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 January 31, 1997
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number: 2-58109
The Collective Investment 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 January 31, 1997.
Pooled Equity Fund - 3,204,590.506
Pooled Debt Fund - 2,540,439.279
Pooled Income Fund - 824,308.399
<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.
<TABLE>
<CAPTION>
UMB BANK, n.a.
Equity Fund for Employees Trusts
Statement of Operations
QUARTER QUARTER FY ENDED
ENDING 01/31/96 ENDING 01/31/97 10/31/96
<S> <C> <C> <C>
Investment Income:
Dividends 1,364,770 1,157,135 3,891,359
Interest 1,104,324 781,885 5,277,837
Gross Investment Income 2,469,094 1,939,020 9,169,196
Less: Audit Expense &
Foreign Taxes (2,644) (1,815) (11,563)
Net Investment Income 2,466,450 1,937,205 9,157,633
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 227,641,580 186,005,356 907,344,217
Cost of Securities Sold 221,897,253 176,558,063 880,250,904
Net Realized Gain(Loss) 5,744,327 9,447,293 27,093,313
Unrealized Gain(Loss) on
Investments:
Beginning of Period 31,212,470 28,973,663 30,113,618
End of Period 42,066,516 34,966,285 28,973,664
Net Unrealized Gain(Loss) 10,854,046 5,992,622 (1,139,954)
Net Realized and Unrealized
Gain(Loss) on Investments 16,598,373 15,439,915 25,953,359
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Equity Fund for Employees Trusts
Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 01/31/96 ENDING 01/31/97 10/31/96
<S> <C> <C> <C>
Participants' Interest at
Beginning of Period 262,551,708 259,599,297 262,551,708
Changes from Investment
Activities:
Net Investment Income 2,466,450 1,937,205 9,157,633
Net Realized Gain(Loss)
on Investments 5,744,327 9,447,293 27,093,313
Net Unrealized Gain(Loss)
on Investments 10,854,046 5,992,622 (1,139,954)
Net Increase(Decrease)
from Investment Activity 19,064,823 17,377,120 35,110,992
Changes from Participating
Unit Transactions:
Received from Issuance of:
664,569 Units 9,875,744 44,294,031
Received from Issuance of:
82,255 Units 6,172,844
Payment on Redemption of:
1,168,096 Units (12,822,149) (82,357,434)
Payment on Redemption of:
456,389 Units (34,418,059)
Net Increase(Decrease) from
Participating Unit Transactions (2,946,405) (28,245,215) (38,063,403)
Participants' Interest at End of Period 278,670,126 248,731,202 259,599,297
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Statement of Assets and Liabilities
QUARTER ENDED 01/31/97 FY ENDED 10/31/96
COST MARKET COST MARKET
<S> <C> <C> <C> <C>
Assets:
Common Stock 153,343,170 188,309,454 166,352,044 195,325,708
Commercial Paper 51,681,789 51,681,789 60,617,285 60,617,285
Other Investments 4,891,554 4,891,554 3,228,319 3,228,319
Total Investments 209,916,513 244,882,797 230,197,648 259,171,312
Cash 0 0
Interest Receivable 401,717 436,199
Receivable for Securities Sold 4,885,595 0
Total Assets 250,170,109 259,607,511
Liabilities:
Audit Fees Payable 4,114 8,214
Payable for Securities Purchased 1,434,793 0
Total Liabilities 1,438,907 8,214
Participants' Interest:
61.38 Per Unit on
2,752,806 Units Outstanding 259,599,297
77.62 Per Unit on
3,204,591 Units Outstanding 248,731,202
Total Liabilities and Participants' Equity 250,170,109 259,607,511
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statement of Operations
QUARTER QUARTER FY ENDED
ENDING 01/31/96 ENDING 01/31/97 10/31/96
<S> <C> <C> <C>
Investment Income:
Interest 3,033,790 2,657,967 11,618,424
Less: Audit Expense (2,511) (1,780) (9,826)
Net Investment Income 3,031,279 2,656,187 11,608,598
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 10,923,124 23,192,919 77,110,680
Cost of Securities Sold 11,278,115 23,078,777 77,583,349
Net Realized Gain(Loss) (354,991) 114,142 (472,669)
Unrealized Gain(Loss) on
Investments:
Beginning of Period 3,232,868 2,123,804 3,232,868
End of Period 7,395,748 1,078,408 2,123,804
Net Unrealized Gain(Loss) 4,162,880 (1,045,396) (1,109,064)
Net Realized and Unrealized
Gain(Loss) on Investments 3,807,889 (931,254) (1,581,733)
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 01/31/96 ENDING 01/31/97 10/31/96
<S> <C> <C> <C>
Participants' Interest at
Beginning of Period 164,323,271 168,974,494 164,323,270
Changes from Investment
Activities:
Net Investment Income 3,031,279 2,656,187 11,608,598
