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 March 31, 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 0-17557
Brauvin High Yield Fund L.P.
(Exact name of registrant as specified in its charter)
Delaware 36-3569428
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
150 South Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip Code)
(312) 443-0922
(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>
BRAUVIN HIGH YIELD FUND L.P.
(a Delaware limited partnership)
INDEX
Page
PART I Financial Information
Item 1.Financial Statements. . . . . . . . . . . . . . . . . . 3
Balance Sheets at March 31, 1995 and December 31, 1994 4
Statements of Operations for the periods
January 1, 1995 to March 31, 1995 and January 1, 1994
to March 31, 1994. . . . . . . . . . . . . . . . . . . 5
Statements of Partners' Capital for the period
January 1, 1992 to March 31, 1995. . . . . . . . . . . 6
Statements of Cash Flows for the period January 1, 1995
to March 31, 1995 and January 1, 1994 to March 31, 1994 7
Notes to Financial Statements. . . . . . . . . . . . . 8
Item 2.Management's Discussion and Analysis of Financial
Condition and Results of Operations. . . . . . . . . . 16
PART II Other Information
Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . . . 19
Item 2. Changes in Securities. . . . . . . . . . . . . . . . . 19
Item 3. Defaults Upon Senior Securities. . . . . . . . . . . . 19
Item 4. Submissions of Matters to a Vote of Security Holders . 19
Item 5. Other Information. . . . . . . . . . . . . . . . . . . 19
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . 19
SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . . . 20
PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
Except for the December 31, 1994 Balance Sheet, the following Balance
Sheet as of March 31, 1995, Statements of Operations for the three
months ended March 31, 1995 and 1994, Statements of Partners' Capital
for the period January 1, 1992 to March 31, 1995 and Statements of Cash
Flows for the periods January 1, 1995 to March 31, 1995 and January 1,
1994 to March 31, 1994 for Brauvin High Yield Fund L.P. (the "Partnership")
are unaudited and have not been examined by independent public accountants
but reflect, in the opinion of the management, all adjustments necessary to
present fairly the information required. All such adjustments are of a
normal recurring nature.
These financial statements should be read in conjunction with the financial
statements and notes thereto included in the Partnership's 1994 Annual
Report on Form 10-K.
<PAGE>
BRAUVIN HIGH YIELD FUND L.P.
(a Delaware limited partnership)
BALANCE SHEETS
March 31 December 31,
1995 1994
ASSETS
Investment in real estate, at cost:
Land $ 5,768,768 $ 5,768,768
Buildings 13,554,207 13,554,207
19,322,975 19,322,975
Less: accumulated depreciation (2,562,145) (2,465,487)
Net investment in real estate 16,760,830 16,857,488
Investment in Joint Ventures (Note 5):
Brauvin High Yield Venture 34,443 34,179
Brauvin Funds Joint Venture 2,486,461 2,494,341
Brauvin Gwinnett County Venture 562,439 569,626
Cash and cash equivalents 971,194 1,016,066
Due from affiliates 1,192 12,151
Prepaid offering costs 19,862 20,873
Other assets 746 6,039
Total Assets $20,837,167 $21,010,763
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Accounts payable and accrued expenses $ 40,096 $ 14,652
Due to affiliates -- 2,859
Rent received in advance 40,652 232,379
Total Liabilities 80,748 249,890
PARTNERS' CAPITAL:
General Partners 127,896 129,815
Interest Holders 20,628,523 20,631,058
Total Partners' Capital 20,756,419 20,760,873
Total Liabilities and Partners' Capital $20,837,167 $21,010,763
See accompanying notes to financial statements.
<PAGE>
BRAUVIN HIGH YIELD FUND L.P.
