<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended June 30, 1996.
-------------
[ ] 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 0-20944
Jones Programming Partners 2-A, Ltd.
- --------------------------------------------------------------------------------
Exact name of registrant as specified in charter
Colorado #84-1088819
- --------------------------------------------------------------------------------
State of organization I.R.S. employer I.D.#
9697 East Mineral Avenue, P.O. Box 3309, Englewood, Colorado 80155-3309
------------------------------------------------------------------------
Address of principal executive office
(303) 792-3111
----------------------------------
Registrant's telephone number
Indicate by check mark whether the registrant (l) has filed all reports required
to be filed by Section l3 or l5(d) of the Securities Exchange Act of l934 during
the preceding l2 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
---- ----
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JONES PROGRAMMING PARTNERS 2-A, LTD.
------------------------------------
INDEX
-----
Page
Number
------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Unaudited Statements of Financial Position as of
June 30, 1996 and December 31, 1995 3
Unaudited Statements of Operations for the
Three and Six Months Ended June 30, 1996 and 1995 4
Unaudited Statements of Cash Flows for the
Six Months Ended June 30, 1996 and 1995 5
Notes to Unaudited Financial Statements as of
June 30, 1996 6-7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 8-10
PART II. OTHER INFORMATION 11
2
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JONES PROGRAMMING PARTNERS 2-A, LTD.
------------------------------------
(A Limited Partnership)
UNAUDITED STATEMENTS OF FINANCIAL POSITION
------------------------------------------
<TABLE>
<CAPTION>
June 30, December 31,
ASSETS 1996 1995
------ ----------- -------------
<S> <C> <C>
CASH AND CASH EQUIVALENTS $ 668,296 $ 377,368
ACCOUNTS RECEIVABLE 114,526 60,604
INVESTMENT IN AND ADVANCES FOR FILM PRODUCTION,
net of accumulated amortization of $2,741,793 and $2,610,165
as of June 30, 1996 and December 31, 1995, respectively 1,289,458 1,421,086
NOTE RECEIVABLE FROM GENERAL PARTNER,
net of unamortized discount of $34,184 and $79,735 as of June 30,
1996 and December 31, 1995, respectively 354,982 809,431
OTHER ASSETS 851 1,666
----------- -----------
Total assets $ 2,428,113 $ 2,670,155
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
-------------------------------------------
LIABILITIES:
Accounts payable to affiliates $ 13,396 $ 2,446
Accrued distributions to partners 141,781 141,781
Accrued liabilities 3,000 6,000
----------- -----------
Total liabilities 158,177 150,227
----------- -----------
PARTNERS' CAPITAL (DEFICIT):
General partner-
Contributed capital 1,000 1,000
Distributions (21,924) (19,088)
Accumulated deficit (3,626) (3,962)
----------- -----------
Total general partner's deficit (24,550) (22,050)
----------- -----------
Limited partners -
Contributed capital, net of offering costs (11,229 units
outstanding as of June 30, 1996 and December 31, 1995) 4,823,980 4,823,980
Distributions (2,170,423) (1,889,697)
Accumulated deficit (359,071) (392,305)
----------- -----------
Total limited partners' capital 2,294,486 2,541,978
----------- -----------
Total partners' capital 2,269,936 2,519,928
----------- -----------
Total liabilities and partners' capital $ 2,428,113 $ 2,670,155
=========== ===========
</TABLE>
The accompanying notes to the unaudited financial statements
are an integral part of these unaudited financial statements.
3
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JONES PROGRAMMING PARTNERS 2-A, LTD.
