<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended September 30, 1997 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 0-21580
---------------------------------------------------------
Wells Real Estate Fund V, L.P.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1936904
- ------------------------------ -----------------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification no.)
3885 Holcomb Bridge Road, Norcross, Georgia 30092
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (770) 449-7800
---------------
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No __
1
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Form 10-Q
---------
Wells Real Estate Fund V, L.P.
------------------------------
INDEX
-----
<TABLE>
<CAPTION>
Page No.
--------
<S> <C> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets - September 30, 1997
and December 31, 1996.................................. 3
Statements of Income for the Three
Months and the Nine Months Ended September 30, 1997
and 1996............................................... 4
Statement of Partners' Capital
for the Year Ended December 31, 1996,
and the Nine Months Ended September 30, 1997........... 5
Statements of Cash Flows for the Nine Months
Ended September 30, 1997 and 1996...................... 6
Condensed Notes to Financial Statements................. 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations.............................................. 8
PART II. OTHER INFORMATION.................................................15
</TABLE>
2
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WELLS REAL ESTATE FUND V, L.P.
(a Georgia Public Limited Partnership)
BALANCE SHEETS
<TABLE>
<CAPTION>
Assets September 30, 1997 December 31, 1996
------ ------------------ -----------------
<S> <C> <C>
Investment in joint ventures (Note 2) $ 13,323,396 $ 13,573,803
Cash and cash equivalents 175,676 252,283
Due from affiliates 272,873 258,760
Deferred project costs 0 5,843
Organization costs, less accumulated
amortization of $31,250 in 1997 and
$30,208 in 1996 0 1,042
Prepaid expenses and other assets
0 350
---------- ----------
Total assets $ 13,771,945 $ 14,092,081
========== ==========
Liabilities and Partners' Capital
---------------------------------
Liabilities:
Accounts payable $ 18 $ 4,500
Due to affliates 30,000 0
Partnership distributions payable 277,971 247,011
---------- ----------
Total liabilities 307,989 251,511
---------- ----------
Partners' capital:
Limited partners
Class A - 1,551,416 units outstanding 13,463,956 13,840,570
Class B - 149,186 units outstanding 0 0
---------- ----------
Total partners' capital 13,463,956 13,840,570
---------- ----------
Total liabilities and partners' capital $ 13,771,945 $ 14,092,081
========== ==========
</TABLE>
See accompanying condensed notes to financial statements.
3
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(a Georgia Public Limited Partnership)
STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------ -----------------
Sept 30, 1997 Sept 30, 1996 Sept 30, 1997 Sept 30, 1996
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Interest income $ 2,452 $ 3,162 $ 7,965 $ 10,292
Equity in income of joint ventures
(Note 2) 115,535 140,362 486,668 451,967
------- ------- ------- -------
117,987 143,524 494,633 462,259
------- ------- ------- -------
Expenses:
Legal and accounting 1,005 378 16,101 18,475
Computer costs 3,069 1,403 7,213 3,458
Partnership administration 7,793 9,398 32,970 41,822
Amortization of organization costs 0 1,563 1,042 4,688
------- ------- ------- -------
11,867 12,742 57,326 68,443
------- ------- ------- -------
Net income $ 106,120 $ 130,782 $ 437,307 $ 393,816
======= ======= ======= =======
Net loss allocated to General Partners $ 0 $ 0 $ 0 $ 0
Net income allocated to Class A Limited $ 106,120 $ 284,135 $ 437,307 $ 852,189
Partners
Net loss allocated to Class B Limited $ ( 0) $ (153,353) $ ( 0) $ (458,373)
Partners
Net income per Class A Limited $ 0.07 $ 0.18 $ 0.26 $ 0.55
Partner Unit
Net loss per Class B Limited Partner $ ( 0) $ (0.99) $ ( 0) $ (2.97)
Unit
Cash distribution per Class A Limited
Partner Unit $ 0.18 $ 0.17 $ 0.53 $ 0.49
</TABLE>
See accompanying condensed notes to financial statements.
