SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 1995
Commission File No. 1-8033
PERMIAN BASIN ROYALTY TRUST
Texas I.R.S. No. 75-6280532
NationsBank of Texas, N.A., Trust Department
P. O. Box 1317
Fort Worth, Texas 76101
Telephone Number 817/390-6905
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 and (2) has been
subject to such filing requirements for the past 90 days. Yes X No
-- --
Number of Units of beneficial interest of the Trust outstanding at
August 14, 1995: 46,608,796
Page 1 of 13
PERMIAN BASIN ROYALTY TRUST
PART I - FINANCIAL STATEMENTS
Item 1. Financial Statements
The condensed financial statements included herein have been prepared
by NationsBank of Texas, N.A. as Trustee for the Permian Basin Royalty
Trust, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in annual financial statements have been
condensed or omitted pursuant to such rules and regulations, although
the Trustee believes that the disclosures are adequate to make the
information presented not misleading. It is suggested that these
condensed financial statements be read in conjunction with the
financial statements and the notes thereto included in the Trust's
latest annual report on Form 10-K. In the opinion of the Trustee, all
adjustments, consisting only of normal recurring adjustments,
necessary to present fairly the assets, liabilities and trust corpus
of the Permian Basin Royalty Trust at June 30, 1995, and the
distributable income and changes in trust corpus for the three-month
and six-month periods ended June 30, 1995 and 1994 have been included.
The distributable income for such interim periods is not necessarily
indicative of the distributable income for the full year.
Deloitte & Touche LLP, independent certified public accountants, has
made a limited review of the condensed financial statements as of
June 30, 1995 and for the three-month and six-month periods ended
June 30, 1995 and 1994 included herein.
-2-
INDEPENDENT ACCOUNTANTS' REPORT
NationsBank of Texas, N.A. as Trustee
for the Permian Basin Royalty Trust:
We have reviewed the accompanying condensed statement of assets,
liabilities and trust corpus of the Permian Basin Royalty Trust as of
June 30, 1995 and the related condensed statements of distributable
income and changes in trust corpus for the three-month and six-month
periods ended June 30, 1995 and 1994. These financial statements are
the responsibility of the Trustee.
We conducted our reviews in accordance with standards established by
the American Institute of Certified Public Accountants. A review of
interim financial information consists principally of applying
analytical procedures to financial data and making inquiries of
persons responsible for financial and accounting matters. It is
substantially less in scope than an audit conducted in accordance with
generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.
The accompanying condensed financial statements are prepared on a
modified cash basis as described in Note 1, which is a comprehensive
basis of accounting other than generally accepted accounting
principles.
Based on our reviews, we are not aware of any material modifications
that should be made to such condensed financial statements for them to
be in conformity with the basis of accounting described in Note 1.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of assets, liabilities and trust
corpus of the Permian Basin Royalty Trust as of December 31, 1994, and
the related statements of distributable income and changes in trust
corpus for the year then ended (not presented herein); and in our
report dated March 20, 1995, we expressed an unqualified opinion on
those financial statements. In our opinion, the information set forth
in the accompanying condensed statement of assets, liabilities and
trust corpus as of December 31, 1994 is fairly stated, in all material
respects, in relation to the statement of assets, liabilities and
trust corpus from which it has been derived.
