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 September 30, 1995
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 0-14408
DELPHI FILM ASSOCIATES IV
(Exact name of registrant as specified in its charter)
New York 13-3261814
(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 IV
(A New York Limited Partnership)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
September December
30, 31,
1995 1994
<S> <C> <C>
ASSETS
Cash $ $
50 473
Short-Term Investments 1,688 1,369
Receivable from Columbia-Delphi
IV
Productions 601 584
Receivable from Tri-Star-Delphi
IV
Productions 789 817
Prepaid Expense 100 0
Interest in Motion Picture
Venture-
Columbia-Delphi IV 11 25
Productions
Interest in Motion Picture
Venture-
Tri-Star-Delphi IV
Productions 33 35
Total $ $
Assets 3,272 3,303
LIABILITIES AND PARTNERS'
CAPITAL
Liabilities:
Accrued Expenses and Accounts $ $
Payable 24 110
Total
Liabilities 24 110
Partners' Capital (Note 2):
General Partner 78 77
Limited Partners
3,170 3,116
Total
Partners' Capital 3,248 3,193
Total
Liabilities and Partners'
$ $
Capital 3,272 3,303
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES IV
(A New York Limited Partnership)
STATEMENTS OF OPERATIONS
(000's Omitted, except net profit (loss) per unit)
Unaudited
<TABLE>
<CAPTION>
For
the Three Months For the Nine Months
Ended September 30, Ended September 30,
1995
1994 1995 1994
<S> <C> <C> <C> <C>
Interest Income $ $ $ $
23 19 66 97
Expenses:
Management Fee 100 100 300 300
Operating Expenses
3 1 10 16
103 101 310 316
Loss before Share of
Profit (Loss)
in Motion Picture (80) (82) (244) (219)
Ventures
Share of Profit (Loss)
in Motion
Picture Venture--
Columbia-
Delphi IV Productions
78 (63) 245 37
Share of Profit in
Motion Picture
Venture--Tri-Star-
Delphi IV Productions
2 10 54 230
Net Profit (Loss) $ $ $ $
0 (135) 55 48
Net Profit (Loss) Per
Unit of
Limited Partnership
Interest
(8,000 units) $ $ $ $
0 (17) 7 6
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES IV
(A New York Limited Partnership)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Nine Months Ended September 30,
1995 1994
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Profit $ $
55 48
Adjustments to reconcile Net
Profit to net cash
(used) provided by operating
activities:
Share of Profit in Motion (299) (267)
Picture Ventures
Distributions from Joint 315 264
Ventures
Changes in Assets and
Liabilities:
Decrease in Receivables
from Joint
Ventures, net 11 7,853
(Decrease) Increase in
Accrued Expenses
and Accounts Payable 14
(86)
Increase in Prepaid
Expense (100) (100)
Net Cash (Used) Provided
by Operating
Activities
(104) 7,812
Cash Flow From Investing
Activities:
Purchases of Short-Term (3,103) (34,032)
Investments
Redemptions of Short-Term
Investments 2,784 32,858
Net Cash Used by Investing
Activities (319) (1,174)
Cash Flow From Financing
Activities:
Distributions to Partners
0 (7,071)
Net Cash Used by Financing
Activities 0 (7,071)
Decrease In Cash (423) (433)
Cash at beginning of period
473 466
Cash at end of period $ $
50 33
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES IV
(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, 1994. 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 September 30,
1995 and the results of operations and cash flows for the
periods ended September 30, 1995 and 1994. Results of
operations for the period ended September 30, 1995 are not
necessarily indicative of the results that may be expected
for the entire fiscal year.
2. Current Operations
As of September 30, 1995, all twenty-seven films in
which the Partnership has an interest have been released.
All of these films have completed their theatrical release
and are being distributed in various ancillary markets.
Based on the anticipated performance of one film
released through the Tri-Star Joint Venture, it is expected
that the Distributor of the Tri-Star Joint Venture will be
required to make an Additional Payment with the respect to
this film. Accordingly, distribution fees earned and
expected to be earned by the Distributor of the Tri-Star
Joint Venture as of September 30, 1995 of approximately
$392,000 has been accrued by the Partnership as a receivable
from the Tri-Star Joint Venture.
