IR PASS-THROUGH CORPORATION
c/o WEXFORD MANAGEMENT LLC
411 West Putnam Avenue
Greenwich, CT 06830
(203) 862-7000
Fax: (203) 862-7461
Writer's Direct Dial:
862-7000
ARROS Fund I (the "Fund")
- -------------------------
February, 1996
Dear Unitholder:
Enclosed for your review are the Fund's audited financial statements as of
December 31, 1995. As you are aware, the Funds' investments are passive in
nature and consist of interest-bearing payment obligations which originated from
a series of net lease real estate partnerships. As such, the primary source of
payment for these obligations is the lease payments received from the
partnership's corporate tenants. We are pleased to report that all tenant
obligations continue to be met and, on an overall basis, the credit ratings of
these tenants have not materially changed since the initial offering of the
Units.
As previously reported, the Fund has made arrangements with Royal Alliance
Associates (212-551-5100) to act as a market maker and with DCC Securities Corp.
(212-527-0220) to facilitate trading, as a broker, between buyers and sellers of
Units. Please contact these firms directly if you have any questions regarding
such activities.
If you have any specific questions regarding your holdings in the Fund, please
call IFTC at 800-874-6205.
Sincerely,
ARROS Fund I
By: IR Pass-through Corp., Sponsor
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Unitholders, Sponsor, and Trustee of
Integrated ARROs Fund I:
We have audited the accompanying financial statements of financial condition of
Integrated ARROs Fund I (the "Trust") as of December 31, 1995 and 1994,
including the schedule of portfolio investments as of December 31, 1995, and the
related statements of operations and changes in net assets for the years then
ended and the schedule of selected per unit operating performance, ratios and
supplemental data for the period April 16, 1987 (Inception) to December 31, 1987
and each of the eight years in the period ended December 31, 1995. These
financial statements and per unit operating performance, ratios and supplemental
data are the responsibility of the Trust's management. Our responsibility is to
express an opinion on these financial statements and per unit operating
performance, ratios and supplemental data based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and per unit
operating performance, ratios and supplemental data are free of material
misstatements. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and selected per unit operating
performance, ratios and supplemental data referred to above present fairly, in
all material respects, the financial position of Integrated ARROs Fund I at
December 31, 1995 and 1994, the results of its operations and changes in its net
assets and the selected per unit operating performance, ratios and supplemental
data for the above-stated periods in conformity with generally accepted
accounting principles.
As explained in Note 2, the financial statements include investments in payment
obligations valued at $9,132,093 and $8,038,962 (100 percent of net assets) for
the years ended December 31, 1995 and l994, respectively, whose values have been
stated at the lower of fair market value as estimated by the Board of Directors
of the Sponsor in the absence of readily ascertainable market values or Minimum
Termination Value. We have reviewed the procedures used by the Board of
Directors in arriving at its estimate of value of such investments and have
inspected underlying documentation, and, in the circumstances, we believe the
procedures are reasonable and the documentation appropriate. However, because of
the inherent uncertainty of valuation, those estimated values may differ
significantly from the values that would have been used had a ready market for
the investments existed, and the differences could be material.
DELOITTE & TOUCHE, LLP
New York, New York
February 19, 1996
<PAGE>
Integrated ARROs Fund I
Statements of Financial Condition
<TABLE>
<CAPTION>
December 31,
------------------------
1995 1994
----------- ----------
<S> <C> <C>
Assets
Investments in payment obligations, at
minimum termination value (cost $2,771,874) ..... $ 9,132,093 $8,038,962
=========== ==========
Net Assets .......................................... $ 9,132,093 $8,038,962
=========== ==========
Net Asset Value per unit (2,771 units
outstanding) ........................................ $ 3,295.59 $ 2,901.11
=========== ==========
</TABLE>
See notes to financial statements
<PAGE>
Integrated ARROs Fund I
Statements of Operations
<TABLE>
<CAPTION>
Year Ended December 31,
-------------------------------
1995 1994
---------- ----------
<S> <C> <C>
Investment income:
Interest ......................... $1,093,131 $ 956,066
========== ==========
</TABLE>
See notes to financial statements
<PAGE>
Integrated ARROs Fund I
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended December 31,
-----------------------------
1995 1994
---------- ----------
<S> <C> <C>
Increase in net assets
from operations:
Investment income ................... $1,093,131 $ 956,066
Net assets:
Beginning of period ...................... 8,038,962 7,082,896
---------- ----------
End of period ............................ $9,132,093 $8,038,962
========== ==========
</TABLE>
See notes to financial statements
<PAGE>
Integrated ARROs Fund I
Notes to Financial Statements
1. ORGANIZATION
Integrated ARROs Fund I (the "Fund") is a grantor trust created under the
laws of the State of New York and registered under the Investment Company
Act of 1940 as a closed-end, non-diversified management investment company.