4
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(a Georgia Public Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1996 AND THE NINE MONTHS ENDED
SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
Limited Partners
-------------------------------------------------
Class A Class B Total
------- ------- General Partner's
Units Amount Units Amount Partners Capital
----- ------ ----- ------ -------- -------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, December 31, 1995 1,541,017 $ 13,736,181 159,585 $ 604,978 $ 0 $14,341,159
Net income (loss) 0 1,095,296 0 (589,646) 0 505,650
Partneship distributions 0 (1,006,239) 0 0 0 (1,006,239)
Class B conversion elections 5,399 15,332 (5,399) (15,332) 0 0
---------- ------------- ---------- ----------- ---------- -----------
BALANCE, December 31, 1996 1,546,416 13,840,570 154,186 0 0 13,840,570
Net income 0 437,307 0 0 0 437,307
Partnership distributions 0 (813,921) 0 0 0 (813,921)
Class B conversion elections 5,000 0 (5,000) 0 0 0
---------- ------------- ---------- ----------- ---------- -----------
BALANCE, September 30, 1997 1,551,416 $ 13,463,956 149,186 $ 0 $ 0 $13,463,956
========== ============= ========== =========== ========== ===========
</TABLE>
See accompanying condensed notes to financial statements.
5
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(a Georgia Public Limited Partnership)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Nine Months Ended
-----------------
September 30, 1997 September 30, 1996
------------------ ------------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 437,307 $ 393,816
Adjustment to reconcile net income to net
cash used in operating activities:
Equity in income of joint venture (486,668) (451,967)
Amortization of organization costs 1,042 4,688
Changes in assets and liabilities:
Prepaids & other assets 350 0
Due to affiliates 30,000 0
Accounts payable (4,482) (5,000)
--------- ---------
Net cash used in operating
activities (22,451) (58,463)
--------- ---------
Cash flow from investing activities:
Distributions received from joint
ventures 848,128 799,410
Investment in joint ventures (119,323) (225)
--------- ---------
Net cash provided by investing
activities 728,805 799,410
--------- ---------
Cash flow financing activities:
Partnership distributions paid (782,961) (745,598)
--------- ---------
Net decrease in cash and cash
equivalents (76,607) (4,651)
Cash and cash equivalents, beginning of year 252,283 256,180
--------- ---------
Cash and cash equivalents, end of period $ 175,676 $ 251,529
========= =========
Supplemental Schedule of noncash investing
activities - deferred project costs
applied to investing activities $ 5,843 $ 0
========= =========
</TABLE>
See accompanying condensed notes to financial statements.
6
<PAGE>
WELLS REAL ESTATE FUND V, L.P
(A Georgia Public Limited Partnership)
Condensed Notes to Financial Statements
(1) Basis of Presentation
---------------------
The financial statements of Wells Real Estate Fund V, L.P. ( the
"Partnership") have been prepared in accordance with instructions to
Form 10-Q and do not include all of the information and footnotes
required by generally accepted accounting principles for complete
financial statements. These quarterly statements have not been examined
by independent accountants, but in the opinion of the General Partners,
the statements for the unaudited interim periods presented include all
adjustments, which are of a normal and recurring nature, necessary to
present a fair presentation of the results for such periods. For
further information, refer to the financial statements and footnotes
included in the Partnership's Form 10-K for year ended December 31,
1996.
(a) General
-----------
The Partnership is a Georgia public limited partnership having Leo F.
Wells, III and Wells Partners, L.P., as General Partners. The
Partnership was formed on October 25, 1990, for the purpose of
acquiring, developing, owning, operating, improving, leasing, and
otherwise managing for investment purposes income producing commercial
or industrial properties.
On March 6, 1992, the Partnership commenced an offering of up to
$25,000,000 of Class A or Class B limited partnership units ($10.00 per
unit) pursuant to a Registration Statement on Form S-11 filed under the
Securities Act of 1933. The Partnership did not commence active
operations until it received and accepted subscriptions for a minimum
of 125,000 units on April 27, 1992. The offering was terminated on
March 3, 1993, at which time the Partnership had sold 1,520,967 Class A
Units and 179,635 Class B Units representing $17,006,020 of capital
contributions by investors who were admitted to the Partnership as
Limited Partners.
The Partnership owns interests in properties through its equity
ownership in the following joint ventures; (i) Fund IV and Fund V
Associates, a joint venture between the Partnership and Wells Real
Estate Fund IV, L.P. (the "Fund IV - Fund V Joint Venture"); (ii) Fund
V and Fund VI Associates, a joint venture between the Partnership and
Wells Real Estate Fund VI, L.P. (the "Fund V - Fund VI Joint Venture");
and (iii) Fund V, Fund VI, and Fund VII Associates, a joint venture
between the Partnership, Wells Real Estate Fund VI, L.P. and Wells Real
Estate Fund VII, L.P. (the "Fund V-VI-VII Joint Venture").