For the purpose of computing the net profit (loss) per
unit, the net profit (loss) 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
1994 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, 1994 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 satisfied its commitment to
contribute funds to the Joint Ventures for the production
of, and acquisition of interests in, films. As of September
30, 1995, the Partnership held cash of approximately $50,000
and short-term investments of approximately $1,688,000.
Since the Partnership's obligations to make
contributions to the Joint Ventures for the production of,
and acquisition of interests in, films have been satisfied,
all revenue received by the Partnership (other than with
respect to Unrecouped Films) is used to pay operating
expenses of the Partnership and to make cash distributions
to partners.
The Partnership commenced cash distributions to its
partners in April 1987. Distributions through September 30,
1995 have aggregated $3,735 per unit (74.7% of the limited
partners' original 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 revenues 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 has recorded income
with respect to Additional Payments, to the extent
available, which has allowed it to recover its investment in
films.
For the three months ended September 30, 1995, the
Columbia Joint Venture had
a net profit of which the Partnership's share was
approximately $78,000, due primarily to the profitable
results of certain films. The Tri-Star Joint Venture had a
net loss; however, the Partnership reported a net profit
from that Joint Venture of approximately $2,000 due
primarily to the profitable results of certain films. In
addition, the Partnership earned approximately $23,000 of
interest income from its short-term investments and incurred
approximately $103,000 of expenses from its operations,
resulting in an overall net profit to the Partnership of
approximately $0.
For the three months ended September 30, 1994, the
Columbia Joint Venture had a net loss of which the
Partnership's share was approximately $63,000, due primarily
to the unprofitable results of certain films. The Tri-Star
Joint Venture had a net loss; however, the Partnership
reported a net profit from that Joint Venture of
approximately $10,000 due primarily to the profitable
results of certain films. In addition, the Partnership
earned approximately $19,000 of interest income from its
short-term investments and incurred approximately $101,000
of expenses from its operations, resulting in an overall net
loss to the Partnership of approximately $135,000.
For the nine months ended September 30, 1995, the
Columbia Joint Venture had a net profit of which the
Partnership's share was approximately $245,000, due
primarily to the profitable results of certain films. The
Tri-Star Joint Venture had a net loss; however, the
Partnership reported a net profit from that Joint Venture of
approximately $54,000 due primarily to the profitable
results of certain films. In addition, the Partnership
earned approximately $66,000 of interest income from its
short-term investments and incurred approximately $310,000
of expenses from its operations, resulting in an overall net
profit to the Partnership of approximately $55,000.
For the nine months ended September 30, 1994, the
Columbia Joint Venture had a net loss; however, the
Partnership reported a net profit from that Joint Venture of
approximately $37,000, due primarily to the profitable
results of certain films. The Tri-Star Joint Venture had a
net loss; however, the Partnership reported a net profit
from that Joint Venture of approximately $230,000, due
primarily to interest income related to the accrual of
Additional Payments and the profitable results of one film.
In addition, the Partnership earned approximately $97,000 of
interest income from its short-term investments and incurred
approximately $316,000 of expenses from its operations,
resulting in an overall net profit to the Partnership of
approximately $48,000.
Interest income for the three month period ended
September 30, 1995 as compared with the corresponding period
in 1994 was virtually unchanged.
The decrease in interest income for the nine month
period ended September 30, 1995 as compared with the
corresponding period in 1994 is due primarily to the
availability of less funds for short-term investments during
1995.
The Partnership's total expenses for the three month
period ended September 30, 1995 as compared with the
corresponding period in 1994 was virtually unchanged.
The decrease in the Partnership's total expenses for
the nine month period ended September 30, 1995 as compared
with the corresponding period in 1994 is primarily
attributable to a decrease in Operating Expenses. The
decrease in Operating Expenses is primarily due to a
decrease in professional fees related to the performance of
fewer production and distribution audits during 1995.
<PAGE>
COLUMBIA-DELPHI IV PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
September December
30, 31,
1995 1994
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization
of $163,651 and $163,408, $ $
respectively 535 778
Motion Picture Costs Recoverable
from
Additional Payments 1,717 1,482
Receivable from Columbia
Pictures
(Distributor)
6,129 5,049
Total $ 8,381 $
Assets 7,309
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to Columbia Pictures $ 7,245 $
Industries, Inc. 5,947
Payable to Delphi Film
Associates IV 601 584
Total
Liabilities 7,846 6,531
Venturers' Capital:
Columbia Pictures Industries, 524 753
Inc.