The Fund was formed in April 1987 for the purpose of realizing appreciation
in value and deferring the receipt of income through investments in a
portfolio consisting of payment obligations (the "Payment Obligations"),
issued by certain privately offered, single purpose limited partnerships
(the "Partnerships") previously sponsored by Integrated Resources, Inc.
("Integrated"). The Partnerships acquired and net leased commercial real
estate, which was sold to the Fund by IR Pass-through Corporation (the
"Sponsor"), formerly a wholly-owned subsidiary of Integrated. Pursuant to
the Consummation of A Plan of Reorganization ("the Steinhardt Plan"), on
November 3, 1994, the Sponsor is now a wholly-owned indirect subsidiary of
Presidio Capital Corp. ("Presidio") (See Footnote 3). All capitalized
terms, herein not defined, have the same meaning as defined in the Trust
Indenture.
2. SIGNIFICANT ACCOUNTING POLICIES
Security Valuation
The Payment Obligations are valued at the lower of fair market value (as
determined by the Board of Directors of the Sponsor) or Minimum Termination
Amount (as defined in the Trust Indenture).
Federal Income Taxes
The Fund is classified as a grantor trust. As a consequence, the Fund is
not subject to Federal Income Taxation.
3. CONFLICTS OF INTEREST
Entities directly or indirectly owned by former officers and/or directors
of the Sponsor and/or Integrated are the general partners of the
Partnerships. Such general partners have a fiduciary responsibility to make
decisions which are in the best interest of their respective Partnership.
There may be circumstances in which such general partners may make
decisions on behalf of the Partnerships which could conflict with or have
an adverse effect on the rights of unitholders of the Fund. Although the
Partnerships must comply with the terms of the Payment Obligations, there
can be no assurance that the decisions of the general partners on behalf of
the Partnerships would not adversely affect the value of the units and/or
the ability of the Partnerships to fulfill their obligations under the
Payment Obligations.
Subject to the rights of the Unitholders under the Trust Indenture,
Presidio is responsible for the administration of the Fund through its
indirect ownership of all of the shares of the Sponsor. Wexford Management
LLC ("Wexford"), formerly known as Concurrency Management Corp.
("Concurrency") provides administrative services to Presidio, who provides
services for the Fund.
4. THE PAYMENT OBLIGATIONS
The seven Payment Obligations acquired by the Fund were issued from 1981 to
1982 for the sale to the Partnerships of rights to acquire interests in
properties or for services rendered.
Payments on the seven Payment Obligations are scheduled over a period not
in excess of 40 years from commencement of the initial terms ("Primary
Terms"), ranging from 20 to 25 years, of the respective net leases.
Interest at simple interest rates ranging from 13% to 18.5% accrues on the
principal amount for each Payment Obligation. Payments on the Payment
Obligations are scheduled to commence approximately 15 years after
commencement of the Primary Terms of a net lease.
If a net lease is not extended by the lessee beyond the Primary Term, the
Partnership's obligation to pay the balance of the principal of a Payment
Obligation and accrued interest does not accelerate. In such event, the
Partnership may either seek to re-lease or to sell the property, but there
can be no assurance that such a sale or new lease would be made or that it
would be made timely. If a sale is made, the balance of the principal and
accrued interest thereon may be declared by the holder of the Payment
Obligation, in its discretion, to be immediately due and payable. Upon any
disposition by a Partnership of its interest in the property, the
Partnership shall be obligated to pay the holder of the Payment Obligation
(after satisfaction of any obligations senior to that of the Payment
Obligation which are then due and payable) first, accrued unpaid interest
and then the unpaid principal balance of the payment Obligation. If such
sale is not made, so long as the Partnership continues to make timely
payments under the Payment Obligation, generally there is no right of the
Fund to accelerate payment thereof.