As of September 30, 1997, the Partnership owned interests in the
following properties through its ownership of the foregoing joint
ventures: (i) a four-story office building located in Jacksonville,
Florida ("IBM Jacksonville"), which is owned by the Fund IV - Fund V
Joint Venture; (ii) two substantially identical two-story office
buildings located in Clayton County,
7
<PAGE>
Georgia (the "Medical Center"), which are owned by the Fund IV - Fund V
Joint Venture; (iii) a four-story office building located in
metropolitan Hartford, Connecticut (the "Hartford Building"), which is
owned by the Fund V -Fund VI Joint Venture; (iv) two retail buildings
located in Clayton County, Georgia ("Stockbridge Village II"), which
are owned by the Fund V Fund VI Joint Venture; and (v) a three-story
office building located in Appleton, Wisconsin (the "Marathon
Building"), which is owned by the Fund V-VI-VII Joint Venture. All of
the foregoing properties were acquired on an all cash basis. For
further information regarding these joint ventures and properties,
refer to the Partnership's Form 10-K for the year ended December 31,
1996.
(2) Investment in Joint Ventures
----------------------------
The Partnership owns interests in five properties through its
investment in joint ventures of which four are office building
properties and one is a retail property. The Partnership does not have
control over the operations of the joint ventures; however, it does
exercise significant influence. Accordingly, investment in joint
ventures is recorded on the equity method. For further information,
refer to the financial statements and footnotes included in the
Partnership's Form 10-K for the year ended December 31, 1996.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
-------------------------------------------------------------------
AND RESULTS OF OPERATIONS.
--------------------------
The following discussion and analysis should be read in conjunction
with the accompanying financial statements of the Partnership and notes
thereto. This Report contains forward-looking statements, within the
meaning of Section 27A of the Securities Act of 1933 and 21E of the
Securities Exchange Act of 1934, including discussion and analysis of
the financial condition of the Partnership, anticipated capital
expenditures required to complete certain projects, amounts of cash
distributions anticipated to be distributed to Limited Partners in the
future and certain other matters. Readers of this Report should be
aware that there are various factors that could cause actual results to
differ materially form any forward-looking statement made in this
Report, which include construction costs which may exceed estimates,
construction delays, lease-up risks, inability to obtain new tenants
upon expiration of existing leases, and the potential need to fund
tenant improvements or other capital expenditures out of operating cash
flow.
Results of Operations and Changes in Financial Conditions
---------------------------------------------------------
General
-------
As of September 30, 1997, the developed properties owned by the
Partnership were 95% occupied, as compared to 93% occupied as of
September 30, 1996.
Gross revenues of the Partnership were $494,633 for the nine months
ended September 30, 1997, as compared to $462,259 for the nine months
ended September 30, 1996. Gross revenues and net income have increased
for the nine months ended September 30, 1997,
8
<PAGE>
over 1996 levels due chiefly to increased income from joint ventures
and decreased partnership administration expenditures.
Expenses of the Partnership decreased from $68,443 for the nine months
September 30, 1996, to $57,326 for the same period in 1997, due
primarily to lower printing and postage expenditures.
Net cash used in operating activities remained relatively stable for
the nine months ended September 30, 1997 and 1996. The decrease in cash
and cash equivalents of $(4,651) for the nine months ended September
30, 1996, compared to $(76,607) for the nine months ended September 30,
1997, was due primarily to the increase in investments in joint
ventures.
The Partnership made cash distributions to the Limited Partners holding
Class A Units of $.18 per Class A Unit for the three months ended
September 30, 1997 as compared to $.17 per Class A Unit for the three
months ended September 30, 1996. No cash distributions were made to the
Limited Partners holding Class B Units or to the General Partners.
The Partnership's distributions paid through the third quarter of 1997,
have been paid from cash flow from operations and distributions
received from its equity investments in joint ventures, and the
Partnership anticipates that distributions will continue to be paid on
a quarterly basis from such sources.
The Partnership is unaware of any known demands, commitments, events or
capital expenditures other than that which is required from the normal
operations of its properties that will result in the Partnership's
liquidity increasing or decreasing in a material way. The Partnership
expects to meet liquidity requirements and budget demands through cash
flow from operations.