(a Delaware limited partnership)
STATEMENTS OF OPERATIONS
For the three months ended March 31,
1995 1994
INCOME:
Rental $ 600,423 $ 605,839
Interest 8,666 3,861
Other 224 --
Total income 609,313 609,700
EXPENSES:
General and administrative 26,030 34,913
Management fees 6,028 5,965
Depreciation and amortization 96,658 96,659
Total expenses 128,716 137,537
Income before equity interest in joint ventures 480,597 472,163
Equity Interest in Joint Venture's Net Income:
Brauvin High Yield Venture 1,414 1,413
Brauvin Funds Joint Venture 72,970 71,124
Brauvin Gwinnett County Venture 11,533 9,274
Net income $ 566,514 $ 553,974
Net income allocated to the General Partners $ 11,330 $ 11,079
Net income allocated to the Interest Holders $ 555,184 $ 542,895
Net income per Unit outstanding (a) $ 0.21 $ 0.21
(a) Net income per Unit was based on the average Units outstanding during
the period since they were of varying dollar amounts and percentages
based upon the dates Interest Holders were admitted to the Partnership
and additional Units were purchased through the Plan.
See accompanying notes to financial statements.
<PAGE>
BRAUVIN HIGH YIELD FUND L.P.
(a Delaware limited partnership)
STATEMENTS OF PARTNERS' CAPITAL
For the Period January 1, 1992 to March 31, 1995
General Interest
Partners Holders* Total
Balance, January 1, 1992 $143,107 $21,499,300 $21,642,407
Contributions, net -- 193,848 193,848
Selling commissions and
other offering costs (Note 1) -- (35,891) (35,891)
Net income 42,348 2,075,069 2,117,417
Cash distributions (39,264) (2,560,503) (2,599,767)
Balance, December 31, 1992 146,191 21,171,823 21,318,014
Contributions, net -- 281,434 281,434
Selling commissions and
other offering costs (Note 1) -- (36,324) (36,324)
Net income 43,788 2,145,606 2,189,394
Cash distributions (52,853) (2,590,902) (2,643,755)
Balance, December 31, 1993 137,126 20,971,637 21,108,763
Contributions, net -- 63,295 63,295
Selling commissions and
other offering costs (Note 1) -- (37,316) (37,316)
Net income 45,922 2,250,200 2,296,122
Cash distributions (53,233) (2,616,758) (2,669,991)
Balance, December 31, 1994 129,815 20,631,058 20,760,873
Contributions, net -- 101,108 101,108
Selling commissions and
other offering costs (Note 1) -- (9,605) (9,605)
Net income 11,330 555,184 566,514
Cash distributions (13,249) (649,222) (662,471)
Balance, March 31, 1995 $ 127,896 $20,628,523 $20,756,419
* Total Units sold at March 31, 1995, December 31, 1994, 1993 and 1992
were 2,591,114, 2,581,003, 2,574,675 and 2,546,530 respectively. Cash
distributions to Interest Holders per Unit were $0.25, $1.01, $1.01
and $1.01 for the three months ended March 31, 1995 and the years
ended December 31, 1994, 1993 and 1992, respectively. Cash
distributions to Interest Holders per Unit are based on the average
Units outstanding during the period since they were of varying dollar
amounts and percentages based upon the dates Interest Holders were
admitted to the Partnership and additional Units were purchased
through the distribution reinvestment plan.
See accompanying notes to financial statements.
<PAGE>
BRAUVIN HIGH YIELD FUND L.P.
(a Delaware limited partnership)
STATEMENTS OF CASH FLOWS
For the three Months Ended March 31,
1995 1994
Cash flows from operating activities:
Net income $566,514 $553,974
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 96,658 96,659
Equity interest in Brauvin High Yield
Venture's net income (1,414) (1,413)
Equity interest in Brauvin Funds Joint
Venture's net income (72,970) (71,124)
Equity interest in Brauvin Gwinnett County
Venture's net income (11,533) (9,274)
Decrease in other assets 5,293 6,615
Decrease (increase) in due from affiliates 10,959 (673)
Increase (decrease) in accounts payable
and accrued expenses 25,444 (48,643)
Decrease in rent received in advance (191,727) (97,255)
Decrease in due to affiliates (2,859) --
Total adjustments (142,149) (125,108)
Net cash provided by operating activities 424,365 428,866
Cash flows from investing activities:
Distributions from Brauvin High Yield Venture 1,150 1,000
Distributions from Brauvin Funds Joint Venture 80,850 49,000
Distributions from Brauvin Gwinnett
County Venture 18,720 8,190
Net cash provided by investing activities 100,720 58,190
Cash flows from financing activities:
Sale of Units, net of liquidations, selling
commissions and other offering costs 92,514 50,517
Cash distributions to Interest Holders (649,222) (672,724)
Cash distributions to General Partners (13,249) (13,219)
Net cash used in financing activities (569,957) (635,426)
Net decrease in cash and cash
equivalents (44,872) (148,370)
Cash and cash equivalents at beginning
of period 1,016,066 857,383
Cash and cash equivalents at end of period $ 971,194 $ 709,013
See accompanying notes to financial statements.
