UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the Quarterly Period Ended September 30, 1996
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 #0-21606
InLand Capital Fund, L.P.
(Exact name of registrant as specified in its charter)
Delaware #36-3767977
(State or other jurisdiction (I.R.S. Employer Identification Number)
of incorporation or organization)
2901 Butterfield Road, Oak Brook, Illinois 60521
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: 630-218-8000
N/A
(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-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Balance Sheets
September 30, 1996 and December 31, 1995
(unaudited)
Assets
------
1996 1995
Current assets:
Cash and cash equivalents (Note 1).............. $ 1,092,492 708,979
Investments in marketable securities (Note 1)... 1,000,000 2,000,000
Accrued interest and other receivables.......... 85,350 41,062
Deposits and other assets....................... 4,285 1,279
------------ ------------
Total current assets.......................... 2,182,127 2,751,320
------------ ------------
Investment properties and improvements
(including acquisition fees paid to
Affiliates of $1,418,902) (Notes 3 and 4)....... 26,741,539 26,130,416
Deferred organization costs (net of accumulated
amortization of $14,416 and $12,229 at September
30, 1996 and December 31, 1995, respectively)
(Note 1)........................................ 165 2,352
------------ ------------
Total assets...................................... $28,923,831 28,884,088
============ ============
See accompanying notes to financial statements.
-2-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Balance Sheets
(continued)
September 30, 1996 and December 31, 1995
(unaudited)
Liabilities and Partners' Capital
---------------------------------
1996 1995
---- ----
Current liabilities:
Accounts payable................................ $ 32,309 29,277
Accrued real estate taxes....................... 54,623 77,815
Due to Affiliates (Note 2)...................... 63,349 26,531
Unearned income................................. 4,294 27,431
------------ ------------
Total current liabilities..................... 154,575 161,054
------------ ------------
Partners' capital (Notes 1 and 2):
General Partner:
Capital contribution.......................... 500 500
Cumulative net income......................... 12,757 12,097
------------ ------------
13,257 12,597
------------ ------------
Limited Partners:
Units of $1,000. Authorized 60,000 Units,
32,377.11 and 32,397.11 Units outstanding at
September 30, 1996 and December 31, 1995,
respectively (net of offering costs of
$4,466,765, of which $3,488,574 was paid to
Affiliates)................................... 27,910,743 27,930,343
Cumulative cash distributions................. (646,474) (646,334)
Cumulative net income......................... 1,491,730 1,426,428
------------ ------------
28,755,999 28,710,437
------------ ------------
Total Partners' capital....................... 28,769,256 28,723,034
------------ ------------
Total liabilities and Partners' capital........... $28,923,831 28,884,088
============ ============
See accompanying notes to financial statements.
-3-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Statements of Operations
For the three and nine months ended September 30, 1996 and 1995
(unaudited)
Three months Nine months
ended ended
September 30, September 30,
------------- -------------
1996 1995 1996 1995
---- ---- ---- ----
Income:
Sale of investment property
(Notes 1 and 3)................ $ - 360,822 - 646,334
Interest income.................. 28,905 60,418 95,970 168,788
Rental income.................... 74,765 65,052 216,227 179,631
---------- ---------- ---------- ----------
103,670 486,292 312,197 994,753
---------- ---------- ---------- ----------
Expenses:
Cost of investment property sold. - 196,473 - 417,551
Professional services to
Affiliates..................... 10,702 9,032 23,706 25,637
Professional services to
non-affiliates................. 427 665 26,647 22,336
General and administrative
expenses to Affiliates......... 11,007 7,450 26,172 22,264
General and administrative
expenses to non-affiliates..... 2,141 2,653 10,742 11,412
Marketing expenses to Affiliates. 3,888 14,320 16,659 35,669
Marketing expenses to
non-affiliates................. 22,136 2,041 32,433 9,437
Land operating expenses to
Affiliates..................... 15,958 15,334 47,876 46,301
Land operating expenses to
non-affiliates................. 22,701 17,652 59,813 61,407
Depreciation..................... - - - 1,653
Amortization of deferred
organization costs............. 728 728 2,187 2,186
---------- ---------- ---------- ----------
89,688 266,348 246,235 655,853
---------- ---------- ---------- ----------
Net income......................... $ 13,982 219,944 65,962 338,900
========== ========== ========== ==========
See accompanying notes to financial statements.