Delphi Film Associates IV
11 25
Total
Venturers' Capital 535 778
Total
Liabilities and Venturers'
$ 8,381 $
Capital 7,309
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI IV PRODUCTIONS
(A Joint Venture)
STATEMENTS OF OPERATIONS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Net Revenues (Loss) From
Motion
Picture Exploitation $ $(1,30 $ $
1,178 5) 3,660 (75)
Less: Amortization
(Recapture) of
Motion Picture
Production
and
Advertising Costs 20 (119) 243 71
Income (Loss) from 1,158 (1,186 3,417 (146)
Operations )
Additional Payments
Accrual
(Recapture)
0 (8) 235 (37)
Other Expense
(57) 0 (57) 0
Net Income (Loss) $ $(1,19 $ $
1,101 4) 3,595 (183)
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI IV PRODUCTIONS
(A Joint Venture)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Nine Months Ended September 30,
1995 1994
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Income (Loss) $ $
3,595 (183)
Adjustments to reconcile Net
Income (Loss) to
net cash provided by operating
activities:
Amortization of Motion Picture
Production and
Advertising Costs 243 71
Write-off of Receivable from (57) 0
Distributor
Accrued Distributions (1,315) 2,447
toVenturers
Changes in Assets and
Liabilities:
Increase (Decrease) in
Payable to Delphi
Film Associates IV 17 (205)
Increase (Decrease) in
Payable to Columbia
Pictures Industries, 1,298 (2,242)
Inc.
(Increase) Decrease in
Receivable from
Columbia Pictures (1,023) 2,410
(Distributor)
(Increase) Decrease in
Motion Picture Costs
Recoverable from
Additional Payments (235) 37
Net Cash Provided by Operating
Activities 2,523 2,335
Cash Flow from Financing
Activities:
Distributions to Venturers
(2,523) (2,335)
Net Cash Used by Financing
Activities (2,523) (2,335)
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 IV 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 IV (the
"Partnership") for the year ended December 31, 1994. 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 September 30,
1995 and the results of its operations and cash flows for
the periods ended September 30, 1995 and 1994. Results of
operations for the period ended September 30, 1995 are not
necessarily indicative of the results that may be expected
for the entire fiscal year.
2. Current Operations
All twelve 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 and nine month periods ended September 30, 1995, the
Joint Venture is reporting net revenue of $1,178,000 and
$3,660,000, respectively, due primarily to the performance
of certain films in the worldwide free television, home
video and pay television markets. For the nine month period
ended September 30, 1995, the Joint Venture recorded an
increase of $235,000 in the accrued Additional Payment due
to changes in the estimated distribution fee to be earned by
its Distributor. For the three and nine month periods ended
September 30, 1995, the Joint Venture recorded an Other
Expense of $57,000 relating to the write down of the
Receivable from Columbia Pictures (Distributor) due to two
films which were fully recouped for both Columbia and Delphi
as of the Additional Payment date.
For the three and nine month periods ended September
30, 1994, the Joint Venture reported a net loss from motion
picture exploitation of $1,305,000 and $75,000,
respectively, due primarily to the decline in the
performance of one film in the home video market.
Accordingly, for the three month period ended September 30,
1994 the Joint Venture recorded a recapture of amortization
of $119,000. For the nine month period ended September 30,
1994, the Joint Venture recorded a decrease of $37,000 in
the accrued Additional Payment due to changes in the
estimated distribution fee to be earned by the Distributor.
3. Additional Information
Additional information, including the audited year end
1994 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,
1994.
<PAGE>
TRI-STAR -DELPHI IV PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
September December
30, 31,
1995 1994
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization of
$108,384 and $108,268, $ $
respectively 191 307
Motion Picture Costs Recoverable
from
Additional Payments 1,029 1,006
Receivable from TriStar
Pictures, Inc.
