SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended: October 31, 1996
Commission file number: 2-58109
THE COLLECTIVE INVESTMENT TRUSTS*
(Exact name of registrant as specified in its charter)
* as defined herein
Missouri None
(State or other juris- (IRS Employer Identification No.)
diction of incorpora-
tion or organization)
UMB BANK, N.A., TRUSTEE
Trust Department
1010 Grand Avenue
Kansas City, Missouri 64106
(Address of principal executive offices of Trustee) (Zip code)
Registrant's telephone number, including area code: (816) 860-7000
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all the 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 ninety days:
YES X NO
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (sec. 229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this Form 10-K.
[X]
Aggregate Market Value of Voting Stock held by Non-Affiliates: Not
Applicable
Documents Incorporated by Reference: None
Page 1<PAGE>
Part I
Item 1. Business.
UMB Bank, N.A., the principal executive offices of which are located
in Kansas City, Missouri (the "Bank"), is trustee of three
Collective Investment Trusts (collectively referred to herein as
the "Funds" or singularly as a "Fund") that provide investment
mediums for certain qualified retirement plans for which the Bank
serves as trustee. The Funds are:
a. The Fund for Pooling Equity Investments of Employee Trusts, the
primary investment objective of which is growth in the value of the units
of participation in the Fund through investments of equity securities;
b. The Fund for Pooling Debt Investments of Employee Trusts, the
primary investment objective of which is the stability of the underlying
assets through the investment in fixed income obligations and growth in
the value of units of participation in the Fund through reinvestment of
the income from such obligations; and
c. The Pooled Income Fund for Employee Trusts, the primary investment
objective of which is to provide a high degree of liquidity through the
investment in short term fixed income obligations with growth in the
value of the units of participation in the Fund through reinvestment of
the income of such obligations.
The Funds are operated under Section 9.18 of Regulation 9 of the
Comptroller of Currency (12 C.F.R. sec.9). The Trust Department of
the Bank is responsible for the continuing supervision and
evaluation of all investments for the Funds. All investment
activities are subject to the policymaking and reviewing authority
of the Bank's Trust Policy Committee, which is composed of twelve
members made up of Senior Management and outside Directors of the
Bank.
The above description of the Registrant's business is qualified in
its entirety by reference to the more detailed discussion set forth
in the Registrant's registration statement on Form S-1 (Commission
file no. 33-86470), as may be amended from time to time.
Item 2. Properties.
Not applicable.
Item 3. Legal Proceedings.
None.
Item 4. Submission of Matters to a Vote of Security Holders.
Not applicable.
Part II
Item 5. Market for the Registrant's Common Equity and Related Stockholder
Matters.
There is no established public trading market for the units of
participation in the Funds, and dividends are not paid on such
units. On October 31, 1996, there were 707 holders of units of
participation in the Fund for Pooling Equity Investments of
Employee Trusts, 632 holders of units of participation in the Fund
for Pooling Debt Investments of Employee Trusts, and 404 holders
of units of participation in the Pooled Income Fund for Employee
Trusts, and the closing value of a unit of the Fund for Pooling
Equity Investments of Employee Trusts, of the Funds for Pooling
Debt Investments of Employee Trusts and of the Pooled Income Fund
for Employee Trusts were, respectively, $72.54, $61.38 and $50.10.
Item 6. Selected Financial Data.
The Selected Financial Data is included with the financial
statements, which are attached hereto and filed as part of this
report.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Not applicable.
Item 8. Financial Statements and Supplementary Data.
The financial statements are attached hereto and filed as part of
this report.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.
None.
Part III
Item 10. Directors and Executive Officers of the Registrant.
The Registrant has no directors or executive officers. The Bank is
trustee and certain officers and employees of the Bank devote a
portion of their time to managing the Funds.
Item 11. Executive Compensation.
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and
Management.
Not applicable.
Item 13. Certain Relationships and Related Transactions.
Not applicable.
Part IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K.
(a) Financial Statements, Financial Statement Schedules and Exhibits.
(1) Financial Statements
The financial statements filed as a part of this report are set
forth on the index to the Audited Financial Statements and
Other Financial Information on page F-1 of this report.
(2) Financial Statement Schedules
Not applicable.
(3) Exhibits
All exhibits incorporated by reference herein are incorporated
pursuant to Rule 12b-32 under the Securities Exchange Act of
1934, as amended.
(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
(4.1) The UMB Bank, N.A. Master Plan and Trust for
Self-Employed Individuals, as amended January 1, 1991, is
attached as Exhibit 4.1 to post-effective amendment no.5 to
the Registrant's registration statement on Form S-1
(Commission file no. 33-27170) and is incorporated herein by
reference as Exhibit 4.1.
(4.2) The Plan and Declaration of Trust for the Fund for
Pooling Equity Investment of Employee Trusts, as amended on
October 31, 1995, is attached as Exhibit 4.2 to the
Registrant's Form 10-K for the year ended October 31, 1995,
and is incorporated herein by reference as Exhibit 4.2.
(4.3) The Plan and Declaration of Trust for the Fund for
Pooling Debt Investments of Employee Trusts, as amended
October 31, 1995, is attached as Exhibit 4.3 to the
Registrant's Form 10-K for the year ended October 31, 1995,
and is incorporated herein by reference as Exhibit 4.3.
(4.4) The Plan and Declaration of Trust for the Pooled
Income Fund for Employee Trusts as amended October 31, 1995,
is attached as Exhibit 4.4 to the Registrant's Form 10-K for
the year ended October 31, 1995, and is incorporated herein
by reference as Exhibit 4.4.
(9) Voting Trust Agreement
Not applicable.
(10) Material Contracts
Not applicable.
(11) Statement regarding Computation of Per Share Earnings
Not applicable.
<PAGE>
(12) Statement Regarding Computation of Ratios
Not applicable.
(13) Annual Report to Security Holders, Form 10-Q or Quarterly
Report to Security Holders
Not applicable.
(16) Letter Regarding Change in Certifying Accountants
Not applicable.
(18) Letter Regarding Change in Accounting Principles
Not applicable.
(21) Subsidiaries of Registrant
Not applicable.
(22) Published Report Regarding Matters Submitted to Vote of
Security Holders
Not applicable.
(23) Consents of Experts and Counsel
Not applicable.
(24) Power of Attorney
Not applicable.
(27) Financial Data Schedule
Not applicable.
(28) Information from Reports Furnished to State Insurance
Regulatory Authorities
Not applicable.
(99) Additional Exhibits
Not applicable.
(b) Reports Filed on Form 8-K.
A report on Form 8-K was filed by the Registrant during the last
quarter of the period covered by this report. The Form 8-K
reported that the Registrant dismissed the accounting firm that
had been auditing its annual financial statements and engaged a
new accounting firm to audit its financial statements.
Attached as Exhibit 16 to the Form 8-K was a letter from the prior
auditors concurring with the Registrant's statements concerning
its dismissal of the prior auditors.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 TRUSTS
By /s/David Miller
David Miller
Executive Vice President and
Corporate Secretary for
UMB Bank, N.A., Trustee
Dated: January 29, 1997
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below on behalf of the registrant and in the
capacity and on the date indicated.
UMB Bank, N.A., Trustee
By /s/David Miller
David Miller
Executive Vice President
and Corporate Secretary for
UMB Bank, N.A.
Dated: January 29, 1997
Supplemental Information to be Furnished with Reports Filed Pursuant to
Section 15(d) of the Act by Registrants Which Have Not Registered Securities
Pursuant to Section 12 of the Act.
The Registrant does not provide an annual report (as defined under the
Exchange Act), proxy statement or other proxy soliciting material to the
holders of the Units of Participation.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 TRUSTS
By
David Miller
Executive Vice President and
Corporate Secretary for
UMB Bank, N.A., Trustee
Dated: January 29, 1997
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below on behalf of the registrant and in the
capacity and on the date indicated.
UMB Bank, N.A., Trustee
By
David Miller
Executive Vice President and
Corporate Secretary for
UMB Bank, N.A.
Dated: January 29, 1997
Supplemental Information to be Furnished with Reports Filed Pursuant to
Section 15(d) of the Act by Registrants Which Have Not Registered Securities
Pursuant to Section 12 of the Act.
The Registrant does not provide an annual report (as defined under the
Exchange Act), proxy statement or other proxy soliciting material to the
holders of the Units of Participation.
<PAGE>
UMB Bank, N.A. Defined Contribution
Plan and Trust
Index to Financial Statements in Form 10-K
Page
Report of Independent Auditors F-2
Fund for Pooling Equity Investments of Employee Trusts:
Financial Statements:
Statements of Assets and Liabilities, October 31,
1996 and 1995 F-3
Statements of Investments Held, October 31, 1996
and 1995 F-4
Statements of Operations, three years ended October
31, 1996 F-21
Statements of Participants' Interest, three years
ended October 31, 1996 F-22
Fund for Pooling Debt Investments of Employee Trusts:
Financial Statements:
Statements of Assets and Liabilities, October 31,
1996 and 1995 F-23
Statements of Investments Held, October 31, 1996
and 1995 F-24
Statements of Operations, three years ended October
31, 1996 F-42
Statements of Participants' Interest, three years
ended October 31, 1996 F-43
Pooled Income Fund for Employee Trusts:
Financial Statements:
Statements of Assets and Liabilities, October 31,
1996 and 1995 F-44
Statements of Investments Held, October 31, 1996
and 1995 F-45
Statements of Operations, three years ended October
31, 1996 F-49
Statements of Participants' Interest, three years
ended October 31, 1995 F-50
Notes to Financial Statements for the three years ended
October 31, 1996 F-51
F-1
GEO. S. OLIVE & CO. LLC
CERTIFIED PUBLIC ACCOUNTANTS
14TH FLOOR, CITIZENS BANK BUILDING
P.O. BOX 628
EVANSVILLE, INDIANA 47704-0628
Report of Independent Auditors
Board of Directors
UMB Bank, n.a.
Kansas City, Missouri
We have audited the accompanying statement of assets and liabilities of
the Fund for Pooling Equity Investments of Employee Trusts, the Fund for
Pooling Debt Investments of Employee Trusts and the Pooled Income Fund
for Employee Trusts of UMB Bank, n.a. (the Funds), including the
statement of investments held, as of October 31, 1996, and the related
statements of operations and participants' interest for the year then
ended. These financial statements are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these
financial statements based on our audit. The statements of assets and
liabilities and statements of investments held of the Funds as of
October 31, 1995, and the related statements of operations and
participants' interest for each of the two years in the period ended
October 31, 1995, were audited by other auditors whose report dated
December 8, 1995 expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the 1996 financial statements referred to above present
fairly, in all material respects, the financial position of the Fund for
Pooling Equity Investments of Employee Trusts, the Fund for Pooling Debt
Investments of Employee Trusts and the Pooled Income Fund for Employee
Trusts of UMB Bank, n.a. as of October 31, 1996, and the results of its
operations for the year then ended and the changes in its participants'
interest for the year then ended in conformity with generally accepted
accounting principles.
