SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Quarterly Report Under Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the Quarter Ended January 31, 1996
Commission File No. 2-58109
The Collective Investment Funds for which UMB Bank, N.A. is Trustee
(formerly UMB Bank Master Plan and Trust for Self-Employed
Individuals; UMB-AGPA Master Plan and Trust for Self-Employed
Individuals; and Super Keogh Plans and Trusts for Partnership
Employers.)
_____________________________________________________________
Registrant
UMB BANK, n.a., (As Trustee)
Trust Department
1010 Grand Avenue
Kansas City, Missouri 64106
Tax Identification No. None
(816) 860-7700
Indicate by check mark whether the registrant (a) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding twelve
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 as of January 31,
1996 of the funds is as follows.
Pooled Debt - 3,128,117
Pooled Equity - 4,204,724
Pooled Income - 1,250,287
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statement of Operations
FY ENDED QUARTER
10/31/95 ENDED
01/31/96
<S> <C> <C>
Investment Income:
Interest 9,951,449 3,033,791
Less: Audit Expense (11,211) (2,511)
__________ ___________
Net Investment Income 9,940,238 3,031,279
========= ===========
Realized and Unrealized Gain (Loss) on Investments:
Realized Gain (Loss) on Investments
Proceeds from Sales 64,769,427 10,923,124
Cost of Securities Sold 64,508,442 11,278,115
___________ ___________
Net Realized Gain (Loss) 260,985 (354,991)
Unrealized Gain (Loss) on Investments:
Beginning of Period (7,160,638) 3,232,868
End of Period 3,232,868 7,395,748
___________ ___________
Net Unrealized Gain (Loss) 10,393,506 4,162,880
___________ ___________
Net Realized and Unrealized Gain (Loss) on Investments 10,654,491 3,807,889
========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statement of Participants' Interest
FY ENDED QUARTER
10/31/95 ENDED
01/31/96
<S> <C> <C>
Participants' Interest at Beginning of Period 160,657,602 164,323,271
Changes from Investment Activities:
Net Investment Income 9,940,238 3,031,279
Net Realized Gain (Loss) on Investments 260,985 (354,991)
Net Unrealized Gain (Loss) on Investments 10,393,506 4,162,880
__________ ___________
Net Increase (Decrease) from Investment Activity 20,594,729 6,839,168
__________ ___________
Changes from Participating Unit Transactions:
Received from Issuance of: 270,660 Units 21,483,446
Received from Issuance of: 416,440 Units 20,288,549
Payment on Redemption of: 673,948 Units (38,412,506)
Payment on Redemption of: 113,431 Units (3,474,830)
__________ _________
Net Increase (Decrease) from Participating Unit
Transactions (16,929,060) 16,813,719
__________ _________
Participants' Interest at End of Period 164,323,271 187,976,158
=========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statement of Assets and Liabilities
FY END QUARTER ENDED 01/31/96
COST MARKET COST MARKET
<S> <C> <C> <C> <C>
Assets:
U.S. Government & Agency Obligations 78,652,888 80,488,586 81,651,849 86,042,735
Corporate Bonds 79,563,147 80,960,317 91,954,025 95,443,729
Other Investments 1,087,960 1,087,960 3,102,180 3,168,520
___________ ___________ ___________ ___________
Total Investments 159,303,995 162,536,863 176,708,055 184,654,983
=========== =========== =========== ===========
Cash 0 0
Interest Receivable 2,655,057 3,188,498
Receivable for Securities Sold 985,699 140,700
__________ __________
Total Assets 166,177,619 187,984,181
=========== ===========
Liabilities:
Audit Fees Payable 11,212 5,877
Payable for Securities Sold & Other
Payables 1,843,137 2,147
___________ ___________
Total Liabilities: 1,854,349 8,024
___________ ___________
Participants' Interest
58.17 Per Unit on 2,825,108 Units Outstanding 164,323,271
60.09 Per Unit on 3,128,117 Units Outstanding 187,976,158
____________ ___________
Total Liabilities and Participants' Equity 166,177,620 187,984,182
============ ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Statement of Operations
FY ENDED QUARTER
10/31/95 ENDED 01/31/96
<S> <C> <C>
Investment Income:
Dividends 5,407,364 1,364,770
Interest 3,855,343 1,104,324
__________ ___________
Gross Investment Income 9,262,707 2,469,094
Less: Audit Expense & Foreign Taxes (17,956) (2,644)
__________ __________
Net Investment Income 9,244,751 2,466,450
========== =========
Realized and Unrealized Gain (Loss) on Investments:
Realized Gain (Loss) on Investments
Proceeds from Sales 725,215,369 227,641,580
Cost of Securities Sold 694,333,687 221,897,254
___________ ____________
Net Realized Gain (Loss) 30,881,682 5,744,327
Unrealized Gain (Loss) on Investments:
Beginning of Period 37,955,084 31,113,618
End of Period 30,113,618 42,066,516
___________ ___________
Net Unrealized Gain (Loss) (7,841,466) 11,952,898
___________ ___________
Net Realized and Unrealized Gain (Loss) on
Investments 23,040,216 17,697,225
