<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 June 30, 1998 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
---- ----
<PAGE>
Form 10-Q
---------
Wells Real Estate Fund V, L.P.
------------------------------
INDEX
-----
Page No.
--------
PART I. FINANCIAL INFORMATION
<TABLE>
<CAPTION>
Item 1. Financial Statements
<S> <C>
Balance Sheets - June 30, 1998
and December 31, 1997.......................... 3
Statements of Income for the Three
Months and the Six Months Ended June 30, 1998
and 1997....................................... 4
Statement of Partners' Capital
for the Year Ended December 31, 1997,
and the Six Months Ended June 30, 1998......... 5
Statements of Cash Flows for the Six Months
Ended June 30, 1998 and 1997................... 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
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(A GEORGIA PUBLIC LIMITED PARTNERSHIP)
BALANCE SHEETS
<TABLE>
<CAPTION>
Assets June 30, 1998 December 31, 1997
------ ------------- -----------------
<S> <C> <C>
Investment in joint ventures (Note 2) $ 12,956,210 $ 13,189,076
Cash and cash equivalents 83,779 91,678
Due from affiliates 338,597 305,710
------------- -------------
Total assets $ 13,378,586 $ 13,586,464
============= =============
Liabilities and Partners' Capital
---------------------------------
Liabilities:
Partnership distributions payable $ 300,006 $ 288,518
------------- -------------
Partners' capital:
Limited partners
Class A 1,551,416 Units outstanding 13,078,580 13,297,946
Class B 149,186 Units outstanding 0 0
------------- -------------
Total partners' capital 13,078,580 13,297,946
------------- -------------
Total liabilities and partners' capital $ 13,378,586 $ 13,586,464
============= =============
</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 Six Months Ended
---------------------------------- ---------------------------------
June 30, 1998 June 30, 1997 June 30, 1998 June 30, 1997
------------- ------------- ------------- -------------
Revenues:
<S> <C> <C> <C> <C>
Equity in income of joint
ventures (Note 2) $ 238,842 $ 208,902 $ 407,432 $ 371,133
Interest income 1,155 2,453 2,442 5,513
--------- --------- --------- ---------
239,997 211,355 409,874 376,646
Expenses:
Legal and accounting 8,649 5,835 13,420 15,096
Computer costs 1,837 1,651 3,854 4,144
Partnership administration 12,643 13,790 22,936 25,177
Amortization of organization
Costs 0 0 0 1,042
--------- --------- --------- ---------
23,129 21,276 40,210 45,459
--------- --------- --------- ---------
Net income $ 216,868 $ 190,079 $ 369,664 $ 331,187
========= ========= ========= =========
Net loss allocated to General
Partners $ 0 $ 0 $ 0 $ 0
Net income allocated to
Class A Limited Partners $ 216,868 $ 190,079 $ 369,664 $ 331,187
Net loss allocated to Class
B Limited Partners $ 0 $ 0 $ 0 $ 0
Net income per Class A
Limited Partner Unit $ 0.14 $ 0.12 $ 0.24 $ 0.21
Net loss per Class B Limited
Partner Unit $ .00 $ .00 $ .00 $ .00
Cash distribution per Class A
Limited Partner Unit $ 0.19 $ 0.18 $ 0.38 $ 0.35
</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, 1997 AND THE SIX MONTHS ENDED
JUNE 30, 1998
<TABLE>
<CAPTION>
LIMITED PARTNERS
------------------------------------------------
CLASS A CLASS B TOTAL
--------------------- -------------------- GENERAL PARTNERS'
UNITS AMOUNT UNITS AMOUNT PARTNERS CAPITAL
----- ------ ----- ------ -------- -------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, DECEMBER 31, 1996 1,546,416 $13,840,570 154,186 $ 0 $ 0 $13,840,570
Net income (loss) 0 559,801 0 0 0 559,801
Partnership distributions 0 (1,102,425) 0 0 0 (1,102,425)
Class B conversion 5,000 0 (5,000) 0 0 0
elections --------- ----------- ------- ------- ------- -----------
BALANCE, DECEMBER 31, 1997 1,551,416 $13,297,946 149,186 0 0 13,297,946
Net income 0 369,664 0 0 0 369,664
Partnership distributions 0 (589,030) 0 0 0 (589,030)
--------- ----------- ------- -------- ------- -----------
BALANCE, JUNE 30, 1998 1,551,416 $13,078,580 149,186 $ 0 $ 0 $13,078,580
========= =========== ======= ======== ======= ===========
</TABLE>
See accompanying condensed notes to financial
5
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(A GEORGIA PUBLIC LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Six Months Ended
----------------
June 30, 1998 June 30, 1997
------------- -------------
Cash flows from operating activities:
<S> <C> <C>
Net income $ 369,664 $ 331,187
Adjustments to reconcile net income to net cash
used in operating activities:
Equity in income of joint ventures (407,432) (371,133)
Amortization of organization costs 0 1,042
