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 April 30, 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 Trusts 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 April 30, 1997.
Pooled Equity Fund - 2,924,589
Pooled Debt Fund - 2,435,302
Pooled Income Fund - 784,516
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<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 Trusts' 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 FY ENDED
ENDING 04/30/96 ENDING 04/30/97 10/31/96
Investment Income:
Dividends 1,265,529 1,191,935 3,891,359
Interest 1,024,884 716,699 5,277,837
Gross Investment Income 2,290,413 1,908,634 9,169,196
Less: Audit Expense &
Foreign Taxes (2,074) (1,875) (11,563)
Net Investment Income 2,288,339 1,906,759 9,157,633
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 278,469,307 176,835,666 907,344,217
Cost of Securities Sold 268,789,409 171,369,539 880,250,904
Net Realized Gain(Loss) 9,679,899 5,466,127 27,093,313
Unrealized Gain(Loss)
on Investments:
Beginning of Period 42,066,516 34,966,285 30,113,618
End of Period 49,120,957 29,004,391 28,973,664
Net Unrealized Gain(Loss) 7,054,440 (5,961,894) (1,139,954)
Net Realized and
Unrealized Gain(Loss)
on Investments 16,734,339 (495,767) 25,953,359
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UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Operations
6 MONTHS 6 MONTHS
ENDED 04/30/97 ENDED 04/30/96
Investment Income:
Dividends 2,349,070 2,616,979
Interest 1,498,584 2,142,528
Gross Investment Income 3,847,654 4,759,507
Less: Audit Expense &
Foreign Taxes (3,690) (4,718)
Net Investment Income 3,843,964 4,754,789
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 362,841,022 506,110,888
Cost of Securities Sold 347,927,601 490,686,662
Net Realized Gain(Loss) 14,913,421 15,424,226
Unrealized Gain(Loss)
on Investments:
Beginning of Period 28,973,664 30,113,618
End of Period 29,004,391 49,120,957
Net Unrealized Gain(Loss) 30,727 19,007,339
Net Realized and
Unrealized Gain(Loss)
on Investments 14,944,148 34,431,565
See accompanying notes to condensed financial statements.
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UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 04/30/96 ENDING 04/30/97 10/31/96
Participants' Interest at
Beginning of Period 289,247,489 248,731,202 262,551,708
Changes from Investment
Activities:
Net Investment Income 2,288,339 1,906,759 9,157,633
Net Realized Gain(Loss)
on Investments 9,679,899 5,466,127 27,093,313
Net Unrealized Gain(Loss)
on Investments 7,054,440 (5,961,894) (1,139,954)
Net Increase(Decrease)
from Investment Activity 19,022,677 1,410,992 35,110,992
Changes from Participating
Unit Transactions:
Received from Issuance of:
0 Units 0 44,294,031
Received from Issuance of:
77,287 Units 5,985,899
Payment on Redemption of:
392,215 Units (18,395,219) (82,357,434)
Payment on Redemption of:
357,288 Units (27,597,170)
Net Increase(Decrease)
from Participating Unit
Transactions (18,395,219) (21,611,271) (38,063,403)
Participants' Interest at
End of Period 289,874,947 228,530,923 259,599,297
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UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
6 MONTHS 6 MONTHS
ENDED 04/30/97 ENDED 04/30/96
Participants' Interest at
Beginning of Period 259,599,297 262,551,708
Changes from Investment
Activities:
Net Investment Income 3,843,964 4,754,789
Net Realized Gain(Loss)
on Investments 14,913,421 15,424,226
Net Unrealized Gain(Loss)
on Investments 30,727 19,007,339
Net Increase(Decrease)
from Investment Activity 18,788,112 39,186,353
Changes from Participating
Unit Transactions:
Received from Issuance of:
0 Units
Received from Issuance of:
77,287 Units 12,158,743 11,326,954
Payment on Redemption of:
392,215 Units
Payment on Redemption of:
357,288 Units (62,015,229) (23,190,068)
Net Increase(Decrease)
from Participating Unit
Transactions (49,856,486) (11,863,114)
Participants' Interest at
End of Period 228,530,923 289,874,947
See accompanying notes to condensed financial statements.
