SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15(d)
of The Securities Exchange Act of 1934
For the Quarter Ended: March 31, 1997
Commission file number: 0-14089
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
(Exact Name of Small Business Issuer as Specified in its Charter)
State of Delaware 93-0926134
(State or other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
1300 Minnesota World Trade Center, St. Paul, Minnesota 55101
(Address of Principal Executive Offices)
(612) 227-7333
(Issuer's telephone number)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90
days.
Yes [X] No
Transitional Small Business Disclosure Format:
Yes No [X]
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
INDEX
PART I. Financial Information
Item 1. Balance Sheet as of March 31, 1997 and December 31, 1996
Statements for the Periods ended March 31, 1997 and 1996:
Income
Cash Flows
Changes in Partners' Capital
Notes to Financial Statements
Item 2. Management's Discussion and Analysis
PART II. Other Information
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
<PAGE>
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
BALANCE SHEET
MARCH 31, 1997 AND DECEMBER 31, 1996
(Unaudited)
ASSETS
1997 1996
CURRENT ASSETS:
Cash and Cash Equivalents $ 1,251,929 $ 884,120
Receivables 1,924 9,945
Note Receivable 1,003,000 0
----------- -----------
Total Current Assets 2,256,853 894,065
----------- -----------
INVESTMENTS IN REAL ESTATE:
Land 1,569,352 1,757,210
Buildings and Equipment 3,330,499 4,106,357
Accumulated Depreciation (1,030,143) (1,312,489)
----------- -----------
Net Investments in Real Estate 3,869,708 4,551,078
----------- -----------
Total Assets $ 6,126,561 $ 5,445,143
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Payable to AEI Fund Management, Inc. $ 79,173 $ 26,679
Distributions Payable 120,350 120,350
Deferred Income 27,384 15,480
----------- -----------
Total Current Liabilities 226,907 162,509
----------- -----------
DEFERRED INCOME - Net Of Current Portion 152,226 156,097
PARTNERS' CAPITAL (DEFICIT):
General Partners (5,987) (12,195)
Limited Partners, $1,000 Unit value;
7,500 Units authorized and issued;
7,354 Units outstanding 5,753,415 5,138,732
----------- -----------
Total Partners' Capital 5,747,428 5,126,537
----------- -----------
Total Liabilities and Partners' Capital $ 6,126,561 $ 5,445,143
=========== ===========
The accompanying notes to financial statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
STATEMENT OF INCOME
FOR THE PERIODS ENDED MARCH 31
(Unaudited)
1997 1996
INCOME:
Rent $ 135,621 $ 185,574
Investment Income 32,808 6,761
----------- -----------
Total Income 168,429 192,335
----------- -----------
EXPENSES:
Partnership Administration - Affiliates 24,538 29,498
Partnership Administration and Property
Management - Unrelated Parties 8,501 5,496
Depreciation 35,669 44,095
----------- -----------
Total Expenses 68,708 79,089
----------- -----------
OPERATING INCOME 99,721 113,246
GAIN ON SALE OF REAL ESTATE 655,641 200,416
----------- -----------
NET INCOME $ 755,362 $ 313,662
=========== ===========
NET INCOME ALLOCATED:
General Partners $ 7,553 $ 3,137
Limited Partners 747,809 310,525
----------- -----------
$ 755,362 $ 313,662
=========== ===========
NET INCOME PER LIMITED PARTNERSHIP UNIT
(7,354 and 7,364 weighted average Units
outstanding in 1997 and 1996, respectively) $ 101.69 $ 42.17
=========== ===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
STATEMENT OF CASH FLOWS
FOR THE PERIODS ENDED MARCH 31
(Unaudited)
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 755,362 $ 313,662
Adjustments to Reconcile Net Income
To Net Cash Provided by Operating Activities:
Depreciation 35,669 44,095
Gain on Sale of Real Estate (655,641) (200,416)
Decrease in Receivables 8,021 31,050
Increase in Payable to
AEI Fund Management, Inc. 52,494 3,898
Increase in Deferred Income 8,033 19,086
----------- -----------
Total Adjustments (551,424) (102,287)
----------- -----------
Net Cash Provided By
Operating Activities 203,938 211,375
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in Real Estate 0 (359,459)
Proceeds from Sale of Real Estate 298,342 647,157
----------- -----------
Net Cash Provided By
Investing Activities 298,342 287,698
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in Distributions Payable 0 5,274
Distributions to Partners (134,471) (127,842)
----------- -----------
Net Cash Used For
Financing Activities (134,471) (122,568)
----------- -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS 367,809 376,505
CASH AND CASH EQUIVALENTS, beginning of period 884,120 609,623
----------- -----------
CASH AND CASH EQUIVALENTS, end of period $ 1,251,929 $ 986,128
=========== ===========
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Note Receivable Acquired in Sale of Property $ 1,003,000 $ 0