-4-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Statements of Operations
(continued)
For the three and nine months ended September 30, 1996 and 1995
(unaudited)
Three months Nine months
ended ended
September 30, September 30,
------------- -------------
1996 1995 1996 1995
---- ---- ---- ----
Net income allocated to:
General Partner.................. $ 140 556 660 1,101
Limited Partners................. 13,842 219,388 65,302 337,799
---------- ---------- ---------- ----------
Net income..................... $ 13,982 219,944 65,962 338,900
========== ========== ========== ==========
Net income allocated to the one
General Partner Unit............. $ 140 556 660 1,101
========== ========== ========== ==========
Net income allocated to Limited
Partners per weighted average
Limited Partnership Units (32,384
and 32,397 for the three months
ended September 30, 1996 and 1995,
and 32,393 and 32,397 for the nine
months ended September 30, 1996
and 1995, respectively).......... $ .43 6.77 2.02 10.43
========== ========== ========== ==========
See accompanying notes to financial statements.
-5-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Statements of Cash Flows
For the nine months ended September 30, 1996 and 1995
(unaudited)
1996 1995
---- ----
Cash flows from operating activities:
Net income...................................... $ 65,962 338,900
Adjustments to reconcile net income to net
cash provided by operating activities:
Amortization of deferred organization costs... 2,187 2,186
Depreciation.................................. - 1,653
Gain on sale of investment property........... - (228,783)
Changes in assets and liabilities:
Accrued interest and other receivables...... (44,288) (60,154)
Deposits and other assets................... (3,006) (16,225)
Accounts payable............................ 3,032 (1,569)
Accrued real estate taxes................... (23,192) (12,510)
Due to Affiliates........................... 36,818 4,565
Unearned income............................. (23,137) (9,009)
------------ ------------
Net cash provided by operating activities......... 14,376 19,054
------------ ------------
Cash flows from investing activities:
Sale (purchase) of marketable securities, net... 1,000,000 (500,000)
Purchase of and additions to land and building.. (611,123) (792,338)
Proceeds from sale of land and building......... - 646,334
------------ ------------
Net cash provided by (used in) investing
activities...................................... 388,877 (646,004)
------------ ------------
Cash flows from financing activities:
Repurchase of Limited Partnership Units......... (19,600) -
Cash distributions.............................. (140) (644,658)
------------ ------------
Net cash used in financing activities............. (19,740) (644,658)
------------ ------------
Net increase (decrease) in cash and cash
equivalents..................................... 383,513 (1,271,608)
Cash and cash equivalents at beginning of period.. 708,979 2,722,009
------------ ------------
Cash and cash equivalents at end of period........ $ 1,092,492 1,450,401
============ ============
See accompanying notes to financial statements.
-6-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
September 30, 1996
(unaudited)
Readers of this Quarterly Report should refer to the Partnership's audited
financial statements for the fiscal year ended December 31, 1995, which are
included in the Partnership's 1995 Annual Report, as certain footnote
disclosures which would substantially duplicate those contained in such audited
financial statements have been omitted from this Report.