Evansville, Indiana
November 15, 1996
<TABLE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENTS OF ASSETS AND LIABILITIES
<CAPTION>
October 31
1995 1996
Cost Market Cost Market
<S> <C> <C> <C> <C>
ASSETS
Investments:
Common stocks $162,051,285 $192,164,903 $166,352,044 $195,325,708
Commercial paper 66,013,975 66,013,975 60,617,285 60,617,285
Short-term money
market fund 4,140,195 4,140,195 3,228,319 3,228,319
$232,205,455 262,319,073 $230,197,648 259,171,312
Interest and
dividends
receivable 588,697 436,199
Receivable for
securities sold 163,522
263,071,292 259,607,511
LIABILITIES
Audit fee payable 11,187 8,214
Payable for
securities
purchased 508,397
PARTICIPANTS'
INTEREST, Equivalent
to $64.32 per unit
on 4,082,250 units
outstanding in 1995
and $72.54 per unit
on 3,578,723 units
outstanding in 1996 $262,551,708 $259,599,297
</TABLE>
<TABLE>
STATEMENTS OF INVESTMENTS HELD
October 31
1995 1996
Number of Number of
Shares or Shares or
Principal Principal
Amount Cost Market Amount Cost Market
<S> <C> <C> <C> <C> <C> <C>
COMMON STOCKS - 1995, 73.2%; 1996, 75.4 %
CONSUMER NONDURABLES - 1995, 8.9%; 1996, 9.7%
BEVERAGES:
ANHEUSER BUSCH COMPANIES INC. 22,000 $1,011.42 $1,452,000 46,000 $1,020,361 $1,771,000
FOOD:
ARCHER DANIELS MIDLAND CO. 68,250 187,015 1,092,000 72,765 199,386 1,591,734
BOB EVANS FARMS INC. 157,800 2,987,675 2,840,400 165,000 3,134,137 2,062,500
BRINKER INTERNATIONAL 165,000 2,893,375 2,000,625 211,300 3,667,040 3,592,100
HEINZ H J CO. 20,000 702,200 930,000 30,450 711,110 1,080,975
PIONEER HI-BRED INTERNATIONAL, INC 20,000 174,667 992,500 - - -
TOTAL FOOD 6,944,932 7,855,525 7,711,673 8,327,309
HEALTH CARE:
ALLEGIANCE CORPORATION 5,580 32,211 104,625
AMERICAN HOME PRODUCTS CORP. 12,000 177,069 1,063,500 - - -
BARD C R INC. 100,000 2,527,246 2,825,000 104,700 2,643,317 2,957,775
BAXTER INTERNATIONAL INC. 26,000 384,678 1,004,250 27,900 394,761 1,161,338
BRISTOL MYERS SQUIBB CO. 48,000 1,862,024 3,660,000 38,000 1,204,654 4,018,500
COMMUNITY PSYCHIATRIC CENTERS 173,000 1,803,525 1,881,375 298,000 3,209,900 2,644,750
IMATION CORPORATION - - - 1,400 6,937 38,325
MERCK & CO., INC. 16,900 36,531 971,750 17,100 38,901 1,263,262
TOTAL HEALTH CARE 6,791,073 11,405,875 7,530,681 12,188,575
HOUSEHOLD PRODUCTS:
RUBBERMAID INC. 61,500 1,766,804 1,606,688 64,250 1,842,229 1,493,812
PHOTOGRAPHY:
EASTMAN KODAK COMPANY 16,000 331,686 1,002,000 16,500 344,702 1,313,812
TOTAL CONSUMER NONDURABLES 16,845,537 23,322,088 18,449,646 25,094,508
SERVICES - 1995, 11.4%; 1996, 11.9%
MEDIA:
DUN & BRADSTREET 53,000 2,689,275 3,166,750 55,300 2,810,845 3,193,575
GANNETT CO., INC. 52,000 1,505,626 2,827,500 46,200 1,206,234 3,499,650
TOTAL MEDIA 4,194,901 5,994,250 4,017,079 6,693,225
RETAIL:
AMERICAN GREETINGS CORP. 121,000 3,573,439 3,811,500 158,000 4,535,617 4,631,454
BLOCK H&R INC. 14,300 520,878 589,875 125,000 4,308,301 3,109,375
DILLARDS DEPT. STORE "A" 120,000 3,831,368 3,255,000 139,000 4,357,060 4,413,250
THE LIMITED INC. 118,000 2,487,150 2,183,000 64,724 1,253,170 1,189,303
MERCANTILE STORES CO., INC. 30,000 1,016,665 1,346,250 - - -
SEARS ROEBUCK AND CO. 26,900 467,127 914,600 - - -
TJX COMPANIES, INC. 329,000 4,407,311 4,441,500 - - -
TOYS 'R' US INC. 126,000 3,312,723 2,756,250 130,600 3,426,164 4,424,075
TOTAL RETAIL 19,616,661 19,297,975 17,880,312 17,767,457
TEXTILE AND APPAREL:
BASSETT FURNITURE INDUSTRY 114,500 2,803,761 2,304,312 162,600 3,858,917 3,638,175
BROWN GROUP INC. 81,000 2,264,675 1,113,750 84,600 2,365,705 1,744,875
STRIDE RITE CORP. 118,000 1,749,713 1,327,500 123,600 1,817,797 1,019,700
TOTAL TEXTILE AND APPAREL 6,818,149 4,745,562 8,042,419 6,402,750
TOTAL SERVICES 30,629,711 30,037,787 29,939,810 30,863,432
CONSUMER DURABLES - 1995, 2.4%; 1996, 2.8%
AUTOMOTIVE:
GENERAL MOTORS CORP. 5,000 157,125 218,750 6,800 220,957 364,650
GENUINE PARTS CO. 72,000 1,728,760 2,853,000 72,600 1,745,240 3,176,250
TOTAL AUTOMOTIVE 1,885,885 3,071,750 1,966,197 3,540,900
BUILDING
MASCO CORP. 113,000 2,843,327 3,178,125 118,400 2,974,249 3,714,800
TOTAL CONSUMER DURABLES 4,729,212 6,249,875 4,940,446 7,255,700
CAPITAL GOODS - 1995, 15.6%; 1996, 20.8%
ELECTRICAL EQUIPMENT:
GENERAL ELECTRIC CO. 32,000 97,903 2,024,000 21,000 61,999 2,031,750
ELECTRONICS:
PERKIN ELMER CORP. 100,000 3,021,545 3,512,500 - - -
SENSORMATIC ELECTRONICS CORP. - - - 235,200 4,023,060 3,851,400
TANDEM COMPUTERS INC. 220,000 2,840,384 2,475,000 371,200 4,631,344 4,686,400
TOTAL ELECTRONICS 5,861,929 5,987,500 606,400 8,654,404 8,537,800
MACHINERY:
COOPER INDUSTRIES INC. 48,000 2,284,506 1,620,000 88,000 3,865,427 3,531,000
GIDDINGS & LEWIS 181,000 2,947,805 2,918,625 209,000 3,401,187 2,455,750
SNAP ON INC. 81,000 2,756,664 3,432,375 93,000 2,081,172 2,987,625
TOTAL MACHINERY 7,988,975 7,971,000 9,347,786 8,974,375
OFFICE EQUIPMENT:
DIGITAL EQUIPMENT CORP. 20,300 1,153,853 1,096,200 59,400 2,490,096 1,752,300
INTERNATIONAL BUSINESS MACHINES CORP. 17,000 614,648 1,653,250 17,800 689,326 2,296,200
NOVELL INC. 250,200 4,628,700 4,128,300 322,400 5,634,056 2,982,200
TEXAS INSTRUMENTS INC. - - - 69,000 3,598,950 3,320,625
TOTAL OFFICE EQUIPMENT 6,397,201 6,877,750 12,412,428 10,351,325
MISCELLANEOUS:
APPLIED MATERIALS INC. - - - 118,800 4,255,198 3,140,834
BROWNING FERRIS INDUSTRIES INC. - - - 158,600 4,658,892 4,163,250
CALGON CARBON CORP. 297,200 4,057,752 3,380,650 355,800 4,753,177 3,558,000
FLUOR CORP. 10,000 410,500 565,000 - -
GLOBAL IND. TECH. - - - 117,000 1,398,740 2,179,125
GRAINGER W W INC. 47,000 2,620,017 2,937,500 43,000 2,378,693 3,187,375
HILLENBRAND INDUSTIES INC. 128,000 3,825,797 4,064,000 123,575 3,690,426 4,572,275
INDRESCO, INC. 216,000 2,604,338 3,699,000 - - -
WMX TECHNOLOGIES, INC. 122,000 3,289,825 3,431,250 96,000 2,631,424 3,300,000
TOTAL MISCELLANEOUS 16,808,229 18,077,400 - 23,766,550 24,100,859
TOTAL CAPITAL GOODS 37,154,237 40,937,650 54,243,167 53,996,109
BASIC MATERIALS - 1995, 13.2%; 1996, 12.5%
CHEMICALS:
AIR PRODUCTS & CHEMICALS INC. 22,000 578,535 1,135,750 22,000 578,535 1,320,000
MALLINCKRODT INC . 87,000 2,557,457 3,023,250 91,100 2,678,446 3,962,850
NALCO CHEMICAL CO. 107,000 2,691,594 3,210,000 113,900 2,833,435 4,143,112
TOTAL CHEMICALS 5,827,586 7,369,000 6,090,416 9,425,962
METAL & MINING
BRUSH WELLMAN INC. 67,000 887,765 1,122,250 74,300 999,245 1,402,413
CYPRUS AMAX MINERALS COMPANY 128,000 3,138,157 3,344,000 168,000 4,141,538 3,801,000
TOTAL METAL & MINING 4,025,922 4,466,250 5,140,783 5,203,413
PAPER & FORESTRY PRODUCTS:
UNION CAMP CORP. 25,000 1,080,990 1,271,875 46,100 2,055,017 2,247,375
WEYERHAEUSER CO. 59,000 1,690,886 2,603,375 61,700 1,786,408 2,830,488
TOTAL PAPER & FORESTRY PRODUCTS 2,771,876 3,875,250 3,841,425 5,077,863
PETROLEUM:
AMOCO CORP. 20,000 355,455 1,277,500 21,045 404,827 1,594,159
ATLANTIC RICHFIELD CO. 25,000 2,683,625 2,668,750 15,500 1,642,991 2,053,750
BAKER HUGHES, INC. 90,000 1,827,000 1,766,250 - - -
DRESSER INDUSTRIES INC. 126,000 2,445,584 2,630,250 67,900 1,242,179 2,240,700
HALLIBURTON CO. 20,000 654,064 830,000 - - -
KERR MCGEE CORP. 54,000 2,271,903 2,976,750 54,900 2,314,718 3,444,975
PHILLIPS PETROLEUM CO. 35,200 596,545 1,135,200 - - -
SCHLUMBERGER LTD. 24,000 1,212,270 1,494,000 - - -
TEXACO, INC. 22,000 1,337,235 1,498,750 - - -
USX MARATHON GROUP 156,000 2,729,634 2,769,000 155,300 2,716,149 3,397,188
TOTAL PETROLEUM 16,113,315 19,046,450 8,320,864 12,730,772
TOTAL BASIC MATERIALS 28,738,699 34,756,950 23,393,488 32,438,010
TRANSPORTATION - 1995, 2.5%; 1996, 1.9%
RAILROADS:
NORFOLK SOUTHERN CORP. 22,600 523,646 1,745,850 10,000 149,792 891,250
UNION PACIFIC CORP. 26,000 785,751 1,699,750 26,200 534,964 1,470,475
UNION PACIFIC RESOURCES - - - 22,189 260,618 610,198
TOTAL RAILROADS 1,309,397 3,445,600 945,374 2,971,923
TRUCKING:
CALIBER SYSTEMS INC. - - - 74,000 2,786,230 1,248,750
ROADWAY EXPRESS INC. 56,000 2,519,513 2,506,000 37,000 563,687 587,375
YELLOW CORP. 50,000 1,161,609 656,250 - - -
TOTAL TRUCKING 3,681,122 3,162,250 3,349,917 1,836,125
TOTAL TRANSPORTATION 4,990,519 6,607,850 4,295,291 4,808,048
MULTIBUSINESS - 1995, 0.8%; 1996, .9%
MINNESOTA MINING & MANUFACTURING CO. 14,000 176,012 796,250 14,000 169,075 1,069,250
TRW INC. 20,000 1,154,450 1,315,000 13,000 829,465 1,176,500
