FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
X Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended September 30, 1995 or
Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to
Commission File Number: 0-17582
AMERICA FIRST PREP FUND 2 PENSION SERIES LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Delaware 47-0719051
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
Suite 400, 1004 Farnam Street, Omaha, Nebraska 68102
(Address of principal executive offices) (Zip Code)
(402) 444-1630
(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>
Part I. Financial Information
Item 1. Financial Statements
AMERICA FIRST PREP FUND 2 PENSION SERIES LIMITED PARTNERSHIP
BALANCE SHEETS
<TABLE>
<CAPTION>
Sept. 30, 1995
(Unaudited) Dec. 31, 1994
-------------- --------------
<S> <C> <C>
Assets
Cash and temporary cash investments, at cost which
approximates market value $ 1,680,675 $ 1,551,380
Investment in mortgage-backed securities (Note 5) 9,592,217 10,202,877
Investment in preferred real estate participations (PREPs),
net of valuation allowance (Note 6) - -
Interest receivable 65,487 67,888
Other assets 52,223 57,624
-------------- --------------
$ 11,390,602 $ 11,879,769
============== ==============
Liabilities and Partners' Capital
Liabilities
Accounts payable (Note 7) $ 50,581 $ 51,064
Distribution payable (Note 4) 215,616 223,083
-------------- --------------
266,197 274,147
-------------- --------------
Partners' Capital
General Partner 100 100
Beneficial Unit Certificate Holders
($12.28 per BUC in 1995 and $12.81 in 1994) 11,124,305 11,605,522
-------------- --------------
11,124,405 11,605,622
-------------- --------------
$ 11,390,602 $ 11,879,769
============== ==============
</TABLE>
AMERICA FIRST PREP FUND 2 PENSION SERIES LIMITED PARTNERSHIP
STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
For the For the For the Nine For the Nine
Quarter Ended Quarter Ended Months Ended Months Ended
Sept. 30, 1995 Sept. 30, 1994 Sept. 30, 1995 Sept. 30, 1994
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Income
Mortgage-backed securities income $ 178,784 $ 166,233 $ 547,381 $ 469,271
Equity in earnings of property partnerships 21,046 12,647 59,043 39,719
Interest income on temporary cash investments 21,784 13,803 62,601 61,340
-------------- -------------- -------------- --------------
221,614 192,683 669,025 570,330
Expenses
General and administrative expenses (Note 7) 41,644 39,058 130,728 120,368
-------------- -------------- -------------- --------------
Net income $ 179,970 $ 153,625 $ 538,297 $ 449,962
============== ============== ============== ==============
Net income allocated to:
General Partner $ 3,257 $ 3,406 $ 9,883 $ 10,264
BUC Holders 176,713 150,219 528,414 439,698
-------------- -------------- -------------- --------------
$ 179,970 $ 153,625 $ 538,297 $ 449,962
============== ============== ============== ==============
Net income per BUC $ .1951 $ .1658 $ .5833 $ .4853
============== ============== ============== ==============
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
AMERICA FIRST PREP FUND 2 PENSION SERIES LIMITED PARTNERSHIP
STATEMENT OF PARTNERS' CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
Beneficial Unit
General Certificate
Partner Holders Total
-------------- ---------------- ---------------
<S> <C> <C> <C>
Partners' Capital (excluding net unrealized holding losses)
Balance at December 31, 1994 $ 100 $ 11,605,522 $ 11,605,622
Net income 9,883 528,414 538,297
Cash distributions paid or accrued (Note 4) (9,883) (978,452) (988,335)
-------------- ---------------- ---------------
100 11,155,484 11,155,584
-------------- ---------------- ---------------
Net unrealized holding losses
Balance at December 31, 1994 - - -
Net change - (31,179) (31,179)
-------------- ---------------- ---------------
- (31,179) (31,179)
-------------- ---------------- ---------------
Balance at September 30, 1995 $ 100 $ 11,124,305 $ 11,124,405
============== ================ ===============
</TABLE>
AMERICA FIRST PREP FUND 2 PENSION SERIES LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
For the Nine For the Nine
Months Ended Months Ended
Sept. 30, 1995 Sept. 30, 1994
--------------- ---------------
<S> <C> <C>
Cash flows from operating activities
Net income $ 538,297 $ 449,962
Adjustments to reconcile net income to net cash
provided by operating activities
Equity in earnings of property partnerships (59,043) (39,719)
Amortization of discount on mortgage-backed securities (7,414) (16,821)
