<PAGE>
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
_________________
Commission File No. 1-13038
CRESCENT REAL ESTATE EQUITIES, LTD. 401(k) PLAN
777 Main Street, Suite 2100
Fort Worth, Texas 76102
(Full title and address of plan)
CRESCENT REAL ESTATE EQUITIES, INC.
900 Third Avenue, Suite 1800
New York, New York 10022
(Name of issuer and address of principal executive offices)
- --------------------------------------------------------------------------------
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees have duly caused this annual report to be signed on its
behalf by the undersigned, thereunto duly authorized.
CRESCENT REAL ESTATE EQUITIES, LTD.
401(k) PLAN
Date: 6/27/96 By: /s/ Dallas E. Lucas
- ----------------------------- ---------------------------------
Dallas E. Lucas
Trustee
<PAGE>
CRESCENT REAL ESTATE EQUITIES, LTD.
401(k) PLAN
____________________________
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
--------------------------------------------------------
Page
----
Report of Independent Public Accountants .................................. 1
Statement of Net Assets Available for Plan Benefits with Fund Information
as of December 31, 1995 .............................................. 2
Statement of Net Assets Available for Plan Benefits with Fund Information
as of December 31, 1994 .............................................. 3
Statement of Changes in Net Assets Available for Plan Benefits with Fund
Information for the year ended December 31, 1995 ..................... 4
Statement of Changes in Net Assets Available for Plan Benefits with Fund
Information for the Period from July 1, 1994 (inception) to
December 31, 1994 .................................................... 5
Notes to Financial Statements ............................................. 6
Schedule I - Item 27a - Supplemental Schedule of Assets Held for Investment
Purposes as of December 31, 1995 ..................................... 10
Schedule II - Item 27d - Supplemental Schedule of Reportable Transactions
for the Year Ended December 31, 1995 ................................. 11
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Trustees of
Crescent Real Estate Equities, Ltd. 401(k) Plan
We have audited the accompanying statements of net assets available for plan
benefits of Crescent Real Estate Equities, Ltd. 401(k) Plan (the "Plan") as
of December 31, 1995 and 1994, and the related statements of changes in net
assets available for plan benefits for the year ended December 31, 1995 and
for the period from July 1, 1994 (inception) to December 31, 1994. These
financial statements and the schedules referred to below are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan
as of December 31, 1995 and 1994, and the changes in net assets available for
plan benefits for the year ended December 31, 1995 and for the period from
July 1, 1994 (inception) to December 31, 1994, in conformity with generally
accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of Assets
Held for Investment Purposes and Reportable Transactions are presented for
the purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. The Fund
information in the statements of net assets available for plan benefits and
the statements of changes in net assets available for plan benefits is
presented for purposes of additional analysis rather than to present the net
assets available for plan benefits and changes in net assets available for
plan benefits for each fund. The supplemental schedules and Fund information
have been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
The schedule of reportable transactions that accompanies the Plan's financial
statements does not disclose the historical cost of certain transactions or
gains and losses on sales for assets held by the Plan custodian. Disclosure
of this information is required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974.
