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 quarter period ended July 31, 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 as of July 31, 1996.
Pooled Equity Fund - 3,751,295
Pooled Debt Fund - 2,881,074
Pooled Income Fund - 939,140
<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
07/31/95 07/31/96
-------- --------
Investment Income:
Interest: 1,225,608 669,602
Less: Audit Expense (1,008)
(428)
------------ ------------
Net Investment Income 1,224,600 669,174
============ ============
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 162,427,396 108,943,632
Cost of Securities Sold 162,427,396 108,981,122
------------ ------------
Net Realized Gain(Loss) 0 (37,491)
Unrealized Gain(Loss) on Investments:
Beginning of Period 116,406 (30,471)
End of Period 1,255 (1,938)
------------ ------------
Net Unrealized Gain(Loss) (115,151) 28,534
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments (115,151) (8,957)
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Operations
NINE MONTHS NINE MONTHS
ENDED ENDED
07/31/95 07/31/96
------------ ------------
Investment Income:
Interest: 2,886,360 2,339,434
Less: Audit Expense <3,036> <2,316>
------------ ------------
Net Investment Income 2,883,324 2,337,118
============ ============
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 342,668,287 447,378,809
Cost of Securities Sold 342,656,100 447,404,894
------------ ------------
Net Realized Gain(Loss) 12,187 <26,084>
------------ ------------
Unrealized Gain(Loss) on Investments:
Beginning of Period <47,188> 5,640
End of Period 1,255 <1,938>
------------ ------------
Net Unrealized Gain(Loss) 48,443 <7,578>
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 60,630 <33,662>
============ ============
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)
NINE MONTHS NINE MONTHS
ENDED ENDED
07/31/95 07/31/96
------------ ------------
Participants' Interest at Beginning of Period 60,527,868 65,734,732
Changes from Investment Activities:
Net Investment Income 2,883,324 2,337,118
Net Realized Gain(Loss) on Investments 12,187 <26,084>
Net Unrealized Gain(Loss) on
Investments 48,443 <7,578>
------------ ------------
Net Increase(Decrease) from
Investment Activity 2,943,954 2,303,455
------------ ------------
Changes from Participating Unit Transactions:
Received from Issuance of: 762,338 Units 34,736,513
Received from Issuance of: 223,744 Units 4,621,556
Payment on Redemption of: 755,315 Units 34,635,009
Payment on Redemption of: 669,477 Units 26,245,309
------------ ------------
Net Increase(Decrease) from
Participating Unit Transactions <128,504> <21,623,753>
------------ ------------
Participants' Interest at End of Period 63,600,326 46,414,435
============ ============
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 NINE MONTHS ENDED 07/31/96
COST COST MARKET
------------ -------- --------
<S> <C> <C> <C>
Assets:
U.S. Government & Agency Obligations 23,093,688 14,583,664 14,581,726
Commercial Paper 36,648,284 27,383,894 27,383,894
Other Investments 5,585,759 4,686,997 4,686,997
------------ ------------ ------------
Total Investments 65,327,731 46,654,555 46,652,617
============ ============
Cash 0 (484,184)
Interest Receivable 411,057 248,324
Receivable for Securities Sold 0 0
------------ ------------
Total Assets 65,738,788 46,416,757
============ ============
Liabilities:
Audit Fees Payable 4,056 2,322
Payable for Securities Sold 0 0
------------ ------------
Total Liabilities 4,056 2,322
------------ ------------
Participants' Interest:
47.41 Per Unit on 1,386,619 Units
Outstanding 65,734,732
49.42 Per Unit on 939,140 Units
Outstanding 46,414,435
------------ ------------
Total Liabilities and Participants' Equity 65,738,788 46,416,757
============ ============
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
07/31/95 07/31/96
------------ ------------
Investment Income:
Dividends 1,372,311 1,389,282
Interest 987,579 942,292
------------ ------------
Gross Investment Income 2,359,890 2,331,574
Less: Audit Expense & Foreign Taxes (2,796) (4,701)
------------ ------------
Net Investment Income 2,357,094 2,326,872
============ ============
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 180,778,542 233,839,820
Cost of Securities Sold 172,790,190 226,897,423
------------ ------------
Net Realized Gain(Loss) 7,988,352 6,942,397
Unrealized Gain(Loss) on Investments:
Beginning of Period 36,471,027 49,120,957
End of Period 38,760,208 17,936,436
------------ ------------
Net Unrealized Gain(Loss) 2,289,181 (31,184,521)
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 10,277,533 (24,242,124)
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Operations
NINE MONTHS NINE MONTHS
ENDED ENDED
07/31/95 07/31/96
------------ ------------
Investment Income:
Dividends 4,427,430 4,006,260
Interest 2,444,413 3,084,820
------------ ------------
Gross Investment Income 6,871,843 7,091,080
Less: Audit Expense & Foreign Taxes <11,790> <9,419>
------------ ------------
Net Investment Income 6,860,053 7,081,661
============ ============