(1) Organization and Basis of Accounting
InLand Capital Fund, L.P. (the "Partnership") was organized on June 21, 1991 by
the filing of a Certificate of Limited Partnership under the Revised Uniform
Limited Partnership Act of the State of Delaware. On December 13, 1991, the
Partnership commenced an Offering of 60,000 Limited Partnership Units pursuant
to a Registration under the Securities Act of 1933. The Amended and Restated
Agreement of Limited Partnership (the "Partnership Agreement") provides for
Inland Real Estate Investment Corporation to be the General Partner. On August
23, 1993, the Partnership terminated its Offering of Units. Subscriptions for a
total of 32,399.28 Units have been received from the public at $1,000 per Unit
resulting in $32,399,282 in gross offering proceeds, not including the General
Partner's capital contribution of $500. All of the holders of these Units have
been admitted to the Partnership. As of September 30, 1996, the Partnership
has repurchased a total of 22.174 Units for $21,775 from various Limited
Partners through the Units Repurchase Program. Under this program, Limited
Partners may under certain circumstances have their Units repurchased for an
amount equal to their Invested Capital.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting periods.
Actual results could differ from those estimates.
Deferred organization costs are amortized over a 60-month period. Offering
costs have been offset against the Limited Partners' capital accounts.
The Partnership considers all highly liquid investments purchased with a
maturity of three months or less to be cash equivalents and are carried at
cost, which approximates fair value because of the relative short maturity of
these instruments.
Investments purchased with a maturity of three months or more are considered to
be investments in marketable securities and are carried at cost, which
approximates fair value.
-7-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
September 30, 1996
(unaudited)
Investment properties held by the Partnership are carried at the lower of
aggregate cost or net realizable value. Periodically, the Partnership reviews
the portfolio and if the parcels suffer an impairment in value which is deemed
to be other than temporary, the parcels would be reduced to their net
realizable value. Through September 30, 1996, there were no such impairments.
For vacant land parcels and parcels with insignificant buildings and
improvements, the Partnership uses the area method of allocation, which
approximates the relative sales method of allocation, whereby a per acre price
is used as the standard allocation method for land purchases and sales. The
total cost of the parcel is divided by the total number of acres to arrive at a
per acre price. Repair and maintenance expenses are charged to operations as
incurred.
No provision for Federal income taxes has been made as the liability for such
taxes is that of the Partners rather than the Partnership.
Statement of Financial Accounting Standards No. 121, "Accounting for the
Impairment of Long-Lived Assets to Be Disposed Of" was issued in March 1995 and
is effective for fiscal years beginning after December 15, 1995. This
pronouncement is not expected to have a material effect on the financial
position or results of operations of the Partnership when adopted in 1996.
In the opinion of management, the financial statements contain all the
adjustments necessary, which are of a normal recurring nature, to present
fairly the financial position and results of operations for the period
presented herein. Results of interim periods are not necessarily indicative of
results to be expected for the year.
(2) Transactions with Affiliates
The General Partner and its Affiliates are entitled to reimbursement for
salaries and expenses of employees of the General Partner and its Affiliates
relating to the administration of the Partnership. Such costs are included in
professional services to Affiliates and general and administrative expenses to
Affiliates, of which $15,817 and $6,417 was unpaid as of September 30, 1996 and
December 31, 1995, respectively.
-8-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
September 30, 1996
(unaudited)
The General Partner is entitled to receive Asset Management Fees equal to one-
quarter of 1% of the original cost to the Partnership of undeveloped land
annually, limited to a cumulative total over the life of the Partnership of 2%
of the land's original cost to the Partnership. Such fees of $47,876 and
$46,301 have been incurred and are included in land operating expenses to
Affiliates for the nine months ended September 30, 1996 and 1995, respectively,
of which $15,959 and $15,738 was unpaid as of September 30, 1996 and December
31, 1995, respectively.
An Affiliate of the General Partner performed marketing and advertising
services for the Partnership's land investments and was reimbursed (as set
forth under terms of the Partnership Agreement) for direct costs. Such costs
of $16,659 and $35,669 have been incurred and are included in marketing
expenses to Affiliates for the nine months ended September 30, 1996 and 1995,
respectively, of which $3,889 and $4,376 was unpaid as of September 30, 1996
and December 31, 1995, respectively.