ARTHUR ANDERSEN LLP
Dallas, Texas
June 4, 1996
1
<PAGE>
CRESCENT REAL ESTATE EQUITIES, LTD. 401(k) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
AS OF DECEMBER 31, 1995
<TABLE>
<CAPTION>
FIDELITY NATIONWIDE
DREYFUS FIDELITY ASSET MONEY GUARANTEED STOCK LOAN
BONDS MAGELLAN MANAGER MARKET ACCOUNT FUND FUND TOTAL
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Mutual funds $61,350 $372,879 $175,457 $13,670 $ - $ - $ - $ 623,356
Guaranteed investment contract - - - - 378,394 - - 378,394
Employer stock - - - - - 126,652 - 126,652
Participant loans - - - - - - 22,912 22,912
Receivables:
Employer's contribution 2,522 17,134 6,949 80 4,860 9,279 - 40,824
Participants' contribution - - - - - 3,455 - 3,455
------- -------- -------- ------- -------- -------- ------- ----------
Total Receivables 2,522 17,134 6,949 80 4,860 12,734 - 44,279
------- -------- -------- ------- -------- -------- ------- ----------
TOTAL ASSETS 63,872 390,013 182,406 13,750 383,254 139,386 22,912 1,195,593
------- -------- -------- ------- -------- -------- ------- ----------
LIABILITIES
Accounts payable 106 13,353 3,370 - 12,090 9,250 - 38,169
------- -------- -------- ------- -------- -------- ------- ----------
TOTAL LIABILITIES 106 13,353 3,370 - 12,090 9,250 - 38,169
------- -------- -------- ------- -------- -------- ------- ----------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $63,766 $376,660 $179,036 $13,750 $371,164 $130,136 $22,912 $1,157,424
------- -------- -------- ------- -------- -------- ------- ----------
------- -------- -------- ------- -------- -------- ------- ----------
</TABLE>
The accompanying notes are an integral part of this financial statement.
2
<PAGE>
CRESCENT REAL ESTATE EQUITIES, LTD. 401(k) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
AS OF DECEMBER 31, 1994
<TABLE>
FIDELITY NATIONWIDE
DREYFUS FIDELITY ASSET GUARANTEED STOCK
BONDS MAGELLAN MANAGER ACCOUNT FUND TOTAL
------ -------- -------- ---------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value:
Mutual funds $5,654 $49,444 $30,496 $ - $ - $ 85,594
Guaranteed investment contract - - - 31,227 - 31,227
Employer stock - - - - 25,843 25,843
Receivables:
Employer's contribution 819 5,259 3,029 1,926 3,809 14,842
Participants' contribution - - - - 2,744 2,744
------ ------- ------- ------- ------- --------
Total Receivables 819 5,259 3,029 1,926 6,553 17,586
------ ------- ------- ------- ------- --------
TOTAL ASSETS 6,473 54,703 33,525 33,153 32,396 160,250
------ ------- ------- ------- ------- --------
LIABILITIES
Accounts payable - 5,493 2,710 2,352 1,104 11,659
------ ------- ------- ------- ------- --------
TOTAL LIABILITIES - 5,493 2,710 2,352 1,104 11,659
------ ------- ------- ------- ------- --------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $6,473 $49,210 $30,815 $30,801 $31,292 $148,591
------ ------- ------- ------- ------- --------
------ ------- ------- ------- ------- --------
</TABLE>
The accompanying notes are an integral part of this financial statement.
3
<PAGE>
CRESCENT REAL ESTATE EQUITIES, LTD. 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
FIDELITY NATIONWIDE
DREYFUS FIDELITY ASSET MONEY GUARANTEED STOCK LOAN
BONDS MAGELLAN MANAGER MARKET ACCOUNT FUND FUND TOTAL
------- -------- -------- ------- -------- ------- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Additions to net assets attributed to:
Net realized/unrealized gain $ 7,095 $ 69,871 $ 22,251 $ - $ - $ 23,239 $ - $ 122,456
Interest income - - - 586 16,553 - 244 17,383
Contributions:
Employer's 2,522 17,134 6,949 80 4,860 9,279 - 40,824
Participants' 16,739 126,438 54,428 299 41,308 75,576 - 314,788
Rollovers 34,846 177,429 120,241 20,949 203,994 - - 557,459
------- -------- -------- ------- -------- -------- ------- ----------
54,107 321,001 181,618 21,328 250,162 84,855 - 913,071
------- -------- -------- ------- -------- -------- ------- ----------