There are significant limitations on the amounts that the Fund may receive
in the event of a sale or other disposition of a Partnership's property. As
such, it is possible that the Fund may not realize the entire outstanding
principal and interest thereon of the related Payment Obligation.
5. COMMITMENTS AND CONTINGENCIES
The Sponsor will bear all costs of administering the Fund through the
period in which the Fund will be receiving only primary term payments.
However, upon the period when the Fund begins receiving renewal term
payments, the Fund shall bear a portion of such costs equal to the
percentage of the renewal term payments received by the Fund in such year
to all of the payments received by the Fund in such year.
The Sponsor projects, based on a present value estimate of legal,
accounting, trustee fees, and printing and mailing costs, that the $450,000
previously received by the sponsor from Integrated in settlement of the
Sponsor's claim, will enable the Sponsor to meet its obligations to the
Fund, and its similar obligations to Fund II, through approximately the
year 2000, at which time, the Sponsor believes, securities held by the Fund
and Fund II should begin to generate cash which could be used to administer
the Fund and Fund II. There can be no assurance that such cash will be
generated or that the $450,000 paid by Integrated will be sufficient to
fund the Sponsor's obligations through the year 2000.
<PAGE>
Set forth below is certain information with respect to the Sponsor's
directors and officers. The business address for each of them is c/o
Wexford Management LLC, 411 West Putnam Avenue, Greenwich, Connecticut
06830.
<TABLE>
<CAPTION>
NAME POSITIONS WITH SPONSOR PRINCIPAL OCCUPATIONS DURING PAST 5 YEARS
- ---- ---------------------- -----------------------------------------
<S> <C> <C>
Robert Holtz Director and President Presidio, Vice President and Secretary since August 1994; Resurgence,
Vice President and Assistant Secretary since March 1994; Wexford Management
LLC, Vice President since January 1996; Wexford Management Corp., Vice
President from November 1995 through December 1995; Concurrency, Vice President
from May 1994 through October 1995; Bear Stearns Real Estate Group Inc., Vice
President from June 1993 through May 1994. Employed from 1989 to 1994.
Mark Plaumann Director and Vice President Wexford Management LLC, Senior Vice President since January 1996; Wexford
Management Corp., Senior Vice President from November 1995 through December
1995; Concurrency, Vice President from February 1995 through October 1995;
Alvarez and Marsel, Inc., a crisis-management consulting firm, Managing
Director from 1990 through January 1995.
Jay L. Maymudes Vice President, Secretary Presidio, Chief Financial Officer, Vice President and Treasurer since August
and Treasurer 1994; Resurgence, Chief Financial Officer, Vice President and Assistant
Secretary since July 1994; Wexford Management LLC, Chief Financial Officer and
Vice President since January 1996; Wexford Management Corp., Chief Financial
Officer and Vice President from November 1995 through December 1995;
Concurrency, Chief Financial Officer and Vice President from July 1994 through
October 1995; Dusco, Inc. (a real estate investment advisor), Secretary and
Treasurer from December 1988, and Senior Vice President from February 1990, in
each case through June 1994.
Arthur H. Amron Vice President & Assistant Presidio, Vice President since November 1994; Wexford Management LLC, General
Secretary Counsel since January 1996; Wexford Management Corp., General Counsel from
November 1995 through December 1995; Concurrency, General Counsel from November
1994 through October 1995; from 1992 to November 1994, attorney with Schulte,
Roth & Zabel; Prior to 1992, attorney with Debevoise & Plimpton.
