FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 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 number: 2-58109
The Collective Investment Funds for Which UMB Bank, n.a. is Trustee
(Exact name of registrant as specified in its charter)
Not Applicable Not Applicable
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1010 Grand Boulevard, Kansas City, Missouri 64106
(Address of principal executive offices)
(Zip Code)
(816) 860-7000
(Registrant's telephone number, including area code)
Not Applicable
(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 / /
The number of units of participation outstanding in each of the
issuers as of April 30, 1996.
Pooled Equity Fund - 180,572
Pooled Debt Fund - 55,902
Pooled Income Fund - 190,239
<PAGE>
PART I--FINANCIAL INFORMATION
------------------------------------------------------------
Item 1. Financial Statements.
INTRODUCTORY COMMENTS
The Condensed Financial Statements included herein have been prepared by the
Trustee, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, although the Trustee believes that
the disclosures are adequate to enable a reasonable understanding of the
information presented. These Condensed Financial Statements should be read
in conjunction with the financial statements and the notes thereto included
in the Collective Investment Funds' Annual Report on Form 10-K for the year
ended October 31, 1995.
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Operations
QUARTER QUARTER
ENDED ENDED
04/30/95 04/30/96
--------- --------
Investment Income:
Interest: 761,372 751,900
Less: Audit Expense (1,020) (841)
------------ ------------
Net Investment Income 760,352 751,059
============ ============
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 106,150,049 172,982,399
Cost of Securities Sold 106,137,468 172,977,398
------------ ------------
Net Realized Gain(Loss) 12,581 5,001
------------ ------------
Unrealized Gain(Loss) on Investments:
Beginning of Period (95,814) 14,749
End of Period 116,406 (30,471)
------------ ------------
Net Unrealized Gain(Loss) 212,220 (45,220)
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 224,801 (40,219)
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Operations
SIX MONTHS SIX MONTHS
ENDED ENDED
04/30/95 04/30/96
------------ ------------
Investment Income:
Interest: 1,660,752 1,669,832
Less: Audit Expense (2,028) (1,889)
------------ ------------
Net Investment Income 1,658,724 1,667,943
============ ============
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 180,240,891 338,435,178
Cost of Securities Sold 180,228,704 338,423,771
------------ ------------
Net Realized Gain(Loss) 12,187 11,406
------------ ------------
Unrealized Gain(Loss) on Investments:
Beginning of Period (47,188) 5,640
End of Period 116,406 (30,471)
------------ ------------
Net Unrealized Gain(Loss) 163,594 (36,111)
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 175,781 (24,705)
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
SIX MONTHS SIX MONTHS
ENDED ENDED
04/30/95 04/30/96
------------ ------------
Participants' Interest at Beginning of Period 60,527,868 65,734,732
Changes from Investment Activities:
Net Investment Income 1,658,724 1,667,943
Net Realized Gain(Loss) on Investments 12,187 11,406
Net Unrealized Gain(Loss) on
Investments 163,594 (36,111)
------------ ------------
Net Increase(Decrease) from
Investment Activity 1,834,505 1,643,238
------------ ------------
Changes from Participating Unit Transactions:
Received from Issuance of: 560,325 Units 25,437,182
Received from Issuance of: 134,956 Units 186,953
Payment on Redemption of: 336,074 Units 15,185,667
Payment on Redemption of: 493,388 Units (17,618,413)
------------ ------------
Net Increase(Decrease) from
Participating Unit Transactions 10,251,515 (17,431,460)
------------ ------------
Participants' Interest at End of Period 72,613,888 49,946,511
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED
10/31/95 SIX MONTHS ENDED 04/30/96
COST COST MARKET
------------ -------- --------
<S> <C> <C> <C>
Assets:
U.S. Government & Agency Obligations 23,093,688 7,061,427 7,050,016
Commercial Paper 36,648,284 38,110,141 38,110,141
Other Investments 5,585,759 4,564,105 4,545,045
------------ ------------ ------------
Total Investments 65,327,731 49,735,673 49,705,202
============ ============
Cash 0 0
Interest Receivable 411,057 243,204
Receivable for Securities Sold 0 0
------------ ------------
Total Assets 65,738,788 49,948,406
============ ============
Liabilities:
Audit Fees Payable 4,056 1,895
Payable for Securities Sold 0 0
------------ ------------
Total Liabilities 4,056 1,895
------------ ------------
Participants' Interest:
47.41 Per Unit on
1,386,619 Units Outstanding 65,734,732
48.74 Per Unit on
1,024,674 Units Outstanding 49,946,511
------------ ------------
Total Liabilities and Participants' Equity 65,738,788 49,948,406
============ ============
See accompanying notes to condensed financial statements.