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 514,516,014 739,950,708
Cost of Securities Sold 491,431,867 717,584,085
------------ ------------
Net Realized Gain(Loss) 23,084,147 22,366,623
------------ ------------
Unrealized Gain(Loss) on Investments:
Beginning of Period 37,955,084 30,113,618
End of Period 38,760,208 17,936,436
------------ ------------
Net Unrealized Gain(Loss) 805,124 <12,177,182>
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 23,889,271 10,189,441
============ ============
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)
NINE MONTHS NINE MONTHS
ENDED ENDED
07/31/95 07/31/96
------------ ------------
Participants' Interest at Beginning of Period 232,073,838 262,551,708
Changes from Investment Activities:
Net Investment Income 6,860,053 7,081,661
Net Realized Gain(Loss) on Investments 23,084,147 22,366,623
Net Unrealized Gain(Loss) on Investments 805,124 <12,177,182>
------------ ------------
Net Increase(Decrease) from
Investment Activity 30,749,324 17,271,102
------------ ------------
Changes from Participating Unit Transactions:
Received from Issuance of: 418,605 Units 26,341,680
Received from Issuance of: 394,936 Units 19,335,621
Payment on Redemption of: 488,024 Units <31,697,558>
Payment on Redemption of: 893,215 Units <45,376,767>
------------ ------------
Net Increase(Decrease) from
Participating Unit Transactions <5,355,878> <26,041,146>
------------ ------------
Participants' Interest at End of Period 257,467,284 253,781,664
============ ============
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 NINE MONTHS ENDED 07/31/96
COST MARKET COST MARKET
-------- ---------- -------- ----------
<S> <C> <C> <C> <C>
Assets:
Common Stock 162,051,285 192,164,903 170,677,362 188,613,798
Commercial Paper 66,013,975 66,013,975 62,607,867 62,607,867
Other Investments 4,140,195 4,140,195 2,102,381 2,102,381
------------ ------------ ------------ ------------
Total Investments 232,205,455 262,319,073 235,387,611 253,324,047
============ ============
Cash 0 0
Interest Receivable 588,698 463,688
Receivable for Securities Sold 163,521 0
------------ ------------
Total Assets 263,071,292 253,787,734
============ ============
Liabilities:
Audit Fees Payable 11,187 6,071
Payable for Securities Sold 508,397 0
------------ ------------
Total Liabilities 519,584 6,071
------------ ------------
Participants' Interest:
64.32 Per Unit on 4,082,250 Units Outstanding 262,551,708
67.65 Per Unit on 3,751,295 Units Outstanding 253,781,664
------------ ------------
Total Liabilities and Participants' Equity 263,071,292 253,787,734
============ ============
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
07/31/95 07/31/96
------------ ------------
Investment Income:
Interest 3,439,893 2,845,856
Less: Audit Expense (2,795) (3,290)
------------ ------------
Net Investment Income 3,437,098 2,842,566
============ ============
Realized and Unrealized Gain(Loss) on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 16,557,600 12,657,537
Cost of Securities Sold 17,249,484 12,751,107
------------ ------------
Net Realized Gain(Loss) (691,884) (93,570)
------------ ------------
Unrealized Gain(Loss) on Investments:
Beginning of Period (2,657,812) 173,435
End of Period 942,634 (659,803)
------------ ------------
Net Unrealized Gain(Loss) 3,600,446 833,238
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 2,908,562 (926,808)
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Operations
NINE MONTHS NINE MONTHS
ENDED ENDED
07/31/95 07/31/96
------------ ------------
Investment Income:
Interest 8,121,020 8,826,769
Less: Audit Expense <8,416> <7,890>
------------ ------------
Net Investment Income 8,112,604 8,818,879
============ ============
Realized and Unrealized Gain(Loss) on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 48,682,456 55,506,557
Cost of Securities Sold 49,139,001 56,025,173
------------ ------------
Net Realized Gain(Loss) <456,545> <518,616>
------------ ------------
Unrealized Gain(Loss) on Investments:
Beginning of Period <7,160,638> 3,232,868
End of Period 942,634 <659,803>
------------ ------------
Net Unrealized Gain(Loss) 8,103,272 <3,892,671>
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 7,646,727 <4,411,286>
============ ============
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)
NINE MONTHS NINE MONTHS
ENDED ENDED
07/31/95 07/31/96
------------ ------------
Participants' Interest at Beginning of Period 160,657,602 164,323,271
Changes from Investment Activities:
Net Investment Income 8,112,604 8,818,879
Net Realized Gain(Loss) on Investments <456,545> <518,616>
Net Unrealized Gain(Loss) on Investments 8,103,272 <3,892,671>
------------ ------------
Net Increase(Decrease) from
Investment Activity 15,759,331 4,407,593
------------ ------------
Changes from Participating Unit Transactions:
Received from Issuance of: 270,660 Units 16,134,444
Received from Issuance of: 396,314 Units 33,142,769
Payment on Redemption of: 673,948 Units <34,903,669>
Payment on Redemption of: 676,555 Units <30,859,208>
------------ ------------
Net Increase(Decrease) from