=========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Statement of Participants' Interests
FY ENDED QUARTER
10/31/95 ENDED 01/31/96
<S> <C> <C>
Participants' Interest at Beginning of Period 232,073,838 262,551,708
Changes from Investment Activities:
Net Investment Income 9,244,751 2,466,450
Net Realized Gain (Loss) on Investments
Net Unrealized Gain (Loss) on Investments 30,881,682 5,744,327
Net Increase (Decrease) from Investment
Activity (7,841,466) 11,952,898
____________ ___________
32,284,967 20,163,675
____________ ____________
Changes from Participating Unit Transactions:
Received from Issuance of: 600,575 Units 35,970,886
Received from Issuance of: 313,675 Units 11,326,954
Payment on Redemption of: 635,453 Units (37,777,983)
Payment on Redemption of: 191,200 Units (4,794,849)
____________ _____________
Net Increase (Decrease) from Participating Unit
Transactions (1,807,097) (6,532,105)
___________ ___________
Participants' Interest at End of Period 262,551,708 289,247,488
============ ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Statement of Assets and Liabilities
FY END QUARTER ENDED 01/31/96
COST MARKET COST MARKET
<S> <C> <C> <C> <C>
Assets:
Common Stock 162,051,285 192,164,903 171,837,086 213,903,602
Commercial Paper 66,013,975 66,013,975 71,143,767 71,143,767
Other Investments 4,140,195 4,140,195 0 0
___________ __________ ___________ ___________
Total Investments 232,205,455 262,319,073 242,980,853 285,047,370
=========== ============
Cash 0 0
Interest Receivable 588,698 516,939
Receivable for Securities Sold 163,521 3,687,813
__________ __________
Total Assets 263,071,292 289,252,122
=========== ============
Liabilities:
Audit Fees Payable 11,187 4,634
Payable for Securities Sold 508,397 0
_________ ___________
Total Liabilities: 519,584 4,634
___________ ___________
Participants' Interest:
64.32 Per Unit on 4,082,250 Units Outstanding 262,551,708
68.79 Per Unit on 4,204,724 Units Outstanding 289,247,488
____________ ___________
Total Liabilities and Participants' Equity 263,071,292 289,252,122
============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Operations
FY ENDED QUARTER
10/31/95 ENDED 01/31/96
<S> <C> <C>
Investment Income:
Interest 3,834,915 917,932
Less: Audit Expense (4,050) (1,048)
__________ ___________
Net Investment Income 3,830,865 916,884
========== ===========
Realized and Unrealized Gain (Loss) on Investments:
Realized Gain (Loss) on Investments:
Proceeds from Sales 494,570,363 165,452,779
Cost of Securities Sold 494,548,801 165,446,373
___________ ____________
Net Realized Gain (Loss) 21,562 6,406
Unrealized Gain (Loss) on Investments:
Beginning of Period (47,188) 5,640
End of Period 5,640 14,749
__________ ___________
Net Unrealized Gain (Loss) 52,828 9,109
__________ ___________
Net Realized and Unrealized Gain (Loss) on Investments 74,390 15,515
========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Participants' Interest
FY ENDED QUARTER
10/31/95 ENDED 01/31/96
<S> <C> <C>
Participants' Interest at Beginning of Period 60,527,868 65,734,732
Changes from Investment Activities:
Net Investment Income 3,830,865 916,884
Net Realized Gain (Loss) on Investments 21,562 6,406
Net Unrealized Gain (Loss) on Investments 52,828 9,109
___________ __________
Net Increase (Decrease) from Investment Activity 3,905,255 932,399
___________ ___________
Changes from Participating Unit Transactions:
Received from Issuance of: 762,338 Units 39,394,576
Received from Issuance of: 68,296 Units 186,953
Payment on Redemption of: 755,315 Units 38,092,967
Payment on Redemption of: 202,380 Units 6,707,278
____________ _____________
Net Increase (Decrease) from Participating Unit
Transactions 1,301,609 (6,502,325)
___________ ___________
Participants' Interest at End of Period 65,734,732 60,146,806
=========== ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Assets and Liabilities
FY ENDED QUARTER ENDED 01/31/96
10/31/95
COST COST MARKET
<S> <C> <C> <C>
Assets:
U.S. Government & Agency Obligations 23,093,688 5,000,000 5,022,180
Commercial Paper 36,648,284 53,158,015 52,703,377
Other Investments 5,585,759 2,000,000 1,999,600
___________ ___________ ___________
Total Investments 65,327,731 60,158,015 59,725,157
__________ ========== __________
Cash 0 0
Interest Receivable 411,057 422,703
Receivable for Securities Sold 0 0
_________ __________
Total Assets 65,738,788 60,147,860
========== ==========
Liabilities:
Audit Fees Payable 4,056 1,054
Payable for Securities Sold 0 0
___________ ___________
Total Liabilities: 4,056 1,054
___________ ___________
Participants' Interest
47.41 Per Unit on 1,386,619 Units Outstanding 65,734,732
48.11 Per Unit on 1,250,287 Units Oustanding 60,146,806
___________ ___________
Total Liabilities and Participants' Equity 65,738,788 60,147,860
=========== ===========
</TABLE>
<PAGE>
Footnotes to Financial Statements
No material changes from last fiscal year-end.
