<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
/x/ Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 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 No. 33-3353B
PARKER & PARSLEY 86-B, LTD.
(Exact name of Registrant as specified in its charter)
Texas 75-2140235
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
303 West Wall, Suite 101,
Midland, Texas 79701
(Address of principal executive offices) (Zip code)
Registrant's Telephone Number, including area code: (915)683-4768
Not applicable
(Former name, former address and former fiscal year,
if changed since last report)
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 1 of 14 pages.
There are no exhibits.
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PARKER & PARSLEY 86-B, LTD.
(A Texas Limited Partnership)
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
BALANCE SHEETS
June 30, December 31,
1995 1994
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents, including
interest bearing deposits of $194,980
at June 30 and $141,462 at December 31 $ 195,307 $ 141,681
Accounts receivable - oil and gas sales 170,230 184,109
----------- -----------
Total current assets 365,537 325,790
Oil and gas properties - at cost, based
on the successful efforts accounting
method 14,168,571 14,129,225
Accumulated depletion (9,219,613) (8,958,142)
----------- -----------
Net oil and gas properties 4,948,958 5,171,083
----------- -----------
$ 5,314,495 $ 5,496,873
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable - affiliate $ 124,424 $ 90,443
Partners' capital:
Limited partners (17,208 interests) 5,139,447 5,353,642
Managing general partner 50,624 52,788
----------- -----------
5,190,071 5,406,430
----------- -----------
$ 5,314,495 $ 5,496,873
=========== ===========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
2
<PAGE> 3
PARKER & PARSLEY 86-B, LTD.
(A Texas Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Six months ended
June 30, June 30,
1995 1994 1995 1994
---------- ---------- ---------- ----------
Revenues:
Oil and gas sales $ 392,091 $ 419,743 $ 781,856 $ 781,076
Interest income 2,958 1,317 5,383 1,783
Salvage income from
abandoned property 3,866 - 3,866 -
--------- --------- --------- ---------
Total revenues 398,915 421,060 791,105 782,859
Costs and expenses:
Production costs 197,754 204,565 394,407 403,508
General and admin-
istrative expenses 11,763 12,592 23,456 23,432
Depletion 121,109 142,415 261,471 366,940
Abandoned property
costs 26 - 3,354 -
--------- --------- --------- ---------
Total costs and
expenses 330,652 359,572 682,688 793,880
--------- --------- --------- ---------
Net income (loss) $ 68,263 $ 61,488 $ 108,417 $ (11,021)
========= ========= ========= =========
Allocation of net
income (loss):
Managing general
partner $ 683 $ 615 $ 1,084 $ (110)
========= ========= ========= =========
Limited partners $ 67,580 $ 60,873 $ 107,333 $ (10,911)
========= ========= ========= =========
Net income (loss)
per limited part-
nership interest $ 3.93 $ 3.54 $ 6.24 $ (.63)
========= ========= ========= =========
Distributions per
limited partner-
ship interest $ 8.35 $ 10.61 $ 18.68 $ 19.15
========= ========= ========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
3
<PAGE> 4
PARKER & PARSLEY 86-B, LTD.
(A Texas Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
(Unaudited)
Managing
general Limited
partner partners Total
----------- ----------- -----------
Balance at January 1, 1994 $ 59,287 $ 5,996,978 $ 6,056,265
Distributions (3,329) (329,526) (332,855)
Net loss (110) (10,911) (11,021)
---------- ---------- ----------
Balance at June 30, 1994 $ 55,848 $ 5,656,541 $ 5,712,389
========== ========== ==========
Balance at January 1, 1995 $ 52,788 $ 5,353,642 $ 5,406,430
Distributions (3,248) (321,528) (324,776)
Net income 1,084 107,333 108,417
---------- ---------- ----------
Balance at June 30, 1995 $ 50,624 $ 5,139,447 $ 5,190,071
========== ========== ==========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
4
<PAGE> 5
PARKER & PARSLEY 86-B, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended
June 30,
1995 1994
---------- ----------
Cash flows from operating activities:
Net income (loss) $ 108,417 $ (11,021)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion 261,471 366,940
Salvage income from abandoned property (3,866) -
Changes in assets and liabilities:
(Increase) decrease in accounts receivable 13,879 (33,764)
Increase in accounts payable 35,285 19,356
--------- ---------
Net cash provided by operating
activities 415,186 341,511
Cash flows from investing activities:
Additions to oil and gas properties (40,650) (4,780)
Proceeds from salvage income on abandoned
property 3,866 -
--------- ---------
Net cash used in investing activities (36,784) (4,780)
Cash flows from financing activities:
Cash distributions to partners (324,776) (332,855)
--------- ---------
Net increase in cash and cash equivalents 53,626 3,876
Cash and cash equivalents at beginning
of period 141,681 104,318
--------- ---------
Cash and cash equivalents at end of period $ 195,307 $ 108,194
========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
5
<PAGE> 6
PARKER & PARSLEY 86-B, LTD.