/s/ Deloitte & Touche LLP
-------------------------------------
DELOITTE & TOUCHE LLP
August 4, 1995
-3-
PERMIAN BASIN ROYALTY TRUST
CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
-------------------------------------------------------------------------------------
JUNE 30, DECEMBER 31,
ASSETS 1995 1994
(UNAUDITED)
Cash and short-term investments $ 754,888 $ 1,706,227
Net overriding royalty interests in producing
oil and gas properties (net of accumulated
amortization of $6,789,981 and $6,679,160
at June 30, 1995 and December 31, 1994) 4,185,235 4,296,056
--------- ---------
$ 4,940,123 $ 6,002,283
========= =========
LIABILITIES AND TRUST CORPUS
----------------------------
Distribution payable to Unit holders $ 754,888 $ 1,706,227
Trust corpus - 46,608,796 Units of beneficial
interest authorized and outstanding 4,185,235 4,296,056
--------- ---------
$ 4,940,123 $ 6,002,283
========= =========
CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)
------------------------------------------------------------------------------------------
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
---------------------------- ----------------------------
1995 1994 1995 1994
Royalty income $ 2,251,940 $ 1,524,534 $ 5,426,356 $ 7,795,038
Interest income 4,541 5,658 13,852 10,748
--------- --------- --------- ---------
2,256,481 1,530,192 5,440,208 7,805,786
General and administrative
expenditures 132,460 166,633 282,042 360,504
--------- --------- --------- ---------
Distributable income $ 2,124,021 $ 1,363,559 $ 5,158,166 $ 7,445,282
========= ========= ========= =========
Distributable income per Unit
(46,608,796 Units) $ .045571 $ .029255 $ .110668 $ .159739
========= ========= ========= =========
<FN>
The accompanying notes to condensed financial statements are an integral part of these statements.
</FN>
-4-
PERMIAN BASIN ROYALTY TRUST
CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)
---------------------------------------------------------------------------------------------------
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
-------------------------- ---------------------------
1995 1994 1995 1994
Trust corpus, beginning of period $ 4,231,625 $ 4,711,026 $ 4,296,056 $ 4,843,157
Amortization of net overriding
royalty interests (46,390) (184,364) (110,821) (316,495)
Distributable income 2,124,021 1,363,559 5,158,166 7,445,282
Distributions declared (2,124,021) (1,363,559) (5,158,166) (7,445,282)
Trust corpus, end of period $ 4,185,235 $ 4,526,662 $ 4,185,235 $ 4,526,662
<FN>
The accompanying notes to condensed financial statements are an integral part of this statement.
</FN>
-5-
PERMIAN BASIN ROYALTY TRUST
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
---------------------------------------------------------------------
1. BASIS OF ACCOUNTING
The Permian Basin Royalty Trust ("Trust") was established as of
November 1, 1980. The financial statements of the Trust are
prepared on the following basis:
-Royalty income recorded for a month is the amount computed and
paid by the interest owner, Southland Royalty Company
("Southland"), to NationsBank of Texas, N.A. ("Trustee") as
Trustee for the Trust. Royalty income consists of the amounts
received by the owner of the interest burdened by the net
overriding royalty interests ("Royalties") from the sale of
production less accrued production costs, development and
drilling costs, applicable taxes, operating charges, and other
costs and deductions multiplied by 75% in the case of the
Waddell Ranch Properties and 95% in the case of the Texas
Royalty Properties.
-Trust expenses recorded are based on liabilities paid and cash
reserves established out of cash received or borrowed funds for
liabilities and contingencies.
-Distributions to Unit holders are recorded when declared by the
Trustee.
-The conveyance which transferred the overriding royalty
interest to the Trust provides that any excess of production
costs over gross proceeds must be recovered from future net
profits.
-The financial statements of the Trust differ from financial
statements prepared in accordance with generally accepted
accounting principles ("GAAP") because revenues are not accrued
in the month of production and certain cash reserves may be
established for contingencies which would not be accrued in
financial statements prepared in accordance with GAAP.
Amortization of the Royalties calculated on a unit-of-
production basis is charged directly to trust corpus.
2. FEDERAL INCOME TAXES
For Federal income tax purposes, the Trust constitutes a fixed
investment trust which is taxed as a grantor trust. A grantor
trust is not subject to tax at the trust level. The Unit holders
are considered to own the Trust's income and principal as though
no trust were in existence. The income of the Trust is deemed to
have been received or accrued by each Unit holder at the time such
income is received or accrued by the Trust and not when
distributed by the Trust.
The Royalties constitute "economic interests" in oil and gas
properties for Federal income tax purposes. Unit holders must
report their share of the revenues of the Trust as ordinary income
from oil and gas royalties and are entitled to claim depletion
with respect to such income.
The Trust has on file technical advice memoranda confirming the
tax treatment described above.