An Affiliate of the General Partner performed property upgrades, rezoning,
annexation and other activities to prepare the Partnership's land investments
for sale and was reimbursed (as set forth under terms of the Partnership
Agreement) for salaries and direct costs. The Affiliate did not take a profit
on any project. Such fees of $39,351 and $10,583 have been incurred for the
nine months ended September 30, 1996 and 1995, respectively, and are included
in investment properties, of which $27,684 and $0 was unpaid as of September
30, 1996 and December 31, 1995, respectively.
Through the Partnership's participation in an insurance program, claims from
the Partnership's properties, as well as properties owned by other limited
partnerships syndicated by Affiliates, were managed through a loss reserve
trust. For the nine months ended September 30, 1996 and 1995, the Partnership
paid $4,923 and $1,108, respectively, to the loss reserve trust for the land
parcels.
-9-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
(3) Investment Properties
All of the Partnership's investment properties are located in the
collar counties surrounding the Chicago metropolitan area. The following
real property investments are owned by the Partnership as of September 30,
1996:
Gross
Acres Purchase/ Initial Costs
Parcel Location: Purchased Sales Original Acquisition Total
# County /(Sold) Date Costs Costs Costs
1 Kendall 108.8960 07/22/92 $ 707,566 57,926 765,492
2 McHenry 201.0000 11/09/93 2,020,314 122,145 2,142,459
(17.742) 08/02/95
3 Will 34.0474 03/04/94 1,235,830 88,092 1,323,922
4 Will 86.9195 03/30/94 1,778,820 143,817 1,922,637
5 LaSalle 190.9600 04/01/94 532,000 18,145 550,145
6 DeKalb 59.0800 05/11/94 670,207 58,373 728,580
7 Kendall 200.8210 07/28/94 1,506,158 82,999 1,589,157
8 Kendall 133.0000 08/17/94 1,300,000 106,949 1,406,949
9 LaSalle 335.9600 08/30/94 993,441 79,329 1,072,770
10 Kendall 223.7470 09/16/94 2,693,025 205,660 2,898,685
10A(a) Kendall 7.0390 09/16/94 206,975 15,806 222,781
(7.0390) 04/21/95
11 Kane 123.0000 09/26/94 1,353,000 75,551 1,428,551
12 Kendall 110.2530 09/28/94 600,001 51,220 651,221
13 LaSalle 352.7390 10/06/94 1,032,666 91,117 1,123,783
14 Kendall 134.7760 10/26/94 1,000,000 81,674 1,081,674
15 McHenry 169.5400 10/31/94 2,900,000 79,196 2,979,196
16 McHenry 207.0754 11/30/94 1,760,256 101,388 1,861,644
17 LaSalle 236.4400 12/07/94 1,060,286 74,735 1,135,021
18 Kendall 386.9900 11/02/95 934,993 126,329 1,061,322
------------ ------------ ------------
$24,285,539 1,660,450 25,945,989
============ ============ ============
Total
Costs Remaining Current
Capitalized Costs of Costs of Year Gain
Parcel Subsequent to Property Parcels at On Sale
# Acquisition Sold 9/30/96 Recognized
1 $ 72,372 - 837,864 -
2 220,565 196,473 2,166,551 -
3 11,110 - 1,335,032 -
4 53,054 - 1,975,691 -
5 61,252 - 611,397 -
6 472,676 - 1,201,256 -
7 19,046 - 1,608,203 -
8 2,896 - 1,409,845 -
9 94,208 - 1,166,978 -
10 21,499 - 2,920,184 -
10A(a) 1,327 221,078 - -
11 3,997 - 1,432,548 -
12 10,652 - 661,873 -
13 20,252 - 1,144,035 -
14 4,439 - 1,086,113 -
15 73,524 - 3,052,720 -
16 73,018 - 1,934,662 -
17 244 - 1,135,265 -
18 - - 1,061,322 -
-------------- ------------ ------------ ------------
1,216,131 417,551 26,741,539 -
============== ============ ============ ============
-10-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
September 30, 1996
(unaudited)
(3) Investment Properties (continued)
(a) Included in the purchase of Parcel 10 was a house and several outbuildings,
located on approximately seven acres, which was sold on April 21, 1995.