TOTAL MULTIBUSINESS 1,330,462 2,111,250 998,540 2,245,750
UTILITIES - 1995, 14.0%; 1996 - 12.9%
COMMUNICATION:
A T & T CORPORATION 60,000 2,782,585 3,840,000 62,850 2,097,848 2,199,750
BELL ATLANTIC CORPORATION 53,000 2,011,824 3,365,500 28,000 696,650 1,687,000
COMSAT CORP. 155,500 3,043,315 3,090,562 91,800 1,708,381 2,157,300
SPRINT CORP. 64,000 1,623,200 2,464,000 69,100 1,436,538 2,712,175
U S WEST INC. 72,000 2,862,111 3,447,000 74,300 1,762,072 2,256,863
U S WEST MEDIA GROUP - - - 74,300 1,183,552 1,160,938
TOTAL COMMUNICATION 12,323,035 16,207,062 8,885,041 12,174,026
ELECTRIC:
DOMINION RESOURCES INC. 75,500 3,019,511 3,001,125 91,000 3,604,240 3,435,250
ENTERGY CORP. 118,000 2,840,275 3,363,000 123,600 2,965,155 3,460,800
FLORIDA PROGRESS CORP. 76,000 2,234,425 2,517,500 76,000 2,234,425 2,536,500
PANENERGY CORP. - - - 26,000 392,930 1,001,000
SCANA CORP. 99,200 1,763,135 2,517,200 71,000 1,156,990 1,899,250
TEXAS UTILITIES CO. 41,000 1,353,375 1,506,750 43,700 1,464,914 1,769,850
UNION ELECTRIC CO. 12,500 342,875 487,500 61,600 2,217,842 2,379,300
TOTAL ELECTRIC 11,553,596 13,393,075 14,036,496 16,481,950
NATURAL GAS:
MAPCO INC. 72,000 3,451,979 3,708,000 149,800 3,600,343 4,662,525
PANHANDLE EASTERN CORP. 132,000 2,522,725 3,333,000 - - -
TOTAL NATURAL GAS 5,974,704 7,041,000 3,600,343 4,662,525
TOTAL UTILITIES 29,851,335 36,641,137 26,521,880 33,318,501
FINANCE - 1995, 4.4%; 1996, 2.0%
BANKS:
FIRST CHICAGO NBD CORP. 48,600 1,471,870 1,846,800 48,900 1,481,688 2,493,900
WACHOVIA CORP. 10,000 37,350 441,250 - - -
TOTAL BANKS 1,509,220 2,288,050 1,481,688 2,493,900
INSURANCE:
ALLSTATE CORP. 32,446 524,968 1,192,391
AON CORP. 83,000 2,644,327 3,413,375
LIBERTY CORP. 89,000 2,291,820 2,981,500
LIBERTY CORP. SC - - - 81,500 2,088,088 2,811,750
TOTAL INSURANCE 5,461,115 7,587,266 2,088,088 2,811,750
MISCELLANEOUS:
AMERICAN EXPRESS CO. 40,000 811,238 1,625,000 - - -
TOTAL FINANCE 7,781,573 11,500,316 3,569,776 5,305,650
TOTAL COMMON STOCKS 162,051,285 192,164,903 166,352,044 195,325,708
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
COMMERCIAL PAPER - 1995, 25.2%; 1996, 23.4%
AIG FUNDING, INC, DISCOUNT CP, DUE 12-17-96 1,000,000 991,300 991,300
ABBOTT LABORATORIES, DISCOUNT CP, DUE 11-27-96 2,000,000 1,991,590 1,991,590
ALUMINUM CO. OF AMERICAN, DISCOUNT CP, DUE 11-01-96 690,000 685,488 685,488
AMERICAN GREET., DISCOUNT CP, DUE 11-29-95 700,000 696,657 696,657
AT&T CAPITAL CORP., DISCOUNT CP, DUE 11-03-95 2,350,000 2,333,344 2,333,344
AT&T CAPITAL CORP., DISCOUNT CP, DUE 11-14-95 1,500,000 1,485,404 1,485,404
AT&T CAPITAL CORP., DISCOUNT CP, DUE 11-15-95 1,000,000 997,617 997,617
AT&T CAPITAL CORP., DISCOUNT CP, DUE 11-21-95 2,000,000 1,981,233 1,981,233
AMERICAN TELEPHONE & TELEGRAPH CO., DISCOUNT CP,
DUE 11-26-96 3,000,000 2,973,800 2,973,800
ANHEUSER-BUSCH, DISCOUNT CP, DUE 11/09/95 2,000,000 1,990,500 1,990,500
CHEVRON OIL FINANCE CO., DISCOUNT CP, DUE 12-01-95 1,000,000 992,963 992,963
CHEVRON OIL FINANCE CO., DISCOUNT CP, DUE 12-01-95 200,000 198,607 198,607
CHEVRON OIL FINANCE CO., DISCOUNT CP, DUE 12-01-95 2,000,000 1,986,700 1,986,700
CHEVRON OIL FINANCE CO., DISCOUNT CP, DUE 12-01-95 2,000,000 1,981,382 1,981,382
CHEVRON OIL FINANCE CO., DISCOUNT CP, DUE 12-06-95 1,000,000 993,033 993,033
CHEVRON OIL FINANCE CO., DISCOUNT CP, DUE 11-20-96 1,500,000 1,490,430 1,490,430
CHEVRON OIL FINANCE CO., DISCOUNT CP, DUE 12-20-96 2,450,000 2,429,121 2,429,121
COCA-COLA COMPANY, DISCOUNT CP, DUE 11-01-95 2,000,000 1,990,817 1,990,817
COCA-COLA COMPANY, DISCOUNT CP, DUE 11-14-95 2,000,000 1,981,300 1,981,300
COCA-COLA CO., DISCOUNT CP, DUE 11-22-96 2,000,000 1,987,867 1,987,867
COCA-COLA CO., DISCOUNT CP, DUE 12-03-96 2,000,000 1,986,133 1,986,133
COCA-COLA CO., DISCOUNT CP, DUE 12-06-96 2,000,000 1,987,338 1,987,338
DONNELLEY, RR, DISCOUNT CP, DUE 11-16-95 1,000,000 995,242 995,242
DONNELLEY, RR, DISCOUNT CP, DUE 11-20-95 2,000,000 1,990,183 1,990,183
DOVER CORP., DISCOUNT CP, DUE 11-18-96 1,000,000 995,488 995,488
DU PONT (E.I.) DE NEMOURS & CO., INC.,
DISCOUNT CP, DUE 11-09-95 1,500,000 1,496,450 1,496,450
DU PONT (E.I.) DE NEMOURS & CO., INC.,
DISCOUNT CP, DUE 11-10-95 2,000,000 1,985,850 1,985,850
DU PONT (E.I.) DE NEMOURS & CO., INC.,
DISCOUNT CP, DUE 11-17-95 2,000,000 1,985,750 1,985,750
DU PONT (E.I.) DE NEMOURS & CO., INC.,
DISCOUNT CP, DUE 11-29-95 2,000,000 1,989,587 1,989,587
DU PONT (E.I.) DE NEMOURS & CO., INC.,
DISCOUNT CP, DUE 12-06-96 2,000,000 1,986,950 1,986,950
DU PONT (E.I.) DE NEMOURS & CO., INC.,
DISCOUNT CP, DUE 11-15-96 1,000,000 993,583 993,583
DU PONT (E.I.) DE NEMOURS & CO., INC.,
DISCOUNT CP, DUE 12-04-96 1,000,000 990,795 990,795
GANNETT, INC., DISCOUNT CP, DUE 11-08-96 2,000,000 1,995,650 1,995,650
GENERAL MILLS, INC., DISCOUNT CP, DUE 11-26-96 2,500,000 2,489,467 2,489,467
HEINZ (H.J.) CO., DISCOUNT CP, DUE 11-13-95 500,000 496,406 496,406
IBM CREDIT CORP., DISCOUNT CP, DUE 11-03-95 2,000,000 1,995,242 1,995,242
IBM CREDIT CORP., DISCOUNT CP, DUE 11-03-95 2,000,000 1,991,102 1,991,102
IBM CREDIT CORP., DISCOUNT CP, DUE 11-17-95 2,000,000 1,981,481 1,981,481
IBM CREDIT CORP., DISCOUNT CP, DUE 11-28-95 1,000,000 992,717 992,717
INTERNATIONAL BUSINESS MACHINES,
DISCOUNT CP, DUE 11-12-96 1,500,000 1,486,650 1,486,650
INTERNATIONAL BUSINESS MACHINES,
DISCOUNT CP, DUE 11-19-96 850,000 842,364 842,364
INTERNATIONAL BUSINESS MACHINES,
DISCOUNT CP, DUE 11-22-96 2,000,000 1,987,167 1,987,167
INTERNATIONAL BUSINESS MACHINES,
DISCOUNT CP, DUE 11-01-96 950,000 944,059 944,059
INTERNATIONAL BUSINESS MACHINES,
DISCOUNT CP, DUE 11-06-96 500,000 497,889 497,889
MOTOROLA, INC., DISCOUNT CP, DUE 12-10-96 2,000,000 1,982,600 1,982,600
PENNEY, (J.C.) FUNDING CORP., DISCOUNT CP, DUE 11-14-95 1,000,000 994,924 994,924
PENNEY, (J.C.) FUNDING CORP., DISCOUNT CP, DUE 11-20-95 2,000,000 1,985,750
PENNEY, (J.C.) FUNDING CORP., DISCOUNT CP, DUE 11-15-96 2,000,000 1,990,993 1,990,993
PEPSICO, INC., DISCOUNT CP, DUE 11-06-96 1,035,000 1,032,895 1,032,895
PHILIP MORRIS, DISCOUNT CP, DUE 11-03-95 1,450,000 1,436,731 1,436,731
PHILIP MORRIS COS., INC., DISCOUNT CP, DUE 11-01-96 500,000 497,731 497,731
PHILIP MORRIS COS., INC., DISCOUNT CP, DUE 12-10-96 2,000,000 1,986,686 1,986,686
PHILIP MORRIS COS., INC., DISCOUNT CP, DUE 12-11-96 2,000,000 1,987,264 1,987,264
PHILIP MORRIS COS., INC., DISCOUNT CP, DUE 12-13-96 2,000,000 1,986,950 1,986,950
PROCTOR & GAMBEL CO., DISCOUNT CP, DUE 11-22-95 2,000,000 1,982,172 1,982,172
PROCTOR & GAMBEL CO., DISCOUNT CP, DUE 12-22-95 1,000,000 990,740 990,740
PROCTOR & GAMBEL CO., DISCOUNT CP, DUE 11-12-96 2,000,000 1,990,756 1,990,756
PROCTOR & GAMBEL CO., DISCOUNT CP, DUE 1-24-97 2,000,000 1,974,236 1,974,236
PROGRESS CAP, DISCOUNT CP, DUE 12-07-95 1,000,000 992,984 992,984
PROGRESS CAP HOLDINGS INC., DISCOUNT CP, DUE 11-13-96 1,000,000 997,954 997,954
RAYTHEON CO., DISCOUNT CP, DUE 11-19-96 1,750,000 1,742,881 1,742,881
SHELL OIL CO. SERIES A, DISCOUNT CP, DUE 11-14-95 200,000 199,526 199,526
SHELL OIL CO. SERIES A, DISCOUNT CP, DUE 11-08-96 1,000,000 995,667 995,667
TEXACO, INC., DISCOUNT CP, DUE 11-10-95 3,000,000 2,990,809 2,990,809
TEXACO, INC., DISCOUNT CP, DUE 11-22-95 1,000,000 995,392 995,392
TOYS 'R' US, DISCOUNT CP, DUE 11-15-96 2,000,000 1,991,300 1,991,300
TOYS 'R' US, DISCOUNT CP, DUE 11-01-96 1,000,000 995,625 995,625
US WEST FINANCIAL SERVICE, INC., DISCOUNT CP, DUE 11-01-95 1,500,000 1,478,974 1,478,974
WAL-MART STORES, INC., DISCOUNT CP, DUE 11-03-95 2,000,000 1,995,582 1,995,582
WAL-MART STORES, INC., DISCOUNT CP, DUE 11-06-95 275,000 274,695 274,695
WAL-MART STORES, INC., DISCOUNT CP, DUE 11-10-95 2,000,000 1,986,067 1,986,067
WAL-MART STORES, INC., DISCOUNT CP, DUE 11-14-95 1,900,000 1,885,861 1,885,861
WAL-MART STORES, INC., DISCOUNT CP, DUE 12-05-95 1,500,000 1,487,052 1,487,052
WAL-MART STORES, INC., DISCOUNT CP, DUE 12-02-96 1,275,000 1,266,712 1,266,712
WEYERHAEUSER MORTGAGE CO., DISCOUNT CP, DUE 11-28-95 3,000,000 2,984,088 2,984,088
XEROX CORPORATION, DISCOUNT CP, DUE 11-10-95 1,875,000 1,857,577 1,857,577
XEROX CORPORATION, DISCOUNT CP, DUE 12-12-95 2,000,000 1,985,484 1,985,484
XEROX CORPORATION, DISCOUNT CP, DUE 11-12-96 1,500,000 1,489,899 1,489,899
XEROX CORPORATION, DISCOUNT CP, DUE 11-08-96 2,000,000 1,986,525 1,986,525
