amounts spent by the Joint
Venture for the production of films and the acquisition of
interests in films (excluding certain amounts spent for
payments in the nature of interest) (the "Expenditures").
Payments totaling $4,662,000 were made to the Joint Venture
representing the aggregate distribution fee previously
received by its Distributor. The payment to the Joint
Venture was allocated to the Partnership and TriStar based
on their respective percentage interest in the films for
which a distribution fee was received. The Distributor is
required to pay to the Joint Venture an amount equal to all
subsequent distribution fees earned by it until the Joint
Venture has recouped an amount equal to its Expenditures.
Accordingly, $1,347,000 has been accrued as Motion Picture
Costs Recoverable from Distribution Fees as of March 31,
1996, in the accompanying financial statements.
4. Additional Information
Additional information, including the audited year end
1995 Financial Statements and the Summary of Significant
Accounting Policies, is included in the Annual Report on
Form 10-K of the Partnership for the year ended December 31,
1995.
<PAGE>
PART II
Item 1. Legal Proceedings
None
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.Exhibits and Reports on Form 8-K
A). Exhibits
<TABLE>
<CAPTION>
EXHIBIT
NUMBERDESCRIPTIONPAGE NUMBER
<S> <C>
<C>
27 Financial Data Schedule
</TABLE>
B). Reports on Form 8-K
None
<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.
DELPHI FILM ASSOCIATES III
A New York Limited Partnership
By: THE DELPHI GROUP,
General Partner
By: ML Film Entertainment,
Inc.,
Managing Partner
May 10, 1996 /s/ Diane T.
Herte________________
Date Diane T. Herte
Treasurer of the Managing
Partner of the
General Partner
(principal financial officer
and principal
accounting officer of the
Registrant)
May 10, 1996 /s/ Steven N.
Baumgarten__________
Date Steven N. Baumgarten
Director and Vice President of
the
Managing Partner of the
General Partner
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial
information extracted from Balance Sheets and Statement of
Operations for the first quarter ended March 31, 1996 Form
10Q of Delphi Film Associates III and is qualified in its
entirety by reference to such financial statements.
<S>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 164,000
<SECURITIES> 1,118,000
<RECEIVABLES> 1,141,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,977,000
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 2,943,000
<TOTAL-LIABILITY-AND-EQUITY> 2,977,000
<SALES> 0
<TOTAL-REVENUES> 13,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 63,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 126,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 126,000
<EPS-PRIMARY> 13.00
<EPS-DILUTED> 0
</TABLE>