Changes in assets and liabilities:
Decrease in prepaid and other assets 0 350
Decrease in accounts payable 0 (3,518)
--------- ---------
Net cash used in operating activities (37,768) (42,072)
--------- ---------
Cash flows from investing activities:
Investment in joint ventures 0 (89,323)
Distributions received from joint ventures 607,411 549,808
--------- ---------
Net cash provided by investing activities 607,411 460,485
Cash flows from financing activities:
Partnership distributions paid (577,542) (509,963)
--------- ---------
Net decrease in cash and cash equivalents (7,899) (91,550)
Cash and cash equivalents, beginning of year 91,678 252,283
--------- ---------
Cash and cash equivalents, end of period $ 83,779 $ 160,733
========= =========
Supplemental Schedule of noncash investing
activities:
Deferred project costs applied to investing activities $ 0 $ 5,843
========= =========
</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) Summary of Significant Accounting Policies
------------------------------------------
(a) General
-----------
Wells Real Estate Fund V, L.P. (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 June 30, 1998, the Partnership owned interests in the following
properties through its ownership in 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, 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, 1997.
7
<PAGE>
(b) 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, 1997.
(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,
1997.
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 from 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 June 30, 1998, the properties owned by the Partnership were 95%
occupied. Gross revenues of the Partnership were $409,874 for the six
months ended June 30, 1998, as compared to $376,646 for the six months
ended June 30, 1997. Gross revenues and net income have increased for the
six months ended June 30, 1998, over 1997 levels due chiefly
8
<PAGE>
to increased income from joint ventures and a decrease in legal, accounting
and partnership administration expenses.
Net cash used in operating activities remained relatively stable for the
six months ended June 30, 1998 and 1997. The increase in cash and cash
equivalents from $(91,550) for the six months ended June 30, 1997, to
$(7,899) for the six months ended June 30, 1998, was due primarily to a
decrease in investments in joint ventures.
The Partnership made cash distributions to the Limited Partners holding
Class A Units of $.19 per Class A Unit for the three months ended June 30,
1998, as compared to distributions of $.18 per Class A Unit for the three
months ended June 30, 1997. No cash distributions were made to the
Limited Partners holding Class B Units or to the General Partners.
The Partnership expects to continue to meet its short-term liquidity
requirements and budget demands generally through net cash provided by
operations which the Partnership believes will continue to be adequate to
meet both operating requirements and distributions to Limited Partners. At
this time, given the nature of the joint ventures in which the Partnership
has invested, there are no known improvements and renovations to the
properties expected to be funded from cash flow from operations.
The General Partners have verified that all operational computer systems
are year 2000 compliant. This includes systems supporting accounting,
property management and investor services. Also, as part of this review,
all building control systems have been verified as compliant. The current
line of business applications are based on compliant operating systems and
database servers. All of these products are scheduled for additional
upgrades before the year 2000. Therefore, it is not anticipated that the
year 2000 will have significant impact on operations.
Recent Accounting Pronouncements
--------------------------------
Statement of Financial Accounting Standards (SFAF) No. 130, "Reporting
Comprehensive Income", requires certain transactions (e.g., unrealized
gains/losses on available for sale securities) that are not reflected in
net income to be displayed as other comprehensive income. The Statement
also requires an entity to report total comprehensive income (i.e., net
income plus other comprehensive income) for every period in which an income
statement is presented. SFAS No. 130 is effective for annual and interim
periods beginning after December 13, 1997. None of the transactions
required to be reported in other comprehensive income pertain to the
Partnership; consequently, adoption of this statement had no impact on the
partnership's disclosures.