(A Texas Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
June 30, 1995
(Unaudited)
NOTE 1.
In the opinion of management, the unaudited financial statements as of
June 30, 1995 of Parker & Parsley 86-B, Ltd. (the "Registrant") include
all adjustments and accruals consisting only of normal recurring accrual
adjustments which are necessary for a fair presentation of the results
for the interim period. However, the results of operations for the six
months ended June 30, 1995 are not necessarily indicative of the results
for the full year ending December 31, 1995.
The financial statements should be read in conjunction with the
financial statements and the notes thereto contained in the Registrant's
Report on Form 10-K for the year ended December 31, 1994, as filed with
the Securities and Exchange Commission, a copy of which is available
upon request by writing to Steven L. Beal, Senior Vice President, 303
West Wall, Suite 101, Midland, Texas 79701.
NOTE 2.
On May 25, 1993, a final settlement agreement was negotiated, drafted
and finally executed, ending litigation which had begun on September 5,
1989, when the Registrant filed suit along with other parties against
Dresser Industries, Inc.; Titan Services, Inc.; BJ-Titan Services
Company; BJ-Hughes Holding Company; Hughes Tool Company; Baker Hughes
Production Tools, Inc.; and Baker Hughes Incorporated alleging that the
defendants had intentionally failed to provide the materials and
services ordered and paid for by the Registrant and other parties in
connection with the fracturing and acidizing of 523 wells, and then
fraudulently concealed the shorting practice from the managing general
partner, Parker & Parsley Development L.P. ("PPDLP") (see Item 2). The
May 25, 1993 settlement agreement called for a payment of $115 million
in cash by the defendants. The managing general partner received the
funds, deducted incurred legal expenses, accrued interest, determined
the general partner's portion of the funds and calculated any
inter-partnership allocations. A distribution of $91,000,000 was made
to the working interest owners, including the Registrant, on July 30,
6
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1993. The limited partners received their distribution of $5,500,648,
or $319.66 per limited partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G.
"Zeke" Lancaster in the Federal Court lawsuit, filed suit in State Court
in Beaumont against all of the plaintiff partnerships, including the
Registrant and others, alleging his entitlement to 12% of the settlement
proceeds. Price's lawsuit claim for approximately $13.8 million is
predicated on a purported contract entered into with Southmark
Corporation in August 1988, in which he allegedly binds the Registrant
and the other defendants, as well as Southmark. Although PPDLP believes
the lawsuit is without merit and intends to vigorously defend it, PPDLP
is holding in reserve approximately 12.5% of the total settlement
pending final resolution of the litigation by the court. Trial is
currently scheduled for April 1996 and, assuming a successful defense,
upon payment of the costs associated with the litigation, a second
distribution will be made consisting of the balance of the settlement
funds, including any accrued interest.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Registrant was formed October 29, 1986. The managing general
partner of the Registrant at December 31, 1994 was Parker & Parsley
Development Company ("PPDC"). On January 1, 1995, PPDLP, a Texas
limited partnership, became the sole managing general partner of the
Registrant, by acquiring the rights and assuming the obligations of
PPDC. PPDC was merged into PPDLP on January 1, 1995. PPDLP acquired
PPDC's rights and obligations as managing general partner of the
Registrant in connection with the merger of PPDC, P&P Producing, Inc.
and Spraberry Development Corporation into MidPar L.P., which survived
the merger with a change of name to PPDLP. The sole general partner of
PPDLP is Parker & Parsley Petroleum USA, Inc. PPDLP has the power and
authority to manage, control and administer all Registrant affairs. The
limited partners contributed $17,208,000 representing 17,208 interests
($1,000 per interest) sold to a total of 1,466 limited partners.
Since its formation, the Registrant invested $14,336,882 in various
prospects that were drilled in Texas. At June 30, 1995, the Registrant
had 54 producing oil and gas wells. On August 1, 1990, the Registrant
sold its interest in one well and one well was abandoned in 1995 due to
uneconomical operations. The Registrant received one additional
producing oil and gas well in 1993 due to the Registrant's back-in after
payout provision.