Decrease in interest receivable 2,401 10,232
Decrease in other assets 5,401 6,524
Decrease in accounts payable (483) (3,121)
--------------- ---------------
Net cash provided by operating activities 479,159 407,057
Cash flows from investing activities
Mortgage principal payments received 586,895 855,073
Distributions received from PREPs 59,043 95,533
Investment in PREPs - (11,019)
Acquisition of mortgage-backed securities - (1,046,205)
--------------- ---------------
Net cash provided by (used in) investing activities 645,938 (106,618)
Cash flow used in financing activity
Distributions paid (995,802) (1,027,595)
--------------- ---------------
Net increase (decrease) in cash and temporary cash investments 129,295 (727,156)
Cash and temporary cash investments at beginning of period 1,551,380 2,081,941
--------------- ---------------
Cash and temporary cash investments at end of period $ 1,680,675 $ 1,354,785
=============== ===============
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
AMERICA FIRST PREP FUND 2 PENSION SERIES LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
1. ORGANIZATION
America First PREP Fund 2 Pension Series Limited Partnership (the Partnership)
was formed on February 2, 1988, under the Delaware Revised Uniform Limited
Partnership Act for the purpose of acquiring a portfolio of federally-insured
multifamily mortgages and other investments including preferred real estate
participations (PREPs). PREPs consist of equity interests which are intended
to provide the Partnership with a participation in the net cash flow and net
sale or refinancing proceeds of the properties collateralizing the mortgage
loans. The Partnership began operations with the first escrow closing on May
25, 1988, and will continue in existence until December 31, 2017, unless
terminated earlier under the provisions of the Partnership Agreement. The
General Partner of the Partnership is America First Capital Associates Limited
Partnership Six (AFCA 6).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A)Financial Statement Presentation
The financial statements of the Partnership are prepared without audit on
the accrual basis of accounting in accordance with generally accepted
accounting principles. In the opinion of management, all normal and
recurring adjustments necessary to present fairly the financial position at
September 30, 1995, and results of operations for all periods presented have
been made.
B)Investment in Mortgage-Backed Securities
On January 1, 1994, the Partnership adopted Statement of Financial
Accounting Standard No. 115 "Accounting for Certain Investments in Debt and
Equity Securities" (FAS 115). FAS 115 requires that investment securities
be classified as held-to-maturity, available-for-sale, or trading. Under
FAS 115, investments classified as held-to-maturity are carried at
amortized cost. Investments classified as available-for-sale are reported
at fair value with any unrealized gains or losses excluded from earnings
and reflected as a separate component of partners' capital. Subsequent
increases and decreases in the net unrealized gain/loss on the
available-for-sale securities will be reflected as adjustments to the
carrying value of the portfolio and adjustments to the component of
partners' capital. The Partnership does not have investment securities
classified as trading. FAS 115 had no impact to partners' capital or
earnings prior to June 30, 1995, since all investments in mortgage-backed
securities were classified as held-to-maturity. As described in Note 5, on
June 30, 1995, the Partnership reclassified certain mortgage-backed
securities from the held-to-maturity category to the available-for-sale
category.
C)Investment in PREPs
The investment in PREPs consists of interests in limited partnerships
which own properties underlying the mortgage-backed securities and are
accounted for using the equity method. The investments have been reduced
to zero and earnings are recorded to the extent of distributions received.
D)Allowance for Losses on Investments in PREPs
The allowance for losses on investments in PREPs is a valuation reserve
which has been established at a level that management feels is adequate to
absorb potential losses on investments in PREPs. The allowance is based upon
management's estimates of discounted future cash flows; however, the
ultimate realized values may vary from current estimates. These estimates
are periodically reviewed and, as adjustments become necessary, they are
reported in the period in which they become known.