9
<PAGE>
PROPERTY OPERATIONS
- -------------------
As of June 30, 1998, the Partnership owned interests in the following
operational properties:
The Marathon Building/Fund V-VI-VII Joint Venture
- -------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
-------------------------------------- ------------------------------------
June 30, 1998 June 30, 1997 June 30, 1998 June 30, 1997
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Rental income $243,184 $242,755 $485,938 $482,711
Expenses:
Depreciation 87,646 87,646 175,292 175,292
Management & leasing expenses 9,890 9,890 19,780 19,892
Other operating expenses 3,099 3,635 6,741 4,763
-------- -------- -------- --------
100,635 101,171 201,813 199,947
-------- -------- -------- --------
Net income $142,549 $141,584 $284,125 $282,764
======== ======== ======== ========
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 $ 38,275 $ 38,116 $ 76,389 $ 76,644
Net income allocated to the
Partnership $ 23,463 $ 23,305 $ 46,767 $ 46,543
</TABLE>
Rental income increased for the six months ended June 30, 1998, compared to the
same period of 1997, due to a correction of straight-line rent in the first
quarter of 1997. Operating expenses increased slightly, due primarily to
accounting and administrative fees increasing, as compared to 1997. Cash
distributions to the Partnership and net income allocated to the Partnership
remained relatively stable for the six months ended June 30, 1998 and 1997.
10
<PAGE>
IBM Jacksonville /Fund IV - Fund V Joint Venture
- ------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
---------------------------------- ---------------------------------
June 30, 1998 June 30, 1997 June 30, 1998 June 30, 1997
------------- ------------- ------------- -------------
Revenues:
<S> <C> <C> <C> <C>
Rental income $ 365,896 $ 365,992 $ 731,888 $ 732,113
Expenses:
Depreciation 79,524 79,511 159,048 159,005
Management & leasing expenses 51,801 44,397 98,477 87,762
Other operating expenses (7,083) (4,809) 98,277 100,674
---------- ---------- ---------- ----------
124,242 119,099 355,802 347,441
---------- ---------- ---------- ----------
Net income $ 241,654 $ 246,893 $ 376,086 $ 384,672
========== ========== ========== ==========
Occupied % 100% 100% 100% 100%
Partnership's Ownership % in the
Fund IV Fund V Joint Venture 62.4% 62.2% 62.4% 62.2%
Cash distribution to Partnership $ 157,264 $ 157,688 $ 281,897 $ 284,769
Net income allocated to the
Partnership $ 150,706 $ 153,472 $ 234,544 $ 238,968
</TABLE>
Rental income for the IBM Jacksonville Building remained relatively stable in
1998, as compared to 1997 figures. Operating expenses increased slightly in
1998 due primarily to increased management and leasing expenses. Cash
distributions remained relatively stable for 1998 and 1997. The Partnership
contributed cash fundings to the Joint Venture for construction, which increased
the Partnership's ownership interest in the Fund IV - Fund V Joint Venture
11
<PAGE>
The Medical Center Property/Fund IV - Fund V Joint Venture
- ----------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
-------------------------------------- -------------------------------
June 30, 1998 June 30, 1997 June 30, 1998 June 30, 1997
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 118,712 $ 99,181 $ 236,039 $187,749
Interest income 2,572 2,284 4,519 4,923
--------- -------- -------- --------
121,284 101,465 240,558 192,672
--------- -------- -------- --------
Expenses:
Depreciation 44,524 41,313 89,048 81,135
Management & leasing expenses 15,874 18,032 30,670 29,697
Other operating expenses 32,795 36,636 80,471 82,052
--------- -------- -------- --------
93,193 95,981 200,189 192,884
--------- -------- -------- --------
Net income (loss) $ 28,091 $ 5,484 $ 40,369 $ (212)
========= ======== ========= =========
Occupied % 82% 82% 82% 82%
Partnership's Ownership % in the
Fund IV Fund V Joint Venture 62.4% 62.2% 62.4% 62.2%
Cash distribution to Partnership $ 50,138 $ 29,195 $ 90,143 $ 53,463
Net income (loss) allocated to the
Partnership $ 17,519 $ 3,408 $ 25,176 $ (128)
</TABLE>
Rental income, expenses and cash distributions increased in 1998, over 1997, due
primarily to an increase in the occupancy level of the property in the second
quarter of 1997 and a correction in the straight-line rent in 1997. The
Partnership contributed cash fundings to the Joint Venture for construction,
which increased the Partnership's ownership interest in the Fund IV - Fund V
Joint Venture.