The classification of the Trust's income for purposes of the
passive loss rules may be important to a Unit holder. As a
result of the Tax Reform Act of 1986, royalty income will
generally be treated as portfolio income and will not offset
passive losses.
-6-
3. OTHER MATTERS
As a result of an issue raised by the Trustee during March 1994
regarding potential underpayments of royalty income by Southland
from the Texas Royalty properties beginning January 1991, the
March 1994 royalty income included a payment by Southland of $2.9
million, or $.062261 per Unit. Further net revisions resulted in
additional payments to the Trust by Southland of approximately
$221,000 and $133,000 in the quarters ended June 30, 1994 and
September 30, 1994, respectively. The payments by Southland were
estimates of previous underpayments of royalty income to the Trust
and are subject to revision as additional investigation of such
underpayments is performed by Southland and the Trustee.
Therefore, such payments do not represent final resolution of the
issue and there may be further adjustments in the future.
Accordingly, the amount of the underpayment and the resulting
amounts due to the Trust may be more or less than the amount set
forth above.
*******
-7-
Item 2. Trustee's Discussion and Analysis
Three Months Ended June 30, 1995 and 1994
In the quarter ended June 30, 1995, royalty income received by the
Trust amounted to $2,251,940, compared to $1,524,534 for the quarter
ended June 30, 1994. Interest income for the quarter ended June 30,
1995 was $4,541 compared to $5,658 for the quarter ended June 30,
1994. The decrease in interest income is attributable primarily to a
decrease in funds available for investment (there is a two-month time
lag in reporting distributions and receipt of interest income),
partially offset by an increase in interest rates. General and
administrative expenses during the second quarter of 1995 amounted to
$132,460 compared to $166,633 during the second quarter of 1994. The
decrease in general and administrative expenses is primarily due to
timing differences in the receipt and payment of these expenses.
These transactions resulted in distributable income for the quarter
ended June 30, 1995 of $2,124,021 or $.045571 per Unit of beneficial
interest. Distributions of $.018004, $.011371 and $.016196 per Unit
were made to Unit holders of record on April 28, May 31 and June 30,
1995, respectively. For the quarter ended June 30, 1994,
distributable income was $1,363,559 or $.029255 per Unit of beneficial
interest.
Royalty income for the Trust for the quarter ended June 30, 1995, is
associated with actual oil and gas production for the period February
through April 1995 from the properties from which the Trust's net
overriding royalty interests ("Royalties") were carved. Oil and gas
production attributable to the Royalties and the properties from which
the Royalties were carved, excluding portions attributable to the
adjustment discussed hereafter, are as follows:
Second Quarter
-------------------------
1995 1994
ROYALTIES:
Oil sales (Bbls) 115,981 85,915
Gas sales (Mcf) 313,252 416,369
PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED:
Oil:
Total oil sales (Bbls) 394,643 398,048
Average per day (Bbls) 4,434 4,472
Average price per Bbl $17.13 $12.17
Gas:
Total gas sales (Mcf) 1,905,662 1,976,508
Average per day (Mcf) 21,412 22,208
Average price per Mcf $ 1.45 $ 1.93
The posted price of oil increased for the second quarter of 1995
compared to the second quarter of 1994, resulting in an average price
per barrel of $17.13 in the second quarter of 1995 compared to $12.17
in the second quarter of 1994. The decrease in the average price of
gas from $1.93 in the second quarter of 1994 to $1.45 in the second
quarter of 1995 is primarily the result of a decrease in the spot
prices of natural gas.
Since the oil and gas sales attributable to the Royalties are based on
an allocation formula that is dependent on such factors as price and
cost (including capital expenditures), those production amounts do not
provide a meaningful comparison. The oil and gas sales from the
properties from which the Royalties are carved were relatively
unchanged for the second quarter of 1995 compared to the second
quarter of 1994 due to the development program initiated by the
operator.
-8-
The Trust has been advised by Southland that there were 9 gross (3.625
net) wells drilled and completed during the three months ended
June 30, 1995 and there were 22 wells in progress. During the three
months ended June 30, 1994, there were 10 gross (4.88 net) wells
drilled and completed and there were no wells in progress.