E)Income Taxes
No provision has been made for income taxes since Beneficial Unit
Certificate (BUC) Holders are required to report their share of the
Partnership's income for federal and state income tax purposes.
F)Temporary Cash Investments
Temporary cash investments are invested in short-term debt securities
purchased with an original maturity of three months or less.
<PAGE>
G)Net Income Per BUC
Net income per BUC has been calculated based on the number of BUCs
outstanding (905,974) for all periods presented.
3. PARTNERSHIP RESERVE ACCOUNT
The Partnership maintains a reserve account which consisted of the following
at September 30, 1995:
<TABLE>
<S> <C>
Cash and temporary cash investments $ 1,479,727
GNMA Certificates 1,780,781
FNMA Certificates 1,437,675
---------------
Balance at September 30, 1995 $ 4,698,183
===============
</TABLE>
The reserve account was established to maintain working capital for the
Partnership and is available for distribution to BUC Holders and for any
contingencies related to Permanent Investments and the operation of the
Partnership.
4. PARTNERSHIP INCOME, EXPENSES AND CASH DISTRIBUTIONS
The Partnership Agreement contains provisions for distributing the cash
available for distribution and for the allocation of income and expenses for
tax purposes among AFCA 6 and BUC Holders.
Cash distributions included in the financial statements represent the actual
cash distributions made during each period, and the cash distributions accrued
at the end of each period.
5. INVESTMENT IN MORTGAGE-BACKED SECURITIES
The mortgage-backed securities held by the Partnership represent Government
National Mortgage Association (GNMA) Certificates and Federal National
Mortgage Association (FNMA) Certificates. The GNMA Certificates are backed by
first mortgage loans on multifamily housing properties and pools of
single-family properties. The FNMA Certificates are backed by pools of
single-family properties. The GNMA Certificates are debt securities issued by
a private mortgage lender and are guaranteed by GNMA as to the full and timely
payment of principal and interest on the underlying loans. The FNMA
Certificates are debt securities issued by FNMA and are guaranteed as to the
full and timely payment of principal and interest on the underlying loans.
On June 30, 1995, the Partnership transferred all securities held in the
reserve account from the held-to-maturity classification to the
available-for-sale classification.
At September 30, 1995 the total amortized cost, gross unrealized holding
gains, gross unrealized holding losses, and aggregate fair value for
available-for-sale securities are $3,249,635, $27,851, $59,030 and $3,218,456,
respectively. The total amortized cost, gross unrealized holding gains, gross
unrealized holding losses, and aggregate fair value for held-to-maturity
securities are $6,373,761, $164,896, $291,750 and $6,246,907, respectively.
<PAGE>
Descriptions of the Partnership's mortgage-backed securities at September 30,
1995, are as follows:
<TABLE>
<CAPTION>
Number Interest Maturity Carrying
Type of Security and Name Location of Units Rate Date Amount
---------------------------------- -------------------- -------- -------- ------------- -----------------
<S> <C> <C> <C> <C> <C>
Held-to-Maturity
GNMA Certificates:
Ashwood Apartments Tulsa, OK 144 9.25% 07/15/23 $ 561,903
Broadmoor Court Colorado Springs, CO 46 9.25% 10/15/29 584,388
Owings Chase Apartments Pikesville, MD 234 6.75%(1) 12/15/23 3,241,667
Pools of single-family properties N/A 8.74%(2) 2016 to 2018 1,985,803
----------------
6,373,761
----------------
Available-for-Sale
GNMA Certificates:
Pools of single-family properties N/A 6.03%(2) 2008 904,044(3)
Pools of single-family properties N/A 7.58%(2) 2008 876,737(3)
FNMA Certificates:
Pools of single-family properties N/A 5.52%(2) 2000 1,437,675(3)
-----------------
3,218,456
-----------------
Balance at September 30, 1995 $ 9,592,217
=================
</TABLE>
(1) The Partnership restructured the security during the first quarter of
1994 which lowered the interest rate from 9.25%.