Item 2. Trustee's Discussion and Analysis of Financial Condition
and Results of Operations.
The economy continued to grow during the fourth quarter but at a
decreased pace. Consumer demand was muted as the constraints of
expanding debt, low savings, and slow income growth were felt.
Manufacturing also slowed as both production and employment
showed decreased activity. Factory capacity utilization dropped
to its lowest level since December 1994 and inventories increased
for the nineteenth month in a row. Housing is struggling as
sales were weak despite attractive interest rates. The real
estate sales figures were probably negatively affected by the
partial government shutdown in December. The unemployment
figures were steady, but job formation was slow and consumer
confidence declined. In the absence of a budget agreement,
federal discretionary spending will be significantly restrained.
On the positive side, inflation remained under control
increasing at a 2.6% rate for the year to date. The trade
deficit has exerted a negative influence on GDP for the last two
years. However, at the end of the fourth quarter it narrowed to
its lowest level in ten months as exports dropped, but imports
dropped more as overseas economies remained stagnant. As the
economy moves into its sixth year of expansion, the continued
decline in leading economic indicators signal that the economy
may be weaker by summer.
The fourth quarter proved to be an extension of the strong
performance enjoyed by the equity markets all year. During the
quarter, the Dow Jones Industrial Average broke through the 5000
mark for the first time. The quarterly return on the S&P 500
lagged slightly its returns for the first three quarters, but
1995 ended with the highest calendar year return since 1958.
Mutual fund inflows for the year were the strongest in history
which added momentum to the market. Investor concerns about
corporate earnings earlier in the quarter waned as profit growth
continued although at a slower pace. The health, utilities and
energy sectors led the way, while the once strong technology
sector fell to last place. The small capitalization equities
underperformed the broad market during the quarter while the
European, Australian, Far East stock Index improved its relative
performance. The S&P 500 was up 6.02% for the quarter and 37.58%
for calendar year 1995. The value line was up 0.52% and 21.58%
for the same periods. At these levels, the equities markets are
fully valued by most historic measures.
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, new stock positions were taken in Community
Psychiatric Centers and Baker Hughes Inc. Positions were deleted
in Pioneer Hi-Bred, Clorox, Proctor & Gamble, H & R Block, Fluor
Corp. and FPL Group.
The Fund's total return (income plus price appreciation) for the
quarter was 4.27%. For the past twelve months, the total Fund
returned 21.97%. Excluding cash reserves, the total return of
stocks held by the Fund was 5.37% for the quarter and 28.87% for
the last 12 months. The fund ended the quarter with cash
reserves of 27.07%.
POOLED DEBT FUND
In keeping with our philosophy of maintaining a high quality
portfolio with limited maturity exposure, about 47% of the
portfolio is held in Government and Agency issues. Approximately
58% of the portfolio will mature within five years. The weighted
average life of the total portfolio is 5.1 years. The total
return of the Fund was 3.99% for the quarter and 16.83% for the
preceding twelve months. At quarter end, the current yield of
the fund was approximately 6.5%. The weighted yield to maturity
at market was 6.04%.
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
1.49% is equivalent to an annualized total return of 5.96%. For
the past twelve months, the fund returned 6.20%. The Fund has an
average maturity of 56 days and a weighted yield to maturity of
5.60%.
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 numbers
is Item 601 of Regulation S-K.
(2) Plan of Aquisition, 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 is attached hereto as Exhibit 27.1.
27.2. A Schedule for the Pooled Debt Fund is attached hereto
as Exhibit 27.2.