</TABLE>
<PAGE>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Operations
QUARTER QUARTER
ENDING ENDING
04/30/95 04/30/96
------------ ------------
Investment Income:
Dividends 1,130,144 1,265,529
Interest 403,563 1,024,884
------------ ------------
Gross Investment Income 1,533,707 2,290,413
Less: Audit Expense & Foreign Taxes (5,382) (2,074)
------------ ------------
Net Investment Income 1,528,325 2,288,339
============ ============
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 148,423,364 278,469,307
Cost of Securities Sold 126,087,235 268,789,409
------------ ------------
Net Realized Gain(Loss) 22,336,129 9,679,899
------------ ------------
Unrealized Gain(Loss) on Investments:
Beginning of Period 53,356,438 42,066,516
End of Period 39,788,275 49,120,957
------------ ------------
Net Unrealized Gain(Loss) (13,568,163) 7,054,440
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 8,767,966 16,734,339
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Operations
SIX MONTHS SIX MONTHS
ENDED ENDED
04/30/95 04/30/96
------------ ------------
Investment Income:
Dividends 3,055,119 2,616,979
Interest 1,456,834 2,142,528
------------ ------------
Gross Investment Income 4,511,953 4,759,507
Less: Audit Expense & Foreign Taxes (8,994) (4,718)
------------ ------------
Net Investment Income 4,502,959 4,754,789
============ ============
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 333,737,472 506,110,888
Cost of Securities Sold 318,641,677 490,686,662
------------ ------------
Net Realized Gain(Loss) 15,095,795 15,424,226
------------ ------------
Unrealized Gain(Loss) on Investments:
Beginning of Period 37,955,084 30,113,618
End of Period 36,471,027 49,120,957
------------ ------------
Net Unrealized Gain(Loss) (1,484,057) 19,007,339
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 13,611,738 34,431,565
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
SIX MONTHS SIX MONTHS
ENDED ENDED
04/30/95 04/30/96
------------ ------------
Participants' Interest at Beginning of Period 232,073,838 262,551,708
Changes from Investment Activities:
Net Investment Income 4,502,959 4,754,789
Net Realized Gain(Loss) on Investments 15,095,795 15,424,226
Net Unrealized Gain(Loss) on Investments (1,484,057) 19,007,339
------------ ------------
Net Increase(Decrease) from
Investment Activity 18,114,697 39,186,353
------------ ------------
Changes from Participating Unit Transactions:
Received from Issuance of: 278,834 Units 17,674,594
Received from Issuance of: 450,091 Units 11,326,954
Payment on Redemption of: 341,233 Units (22,603,071)
Payment on Redemption of: 583,414 Units (23,190,068)
------------ ------------
Net Increase(Decrease) from
Participating Unit Transactions (4,928,477) (11,863,114)
------------ ------------
Participants' Interest at End of Period 245,260,058 289,874,947
============ ===========
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED 10/31/95 SIX MONTHS ENDED 04/30/96
COST MARKET COST MARKET
-------- ---------- -------- ----------
<S> <C> <C> <C> <C>
Assets:
Common Stock 162,051,285 192,164,903 160,630,876 208,989,404
Commercial Paper 66,013,975 66,013,975 73,972,365 73,972,365
Other Investments 4,140,195 4,140,195 1,417,232 2,179,660
------------ ------------ ------------ ------------
Total Investments 232,205,455 262,319,073 236,020,472 285,141,429
============ ============
Cash 0 (200,164)
Interest Receivable 588,698 473,350
Receivable for Securities Sold 163,521 5,806,340
------------ ------------
Total Assets 263,071,292 291,220,955
============ ============
Liabilities:
Audit Fees Payable 11,187 7,513
Payable for Securities Sold 508,397 1,338,495
------------ ------------
Total Liabilities 519,584 1,346,008
------------ ------------
Participants' Interest:
64.32 Per Unit on 4,082,250 Units Outstanding 262,551,708
73.47 Per Unit on 3,945,735 Units Outstanding 289,874,947
------------ ------------
Total Liabilities and Participants' Equity 263,071,292 291,220,955
============ ============
See accompanying notes to condensed financial statements.