Guy Sansone Assistant Secretary Wexford Management LLC, Vice President since January 1996; Wexford Management
Corp., Vice President from November 1995 through December 1995; Concurrency,
employed from November 1994 through October 1995; Deloitte & Touche LLP,
Manager, employed from 1989 through October 1994.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Integrated ARROs Fund I
Schedule of Portfolio Investments
December 31, 1995
Partnership Discount To
Date Payment Original Simple Arrive at
Obligation Property Type of Principal Interest Accrued Minimum Termination
Incurred Lessee Location property Amount Rate Interest Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Walando Walgreen Orlando, FL Office/ $ 820,000 13.0% $ 1,577,413 $ 1,412,443
3/18/81 Company Warehouse
Building
Santex Albertson's Venice, FL Retail 570,000 17.0% 1,406,002 968,756
7/1/81 (2) Inc. Livermore, CA Facilities
Lando Albertson's Portland, OR Retail 783,451 16.0% 1,780,373 1,742,749
10/21/81 Inc. Orlando, FL Facilities
(amended Huntsville, AL
4/15/82)
Denville Xerox Lewisville, TX Plant 963,048 15.0% 2,027,183 2,181,794
12/27/81 Corporation Facility
(amended
1/27/84)
Elway Safeway Billings, MT Retail 1,820,000 18.5% 4,645,613 4,329,729
3/18/82 Stores, Inc. Huntsville, TX Facilities
Fort Worth, TX
Aurora, CO
Mamoth Lakes, CA
Walstaff Walgreen Flagstaff, AZ Warehouse/ 1,159,771 16.0% 2,546,072 2,362,104
4/15/82 Arizona Distribution
(amended Drug Co. Building
6/17/82) (3)
Walcreek Hercules Walnut Creek, Office 1,306,709 18.5% 3,245,344 2,521,311
8/1/82 Credit Inc. CA Building
(amended (4)
6/29/83,
12/3/84)
---------- ----------- -----------
$7,422,979 $17,228,000 $15,518,886
========== =========== ===========
(1) Primary Term of the applicable net lease.
(2) Two Payment Obligations, one for each property, treated as one.
(3) Guaranteed by Walgreen Company.
(4) Guaranteed by Hercules Incorporated
<PAGE>
<CAPTION>
Integrated ARROs Fund I
Schedule of Portfolio Investments -- Continued
December 31, 1995
Partnership
Date Payment Periodic Minimum
Obligation Property Payment During Termination
Incurred Lessee Location Primary Term (1) Value
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Walando Walgreen Orlando, FL 5/1/96-4/1/06 $ 984,970
3/18/81 Company $11,833/mo
Santex Albertson's Venice, FL 9/1/96-8/1/06 1,007,246
7/1/81 (2) Inc. Livermore, CA $13,342/mo
Lando Albertson's Portland, OR 7/1/97-1/1/07 821,075
10/21/81 Inc. Orlando, FL $62,656/semi.
(amended Huntsville, AL
4/15/82)
Denville Xerox Lewisville, TX 8/1/98-7/1/08 808,437
12/27/81 Corporation $12,038/mo
(amended
1/27/84)
Elway Safeway Billings, MT 7/1/97-6/1/07 2,135,884
3/18/82 Stores, Inc. Huntsville, TX $28,053/mo
Fort Worth, TX
Aurora, CO
Mamoth Lakes, CA
Walstaff Walgreen Flagstaff, AZ 12/1/98-6/1/03 1,343,739
4/15/82 Arizona $156,738/semi.
(amended Drug Co.
6/17/82) (3)
Walcreek Hercules Walnut Creek, 10/1/97-9/1/07 2,030,742
8/1/82 Credit Inc. CA $30,155/mo
(amended (4)
6/29/83,
12/3/84)
----------
$9,132,093
==========
(1) Primary Term of the applicable net lease.
(2) Two Payment Obligations, one for each property, treated as one.
(3) Guaranteed by Walgreen Company.