------------------------------------
(A Limited Partnership)
-----------------------
UNAUDITED STATEMENTS OF OPERATIONS
----------------------------------
<TABLE>
<CAPTION>
For the Three Months Ended For the Six Months Ended
June 30, June 30,
---------------------------- --------------------------
1996 1995 1996 1995
------------- ------------- ------------ ------------
<S> <C> <C> <C> <C>
GROSS REVENUES $161,081 $ 101,398 $161,081 $ 102,548
COSTS AND EXPENSES:
Costs of filmed entertainment 131,628 92,488 131,628 93,538
Distribution fees and expenses 34,072 50,350 34,072 50,925
Loss on sale of film production - 122,860 - 122,860
Operating, general and administrative expenses 4,851 7,234 13,811 15,199
-------- --------- -------- ---------
Total costs and expenses 170,551 272,932 179,511 282,522
-------- --------- -------- ---------
OPERATING LOSS (9,470) (171,534) (18,430) (179,974)
-------- --------- -------- ---------
OTHER INCOME (EXPENSE):
Interest income 25,725 1,644 52,000 3,847
-------- --------- -------- ---------
Other income, net 25,725 1,644 52,000 3,847
-------- --------- -------- ---------
NET INCOME (LOSS) $ 16,255 $(169,890) $ 33,570 $(176,127)
======== ========= ======== =========
ALLOCATION OF NET INCOME (LOSS):
General partner $ 163 $ (1,699) $ 336 $ (1,761)
======== ========= ======== =========
Limited partners $ 16,092 $(168,191) $ 33,234 $(174,366)
======== ========= ======== =========
NET INCOME (LOSS) PER LIMITED
PARTNERSHIP UNIT $1.43 $(14.98) $2.96 $(15.53)
======== ========= ======== =========
WEIGHTED AVERAGE NUMBER OF LIMITED
PARTNERSHIP UNITS OUTSTANDING 11,229 11,229 11,229 11,229
======== ========= ======== =========
</TABLE>
The accompanying notes to the unaudited financial statements
are an integral part of these unaudited financial statements.
4
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JONES PROGRAMMING PARTNERS 2-A, LTD.
-------------------------------------
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
----------------------------------
<TABLE>
<CAPTION>
For the Six Months Ended
June 30,
--------------------------
1996 1995
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 33,570 $(176,127)
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Amortization of filmed entertainment costs 131,628 93,538
Loss on sale of film production - 122,860
Amortization of discount (45,551) -
Net change in assets and liabilities:
Decrease (increase) in accounts receivable (53,922) 174,363
Decrease in other assets 815 -
Increase (decrease) in accrued liabilities (3,000) 192
Increase in accounts payable to affiliates 10,950 15,287
--------- ---------
Net cash provided by operating activities 74,490 230,113
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from payment of note receivable from General Partner 500,000 -
Proceeds from sale of film production - 500,000
Net increase in production advances - 7,181
--------- ---------
Net cash provided by investing activities 500,000 507,181
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to partners (283,562) (283,562)
--------- ---------
Net cash used in financing activities (283,562) (283,562)
--------- ---------
INCREASE IN CASH AND CASH EQUIVALENTS 290,928 453,732
CASH AND CASH EQUIVALENTS, beginning of period 377,368 160,888
--------- ---------
CASH AND CASH EQUIVALENTS, end of period $ 668,296 $ 614,620
========= =========
SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES:
Note receivable from sale of film production,
net of unamortized discount $ - $ 766,306
========= =========
</TABLE>
The accompanying notes to the unaudited financial statements
are an integral part of these unaudited financial statements.
5
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JONES PROGRAMMING PARTNERS 2-A, LTD.
------------------------------------
(A Limited Partnership)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
---------------------------------------
(1) BASIS OF PRESENTATION
---------------------
This Form 10-Q is being filed in conformity with the SEC requirements for
unaudited financial statements and does not contain all of the necessary
footnote disclosures required for a fair presentation of the Statements of
Financial Position and Statements of Operations and Cash Flows in
conformity with generally accepted accounting principles. However, in the
opinion of management, this data includes all adjustments, consisting only
of normal recurring accruals, necessary to present fairly the financial
position of Jones Programming Partners 2-A, Ltd. (the "Partnership") as of
June 30, 1996 and December 31, 1995 and its results of operations and its
cash flows for the three and six month periods ended June 30, 1996 and
1995. Results of operations for these periods are not necessarily
indicative of results to be expected for the full year.