TOTAL ADDITIONS 61,202 390,872 203,869 21,914 266,715 108,094 244 1,052,910
------- -------- -------- ------- -------- -------- ------- ----------
DEDUCTIONS:
Deductions from net assets
attributed to:
Refunds to participants 106 13,353 3,370 - 12,090 9,250 - 38,169
Benefits paid to participants 979 2,699 2,230 - - - - 5,908
------- -------- -------- ------- -------- -------- ------- ----------
TOTAL DEDUCTIONS 1,085 16,052 5,600 - 12,090 9,250 - 44,077
------- -------- -------- ------- -------- -------- ------- ----------
LOANS ISSUED TO PARTICIPANTS (2,933) (12,493) (7,500) - - - 22,926 -
LOAN PRINCIPAL REPAYMENTS - 129 129 - - - (258) -
INTERFUND TRANSFERS 109 (35,006) (42,677) (8,164) 85,738 - - -
------- -------- -------- ------- -------- -------- ------- ----------
NET INCREASE 57,293 327,450 148,221 13,750 340,363 98,844 22,912 1,008,833
NET ASSETS AVAILABLE FOR PLAN
BENEFITS,
BEGINNING OF YEAR 6,473 49,210 30,815 - 30,801 31,292 - 148,591
------- -------- -------- ------- -------- -------- ------- ----------
END OF YEAR $63,766 $376,660 $179,036 $13,750 $371,164 $130,136 $22,912 $1,157,424
------- -------- -------- ------- -------- -------- ------- ----------
------- -------- -------- ------- -------- -------- ------- ----------
</TABLE>
The accompanying notes are an integral part of this financial statement.
4
<PAGE>
CRESCENT REAL ESTATE EQUITIES, LTD. 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
WITH FUND INFORMATION
FOR THE PERIOD FROM JULY 1, 1994 (INCEPTION) TO DECEMBER 31, 1994
<TABLE>
<CAPTION>
FIDELITY NATIONWIDE
DREYFUS FIDELITY ASSET GUARANTEED STOCK
BONDS MAGELLAN MANAGER ACCOUNT FUND TOTAL
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Additions to net assets attributed to:
Net realized/unrealized gain (loss) $ 10 $ (82) $ (749) $ - $ 317 $ (504)
Interest income - - - 218 - 218
Contributions:
Employer's 819 5,259 3,029 1,926 3,809 14,842
Participants' 5,644 40,962 22,315 14,638 28,270 111,829
Rollovers - 8,666 9,132 16,371 - 34,169
------- -------- --------- --------- -------- ---------
6,463 54,887 34,476 32,935 32,079 160,840
------- -------- --------- --------- -------- ---------
TOTAL ADDITIONS 6,473 54,805 33,727 33,153 32,396 160,554
------- -------- --------- --------- -------- ---------
DEDUCTIONS:
Deductions from net assets
attributed to:
Refunds to participants - 5,493 2,710 2,352 1,104 11,659
Benefits paid to participants - 102 202 - - 304
------- -------- --------- --------- -------- ---------
TOTAL DEDUCTIONS - 5,595 2,912 2,352 1,104 11,963
------- -------- --------- --------- -------- ---------
NET INCREASE 6,473 49,210 30,815 30,801 31,292 148,591
NET ASSETS AVAILABLE FOR PLAN
BENEFITS,
BEGINNING OF YEAR - - - - - -
------- -------- --------- --------- -------- ---------
END OF YEAR $ 6,473 $ 49,210 $ 30,815 $ 30,801 $ 31,292 $ 148,591
------- -------- --------- --------- -------- ---------
------- -------- --------- --------- -------- ---------
</TABLE>
The accompanying notes are an integral part of this financial statement.
5
<PAGE>
CRESCENT REAL ESTATE EQUITIES, LTD.
401(k) PLAN
-----------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------------
1. Description of Plan:
The following description of the Crescent Real Estate Equities Ltd. (the
"Company") 401(k) Plan (the "Plan") provides only general information.
Participants should refer to the Plan agreement for a more comprehensive
description of the Plan's provisions.
GENERAL - The Plan was established on July 1, 1994. The Plan is a defined
contribution plan covering all employees of the Company who have completed
one month of service and are age twenty-one or older. Eligible employees may
elect to participate in the Plan on the first day of the quarter after their
first month of service. It is subject to the applicable provisions of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA").