=========== ===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE PERIODS ENDED MARCH 31
(Unaudited)
Limited
Partnership
General Limited Units
Partners Partners Total Outstanding
BALANCE, December 31, 1995 $ (12,182) $ 5,140,104 $ 5,127,922 7,363.55
Distributions (1,279) (126,563) (127,842)
Net Income 3,137 310,525 313,662
---------- ----------- ----------- -----------
BALANCE, March 31, 1996 $ (10,324) $ 5,324,066 $ 5,313,742 7,363.55
========== =========== =========== ===========
BALANCE, December 31, 1996 $ (12,195) $ 5,138,732 $ 5,126,537 7,353.55
Distributions (1,345) (133,126) (134,471)
Net Income 7,553 747,809 755,362
---------- ----------- ----------- -----------
BALANCE, March 31, 1997 $ (5,987) $ 5,753,415 $ 5,747,428 7,353.55
========== =========== =========== ===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1997
(Unaudited)
(1) The condensed statements included herein have been prepared
by the Partnership, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission, and
reflect all adjustments which are, in the opinion of
management, necessary to a fair statement of the results of
operations for the interim period, on a basis consistent with
the annual audited statements. The adjustments made to these
condensed statements consist only of normal recurring
adjustments. Certain information, accounting policies, and
footnote disclosures normally included in financial
statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant
to such rules and regulations, although the Partnership
believes that the disclosures are adequate to make the
information presented not misleading. It is suggested that
these condensed financial statements be read in conjunction
with the financial statements and the summary of significant
accounting policies and notes thereto included in the
Partnership's latest annual report on Form 10-KSB.
(2) Organization -
AEI Real Estate Fund XV Limited Partnership (Partnership)
was formed to acquire and lease commercial properties to
operating tenants. The Partnership's operations are managed
by AEI Fund Management 86-A, Inc. (AFM), the Managing
General Partner of the Partnership. Robert P. Johnson, the
President and sole shareholder of AFM, serves as the
Individual General Partner of the Partnership. An affiliate
of AFM, AEI Fund Management, Inc. (AEI), performs the
administrative and operating functions for the Partnership.
The terms of the Partnership offering call for a
subscription price of $1,000 per Limited Partnership Unit,
payable on acceptance of the offer. The Partnership
commenced operations on October 3, 1986 when minimum
subscriptions of 1,300 Limited Partnership Units
($1,300,000) were accepted. The Partnership offering
terminated on December 30, 1986 when the maximum
subscription limit of 7,500 Limited Partnership Units
($7,500,000) was reached.
Under the terms of the Limited Partnership Agreement, the
Limited Partners and General Partners contributed funds of
$7,500,000 and $1,000, respectively. During the operation
of the Partnership, any Net Cash Flow, as defined, which the
General Partners determine to distribute will be distributed
90% to the Limited Partners and 10% to the General Partners;
provided, however, that such distributions to the General
Partners will be subordinated to the Limited Partners first
receiving an annual, noncumulative distribution of Net Cash
Flow equal to 10% of their Adjusted Capital Contribution, as
defined, and, provided further, that in no event will the
General Partners receive less than 1% of such Net Cash Flow
per annum. Distributions to Limited Partners will be made
pro rata by Units.
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) Organization - (Continued)
Any Net Proceeds of Sale, as defined, from the sale or
financing of the Partnership's properties which the General
Partners determine to distribute will, after provisions for
debts and reserves, be paid in the following manner: (i)
first, 99% to the Limited Partners and 1% to the General
Partners until the Limited Partners receive an amount equal
to: (a) their Adjusted Capital Contribution plus (b) an
amount equal to 6% of their Adjusted Capital Contribution
per annum, cumulative but not compounded, to the extent not
previously distributed from Net Cash Flow; (ii) next, 99% to
the Limited Partners and 1% to the General Partners until
the Limited Partners receive an amount equal to 14% of their
Adjusted Capital Contribution per annum, cumulative but not
compounded, to the extent not previously distributed; (iii)
next, to the General Partners until cumulative distributions
to the General Partners under Items (ii) and (iii) equal 15%
of cumulative distributions to all Partners under Items (ii)
and (iii). Any remaining balance will be distributed 85% to
the Limited Partners and 15% to the General Partners.