(4) Guaranteed by Hercules Incorporated
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Integrated ARROs Fund I
Schedule of Selected Per Unit Operating Performance, Ratios and Supplemental Data
YEAR ENDED DECEMBER 31,
-------------------------------------------------------------------------------------
Per Unit Operating Performance 1995 1994 1993 1992 1991
- ------------------------------ ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Begining of Period $2,901.11 $2,556.08 $2,253.97 $1,989.14 $1,756.75
Net Investment Income 394.48 345.03 302.11 264.83 232.39
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period $3,295.59 $2,901.11 $2,556.08 $2,253.97 $1,989.14
========== ========== ========== ========== ==========
Total Investment Return $394.48 $345.03 $302.11 $264.83 $232.39
========== ========== ========== ========== ==========
Ratios/Supplemental Data
- ------------------------
Net Assets, End of Period $9,132,093 $8,038,962 $7,082,896 $6,245,750 $5,511,913
Ratio of Expense to Average Net Assets N/A N/A N/A N/A N/A
Ratio of Net Income to Average Net Assets 12.73% 12.64% 12.56% 12.48% 12.41%
Portfolio Turnover Rate N/A N/A N/A N/A N/A
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
INEGRATED ARROS FUND I
SCHEDULE OF ACCRUED INTEREST ON OUTSTANDING PAYMENT OBLIGATIONS -- JANUARY 1, 1995 THROUGH DECEMBER 31, 1995
DATE ACCRUED INTEREST DATE ACCRUED INTEREST DATE ACCRUED INTEREST DATE ACCRUED INTEREST
<S> <C> <C> <C> <C> <C> <C> <C>
1-Jan-95 15,993,790 23-Feb-95 16,173,455 17-Apr-95 16,353,119 9-Jun-95 16,532,784
2-Jan-95 15,997,180 24-Feb-95 16,176,845 18-Apr-95 16,356,509 10-Jun-95 16,536,174
3-Jan-95 16,000,570 25-Feb-95 16,180,234 19-Apr-95 16,359,899 11-Jun-95 16,539,564
4-Jan-95 16,003,960 26-Feb-95 16,183,624 20-Apr-95 16,363,289 12-Jun-95 16,542,954
5-Jan-95 16,007,350 27-Feb-95 16,187,014 21-Apr-95 16,366,679 13-Jun-95 16,546,344
6-Jan-95 16,010,739 28-Feb-95 16,190,404 22-Apr-95 16,370,069 14-Jun-95 16,549,734
7-Jan-95 16,014,129 1-Mar-95 16,193,794 23-Apr-95 16,373,459 15-Jun-95 16,553,124
8-Jan-95 16,017,519 2-Mar-95 16,197,184 24-Apr-95 16,376,849 16-Jun-95 16,556,513
9-Jan-95 16,020,909 3-Mar-95 16,200,574 25-Apr-95 16,380,239 17-Jun-95 16,559,903
10-Jan-95 16,024,299 4-Mar-95 16,203,964 26-Apr-95 16,383,629 18-Jun-95 16,563,293
11-Jan-95 16,027,689 5-Mar-95 16,207,354 27-Apr-95 16,387,018 19-Jun-95 16,566,683
12-Jan-95 16,031,079 6-Mar-95 16,210,744 28-Apr-95 16,390,408 20-Jun-95 16,570,073
13-Jan-95 16,034,469 7-Mar-95 16,214,133 29-Apr-95 16,393,798 21-Jun-95 16,573,463
14-Jan-95 16,037,859 8-Mar-95 16,217,523 30-Apr-95 16,397,188 22-Jun-95 16,576,853
15-Jan-95 16,041,249 9-Mar-95 16,220,913 1-May-95 16,400,578 23-Jun-95 16,580,243
16-Jan-95 16,044,638 10-Mar-95 16,224,303 2-May-95 16,403,968 24-Jun-95 16,583,633
17-Jan-95 16,048,028 11-Mar-95 16,227,693 3-May-95 16,407,358 25-Jun-95 16,587,023
18-Jan-95 16,051,418 12-Mar-95 16,231,083 4-May-95 16,410,748 26-Jun-95 16,590,412
19-Jan-95 16,054,808 13-Mar-95 16,234,473 5-May-95 16,414,138 27-Jun-95 16,593,802