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UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED 10/31/96 6 MONTHS ENDED 04/30/97
COST MARKET COST MARKET
Assets:
Common Stock 166,352,044 195,325,708 152,232,764 181,237,154
Commercial Paper 60,617,285 60,617,285 41,507,938 41,507,938
Other Investments 3,228,319 3,228,319 2,973,957 2,973,957
Total Investments 230,197,648 259,171,312 196,714,659 225,719,049
Cash 0 0
Interest Receivable 436,199 376,635
Receivable for
Securities Sold 0 0
Total Assets 259,607,511 228,535,328
Liabilities:
Audit Fees Payable 8,214 4,405
Payable for
Securities Sold 0 0
Total Liabilities 8,214 4,405
Participants' Interest:
61.38 Per Unit on
2,752,806 Units
Outstanding 259,599,297
78.14 Per Unit on
2,924,589 Units
Outstanding 228,530,923
Total Liabilities
and Participants'
Equity 259,607,511 228,535,328
See accompanying notes to condensed financial statements.
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UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Operations
QUARTER QUARTER FY ENDED
ENDING 04/30/96 ENDING 04/30/97 10/31/96
Investment Income:
Interest 2,946,799 2,554,506 11,618,424
Less: Audit Expense (2,089) (1,875) (9,826)
Net Investment Income 2,944,709 2,552,631 11,608,598
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 31,925,897 13,457,339 77,110,680
Cost of Securities Sold 31,995,951 13,335,116 77,583,349
Net Realized Gain(Loss) (70,054) 122,223 (472,669)
Unrealized Gain(Loss)
on Investments:
Beginning of Period 7,395,748 1,078,408 3,232,868
End of Period 173,435 (367,654) 2,123,804
Net Unrealized Gain(Loss) (7,222,313) (1,446,062) (1,109,064)
Net Realized and Unrealized
Gain(Loss) on Investments (7,292,367) (1,323,839) (1,581,733)
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UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Operations
6 MONTHS 6 MONTHS
ENDED 04/30/97 ENDED 04/30/96
Investment Income:
Interest 5,212,473 5,980,913
Less: Audit Expense (3,655) (4,601)
Net Investment Income 5,208,818 5,976,313
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 36,650,257 42,849,021
Cost of Securities Sold 36,413,892 43,274,066
Net Realized Gain(Loss) 236,365 (425,045)
Unrealized Gain(Loss)
on Investments:
Beginning of Period 2,123,804 3,232,868
End of Period (367,654) 173,435
Net Unrealized Gain(Loss) (2,491,458) (3,059,433)
Net Realized and Unrealized
Gain(Loss) on Investments (2,255,093) (3,484,478)
See accompanying notes to condensed financial statements.
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UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 04/30/96 ENDING 04/30/97 10/31/96
Participants' Interest at
Beginning of Period 187,976,158 157,552,065 164,323,270
Changes from Investment
Activities:
Net Investment Income 2,944,709 2,552,631 11,608,598
Net Realized Gain(Loss)
on Investments (70,054) 122,223 (472,669)
Net Unrealized Gain(Loss)
on Investments (7,222,313) (1,446,062) (1,109,064)
Net Increase(Decrease)
from Investment Activity (4,347,658) 1,228,792 10,026,865
Changes from Participating
Unit Transactions:
Received from Issuance of:
821,838 Units 2,320,720 47,562,094
Received from Issuance of:
168,061 Units 5,473,920
Payment on Redemption of:
894,140 Units (15,091,203) (52,937,735)
Payment on Redemption of:
485,564 Units (11,976,622)
Net Increase(Decrease)
from Participating Unit
Transactions (12,770,483) (6,502,702) (5,375,641)
Participants' Interest at
End of Period 170,858,017 152,278,155 168,974,494
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UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
6 MONTHS 6 MONTHS
ENDED 04/30/97 ENDED 04/30/96
Participants' Interest at
Beginning of Period 168,974,494 164,323,271
Changes from Investment
Activities:
Net Investment Income 5,208,818 5,976,313
Net Realized Gain(Loss)
on Investments 236,365 (425,045)
Net Unrealized Gain(Loss)
on Investments (2,491,458) (3,059,433)
Net Increase(Decrease)
from Investment Activity 2,953,725 2,491,834
Changes from Participating
Unit Transactions:
Received from Issuance of:
821,838 Units
Received from Issuance of:
168,061 Units 10,401,033 22,609,268
Payment on Redemption of:
894,140 Units
Payment on Redemption of:
485,564 Units (30,051,097) (18,566,356)
Net Increase(Decrease)
from Participating Unit
Transactions (19,650,064) 4,042,912
Participants' Interest at
End of Period 152,278,155 170,858,017
See accompanying notes to condensed financial statements.