Net Realized Gain(Loss)
on Investments (354,991) 114,142 (472,669)
Net Unrealized Gain(Loss)
on Investments 4,162,880 (1,045,396) (1,109,064)
Net Increase(Decrease)
from Investment Activity 6,839,168 1,724,933 10,026,865
Changes from Participating
Unit Transactions:
Received from Issuance of:
821,838 Units 6,727,848 47,562,094
Received from Issuance of:
79,794 Units 4,927,113
Payment on Redemption of:
894,140 Units (4,763,112) (52,937,735)
Payment on Redemption of:
292,160 Units (18,074,476)
Net Increase(Decrease) from
Participating Unit Transactions 1,964,736) (13,147,363) (5,375,641)
Participants' Interest at End of Period 178,127,175 157,552,064 168,974,494
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statement of Assets and Liabilities
QUARTER ENDED 01/31/97 FY ENDED 10/31/96
COST MARKET COST MARKET
<S> <C> <C> <C> <C>
Assets:
U.S. Government & Agency Obligations 74,287,086 75,811,540 80,390,770 81,657,383
Corporate Bonds 78,082,305 78,378,361 81,907,404 82,764,595
Other Investments 454,726 454,726 1,804,054 1,804,054
Total Investments 152,824,117 154,644,627 164,102,228 166,226,054
Cash 0 0
Interest Receivable 2,911,937 2,757,097
Receivable for Securities Sold 0 0
Total Assets 157,556,564 168,983,129
Liabilities:
Audit Fees Payable 4,500 8,635
Payable for Securities Sold and
Other Payables 0 0
Total Liabilities 4,500 8,365
Participants' Interest:
61.38 Per Unit on
2,752,806 Units Outstanding 168,974,494
62.02 Per Unit on
2,540,439 Units Outstanding 157,552,064
Total Liabilities and Participants' Equity 157,556,564 168,983,129
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Operations
QUARTER QUARTER FY ENDED
ENDING 01/31/96 ENDING 01/31/97 10/31/96
<S> <C> <C> <C>
Investment Income:
Interest 917,932 581,863 2,963,509
Less: Audit Expense (1,048) (687) (2,744)
Net Investment Income 916,884 581,176 2,960,765
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 165,452,779 105,056,009 555,983,956
Cost of Securities Sold 165,446,373 105,054,447 556,011,916
Net Realized Gain(Loss) 6,406 1,563 (27,960)
Unrealized Gain(Loss) on
Investments:
Beginning of Period 5,640 3,608 5,640
End of Period 14,749 (310) 3,608
Net Unrealized Gain(Loss) 9,109 (3,918) (2,032)
Net Realized and Unrealized
Gain(Loss) on Investments 15,515 (2,356) (29,992)
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 01/31/96 ENDING 01/31/97 10/31/96
<S> <C> <C> <C>
Participants' Interest at
Beginning of Period 65,734,732 44,332,553 65,734,732
Changes from Investment
Activities:
Net Investment Income 916,884 581,176 2,960,765
Net Realized Gain(Loss)
on Investments 6,406 1,563 (27,960)
Net Unrealized Gain(Loss)
on Investments 9,109 (3,918) (2,032)
Net Increase(Decrease)
from Investment Activity 932,399 578,820 2,930,773
Changes from Participating
Unit Transactions:
Received from Issuance of:
317,334 Units 3,252,706 15,456,701
Received from Issuance of:
42,186 Units 2,120,570
Payment on Redemption of:
819,131 Units 9,665,777 39,789,653
Payment on Redemption of:
102,700 Units 5,174,646
Net Increase(Decrease) from
Participating Unit Transactions (6,413,071) (3,054,076) (24,332,952)
Participants' Interest at End of Period 60,254,060 41,857,297 44,332,553
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Assets and Liabilities
3 MONTHS ENDED 01/31/97 FY ENDED 10/31/96
COST MARKET COST MARKET
<S> <C> <C> <C> <C>
Assets:
U.S. Government & Agency Obligations 6,137,271 6,136,961 12,130,715 12,134,323
Commercial Paper 31,192,175 31,192,175 29,525,599 29,525,599
Other Investments 4,350,404 4,350,404 2,501,655 2,501,655
Total Investments 41,679,850 41,679,540 44,161,577
Cash 0 0
Interest Receivable 179,026 173,726
Receivable for Securities Sold 0 0
Total Assets 41,858,566 44,335,303
Liabilities:
Audit Fees Payable 1,269 2,750
Payable for Securities Sold 0 0
Total Liabilities 1,269 2,750
Participants' Interest:
50.10 Per Unit on
884,822 Units Outstanding 44,332,553
50.78 Per Unit on
824,308 Units Outstanding 41,857,297
Total Liabilities and Participants' Equity 41,858,566 44,335,303
</TABLE>
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 January 31, 1997, and October 31, 1996, the results of
operations for the three months ended January 31, 1997 and 1996, and cash
flows for the three months ended January 31, 1997 and 1996.