20-Jan-95 16,058,198 14-Mar-95 16,237,863 6-May-95 16,417,528 28-Jun-95 16,597,192
21-Jan-95 16,061,588 15-Mar-95 16,241,253 7-May-95 16,420,917 29-Jun-95 16,600,582
22-Jan-95 16,064,978 16-Mar-95 16,244,643 8-May-95 16,424,307 30-Jun-95 16,603,972
23-Jan-95 16,068,368 17-Mar-95 16,248,032 9-May-95 16,427,697 1-Jul-95 16,607,362
24-Jan-95 16,071,758 18-Mar-95 16,251,422 10-May-95 16,431,087 2-Jul-95 16,610,752
25-Jan-95 16,075,148 19-Mar-95 16,254,812 11-May-95 16,434,477 3-Jul-95 16,614,142
26-Jan-95 16,078,537 20-Mar-95 16,258,202 12-May-95 16,437,867 4-Jul-95 16,617,532
27-Jan-95 16,081,927 21-Mar-95 16,261,592 13-May-95 16,441,257 5-Jul-95 16,620,922
28-Jan-95 16,085,317 22-Mar-95 16,264,982 14-May-95 16,444,647 6-Jul-95 16,624,311
29-Jan-95 16,088,707 23-Mar-95 16,268,372 15-May-95 16,448,037 7-Jul-95 16,627,701
30-Jan-95 16,092,097 24-Mar-95 16,271,762 16-May-95 16,451,427 8-Jul-95 16,631,091
31-Jan-95 16,095,487 25-Mar-95 16,275,152 17-May-95 16,454,816 9-Jul-95 16,634,481
1-Feb-95 16,098,877 26-Mar-95 16,278,542 18-May-95 16,458,206 10-Jul-95 16,637,871
2-Feb-95 16,102,267 27-Mar-95 16,281,931 19-May-95 16,461,596 11-Jul-95 16,641,261
3-Feb-95 16,105,657 28-Mar-95 16,285,321 20-May-95 16,464,986 12-Jul-95 16,644,651
4-Feb-95 16,109,047 29-Mar-95 16,288,711 21-May-95 16,468,376 13-Jul-95 16,648,041
5-Feb-95 16,112,436 30-Mar-95 16,292,101 22-May-95 16,471,766 14-Jul-95 16,651,431
6-Feb-95 16,115,826 31-Mar-95 16,295,491 23-May-95 16,475,156 15-Jul-95 16,654,821
7-Feb-95 16,119,216 1-Apr-95 16,298,881 24-May-95 16,478,546 16-Jul-95 16,658,211
8-Feb-95 16,122,606 2-Apr-95 16,302,271 25-May-95 16,481,936 17-Jul-95 16,661,600
9-Feb-95 16,125,996 3-Apr-95 16,305,661 26-May-95 16,485,326 18-Jul-95 16,664,990
10-Feb-95 16,129,386 4-Apr-95 16,309,051 27-May-95 16,488,715 19-Jul-95 16,668,380
11-Feb-95 16,132,776 5-Apr-95 16,312,441 28-May-95 16,492,105 20-Jul-95 16,671,770
12-Feb-95 16,136,166 6-Apr-95 16,315,831 29-May-95 16,495,495 21-Jul-95 16,675,160
13-Feb-95 16,139,556 7-Apr-95 16,319,220 30-May-95 16,498,885 22-Jul-95 16,678,550
14-Feb-95 16,142,946 8-Apr-95 16,322,610 31-May-95 16,502,275 23-Jul-95 16,681,940
15-Feb-95 16,146,335 9-Apr-95 16,326,000 1-Jun-95 16,505,665 24-Jul-95 16,685,330
16-Feb-95 16,149,725 10-Apr-95 16,329,390 2-Jun-95 16,509,055 25-Jul-95 16,688,720
17-Feb-95 16,153,115 11-Apr-95 16,332,780 3-Jun-95 16,512,445 26-Jul-95 16,692,110
18-Feb-95 16,156,505 12-Apr-95 16,336,170 4-Jun-95 16,515,835 27-Jul-95 16,695,499
19-Feb-95 16,159,895 13-Apr-95 16,339,560 5-Jun-95 16,519,225 28-Jul-95 16,698,889
20-Feb-95 16,163,285 14-Apr-95 16,342,950 6-Jun-95 16,522,614 29-Jul-95 16,702,279
21-Feb-95 16,166,675 15-Apr-95 16,346,340 7-Jun-95 16,526,004 30-Jul-95 16,705,669
22-Feb-95 16,170,065 16-Apr-95 16,349,730 8-Jun-95 16,529,394 31-Jul-95 16,709,059
<PAGE>
<CAPTION>
INEGRATED ARROS FUND I
SCHEDULE OF ACCRUED INTEREST ON OUTSTANDING PAYMENT OBLIGATIONS -- JANUARY 1, 1995 THROUGH DECEMBER 31, 1995 -- Cont'd.
