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, 1997
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, 1997.
Pooled Equity Fund - 2,739,942
Pooled Debt Fund - 2,068,458
Pooled Income Fund - 769,579
PAGE
<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, 1996.
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Operations
QUARTER QUARTER
ENDING 07/31/96 ENDING 07/31/97
Investment Income:
Dividends 1,389,282 1,106,881
Interest 942,292 720,030
Gross Investment Income 2,331,574 1,826,911
Less: Audit Expense &
Foreign Taxes (4,701) (1,875)
Net Investment Income 2,326,873 1,825,036
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 233,839,820 174,054,881
Cost of Securities Sold 226,897,423 159,812,821
Net Realized Gain(Loss) 6,942,397 14,242,060
Unrealized Gain(Loss)
on Investments:
Beginning of Period 49,120,957 29,004,391
End of Period 17,936,439 45,057,041
Net Unrealized Gain(Loss) (31,184,518) 16,052,650
Net Realized and
Unrealized Gain(Loss)
on Investments (24,242,121) 30,294,710
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Operations
9 MONTHS 9 MONTHS
ENDED 07/31/96 ENDED 07/31/97
Investment Income:
Dividends 4,006,260 3,455,951
Interest 3,084,820 2,218,613
Gross Investment Income 7,091,080 5,674,564
Less: Audit Expense &
Foreign Taxes (9,419) (5,565)
Net Investment Income 7,081,661 5,668,999
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 739,950,708 536,895,903
Cost of Securities Sold 717,584,085 507,740,423
Net Realized Gain(Loss) 22,366,623 29,155,480
Unrealized Gain(Loss)
on Investments:
Beginning of Period 30,113,618 28,973,664
End of Period 17,936,436 45,057,041
Net Unrealized Gain(Loss) (12,177,182) 16,083,377
Net Realized and
Unrealized Gain(Loss)
on Investments 10,189,441 45,238,857
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)
9 MONTHS 9 MONTHS
ENDED 07/31/96 ENDED 07/31/97
Participants' Interest at
Beginning of Period 262,551,708 259,599,297
Changes from Investment
Activities:
Net Investment Income 7,081,661 5,668,999
Net Realized Gain(Loss)
on Investments 22,366,623 29,155,480
Net Unrealized Gain(Loss)
on Investments (12,177,182) 16,083,377
Net Increase(Decrease)
from Investment Activity 17,271,102 50,907,856
Changes from Participating
Unit Transactions:
Received from Issuance of:
394,936 Units 37,173,356
Received from Issuance of:
218,951 Units 16,992,185
Payment on Redemption of:
893,215 Units (63,214,502)
Payment on Redemption of:
1,057,732 Units (82,337,493)
Net Increase(Decrease)
from Participating Unit
Transactions (26,041,146) (65,345,308)
Participants' Interest at
End of Period 253,781,664 245,161,845
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED 10/31/96 QUARTER ENDED 07/31/97
COST MARKET COST MARKET
Assets:
Common Stock 166,352,044 195,325,708 142,571,519 187,628,560
Commercial Paper 60,617,285 60,617,285 52,005,225 52,005,225
Other Investments 3,228,319 3,228,319 5,118,260 5,118,260
Total Investments 230,197,648 259,171,312 199,695,004 244,752,045
Cash 0 0
Interest Receivable 436,199 415,425
Receivable for
Securities Sold 0 0
Total Assets 259,607,511 245,167,470
Liabilities:
Audit Fees Payable 8,214 5,625
Payable for
Securities Sold 0 0
Total Liabilities 8,214 5,625
Participants' Interest:
72.54 Per Unit on
3,578,723 Units
Outstanding 259,599,297
89.48 Per Unit on
2,739,942 Units
Outstanding 245,161,845
Total Liabilities
and Participants'
Equity 259,607,511 245,167,470
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Operations
QUARTER QUARTER
ENDING 07/31/96 ENDING 07/31/97
Investment Income:
Interest 2,845,856 2,322,024
Less: Audit Expense (3,290) (1,875)
Net Investment Income 2,842,566 2,320,149
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 12,657,537 43,960,803
Cost of Securities Sold 12,751,107 43,815,553
Net Realized Gain(Loss) (93,570) 145,250
Unrealized Gain(Loss)
on Investments:
Beginning of Period 173,435 (367,654)
End of Period (659,803) 2,669,840)
Net Unrealized Gain(Loss) (833,238) 3,037,494
Net Realized and Unrealized
Gain(Loss) on Investments (926,808) 3,182,744
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Operations
9 MONTHS 9 MONTHS
ENDED 07/31/96 ENDED 07/31/97
Investment Income:
Interest 8,826,769 7,534,498
Less: Audit Expense (7,890) (5,530)
Net Investment Income 8,818,879 7,528,968
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 55,506,557 80,611,060
Cost of Securities Sold 56,025,173 80,229,446
Net Realized Gain(Loss) (518,616) 381,614
Unrealized Gain(Loss)
on Investments:
Beginning of Period 3,232,868 2,123,804
End of Period (659,803) 2,669,804
Net Unrealized Gain(Loss) (3,892,671) 546,036