2. The results of operations for the three months ended January 31, 1997 and
1996, are not necessarily indicative of the results to be expected for the
full year 1997, nor the results experienced for the full year 1996.
3. The accompanying financial statements have been prepared consistently with
accounting principles described more fully in Note 1 to the consolidated
financial statements included in the Trustee's Annual Report on Form 10-K for
the year ended October 31, 1996.
Item 2. Trustee's Discussion and Analysis of Financial Condition and Results
of Operations.
Economic growth exceeded expectations in the fourth quarter of 1996.
Gross Domestic Product, the total of all goods and services produced in the
United States, increased by an estimated annual growth rate of 4.7% for the
quarter. Inflation remained under control in spite of higher oil prices and
tight labor markets. The Consumer Price Index rose 3.3% for the year,
reaching its highest level in six years. Consumer confidence rose to its
highest level in seven years and real wages grew for the second consecutive
year, an occurrence not seen for twenty years. Despite these positive
factors, the combination of a shortened holiday season, high levels of
consumer debt, and foul weather resulted in lower than expected holiday retail
sales. During the quarter, the personal savings rate increased and the growth
rate of consumer credit decreased. Housing remained a bright spot, as
builders put up more houses and apartments in 1996 than in any year since
1988. Continuing problems in Canada and Japan caused exports to weaken.
During the fourth quarter of 1996, the equity markets, as measured by the
Dow Jones Industrials and Standard & Poor's 500 Index, continued to climb. In
the middle of October, the Dow Jones Industrial Average closed over 6000 in a
dramatic 800 point rebound from its July low. The Index continued to surge in
November and December after the elections until mid-December when Greenspan's
warning that equities were overvalued caused the market to lose 4% in the
ensuing weeks. The dramatic gains in the equity markets have been generated
by a small number of stocks with very large market capitalizations which
dominate the most widely known indices. Not since the early 1970s has the
narrowness of the market advance been so pronounced. Because the market
correction in July was more severe for middle and small capitalization stocks
than for large capitalization stocks, the influence of the top performing
large capitalization stocks is especially distorted. The reality that
concerns many analysts is that the same small group of stocks that have
propelled the market to unreasonably high levels can also bring the market
back down very quickly.
Despite the daily interest rate volatility during the last six months of
1996, overall rate changes were minimal. The interest rate on the long bond
held around 7.00% until late October, when economic releases suggesting
moderation in wage increases prompted market reaction which took the rate to
6.64% at year end. The FOMC (Federal Open Market Committee) has remained
content with the current "soft landing" scenario, as GDP growth remains solid
while inflation appears to be under control. Although the FOMC has maintained
the Fed Funds rate at 5.25%, the Fed has recently voiced some concern over the
low unemployment rate and has expressed a willingness to raise rates if wage
pressure develops. Large foreign holdings of U.S. debt are an additional
point of concern.
POOLED EQUITY FUND
During the quarter, new stock positions were taken in Community
Psychiatric Centers and Baker Hughes Inc. Positions were deleted in Air
Products & Chemicals and Allstate Corporation.
The Fund's total return (income plus price appreciation) for the quarter
was 6.85%. For the past twelve months, the total Fund returned 12.41%.
Excluding cash reserves, the total return of stocks held by the Fund was
7.28% for the quarter and 14.77% for the last 12 months. The fund ended the
quarter with cash reserves of 22.64%.
POOLED DEBT FUND
In keeping with our philosophy of maintaining a high quality portfolio
with limited maturity exposure, about 47.7% of the portfolio is held in
Government and Agency issues. Approximately 52.9% 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 2.60% for the quarter and 3.66%
for the preceding twelve months. At quarter end, the current yield of the
fund was approximately 6.6%. The weighted yield to maturity at market was
6.56%.