(2) TRANSACTIONS WITH AFFILIATED ENTITIES
-------------------------------------
The General Partner is entitled to reimbursement from the Partnership for
its direct and indirect expenses allocable to the operations of the
Partnership, which shall include, but not be limited to, rent, supplies,
telephone, travel, legal expenses, accounting expenses, preparation and
distribution of reports to investors and salaries of any full or part-time
employees. Although the General Partner is entitled to reimbursement for
all direct and indirect expenses allocable to the Partnership, the
Partnership was charged $2,715 and $3,834 for direct expenses only for the
three month periods ended June 30, 1996 and 1995, respectively. For the six
month periods ended June 30, 1996 and 1995, $9,144 and $5,464,
respectively, of direct expenses only were charged to the Partnership.
(3) INVESTMENT IN AND ADVANCES FOR FILM PRODUCTION
----------------------------------------------
"Charlton Heston Presents: The Bible"
-----------------------------------
In May 1992, the General Partner, on behalf of the Partnership, entered
into an agreement with Agamemnon Films, an unaffiliated party, to produce
four one-hour programs for television, entitled "Charlton Heston Presents:
The Bible" (the "Bible Programs"). The production costs of the Bible
Programs were approximately $2,130,000. In addition, the Partnership paid a
$240,000 production and overhead fee to the General Partner. In return for
agreeing to fund these production costs, the Partnership acquired all
rights to the Bible Programs in all markets and in all media in perpetuity.
The Partnership subsequently assigned half of its ownership of the Bible
Programs to an unaffiliated party for an investment of $1,000,000 toward
the production costs for the Bible Programs. After consideration of the
reimbursement, the Partnership's total investment in the Bible Programs was
$1,369,764 and its net investment, after consideration of amortization, was
$315,245 as of June 30, 1996. From inception to June 30, 1996, the
Partnership has recognized $1,154,782 of gross revenue from this film, of
which $461,349 has been retained by the distributors of the film for their
fees and marketing costs. Of the remaining $693,433, the Partnership had
received $663,522 as of June 30, 1996, and the remaining $29,911 was
received in July 1996.
"The Whipping Boy"
----------------
In August 1993, the Partnership acquired the rights to the Newbury Award-
winning book "The Whipping Boy." "The Whipping Boy" was produced as a two-
hour telefilm which premiered in the North American television market on
The Disney Channel. The film's final cost was approximately $4,100,000. As
of June 30, 1996, the Partnership had invested $2,661,487 in the film,
which included a $468,000 production and overhead fee paid to the General
Partner. The film was co-produced by the General Partner and Gemini Films,
a German company. The completed picture was delivered to The Disney Channel
in the second quarter of 1994. The Partnership's net investment in the
film, after consideration of amortization, was $974,213 as of June 30,
1996. From inception to June 30, 1996, the Partnership has recognized
$2,213,190 of gross revenue from this film, of which $2,100,000 represents
the initial license fee from The Disney Channel that was used to finance
the film's production. Of the remaining $113,190, $6,969 has been retained
by the distributors of the film for their fees and marketing costs
6
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and $21,606 had been received by the Partnership as of June 30, 1996. The
remaining $84,615 was received in July 1996.
7
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JONES PROGRAMMING PARTNERS 2-A, LTD.
------------------------------------
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
---------------------------------------
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
---------------------------------------------
FINANCIAL CONDITION
-------------------
Liquidity and Capital Resources
- -------------------------------
The Partnership's principal sources of liquidity are cash on hand, amounts to be
received from the General Partner in payment of the promissory note discussed
below and amounts received from the domestic and international distribution of
the Partnership's programming. As of June 30, 1996, the Partnership had $668,296
in cash. It is not anticipated that the Partnership will invest in any
additional programming projects, but instead will focus on the distribution of
its existing projects. The Partnership had outstanding amounts receivable
totaling $114,526 as of June 30, 1996. These amounts were received by the
Partnership in July 1996.