DATE ACCRUED INTEREST DATE ACCRUED INTEREST DATE ACCRUED INTEREST
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1-Aug-95 16,712,449 23-Sep-95 16,892,114 15-Nov-95 17,071,778
2-Aug-95 16,715,839 24-Sep-95 16,895,504 16-Nov-95 17,075,168
3-Aug-95 16,719,229 25-Sep-95 16,898,893 17-Nov-95 17,078,558
4-Aug-95 16,722,619 26-Sep-95 16,902,283 18-Nov-95 17,081,948
5-Aug-95 16,726,009 27-Sep-95 16,905,673 19-Nov-95 17,085,338
6-Aug-95 16,729,398 28-Sep-95 16,909,063 20-Nov-95 17,088,728
7-Aug-95 16,732,788 29-Sep-95 16,912,453 21-Nov-95 17,092,118
8-Aug-95 16,736,178 30-Sep-95 16,915,843 22-Nov-95 17,095,508
9-Aug-95 16,739,568 1-Oct-95 16,919,233 23-Nov-95 17,098,898
10-Aug-95 16,742,958 2-Oct-95 16,922,623 24-Nov-95 17,102,288
11-Aug-95 16,746,348 3-Oct-95 16,926,013 25-Nov-95 17,105,677
12-Aug-95 16,749,738 4-Oct-95 16,929,403 26-Nov-95 17,109,067
13-Aug-95 16,753,128 5-Oct-95 16,932,792 27-Nov-95 17,112,457
14-Aug-95 16,756,518 6-Oct-95 16,936,182 28-Nov-95 17,115,847
15-Aug-95 16,759,908 7-Oct-95 16,939,572 29-Nov-95 17,119,237
16-Aug-95 16,763,297 8-Oct-95 16,942,962 30-Nov-95 17,122,627
17-Aug-95 16,766,687 9-Oct-95 16,946,352 1-Dec-95 17,126,017
18-Aug-95 16,770,077 10-Oct-95 16,949,742 2-Dec-95 17,129,407
19-Aug-95 16,773,467 11-Oct-95 16,953,132 3-Dec-95 17,132,797
20-Aug-95 16,776,857 12-Oct-95 16,956,522 4-Dec-95 17,136,187
21-Aug-95 16,780,247 13-Oct-95 16,959,912 5-Dec-95 17,139,576
22-Aug-95 16,783,637 14-Oct-95 16,963,302 6-Dec-95 17,142,966
23-Aug-95 16,787,027 15-Oct-95 16,966,692 7-Dec-95 17,146,356
24-Aug-95 16,790,417 16-Oct-95 16,970,081 8-Dec-95 17,149,746
25-Aug-95 16,793,807 17-Oct-95 16,973,471 9-Dec-95 17,153,136
26-Aug-95 16,797,196 18-Oct-95 16,976,861 10-Dec-95 17,156,526
27-Aug-95 16,800,586 19-Oct-95 16,980,251 11-Dec-95 17,159,916
28-Aug-95 16,803,976 20-Oct-95 16,983,641 12-Dec-95 17,163,306
29-Aug-95 16,807,366 21-Oct-95 16,987,031 13-Dec-95 17,166,696
30-Aug-95 16,810,756 22-Oct-95 16,990,421 14-Dec-95 17,170,086
31-Aug-95 16,814,146 23-Oct-95 16,993,811 15-Dec-95 17,173,475
1-Sep-95 16,817,536 24-Oct-95 16,997,201 16-Dec-95 17,176,865
2-Sep-95 16,820,926 25-Oct-95 17,000,591 17-Dec-95 17,180,255
3-Sep-95 16,824,316 26-Oct-95 17,003,980 18-Dec-95 17,183,645
4-Sep-95 16,827,706 27-Oct-95 17,007,370 19-Dec-95 17,187,035
5-Sep-95 16,831,095 28-Oct-95 17,010,760 20-Dec-95 17,190,425
6-Sep-95 16,834,485 29-Oct-95 17,014,150 21-Dec-95 17,193,815
7-Sep-95 16,837,875 30-Oct-95 17,017,540 22-Dec-95 17,197,205
8-Sep-95 16,841,265 31-Oct-95 17,020,930 23-Dec-95 17,200,595