(b) Reconciliation of real estate owned:
1996 1995
---- ----
Balance at January 1,........................... $26,130,416 25,033,665
Additions during period:
Acquisitions.................................... - 1,061,322
Improvements.................................... 611,123 456,010
------------ ------------
26,741,539 26,550,997
Sales during period............................. - 420,581
------------ ------------
Balance at end of period........................ $26,741,539 26,130,416
============ ============
(c) Reconciliation of accumulated depreciation:
1996 1995
---- ----
Balance at January 1,........................... - 1,377
Depreciation expenses........................... - 1,653
Sales during period............................. - (3,030)
------------ ------------
Balance at end of period........................ $ - -
============ ============
(4) Farm Rental Income
The Partnership has determined that all leases relating to the farm parcels are
operating leases. Accordingly, rental income is reported when earned.
As of September 30, 1996, the Partnership had farm leases of generally one year
in duration, for approximately 2,873 acres of the approximately 3,278 acres
owned.
-11-
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Liquidity and Capital Resources
On December 13, 1991, the Partnership commenced an Offering of 60,000 Limited
Partnership Units ("Units") at $1,000 per Unit, pursuant to a Registration
Statement on Form S-11 under the Securities Act of 1933. On August 23, 1993,
the Partnership terminated its Offering of Units. Subscriptions for a total of
32,399.28 Units have been received from the public at $1,000 per Unit resulting
in $32,399,282 in gross offering proceeds, not including the General Partner's
capital contribution of $500. All of the holders of these Units have been
admitted to the Partnership. Inland Real Estate Investment Corporation is the
General Partner. The Limited Partners of the Partnership will share in their
portion of benefits of ownership of the Partnership's real property investments
according to the number of Units held.
The Partnership used $25,945,989 of gross offering proceeds to purchase, on an
all-cash basis, eighteen parcels of land and one building. These investments
include the payment of the purchase price, acquisition fees and acquisition
costs of such properties. One of the parcels was purchased during 1992, one
during 1993, fifteen during 1994 and one during 1995. As of September 30,
1996, the Partnership has had two sales transactions through which it has
disposed of the building and approximately twenty-five acres of the 3,302 acres
originally owned. As of September 30, 1996, cumulative distributions to the
Limited Partners have totaled $646,474 (which represents a return of Invested
Capital, as defined the Partnership Agreement). Through September 30, 1996,
the Partnership has used $1,216,131 of working capital reserve for rezoning and
other activities and such amount is included in investment properties.
The Partnership's capital needs and resources will vary depending upon a number
of factors, including the extent to which the Partnership conducts rezoning and
other activities relating to utility access, the installation of roads,
subdivision and/or annexation of land to a municipality, changes in real estate
taxes affecting the Partnership's land, and the amount of revenue received from
leasing. As of September 30, 1996, the Partnership owns, in whole or in part,
all eighteen of its original parcels, all of which are leased to local farmers
and are generating sufficient cash flow from farm leases to cover property
taxes and insurance.
At September 30, 1996, the Partnership had cash, cash equivalents and
investments in marketable securities of $2,092,492, of which approximately
$166,000 is reserved for the repurchase of Units through the Unit Repurchase
Program. The remaining $1,926,492 is available, upon maturity, to be used for
Partnership expenses and liabilities, cash distributions to partners, and other
activities with respect to some or all of its land parcels. The Partnership
plans to maximize its parcel sales effort in anticipation of rising land
values.
-12-
The Partnership plans to enhance the value of its land through pre-development
activities such as rezoning, annexation and land planning. The Partnership has
already been successful in, or is in the process of pre-development activity on
a majority of the Partnership's land investments. Parcel 2, annexed to the
village of McHenry and zoned for a business park, has improvements underway and
sites are being marketed to potential buyers. Parcel 4, zoned for a variety of
business uses, has two separate contracts pending the buyer's due diligence.