On June 30, 1995, the Partnership sold its interest in the film "Household
Saints" to the General Partner for $1,389,166. The purchase price was paid
$500,000 in cash at closing, $500,000 in the form of a non-interest bearing
promissory note which was paid in June 1996 and $389,166 in the form of a non-
interest bearing promissory note payable in June 1997. The sale proceeds from
"Household Saints" will contribute to the liquidity and capital resources of the
Partnership, helping enable the Partnership to fund its operating needs and
future distributions to the limited partners.
For the six months ended June 30, 1996, the Partnership declared distributions
to partners totaling $283,562, of which $141,781 was paid in May 1996 with the
remaining $141,781 to be paid in August 1996. These distributions will be made
using cash on hand, proceeds from promissory note repayment, interest income and
cash provided by operating activities. Distributions are expected to continue,
although no determination has been made regarding any specific level of
distributions.
The General Partner believes that the Partnership has, and will continue to
have, sufficient liquidity to fund its operations and to meet its obligations.
Cash flow from operating activities will be generated primarily from the
Partnership's programming projects as follows:
"Charlton Heston Presents: The Bible"
------------------------------------
In 1992, the General Partner, on behalf of the Partnership, entered into an
agreement with Agamemnon Films, an unaffiliated party, to produce four one-hour
programs for television, entitled "Charlton Heston Presents: The Bible" (the
"Bible Programs") for Arts and Entertainment Network ("A&E"). The production
costs of the Bible Programs were approximately $2,370,000, which included a
$240,000 production and overhead fee to the General Partner. In return for
agreeing to fund these production costs, the Partnership acquired all rights to
the Bible Programs in all markets and in all media in perpetuity.
In order to reduce the Partnership's financial exposure, the General Partner, on
behalf of the Partnership, assigned one-half of the Partnership's interest in
the Bible Programs to GoodTimes Home Video Corporation ("GoodTimes"), an
unaffiliated entity directly involved in the specialty home video and
international television distribution business, for an investment by GoodTimes
of $1,000,000. The Partnership and GoodTimes funded Jones Documentary Film
Corporation ("JDFC"), which in turn contracted with Agamemnon Films for the
production of the Bible Programs. JDFC was formed to insulate the Partnership
and GoodTimes from certain risks and potential liabilities associated with the
production of programming in foreign countries because the Bible Programs were
filmed on location in the Holy Lands.
The Partnership and JDFC granted the General Partner the exclusive rights to
distribute the Bible Programs. To accomplish this, the General Partner, on its
own behalf, and GoodTimes entered into an agreement to form J/G Distribution
Company to distribute the Bible Programs. J/G Distribution Company was formed
in June 1992 and the Partnership granted it the sole and exclusive right to
exhibit and distribute, and to license others to exhibit and distribute, the
Bible Programs in all markets, all languages, and all media in perpetuity. J/G
Distribution Company holds the
8
<PAGE>
copyright for the benefit of the Partnership (50 percent interest) and GoodTimes
(50 percent interest). J/G Distribution Company is currently distributing the
Bible Programs in the retail home video market. As of June 30, 1996, gross sales
made by J/G Distribution Company totaled $1,809,396, of which $904,698 has been
retained by J/G Distribution Company for its fees and marketing costs, with the
remaining $904,698 belonging 50 percent to the Partnership and 50 percent to
GoodTimes. Additionally, $250,000 was received directly by the Partnership as
its share of the initial license fee from A&E. As of June 30, 1996, the
Partnership had received $422,438 from J/G Distribution and $250,000 from A&E.
The remaining $29,911 due from J/G Distribution was received in July 1996.
In 1994, J/G Distribution Company, an affiliate of the General Partner, and
Jones Interactive, Inc. ("JII"), also an affiliate of the General Partner,
entered into an agreement to produce a CD-ROM version of the Bible Programs. No
Partnership funds have been or will be utilized in the production of the CD-ROM
version; however, after production costs, distribution fees and costs associated
with distribution are recovered, five percent of net revenues (as defined in the
agreement) will flow to the Partnership. Revenue proceeds to be received by the
Partnership under this agreement, if any, are not anticipated to be significant.