(2) Represents yield to the Partnership.
(3) Reserve account asset - see Note 3.
Reconciliation of the carrying amount of the mortgage-backed securities is as
follows:
<TABLE>
<S> <C>
Balance at December 31, 1994 $ 10,202,877
Addition
Amortization of discount on GNMAs 7,414
Deduction
Mortgage principal payments received (586,895)
Net unrealized holding losses on available-for-sale securities (31,179)
---------------
Balance at September 30, 1995 $ 9,592,217
===============
</TABLE>
6. INVESTMENT IN PREPs
The Partnership's PREPs consist of interests in limited partnerships which own
multifamily properties financed by the Partnership. The limited partnership
agreements originally provided for the payment of a base return on the equity
provided to the limited partnerships and for the payment of additional amounts
out of a portion of the net cash flow or net sale or refinancing proceeds of
the properties subject to various priority payments. Certain of the
agreements have been amended to defer payment of the base return.
<PAGE>
Descriptions of the PREPs at September 30, 1995, are as follows:
<TABLE>
<CAPTION>
Carrying
Name Location Partnership Name Amount
-------------------------- -------------------- ----------------------------- -----------------
<S> <C> <C> <C>
Broadmoor Court Colorado Springs, CO Stazier Associates Colorado Springs, Ltd. $ 53,547
Owings Chase Apartments Pikesville, MD Owings Chase Limited Partnership 150,000
Ashwood Apartments Tulsa, OK 129th Street Limited Partnership -
Laurel Park Apartments Riverdale, GA Gold Key Venture -
-----------------
$ 203,547
Less valuation allowance (203,547)
-----------------
Balance at September 30, 1995 $ -
=================
</TABLE>
Reconciliation of the carrying amount of the PREPs is as follows:
<TABLE>
<S> <C>
Balance at December 31, 1994 $ -
Addition
Equity in earnings of property partnerships 59,043
Deduction
Distributions received from PREPs (59,043)
-----------------
Balance at September 30, 1995 $ -
=================
</TABLE>
The following summarizes the activity in the valuation allowance:
<TABLE>
<S> <C>
Balance at December 31, 1994 $ 328,067
Write-off(1) (124,520)
-----------------
Balance at September 30, 1995 $ 203,547
=================
</TABLE>
(1) During the second quarter of 1995, the Partnership withdrew as a limited
partner of the operating partnership which owns the Villages at Moonraker.
Therefore, the valuation allowance which had previously been established for
the full amount of this equity investment was written off.
7. TRANSACTIONS WITH RELATED PARTIES
Substantially all the Partnership's general and administrative expenses are
paid by AFCA 6 or an affiliate and reimbursed by the Partnership. The amount
of such expenses reimbursed to AFCA 6 during 1995 was $103,204 ($24,141 for
the quarter ended September 30, 1995). The reimbursed expenses are presented
on a cash basis and do not reflect accruals made at quarter end.
AFCA 6 is entitled to an administrative fee of .35% per annum of the
outstanding principal amounts invested in mortgage-backed securities, PREPs,
and temporary cash investments to be paid by the Partnership to the extent
such amount is not paid by property owners. During 1995, AFCA 6 earned
administrative fees of $21,742 ($7,173 for the quarter ended September 30,
1995). Of this amount, $19,991 ($6,590 for the quarter ended September 30,
1995) was paid by the Partnership and the remainder was paid by property
owners.
The general partner of the partnership which owns Owings Chase Apartments is
principally owned by an affiliate of AFCA 6. Such employee has a nominal
interest in the affiliate. Affiliates of AFCA 6 also own small interests in
the general partner. The general partner has an interest in the property
partnership's profits and losses, and cash flow which is subordinate to the
limited partners.
<PAGE>
An affiliate of AFCA 6 has been retained to provide property management
services for Laurel Park Apartments and Owings Chase Apartments. The fees for
services provided represent the lower of (i) costs incurred in providing
management of the property, or (ii) customary fees for such services
determined on a competitive basis and amounted to $27,198 ($9,171 for the
quarter ended September 30, 1995).