Lease operating expense and property tax on the Waddell Ranch
properties decreased from $2.7 million in the second quarter of 1994
to $2.3 million in the second quarter of 1995. The 1994 lease
operating expense had an upward adjustment of approximately $200,000
due to increases in the ad valorem tax accrual. Capital costs
increased from $2.1 million in the second quarter of 1994 to $3.6
million in the second quarter of 1995. Southland has previously
advised the trust that the 1995 capital expenditures budget should
total approximately $10.2 million, being $8.4 million for the
development program, which consists primarily of drilling, and $1.8
million for maintenance activities.
As a result of an issue raised by the Trustee during March 1994
regarding potential underpayments of royalty income by Southland from
the Texas Royalty properties beginning January 1991, the March 1994
royalty income included a payment by Southland of $2.9 million, or
$.062261 per Unit. Further net revisions resulted in additional
payments to the Trust by Southland of approximately $221,000 and
$133,000 in the quarters ended June 30, 1994 and September 30, 1994,
respectively. The payments by Southland were estimates of previous
underpayments of royalty income to the Trust and are subject to
revision as additional investigation of such underpayments is
performed by Southland and the Trustee. Therefore, such payments do
not represent final resolution of the issue and there may be further
adjustments in the future. The amount of the underpayment and the
resulting amounts due to the Trust may be more or less than the amount
set forth above.
In accordance with the conveyance from Southland to the Trust,
Southland is entitled to recover cumulative excess production costs
from gross proceeds from the properties from which the Royalties are
carved. During the second quarter of 1994, approximately $1.68
million of cumulative excess was recovered by Southland from gross
proceeds from the Waddell Ranch properties. The remaining cumulative
negative amount of approximately $1.4 million was recovered by
Southland in July and August 1994. The Trust's royalty interest in the
Waddell Ranch properties is the largest asset of the Trust, providing
approximately 62% of the royalty income received by the Trust in 1993.
The recovery by Southland of such costs out of gross proceeds resulted
in the reduction of royalty income from the Waddell Ranch properties
available for distribution to Unit holders of the Trust in the months
that the recovery was made.
The Trust was advised by Southland that approximately $1.3 million in
ad valorem taxes related to 1991 through 1994 for the Texas Royalty
properties that Southland did not previously charge to gross proceeds
attributable to the Trust will be charged to the Trust over 12 months
beginning in March 1995. This charge is being made by Southland
deducting approximately $87,000 per month from the gross proceeds
attributable to the Texas Royalty properties until the full amount of
the ad valorem taxes is recovered.
Six Months Ended June 30, 1995 and 1994
For the six months ended June 30, 1995, royalty income received by the
Trust amounted to $5,426,356 compared to royalty income of $7,795,038
for the six months ended June 30, 1994. Interest income for the six
months ended June 30, 1995 was $13,852 compared to $10,748 during the
six months ended June 30, 1994. The increase in interest income can
be attributed primarily to the increase in funds available for
investment (there is a two-month time lag in reporting distributions
and receipt of interest income). General and administrative expenses
for the six months ended June 30, 1995 were $282,042. During the six
months ended June 30, 1994, general and administrative expenses were
$360,504. The decrease in general and administrative expenses is
primarily due to timing differences in the receipt and payment of
these expenses.
-9-
These transactions resulted in distributable income for the six months
ended June 30, 1995 of $5,158,166 or $.110668 per Unit. For the six
months ended June 30, 1994, distributable income was $7,445,282 or
$.159739 per Unit.