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UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED 10/31/96 6 MONTHS ENDED 04/30/97
COST MARKET COST MARKET
Assets:
U.S. Government &
Agency Obligations 80,390,770 81,657,383 71,351,569 72,363,097
Corporate Bonds 81,907,404 82,764,595 77,408,643 76,817,989
Other Investments 1,804,054 1,804,054 576,725 576,725
Total Investments 164,102,228 166,226,032 149,336,937 149,757,811
Cash 0 0
Interest Receivable 2,757,097 2,525,134
Receivable for
Securities Sold 0 0
Total Assets 168,983,129 152,282,945
Liabilities:
Audit Fees Payable 8,635 4,790
Payable for
Securities Sold
& Other Payables 0 0
Total Liabilities 8,635 4,790
Participants' Interest:
61.38 Per Unit on
2,752,806 Units
Outstanding 168,974,494
62.53 Per Unit on
2,435,302 Units
Outstanding 152,278,155
Total Liabilities and
Participants' Equity 168,983,129 152,282,945
See accompanying notes to condensed financial statements.
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UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Operations
QUARTER QUARTER FY ENDED
ENDING 04/30/96 ENDING 04/30/97 10/31/96
Investment Income:
Interest 751,900 539,928 2,963,509
Less: Audit Expense (841) (687) (2,744)
Net Investment Income 751,059 539,241 2,960,765
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 172,982,399 97,874,823 55,983,956
Cost of Securities Sold 172,977,398 97,874,823 556,011,916
Net Realized Gain(Loss) 5,001 0 (27,960)
Unrealized Gain(Loss)
on Investments:
Beginning of Period 14,749 (310) 5,640
End of Period (30,471) (465) 3,608
Net Unrealized Gain(Loss) (45,220) (155) (2,032)
Net Realized and Unrealized
Gain(Loss) on Investments (40,219) (155) (29,992)
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UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Operations
6 MONTHS 6 MONTHS
ENDED 04/30/97 ENDED 04/30/96
Investment Income:
Interest 1,121,791 1,669,832
Less: Audit Expense (1,375) (1,889)
Net Investment Income 1,120,416 1,667,943
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 202,930,832 338,435,178
Cost of Securities Sold 202,929,270 338,423,771
Net Realized Gain(Loss) 1,562 11,406
Unrealized Gain(Loss)
on Investments:
Beginning of Period 3,608 5,640
End of Period (465) (30,471)
Net Unrealized Gain(Loss) (4,073) (36,111)
Net Realized and Unrealized
Gain(Loss) on Investments (2,511) (24,705)
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 04/30/96 ENDING 04/30/97 10/31/96
Participants' Interest at
Beginning of Period 60,146,805 41,857,297 65,734,732
Changes from Investment
Activities:
Net Investment Income 751,059 539,241 2,960,765
Net Realized Gain(Loss)
on Investments 5,001 0 (27,960)
Net Unrealized Gain(Loss)
on Investments (45,220) (155) (2,032)
Net Increase(Decrease)
from Investment Activity 710,840 539,086 2,930,773
Changes from Participating
Unit Transactions:
Received from Issuance of:
317,334 Units 0 15,456,701
Received from Issuance of:
65,726 Units 3,353,307
Payment on Redemption of:
819,131 Units 10,911,135 39,789,653
Payment on Redemption of:
105,519 Units 5,386,209
Net Increase(Decrease)
from Participating Unit
Transactions (10,911,135) (2,032,902) (24,332,952)
Participants' Interest at
End of Period 49,946,510 40,363,481 44,332,553
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
6 MONTHS 6 MONTHS
ENDED 04/30/97 ENDED 04/30/96
Participants' Interest at
Beginning of Period 44,332,553 65,734,732
Changes from Investment
Activities:
Net Investment Income 1,120,416 1,667,943
Net Realized Gain(Loss)
on Investments 1,562 11,406
Net Unrealized Gain(Loss)
on Investments (4,073) (36,111)
Net Increase(Decrease)
from Investment Activity 1,117,905 1,643,238
Changes from Participating
Unit Transactions:
Received from Issuance of:
317,334 Units
Received from Issuance of:
65,726 Units 5,473,877 186,953
Payment on Redemption of:
819,131 Units
Payment on Redemption of:
105,519 Units 10,560,854 17,618,413
Net Increase(Decrease)
from Participating Unit
Transactions (5,086,977) (17,431,460)
Participants' Interest at
End of Period 40,363,481 49,946,510
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 6 MONTHS ENDED 04/30/97