XEROX CORPORATION, DISCOUNT CP, DUE 12-13-96 2,000,000 1,987,482 1,987,482
TOTAL COMMERCIAL PAPER 66,013,975 66,013,975 60,617,285 60,617,285
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
SHORT-TERM MONEY MARKET FUND - 1995, 1.6%; 1996, 1.2%
SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 4,140,195 4,140,195 4,140,195 3,228,319 3,228,319 3,228,319
TOTAL INVESTMENTS HELD 232,205,455 262,319,073 230,197,648 259,171,312
</TABLE>
<TABLE>
STATEMENTS OF OPERATIONS
Year Ended October 31
1994 1995 1996
<S> <C> <C> <C>
INVESTMENT INCOME
Interest $ 2,176,859 $ 3,855,343 $ 3,891,359
Dividends 4,780,224 5,407,364 5,277,837
Total investment income 6,957,083 9,262,707 9,169,196
Audit expense 10,425 11,184 11,563
Foreign taxes 20,851 6,772
Net Investment Income 6,925,807 9,244,751 9,157,633
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Realized gain on investments sold,
matured or redeemed:
Proceeds 649,102,264 725,215,369 907,344,217
Cost of investments 634,879,985 694,333,687 880,250,904
Net realized gain on investments
sold, matured or redeemed 14,222,279 30,881,682 27,093,313
Unrealized gain (loss) on investments
Beginning of year 44,825,385 37,955,084 30,113,618
End of year 37,955,084 30,113,618 28,973,664
Net unrealized loss on investments (6,870,301) (7,841,466) (1,139,954)
Net realized and unrealized gain
on investments 7,351,978 23,040,216 25,953,359
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 14,277,785 $ 32,284,967 $ 35,110,992
TOTAL EXPENSE AS A PERCENT OF
NET INVESTMENT INCOME 0.45% 0.19% 0.13%
</TABLE>
<TABLE>
STATEMENTS OF PARTICIPANTS' INTEREST
Year Ended October 31
1994 1995 1996
Units Amount Units Amount Units Amount
<S> <C> <C> <C> <C> <C> <C>
PARTICIPANTS' INTEREST, Beginning of year 4,007,990 $211,892,704 4,117,128 $232,073,838 4,082,250 $262,551,708
FROM INVESTMENT ACTIVITIES
Net investment income 6,925,807 9,244,751 9,157,633
Net realized gain on sale of investments
sold, matured or redeemed 14,222,279 30,881,682 27,093,313
Net unrealized loss on investments (6,870,301) <7,841,466) (1,139,954)
Net increase from investment activities 14,277,785 32,284,967 35,110,992
FROM PARTICIPATING UNIT TRANSACTIONS
Issuance of units 765,970 41,462,013 600,575 35,970,886 664,569 44,294,031
Redemption of units (656,832) (35,558,664) (635,453) (37,777,983) (1,168,096) (82,357,434)
Net increase (decrease) from
participating unit transactions 109,138 5,903,349 (34,878) (1,807,097) (503,527) (38,063,403)
PARTICIPANTS' INTEREST, End of year 4,117,128 $232,073,838 4,082,250 $262,551,708 3,578,723 $259,599,297
NET ASSET VALUE PER PARTICIPATING UNIT $56.37 $64.32 $72.54
</TABLE>
<TABLE>
STATEMENTS OF ASSETS AND LIABILITIES
1995 1996
Cost Market Cost Market
ASSETS
<S> <C> <C> <C> <C>
Investments:
United States Government and
Agency obligations $ 78,652,888 $ 80,488,586 $ 80,390,770 $ 81,657,383
Corporate nonconvertible securities 79,563,147 80,960,317 81,907,404 82,764,595
Short-term money market fund 1,087,960 1,087,960 1,804,054 1,804,054
$159,303,995 162,536,863 $164,102,228 166,226,032
Interest receivable 2,655,057 2,757,097
Receivable for securities sold 985,699
166,177,619 168,983,129
LIABILITIES
Audit fee payable 11,212 8,635
Payable for securities purchased 1,843,137
PARTICIPANTS' INTEREST, Equivalent to $58.17
per unit on 2,825,108 units outstanding in
1995 and $61.38 per unit on 2,752,806 units
outstanding in 1996 $164,323,270 $168,974,494
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF INVESTMENTS HELD
October 31
Value or 1995 1996
Units* Cost Market Cost Market
UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS -
1995, 49.5%; 1996, 49.1%
<S> <C> <C> <C> <C> <C>
UNITED STATES TREASURY NOTES, 4.75%, DUE 10-31-98 200,000 $ 199,472 $ 196,376
UNITED STATES TREASURY NOTES, 4.75%, DUE 9-30-98 225,000 224,208 221,063
UNITED STATES TREASURY NOTES, 5.125%, DUE 11-30-98 1,500,000 $ 1,420,898 $ 1,475,625 1,420,898 1,481,250
UNITED STATES TREASURY NOTES, 5.125%, DUE 12-31-98 100,000 99,717 98,688
UNITED STATES TREASURY NOTES, 5.125%, DUE 2-28-98 205,000 203,979 203,655
UNITED STATES TREASURY NOTES, 5.125%, DUE 3-31-98 225,000 224,363 223,524
UNITED STATES TREASURY NOTES, 5.125%, DUE 4-30-98 3,500,000 3,498,327 3,455,165
UNITED STATES TREASURY NOTES, 5.125%, DUE 4-30-98 3,600,000 3,598,088 3,573,000
UNITED STATES TREASURY NOTES, 5.125%, DUE 6-30-98 500,000 499,609 493,125 499,609 495,625
UNITED STATES TREASURY NOTES, 5.25%, DUE 7-31-98 5,000,000 4,995,650 4,943,750 4,995,650 4,962,500
UNITED STATES TREASURY NOTES, 5.50%, DUE 4-15-00 3,000,000 2,987,656 2,969,070 2,980,195 2,956,890
UNITED STATES TREASURY NOTES, 5.50%, DUE 7-31-97 1,750,000 1,739,883 1,746,167
UNITED STATES TREASURY NOTES, 5.50%, DUE 9-30-97 240,000 239,585 240,074
UNITED STATES TREASURY NOTES, 5.625%, DUE 2-15-06 500,000 473,672 475,470
UNITED STATES TREASURY NOTES, 5.75%, DUE 8-15-03 5,250,000 5,092,578 5,177,812
UNITED STATES TREASURY NOTES, 5.75%, DUE 8-15-03 5,475,000 5,309,598 5,332,979
UNITED STATES TREASURY NOTES, 5.875%, DUE 11-15-05 2,500,000 2,474,414 2,419,525
UNITED STATES TREASURY NOTES, 5.875%, DUE 2-15-04 1,625,000 1,519,668 1,612,812
UNITED STATES TREASURY NOTES, 5.875%, DUE 2-15-04 1,000,000 945,547 977,500
UNITED STATES TREASURY NOTES, 6.00%, DUE 10-15-99 290,000 284,887 290,998
UNITED STATES TREASURY NOTES, 6.00%, DUE 11-30-97 500,000 495,469 503,595 495,469 502,190
UNITED STATES TREASURY NOTES, 6.00%, DUE 12-31-97 1,500,000 1,448,672 1,511,250 1,448,672 1,507,500
UNITED STATES TREASURY NOTES, 6.375%, DUE 3-31-01 505,000 504,152 510,681
UNITED STATES TREASURY NOTES, 6.375%, DUE 6-30-97 300,000 299,304 301,875
UNITED STATES TREASURY NOTES, 6.375%, DUE 7-15-99 160,000 159,421 162,000
UNITED STATES TREASURY NOTES, 6.50%, DUE 8-15-05 500,000 493,438 505,315
UNITED STATES TREASURY NOTES, 6.50%, DUE 8-15-97 565,000 564,801 573,125 564,801 569,593
UNITED STATES TREASURY NOTES, 7.00%, DUE 4-15-99 2,000,000 1,998,750 2,076,260 1,998,750 2,052,500
UNITED STATES TREASURY NOTES, 7.125%, DUE 10-15-98 195,000 194,206 199,935
UNITED STATES TREASURY NOTES, 7.25%, DUE 5-15-04 650,000 650,609 687,785
UNITED STATES TREASURY NOTES, 7.50%, DUE 10-31-99 500,000 494,219 530,000 494,219 520,940
UNITED STATES TREASURY NOTES, 7.75%, DUE 2-15-01 400,000 396,948 425,376
UNITED STATES TREASURY NOTES, 7.875%, DUE 8-15-01 150,000 149,336 160,969
UNITED STATES TREASURY NOTES, 7.875%, DUE 7-31-96 2,700,000 2,851,453 2,744,712
UNITED STATES TREASURY NOTES, 8.00%, DUE 10-15-96 2,500,000 2,498,047 2,555,475
UNITED STATES TREASURY NOTES, 8.00%, DUE 8-15-99 5,000,000 4,907,812 5,371,900 4,907,813 5,264,050
UNITED STATES TREASURY NOTES, 8.125%, DUE 2-15-98 3,000,000 2,995,781 3,155,640 2,995,781 3,090,930
UNITED STATES TREASURY NOTES, 8.50%, DUE 11-15-00 125,000 124,395 135,899
UNITED STATES TREASURY NOTES, 8.50%, DUE 2-15-00 650,000 720,667 698,548
UNITED STATES TREASURY NOTES, 8.625%, DUE 8-15-97 200,000 199,250 204,812
UNITED STATES TREASURY NOTES, 8.75%, DUE 10-15-97 290,000 289,502 298,610
UNITED STATES TREASURY NOTES, 9.00%, DUE 5-15-98 205,000 205,000 214,994
UNITED STATES TREASURY SECURITIES STRIPPED COUPON,
DUE 8-15-02 3,270,000 1,976,324 1,976,324 2,167,246 2,301,262
FEDERAL HOME LOAN BANK, 3.00%, DUE 9-14-98 2,000,000 2,000,000 1,805,000 2,000,000 1,894,740
FEDERAL HOME LOAN BANK, 5.44%, DUE 10-15-03 1,000,000 908,790 949,060 908,790 945,940
FEDERAL HOME LOAN BANK, 6.33%, DUE 9-28-98 1,000,000 1,000,000 1,001,880
FEDERAL HOME LOAN BANK, 6.513%, DUE 12-20-00 1,050,000 1,050,000 1,047,050
FEDERAL HOME LOAN BANK, 7.26%, DUE 9-06-01 500,000 497,813 530,000 497,813 520,315
FEDERAL HOME LOAN MORTGAGE, 6.55%, DUE 4-02-03 1,000,000 998,437 999,380 998,438 989,380
FEDERAL HOME LOAN MORTGAGE, 7.23%, DUE 5-23-05 950,000 950,000 979,098
FEDERAL HOME LOAN MORTGAGE, 7.23%, DUE 5-23-05 1,300,000 1,300,000 1,309,347
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 5.10%,
DUE 7-22-98 3,000,000 3,000,938 2,928,750 3,000,938 2,965,320
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 5.45%,
DUE 10-14-03 1,000,000 999,531 948,130 999,531 946,560
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 5.80%,
DUE 12-10-03 1,000,000 996,875 958,750 996,875 965,310
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 5.93%,