7
<PAGE> 8
Results of Operations
Six months ended June 30, 1995 compared with six months ended
June 30, 1994
Revenues:
The Registrant's oil and gas revenues increased to $781,856 from
$781,076 for the six months ended June 30, 1995 and 1994, respectively.
The increase in revenues resulted from a 17% increase in the average
price received per barrel of oil and a 4% increase in the average price
received per mcf of gas, offset by an 11% decrease in barrels of oil
produced and sold and a 13% decrease in mcf of gas produced and sold.
For the six months ended June 30, 1995, 32,150 barrels of oil were sold
compared to 36,168 for the same period in 1994, a decrease of 4,018
barrels. For the six months ended June 30, 1995, 118,970 mcf of gas
were sold compared to 136,461 for the same period in 1994, a decrease of
17,491 mcf. The decreases in production volumes were primarily due to
the decline characteristics of the Registrant's oil and gas properties.
Because of these characteristics, management expects a certain amount of
decline in production to continue in the future until the Registrant's
economically recoverable reserves are fully depleted.
The average price received per barrel of oil increased $2.60 from $15.10
for the six months ended June 30, 1994 to $17.70 for the same period in
1995 while the average price received per mcf of gas increased from
$1.72 for the six months ended June 30, 1994 to $1.79 for the same
period in 1995. The market price for oil and gas has been extremely
volatile in the past decade, and management expects a certain amount of
volatility to continue in the foreseeable future. The Registrant may
therefore sell its future oil and gas production at average prices lower
or higher than that received during the six months ended June 30, 1995.
Salvage income of $3,866 received during the six months ended June 30,
1995 consisted of equipment credits received on one fully depleted well.
There was no salvage income for the same period ended June 30, 1994.
Abandoned property costs of $3,354 were incurred on one well during the
six months ended June 30, 1995 compared to no plugging and abandonment
activity for the same period in 1994.
Costs and Expenses:
Total costs and expenses decreased to $682,688 for the six months ended
June 30, 1995 as compared to $793,880 for the same period in 1994, a
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decrease of $111,192, or 14%. This decrease was due to declines in
production costs and depletion, offset by an increase in general and
administrative expenses ("G&A") and abandoned property costs.
Production costs were $394,407 for the six months ended June 30, 1995
and $403,508 for the same period in 1994 resulting in a $9,101 decrease,
or 2%. The decrease was primarily due to a decline in ad valorem taxes,
offset by an increase in well repair and maintenance costs incurred in
an effort to stimulate well production.
G&A's components are independent accounting and engineering fees,
computer services, postage and managing general partner personnel costs.
During this period, G&A increased slightly from $23,432 for the six
months ended June 30, 1994 to $23,456 for the same period in 1995. The
Partnership agreement limits G&A to 3% of gross oil and gas revenues.
Depletion was $261,471 for the six months ended June 30, 1995 compared
to $366,940 for the same period in 1994. This represented a decrease in
depletion of $105,469, or 29%. Depletion was calculated on a
property-by-property basis utilizing the unit-of-production method based
upon the dominant mineral produced, generally oil, and using oil prices
in effect at the end of the respective quarter. Oil production decreased
4,018 barrels for the six months ended June 30, 1995 from the same period
in 1994. Depletion expense for the six months ended June 30, 1995 was
calculated based on reserves computed utilizing an oil price of $16.46
per barrel. Comparatively, depletion expense for the three months ended
June 30, 1994 was calculated based on reserves computed utilizing an oil
price of $18.39 per barrel while depletion expense for the three months
ended March 31, 1994 was calculated based on reserves computed utilizing
an oil price of $12.90 per barrel.
On May 25, 1993, a final settlement agreement was negotiated, drafted
and finally executed, ending litigation which had begun on September 5,
1989, when the Registrant filed suit along with other parties against
Dresser Industries, Inc.; Titan Services, Inc.; BJ-Titan Services
Company; BJ-Hughes Holding Company; Hughes Tool Company; Baker Hughes
Production Tools, Inc.; and Baker Hughes Incorporated alleging that the
defendants had intentionally failed to provide the materials and
services ordered and paid for by the Registrant and other parties in
connection with the fracturing and acidizing of 523 wells, and then
fraudulently concealed the shorting practice from the managing general
partner. The May 25, 1993 settlement agreement called for a payment of
$115 million in cash by the defendants. The managing general partner
received the funds, deducted incurred legal expenses, accrued interest,
9
<PAGE> 10
determined the general partner's portion of the funds and calculated any
inter-partnership allocations. A distribution of $91,000,000 was made
to the working interest owners, including the Registrant, on July 30,
1993. The limited partners received their distribution of $5,500,648,
or $319.66 per limited partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G.