9
<PAGE>
Property Operations
- -------------------
As of September 30, 1997, the Partnership owned interests in the
following operational properties:
IBM Jacksonville /Fund IV - Fund V Joint Venture
- ------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------ -----------------
Sept 30, 1997 Sept 30, 1996 Sept 30, 1997 Sept 30, 1996
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $ 365,993 $ 365,992 $ 1,098,106 $ 1,097,977
Expenses:
Depreciation 79,545 79,296 238,550 237,888
Management & leasing expenses 51,852 43,977 139,614 137,731
Other operating expenses 177,786 138,511 278,460 324,912
------- ------- ------- -------
309,183 261,784 656,624 700,531
------- ------- ------- -------
Net income $ 56,810 $ 104,208 $ 441,482 $ 397,446
====== ======= ======= =======
Occupied % 100% 100% 100% 100%
Partnership's Ownership % in the
Fund IV - Fund V Joint Venture 62.3% 61.9% 62.3% 61.9%
Cash Distribution to Partnership $ 115,967 $ 115,169 $ 400,736 $ 359,626
Net Income Allocated to
the Partnership $ 35,348 $ 64,478 $ 274,316 $ 245,920
</TABLE>
Rental income for the IBM Jacksonville remained relatively stable in 1997, as
compared to 1996. Operating expenses decreased in 1997 primarily due to timing
differences in the billing of common area maintenance reimbursements to tenants.
Cash distributions increased for 1997 over 1996 due primarily to decreased
expenses and the Partnership's increased ownership in the Fund IV - Fund V Joint
Venture. Cash fundings to the Joint Venture for construction were contributed by
the Partnership which increased the Partnership's ownership interest and
decreased Wells Fund IV's ownership interest in the Fund IV-Fund V Joint
Venture.
10
<PAGE>
The Medical Center Property/Fund IV - Fund V Joint Venture
- ----------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------ -----------------
Sept 30, 1997 Sept 30, 1996 Sept 30, 1997 Sept 30, 1996
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 108,458 $ 105,470 $ 296,207 $ 316,050
Interest income 2,448 3,727 7,371 9,468
--------- --------- --------- ---------
110,906 109,197 303,578 325,518
--------- --------- --------- ---------
Expenses:
Depreciation 41,305 39,882 122,440 119,646
Management & leasing expenses 14,056 13,227 43,753 38,108
Other operating expenses 39,007 44,985 121,059 175,017
--------- --------- --------- ---------
94,368 98,094 287,252 332,771
--------- --------- --------- ---------
Net income (loss) $ 16,538 $ 11,103 $ 16,326 $ (7,253)
========= ========= ========= =========
Occupied % 81% 69% 81% 69%
Partnership's Ownership % in the
Fund IV - Fund V Joint Venture 62.3% 61.9% 62.3% 61.9%
Cash Distribution to Partnership $ 26,389 $ 34,341 $ 79,852 $ 75,455
Net Income (Loss) Allocated to
the Partnership $ 10,290 $ 6,870 $ 10,162 $ (4,488)
</TABLE>
Rental income decreased in 1997 as compared to 1996 due primarily to adjustments
to the straight line rent calculation due to tenant move-in/move-out. Leases are
being actively pursued on the remaining 5,600 rentable square feet of vacant
space. Expenses decreased in 1997 as compared to 1996 levels due primarily to a
timing difference in operating expense billings to tenants.
Cash distributions and net income allocated to the Partnership have increased
over prior year levels due primarily to decreased operating expenditures of the
project. Cash fundings to the Joint Venture for construction were contributed by
the Partnership which increased its ownership interest and decreased Wells Fund
IV's ownership interest in the Fund IV - V Joint Venture.
11
<PAGE>
The Hartford Building/Fund V - Fund VI Joint Venture
- ----------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------ -----------------
Sept 30, 1997 Sept 30, 1996 Sept 30, 1997 Sept 30, 1996
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $ 179,374 $ 179,374 $ 538,124 $ 538,124
Expenses:
Depreciation 73,005 73,008 219,015 219,024
Management & leasing expenses 7,772 7,175 23,014 21,525
Other operating expenses (3,393) 3,380 (15,821) 11,204
------ ------ ------- -------
77,384 83,563 226,208 251,753
------ ------ ------- -------
Net income $ 101,990 $ 95,811 $ 311,916 $ 286,371
======= ====== ======= =======
Occupied % 100% 100% 100% 100%
Partnership's Ownership % in the
Fund V - Fund VI Joint Venture 46.5% 47.5% 46.5% 47.5%
Cash Distribution to Partnership $ 82,221 $ 80,950 $ 251,347 $ 242,550
Net Income Allocated to the
Partnership $ 47,485 $ 45,509 $ 146,377 $ 136,136
</TABLE>
Net income increased and expenses decreased in 1997 as compared to 1996 due
primarily to an insurance reimbursement from the tenant for prior year's
expenses.