DUE 9-26-03 1,000,000 1,000,000 962,100 1,000,000 959,500
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 6.10%,
DUE 2-10-00 500,000 499,531 502,500 499,531 499,530
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 6.20%,
DUE 6-17-97 1,350,000 1,349,271 1,365,525
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 6.35%,
DUE 6-10-05 250,000 245,938 250,548
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 6.45%,
DUE 4-23-01 1,000,000 1,000,000 1,009,200
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 6.8%,
DUE 1-10-03 250,000 249,648 259,298
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 7.55%,
DUE 4-22-02 1,000,000 1,000,000 1,075,310 1,000,000 1,059,690
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 7.65%,
DUE 3-10-05 250,000 249,726 272,890
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 7.65%,
DUE 3-10-05 500,000 499,453 533,280
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 7.76%,
DUE 5-05-05 275,000 275,000 289,328 275,000 280,802
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 7.95%,
DUE 11-25-19 174,663 177,665 177,446
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 8.35%,
DUE 11-10-99 1,600,000 1,590,031 1,733,504 1,590,031 1,700,000
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS, 8.70%,
DUE 6-10-99 750,000 750,000 816,562 750,000 797,107
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
7.50%, DUE 6-20-02 300,907 272,887 305,417
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
7.50%, DUE 6-20-02 203,718 184,749 205,666
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
8.00%, DUE 1-20-02 38,696 36,614 39,690
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
8.00%, DUE 2-20-02 28,438 26,908 29,082
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
8.00%, DUE 5-20-02 129,979 123,866 133,325
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
8.00%, DUE 5-20-02 102,869 98,031 105,207
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
8.25%, DUE 3-15-02 236,475 235,434 247,764
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
8.25%, DUE 3-15-02 174,662 173,893 180,373
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
8.50%, DUE 12-15-01 100,133 97,381 104,307
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
8.50%, DUE 12-15-01 60,806 59,135 63,189
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
8.50%, DUE 7-20-01 16,637 16,816 17,195
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
8.50%, DUE 7-20-01 12,488 12,621 12,901
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
8.50%, DUE 9-20-01 56,846 56,818 58,751
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
8.50%, DUE 9-20-01 40,362 40,342 41,696
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
9.00%, DUE 12-20-01 36,558 36,625 38,161
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
9.00%, DUE 12-20-01 26,431 26,479 27,553
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
9.50%, DUE 10-15-08 183,125 180,779 192,835
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
9.50%, DUE 10-15-08 150,557 148,628 159,052
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
9.50%, DUE 6-20-03 98,715 97,997 103,091
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
9.50%, DUE 6-20-03 72,921 72,391 76,410
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
10.00%, DUE 3-20-03 48,172 48,259 50,276
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
10.00%, DUE 3-20-03 28,775 28,827 30,130
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
10.50%, DUE 2-20-03 59,500 60,028 62,513
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION POOLS,
10.50%, DUE 2-20-03 44,602 44,998 46,712
ISRAEL STATE, UNITED STATES GOVERNMENT
GUARANTEED BOND, 5.25%, DUE 3-15-98 1,000,000 1,007,344 984,000 1,007,344 989,200
ISRAEL STATE, UNITED STATES GOVERNMENT
GUARANTEED BOND, 5.25%, DUE 9-15-00 1,000,000 994,230 963,400 994,230 964,100
SMALL BUSINESS ADMINISTRATION POOLS, 5.75%,
DUE 1-01-04 636,232 636,232 620,326
SMALL BUSINESS ADMINISTRATION POOLS, 5.75%,
DUE 1-01-04 571,174 571,174 554,039
SMALL BUSINESS ADMINISTRATION POOLS, 6.54%,
DUE 12-10-05 750,000 750,000 731,250
SMALL BUSINESS ADMINISTRATION POOLS, 7.05%, `
DUE 9-01-12 880,335 880,335 869,331
SMALL BUSINESS ADMINISTRATION POOLS, 7.35%,
DUE 8-01-05 250,000 250,000 253,750 250,000 252,250
SMALL BUSINESS ADMINISTRATION POOLS, 7.40%,
DUE 8-01-12 906,183 906,183 930,378
SMALL BUSINESS ADMINISTRATION POOLS, 7.40%,
DUE 8-01-12 849,005 849,005 837,332
SMALL BUSINESS ADMINISTRATION POOLS, 7.44%,
DUE 5-01-06 1,500,000 1,500,000 1,522,500
SMALL BUSINESS ADMINISTRATION POOLS, 7.45%,
DUE 12-01-12 228,793 228,793 231,081
SMALL BUSINESS ADMINISTRATION POOLS, 7.45%,
DUE 12-01-12 218,149 218,149 214,877
SMALL BUSINESS ADMINISTRATION POOLS, 7.55%,
DUE 11-01-12 465,577 465,577 472,561
SMALL BUSINESS ADMINISTRATION POOLS, 7.05%,
DUE 9-01-12 828,550 828,550 797,479
SMALL BUSINESS ADMINISTRATION POOLS, 7.55%,
DUE 11-01-12 422,439 422,439 416,631
SMALL BUSINESS ADMINISTRATION POOLS, 7.60%,
DUE 1-01-12 1,316,017 1,302,060 1,343,259
SMALL BUSINESS ADMINISTRATION POOLS, 7.60%,
DUE 1-01-12 1,245,501 1,231,544 1,242,387
SMALL BUSINESS ADMINISTRATION POOLS, 8.15%,
DUE 2-01-15 986,647 986,647 1,035,980
SMALL BUSINESS ADMINISTRATION POOLS, 8.15%,
DUE 2-01-15 949,285 949,285 967,321
SMALL BUSINESS ADMINISTRATION POOLS, 8.20%,
DUE 2-10-05 500,000 499,141 516,250
SMALL BUSINESS ADMINISTRATION POOLS, 8.20%,
DUE 2-10-05 475,457 474,640 485,561
SMALL BUSINESS ADMINISTRATION POOLS, 8.25%,
DUE 11-01-11 438,748 438,748 473,979
SMALL BUSINESS ADMINISTRATION POOLS, 8.25%,
DUE 11-01-11 419,107 419,107 430,842
SMALL BUSINESS ADMINISTRATION POOLS, 8.60%,
DUE 9-01-11 199,165 202,153 221,193
SMALL BUSINESS ADMINISTRATION POOLS, 8.60%,
DUE 9-01-11 180,858 183,570 188,996
SMALL BUSINESS ADMINISTRATION POOLS, 8.625%,
DUE 2-01-11 256,512 256,512 285,138
SMALL BUSINESS ADMINISTRATION POOLS, 8.625%,
DUE 2-01-11 235,513 235,512 245,875
SMALL BUSINESS ADMINISTRATION POOLS, 8.70%,
DUE 12-01-09 958,000 948,500 1,039,430
SMALL BUSINESS ADMINISTRATION POOLS, 8.70%,
DUE 12-01-09 901,503 892,003 934,408
SMALL BUSINESS ADMINISTRATION POOLS, 8.80%,
DUE 1-01-10 373,856 373,856 398,156
SMALL BUSINESS ADMINISTRATION POOLS, 8.80%,
DUE 1-01-10 347,494 347,494 361,828
SMALL BUSINESS ADMINISTRATION POOLS, 8.80%,
DUE 8-01-09 341,782 341,782 367,415
SMALL BUSINESS ADMINISTRATION POOLS, 8.80%,
DUE 8-01-09 292,206 292,206 304,260
SMALL BUSINESS ADMINISTRATION POOLS, 8.85%,
DUE 11-01-09 656,237 656,237 708,736
SMALL BUSINESS ADMINISTRATION POOLS, 8.85%,
DUE 11-01-09 606,388 606,388 631,402
SMALL BUSINESS ADMINISTRATION POOLS, 8.85%,
DUE 8-01-11 253,950 261,569 272,362
SMALL BUSINESS ADMINISTRATION POOLS, 8.85%,
DUE 8-01-11 240,463 247,677 252,787
SMALL BUSINESS ADMINISTRATION POOLS, 8.95%,
DUE 6-01-11 421,308 421,308 454,464
SMALL BUSINESS ADMINISTRATION POOLS, 8.95%,
DUE 6-01-11 382,587 382,587 401,717
SMALL BUSINESS ADMINISTRATION POOLS, 9.05%,
DUE 9-01-09 482,001 482,001 524,176
SMALL BUSINESS ADMINISTRATION POOLS, 9.05%,
DUE 9-01-09 421,498 421,498 444,680
SMALL BUSINESS ADMINISTRATION POOLS, 9.10%,
DUE 10-01-09 859,639 843,856 937,007
SMALL BUSINESS ADMINISTRATION POOLS, 9.10%,
DUE 10-01-09 771,302 755,519 809,867
SMALL BUSINESS ADMINISTRATION POOLS, 9.15%,
DUE 7-01-11 610,543 610,543 665,491
SMALL BUSINESS ADMINISTRATION POOLS, 9.15%,
DUE 7-01-11 554,096 554,096 588,727
SMALL BUSINESS ADMINISTRATION POOLS, 9.25%,
DUE 6-01-10 479,604 479,604 523,968
SMALL BUSINESS ADMINISTRATION POOLS, 9.25%,
DUE 6-01-10 446,903 446,903 475,393
SMALL BUSINESS ADMINISTRATION POOLS, 9.45%,
DUE 2-01-10 409,329 409,329 448,215
SMALL BUSINESS ADMINISTRATION POOLS, 9.45%,
DUE 2-01-10 381,077 381,077 405,847
SMALL BUSINESS ADMINISTRATION POOLS, 9.50%,
DUE 4-01-10 659,776 659,363 724,104
SMALL BUSINESS ADMINISTRATION POOLS, 9.50%,
DUE 4-01-10 567,776 567,421 607,520
SMALL BUSINESS ADMINISTRATION POOLS, 9.65%,
DUE 5-01-10 571,730 571,730 633,191
SMALL BUSINESS ADMINISTRATION POOLS, 9.65%,
DUE 5-01-10 517,424 517,424 554,938
ALASKA STATE HOUSING FINANCE CORP., 9.25%,
DUE 6-01-01 725,000 728,625 738,500
TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 78,652,888 80,488,586 80,390,770 81,657,383
</TABLE>
<TABLE>