<PAGE>
BRAUVIN HIGH YIELD FUND L.P.
(a Delaware limited partnership)
NOTES TO FINANCIAL STATEMENTS
(1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
BRAUVIN HIGH YIELD FUND L.P. (the "Partnership") is a Delaware limited
partnership organized for the purpose of acquiring debt-free ownership of
existing, free-standing, income-producing retail, office and industrial real
estate properties predominantly subject to "triple-net" leases. The General
Partners of the Partnership are Brauvin Realty Advisors, Inc., Jerome J.
Brault, Cezar M. Froelich and David M. Strosberg. Brauvin Realty Advisors,
Inc. is owned primarily by Messrs. Brault (44%) and Froelich (44%). Brauvin
Securities, Inc., an affiliate of the General Partners, was the selling agent
of the Partnership. The Partnership is managed by an affiliate of the
General Partners.
The Partnership was formed on January 6, 1987 and filed a Registration
Statement on Form S-11 with the Securities and Exchange Commission which
became effective on September 4, 1987. The sale of the minimum of $1,200,000
of depositary units representing beneficial assignments of limited partnership
interests of the Partnership (the "Units") necessary for the Partnership to
commence operations was achieved on November 18, 1987. The Partnership's
offering closed on May 19, 1988. Through March 31, 1995 and December 31, 1994,
the Partnership had sold $25,911,140 and $25,810,033, of Units, respectively.
The March 31, 1995 total includes $2,396,711 of Units purchased by Interest
Holders who utilized their distributions of Operating Cash Flow to purchase
additional Units through the distribution reinvestment plan (the "Plan") and
is net of Units purchased by the Partnership from Interest Holders liquidating
their investments in the Partnership, which Units were retired. As of
March 31, 1995, the Participants have acquired Units under the Plan which
approximate 9% of total Units outstanding.
The Partnership has acquired the land and buildings underlying 20 Taco Bell
restaurants, 11 Ponderosa restaurants and two Children's World Learning
Centers. The Partnership also acquired 1%, 49% and 23.4% equity interests
in three joint ventures with three entities affiliated with the Partnership.
These ventures own the land and buildings underlying six Ponderosa restaurants,
a Scandinavian Health Spa and a CompUSA store, respectively.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Method
The accompanying financial statements have been prepared using the
accrual method of accounting.
Federal Income Taxes
Under the provisions of the Internal Revenue Code, the Partnership's
income and losses are reportable by the partners on their respective income
tax returns. Accordingly, no provision is made for Federal income taxes in
the Financial Statements. However, in certain instances, the Partnership has
been required under applicable state law to remit directly to the tax
authorities amounts representing withholding from distributions paid to
partners.
Investment in Real Estate
The operating properties acquired by the Partnership are stated at
cost including acquisition costs, net of accumulated depreciation.
Depreciation expense is computed on a straight-line basis over
approximately 35 years.
Investment in Joint Ventures
The Partnership owns a 1% equity interest in Brauvin High Yield
Venture, which owns the land and building underlying six Ponderosa
restaurants; a 49% equity interest in Brauvin Funds Joint Venture,
which owns the land and building underlying a Scandinavian Health Spa;
and a 23.4% equity interest in Brauvin Gwinnett County Venture, which
owns the land and building underlying a CompUSA store. The accompanying
financial statements include the investments in Brauvin High Yield Venture,
Brauvin Funds Joint Venture and Brauvin Gwinnett County Venture using the
equity method of accounting.