Net Realized and Unrealized
Gain(Loss) on Investments (4,411,287) 927,650
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)
9 MONTHS 9 MONTHS
ENDED 07/31/96 ENDED 07/31/97
Participants' Interest at
Beginning of Period 164,323,271 168,974,494
Changes from Investment
Activities:
Net Investment Income 8,818,879 7,528,968
Net Realized Gain(Loss)
on Investments (518,616) 381,614
Net Unrealized Gain(Loss)
on Investments (3,892,671) 546,036
Net Increase(Decrease)
from Investment Activity 4,407,592 8,456,618
Changes from Participating
Unit Transactions:
Received from Issuance of:
396,314 Units 33,142,769
Received from Issuance of:
211,414 Units 13,137,355
Payment on Redemption of:
676,555 Units (30,859,208)
Payment on Redemption of:
895,762 Units (55,939,251)
Net Increase(Decrease)
from Participating Unit
Transactions 2,283,561 (42,801,896)
Participants' Interest at
End of Period 171,014,424 134,629,216
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED 10/31/96 QUARTER ENDED 07/31/97
COST MARKET COST MARKET
Assets:
U.S. Government &
Agency Obligations 80,390,770 81,657,383 60,063,308 62,206,504
Corporate Bonds 81,907,404 82,764,595 68,115,708 69,478,872
Other Investments 1,804,054 1,804,054 472,018 472,018
Total Investments 164,102,228 166,226,032 128,651,034 132,157,394
Cash 0 0
Interest Receivable 2,757,097 2,477,352
Receivable for
Securities Sold 0 0
Total Assets 168,983,129 134,634,746
Liabilities:
Audit Fees Payable 8,635 5,530
Payable for
Securities Sold
& Other Payables 0 0
Total Liabilities 8,635 5,530
Participants' Interest:
61.38 Per Unit on
2,752,806 Units
Outstanding 168,974,494
65.09 Per Unit on
2,068,458 Units
Outstanding 134,629,216
Total Liabilities and
Participants' Equity 168,983,129 134,634,746
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Operations
QUARTER QUARTER
ENDING 07/31/96 ENDING 07/31/97
Investment Income:
Interest 669,602 559,632
Less: Audit Expense (428) (687)
Net Investment Income 669,174 558,944
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 108,943,632 79,076,737
Cost of Securities Sold 108,981,122 79,076,737
Net Realized Gain(Loss) (37,490) 0
Unrealized Gain(Loss)
on Investments:
Beginning of Period (30,471) (465)
End of Period (1,938) 0
Net Unrealized Gain(Loss) 28,533 465
Net Realized and Unrealized
Gain(Loss) on Investments (8,957) 465
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Operations
9 MONTHS 9 MONTHS
ENDED 07/31/96 ENDED 07/31/97
Investment Income:
Interest 2,339,434 1,681,423
Less: Audit Expense (2,316) (2,062)
Net Investment Income 2,337,118 1,679,361
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 447,378,809 282,007,569
Cost of Securities Sold 447,404,894 282,006,007
Net Realized Gain(Loss) (26,085) 1,562
Unrealized Gain(Loss)
on Investments:
Beginning of Period 5,640 3,608
End of Period (1,938) 0
Net Unrealized Gain(Loss) (7,578) (3,608)
Net Realized and Unrealized
Gain(Loss) on Investments (33,663) (2,046)
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)
9 MONTHS 9 MONTHS
ENDED 07/31/96 ENDED 07/31/97
Participants' Interest at
Beginning of Period 65,734,732 44,332,553
Changes from Investment
Activities:
Net Investment Income 2,337,118 1,679,361
Net Realized Gain(Loss)
on Investments (26,085) 1,562
Net Unrealized Gain(Loss)
on Investments (7,578) (3,608)
Net Increase(Decrease)
from Investment Activity 2,303,455 1,677,315
Changes from Participating
Unit Transactions:
Received from Issuance of: 10,824,041
223,744 Units
Received from Issuance of:
169,068 Units 8,639,752
Payment on Redemption of:
669,477 Units 32,447,793
Payment on Redemption of:
284,293 Units 14,495,321
Net Increase(Decrease)
from Participating Unit
Transactions (21,623,753) (5,855,569)
Participants' Interest at
End of Period 46,414,435 40,154,299
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Assets and Liabilities
FY ENDED 10/31/96 9 MONTHS ENDED 07/31/97
COST MARKET COST MARKET
Assets:
U.S. Government &
Agency Obligations 12,130,715 12,134,323 9,920,004 9,920,004
Commercial Paper 29,525,599 29,525,599 27,300,127 27,300,127
Other Investments 2,501,655 2,501,655 2,769,697 2,769,697
Total Investments 44,161,577 39,989,828 39,989,828
Cash 0 0
Interest Receivable 173,726 166,534
Receivable for
Securities Sold 0 0
Total Assets 44,335,303 40,156,362
Liabilities:
Audit Fees Payable 2,750 2,063
Payable for
Securities Sold 0 0
Total Liabilities 2,750 2,063
Participants' Interest:
50.10 Per Unit
on 884,822 44,332,553
52.18 Per Unit on
769,579 40,154,299
Total Liabilities and
Participants' Equity 44,335,303 40,156,362
See accompanying notes to condensed financial statements.