</TABLE>
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Operations
QUARTER QUARTER
ENDED ENDED
04/30/95 04/30/96
------------ ------------
Investment Income:
Interest 2,936,372 2,946,799
Less: Audit Expense (2,826) (2,089)
------------ ------------
Net Investment Income 2,933,546 2,944,709
============ ============
Realized and Unrealized Gain(Loss) on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 12,486,540 31,925,897
Cost of Securities Sold 12,404,975 31,995,951
------------ ------------
Net Realized Gain(Loss) 81,565 (70,054)
------------ ------------
Unrealized Gain(Loss) on Investments:
Beginning of Period (6,092,783) 7,395,748
End of Period (2,657,812) 173,435
------------ ------------
Net Unrealized Gain(Loss) 3,434,971 (7,222,313)
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 3,516,536 (7,292,367)
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Operations
SIX MONTHS SIX MONTHS
ENDED ENDED
04/30/95 04/30/96
------------ ------------
Investment Income:
Interest 4,681,127 5,980,913
Less: Audit Expense (5,621) (4,601)
------------ ------------
Net Investment Income 4,675,506 5,976,313
============ ============
Realized and Unrealized Gain(Loss) on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 32,124,856 42,849,021
Cost of Securities Sold 31,889,517 43,274,066
------------ ------------
Net Realized Gain(Loss) 235,339 (425,045)
------------ ------------
Unrealized Gain(Loss) on Investments:
Beginning of Period (7,160,638) 3,232,868
End of Period (2,657,812) 173,435
------------ ------------
Net Unrealized Gain(Loss) 4,502,826 (3,059,433)
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 4,738,165 (3,484,478)
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
SIX MONTHS SIX MONTHS
ENDED ENDED
04/30/95 04/30/96
------------ ------------
Participants' Interest at Beginning of Period 160,657,602 164,323,271
Changes from Investment Activities:
Net Investment Income 4,675,506 5,976,313
Net Realized Gain(Loss) on Investments 235,339 (425,045)
Net Unrealized Gain(Loss) on Investments 4,502,826 (3,059,433)
------------ ------------
Net Increase(Decrease) from
Investment Activity 9,413,671 2,491,834
------------ ------------
Changes from Participating Unit Transactions:
Received from Issuance of: 167,552 Units 10,408,949
Received from Issuance of: 555,296 Units 22,609,268
Payment on Redemption of: 470,295 Units (23,522,588)
Payment on Redemption of: 467,912 Units (18,566,356)
------------ ------------
Net Increase(Decrease) from
Participating Unit Transactions (13,113,639) 4,042,912
------------ ------------
Participants' Interest at End of Period 156,957,634 170,858,017
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED 10/31/95 SIX MONTHS ENDED 04/30/96
COST MARKET COST MARKET
-------- ---------- -------- ----------
<S> <C> <C> <C> <C>
Assets:
U.S. Government & Agency Obligations 78,652,888 80,488,586 83,813,860 85,188,381
Corporate Bonds 79,563,147 80,960,317 80,844,910 80,249,232
Other Investments 1,087,960 1,087,960 3,651,997 3,644,718
------------ ------------ ------------ ------------
Total Investments 159,303,995 162,536,863 168,310,767 169,082,331
============ ============
Cash 0 0
Interest Receivable 2,655,057 2,783,654
Receivable for Securities Sold 985,699 0
------------ ------------
Total Assets 166,177,619 171,865,984
============ ============
Liabilities:
Audit Fees Payable 11,212 7,967
Payable for Securities Sold & Other Payables 1,843,137 1,000,000
------------ ------------
Total Liabilities 1,854,349 1,007,967
------------ ------------
Participants' Interest:
58.17 Per Unit on 2,825,108 Units Outstanding 164,323,271
58.70 Per Unit on 2,910,668 Units Outstanding 170,858,017
------------ ------------
Total Liabilities and Participants' Equity 166,177,620 171,865,984
============ ============
See accompanying notes to condensed financial statements.