9-Sep-95 16,844,655 1-Nov-95 17,024,320 24-Dec-95 17,203,985
10-Sep-95 16,848,045 2-Nov-95 17,027,710 25-Dec-95 17,207,374
11-Sep-95 16,851,435 3-Nov-95 17,031,100 26-Dec-95 17,210,764
12-Sep-95 16,854,825 4-Nov-95 17,034,490 27-Dec-95 17,214,154
13-Sep-95 16,858,215 5-Nov-95 17,037,879 28-Dec-95 17,217,544
14-Sep-95 16,861,605 6-Nov-95 17,041,269 29-Dec-95 17,220,934
15-Sep-95 16,864,994 7-Nov-95 17,044,659 30-Dec-95 17,224,324
16-Sep-95 16,868,384 8-Nov-95 17,048,049 31-Dec-95 17,227,714
17-Sep-95 16,871,774 9-Nov-95 17,051,439 1-Jan-96 17,231,104
18-Sep-95 16,875,164 10-Nov-95 17,054,829
19-Sep-95 16,878,554 11-Nov-95 17,058,219
20-Sep-95 16,881,944 12-Nov-95 17,061,609
21-Sep-95 16,885,334 13-Nov-95 17,064,999
22-Sep-95 16,888,724 14-Nov-95 17,068,389
<PAGE>
</TABLE>
INEGRATED ARROS FUND I
SCHEDULE OF ACCRUED INTEREST ON OUTSTANDING PAYMENT OBLIGATIONS --
JANUARY 1, 1995 THROUGH DECEMBER 31, 1995 -- Cont'd.
<TABLE>
<CAPTION>
INTEREST
PAYMENT INTEREST ANNUAL INCEPTION TO INCEPTION
OBLIGATION RATE INTEREST 31-Dec-95 DATE
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
820,000 13.00% 106,600 1,577,388 18-Mar-81
570,000 17.00% 96,900 1,405,979 1-Jul-81
783,451 16.00% 125,352 1,780,344 21-Oct-81
963,048 15.00% 144,457 2,027,150 22-Dec-81
1,820,000 18.50% 336,700 4,645,538 18-Mar-82
1,159,771 16.00% 185,563 2,546,031 15-Apr-82
1,306,709 18.50% 241,741 3,245,292 1-Aug-82
- --------- --------- ----------
7,422,979 1,237,314 17,227,722
========= ========= ==========
ROUNDED 17,228,000
==========
12/31/94 INTEREST AMOUNT 15,990,400
==========
DAILY INTEREST AMOUNT 3,389.90
==========
</TABLE>
<PAGE>
For period ended 12/31/95
File Number 811-4392
Signature Page
--------------
This report is signed on behalf of the Registrant in the town of Greenwich in
the State of Connecticut on the 29th day of February, 1996.
IR Pass-through Corporation
(Sponsor of Integrated ARROs
Fund I, the Registrant during the
period ending 12/31/95)
Witness: /s/ Jay L. Maymudes By: /s/ Robert Holtz
------------------------------- -----------------------
Name: Jay L. Maymudes Robert Holtz, President
Title: Vice President,
Secretary and Treasurer
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 9,132
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 3
<SHARES-COMMON-PRIOR> 3
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1,093
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 8,586
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 3,295.59
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