The production was done on two separate discs, one for the New Testament, which
was completed in the third quarter of 1995, and a second disc for the Old
Testament, which was completed in the first quarter of 1996. Distribution of
the CD-ROM version will be done in the United States and Canada by affiliates of
J/G Distribution Company.
The Partnership plans to recover its remaining net investment in the Bible
Programs of $315,245 from net revenues generated from domestic and international
home video markets.
"The Whipping Boy"
----------------
In August 1993, the Partnership acquired the rights to the Newbury Award-winning
book "The Whipping Boy." The project was co-developed by the Partnership and
The Disney Channel and produced by the General Partner and German and French co-
production partners. The completed telefilm was delivered to The Disney Channel
in the second quarter of 1994 and premiered in the North American television
market in July 1994. As of June 30, 1996, the Partnership had invested
$2,661,487 in the film, which included a $468,000 production and overhead fee
payable to the General Partner. The Partnership has received approximately
$2,100,000 from The Disney Channel for licensing certain rights to the film to
The Disney Channel.
The Partnership was responsible for approximately one-half of the $4,100,000
production cost, with the balance of the production budget funded by Gemini
Films and other co-production partners and/or territorial advances from the
film's international distributors. The amount contributed to the production
budget by the Partnership was partially reimbursed by the license advances
totaling $2,100,000 received from the Disney Channel.
Gemini Films will have, in perpetuity, the copyright and all exploitation rights
to the film in German language territories (defined as Germany, Austria, German-
speaking Switzerland and German-speaking Luxembourg). Although these
exploitation rights will remain the sole property of Gemini Films, Gemini Films
will account to the Partnership for any revenue therefrom.
The Partnership will own the worldwide copyright, excluding German language
territories, in perpetuity. Although the Partnership will own all exploitation
rights in all media in North America, which is defined as the United States,
Canada and their respective territories and possessions, the Partnership will
account to Gemini Films for any revenue generated therefrom.
From the movie's North American revenues, the Partnership will first be entitled
to recover its investment plus interest. Thereafter, the Partnership will
receive 90 percent of all North American revenues and Gemini Films will receive
10 percent of such revenues. With respect to international revenues from the
movie's distribution, after Gemini Films recovers $250,000 of its investment in
the movie's production budget, any funded overages and interest out of net
international revenues, the Partnership will receive 20 percent of net
international revenues and Gemini Films will receive 80 percent.
In March 1995, the General Partner, on behalf of the Partnership, entered into
an agreement with an unaffiliated party granting rights to distribute "The
Whipping Boy" in the non-theatrical domestic markets. Non-theatrical markets
include 16mm sales and rentals, in-flight, oil rigs, ships at sea, military
installations, libraries, restaurants, hotels, motels or other
9
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institutional or commercial enterprises. As of June 30, 1996, gross sales made
under this agreement totaled $27,876, of which $6,969 was retained by the
distributor for its fees and the remaining $20,907 was remitted to the
Partnership.
In May 1995, the General Partner, on behalf of the Partnership, entered into a
distribution agreement with an unaffiliated party granting rights to distribute
"The Whipping Boy" in the domestic home video market for a period not to exceed
five years. As of June 30, 1996, net sale proceeds made under this agreement
totaled $84,615 and were remitted to the Partnership in July 1996.
The General Partner and Gemini Films have selected Canal Plus Distribution as
the company that will distribute and exploit the movie outside of North America.
Canal Plus Distribution will earn distribution fees of 15 percent of the film's
gross receipts outside of North America, and it will be reimbursed for its
expenses capped at 10 percent of the film's gross receipts outside of North
America (excluding dubbing costs). Canal Plus Distribution will be responsible
for accounting and remitting to Gemini Films the net revenues from the film's
distribution in all markets and in all media outside of North America. Gemini
Films will be responsible for forwarding the Partnership's share of such
revenues within 10 days of receipt of such funds from Canal Plus.
The Partnership plans to recover its remaining net investment in this film of
$974,213 primarily from net revenues generated from domestic home video and
television distribution.