The Partnership's ownership interest in the Fund V - Fund VI Joint Venture
decreased from 47.5% in 1996, to 46.5% in 1997, due to additional fundings by
Wells Fund VI in 1997, which increased Wells Fund VI's and decreased the
Partnership's ownership interest in the Fund V - Fund VI Joint Venture.
12
<PAGE>
Stockbridge Village II/Fund V - Fund VI Joint Venture
- -----------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------ -----------------
Sept 30, 1997 Sept 30, 1996 Sept 30, 1997 Sept 30, 1996
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $ 55,886 $ 50,056 $ 175,164 $ 146,573
Expenses:
Depreciation 24,580 19,811 68,272 59,333
Management & leasing expenses 11,860 4,549 23,214 14,528
Other operating expenses 21,522 24,862 113,768 63,660
------- ------- -------- --------
57,962 49,222 205,254 137,521
------- ------- -------- --------
Net (loss) income $ (2,076) $ 834 $ (30,090) $ 9,052
======= ======= ======== ========
Occupied % 73% 61% 73% 61%
Partnership's Ownership % in the
Fund V - Fund VI Joint Venture 46.5% 47.5% 46.5% 47.5%
Cash Distribution to Partnership $ 10,104 $ 7,044 $ 15,470 $ 28,938
Net (Loss) Income Allocated to the
Partnership $ (968) $ 401 $ (14,110) $ 4,309
</TABLE>
Rental income increased in 1997, as compared to the same period in 1996, due
primarily to two new tenants occupying 6,049 square feet in 1997. Net income has
decreased in 1997, as compared to 1996, due primarily to a bad debt reserve for
Glenn's Open Pit Bar-B-Que which has vacated 4,303 square feet of space as of
April 1, 1997. The receivable from this tenant has been turned over to lawyers
for collection. Efforts are being made to re-lease the space.
The Partnership's ownership percentage in the Fund V - Fund VI Joint Venture
decreased to 46.5% for 1997, as compared to 47.5% in 1996, due to additional
fundings by Wells Fund VI to Stockbridge Village II, which increased Wells Fund
VI's and decreased the Partnership's ownership interest in the Fund V - Fund VI
Joint Venture.
13
<PAGE>
The Marathon Building/Fund V-VI-VII Joint Venture
- -------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------ -----------------
Sept 30, 1997 Sept 30, 1996 Sept 30, 1997 Sept 30, 1996
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $ 242,754 $ 242,755 $ 725,465 $ 728,263
Expenses:
Depreciation 87,647 87,647 262,939 262,939
Management & leasing expenses 9,889 9,710 29,781 29,130
Other operating expenses 3,174 1,531 7,937 10,381
------- ------- ------- -------
100,710 98,888 300,657 302,450
------- ------- ------- -------
Net income $ 142,044 $ 143,867 $ 424,808 $ 425,813
======= ======= ======= =======
Occupied % 100% 100% 100% 100%
Partnership's Ownership % in the
Fund V-VI-VII Joint Venture 16.5% 16.5% 16.5% 16.5%
Cash Distribution to Partnership $ 38,191 $ 35,697 $ 114,835 $ 106,137
Net Income Allocated to the
Partnership $ 23,380 $ 23,681 $ 69,923 $ 70,089
</TABLE>
Rental income remained relatively stable for the nine months ended September 30,
1997, compared to the same period of 1996. A small increase in management and
leasing fees was offset by a decrease in operating expenses, primarily
accounting and administrative fees. Cash distributions to the Partnership
increased for the nine months ended September 30, 1997, compared to 1996, due to
the scheduled increase in rent which became effective January 1, 1997.
14
<PAGE>
PART II - OTHER INFORMATION
---------------------------
ITEM 6 (b). No reports on Form 8-K were filed during the third quarter of 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
WELLS REAL ESTATE FUND V, L.P.
Dated: November 10, 1997 By: /s/ Leo F. Wells, III
---------------------
Leo F. Wells, III, as Individual
General Partner and as President,
Sole Director and Chief Financial
Officer of Wells Capital, Inc., the
General Partner of Wells Partners, L.P.
15
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 175,676
<SECURITIES> 13,323,396
<RECEIVABLES> 272,873
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 13,771,945
<CURRENT-LIABILITIES> 307,989
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 13,463,956
<TOTAL-LIABILITY-AND-EQUITY> 13,771,945
<SALES> 0
<TOTAL-REVENUES> 494,633
<CGS> 0
<TOTAL-COSTS> 57,326
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 437,307
<INCOME-TAX> 437,307
<INCOME-CONTINUING> 437,307
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 437,307
<EPS-PRIMARY> .26
<EPS-DILUTED> 0
</TABLE>