Nationwide Life Insurance Company ("Nationwide") serves as the asset
custodian for the Plan.
CONTRIBUTIONS - Each year, participants may contribute up to 15 percent of
pretax annual compensation, as defined in the Plan. A participant's
contribution may not exceed an amount determined by the Internal Revenue
Service each calendar year ($9,240 in 1995 and 1994). The participants may
change their percent contribution election quarterly. The Company matches 25
percent of participants' contributions up to the first 4 percent of base
compensation. In addition to the matching contribution, the Company may make
a discretionary contribution which is determined and approved by the board of
directors annually. No discretionary contribution payment was made for the
year ended December 31, 1995 and the period ended December 31, 1994. All
employer contributions are invested based on participant account elections.
PARTICIPANT ACCOUNTS - Each participant's account is credited with the
participant's contribution and allocations of (a) Company's contribution,
(b) Plan earnings, and (c) forfeited balances of terminated participants'
non-vested accounts. Allocations are based on participant earnings or account
balances, as defined.
VESTING - Participants are immediately vested in their voluntary
contributions plus actual earnings thereon. Vesting in the Company's matching
and discretionary contribution portion of the participants' accounts plus
actual earnings thereon is based on years of continuous service. A
participant is 100 percent vested after five years of credited service. The
vesting schedule is as follows:
Years of
Service Percentage
-------- ----------
1 20%
2 40%
3 60%
4 80%
5 100%
INVESTMENT OPTIONS - Upon enrollment in the Plan, a participant may direct
employee contributions in one of or in a combination of any five of the
following investment options.
6
<PAGE>
1. Dreyfus Bonds -
Funds are invested in corporate and government instruments seeking
current income and preservation of capital.
2. Fidelity Magellan -
A mutual fund investing primarily in common stocks and convertible
securities, both domestic and foreign.
3. Fidelity Asset Manager -
A mutual fund investing in stocks, bonds and short-term instruments
seeking high total return with reduced risk over the long term.
4. Nationwide Guaranteed Account -
Funds are invested in a guaranteed return investment contract that
provides an annual interest guarantee, based on the investment yield
realized on Nationwide's General Account. The interest rate was 5.75%
and 6.35% for 1994 and 1995, respectively.
5. Stock Fund - Funds are invested in common stock of Crescent Real
Estate Equities, Inc.
Participants may change their investment options daily for any of the funds
except the Stock Fund. Investment option changes that affect the Stock Fund
may be done quarterly.
PARTICIPANT NOTES RECEIVABLE - Participants may borrow from their fund
accounts, for hardship purposes, a minimum of $1,000 and a maximum equal
to the lesser of $50,000 or 50 percent of their vested account balance. Loans
are available to all participants only after the trustees have evaluated the
applicant's credit worthiness, financial need, and purpose and terms of the
loan. Loan transactions are treated as a transfer to (from) the investment
fund from (to) the Participant Loan fund. Loan terms range from one to five
years or a reasonable period of time greater than 5 years for the purchase of
a principal residence. The loans are secured by the balance in the
participant's account and bear interest at the prime rate listed in the Wall
Street Journal plus 1%. The interest rate must be one that a bank or other
professional lender would charge for making a loan in a similar circumstance.
The interest rate at December 31, 1995 was 9.75%. Principal and interest have
a definite repayment period which provides for payments to be made not less
frequently than quarterly.
There were no participant loans made in 1994.
PAYMENT OF BENEFITS - Upon termination of service due to death, total and
permanent disability, or retirement, a participant may elect to either
receive a lump-sum amount equal to the value of the participant's vested
interest in his or her account or select the installment plan, only if the
participant's account balance exceeds $3,500. For termination of service
due to other reasons, a participant may receive the value of the vested
interest in his or her account as a lump-sum distribution.
DISPOSITION OF FORFEITURES - Forfeitures attributable to the Company matching
contributions shall be allocated among the participants' accounts annually
determined by the percentage which the participant's account balance for the
year bears to the total of all participants' accounts for the year.