Parcel 6, annexed to the village of DeKalb and zoned for twenty-five large,
residential lots, has completed the road into the subdivision and the lots are
being marketed to homebuilders and individuals. Parcels 15 and 16 have been
annexed to the village of Huntley and zoned for residential and commercial
development.
Results of Operations
As of September 30, 1996, the Partnership owned eighteen parcels of land
consisting of 3,278 acres. Of the 3,278 acres owned, approximately 2,873 acres
are tillable and leased to local farmers and are generating sufficient cash
flow to cover property taxes, insurance and other miscellaneous expenses. The
sale of investment property income and the cost of investment property sold
recorded for the three and nine months ended September 30, 1995 is a result of
the sale of the house and outbuildings located on approximately seven acres of
Parcel 10 on April 21, 1995 and the sale of 17.742 acres of Parcel 2 on August
2, 1995. The increase in rental income for the three and nine months ended
September 30, 1996, as compared to the three and nine months ended September
30, 1995, is due to the annual increase in lease amounts from tenants. The
increase in land operating expenses to Affiliates for the three and nine months
ended September 30, 1996, as compared to the three and nine months ended
September 30, 1995, is due to the Partnership purchasing its final parcel,
Parcel 18, in November 1995. The decrease in land operating expenses to non-
affiliates for the nine months ended September 30, 1996, as compared to the
nine months ended September 30, 1995, is due to decreases in real estate taxes.
This decrease was partially offset by an increase in insurance expenses. The
decrease in depreciation expense for the nine months ended September 30, 1996,
as compared to the nine months ended September 30, 1995, is due to the sale of
the house and outbuildings located on Parcel 10 during April 1995.
Interest income decreased for the three and nine months ended September 30,
1996, as compared to the three and nine months ended September 30, 1995, due to
the Partnership using the remaining available capital to purchase its final
parcel, Parcel 18, in November 1995. The Partnership completed the purchase of
its land portfolio in 1995, and anticipates that income in future years will be
earned from leasing the land and sales of investment properties rather than
income from short-term investments.
Professional services to Affiliates decreased for the nine months ended
September 30, 1996, as compared to the nine months ended September 30, 1995,
due to a decrease in accounting services required by the Partnership.
Professional services to non-affiliates increased for the nine months ended
September 30, 1996, as compared to the nine months ended September 30, 1995,
due to increases in outside legal and other professional fees.
-13-
General and administrative expenses to Affiliates increased for the three and
nine months ended September 30, 1996, as compared to the three and nine months
ended September 30, 1995, due primarily to increases in supplies and investor
services expenses.
Marketing expenses to Affiliates decreased for the three and nine months ended
September 30, 1996, as compared to the three and nine months ended September
30, 1995, due to a decrease in expenses relating to marketing and advertising
the Partnership's land investments. Marketing expenses to non-affiliates
increased for the three and nine months ended September 30, 1996, as compared
to the three and nine months ended September 30, 1995, due to advertising and
travel expenses relating to marketing the land portfolio to prospective
purchasers.
PART II - Other Information
Items 1 through 5 are omitted because of the absence of conditions under which
they are required.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
(27) Financial Data Schedule
(b) Reports on Form 8-K:
None
-14-
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.
INLAND CAPITAL FUND, L.P.
By: Inland Real Estate Investment Corporation
General Partner
/S/ ROBERT D. PARKS
By: Robert D. Parks
Chairman
Date: November 13, 1996
/S/ PATRICIA A. CHALLENGER
By: Patricia A. Challenger
Senior Vice President
Date: November 13, 1996
/S/ KELLY TUCEK
By: Kelly Tucek
Principal Financial Officer and
Principal Accounting Officer
Date: November 13, 1996
-15-
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<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 1092492
<SECURITIES> 1000000
<RECEIVABLES> 85350
<ALLOWANCES> 0
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0
0
<COMMON> 0
<OTHER-SE> 28769256
<TOTAL-LIABILITY-AND-EQUITY> 28923831
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