12
<PAGE>
The Hartford Building/Fund V - Fund VI Joint Venture
- ----------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
-------------------------------------- -------------------------------
June 30, 1998 June 30, 1997 June 30, 1998 June 30, 1997
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 179,375 $ 179,375 $ 358,750 $ 358,750
Expenses:
Depreciation 73,005 73,002 146,010 146,010
Management & leasing expenses 7,242 7,175 12,898 15,242
Other operating expenses 4,566 4,827 9,788 (12,428)
---------- --------- ---------- ----------
84,813 85,004 168,696 148,824
---------- --------- ---------- ----------
Net income $ 94,562 $ 94,371 $ 190,054 $ 209,926
========== ========= ========== ==========
Occupied % 100% 100% 100% 100%
Partnership's Ownership % in the
Fund V Fund VI Joint Venture 46.5% 47.0% 46.5% 47.0%
Cash distribution to Partnership $ 78,749 $ 79,350 $ 157,192 $ 169,126
Net income allocated to the
Partnership $ 44,000 $ 44,314 $ 88,432 $ 98,892
</TABLE>
Net income decreased and expenses increased for the six months ended June 30,
1998, as compared to 1997, due primarily to an insurance reimbursement from the
tenant in 1997, which was recorded in the first quarter of 1997, in other
operating expenses.
The Partnership's ownership interest in the Fund V - Fund VI Joint Venture
decreased from 47.0% in 1997, to 46.5% in 1998, due to additional fundings by
Wells Fund VI in 1997, which caused a decrease in the Partnership's ownership
interest in the Fund V - Fund VI Joint Venture.
13
<PAGE>
Stockbridge Village II/Fund V - Fund VI Joint Venture
- -----------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
--------------------------------- -------------------------------
June 30, 1998 June 30, 1997 June 30, 1998 June 30, 1997
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 58,944 $ 55,942 $ 117,888 $ 119,278
Expenses:
Depreciation 25,425 22,827 51,128 43,692
Management & leasing expenses 7,072 6,440 15,674 11,354
Other operating expenses 19,669 59,890 24,193 92,246
--------- ----------- ----------- ----------
52,166 89,157 90,995 147,292
--------- ----------- ---------- ----------
Net income (loss) $ 6,778 $ (33,215) $ 26,893 $ (28,014)
========= =========== ========== ===========
Occupied % 72% 66% 72% 66%
Partnership's Ownership % in the
Fund V Fund VI Joint Venture 46.5% 47.0% 46.5% 47.0%
Cash distribution to Partnership $ 14,171 $ (6,027) $ 34,677 $ 5,366
Net income (loss) allocated to the
Partnership $ 3,154 $ (15,596) $ 12,513 $ (13,142)
</TABLE>
Other operating expenses decreased and net income increased in 1998, as compared
to 1997, due primarily to a bad debt reserve recorded in 1997, for Glenn's Open
Pit Bar-B-Que which had vacated 4,303 square feet of space as of April 1, 1997.
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 1998, as compared to 47.0% in 1997, due to additional
fundings by Wells Fund VI which increased Wells Fund VI's and caused a decrease
in the Partnership's ownership interest in the Fund V - Fund VI Joint Venture.
14
<PAGE>
PART II - OTHER INFORMATION
---------------------------
ITEM 6 (b). No reports on Form 8-K were filed during the second quarter of 1998.
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: August 10, 1998 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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<CASH> 83,779
<SECURITIES> 12,956,210
<RECEIVABLES> 338,597
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 13,378,583
<CURRENT-LIABILITIES> 300,006
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 13,078,580
<TOTAL-LIABILITY-AND-EQUITY> 13,378,586
<SALES> 0
<TOTAL-REVENUES> 409,874
<CGS> 0
<TOTAL-COSTS> 40,210
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 369,664
<INCOME-TAX> 369,664
<INCOME-CONTINUING> 369,664
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 369,664
<EPS-PRIMARY> 0.24
<EPS-DILUTED> 0
</TABLE>