<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 Funds (the "Collective
Investment Funds") as of July 31, 1997, and October 31, 1996, the results of
operations for the three months and nine months ended July 31, 1997 and 1996,
and cash flows for the nine months ended July 31, 1997 and 1996.
2. The results of operations for the three months and nine months ended July
31, 1997 and 1996, are not necessarily indicative of the results to be
expected for the full year 1997, nor the results experienced for the full year
1996.
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, 1996.
<PAGE>
Item 2. Trustee's Discussion and Analysis of Financial Condition and Results
of Operations.
During the second quarter of 1997, the economy continued to march ahead at a
strong but somewhat moderated pace. Inflation remained under control and was
below the expectations of many. Increases in labor compensation have been
trending higher, but the pressures have not been passed through to the public.
Wholesale prices fell for the fifth consecutive month. Although retail sales
slowed for three months in a row for the first time since 1981, consumer
confidence was at a 28-year high. This confidence was helped by increasing
real personal income and the drop in the national unemployment rate to 4.8% in
May, the lowest figure since 1973. Factory overtime moved up to the highest
level since records began in 1956. The manufacturing sector continued to
operate at high percentages, but below its peak. Strikes disrupted auto
production early in the quarter which, combined with reduced demand, resulted
in lower sales. Real estate sales and construction were mixed, but still
strong compared with 1996, and the inventory of existing homes is the smallest
since 1993. Growth in both Europe and Japan was stalled by value-added tax
debates, European monetary union negotiations and other factors. The result
was stronger exports than imports and a widening of the trade deficit. At
this point, the future of economic growth in this cycle depends on the
consumer decision to start spending again at the former rate.
Growth without inflation was very positive for the equity markets as
investors remained exuberant. During the second quarter, large capitalization
stocks continued to boost the major market indices to new highs. On April 1,
1997, the Standard & Poor's 500 index was barely 2% above its December 31,
1996, level. Several weeks later, continuing concern about the economy
overheating and resultant fears of inflation caused a market sell-off.
However, that drop was only a stumble in the 2 1/2-year-old bull market as it
rebounded from the lows of April to new highs in June based on favorable
economic news. Although the large capitalization stocks that dominate the
indices outperformed the broad market, small and mid capitalization stocks
also began to participate in the market in a more positive way in May. In
addition, the equity markets benefited from extensive corporate stock buy-back
programs and merger and acquisition activity. The unmanaged large
capitalization S&P 500 index was up 17.46% for the quarter, while the
unmanaged broader market Value Line composite was up only 13.71%. Economic
conditions remain very favorable for equities, but valuations in some large
capitalization segments are causing concern.
In comparison with the dramatic volatility that has characterized interest
rates and the bond market recently, the second quarter saw a gradual easing of
interest rates during April and May followed by a significant drop in June.
The moderating economic and employment news has reduced the fear that the
Federal Reserve will overreact by significantly raising the key Federal Funds
rate in the near term. The progress being made toward a balanced budget
agreement also helped to settle the bond market. Representative bond market
indices returned as follows for the second quarter: Lehman Brothers
Government/Corporate Intermediate Index, 2.95%; Lehman Brothers
Government/Corporate, 3.64%.
POOLED EQUITY FUND
During the quarter, new stock positions were taken in Superior Industries,
Engelhard Corp. and Duke Energy. Positions were deleted in Transitional
Hospitals, Eastman Kodak, Applied Materials, Tandem Computers, General
Electric, Giddings & Lewis, and Pan Energy Corp. The Fund's total return
(income plus price appreciation) for the quarter was 11.94%. For the past 12
months, the total Fund returned 18.53%. Excluding cash reserves, the total
return of stocks held by the Fund was 14.69% for the quarter and 21.92% for
the last 12 months. The Fund ended the quarter with cash reserves of 24.14%.