COST MARKET COST MARKET
Assets:
U.S. Government &
Agency Obligations 12,130,715 12,134,323 1,150,000 1,499,535
Commercial Paper 29,525,599 29,525,599 36,373,379 36,373,379
Other Investments 2,501,655 2,501,655 2,339,951 2,339,951
Total Investments 44,161,577 40,213,330 40,212,865
Cash 0 0
Interest Receivable 173,726 151,991
Receivable for
Securities Sold 0 0
Total Assets 44,335,303 40,364,856
Liabilities:
Audit Fees Payable 2,750 1,375
Payable for
Securities Sold 0 0
Total Liabilities 2,750 1,375
Participants' Interest:
50.10 Per Unit
on 884,822 44,332,553
51.45 Per Unit on
784,516 40,363,481
Total Liabilities and
Participants' Equity 44,335,303 40,364,856
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 (the "Collective Investment
Trusts") as of April 30, 1997, and October 31, 1996, the results of operations
for the three months and six months ended April 30, 1997 and 1996, and cash
flows for the three months and six months ended April 30, 1997 and 1996.
2. The results of operations for the three months and six months ended April
30, 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.
The economy was much stronger in the First Quarter than had previously
been expected. Major areas of strength included sales of new homes and retail
sales. After a record-breaking year for construction in 1996, the sale of new
homes for the first two months of 1997 reached the highest level in eleven
years. Spurred by high confidence in the economy, combined with the wealth
effect from the stock market, consumers expanded credit card debt and
continued to spend, thus increasing retail sales. Tight labor markets and
falling unemployment have not significantly affected inflation so far.
Although there were no immediate indicators of rising inflation, the Federal
Reserve raised the Federal Funds rate at the end of March. This was a move
based largely on the fear that rising inflation traditionally follows faster
economic growth such as what we have recently experienced. The question
facing financial markets now is whether further rate increases will be
forthcoming this year.
Following the trend of 1996, a narrow grouping of capitalization stocks
pushed the stock market upward to record levels in February. Concerns about
inflation, high valuations, narrowing margins, and shrinking profits began to
weigh on the minds of investors, causing a market decline at the end of
February. The correction accelerated with the Federal Reserve's decision to
raise the Federal Funds rate in late March, and continued through the end of
the quarter. The downward price movement has been most severe in large
capitalization stocks (which had previously propelled the market upward) and
in high-flying small capitalization stocks with astronomical price to earnings
ratios. The unmanaged large capitalization S & P 500 Index was up 2.68% for
the quarter and the unmanaged smaller capitalization Value Line Composite was
down -0.78%. The roller coaster days in the market, characterized by high
inter-day volatility, will undoubtedly encourage some investors away from
stocks to more balanced assets.
The First Quarter of 1997 began with a slow erosion of bond prices across
the entire yield curve. Investors felt increased worries about the strength
of the economy and the possibility of rising inflation. As a result of the
Federal Reserve's decision to raise the Federal Funds rate, prices fell on
both long-term and short-term bonds, pushing yields higher overall.
Representative bond market indices returned as follows for the first quarter:
Lehman Brothers Government/Corporate Intermediate Index, -0.11%; and Lehman
Brothers Government/Corporate, -0.86%.
POOLED EQUITY FUND
During the quarter, a new stock position was taken in R R Donnelley.
Positions were deleted in General Motors and Texas Instruments.
The Fund's total return (income plus price appreciation) for the quarter
was 1.08%. For the past twelve months, the Fund's total return was 7.82%.
Excluding cash reserves, the total return of stocks held by the Fund was
0.93% for the quarter and 8.48% for the last 12 months. The fund ended the
quarter with cash reserves of 23.25%.