CORPORATE NONCONVERTIBLE SECURITIES - 1995, 49.8%,;
1996, 49.8%
CONSUMER NONDURABLES - 1995, 3.6%; 1996, 4.1%
BEVERAGES:
<S> <C> <C> <C> <C> <C>
PEPSI CO., INC., 7.625%, DUE 11-01-98 750,000 748,185 781,875
COSMETICS:
GILLETTE CO., 6.25%, DUE 8-15-03 2,000,000 1,954,760 1,990,600 1,954,760 1,966,200
FOOD:
ARCHER DANIELS MIDLAND CO., 6.25%, DUE 5-15-03 250,000 247,623 248,225
CAMPBELL SOUP CO., 9.00%, DUE 11-01-97 500,000 498,700 529,400 498,700 515,800
MCDONALD'S CORP., 8.75%, DUE 11-15-00 1,200,000 1,198,032 1,327,812 1,198,032 1,298,208
SARA LEE CORPORATION, 5.60%, DUE 1-23-06 1,250,000 1,212,217 1,136,250
SARA LEE CORPORATION, 6.45%, DUE 9-26-05 1,000,000 1,000,000 964,500 1,000,000 989,300
SARA LEE CORPORATION, 6.45%, DUE 9-26-05 1,000,000 963,350 989,300
TOTAL FOOD 2,944,355 3,069,937 4,872,299 4,928,858
TOTAL CONSUMER NONDURABLES 5,647,300 5,842,412 6,827,059 6,895,058
SERVICES - 1995, 6.6%; 1996, 5.5%
RETAIL:
ALBERTSON'S INC., 6.18%, DUE 3-22-00 1,000,000 1,000,000 983,800 1,000,000 995,700
ALBERTSON'S INC., 6.375%, DUE 6-01-00 825,000 825,000 835,230
DILLARD DEPARTMENT STORES INC., 6.875%, DUE 6-01-05 825,000 818,252 838,241 818,251 828,910
KMART, 8.00%, DUE 12-13-01 1,250,000 1,250,000 1,335,750
PENNEY J.C., INC., 5.375%, DUE 11-15-98 1,000,000 997,180 975,300 997,180 988,200
PENNEY J.C., INC., 6.125%, DUE 11-15-03 2,500,000 2,444,520 2,452,000 2,444,520 2,425,750
PENNEY J.C., INC., 7.375%, DUE 8-15-08 1,000,000 999,590 1,017,500
WALMART STORES INC., 6.125%, DUE 10-01-99 1,000,000 959,230 1,000,800 959,230 1,000,300
WAL MART STORES INC., 6.50%, 6-01-03 1,000,000 1,000,500 1,007,700 1,000,500 1,004,200
TOTAL RETAIL 9,294,682 9,428,821 8,219,271 8,260,560
HEALTH CARE:
LILLY ELI & CO., 6.25%, DUE 3-15-03 850,000 789,420 853,740 789,421 834,190
PFIZER, INC. 6.5%, DUE 2-01-97 500,000 499,845 504,000
TOTAL SERVICES 10,583,947 10,786,561 9,008,692 9,094,750
CONSUMER DURABLES - 1995, 2.0%; 1996, 1.8%
BUILDING:
ILLINOIS TOOL WORKS INC., 5.875%, DUE 3-01-00 2,005,000 2,003,912 1,975,928 2,003,912 1,969,110
WEYERHAEUSER CO., 8.53%, DUE 4-21-97 250,000 250,000 257,95
TOTAL BUILDING 2,253,912 2,233,878 2,003,912 1,969,110
FURNITURE:
LEGGETT & PLATT INC., 6.10%, DUE 9-09-03 1,000,000 1,000,000 961,940 1,000,000 954,150
TOTAL CONSUMER DURABLES 3,253,912 3,195,818 3,003,912 2,923,260
CAPITAL GOODS - 1995, 0.3%; 1996, 0.6%
OFFICE EQUIPMENT:
AVERY DENNISON CORP., 8.22%, DUE 8-15-96 500,000 499,885 507,750
XEROX CORP, 7.15%, DUE 8-01-04 1,000,000 957,350 1,012,800
TOTAL CAPITAL GOODS 499,885 507,750 957,350 1,012,800
BASIC MATERIALS - 1995, 2.5%; 1996, 2.5%
CHEMICALS:
DU PONT, (E.I.) DE NEMOURS & CO. INC., 6.21%,
DUE 10-11-00 500,000 500,000 501,850 500,000 499,100
DU PONT, (E.I.) DE NEMOURS & CO. INC., 9.15%,
DUE 4-15-00 250,000 244,425 278,900
DOW CHEMICAL CO., 9.35%, DUE 3-15-02 400,000 400,000 433,240
METALS:
ALUMINUM COMPANY OF AMERICA, 5.75%, DUE 2-01-01 1,000,000 970,080 985,000 970,080 975,700
OIL AND GAS:
AMOCO CANADA PETROLEUM CO., 7.25%, DUE 12-01-02 715,000 712,469 754,468 712,469 747,676
DRESSER INDUSTRIES INC., 6.25%, DUE 6-01-00 500,000 494,780 500,750 494,780 498,850
TOTAL OIL AND GAS 2,921,754 3,020,968 3,077,329 3,154,566
PAPER AND FORESTRY PRODUCTS:
INTERNATIONAL PAPER CO., 8.05%, 3-25-99 1,000,000 1,001,000 1,056,100 1,001,000 1,041,700
TOTAL BASIC MATERIALS 3,922,754 4,077,068 4,078,329 4,196,266
TRANSPORTATION - 1995, 3.8%; 1996, 3.9%
AEROSPACE:
BOEING COMPANY, 6.35%, DUE 6-15-03 500,000 499,350 500,200
BOEING COMPANY, 6.35%, DUE 6-15-03 750,000 749,025 743,925
RAILROAD:
NORFOLK & WESTERN RAILWAY CO., EQUIP.
TRUST CERTIFICATE, 8.125%, DUE 11-15-02 1,320,000 1,291,094 1,457,808 1,291,094 1,432,860
UNION PACIFIC CORP., 6.25%, DUE 3-15-99 1,000,000 1,000,000 1,000,500 1,000,000 1,000,300
UNION PACIFIC CORP., 7.875%, DUE 2-15-02 1,000,000 1,000,000 1,075,700 1,000,000 1,053,420
UNION PACIFIC RAILROAD CO., 6.15%, DUE 4-01-03 750,000 725,520 746,850 725,520 741,750
UNION PACIFIC RAILROAD CO., EQUIP. TRUST NO.2
SERIES 88, 7.01%, DUE 6-01-04 1,500,000 1,500,000 1,535,475
UNION PACIFIC RAILROAD CO., EQUIP. TRUST NO.2
SERIES 88, 9.0%, DUE 6-15-99 400,000 396,436 439,280
TOTAL RAILROAD 4,413,050 4,720,138 5,516,614 5,763,805
TRUCKING:
YELLOW CORPORATION, 5.7%, DUE 10-05-00 1,000,000 1,000,000 954,610
TOTAL TRANSPORTATION 5,912,400 6,174,948 6,265,639 6,507,730
UTILITIES - 1995, 26.3%; 1996, 21.5%
COMMUNICATION:
AMERICAN TELEPHONE & TELEGRAPH CO., 7.0%,
DUE 5-15-05 1,000,000 991,510 1,040,800
BELLSOUTH TELECOMMUNICATIONS, 6.25%, DUE 5-15-03 1,500,000 1,493,355 1,498,200 1,493,355 1,475,625
BELL TELEPHONE OF PENNSYLVANIA, 6.125%,
DUE 3-15-03 1,000,000 989,000 982,800 989,000 984,700
GTE CALIFORNIA INC., 5.625%, DUE 2-01-01 1,500,000 1,482,885 1,456,500 1,482,885 1,455,600
GTE CALIFORNIA INC., 6.75%, DUE 3-15-04 1,850,000 1,793,929 1,862,765 1,793,929 1,851,850
NEW YORK TELEPHONE CO., 5.875%, DUE 9-1-03 700,000 690,585 671,790
PACIFIC BELL TELEPHONE CO., 6.25%, DUE 3-01-05 1,000,000 995,910 960,000
PACIFIC BELL TELEPHONE CO., 7.25%, DUE 7-01-02 750,000 746,962 786,900
SOUTHERN NEW ENGLAND TELECOM CORP., 7.00%,
DUE 8-15-05 750,000 742,035 774,000 742,035 756,225
SOUTHWESTERN BELL TELEPHONE COMPANY, 5.75%,
DUE 9-01-04 1,000,000 996,430 948,800 996,430 936,400
SOUTHWESTERN BELL TELEPHONE COMPANY, 5.77%,
DUE 10-14-03 500,000 500,000 475,000 500,000 475,700
SOUTHWESTERN BELL TELEPHONE COMPANY, 6.125%,
DUE 3-12-01 500,000 500,000 492,100 500,000 493,600
UNITED TELEPHONE COMPANY OF FLORIDA, 6.25%,
DUE 5-15-03 1,500,000 1,487,925 1,474,350 1,487,925 1,480,200
US WEST COMMUNICATIONS INC., 6.125%,
DUE 11-15-05 325,000 320,125 310,148
US WEST COMMUNICATIONS INC., 6.375%,
DUE 10-15-02 250,000 249,300 250,900 249,300 248,600
TOTAL COMMUNICATION 12,663,916 12,714,905 11,550,894 11,428,648
ELECTRIC:
ALABAMA POWER CO., 6.85%, DUE 8-01-02 97,500 960,375 985,433
CAROLINA POWER & LIGHT, 5.00%, DUE 9-15-98 1,500,000 1,497,555 1,453,800 1,497,555 1,478,700
CAROLINA POWER & LIGHT CO., 7.875%, DUE 4-15-04 500,000 495,220 533,050
DELMARVA POWER & LIGHT CO., 7.50%, DUE 5-01-99 1,000,000 995,140 1,038,800 995,140 1,032,000
DUKE POWER CO., 7.00%, DUE 6-01-00 2,500,000 2,425,825 2,555,500 2,425,825 2,540,625
EMERSON ELECTRIC CO., 6.30%, DUE 11-01-05 1,850,000 1,843,135 1,833,720
EMERSON ELECTRIC CO., 6.30%, DUE 11-01-05 3,000,000 2,988,870 2,908,200
FLORIDA POWER & LIGHT, 5.375%, DUE 4-01-00 1,000,000 997,020 977,200 997,020 967,500
FLORIDA POWER & LIGHT, 5.50%, DUE 7-01-99 1,000,000 987,500 985,000 987,500 981,800
FLORIDA POWER & LIGHT, 5.70%, DUE 3-05-98 1,000,000 1,000,000 997,700 1,000,000 997,700
GEORGIA POWER CO., 6.125%, DUE 9-01-99 1,000,000 983,620 996,400 983,620 997,500
IDAHO POWER CO., 6.40%, DUE 5-01-03 1,500,000 1,497,795 1,495,500 1,497,795 1,476,600
KANSAS CITY POWER & LIGHT COMPANY, 5.6%,
DUE 3-10-9 750,000 750,000 743,775
KANSAS CITY POWER & LIGHT COMPANY, 6.50%,
DUE 1-02-01 1,000,000 1,000,000 998,900 1,000,000 1,002,000
KANSAS CITY POWER & LIGHT COMPANY, 6.50%,
DUE 2-14-00 1,000,000 1,000,000 1,004,400
KANSAS CITY POWER & LIGHT COMPANY, 6.65%,
DUE 6-06-02 950,000 950,000 954,180
KANSAS CITY POWER & LIGHT COMPANY, 7.15%,
DUE 5-14-99 1,000,000 1,000,000 1,028,100 1,000,000 1,024,700
MONOGAHELA POWER COMPANY, 5.625%, DUE 4-01-00 2,500,000 2,447,475 2,452,750
MONOGAHELA POWER COMPANY, 5.625%, DUE 4-01-00 1,750,000 1,703,595 1,715,700
SOUTHERN CALIFORNIA EDISON CO., 6.125%,
DUE 7-15-97 2,500,000 2,485,937 2,509,000
SOUTHERN CALIFORNIA EDISON CO., 6.25%,
DUE 6-15-03 250,000 250,000 247,000
UNION ELECTRIC CO., 6.75%, DUE 10-15-99 1,000,000 995,480 1,019,700 995,480 1,016,400
TOTAL ELECTRIC 24,066,857 24,276,858 18,567,620 18,672,475
GAS:
NORTHERN ILLINOIS GAS CO., 5.5%, DUE 2-1-97 1,000,000 994,980 994,900
NORTHWEST NATURAL GAS COMPANY, 5.98%, DUE 12-15-00 1,000,000 1,000,000 962,000 1,000,000 982,700
SOUTHERN CALIFORNIA GAS CO., 6.50%, DUE 12-15-97 1,000,000 999,400 1,009,500 999,400 1,000,000
TOTAL GAS 2,994,380 2,966,400 1,999,400 1,982,700
DIVERSIFIED:
BALTIMORE GAS & ELECTRIC CO., 6.50%, DUE 2-15-03 1,000,000 988,450 1,005,000 988,450 997,800
CONSOLIDATED EDISON CO. OF NEW YORK, 6.625%,
2-01-02 750,000 742,358 757,725 742,358 753,675
CONSOLIDATED EDISON CO. OF NEW YORK, 6.625%,