Organization Costs and Prepaid Offering Costs
Organization costs represent costs incurred in connection with the
organization and formation of the Partnership. Organization costs were
amortized over a period of five years using the straight-line method.
The General Partners have guaranteed payment of any organization
and offering costs that exceed defined percentages of the gross proceeds of
the offering. Prepaid offering costs represent amounts in excess of the
defined percentages of the gross proceeds. Subsequently, gross proceeds of
the offering are expected to increase due to the purchase of additional
Units through the distribution reinvestment plan (the "Plan") and the
prepaid offering costs will be transferred to offering costs and treated
as a reduction in Partners' Capital.
Cash and Cash Equivalents
Cash and cash equivalents include all highly liquid debt instruments
with an original maturity within three months of purchase.
(2) PARTNERSHIP AGREEMENT
Distributions
All Operating Cash Flow, as defined in the Partnership Agreement
(the "Agreement"), shall be distributed: (a) first, to the Interest Holders
until the Interest Holders receive an amount equal to their 10% Current
Preferred Return, as such term is defined in the Agreement; and (b) thereafter,
any remaining amounts will be distributed 98% to the Interest Holders and 2%
to the General Partners.
The net proceeds of a sale or refinancing of a Partnership property
shall be distributed as follows:
first, to the Interest Holders until each Interest Holder has
been paid an amount equal to the 10% Cumulative Preferred Return,
as defined in the Agreement;
second, to the Interest Holders until each Interest Holder has
been paid an amount equal to his Adjusted Investment, as defined
in the Agreement;
third, to the General Partners until they have been paid an
amount equal to a 2% preferred return;
fourth, 95% of any remaining Net Sale or Refinancing Proceeds,
as such term is defined in the Agreement, to the Interest Holders
and the remaining 5% to the General Partners.
Distributions to Interest Holders and the General Partners for the
first quarter of 1995 will be made on May 15, 1995 in the amounts of
$637,670 and $13,014, respectively.
Profits and Losses
Net profits and losses from operations of the Partnership [computed
without regard to any allowance for depreciation or cost recovery deductions
under the Internal Revenue Code of 1986, as amended (the "Code")] for each
taxable year of the Partnership shall be allocated 98% to the Interest Holders
and 2% to the General Partners. Notwithstanding the foregoing, all
depreciation and cost recovery deductions allowed under the Code shall be
allocated 2% to the General Partners and 98% to the Taxable Interest Holders,
as defined in the Agreement.
The net profit of the Partnership from any sale or other disposition of
a Partnership property shall be allocated (with ordinary income being allocated
first) as follows: (a) first, an amount equal to the aggregate deficit
balances of the Partners' Capital Accounts, as such term is defined in the
Agreement, shall be allocated to each Partner who or which has a deficit
Capital Account balance in the same ratio as the deficit balance of such
Partner's Capital Account bears to the aggregate of the deficit balances of
all Partners' Capital Accounts; (b) second, to the Interest Holders until
the Interest Holders have been allocated profits equal to their 10% Cumulative
Preferred Return; (c) third, to the Interest Holders until the Interest Holders
have been allocated an amount of profit equal to the amount of their Adjusted
Investment; (d) fourth, to the General Partners until such time as they have
been allocated profits equal to a 2% preferred return; and (e) thereafter,
95% to the Interest Holders and 5% to the General Partners. The net loss of
the Partnership from any sale or other disposition of a Partnership property
shall be allocated as follows: (a) first, an amount equal to the aggregate
positive balances in the Partners' Capital Accounts, to each Partner in the
same ratio as the positive balance in such Partner's Capital Account bears
to the aggregate of all Partners' positive Capital Accounts balances; and
(b) thereafter, 98% to the Interest Holders and 2% to the General Partners.
(3) TRANSACTIONS WITH RELATED PARTIES
An affiliate of the General Partners manages the Partnership's real
estate properties for an annual management fee equal to up to 1% of gross
revenues derived from the properties. The property management fee is
subordinated, annually, to receipt by the Interest Holders of an annual 10%
non-cumulative, non-compounded return on Adjusted Investment (as defined).