Royalty income for the Trust for the period ended June 30, 1995 is
associated with actual oil and gas production for the period November
1994 through April 1995 from the properties from which the Royalties
were carved. Oil and gas production attributable to the Royalties and
the properties from which the Royalties were carved, excluding
portions attributable to the adjustments discussed above, are as
follows:
First Six Months
-------------------------
1995 1994
ROYALTIES:
Oil sales (Bbls) 274,108 218,123
Gas sales (Mcf) 827,201 710,343
PROPERTIES FROM WHICH THE ROYALTIES WERE CARVED:
Oil:
Total oil sales (Bbls) 794,130 763,518
Average per day (Bbls) 4,387 4,218
Average price per Bbl $16.53 $12.48
Gas:
Total gas sales (Mcf) 3,739,645 3,903,617
Average per day (Mcf) 20,661 21,567
Average price per Mcf $ 1.60 $ 1.86
The average price of oil increased during the six months ended
June 30, 1995, compared to the same period in 1994, $16.53 per barrel
as compared to $12.48 per barrel. The increase in the average price
of oil is primarily due to increases in the posted price for oil. The
decrease in the average price of gas from $1.86 per Mcf for the six
months ended June 30, 1994 to $1.60 per Mcf for the six months ended
June 30, 1995 is primarily the result of a decrease in the spot prices
of natural gas.
Since the oil and gas sales attributable to the Royalties are based on
an allocation formula that is dependent on such factors as price and
cost (including capital expenditures), the production amounts do not
provide a meaningful comparison. The oil and gas sales from the
properties from which the Royalties are carved were relatively
unchanged for the applicable period of 1995 compared to 1994 due to
the development program initiated by the operator.
The Trust has been advised by Southland that 13 gross (5.500 net)
productive oil wells on the Waddell Ranch properties were drilled and
completed during the six months ended June 30, 1995, and that 23 gross
(11.38 net) productive oil wells on the Waddell Ranch properties were
drilled and completed during the six months ended June 30, 1994. In
addition, there were 22 new wells in progress at June 30, 1995.
Capital expenditures in 1995 totalled $6,064,000 compared to
$7,558,000 in 1994. Southland has previously advised the Trust that
the 1995 capital expenditures budget should total approximately $10.2
million, being $8.4 million for the development program, which
consists primarily of drilling, and $1.8 million for maintenance
activities.
Lease operating expense and property tax on the Waddell Ranch
properties decreased from $4,988,000 for the six months ended June 30,
1994 to $4,935,000 in 1995. The 1994 lease operating expense and
property tax had an upward adjustment of approximately $300,000 due to
an increase in the ad valorem tax accrual. Excluding the effect of
this $300,000 adjustment for the six months ended June 30, 1994, the
increase in lease operating expense and property tax for the six
months ended June 30, 1995 as compared to 1994 is primarily due to the
ad valorem tax issue discussed in the next paragraph.
-10-
The Trust was advised by Southland that approximately $1.3 million in
ad valorem taxes related to 1991 through 1994 for the Texas Royalty
properties that Southland did not previously charge to gross proceeds
attributable to the Trust will be charged to the Trust over 12 months
beginning in March 1995. This charge is being made by Southland
deducting approximately $87,000 per month from the gross proceeds
attributable to the Texas Royalty properties until the full amount of
the ad valorem is recovered.
CALCULATION OF ROYALTY INCOME
The Trust's royalty income is computed as a percentage of the net
profit from the operation of the properties in which the Trust owns
net overriding royalty interests. These percentages of net profits
are 75% and 95% in the case of the Waddell Ranch Properties and the
Texas Royalty Properties, respectively. Royalty income received by
the Trust for the three months ended June 30, 1995 and 1994
respectively, were computed as shown in the table below:
Three Months Ended June 30,
------------------------------------------------------------
1995 1994
------------------------------ ---------------------------
Waddell Texas Waddell Texas
Ranch Royalty Ranch Royalty
Properties Properties Properties Properties
Gross proceeds of sales from
properties from which the net
overriding royalties were carved:
Oil proceeds $ 4,955,839 $ 1,802,505 $ 3,868,549 $ 1,214,003
Gas proceeds 2,456,989 306,720 3,016,173 385,588
Other payments 158,013
Total 7,412,828 2,109,225 6,884,722 1,757,604
--------- --------- --------- ---------
Less:
Severance tax:
Oil 208,499 83,595 178,609 55,612
Gas 182,908 21,522 226,227 28,919
Other payments (13,321)
Lease operating expense and
property tax:
Oil and gas 2,335,324 460,261 2,677,203 143,128
Other payments (61,507)
Capital expenditures 3,639,049 2,122,746
Excess costs 1,679,937
--------- --------- --------- ---------
Total 6,365,780 565,378 6,884,722 152,831
--------- --------- --------- ---------
Net profits 1,047,048 1,543,847 - 1,604,773
Net overriding royalty interests 75% 95% 75% 95%
-------- --------- --------- ---------
Royalty income $ 785,286 $ 1,466,654 NIL $ 1,524,534
========= ========= ======== =========
-11-
PART II - OTHER INFORMATION
Items 1 through 5.