7-01-05 1,000,000 998,840 986,600
PACIFIC GAS & ELECTRIC COMPANY, 6.25%,
DUE 3-01-04 1,000,000 1,000,000 974,600 1,000,000 973,600
TOTAL DIVERSIFIED 2,730,808 2,737,325 3,729,648 3,711,675
TOTAL UTILITIES 42,455,961 42,695,488 35,847,562 35,795,498
FINANCE - 1995, 4.1%; 1996, 3.3%
CHEVRON CANANDA FINANCE LTD., 5.60%, DUE 4-01-98 1,250,000 1,249,063 1,242,125 1,249,063 1,245,125
EXXON CAPITAL CORP., 7.875%, DUE 4-15-96 750,000 746,168 757,500
NYNEX CAPITAL FUNDING CO., 8.75%, DUE 12-01-04 2,000,000 1,995,000 2,287,000 1,995,000 2,212,500
SOUTHWESTERN BELL CAPITAL CORP., 6.65%, DUE 7-14-98 975,000 975,000 989,527
SOUTHWESTERN BELL CAPITAL CORP., 6.65%, DUE 7-14-98 900,000 900,000 912,420
SOUTHWESTERN BELL CAPITAL CORP., 7.25%, DUE 7-24-00 500,000 500,000 516,700 500,000 513,950
TEXACO CAPITAL INC., 8.24%, DUE 10-15-01 500,000 500,500 543,500 500,500 538,100
U.S. WEST CAPITAL FUNDING, INC., 8.0%, DUE 10-15-96 350,000 327,107 356,720
TOTAL FINANCE 6,292,838 6,693,072 5,144,563 5,422,095
OTHER - 1995, 0.6%; 1996, 6.6%
BANKERS' TRUST NEW YORK CORP., 8.00%, DUE 3-15-97 450,000 388,282 454,095
ENGLEHARD CORP., 7.00%, DUE 8-01-01 1,000,000 998,060 1,020,800
GTE CORP., 9.375%, DUE 12-01-00 500,000 497,750 550,500
GTE SOUTH, 6.00%, DUE 2-15-08 1,000,000 993,250 925,700
HARVARD UNIVERSITY MASSACHUSETTS, 8.125%, DUE 4-15-07 150,000 149,210 164,185
INTERNATIONAL BUSINESS MACHINES CORP., 7.50%,
DUE 6-15-13 500,000 497,355 516,250
IOWA ELECTRIC LIGHT & POWER COMPANY, 6.00%,
DUE 10-01-08 500,000 492,720 459,650
MARSH & MCLENNAN COS. INC. CP., 5.30%, DUE 11-05-96 500,000 499,632 499,632
NYNEX CORP., 6.25%, DUE 3-15-03 1,000,000 967,900 976,250
PUBLIC SERVICE COMPANY OF OKLAHOMA, 6.02%, DUE 3-01-01 1,500,000 1,476,275 1,479,750
SYSCO CORPORATION, 7.00%, DUE 5-01-06 1,000,000 1,000,000 1,018,700
TAMBRANDS, INC., 4.65%, DUE 1-21-97 1,000,000 994,150 987,200
TENNESSEE GAS PIPELINE CO., 9.00%, DUE 1-15-97 400,000 366,404 402,376
TEXAS INSTRUMENTS INC., 6.125%, DUE 2-01-06 500,000 465,240 474,450
UNION PACIFIC RESOURCES GROUP, 7.00%, DUE 10-15-06 1,000,000 994,120 1,011,300
WEST TEXAS UTILITIES COMPANY, 6.375%, DUE 10-01-05 1,000,000 988,100 963,500
TOTAL OTHER 994,150 987,200 10,774,298 10,917,138
TOTAL CORPORATE NONCONVERTIBLE SECURITIES 79,563,147 80,960,317 81,907,404 82,764,595
</TABLE>
<TABLE>
SHORT-TERM MONEY MARKET FUND - 1995, 0.7%; 1996, 1.1%
<S> <C> <C> <C>
SHORT TERM MONEY MARKET FUND OF UMB BANK, n.a. 1,087,960 1,087,960 1,087,960
SHORT TERM MONEY MARKET FUND OF UMB BANK, n.a. 1,804,054 1,804,054 1,804,054
TOTAL SHORT-TERM MONEY MARKET FUND 1,087,960 1,087,960 1,804,054 1,804,054
TOTAL INVESTMENTS HELD $159,303,995 $162,536,863 $164,102,228 $166,226,032
*Face Value or Number of Units
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
Year Ended October 31
1994 1995 1996
<S> <C> <C> <C>
INVESTMENT INCOME
Interest $11,260,248 $ 9,951,449 $11,618,424
Audit expense 11,065 11,212 9,826
Net Investment Income 11,249,183 9,940,237 11,608,598
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Realized gain (loss) on
investments sold, matured
or redeemed:
Proceeds 63,581,715 64,769,427 77,110,680
Cost of investments 63,147,715 64,508,442 77,583,349
Net realized gain (loss)
on investments sold,
matured or redeemed 434,000 260,985 (472,669)
Unrealized gain (loss) on
investments
Beginning of year 10,855,450 (7,160,638) 3,232,868
End of year (7,160,638) 3,232,868 2,123,804
Net unrealized gain
(loss) on investments (18,016,088) 10,393,506 (1,109,064)
Net realized and unrealized
gain (loss) on investments (17,582,088) 10,654,491 (1,581,733)
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS $(6,332,905) $20,594,728 $10,026,865
TOTAL EXPENSE AS A PERCENT
OF NET INVESTMENT INCOME 0.10% 0.11% 0.08%
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF PARTICIPANTS' INTEREST
Year Ended October 31
1994 1995 1996
Units Amount Units Amount Units Amount
<S> <C> <C> <C> <C> <C> <C>
PARTICIPANTS' INTEREST, Beginning of year 3,386,320 $179,056,362 3,148,300 $160,657,602 2,825,108 $164,323,270
FROM INVESTMENT ACTIVITIES
Net investment income 11,249,183 9,940,237 11,608,598
Net realized gain (loss) on sale of
investments sold, matured or redeemed 434,000 260,985 (472,669)
Net unrealized gain (loss) on investments (18,016,088) 10,393,506 (1,109,064)
Net increase (decrease) from
investment activities (6,332,905) 20,594,728 10,026,865
FROM PARTICIPATING UNIT TRANSACTIONS
Issuance of units 475,749 24,842,643 397,916 21,483,446 821,838 47,562,094
Redemption of units (713,769) (36,908,498) (721,108) (38,412,506) <894,140) (52,937,735)
Net increase (decrease) from
participating unit transactions (238,020) (12,065,855) (323,192) (16,929,060) (72,302) (5,375,641)
PARTICIPANTS' INTEREST, End of year 3,148,300 $160,657,602 2,825,108 $164,323,270 2,752,806 $168,974,494
NET ASSET VALUE PER PARTICIPATING UNIT $51.03 $58.17 $61.38
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES
October 31
1995 1996
Cost Market Cost Market
<S> <C> <C> <C> <C>
ASSETS
Investments:
United States Government
and Agency Obligations $23,088,048 $23,093,688 $12,130,715 $12,134,323
Commercial paper 36,648,284 36,648,284 29,525,599 29,525,599
Short-term money market
fund 5,585,759 5,585,759 2,501,655 2,501,655
$65,322,091 65,327,731 $44,157,969 44,161,577
Interest receivable 411,057 173,726
65,738,788 44,335,303
LIABILITIES
Audit fee payable 4,056 2,750
PARTICIPANTS' INTEREST,
Equivalent to $47.41
per unit on 1,386,619
units outstanding in
1995 and $50.10 per
unit on 884,822 units
outstanding in 1996 $65,734,732 $44,332,553
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF INVESTMENTS HELD
October 31
Value or 1995 1996
Units* Cost Market Cost Market
UNITED STATES GOVERNMENTS AND AGENCY
OBLIGATIONS 1995, 35.3%; 1996, 27.4%
<S> <C> <C> <C> <C> <C>
FEDERAL AGRICULTURE MORTGAGE, DISCOUNT NOTE,
DUE 11-06-95 3,000,000 $ 2,975,863 $ 2,975,863
FEDERAL FARM CREDIT BANK, 5.34%, DUE 12-02-96 1,000,000 $ 1,000,000 $ 1,000,000
FEDERAL FARM CREDIT BANK, 5.40%, DUE 12-02-96 1,000,000 998,438 1,000,000
FEDERAL FARM CREDIT BANK, 5.43%, DUE 3-03-97 500,000 500,000 499,928
FEDERAL FARM CREDIT BANK, 5.45%, DUE 11-01-96 500,000 500,000 500,155
FEDERAL FARM CREDIT BANK, DISCOUNT NOTE, DUE 12-01-95 3,000,000 2,966,542 2,966,542
FEDERAL HOME LOAN BANK, 6%, DUE 10-16-96 3,000,000 3,000,000 3,005,640
FEDERAL HOME LOAN BANK, DISCOUNT NOTE, DUE 11-09-95 1,000,000 996,409 996,409
FEDERAL HOME LOAN BANK, DISCOUNT NOTE, DUE 11-22-95 865,000 852,890 852,890
FEDERAL HOME LOAN BANK, DISCOUNT NOTE, DUE 12-06-95 1,000,000 991,320 991,320
FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE,
DUE 11-27-95 2,000,000 1,975,200 1,975,200
FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE,
DUE 12-04-95 3,000,000 2,953,456 2,953,456
FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE,
DUE 11-12-96 2,000,000 1,981,327 1,981,327
FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE,
DUE 11-13-96 1,000,000 992,528 992,528
FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE,
DUE 11-19-96 2,000,000 1,992,525 1,992,525
FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE,
DUE 12-11-96 2,000,000 1,985,885 1,985,885
FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE,
DUE 11-29-95 3,000,000 3,553,935 3,553,935
FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE,
DUE 12-13-96 2,000,000 1,981,547 1,981,547
UNITED STATES TREASURY BILL, DUE 4-04-96 3,000,000 2,822,433 2,822,433
UNITED STATES TREASURY BILL, DUE 1-09-97 1,000 988 988
UNITED STATES TREASURY BILL, DUE 11-21-96 200,000 197,477 199,440
TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 23,088,048 23,093,688 12,130,7155 12,134,323
</TABLE>
<TABLE>
COMMERCIAL PAPER 1995, 56.1%; 1996, 66.9%
<S> <C> <C> <C> <C>
ABBOTT LABORATORIES, DISCOUNT COMMERCIAL PAPER,
DUE 11-10-95 3,000,000 2,985,301 2,985,301
AMERICAN EXPRESS CO., DISCOUNT COMMERCIAL PAPER,
DUE 11-21-95 2,000,000 1,991,117 1,991,117
AMERITECH, DISCOUNT COMMERCIAL PAPER, DUE 11-13-96 2,000,000 1,990,430 1,990,430
ANHEUSER-BUSCH, DISCOUNT COMMERCIAL PAPER,
DUE 11-16-95 3,000,000 2,982,960 2,982,960
ARCHER DANIELS, DISCOUNT COMMERCIAL PAPER,
DUE 11-05-96 2,000,000 1,997,951 1,997,951
CHEVRON OIL FINANCE CO., DISCOUNT COMMERCIAL PAPER,
DUE 12-06-95 3,000,000 2,979,100 2,979,100