Distributions to the Limited Partners will be made pro rata
by Units.
For tax purposes, profits from operations, other than
profits attributable to the sale, exchange, financing,
refinancing or other disposition of the Partnership's
property, will be allocated first in the same ratio in
which, and to the extent, Net Cash Flow is distributed to
the Partners for such year. Any additional profits will be
allocated 90% to the Limited Partners and 10% to the General
Partners. In the event no Net Cash Flow is distributed to
the Limited Partners, 90% of each item of Partnership
income, gain or credit for each respective year shall be
allocated to the Limited Partners, and 10% of each such item
shall be allocated to the General Partners. Net losses from
operations will be allocated 98% to the Limited Partners and
2% to the General Partners.
For tax purposes, profits arising from the sale, financing,
or other disposition of the Partnership's property will be
allocated in accordance with the Partnership Agreement as
follows: (i) first, to those Partners with deficit balances
in their capital accounts in an amount equal to the sum of
such deficit balances; (ii) second, 99% to the Limited
Partners and 1% to the General Partners until the aggregate
balance in the Limited Partners' capital accounts equals the
sum of the Limited Partners' Adjusted Capital Contributions
plus an amount equal to 14% of their Adjusted Capital
Contributions per annum, cumulative but not compounded, to
the extent not previously allocated; (iii) third, to the
General Partners until cumulative allocations to the General
Partners equal 15% of cumulative allocations. Any remaining
balance will be allocated 85% to the Limited Partners and
15% to the General Partners. Losses will be allocated 98%
to the Limited Partners and 2% to the General Partners.
The General Partners are not required to currently fund a
deficit capital balance. Upon liquidation of the Partnership
or withdrawal by a General Partner, the General Partners
will contribute to the Partnership an amount equal to the
lesser of the deficit balances in their capital accounts or
1% of total Limited Partners' and General Partners' capital
contributions.
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Continued)
(3) Investments in Real Estate -
On January 10, 1996, the Partnership purchased a Denny's
restaurant in Greenville, Texas for $1,028,432. The
property is leased to Huntington Restaurants Group, Inc.
under a Lease Agreement with a primary term of 20 years and
annual rental payments of $113,625.
On February 14, 1996, the Partnership purchased a 20%
interest in a Tractor Supply Company in Maryville, Tennessee
for $219,405. The property is leased to Tractor Supply
Company under a Lease Agreement with a primary term of 14
years and annual rental payments of $22,575. The remaining
interest in the property was purchased by AEI Real Estate
Fund 85-A Limited Partnership, an affiliate of the
Partnership.
In July 1995, the lessee of the Super 8 motel in Hot
Springs, Arkansas, exercised an option in the Lease
Agreement to purchase the property. On March 29, 1996, the
sale closed with the Partnership receiving net sale proceeds
of $665,691 which resulted in a net gain of $218,950. In
the second quarter of 1996, $2,305 of additional sale
expenses were recognized which resulted in a total gain of
$216,645. The Partnership recognized $18,534 of this gain
in 1995 due to nonrefundable deposits received from the
purchaser. At the time of sale, the cost and related
accumulated depreciation of the property was $581,541 and
$134,800, respectively.
In September, 1996, the Partnership distributed $127,273 of
the net proceeds as an additional distribution to the
Limited and General Partners, which represented a return of
capital of $17.11 per Limited Partnership Unit,
respectively. The majority of the remaining proceeds will
be reinvested in an additional property.
On January 24, 1997, the Partnership sold the Children's
World daycare center in Moreno Valley, California, to an
unrelated third party. The Partnership recognized net sale
proceeds of $1,301,342, which resulted in a net gain of
$655,641. At the time of sale, the cost and related
accumulated depreciation of the property was $963,717 and
$318,016, respectively. As part of the sale proceeds, the
Partnership received a Promissory Note for $1,003,000. The
Note bears interest at a 10% rate. On April 23, 1997, the
Partnership received the principal balance and outstanding
accrued interest on the Note. Investment income earned on
the Note through March 31, 1997 was $18,411.