Forfeitures for 1995 and 1994 were $96 and $0, respectively.
7
<PAGE>
2. Summary of Accounting Policies:
BASIS OF ACCOUNTING
The financial statements of the Plan are prepared under the accrual method of
accounting in conformity with generally accepted accounting principles
("GAAP").
The preparation of financial statements in conformity with GAAP 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 income
and expenses during the reporting period. Actual results could differ from
those estimates.
INVESTMENT VALUATION AND INCOME RECOGNITION
The Plan's investments are stated at fair value, except for its investment
contract, which is valued at contract value. Shares of registered investment
companies are valued at quoted market prices, which represent the net asset
value of shares held by the Plan at year end. The Company stock is valued at
its quoted market price. Participant loans are valued at cost, which
approximates fair value.
The contract value of the Nationwide Guaranteed Account is determined by
summing principal, contributions and interest earned less administrative
expenses. The contract is included in the financial statements at contract
value, which approximates fair value, as reported to the Plan by Nationwide.
Purchases and sales of securities are recorded on a trade date basis.
Interest income is recorded on the accrual basis. Dividends are recorded on
the ex-dividend date. No interest or dividends were earned on the
employer's stock in 1994, because the majority of the stock was purchased
on December 31, 1994.
PAYMENT OF BENEFITS
Benefits are recorded when paid.
3. Assets Held for Investment Purposes:
The fair market value of the following investments represent 5% or more of
the Plan's net assets available for plan benefits at December 31, 1995 and
1994:
1995 1994
---- ----
Dreyfus Bonds $ 61,350 $ 5,654
Fidelity Magellan 372,879 49,444
Fidelity Asset Manager 175,457 30,496
Nationwide Guaranteed Account 378,394 31,227
Stock Fund 126,652 25,843
4. Plan Termination:
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate
the Plan subject to the provisions of ERISA. In the event of Plan
termination, participants will become 100 percent vested in their accounts.
Amounts will be distributed in accordance with Plan provisions.
5. Tax Status:
The Plan is designed to be a qualified plan under Section 401(a) of the
Internal Revenue Code ("Code") and therefore, the Plan and related trusts are
exempt from federal income tax under Section 501(a) of the Code.
8
<PAGE>
The Plan filed its determination letter application on January 25, 1995 with
the Internal Revenue Service and received a favorable determination letter
dated March 23, 1996 from the Internal Revenue Service as to the
qualification for tax exempt status.
6. Related Party Transactions:
All administrative expenses and accounting fees of the Plan are to be paid
by the Employer. The employer paid approximately $9,700 and $9,200 for
administrative and accounting fees on behalf of the Plan during fiscal year
1995 and 1994, respectively. Under the terms of the Plan, the Plan is not
responsible for reimbursing the Employer for any fees paid by the Employer.
7. Subsequent Event:
After year end, the Company's record keeper performed discrimination
testing in which the Plan failed the Average Deferral Percentage
(ADP)/Average Contribution Percentage (ACP) test. In order to pass the test,
the Plan refunded $38,169 to participants in 1996. These refunds are
reflected as accounts payable in the financial statements for 1995.
9
<PAGE>
SCHEDULE I
CRESCENT REAL ESTATE EQUITIES, LTD. 401 (k) PLAN
ITEM 27a - SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
Plan Number: 001
EIN: 75-2526839
<TABLE>
<CAPTION>
(b) (c) (d) (e)
IDENTITY OF DESCRIPTION CURRENT
(a) ISSUER OF INVESTMENT COST VALUE
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Dreyfus A Bonds Plus, Inc. Mutual Fund - Dreyfus Bonds $ 54,255 $ 61,350
Fidelity Mutual Fund - Fidelity Magellan 303,008 372,879
Fidelity Mutual Fund - Fidelity Asset Manager 153,206 175,457
* Nationwide Money Market 13,084 13,670
* Nationwide Guaranteed Fixed Income Account @ 6.35% 361,841 378,394
* Crescent Real Estate Equities, Inc. Common Stock (Par value $.01) 103,413 126,652
* Loans to Participants (Interest Rate of 9.75% to 9.75%) - 22,912
-------- ----------
$988,807 $1,151,314
-------- ----------
-------- ----------
*column (a) indicates each identified person/entity known to be a party-in-interest.