Item 2.
AMERICA FIRST PREP FUND 2 PENSION SERIES LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Liquidity and Capital Resources
The Partnership originally acquired: (i) five mortgage-backed securities
guaranteed as to principal and interest by the Government National Mortgage
Association (GNMA) collateralized by first mortgage loans on multifamily
housing properties located in four states, GNMA Certificates backed by pools
of single-family mortgages (the GNMA Certificates); and (ii) limited
partnership interests (PREPs) in five limited partnerships which own the
multifamily housing properties financed by the GNMA Certificates. The
Partnership has been repaid by GNMA on the mortgage-backed securities
collateralized by the Villages at Moonraker and Laurel Park Apartments.
During the second quarter of 1995, the Partnership withdrew as a limited
partner of the operating partnership which owns the Villages at Moonraker.
Therefore, the Partnership no longer has an equity interest in this property.
The Partnership continues to hold its equity interest in Laurel Park
Apartments. Collectively, the remaining GNMA Certificates and the PREPs are
referred to as the Permanent Investments.
The following table shows the occupancy levels of the properties financed by
the Partnership at September 30, 1995.
<TABLE>
<CAPTION>
Number Percentage
Number of Units of Units
Property Name Location of Units Occupied Occupied
- ------------------------------------- ------------------ --------- ---------- -----------
<S> <C> <C> <C> <C>
Ashwood Apartments Tulsa, OK 144 132 92%
Broadmoor Court Colorado Springs, CO 46 46 100%
Laurel Park Apartments Riverdale, GA 387 367 95%
Owings Chase Apartments Pikesville, MD 234 229 98%
--------- ---------- -----------
811 774 95%
========= ========== ===========
</TABLE>
Distributions
Cash distributions paid or accrued per Beneficial Unit Certificate (BUC) were
as follows:
<TABLE>
<CAPTION>
For the Nine For the Nine
Months Ended Months Ended
Sept. 30, 1995 Sept. 30, 1994
-------------- --------------
<S> <C> <C>
Regular monthly distributions
Income $ .5833 $ .4853
Return of Capital .4967 .6363
-------------- --------------
$ 1.0800 $ 1.1216
============== ==============
Distributions
Paid out of cash flow (including mortgage principal payments) $ 1.0800 $ 1.1216
============== ==============
</TABLE>
<PAGE>
Regular monthly distributions to investors consist primarily of interest and
principal received on GNMA and Federal National Mortgage Association (FNMA)
Certificates. Additional cash for distributions is received from PREPs and
temporary cash investments. The Partnership may draw on reserves to pay
operating expenses or to supplement cash distributions to BUC Holders. The
Partnership is permitted to replenish its reserves through the sale or
refinancing of assets. During 1995, a net amount of $136,857 of undistributed
mortgage principal payments was placed in reserves (a net amount of $70,112
for the quarter ended September 30, 1995). The total amount held in reserves
at September 30, 1995, was $4,698,183 of which $3,218,456 was invested in GNMA
and FNMA Certificates.
Asset Quality
The Partnership continues to receive the full amount of monthly principal and
interest payments on its GNMA and FNMA Certificates. The GNMA and FNMA
Certificates are fully guaranteed as to principal and interest by GNMA and
FNMA respectively. The obligations of GNMA are backed by the full faith and
credit of the United States government.
PREPs, however, are not insured or guaranteed. The value of these investments
is a function of the value of the real estate underlying the PREPs. On a
regular basis, management reviews the real estate underlying the PREPs in
order to assess the net realizable value of each property. It is the policy
of the Partnership to provide a valuation reserve, if necessary, for potential
losses on the Partnership's investment in PREPs. Internal property valuations
and reviews performed during the nine months ended September 30, 1995,
indicated that the PREPs recorded on the balance sheet at September 30, 1995,
required no adjustments to their current carrying amounts.
The overall status of the Partnership's other Permanent Investments has
generally remained constant since June 30, 1995.
RESULTS OF OPERATIONS
The tables below compares the results of operations for each period shown.