(4) Payable to AEI Fund Management -
AEI Fund Management, Inc. performs the administrative and
operating functions for the Partnership. The payable to AEI
Fund Management represents the balance due for those
services. This balance is non-interest bearing and
unsecured and is to be paid in the normal course of
business.
AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Continued)
(5) Deferred Income -
In June, 1994, Fuddruckers, Inc., the restaurant concept's
franchisor, acquired the operations of the Fuddruckers
restaurant in St. Louis, Missouri, and assumed the lease
obligations from the original lessee. As part of the
agreement, the Partnership amended the Lease to reduce the
base rent from the current annual rent of $163,550 to
$138,246. The Partnership could receive additional rent in
the future if 10% of gross receipts from the property exceed
the base rent. In consideration for the lease assumption
and amendment, the Partnership received a lump sum payment
from the original lessee of $210,277. The lump sum payment
will be recognized as income over the remainder of the Lease
term, which expires January 31, 2008, using the straight
line method. As of March 31, 1997 and December 31, 1996,
the Partnership has recognized $42,570 and $38,700,
respectively, of this payment as income. At March 31, 1997,
the remaining deferred income of $11,904 was prepaid rent
related to certain other Partnership properties.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
Results of Operations
For the three months ended March 31, 1997 and 1996, the
Partnership recognized rental income of $135,621 and $185,574,
respectively. During the same periods, the Partnership earned
investment income of $32,808 and $6,761, respectively. In 1997,
rental income decreased as a result of the sale of the Super 8
motel and the Children's World daycare center properties
discussed below. The decrease in rental income was partially
offset by additional investment income earned on the net proceeds
from the property sales.
During the first three months of 1997 and 1996, the
Partnership paid Partnership administration expenses to
affiliated parties of $24,538 and $29,498, respectively. These
administration expenses include costs associated with the
management of the properties, processing distributions, reporting
requirements and correspondence to the Limited Partners. During
the same periods, the Partnership incurred Partnership
administration and property management expenses from unrelated
parties of $8,501 and $5,496, respectively. These expenses
represent direct payments to third parties for legal and filing
fees, direct administrative costs, outside audit and accounting
costs, taxes, insurance and other property costs.
As of March 31, 1997, the Partnership's annualized cash
distribution rate was 7.5%, based on the Adjusted Capital
Contribution. Distributions of Net Cash Flow to the General
Partners were subordinated to the Limited Partners as required in
the Partnership Agreement. As a result, 99% of distributions and
income were allocated to Limited Partners and 1% to the General
Partners.
Inflation has had a minimal effect on income from
operations. It is expected that increases in sales volumes of
the tenants, due to inflation and real sales growth, will result
in an increase in rental income over the terms of the leases.
Inflation also may cause the Partnership's real estate to
appreciate in value. However, inflation and changing prices may
also have an adverse impact on the operating margins of the
properties' tenants which could impair their ability to pay rent
and subsequently reduce the Partnership's Net Cash Flow available
for distributions.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Liquidity and Capital Resources
During the three months ended March 31, 1997, the
Partnership's cash balances increased $367,809 mainly as a result
of the sale of the Children's World property discussed below.
Net cash provided by operating activities decreased from $211,375
in 1996 to $203,938 in 1997.
The major components of the Partnership's cash flow from
investing activities are investments in real estate and proceeds
from the sale of real estate. In the three months ended March
31, 1997 and 1996, the Partnership generated cash flow from the
sale of real estate, as discussed below, of $298,342 and
$647,157, respectively. During the same periods, the Partnership
expended $0 and $359,459, respectively, to invest in real
properties (inclusive of acquisition expenses) as the Partnership
reinvested the cash generated from the property sales.
On January 10, 1996, the Partnership purchased a Denny's
restaurant in Greenville, Texas for $1,028,432. The property is
leased to Huntington Restaurants Group, Inc. under a Lease
Agreement with a primary term of 20 years and annual rental
payments of $113,625.
On February 14, 1996, the Partnership purchased a 20%
interest in a Tractor Supply Company in Maryville, Tennessee for
$219,405. The property is leased to Tractor Supply Company under
a Lease Agreement with a primary term of 14 years and annual
rental payments of $22,575. The remaining interest in the
property was purchased by AEI Real Estate Fund 85-A Limited
Partnership, an affiliate of the Partnership.