</TABLE>
<PAGE>
NOTES TO CONDENSED FINANCIAL STATEMENTS
1. In the opinion of the Trustee, the accompanying unaudited condensed
financial statements contain all adjustments (consisting of normal interim
closing procedures) necessary to present fairly the financial position of the
Pooled Equity, Pooled Debt and Pooled Income (the "Collective Investment
Funds) as of April 30, 1996 and October 31, 1995, the results of operations
for the three months ended April 30, 1996 and 1995, and cash flows for the
three months ended April 30, 1996 and 1995.
2. The results of operations for the three months ended April 30, 1996 and
1995 are not necessarily indicative of the results to be expected for the
full year 1996, nor the results experienced for the full year 1995.
3. The accompanying financial statements have been prepared consistently
with accounting principles described more fully in Note 1 to the consolidated
financial statements included in the Trustee's Annual Report on Form 10-K for
the year ended October 31, 1995.
<PAGE>
Item 2. Trustee's Discussion and Analysis of Financial Condition and
Results of Operations.
After a weak start in the First Quarter, the economy rebounded strongly
in February and continued to grow in March at a reduced pace. Some of the
early weakness was caused by severe winter weather, government shutdowns and
the short General Motors strike. The February and March gains in retail
sales were welcome after a disappointing Christmas and January even though
much of the gain was in vehicle sales. Consumer confidence is still high and
personal income grew for the third quarter in a row. The record levels of
consumer debt and increasing credit card delinquency rates are concerning.
The manufacturing sector improved slightly by quarter end, but it is still
contracting. Both industrial and durable goods production were weaker during
the quarter. Machine tool orders remained strong. Factory capacity
utilization was down for the quarter. Despite the winter weather problems,
housing held up well, but with the rise in rates, this may be curtailed.
Exports were hurt by the weak economies in Canada and Europe which caused the
trade deficit to widen. Inflation remains subdued despite underlying
pressures such as an increase in unit labor cost from 1.6% to 3.4% over the
past two years, and rising commodity and oil prices. The economic surge in
the First Quarter after January is far short of a robust recovery and
economic indicators remain ambiguous.
The U.S. equity markets started off with a strong surge in January which
continued in February despite the sell-off in the bond markets as interest
rates started to rise at a rapid rate. This decoupling of the stock market
from the bond market often takes place in the second half of a bull market
when stock prices are more driven by earnings. Equity prices finished out
the quarter still moving slowly up but in a much more volatile and choppy
manner. The rise in the markets in the first quarter was fueled by the
record amounts of cash flowing into equity funds. The market was
characterized by dramatic economic sector rotations as the changing economic
outlook caused the fortunes of out of favorite sectors like retailing to
reverse. Small capitalization stocks lagged in January but gained strength
later in the quarter. The S & P 500 was up 5.37% for the quarter and 32.10%
for the preceding twelve months. The Value Line Index was up 4.71% and
20.56% respectively for the same periods.
Unlike the falling interest rates that prevailed in 1995, rates rose
dramatically in the first quarter of 1996. Initially, on January 31, the
Federal Reserve eased the Federal Funds rate one-quarter of one percent from
5.50% to 5.25%, but bond prices had already risen in anticipation of the
reduction and therefore the change had little effect on bond yields.