The Partnership pays affiliates of the General Partners selling
commissions of 8-1/2% of the capital contributions received for Units sold
by the affiliates.
An affiliate of one of the General Partners provides securities and
real estate counsel to the Partnership.
Fees, commissions and other expenses paid or payable to the General
Partners or its affiliates for the three months ended March 31, 1995 and 1994
were as follows:
1995 1994
Selling commissions $8,594 $ 8,281
Management fees 6,028 5,965
Reimbursable operating
expenses 18,000 18,900
Legal fees -- 1,032
(4) WORKING CAPITAL RESERVES
The Partnership set aside 1% of the gross proceeds of its Offering
as a working capital reserve. At any time two years subsequent to the
termination of the Partnership's offering (May 19, 1990), it became
permissible to reduce the working capital reserve to an amount equal to not
less than 1/2% of the proceeds of the Offering ($125,000) if the General
Partners believed such reduction to be in the best interests of the
Partnership and the Interest Holders. As a result thereof, $125,000 was
paid to an affiliate of the General Partners in the fourth quarter of 1990
as an additional Acquisition Fee and $125,000 remains in reserve.
(5) EQUITY INVESTMENT
The Partnership owns equity interests in the Brauvin High Yield
Venture, Brauvin Funds Joint Venture and Brauvin Gwinnett County Venture and
reports its investments on the equity method. The following are condensed
financial statements for the Brauvin High Yield Venture, Brauvin Funds Joint
Venture and Brauvin Gwinnett County Venture:
BRAUVIN HIGH YIELD VENTURE
March 31, December 31,
1995 1994
Land and buildings,
net $5,253,271 $5,283,334
Other assets 8,623 9,096
$5,261,894 $5,292,430
Liabilities $ 12,406 $ 69,363
Partners'
capital 5,249,488 5,223,067
$5,261,894 $5,292,430
For the three months ended March 31,
1995 1994
Rental income $174,607 $173,855
Expenses:
Depreciation 30,063 30,063
Management fees 1,723 1,628
Operating and
administrative 1,400 864
33,186 32,555
Net income $141,421 $141,300
BRAUVIN FUNDS JOINT VENTURE
March 31, December 31,
1995 1994
Land and buildings, net $4,899,072 $4,926,596
Other assets 229,575 217,144
$5,128,647 $5,143,740
Liabilities $ 989 $ 0
Partners' capital 5,127,658 5,143,740
$5,128,647 $5,143,740
For the three months ended March 31,
1995 1994
Rental income $179,019 $174,475
Expenses:
Depreciation 27,524 27,524
Management fees 1,704 1,081
Operating and
administrative 873 718
30,101 29,323
Net income $148,918 $145,152
<PAGE>
BRAUVIN GWINNETT COUNTY VENTURE
March 31, December 31,
1995 1994
Land and buildings, net $2,410,824 $2,422,262
Other assets 9,640 45,198
$2,420,464 $2,467,460
Liabilities $ -- $ 19,792
Partners' capital 2,420,464 2,447,668
$2,420,464 $2,467,460
For the three months ended March 31,
1995 1994
Rental income $ 61,327 $58,465
Expenses:
Depreciation 11,438 11,438
Management fees 602 594
Operating and
administrative -- 6,799
12,040 18,831
Net income $ 49,287 $39,634
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.
Liquidity and Capital Resources
The Partnership commenced an offering to the public on September 4,
1987 of 1,500,000 Units which was subsequently increased to 2,500,000 Units.
The offering closed on May 19, 1988 after 2,500,000 Units were sold. The
Partnership purchased the land and buildings underlying seven Taco Bell
restaurants in 1987. In 1988, the Partnership purchased 13 Taco Bell
restaurants, nine Ponderosa restaurants and an interest in a joint venture
which purchased six Ponderosa restaurants. In 1989, the Partnership purchased
the land and building underlying a Ponderosa restaurant, an interest in a
joint venture which purchased a Scandinavian Health Spa, the land and buildings
underlying two Children's World Learning Centers and the land and building
underlying an additional Ponderosa restaurant. In 1993, the Partnership
purchased a 23.4% interest in a joint venture which purchased a
CompUSA store.