"Zeke" Lancaster in the Federal Court lawsuit, filed suit in State Court
in Beaumont against all of the plaintiff partnerships, including the
Registrant and others, alleging his entitlement to 12% of the settlement
proceeds. Price's lawsuit claim for approximately $13.8 million is
predicated on a purported contract entered into with Southmark
Corporation in August 1988, in which he allegedly binds the Registrant
and the other defendants, as well as Southmark. Although PPDLP believes
the lawsuit is without merit and intends to vigorously defend it, PPDLP
is holding in reserve approximately 12.5% of the total settlement
pending final resolution of the litigation by the court. Trial is
currently scheduled for April 1996, and assuming a successful defense,
upon payment of the costs associated with the litigation, a second
distribution will be made consisting of the balance of the settlement
funds, including any accrued interest.
Three months ended June 30, 1995 compared with three months ended
June 30, 1994
Revenues:
The Registrant's oil and gas revenues decreased to $392,091 from
$419,743 for the three months ended June 30, 1995 and 1994,
respectively, a decrease of 7%. The decrease in revenues resulted from
an 11% decrease in barrels of oil produced and sold, a 9% decrease in
mcf of gas produced and sold and a decrease in the average price
received per mcf of gas, offset by an increase in the average price
received per barrel of oil. For the three months ended June 30, 1995,
15,871 barrels of oil were sold compared to 17,858 for the same period
in 1994, a decrease of 1,987 barrels. For the three months ended June
30, 1995, 64,537 mcf of gas were sold compared to 70,996 for the same
period in 1994, a decrease of 6,459 mcf. The decreases in production
volumes were due to the decline characteristics of the Registrant's oil
and gas properties.
The average price received per barrel of oil increased $1.44 from $16.74
for the three months ended June 30, 1994 to $18.18 for the same period
in 1995 while the average price received per mcf of gas decreased from
$1.70 during the three months ended June 30, 1994 to $1.61 in 1995.
10
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Costs and Expenses:
Total costs and expenses decreased to $330,652 for the three months
ended June 30, 1995 as compared to $359,572 for the same period in 1994,
a decrease of $28,920, or 8%. This decrease was due to declines in
production costs, G&A and depletion, offset by an increase in abandoned
property costs.
Production costs were $197,754 for the three months ended June 30, 1995
and $204,565 for the same period in 1994 resulting in a $6,811 decrease,
or 3%. The decrease was primarily due to a decline in ad valorem taxes.
G&A's components are independent accounting and engineering fees,
computer services, postage and managing general partner personnel costs.
During this period, G&A decreased, in aggregate, 7% from $12,592 for the
three months ended June 30, 1994 to $11,763 for the same period in 1995.
Depletion was $121,109 for the three months ended June 30, 1995 compared
to $142,415 for the same period in 1994. This represented a decrease in
depletion of $21,306, or 15%. Depletion was calculated on a
property-by-property basis utilizing the unit-of-production method based
upon the dominant mineral produced, generally oil, and using oil prices
in effect at the end of the respective quarter. Oil production decreased
1,987 barrels for the three months ended June 30, 1995 from the same
period in 1994. Depletion expense for the three months ended June 30,
1995 was calculated based on reserves computed utilizing an oil price of
$16.46 per barrel. Comparatively, depletion expense for the three months
ended June 30, 1994 was calculated based on reserves computed utilizing
an oil price of $18.39 per barrel.
Liquidity and Capital Resources
Net Cash Provided by Operating Activities
Net cash provided by operating activities increased to $419,052 during
the six months ended June 30, 1995, a 23% increase from the same period
ended June 30, 1994. This increase was due to an increase in oil and
gas revenues and declines in production costs and G&A. The increase in
oil and gas revenues was due to an increase in average prices received
for oil and gas, offset by a decline in barrels of oil and mcf of gas
produced and sold. The decline in production costs was due to less well
repair and maintenance costs and lower ad valorem taxes. The reduction
in G&A was due to less allocated expense by the managing general
partner.
11
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Net Cash Used in Investing Activities
The Registrant's principal investing activity during the six months
ended June 30, 1995 was for a capitalized workover on one well.
Proceeds from salvage income of $3,866 were received during the six
months ended June 30, 1995 from equipment credits received on one fully
depleted well.
Net Cash Used in Financing Activities
Cash was sufficient for the six months ended June 30, 1995 to cover
distributions to the partners of $324,776 of which $321,528 was
distributed to the limited partners and $3,248 to the managing general
partner. For the same period ended June 30, 1994, cash was sufficient
for distributions to the partners of $332,855 of which $329,526 was
distributed to the limited partners and $3,329 to the managing general
partner.