RESULTS OF OPERATIONS
---------------------
Revenues of the Partnership increased $59,683, from $101,398 for the three month
period ended June 30, 1995 to $161,081 for the similar period in 1996 and
increased $58,533, from $102,548 for the six month period ended June 30, 1995 to
$161,081 for the similar period in 1996. These increases were primarily the
result of increased domestic home video and non-theatrical sales of "The
Whipping Boy" during 1996, which totaled $101,259 for the six months ended June
30, 1996 as compared to $699 for the same period in 1995. This increase in
sales of "The Whipping Boy" was partially offset by decreased sales of "Charlton
Heston Presents: The Bible" (the "Bible Programs"), which totaled $59,822 for
the six months ended June 30, 1996 as compared to $101,849 for the same period
in 1995.
Filmed entertainment costs increased $39,140, from $92,488 for the three month
period ended June 30, 1995 to $131,628 for the similar period in 1996 and
increased $38,090, from $93,538 for the six months ended June 30, 1995 to
$131,628 for the similar period in 1996. These increases were mainly due to
increased revenues from "The Whipping Boy" as discussed above. Filmed
entertainment costs are amortized over the life of each film in the ratio that
current gross revenues bear to anticipated total gross revenues.
Distribution fees and expenses decreased $16,278, from $50,350 for the three
month period ended June 30, 1995 to $34,072 for the similar period in 1996. For
the six month periods ended June 30, 1995 and 1996, distribution fees and
expenses decreased $16,853, from $50,925 in 1995 to $34,072 in 1996. These
decreases were the result of decreased home video sales of the "Bible Programs"
under the Partnership's distribution agreement with J/G Distribution Company.
Distribution fees and expenses relate to the compensation due and costs incurred
by unaffiliated parties in selling the Partnership's programming in the domestic
and international markets. The timing and amount of distribution fees and
expenses vary depending upon the individual market in which programming is
distributed.
Loss on sale of film production decreased from $122,860 to $-0- for the three
and six month periods ended June 30, 1995 as compared to the same periods in
1996. This decrease was the result of the sale of "Household Saints" to the
General Partner on June 30, 1995. The loss resulted from the Partnership's
recognition of imputed interest on two non-interest bearing promissory notes
received from the General Partner as part of the sale agreement.
Operating, general and administrative expenses decreased $2,383 and $1,388,
respectively, for the three and six months ended June 30, 1996 as compared to
the similar period in 1995. These decreases were primarily due to decreases in
direct costs allocable to the operations of the Partnership that were charged to
the Partnership by the General Partner during the three months ended June 30,
1996 as compared to 1995 and in taxes and fees paid by the Partnership during
the six month periods ended June 30, 1996 in comparison to 1995.
Interest income increased $24,081, from $1,644 for the three month period ended
June 30, 1995 to $25,725 for the similar period in 1996 and increased $48,153,
from $3,847 for the six months ended June 30, 1995 to $52,000 for the similar
period in 1996. These increases in interest income were primarily the result of
$45,551 in interest income recognized
10
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during 1996 relating to the amortization of the discount on the two promissory
notes received from the General Partner as part of the June 1995 sale of the
film "Household Saints."
11
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Part II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
27) Financial Data Schedule
b) Reports on Form 8-K
None
12
<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.
JONES PROGRAMMING PARTNERS 2-A, LTD.
BY: JONES ENTERTAINMENT GROUP, LTD.
General Partner
By: /S/ Jay B. Lewis
------------------------------------------
Jay B. Lewis
Principal Financial and Accounting Officer
Dated: August 13, 1996
13
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 668,296
<SECURITIES> 0
<RECEIVABLES> 469,508
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,428,113
<CURRENT-LIABILITIES> 158,177
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,269,936
<TOTAL-LIABILITY-AND-EQUITY> 2,428,113
<SALES> 0
<TOTAL-REVENUES> 161,081
<CGS> 0
<TOTAL-COSTS> 179,511
<OTHER-EXPENSES> (52,000)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 33,570
<INCOME-TAX> 0
<INCOME-CONTINUING> 33,570
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 33,570
<EPS-PRIMARY> 2.96
<EPS-DILUTED> 2.96
</TABLE>