However, during February, renewed inflationary fears caused investors to sell
bonds in anticipation of higher rates. In March, more reports of a healthier
than expected economy sent rates even higher. The Lehman Brothers
Government/Corporate Intermediate Index fell -0.83% for the quarter, but rose
9.56% for the preceding twelve months. The longer maturing Lehman Brothers
Government/Corporate Index was down -2.34% for the quarter, but up 10.92% for
the last twelve months. The near term outlook for the fixed income market
will be determined by the course of the economy, which remains murky at this
point.
The bond markets continued their outstanding performance in the fourth
quarter. The markets reacted favorably to the slowing economy, low inflation
and the reduction of short term rates by the Federal Reserve in mid-December.
The thirty year bond yield fell below 6% during the year, which was 1.9%
lower than at the end of 1994. For 1995, the overall bond performance was
the best in fifteen years. The spread between corporate and treasury issues
remained tight. The Lehman Brothers Government/Corporate Intermediate Index
rose 3.52% for the quarter and 15.33% for the year. The longer maturing
Lehman Brothers Government/Corporate Index was up 4.66% for the quarter and
19.24% for the year. A certain amount of volatility is being introduced into
the markets by the inability of the government to reach a balanced budget
agreement, but further softening of rates in the spring of 1996 is probable.
POOLED EQUITY FUND
During the quarter, a new stock position was taken in Sensormatic
Electronics. Positions were deleted in Sears Roebuck, Halliburton, Wachovia
Corp., AON Corp. and American Express.
The Fund's total return (income plus price appreciation) for the quarter
was 5.38%. For the past twelve months, the total Fund returned 19.59%.
Excluding cash reserves, the total return of stocks held by the Fund was
6.79% for the quarter and 25.49% for the last 12 months. The fund ended the
quarter with cash reserves of 29.15%.
POOLED DEBT FUND
In keeping with our philosophy of maintaining a high quality portfolio
with limited maturity exposure, about 48% of the portfolio is held in
Government and Agency issues. Approximately 56% of the portfolio will mature
within five years. The weighted average life of the total portfolio is 4.9
years. The total return of the Fund was -1.26% for the quarter and 10.01%
for the preceding twelve months. At quarter end, the current yield of the
fund was approximately 6.6%. The weighted yield to maturity at market was
6.54%.
POOLED INCOME FUND
The Fund continues to be invested in short term Government and Agency
obligations, high quality commercial paper and liquid guaranteed insurance
contracts. The Fund's quarterly return of 1.36% is equivalent to an
annualized total return of 5.44%. For the past twelve months, the fund
returned 5.96%. The Fund has an average maturity of 43 days and a weighted
yield to maturity of 5.48%.
<PAGE>
PART II--OTHER INFORMATION
------------------------------------------------------------
Item 1. Legal Proceedings.
Not applicable.
Item 2. Changes in Securities.
Not applicable.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 5. Other Information.
Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits. The numbers set forth below correspond to the exhibit number
is Item 601 of Regulation S-K.
(2) Plan of Acquisition, reorganization, arrangement, liquidation, or
succession.
Not applicable.
(3) Articles of Incorporation and Bylaws.
Not applicable.
(4) Instruments Defining the Rights of Security Holders, Including
Indentures.
Not applicable.
(10) Material Contracts.
Not applicable.
(11) Statement re Computation of Per Share Earnings.
Not applicable.
(15) Letter re Unaudited Interim Financial Information.
Not applicable.
(18) Letter re Change in Accounting Principles.
Not applicable.
(19) Report Furnished to Security Holders.
Not applicable.
(22) Published Report Regarding Matters Submitted to Security Holders.
Not applicable.
(23) Consents of Experts and Counsel.
Not applicable.
(24) Power of Attorney.
Not applicable.
(27) Financial Data Schedule.
27.1 - Schedule CT
27.2 - Pooled Income Fund
27.3 - Pooled Equity Fund
27.4 - Pooled Debt Fund
(99) Additional Exhibits.
None.
(b) Reports on Form 8-K.
No report on Form 8-K was required to be filed during the three months
ended April 30, 1996.
<PAGE>
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.