(Distributor)
1,294 1,958
Total $ 2,514 $
Assets 3,271
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to TriStar Pictures, $ $
Inc. 1,534 2,147
Payable to Delphi Film
Associates IV 789 817
Total
Liabilities 2,323 2,964
Venturers' Capital:
TriStar Pictures, Inc. 158 272
Delphi Film Associates IV
33 35
Total
Venturers' Capital 191 307
Total
Liabilities and Venturers'
$ $
Capital 2,514 3,271
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRI-STAR-DELPHI IV PRODUCTIONS
(A Joint Venture)
STATEMENTS OF OPERATIONS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Net Revenues From Motion
Picture
Exploitation $ $ $ $
132 61 664 1,336
Less: Amortization of
Motion
Picture
Production and
Advertising
Costs 21 11 116 257
Income from Operations 111 50 548 1,079
Additional Payments
Accrual
(Recapture) (1,515 23 (2,525
(7) ) )
Interest Income
0 0 0 571
Other Expense
(824) 0 (824) 0
Net Loss $ $(1,46 $ $
(720) 5) (253) (875)
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRI-STAR - DELPHI IV PRODUCTIONS
(A Joint Venture)
STATEMENTS OF CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Nine Months Ended September 30,
1995 1994
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Loss $ $
(253) (875)
Adjustments to reconcile Net Loss
to net cash
provided by operating
activities:
Amortization of Motion Picture
Production and
Advertising Costs 116 257
Write-off of Receivable from (824) 0
Distributor
Accrued Distributions 641 24,119
toVenturers
Changes in Assets and
Liabilities:
Decrease in Payable to
Delphi Film
Associates IV, net (28) (7,648)
Decrease in Payable to
TriStar Pictures,
Inc., net (613) (16,271)
Decrease (Increase) in
Receivable from
TriStar Pictures, Inc. 1,488 (1,037)
(Distributor)
(Increase) Decrease in
Motion Picture Costs
Recoverable from (23) 25,156
Additional Payments
Decrease in Advance from
TriStar Pictures,
Inc.
0 (200)
Net Cash Provided by
Operating Activities 504 23,501
Cash Flow From Financing
Activities:
Distributions to Venturers
(504) (23,501)
Net Cash Used by
Financing Activities (504) (23,501)
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 IV 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 IV (the
"Partnership") for the year ended December 31, 1994. 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 September 30,
1995 and the results of its operations and cash flows for
the periods ended September 30, 1995 and 1994. Results of
operations for the period ended September 30, 1995 are not
necessarily indicative of the results that may be expected
for the entire fiscal year.
2. Current Operations
All fifteen 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
and nine month periods ended September 30, 1995, the Joint
Venture is reporting net revenue of $132,000 and $664,000,
respectively, due primarily to the performance of its films
in the worldwide free television and international
theatrical markets. For the nine month period ended
September 30, 1995, the Joint Venture has recorded an
increase in the Additional Payment accrual of $23,000 due to
an increase in the estimated distribution fee to be earned
by the Distributor. For the three and nine month periods
ended September 30, 1995, the Joint Venture recorded an
Other Expense of $824,000 relating to the write down of the
Receivable from TriStar Pictures, Inc. (Distributor) due to
four films which were fully recouped for both TriStar and
Delphi as of the Additional Payment date.
For the three and nine month periods ended September
30, 1994, the Joint Venture reported net revenue of $61,000
and $1,336,000, respectively, due primarily to the
performance of films in the home video and worldwide free
television markets. For the three and nine month periods
ended September 30, 1994, the Joint Venture recorded a
decrease in the Additional Payment accrual of $1,515,000 and
$2,525,000, respectively due to a decrease in the estimated
distribution fee to be earned by the Distributor. In
addition, for the nine month period ended September 30,
1994, the Joint Venture recorded interest income of $571,000
due to the decrease in the discount period relating to the
Additional Payment. The Joint Venture received
approximately $23,200,000 in February 1994 representing the
Joint Venture's Additional Payment net of the $200,000
advance previously received by the Joint Venture from the
Distributor.
3. Additional Information
Additional information, including the audited year end
1994 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,
1994.
<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 IV
A New York Limited Partnership
By: THE DELPHI COMPANY,
General Partner
By: ML Film Entertainment
Inc.,
Managing Partner
November 10, 1995 /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)
November 10, 1995 /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 third quarter ended September 30, 1995
Form 10Q of Delphi Film Associates IV and is qualified in
its entirety by reference to such financial statements.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 50,000
<SECURITIES> 1,688,000
<RECEIVABLES> 1,390,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,272,000
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 3,248,000
<TOTAL-LIABILITY-AND-EQUITY> 3,272,000
<SALES> 0
<TOTAL-REVENUES> 66,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 310,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 55,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 55,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 55,000
<EPS-PRIMARY> 7.00
<EPS-DILUTED> 0
</TABLE>