POOLED DEBT FUND
In keeping with our philosophy of maintaining a high quality portfolio
with limited maturity exposure, about 49.2% of the portfolio is held in
Government and Agency issues. Approximately 50.38% of the portfolio will
mature within five years. The weighted average life of the total portfolio is
5.0 years. The total return of the Fund was -0.06% for the quarter and 4.92%
for the preceding twelve months. At quarter end, the current yield of the
fund was approximately 6.7%. The weighted yield to maturity at market was
7.00%.
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 1.33% is equivalent to an
annualized total return of 5.32%. For the past twelve months, the fund
returned 5.55%. The Fund has an average maturity of 27 days and a weighted
yield to maturity of 5.52%.
<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 April 30, 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 Trusts for Which
UMB Bank, n.a. is Trustee
(Registrant)
by UMB Bank, n.a. as trustee
Date: June 13, 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 APRIL 30, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 6-MOS
FISCAL-YEAR-END OCT-31-1996 OCT-31-1996
PERIOD-END APR-30-1996 APR-30-1996
TOTAL-ASSETS 421,183,129 421,183,129
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 421,172,559 421,172,559
TOTAL-LIABILITY-AND-EQUITY 421,183,129 421,183,129
TOTAL-REVENUES 10,591,418 25,363,993
INCOME-TAX 0 0
INCOME-CONTINUING (1,819,451) 14,761,544
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME (1,819,451) 14,761,544
EPS-PRIMARY (0.30) 2.40
EPS-DILUTED (0.30) 2.40
<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 APRIL 30, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 6-MOS
FISCAL-YEAR-END OCT-31-1996 OCT-31-1996
PERIOD-END APR-30-1997 APR-30-1997
CASH 0 0
SECURITIES 225,719,049 225,719,049
RECEIVABLES 2,816,279 2,816,279
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 228,535,328 228,535,328
CURRENT-LIABILITIES 4,405 4,405
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 228,530,923 228,530,923
TOTAL-LIABILITY-AND-EQUITY 228,535,328 228,535,328
SALES 0 0
TOTAL-REVENUES 7,374,761 18,791,802
CGS 0 0
TOTAL-COSTS 0 0
OTHER-EXPENSES (5,963,769) (3,690)
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX (495,767) 14,944,148
INCOME-TAX 0 0
INCOME-CONTINUING (495,767) 14,944,148
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME (495,767) 14,944,148
EPS-PRIMARY (0.17) 5.11
EPS-DILUTED (0.17) 5.11
<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 APRIL 30, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 6-MOS
FISCAL-YEAR-END OCT-31-1996 OCT-31-1996
PERIOD-END APR-30-1997 APR-30-1997
CASH 0 0
SECURITIES 149,757,811 149,757,811
RECEIVABLES 2,525,134 2,525,134
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 152,282,945 152,282,134
CURRENT-LIABILITIES 4,790 4,790
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 152,278,155 152,278,155
TOTAL-LIABILITY-AND-EQUITY 152,282,945 152,282,945
SALES 0 0
TOTAL-REVENUES 2,676,729 5,448,838
CGS 0 0
TOTAL-COSTS 0 0
OTHER-EXPENSES (1,447,937) (2,495,113)
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX (1,323,839) (2,255,093)
INCOME-TAX 0 0
INCOME-CONTINUING (1,323,839) (2,255,093)
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME (1,323,839) (2,255,093)
EPS-PRIMARY (0.54) (0.93)
EPS-DILUTED (0.54) (0.93)
<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 APRIL 30, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 6-MOS
FISCAL-YEAR-END OCT-31-1996 OCT-31-1996
PERIOD-END APR-30-1997 APR-30-1997
CASH 0 0
SECURITIES 40,212,865 40,212,865
RECEIVABLES 151,991 151,991
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 40,364,856 40,364,856
CURRENT-LIABILITIES 1,375 1,375
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 40,363,481 40,363,481
TOTAL-LIABILITY-AND-EQUITY 40,364,856 40,364,856
SALES 0 0
TOTAL-REVENUES 539,928 1,123,353
CGS 0 0
TOTAL-COSTS 0 0
OTHER-EXPENSES (842) (5,448)
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX (155) (2,511)
INCOME-TAX 0 0
INCOME-CONTINUING (155) (2,511)
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME (155) (2,511)
EPS-PRIMARY (0.00) (0.00)
EPS-DILUTED (0.00) (0.00)
<PAGE>