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 57% 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 3.03% for the quarter and 7.46%
for the preceding 12 months. At quarter end, the current yield of the
fund was approximately 6.6%. The weighted yield to maturity at market was
6.57%.
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 1.39% is equivalent to an
annualized total return of 5.56%. For the past 12 months, the fund
returned 5.57%. The Fund has an average maturity of 24 days and a weighted
yield to maturity of 5.54%.
<PAGE>
<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
in 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) Instrument 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 Equity Fund
27.3 - Pooled Debt Fund
27.4 - Pooled Income 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, 1997.
<PAGE>
<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 12, 1997 By:/s/ Steve Campbell
Senior Vice President
By:/s/ E. Frank Ware
Executive Vice President and
Trust Accounting Office
<PAGE>
<PAGE>
INDEX TO EXHIBITS
27.1 Financial Data Schedule CT (Summary)
27.2 Financial Data Schedule for Pooled Equity Fund
27.3 Financial Data Schedule for Pooled Debt Fund.
27.4 Financial Data Schedule for Pooled Income Fund
<PAGE>
<PAGE>
27.1 - SCHEDULE CT
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED July 31, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 9-MOS
PERIOD-END JULY 31, 1997 JULY 31, 1997
TOTAL-ASSETS 419,958,578 419,958,578
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 419,950,890 419,945,360
TOTAL-LIABILITY-AND-EQUITY 419,958,578 419,958,578
TOTAL-REVENUES 35,148,527 60,512,518
INCOME-TAX 0 0
INCOME-CONTINUING 7,263 16,856
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME 33,477,919 46,162,899
EPS-PRIMARY 6.00 8.28
EPS-DILUTED 6.00 8.28
<PAGE>
<PAGE>
27.2 FINANCIAL DATA SCHEDULE - POOLED EQUITY
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JULY 31, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 9-MOS
PERIOD-END JULY 31, 1997 JULY 31, 1997
CASH 0 0
SECURITIES 244,752,045 244,752,045
RECEIVABLES 415,425 415,425
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 245,167,470 245,167,470
CURRENT-LIABILITIES 5,625 5,625
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 245,161,845 245,161,845
TOTAL-LIABILITY-AND-EQUITY 245,167,470 245,167,470
SALES 0 0
TOTAL-REVENUES 32,121,621 50,913,421
CGS 0 0
TOTAL-COSTS 0 0
OTHER-EXPENSES (4,701) (5,565)
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX 30,294,710 45,238,857
INCOME-TAX 0 0
INCOME-CONTINUING 30,294,710 45,238,857
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME 30,294,710 45,238,857
EPS-PRIMARY $11.06 $16.51
EPS-DILUTED $11.06 $16.51
<PAGE>
<PAGE>
27.3 FINANCIAL DATA SCHEDULE - POOLED DEBT
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JULY 31, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 9-MOS
PERIOD-END JULY 31, 1997 JULY 31, 1997
CASH 0 0
SECURITIES 132,157,394 132,157,394
RECEIVABLES 2,477,352 2,477,352
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 134,634,746 134,634,746
CURRENT-LIABILITIES 5,530 5,530
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 134,629,216 134,629,216
TOTAL-LIABILITY-AND-EQUITY 134,634,746 134,634,746
SALES 0 0
TOTAL-REVENUES 2,467,274 7,916,112
CGS 0 0
TOTAL-COSTS 0 0
OTHER-EXPENSES (1,875) (5,530)
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX 3,182,744 927,650
INCOME-TAX 0 0
INCOME-CONTINUING 3,182,744 927,650
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME 3,182,744 927,650
EPS-PRIMARY $1.54 $0.45
EPS-DILUTED $1.54 $0.45
<PAGE>
<PAGE>
27.4 FINANCIAL DATA SCHEDULE - POOLED INCOME
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JULY 31, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 9-MOS
PERIOD-END JULY 31, 1997 JULY 31, 1997
CASH 0 0
SECURITIES 39,989,828 39,989,828
RECEIVABLES 166,534 166,534
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 40,156,362 40,156,362
CURRENT-LIABILITIES 2,063 2,063
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 40,154,299 40,154,299
TOTAL-LIABILITY-AND-EQUITY 40,156,362 40,156,362
SALES 0 0
TOTAL-REVENUES 559,632 1,682,985
CGS 0 0
TOTAL-COSTS 0 0
OTHER-EXPENSES (687) (5,670)
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX 465 (3,608)
INCOME-TAX 0 0
INCOME-CONTINUING 465 (3,608)
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME 465 (3,608)
EPS-PRIMARY $0.00 ($0.00)
EPS-DILUTED $0.00 ($0.00)
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