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 1.36% is equivalent to an
annualized total return of 5.44%. For the past twelve months, the fund
returned 5.58%. The Fund has an average maturity of 26 days and a weighted
yield to maturity of 5.49%.
<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 Income Fund
27.3 - Pooled Equity Fund
27.4 - Pooled Debt Fund
(99) Additional Exhibits.
None.
(b) Reports on Form 8-K.
No report on Form 8-K was required to be filed during the three months
ended January 31, 1997.
<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: March 17, 1997 By:/s/ Steve Campbell
Senior Vice President
By:/s/ E. Frank Ware
Executive Vice President and
Trust Accounting Office
<PAGE>
INDEX TO EXHIBITS
27.1 Financial Data Schedule CT (Summary)
27.2 Financial Data Schedule for Pooled Income Fund
27.3 Financial Data Schedule for Pooled Equity Fund
27.4 Financial Data Schedule for Pooled Debt Fund.
<PAGE>
ARTICLE CT
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JANUARY 31, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS
FISCAL-YEAR-END OCT-31-96
PERIOD-END JAN-31-97
TOTAL-ASSETS 449,585,239
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 0
OTHER-SE 448,150,563
TOTAL-LIABILITY-AND-EQUITY 449,585,239
TOTAL-REVENUES 14,737,566
INCOME-TAX 0
INCOME-CONTINUING 16,373,525
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 16,373,525
EPS-PRIMARY 12.64
EPS-DILUTED 12.64
<PAGE>
ARTICLE 5 FDS - POOLED INCOME THE SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM THE UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER
ENDED JANUARY 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS
FISCAL-YEAR-END OCT-31-1996
PERIOD-END JAN-31-1997
CASH 0
SECURITIES 41,679,540
RECEIVABLES 179,026
ALLOWANCES 0
INVENTORY 0
CURRENT-ASSETS 0
PP&E 0
DEPRECIATION 0
TOTAL-ASSETS 41,858,566
CURRENT-LIABILITIES 1,269
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 0
OTHER-SE 41,857,297
TOTAL-LIABILITY-AND-EQUITY 41,858,566
SALES 0
TOTAL-REVENUES 582,739
CGS 0
TOTAL-COSTS 0
OTHER-EXPENSES 4,605
LOSS-PROVISION 0
INTEREST-EXPENSE 0
INCOME-PRETAX 2,356
INCOME-TAX 0
INCOME-CONTINUING 2,356
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 2,356
EPS-PRIMARY 2.865
EPS-DILUTED 2.865
<PAGE>
ARTICLE 5 FDS - POOLED EQUITY
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JANUARY 31, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS
FISCAL-YEAR-END OCT-31-1996
PERIOD-END JAN-31-1997
CASH 0
SECURITIES 244,882,797
RECEIVABLES 5,287,312
ALLOWANCES 0
INVENTORY 0
CURRENT-ASSETS 0
PP&E 0
DEPRECIATION 0
TOTAL-ASSETS 250,170,109
CURRENT-LIABILITIES 1,438,907
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 0
OTHER-SE 248,731,202
TOTAL-LIABILITY-AND-EQUITY 250,170,109
SALES 0
TOTAL-REVENUES 11,384,498
CGS 0
TOTAL-COSTS 0
OTHER-EXPENSES 5,990,807
LOSS-PROVISION 0
INTEREST-EXPENSE 0
INCOME-PRETAX 15,439,915
INCOME-TAX 0
INCOME-CONTINUING 15,439,915
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 15,439,915
EPS-PRIMARY 5.477
EPS-DILUTED 5.477
<PAGE>
ARTICLE 5 FDS - POOLED DEBT
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JANUARY 31, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS
FISCAL-YEAR-END OCT-31-1996
PERIOD-END JAN-31-1997
CASH 0
SECURITIES 154,644,627
RECEIVABLES 2,911,937
ALLOWANCES 0
INVENTORY 0
CURRENT-ASSETS 0
PP&E 0
DEPRECIATION 0
TOTAL-ASSETS 157,556,564
CURRENT-LIABILITIES 4,500
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 0
OTHER-SE 157,562,064
TOTAL-LIABILITY-AND-EQUITY 157,556,564
SALES 0
TOTAL-REVENUES 2,770,329
CGS 0
TOTAL-COSTS 0
OTHER-EXPENSES 1,047,176
LOSS-PROVISION 0
INTEREST-EXPENSE 0
INCOME-PRETAX 931,254
INCOME-TAX 0
INCOME-CONTINUING 931,254
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 931,254
EPS-PRIMARY 4.298
EPS-DILUTED 4.298
<PAGE>