This supplemental schedule lists assets held for investment purposes at December 31, 1995, as required by the
Department of Labor Rules and Regulations for Reporting and Disclosure.
</TABLE>
10
<PAGE>
SCHEDULE II
CRESCENT REAL ESTATE EQUITIES, LTD. 401(k) PLAN
ITEM 27d - SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
Plan Number: 001
EIN: 75-2526839
<TABLE>
<CAPTION>
(a) (b) (c) (d) (f) (g)
EXPENSE
IDENTITY DESCRIPTION INCURRED COST OF
OF OF PURCHASE SELLING WITH OF
ISSUER ASSET PRICE PRICE TRANSACTION ASSET
- ----------------------------------- ------------------------------------- -------- --------- ----------- --------
<S> <C> <C> <C> <C> <C>
INDIVIDUAL TRANSACTIONS:
Crescent Real Estate Equities, Inc. Common Stock (Par Value $.01) $ 14,464 $ - $ 71 $ 14,393
Crescent Real Estate Equities, Inc. Common Stock (Par Value $.01) 10,690 - 52 10,638
Crescent Real Estate Equities, Inc. Common Stock (Par Value $.01) 38,889 - 152 38,737
Crescent Real Estate Equities, Inc. Common Stock (Par Value $.01) 15,265 - 79 15,186
SERIES OF TRANSACTIONS:
Dreyfus A Bonds Plus, Inc. Mutual Fund - Dreyfus Bonds $ 51,694 $ - $ - $ 51,694
Fidelity Mutual Fund - Fidelity Magellan 320,143 - - 320,143
Fidelity Mutual Fund - Fidelity Magellan - (66,345) - *
Fidelity Mutual Fund - Fidelity Asset Manager 182,499 - - 182,499
Fidelity Mutual Fund - Fidelity Asset Manager - (60,107) - *
Nationwide Money Market Fund 21,344 - - 21,344
Nationwide Money Market Fund - (8,260) - (8,260)
Nationwide Guaranteed Fixed Income Acct. @ 6.35% 349,278 - - 349,278
Nationwide Guaranteed Fixed Income Acct. @ 6.35% - (18,237) - (18,237)
Crescent Real Estate Equities, Inc. Common Stock (Par Value $.01) 75,576 - 419 75,157
(a) (h) (i)
CURRENT VALUE
IDENTITY OF ASSET ON NET
OF TRANSACTION GAIN
ISSUER DATE (LOSS)
- ----------------------------------- ------------- ------
<S> <C> <C>
INDIVIDUAL TRANSACTIONS:
Crescent Real Estate Equities, Inc. $ 14,393 $ -
Crescent Real Estate Equities, Inc. 10,638 -
Crescent Real Estate Equities, Inc. 38,737 -
Crescent Real Estate Equities, Inc. 15,186 -
SERIES OF TRANSACTIONS:
Dreyfus A Bonds Plus, Inc. $ 51,694 $ -
Fidelity 320,143 -
Fidelity (66,345) *
Fidelity 182,499 -
Fidelity (60,108) *
Nationwide 21,344 -
Nationwide (8,260) -
Nationwide 349,278 -
Nationwide (18,238) -
Crescent Real Estate Equities, Inc. 75,157 -
Column (e) Lease Rental has been excluded from this schedule because it does not apply for this Plan.
This supplemental schedule lists individual and series of transactions in excess of 5% of the fair market
value of plan assets at the beginning of the year as required by the Department of Labor Rules and Regulations for
Reporting and Disclosure.
* This information is not provided by asset custodian.
</TABLE>
11