<TABLE>
<CAPTION>
For the For the Increase
Quarter Ended Quarter Ended (Decrease)
Sept. 30, 1995 Sept. 30, 1994 From 1994
--------------- --------------- ---------------
<S> <C> <C> <C>
Mortgage-backed securities income $ 178,784 $ 166,233 $ 12,551
Equity in earnings of property partnerships 21,046 12,647 8,399
Interest income on temporary cash investments 21,784 13,803 7,981
--------------- --------------- ---------------
221,614 192,683 28,931
General and administrative expenses (41,644) (39,058) 2,586
--------------- --------------- ---------------
Net income $ 179,970 $ 153,625 $ 26,345
=============== =============== ===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
For the Nine For the Nine Increase
Months Ended Months Ended (Decrease)
Sept. 30, 1995 Sept. 30, 1994 From 1994
--------------- --------------- ---------------
<S> <C> <C> <C>
Mortgage-backed securities income $ 547,381 $ 469,271 $ 78,110
Equity in earnings of property partnerships 59,043 39,719 19,324
Interest income on temporary cash investments 62,601 61,340 1,261
--------------- --------------- ---------------
669,025 570,330 98,695
General and administrative expenses (130,728) (120,368) 10,360
--------------- --------------- ---------------
Net income $ 538,297 $ 449,962 $ 88,335
=============== =============== ===============
</TABLE>
Mortgage-backed securities income increased for the quarter and nine months
ended September 30, 1995, compared to the same periods in 1994. This increase
was primarily a result of an increase of interest received from Owings Chase
Apartments due to a reduction in self-charged interest eliminated in 1995,
since the Partnership's equity in the property has been reduced to zero.
Equity in earnings of property partnerships increased for the quarter and nine
months ended September 30, 1995, compared to the same periods in 1994. This
increase was primarily a result of an increase in equity in earnings from
Broadmoor Court in 1995 which was partially offset by a decrease in equity in
earnings from Owings Chase as previously discussed.
The increase in interest on temporary cash investments for the quarter and
nine months ended September 30, 1995, compared to the same periods in 1994 was
primarily attributable to the increase in cash reserves as undistributed
principal was placed in reserves during the third quarter 1995.
General and administrative expenses increased for the quarter and nine months
ended September 30, 1995, compared to the same periods in 1994. These
increases were primarily due to increases in salaries and related expenses and
insurance expense which were partially offset by decreases in printing and
investor servicing expenses.
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
4(a) Agreement of Limited Partnership dated May 25, 1988
(incorporated herein by reference to Form 10-Q dated
June 30, 1988 filed pursuant to Section 13 or 15(d) of
the Securities Act of 1934 by America First PREP Fund 2
Pension Series Limited Partnership (Commission File No.
33-13407)).
4(b) Form of Certificate of Beneficial Unit Certificate
(incorporated herein by reference to Form 10-Q dated
June 30, 1988 filed pursuant to Section 13 or 15(d) of
the Securities Act of 1934 by America First PREP Fund 2
Pension Series Limited Partnership (Commission File No.
33-13407)).
(b) Form 8-K
The registrant did not file a report on Form 8-K during the
quarter for which this report is filed.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: November 13, 1995 AMERICA FIRST PREP FUND 2
PENSION SERIES LIMITED PARTNERSHIP
By America First Capital
Associates Limited
Partnership Six, General
Partner
By America First Companies L.L.C.,
General Partner
By /s/ Michael Thesing
Michael Thesing
Vice President, Secretary,
Treasurer and Chief Financial
Officer
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 1,680,675
<SECURITIES> 9,592,217
<RECEIVABLES> 65,487
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,746,162
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 11,390,602
<CURRENT-LIABILITIES> 266,167
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 11,124,405
<TOTAL-LIABILITY-AND-EQUITY> 11,390,602
<SALES> 0
<TOTAL-REVENUES> 669,025
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 130,728
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 538,297
<INCOME-TAX> 0
<INCOME-CONTINUING> 538,297
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 538,297
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