It is expected that future net cash provided by operating activities
will be sufficient for any capital expenditures and any distributions.
As the production from the properties declines, distributions are also
expected to decrease.
Accounting Standard on Impairment of Long-Lived Assets
In March 1995, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 121 - Accounting for Impairment of
Long-lived Assets and for Long-lived Assets to Be Disposed Of ("FAS
121") regarding the impairment of long-lived assets, identifiable
intangibles and goodwill related to those assets. FAS 121 is effective
for financial statements for fiscal years beginning after December 15,
1995, although earlier adoption is encouraged. The application of FAS
121 to oil and gas companies utilizing the successful efforts method
(such as the Registrant) will require periodic determination of whether
the book value of long-lived assets exceeds the future cash flows
expected to result from the use of such assets and, if so, will require
reduction of the carrying amount of the "impaired" assets to their
estimated fair values. There is currently a great deal of uncertainty
as to how FAS 121 will apply to oil and gas companies using the
successful efforts method, including uncertainty regarding the
determination of expected future cash flows from the relevant assets
and, if an impairment is determined to exist, their estimated fair
value. There is also uncertainty regarding the level at which the test
might be applied. Given this uncertainty, the Registrant is currently
12
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unable to estimate the effect that FAS 121 will have on the Registrant's
results of operations for the period in which it is adopted.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On May 25, 1993, a final settlement agreement was negotiated, drafted
and finally executed, ending litigation which had begun on September 5,
1989, when the Registrant filed suit along with other parties against
Dresser Industries, Inc.; Titan Services, Inc.; BJ-Titan Services
Company; BJ-Hughes Holding Company; Hughes Tool Company; Baker Hughes
Production Tools, Inc.; and Baker Hughes Incorporated alleging that the
defendants had intentionally failed to provide the materials and
services ordered and paid for by the Registrant and other parties in
connection with the fracturing and acidizing of 523 wells, and then
fraudulently concealed the shorting practice from PPDLP. The May 25,
1993 settlement agreement called for a payment of $115 million in cash
by the defendants. PPDLP received the funds, deducted incurred legal
expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter-partnership allocations. A
distribution of $91,000,000 was made to the working interest owners,
including the Registrant, on July 30, 1993. The limited partners
received their distribution of $5,500,648, or $319.66 per limited
partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G.
"Zeke" Lancaster in the Federal Court lawsuit, filed suit in State Court
in Beaumont against all of the plaintiff partnerships, including the
Registrant and others, alleging his entitlement to 12% of the settlement
proceeds. Price's lawsuit claim for approximately $13.8 million is
predicated on a purported contract entered into with Southmark
Corporation in August 1988, in which he allegedly binds the Registrant
and the other defendants, as well as Southmark. Although PPDLP believes
the lawsuit is without merit and intends to vigorously defend it, PPDLP
is holding in reserve approximately 12.5% of the total settlement
pending final resolution of the litigation by the court. Trial is
currently scheduled for April 1996 and, assuming a successful defense,
upon payment of the costs associated with the litigation, a second
distribution will be made consisting of the balance of the settlement
funds, including any accrued interest.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - none
(b) Reports on Form 8-K - none
13
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PARKER & PARSLEY 86-B, LTD.
(A Texas Limited Partnership)
S I G N A T U R E S
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.
PARKER & PARSLEY 86-B, LTD.
By: Parker & Parsley Development L.P.,
Managing General Partner
By: Parker & Parsley Petroleum USA, Inc.
("PPUSA"), General Partner
Dated: August 9, 1995 By: /s/ Steven L. Beal
---------------------------------------
Steven L. Beal, Senior Vice
President and Chief Financial
Officer of PPUSA
14
<PAGE> 15
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000789790
<NAME> 86B.FDS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 195,307
<SECURITIES> 0
<RECEIVABLES> 170,230
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 365,537
<PP&E> 14,168,571
<DEPRECIATION> 9,219,613
<TOTAL-ASSETS> 5,314,495
<CURRENT-LIABILITIES> 124,424
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 5,190,071
<TOTAL-LIABILITY-AND-EQUITY> 5,314,495
<SALES> 781,856
<TOTAL-REVENUES> 791,105
<CGS> 0
<TOTAL-COSTS> 682,688
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 108,417
<INCOME-TAX> 0
<INCOME-CONTINUING> 108,417
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 108,417
<EPS-PRIMARY> 6.24
<EPS-DILUTED> 0
</TABLE>