27.3 A Schedule for the Pooled Equity Fund is attached hereto
as Exhibit 27.3.
27.4 A Schedule for the Pooled Income Fund is attached hereto
as Exhibit 27.4.
(99) Additional Exhibits.
None.
(b) Reports on Form 8-K.
No report on Form 8-K was not required to be filed during the
three months ended January 31, 1996.
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 of the undersigned thereunto duly authorized.
UMB Bank, n.a. , as Trustee
By: /s/ Steve Campbell
Senior Vice President
By: /s/ E. Frank Ware
Executive Vice President and
Trust Accounting Officer
<PAGE>
INDEX TO EXHIBITS
Exhibit Description
_______ _______________________________________
27.1 Financial Data Schedule CT (Summary)
27.2 Financial Data Schedule for Pooled
Debt Fund
27.3 Financial Data Schedule for Pooled
Equity Fund
27.4 Financial Data Schedule for Pooled
Income Fund
<TABLE> <S> <C>
<ARTICLE> CT
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE UNAUDITED QUARTERLY FINANCIAL STATEMENTS FOR THE QUARTER ENDED
JANUARY 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> YEAR 3-MOS
<FISCAL-YEAR-END> OCT-31-1995 JAN-31-1996
<PERIOD-END> OCT-31-1995 JAN-31-1996
<TOTAL-ASSETS> 494,987,699 537,384,164
0 0
0 0
<COMMON> 0 0
<OTHER-SE> 492,609,710 537,370,452
<TOTAL-LIABILITY-AND-EQUITY> 494,987,699 537,384,164
<TOTAL-REVENUES> 23,049,071 6,420,817
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 23,049,071 6,420,817
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 23,015,854 6,414,613
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</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 QUARTERLY FINANCIAL STATEMENTS FOR THE QUARTER ENDED
JANUARY 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> YEAR 3-MOS
<FISCAL-YEAR-END> OCT-31-1995 JAN-31-1996
<PERIOD-END> OCT-31-1995 JAN-31-1996
<CASH> 0 0
<SECURITIES> 162,536,863 184,654,983
<RECEIVABLES> 3,640,756 3,329,198
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 166,177,619 187,984,181
<CURRENT-LIABILITIES> 1,854,349 8,024
<BONDS> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> 164,323,270 187,976,158
<TOTAL-LIABILITY-AND-EQUITY> 166,177,620 187,984,182
<SALES> 0 0
<TOTAL-REVENUES> 9,951,449 3,033,791
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> (11,211) (2,511)
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 9,940,238 3,031,279
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 9,940,238 3,031,279
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 9,940,238 3,031,279
<EPS-PRIMARY> 3.52 0.97
<EPS-DILUTED> 0 0
</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 QUARTERLY FINANCIAL STATEMENTS FOR THE QUARTER ENDED
JANUARY 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> YEAR 3-MOS
<FISCAL-YEAR-END> OCT-31-1995 JAN-31-1996
<PERIOD-END> OCT-31-1995 JAN-31-1996
<CASH> 0 0
<SECURITIES> 262,319,073 285,047,370
<RECEIVABLES> 752,219 4,204,752
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 263,071,292 289,252,122
<CURRENT-LIABILITIES> 519,584 4,634
<BONDS> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> 262,551,708 289,247,488
<TOTAL-LIABILITY-AND-EQUITY> 263,071,292 289,252,122
<SALES> 0 0
<TOTAL-REVENUES> 9,262,707 2,469,094
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> (17,956) (2,644)
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 9,244,751 2,466,450
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 9,244,751 2,466,450
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 9,244,751 2,466,450
<EPS-PRIMARY> 2.26 0.59
<EPS-DILUTED> 0 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE UNAUDITED QUARTERLY FINANCIAL STATEMENTS FOR THE QUARTER ENDED
JANUARY 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> YEAR 3-MOS
<FISCAL-YEAR-END> OCT-31-1995 JAN-31-1996
<PERIOD-END> OCT-31-1995 JAN-31-1996
<CASH> 0 0
<SECURITIES> 65,327,731 59,725,157
<RECEIVABLES> 411,057 422,703
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 65,738,788 60,147,860
<CURRENT-LIABILITIES> 4,056 1,054
<BONDS> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> 65,734,732 60,146,806
<TOTAL-LIABILITY-AND-EQUITY> 65,738,788 60,147,860
<SALES> 0 0
<TOTAL-REVENUES> 3,834,915 917,932
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> (4,050) (1,048)
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 3,830,865 916,884
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 3,830,865 916,884
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 3,830,865 916,884
<EPS-PRIMARY> 2.76 0.73
<EPS-DILUTED> 0 0
</TABLE>