In July 1995, the lessee of the Super 8 motel in Hot
Springs, Arkansas, exercised an option in the Lease Agreement to
purchase the property. On March 29, 1996, the sale closed with
the Partnership receiving net sale proceeds of $665,691 which
resulted in a net gain of $218,950. In the second quarter of
1996, $2,305 of additional sale expenses were recognized which
resulted in a total gain of $216,645. The Partnership recognized
$18,534 of this gain in 1995 due to nonrefundable deposits
received from the purchaser. At the time of sale, the cost and
related accumulated depreciation of the property was $581,541 and
$134,800, respectively.
In September, 1996, the Partnership distributed $127,273
of the net proceeds as an additional distribution to the Limited
and General Partners, which represented a return of capital of
$17.11 per Limited Partnership Unit, respectively. The majority
of the remaining proceeds will be reinvested in an additional
property.
On January 24, 1997, the Partnership sold the Children's
World daycare center in Moreno Valley, California, to an
unrelated third party. The Partnership recognized net sale
proceeds of $1,301,342, which resulted in a net gain of $655,641.
At the time of sale, the cost and related accumulated
depreciation of the property was $963,717 and $318,016,
respectively. As part of the sale proceeds, the Partnership
received a Promissory Note for $1,003,000. The Note bears
interest at a 10% rate. On April 23, 1997, the Partnership
received the principal balance and outstanding accrued interest
on the Note. Investment income earned on the Note through March
31, 1997 was $18,411.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
The Partnership's primary use of cash flow is distribution
and redemption payments to Partners. The Partnership declares
its regular quarterly distributions before the end of each
quarter and pays the distribution in the first week after the end
of each quarter. The Partnership attempts to maintain a stable
distribution rate from quarter to quarter. Redemption payments
are paid to redeeming Partners in the fourth quarter of each
year. Effective October 1, 1996, the Partnership's distribution
rate was increased from 7.0% to 7.5%. As a result, distributions
paid during the first three months of 1997 were higher when
compared to the same period in 1996.
The Partnership may acquire Units from Limited Partners
who have tendered their Units to the Partnership. Such Units may
be acquired at a discount. The Partnership is not obligated to
purchase in any year more than 5% of the total number of Units
outstanding at the beginning of the year. In no event shall the
Partnership be obligated to purchase Units if, in the sole
discretion of the Managing General Partner, such purchase would
impair the capital or operation of the Partnership.
During 1996, one Limited Partner redeemed a total of 10
Partnership Units for $5,703 in accordance with the Partnership
Agreement. The Partnership acquired these Units using Net Cash
Flow from operations. In prior years, a total of eighteen
Limited partners redeemed 136.5 Partnership Units for $101,139.
The redemptions increase the remaining Limited Partners'
ownership in the Partnership.
The continuing rent payments from the properties, together
with cash generated from the property sales, should be adequate
to fund continuing distributions and meet other Partnership
obligations on both a short-term and long-term basis.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are no material pending legal proceedings to which
the Partnership is a party or of which the Partnership's
property is subject.
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.
PART II - OTHER INFORMATION
(Continued)
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits -
Description
27 Financial Data Schedule for period
ended March 31, 1997.
b. Reports filed on Form 8-K -
During the quarter ended March 31,
1997, the Partnership filed an 8-K,
dated February 3, 1997, reporting
the disposition of the Children's
World daycare center in Moreno
Valley, California.
SIGNATURES
In accordance with the requirements of the Exchange Act, the
Registrant has caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
Dated: May 9, 1997 AEI Real Estate Fund XV
Limited Partnership
By: AEI Fund Management 86-A, Inc.
Its: Managing General Partner
By: /s/ Robert P Johnson
Robert P. Johnson
President
(Principal Executive Officer)
By: /s/ Mark E Larson
Mark E. Larson
Chief Financial Officer
(Principal Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000793631
<NAME> AEI REAL ESTATE FUND XV LTD PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 1,251,929
<SECURITIES> 0
<RECEIVABLES> 1,004,924
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,256,853
<PP&E> 4,899,851
<DEPRECIATION> (1,030,143)
<TOTAL-ASSETS> 6,126,561
<CURRENT-LIABILITIES> 226,907
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 5,747,428
<TOTAL-LIABILITY-AND-EQUITY> 6,126,561
<SALES> 0
<TOTAL-REVENUES> 168,429
<CGS> 0
<TOTAL-COSTS> 68,708
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 755,362
<INCOME-TAX> 0
<INCOME-CONTINUING> 755,362
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 755,362
<EPS-PRIMARY> 101.69
<EPS-DILUTED> 101.69
</TABLE>