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
(4)(a) Permian Basin Royalty Trust Indenture dated
November 3, 1980, between Southland Royalty
Company and The First National Bank of Fort Worth
(now NationsBank of Texas, N.A.), as Trustee,
heretofore filed as Exhibit (4)(a) to the Trust's
Annual Report on Form 10-K to the Securities and
Exchange Commission for the fiscal year ended
December 31, 1980 is incorporated herein by
reference.
(4)(b) Net Overriding Royalty Conveyance (Permian Basin
Royalty Trust) from Southland Royalty Company to
The First National Bank of Fort Worth (now
NationsBank of Texas, N.A.), as Trustee, dated
November 3, 1980 (without Schedules), heretofore
filed as Exhibit (4)(b) to the Trust's Annual
Report on Form 10-K to the Securities and
Exchange Commission for the fiscal year ended
December 31, 1980 is incorporated herein by
reference.
(4)(c) Net Overriding Royalty Conveyance (Permian Basin
Royalty Trust - Waddell Ranch) from Southland
Royalty Company to The First National Bank of
Fort Worth (now NationsBank of Texas, N.A.), as
Trustee, dated November 3, 1980 (without
Schedules), heretofore filed as Exhibit (4)(c) to
the Trust's Annual Report on Form 10-K to the
Securities and Exchange Commission for the fiscal
year ended December 31, 1980 is incorporated
herein by reference.
(27) Financial Data Schedule
(b) Reports on Form 8-K
There were no reports on Form 8-K filed during the quarter
ended June 30, 1995.
-12-
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.
NATIONSBANK OF TEXAS, N.A.
TRUSTEE FOR THE
PERMIAN BASIN ROYALTY TRUST
By /s/ Pamela J. Bradley
-----------------------------
Pamela J. Bradley
Vice President
Date: August 14, 1995
(The Trust has no directors or executive officers.)
-13-
INDEX TO EXHIBITS
Sequentially
Exhibit Numbered
Number Page
------- --------------
(4)(a) Permian Basin Royalty Trust Indenture dated
November 3, 1980, between Southland Royalty
Company and The First National Bank of Fort
Worth (now NationsBank of Texas, N.A.), as
Trustee, heretofore filed as Exhibit (4)(a) to
the Trust's Annual Report on Form 10-K to the
Securities and Exchange Commission for the
fiscal year ended December 31, 1980 is
incorporated herein by reference.*
(4)(b) Net Overriding Royalty Conveyance (Permian
Basin Royalty Trust) from Southland Royalty
Company to The First National Bank of Fort
Worth (now NationsBank of Texas, N.A.), as
Trustee, dated November 3, 1980 (without
Schedules), heretofore filed as Exhibit (4)(b)
to the Trust's Annual Report on Form 10-K to
the Securities and Exchange Commission for the
fiscal year ended December 31, 1980 is
incorporated herein by reference.
(4)(c) Net Overriding Royalty Conveyance (Permian
Basin Royalty Trust - Waddell Ranch) from
Southland Royalty Company to The First National
Bank of Fort Worth (now NationsBank of Texas,
N.A.), as Trustee, dated November 3, 1980
(without Schedules), heretofore filed as
Exhibit (4)(c) to the Trust's Annual Report on
Form 10-K to the Securities and Exchange
Commission for the fiscal year ended December
31, 1980 is incorporated herein by reference.
(27) Financial Data Schedule **
* A copy of this Exhibit is available to any Unit holder, at the
actual cost of reproduction, upon written request to the Trustee,
NationsBank of Texas, N.A., P.O. Box 1317, Fort Worth, Texas 76101.
** Filed herewith.