The Collective Investment Funds
for Which UMB Bank, n.a. is
Trustee
(Registrant)
by UMB Bank, n.a. as trustee
Date: June 19, 1996 By: /s/ Steve Campbell
Senior Vice President
By: /s/ E. Frank Ware
Executive Vice President and
Trust Accounting Office
<PAGE>
INDEX TO EXHIBITS
27.1 Financial Data Schedule CT (Summary)
27.2 Financial Data Schedule for Pooled Income Fund
27.3 Financial Data Schedule for Pooled Equity Fund
27.4 Financial Data Schedule for Pooled Debt Fund
<TABLE> <S> <C>
<ARTICLE> CT
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED APRIL 30, 1996
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> OCT-31-1995 OCT-31-1995
<PERIOD-END> APR-30-1996 APR-30-1996
<TOTAL-ASSETS> $513,035,345 $513,035,345
0 0
0 0
<COMMON> 0 0
<OTHER-SE> $510,679,475 $510,679,475
<TOTAL-LIABILITY-AND-EQUITY> $513,035,345 $513,035,345
<TOTAL-REVENUES> $22,728,452 $46,853,223
<INCOME-TAX> 0 0
<INCOME-CONTINUING> $9,401,753 $30,922,382
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> $9,401,753 $30,922,382
<EPS-PRIMARY> $1.69 $7.51
<EPS-DILUTED> $1.69 $7.51
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED APRIL 30, 1996
AND IS QUALIFIED BY REFERENCE IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> OCT-31-1995 OCT-31-1995
<PERIOD-END> APR-30-1996 APR-30-1996
<CASH> 0 0
<SECURITIES> $49,705,202 $49,705,202
<RECEIVABLES> $243,204 $243,204
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> $49,948,406 $49,948,406
<CURRENT-LIABILITIES> $1,895 $1,895
<BONDS> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> $49,946,511 $49,946,511
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<TOTAL-REVENUES> $756,901 $1,681,238
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<TOTAL-COSTS> 0 0
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<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> ($40,219) ($24,705)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> ($40,219) ($24,705)
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
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<NET-INCOME> ($40,219) ($24,705)
<EPS-PRIMARY> ($0.04) ($0.02)
<EPS-DILUTED> ($0.04) ($0.02)
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED APRIL 30, 1996
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> OCT-31-1995 OCT-31-1995
<PERIOD-END> APR-30-1996 APR-30-1996
<CASH> ($200,164) ($200,164)
<SECURITIES> $285,141,429 $285,141,429
<RECEIVABLES> $6,279,690 $6,279,690
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> $291,220,955 $291,220,955
<CURRENT-LIABILITIES> $1,346,008 $1,346,008
<BONDS> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> $289,874,947 $289,874,947
<TOTAL-LIABILITY-AND-EQUITY> $291,220,955 $291,220,955
<SALES> 0 0
<TOTAL-REVENUES> $19,024,752 $39,191,072
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> $2,074 $4,718
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> $16,734,339 $34,431,565
<INCOME-TAX> 0 0
<INCOME-CONTINUING> $16,734,339 $34,431,565
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> $16,734,339 $34,431,565
<EPS-PRIMARY> $4.24 $8.73
<EPS-DILUTED> $4.24 $8.73
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED APRIL 30, 1996
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> OCT-31-1995 OCT-31-1995
<PERIOD-END> APR-30-1996 APR-30-1996
<CASH> 0 0
<SECURITIES> $169,082,331 $169,082,331
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<INVENTORY> 0 0
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<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> $171,865,984 $171,865,984
<CURRENT-LIABILITIES> $1,007,967 $1,007,967
<BONDS> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> $170,858,017 $170,858,017
<TOTAL-LIABILITY-AND-EQUITY> $171,865,984 $171,865,984
<SALES> 0 0
<TOTAL-REVENUES> $2,946,799 $5,980,913
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> $7,294,456 $3,489,079
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> ($7,292,367) ($3,484,478)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> ($7,292,367) ($3,484,478)
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> ($7,292,367) ($3,484,478)
<EPS-PRIMARY> ($2.51) ($1.20)
<EPS-DILUTED> ($2.51) ($1.20)
</TABLE>