BELLSOUTH TELECOMMUNICATIONS, DISCOUNT COMMERCIAL
PAPER, DUE 12-03-96 1,700,000 1,691,126 1,691,126
DUPONT, DISCOUNT COMMERCIAL PAPER, DUE 11-21-95 500,000 497,234 497,234
DUPONT, DISCOUNT COMMERCIAL PAPER, DUE 12-5-96 2,000,000 1,985,500 1,985,500
HEINZ, (HJ) CO., DISCOUNT COMMERCIAL PAPER,
DUE 11-01-95 3,000,000 2,983,317 2,983,317
HEINZ, (HJ) CO., DISCOUNT COMMERCIAL PAPER,
DUE 12-04-96 2,000,000 1,985,417 1,985,417
HERSHEYS FOODS CORP, DISCOUNT COMMERCIAL PAPER,
DUE 11-25-96 2,000,000 1,989,869 1,989,869
HEWLETT PACKARD COMPANY, DISCOUNT COMMERCIAL PAPER,
DUE 11-07-95 3,000,000 2,957,382 2,957,382
HEWLETT PACKARD COMPANY, DISCOUNT COMMERCIAL PAPER,
DUE 11-06-96 2,000,000 1,989,167 1,989,167
KENTUCKY ENERGY, DISCOUNT COMMERCIAL PAPER,
DUE 11-27-95 1,000,000 995,040 995,040
LACLEDE GAS, DISCOUNT COMMERCIAL PAPER, DUE 11-22-95 300,000 298,281 298,281
LACLEDE GAS, DISCOUNT COMMERCIAL PAPER, DUE 11-04-96 1,000,000 995,142 995,142
LACLEDE GAS, DISCOUNT COMMERCIAL PAPER, DUE 11-06-96 1,000,000 992,950 992,950
MERCK & CO, DISCOUNT COMMERCIAL PAPER, DUE 12-06-96 2,000,000 1,989,311 1,989,311
MINNESOTA MINING & MANUFACTURING, DISCOUNT COMMERCIAL
PAPER, DUE 11-07-95 2,000,000 1,971,588 1,971,588
MOTOROLA, DISCOUNT COMMERCIAL PAPER, DUE 12-08-95 1,000,000 993,215 993,215
MOTOROLA, DISCOUNT COMMERCIAL PAPER, DUE 11-18-96 2,000,000 1,989,001 1,989,001
PROGRESSIVE CAPITAL HOLDINGS, INC., DISCOUNT
COMMERCIAL PAPER, DUE 11-29-95 3,100,000 3,083,195 3,083,195
RAYTHEON CO., DISCOUNT COMMERCIAL PAPER, DUE 11-20-95 3,000,000 2,981,410 2,981,410
SOUTH CAROLINA, DISCOUNT COMMERCIAL PAPER,
DUE 11-04-96 2,000,000 1,989,989 1,989,989
SOUTHWESTERN BELL CAPITAL COMPANY, DISCOUNT
COMMERCIAL PAPER, DUE 11-08-95 2,000,000 1,987,017 1,987,017
SOUTHWESTERN BELL TELEPHONE, DISCOUNT COMMERCIAL
PAPER, DUE 11-07-96 2,000,000 1,984,927 1,984,927
TEXACO INC., DISCOUNT COMMERCIAL PAPER, DUE 11-09-95 2,000,000 1,991,102 1,991,102
TOYS 'R' US INC., DISCOUNT COMMERCIAL PAPER,
DUE 11-15-95 2,000,000 1,988,600 1,988,600
WALMART, DISCOUNT COMMERCIAL PAPER, DUE 11-22-96 2,000,000 1,987,289 1,987,289
WALT DISNEY CO, DISCOUNT COMMERCIAL PAPER,
DUE 12-16-96 2,000,000 1,984,019 1,984,019
WEYERHAUSER, DISCOUNT COMMERCIAL PAPER, DUE 11-01-95 3,000,000 2,982,425 2,982,425
WEYERHAUSER, DISCOUNT COMMERCIAL PAPER, DUE 11-26-96 2,000,000 1,983,511 1,983,511
TOTAL COMMERCIAL PAPER 36,648,284 36,648,284 29,525,599 29,525,599
</TABLE>
<TABLE>
SHORT TERM MONEY MARKET FUND - 1995, 8.6%; 1996, 5.7%
<S> <C> <C> <C> <C> <C>
SHORT TERM MONEY MARKET FUND OF UMB BANK, n.a. 5,585,759 5,585,759 5,585,759
SHORT TERM MONEY MARKET FUND OF UMB BANK, n.a. 2,501,655 2,501,655 2,501,655
TOTAL SHORT TERM MONEY MARKET FUND 5,585,759 5,585,759 2,501,655 2,501,655
$65,322,091 $65,327,731 $44,157,969 $44,161,577
*Face Value or Number of Units
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
Year Ended October 31
1994 1995 1996
<S> <C> <C> <C>
INVESTMENT INCOME
Interest $ 2,409,792 $ 3,834,915 $ 2,963,509
Audit expense 4,725 4,050 2,744
Net Investment Income 2,405,067 3,830,865 2,960,765
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Realized gain on investments
sold, matured or redeemed:
Proceeds 265,121,325 494,570,364 555,983,956
Cost of investments 265,121,012 494,548,802 556,011,916
Net realized gain (loss)
on investments sold,
matured or redeemed 313 21,562 (27,960)
Unrealized gain (loss) on
investments
Beginning of year 4,846 (47,188) 5,640
End of year (47,188) 5,640 3,608
Net unrealized gain
(loss) on investments (52,034) 52,828 (2,032)
Net realized and unrealized
gain (loss) on investments (51,721) 74,390 (29,992)
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 2,353,346 $ 3,905,255 $ 2,930,773
TOTAL EXPENSE AS A PERCENT OF
NET INVESTMENT INCOME 0.20% 0.11% 0.09%
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF PARTICIPANTS' INTEREST
Year Ended October 31
1994 1995 1996
Units Amoun Units Amount Units Amount
<S> <C> <C> <C> <C> <C> <C>
PARTICIPANTS' INTEREST, Beginning of year 1,524,863 $ 65,558,022 1,354,317 $ 60,527,868 1,386,619 $ 65,734,732
FROM INVESTMENT ACTIVITIES
Net investment income 2,405,067 3,830,865 2,960,765
Net realized gain (loss) on sale of
investments sold, matured or redeemed 313 21,562 (27,960)
Net unrealized gain (loss) on
investments (52,034) 52,828 (2,032)
Net increase from investment
activities 2,353,346 3,905,255 2,930,773
FROM PARTICIPATING UNIT TRANSACTIONS
Issuance of units 679,203 29,640,782 861,189 39,394,576 317,334 15,456,701
Redemption of units (849,749) (37,024,282) (828,887) (38,092,967) (819,131) (39,789,653)
Net increase (decrease) from
participating unit transactions (170,546) (7,383,500) 32,302 1,301,609 (501,797) (24,332,952)
PARTICIPANTS' INTEREST, End of year 1,354,317 60,527,868 1,386,619 65,734,732 884,822 44,332,553
NET ASSET VALUE PER PARTICIPATING UNIT 44.69 47.41 50.10
</TABLE>
NOTE 1: NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies followed by the Bank, as Trustee, are in
accordance with the respective Trust Plans and Declarations of the Funds dated
December 5, 1955 (as amended on October 10, 1963) and December 27, 1974, and in
conformity with generally accepted accounting principles. The significant
accounting policies and the nature of operations follow.
Nature of Operations
The Fund for Pooling Equity Investments of Employee Trusts, the Fund for
Pooling Debt Investments of Employee Trusts and the Pooled Income Fund for
Employee Trusts (Funds) provide a means through which funds, held by UMB Bank,
n.a. in its capacity as sole fiduciary or co-fiduciary, may be pooled for
diversification of investments.
The Funds are managed by UMB Bank, n.a. under regulation 9 of the
Comptroller of the Currency relating to collective investment funds.
Regulation 9 specifies generally the form of trust, accounting policies,
investment powers, asset valuation, etc.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those estimates.
Investment Valuation
Investments are stated at market value. Investments are valued by the
Trustee, utilizing prices quoted by security dealers or brokers, investment
bankers or statistical services on the valuation date. Certain United States
government and agency obligations and corporate securities are stated at cost.
The amount of unaccreted discount for these securities, which approximates the
difference between cost and market value, is reported in the statement of
assets and liabilities as accrued interest. The market value of investments
in participation units of other funds is based on quoted redemption values on
the valuation date.
Security Transactions and Investment Income
Security transactions are accounted for on the trade date the securities
are purchased or sold. Realized gains and losses from security transactions
are recorded on an identified cost basis. Dividend income is recorded on the
ex-dividend date. Interest income is recognized as earned.
Investment Income and Net Realized Gains
Investment income and gains on sales of investments are retained by the
Funds and invested.
Income Tax Exemption
Applicable statutes exempt the funds from U.S. federal and state income
taxes.
Participation Units
There is no par or stated value for participation units. Trusts, for
which the Bank is a fiduciary, may invest or withdraw based on monthly
valuations as of the prior month.
NOTE 2: STOCK SPLIT
References to number of units and per unit amounts herein have been
restated to give retroactive effect to five-for-one and two-for-one stock
splits which occurred on May 11, 1994 for the Fund for Pooling Equity
Investments of Employee Trusts and Fund for Pooling Debt Investments of
Employee Trusts, respectively, which were approved by unitholders of these
Funds.
NOTE 3: MERGER
Effective November 1, 1995, certain collective fund assets for retirement
plans of the Bank of Overland Park and Commercial National Bank merged into
the Funds as a result of the acquisition of such banks by UMB Financial
Corporation. Assets with a market value of $10,809,038 and $19,569,785 merged
into the Pooled Equity Fund and Pooled Debt Fund, respectively. These amounts
are included in the issuance of units line on the Statements of Participants'
Interest.