participating Unit Transactions <18,769,225> 2,283,561
------------ ------------
Participants' Interest at End of Period 157,647,708 171,014,424
============ ============
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 NINE MONTHS ENDED 07/31/96
COST MARKET COST MARKET
-------- ---------- -------- ----------
<S> <C> <C> <C> <C>
Assets:
U.S. Government & Agency Obligations 78,652,888 80,488,586 83,571,651 83,941,887
Corporate Bonds 79,563,147 80,960,317 82,630,293 81,600,254
Other Investments 1,087,960 1,087,960 2,404,223 2,404,223
------------ ------------ ------------ ------------
Total Investments 159,303,995 162,536,863 168,606,167 167,946,364
============ ============
Cash 0 4,077
Interest Receivable 2,655,058 3,070,683
Receivable for Securities Sold 985,699 0
------------ ------------
Total Assets 166,177,620 171,021,124
============ ============
Liabilities:
Audit Fees Payable 11,212 6,700
Payable for Securities Sold & Other Payables 1,843,137 0
------------ ------------
Total Liabilities 1,854,349 6,700
------------ ------------
Participants' Interest:
58.17 Per Unit on 2,825,108 Units Outstanding 164,323,271
59.36 Per Unit on 2,881,074 Units Outstanding 171,014,424
------------ ------------
Total Liabilities and Participants' Equity 166,177,620 171,021,124
============ ============
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 July 31, 1996 and October 31, 1995, the results of operations
for the three months ended July 31, 1996 and 1995, and cash flows for the
three months ended July 31, 1996 and 1995.
2. The results of operations for the three months ended July 31, 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.
Economic growth accelerated in the second quarter somewhat faster than
most had expected. Gross Domestic Product, the total of all goods and
services produced in the U.S, increased by an estimated annual growth rate of
4.2% for the quarter. The economy is operating near its potential, but it
does not appear that major cyclical imbalances exist despite the fact that
the expansion is now over 5 years in length. Inflation remains subdued. In
the second quarter the CPI advanced at a 3.1% annual rate. Growth during the
first half of the year was helped by consumer spending which was fueled by
early and large income tax refunds, mortgage refinancing and other factors.
With consumer debt high and no middle class tax cut, consumption will
probably slow. Despite the rise in interest rates, housing remained strong
in the second quarter as builders pushed to start new construction before
rates rose even higher. The strength in housing, along with low business
inventory levels, has helped manufacturing. Business investment, except for
computers and related items, may have seen peak levels. Computers may be
slowing as well since both orders and shipments have been down since
February. So far in 1996, the world economic growth has been somewhat faster
than the average for the last two years. There was unexpectedly strong
growth in Japan, sub-par growth in Europe and moderate growth in emerging
countries. Economic growth in the second half of the year is expected to
slow in the U.S.
The U.S. markets were positive in the second quarter, but had begun to
falter by the end of May and moved into a choppy trading range. Small
capitalization stocks outperformed larger capitalization stocks for the first
two months of the quarter. The focus of the markets was on earnings and
secondarily on interest rates as performance varied strongly by economic
sector. Stocks with disappointing earnings often made very abrupt moves.
The strong flow of monies into equity mutual funds continued for most of the
second quarter proving positive support for the markets. There are signs the
fund flows may be slowing. Most international stock indices were up for the
quarter led by the Japanese markets. The S & P 500 total return was up 4.49%
for the quarter and 26.00% for the preceding twelve months. The Value Line
Index was up 3.18% and 16.14%, respectively, for the same periods. The stock
markets appear vulnerable to surprise and over-valued at this late point in
the cycle.
The U.S. bond market remained very concerned abut faster economic
growth, the resulting increase in credit demand in the second quarter and the
possibility of inflationary wage growth. Labor costs are much more important
than commodities in determining inflation, because they represent a larger
percentage of total costs. However, the rise in interest rates slowed
considerably in comparison with the first quarter. The total return was
greater for intermediate maturity bonds than in longer maturities during the
quarter. The Lehman Brothers Government/Corporate Intermediate Index rose
0.63% for the quarter and 5.01% for the preceding twelve months. The longer
maturing Lehman Brothers Government/Corporate Index was up for the quarter by
0.47% and 4.66% for the preceding twelve months. Interest rates in the hear
term will probably remain in a fairly narrow range until some of the major
factors affecting them change course.