The Partnership raised $25,000,000 through its initial offering and
an additional $2,396,711 as of March 31, 1995, through Units purchased by
certain Interest Holders investing their distributions of Operating Cash Flow
in additional Units through the distribution reinvestment plan (the "Plan").
As of March 31, 1995, Units valued at $1,579,450 have been purchased by the
Partnership from Interest Holders liquidating their original investment and
retired. The Partnership has no funds available to purchase additional
property, excluding those raised through the Plan.
The General Partners will be adopting an enhancement to the
Partnership's Distribution Reinvestment Plan effective August, 1995. This
enhancement will permit unit holders to reinvest at a unit price that will
be adjusted to reflect any return of investor capital generated through
property sales. In addition, any unit liquidations will also occur at the
adjusted unit price.
Below is a table summarizing the historical data for distribution rates per
annum:
Distribution
Date 1995 1994 1993 1992 1991 1990 1989
February 15 10.00% 10.00% 10.00% 10.00% 9.50% 9.25% 9.00%
May 15 10.00 10.00 10.00 10.00 9.625 9.50 9.25
August 15 10.00 10.00 10.25 9.75 9.50 9.25
November 15(a) 10.50 10.50 10.25 9.75 9.50 9.25
(a) The November 15, 1992, 1993 and 1994 quarterly distributions
were made at a rate of 10% per annum and a second bonus
distribution was made at a rate of 0.25%, 0.50% and 0.50%,
respectively, per annum.
Future increases in the Partnership's distributions will largely
depend on increased sales at the Partnership's properties resulting in
additional percentage rent and, to a lesser extent on rental increases,
which will occur due to increases in receipts from certain leases based upon
increases in the Consumer Price Index or scheduled increases of base rent.
Since the distribution to Limited Partners had been at least 10%
per annum during the three months ended March 31, 1995 and the years ended
December 31, 1994 and 1993, the General Partners and its affiliates collected
a management fee of $6,028, $25,596 and $24,969, respectively and received
$13,249, $53,233 and $52,853, in Operating Cash Flow distributions for the
three months ended March 31, 1995 and the years ended December 31, 1994 and
1993, respectively. This is anticipated to continue throughout 1995.
Results of Operations - Three months ended March 31, 1995 and 1994.
Results of operations for the Partnership for the three months ended
March 31, 1995 reflected net income of $566,514 as compared to $553,974 for
the three months ended March 31, 1994 an increase of approximately $12,500.
The increase in net income is a result of a decrease in expenses and an
increase in the Joint Venture's net income. Total income for the three
months ended March 31, 1995 was $609,313 as compared to $609,700 for the
three months ended March 31, 1994, a decrease of approximately $400. The
decrease in total income was due to a decrease in rental income as a result
of a decrease in percentage rent due to sixteen of the Taco Bell restaurants
paying percentage rent compared to seventeen for the same period in 1994.
The decrease in rental income was mostly offset by an increase in interest
income due to higher interest rates on funds invested. Total expenses for
the three months ended March 31, 1995 were $128,716 as compared to $137,537
for the three months ended March 31, 1995, a decrease of approximately $8,800.
The decrease in total expenses is due to a decrease in insurance expense as
a result of the full amortization of a lease insurance policy on the Taco
Bell rents.
<PAGE>
PART II - OTHER INFORMATION
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.
None.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of l934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BY: Brauvin Realty Advisors, Inc.
Corporate General Partner of
Brauvin High Yield Fund L.P.
BY: /S/ Jerome J. Brault
Jerome J. Brault
Chairman of the Board of Directors,
President and Chief Executive Officer
DATE: May 12, 1995
BY: /s/ Thomas J. Coorsh
Thomas J. Coorsh
Chief Financial Officer and Treasurer
DATE: MAY 12, 1995