POOLED EQUITY FUND
During the quarter, new stock positions were taken in H & R Block,
Applied Materials, Texas Instruments and Browning Ferris Industries.
Positions were deleted in American Home Products, Mercantile Stores, TJX
Companies, Perkin Elmer Corp., Texaco and Yellow Corp.
The Fund's total return (income plus price appreciation) for the quarter
was 1.83%. For the past twelve months, the total Fund returned 15.39%.
Excluding cash reserves, the total return of stocks held by the Fund was
2.66% for the quarter and 20.26% for the last 12 months. The Fund ended the
quarter with cash reserves of 24.03%.
POOLED DEBT FUND
In keeping with our philosophy of maintaining a high quality portfolio
with limited maturity exposure, about 52.2% 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 0.59% for the quarter and 4.89% 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 6.89%.
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 1.37% is equivalent to an
annualized total return of 5.48%. For the past twelve months, the Fund
returned 5.88%. The Fund has an average maturity of 72 days and a weighted
yield to maturity of 5.58%.
<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 July 31, 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: September 13, 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
FINANCIAL STATEMENTS IN THE ACCOMPANYING FORM 10-Q AND IS QUALIFIED
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 9-MOS
<FISCAL-YEAR-END> OCT-31-1996 OCT-31-1996
<PERIOD-END> JUL-31-1996 JUL-31-1996
<TOTAL-ASSETS> 471,225,615 471,225,615
0 0
0 0
<COMMON> 471,210,523 471,210,523
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 471,225,615 471,225,615
<TOTAL-REVENUES> 12,658,368 40,079,206
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 12,649,949 40,059,581
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 12,649,949 40,059,581
<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
FINANCIAL STATEMENTS INCLUDED IN THE ACCOMPANYING FORM 10-Q AND SUCH
INFORMATION IS QUALIFIED BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 9-MOS
<FISCAL-YEAR-END> OCT-31-1996 OCT-31-1996
<PERIOD-END> JUL-31-1996 JUL-31-1996
<CASH> (484,184) (484,184)
<SECURITIES> 46,652,617 46,652,617
<RECEIVABLES> 284,324 284,324
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 46,416,757 46,416,757
<CURRENT-LIABILITIES> 2,322 2,332
<BONDS> 0 0
0 0
0 0
<COMMON> 46,414,435 46,414,435
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 46,416,757 46,416,757
<SALES> 0 0
<TOTAL-REVENUES> 632,111 2,313,350
<CGS> 0 0
<TOTAL-COSTS> (428) (2,316)
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 0 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 631,683 2,311,034
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 631,683 2,311,034
<EPS-PRIMARY> 0.67 2.46
<EPS-DILUTED> 0.67 2.46
</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 FINANCIAL
STATEMENTS IN THE ACCOMPANYING FORM 10-Q AND IS QUALIFIED BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 9-MOS
<FISCAL-YEAR-END> OCT-31-1996 OCT-31-1996
<PERIOD-END> JUL-31-1996 JUL-31-1996
<CASH> 463,688 463,688
<SECURITIES> 235,387,611 235,387,611
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 253,787,734 253,787,734
<CURRENT-LIABILITIES> 6,071 6,071
<BONDS> 0 0
0 0
0 0
<COMMON> 253,781,664 253,781,664
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 253,787,734 253,787,734
<SALES> 0 0
<TOTAL-REVENUES> 9,273,971 29,457,703
<CGS> 0 0
<TOTAL-COSTS> (4,701) (9,419)
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 9,269,270 29,448,284
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 9,269,270 29,448,284
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 9,269,270 29,448,284
<EPS-PRIMARY> 2.40 7.85
<EPS-DILUTED> 2.40 7.85
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS IN THE ACCOMPANYING FORM 10-Q AND IS QUALIFIED BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 9-MOS
<FISCAL-YEAR-END> OCT-31-1996 OCT-31-1996
<PERIOD-END> JUL-31-1996 JUL-31-1996
<CASH> 4,077 4,077
<SECURITIES> 168,606,167 168,606,167
<RECEIVABLES> 3,070,683 3,070,683
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 171,021,124 171,021,124
<CURRENT-LIABILITIES> 6,700 6,700
<BONDS> 0 0
0 0
0 0
<COMMON> 171,014,424 171,014,424
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 171,021,124 171,021,124
<SALES> 0 0
<TOTAL-REVENUES> 2,752,286 8,308,153
<CGS> 0 0
<TOTAL-COSTS> (3,290) (7,890)
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 2,748,996 8,300,263
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 2,748,996 8,300,263
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 2,748,996 8,300,263
<EPS-PRIMARY> 0.95 2.88
<EPS-DILUTED> 0.95 2.88
</TABLE>
