FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter period ended July 31, 1998
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 July 31, 1998.
Pooled Equity Fund - 1,990,814
Pooled Debt Fund - 1,644,822
Pooled Income Fund - 515,997
PAGE
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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, 1997.
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Operations
QUARTER QUARTER
ENDING 07/31/97 ENDING 07/31/98
Investment Income:
Dividends 1,106,881 854,417
Interest 720,030 741,198
Gross Investment Income 1,826,911 1,595,615
Less: Audit Expense &
Foreign Taxes (1,875) (2,298)
Net Investment Income 1,825,036 1,593,317
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 174,054,881 169,861,321
Cost of Securities Sold 159,812,821 165,843,966
Net Realized Gain(Loss) 14,242,060 4,017,355
Unrealized Gain(Loss)
on Investments:
Beginning of Period 29,004,391 36,733,827
End of Period 45,057,041 16,788,149
Net Unrealized Gain(Loss) 16,052,650 (19,945,678)
Net Realized and
Unrealized Gain(Loss)
on Investments 30,294,710 (15,928,323)
PAGE
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UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Operations
9 MONTHS 9 MONTHS FY ENDED
ENDED 07/31/97 ENDED 07/31/98 10/31/97
Investment Income:
Dividends 3,455,951 2,605,286 2,997,417
Interest 2,218,613 2,435,311 4,488,947
Gross Investment Income 5,674,564 5,040,597 7,486,364
Less: Audit Expense &
Foreign Taxes (5,565) (6,893) (9,131)
Net Investment Income 5,668,999 5,033,704 7,477,233
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 536,895,903 587,047,516 733,528,663
Cost of Securities Sold 507,740,423 564,428,581 694,785,209
Net Realized Gain(Loss) 29,155,480 22,618,935 38,743,454
Unrealized Gain(Loss)
on Investments:
Beginning of Period 28,973,664 32,316,511 28,973,664
End of Period 45,057,041 16,788,149 32,316,511
Net Unrealized Gain(Loss) 16,083,377 (15,528,362) 3,342,847
Net Realized and
Unrealized Gain(Loss)
on Investments 45,238,857 7,090,573 42,086,301
See accompanying notes to condensed financial statements.
PAGE
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UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER
ENDING 07/31/97 ENDING 07/31/98
Participants' Interest at
Beginning of Period 228,530,923 208,495,292
Changes from Investment
Activities:
Net Investment Income 1,825,036 1,593,317
Net Realized Gain(Loss)
on Investments 14,242,060 4,017,355
Net Unrealized Gain(Loss)
on Investments 16,052,650 (19,945,678)
Net Increase(Decrease)
from Investment Activity 32,119,746 (14,335,006)
Changes from Participating
Unit Transactions:
Received from Issuance of:
59,409 Units 4,833,441
Received from Issuance of:
41,044 Units 4,016,624
Payment on Redemption of:
244,055 Units (20,322,265)
Payment on Redemption of:
130,574 Units (12,823,687)
Net Increase(Decrease)
from Participating Unit
Transactions (15,488,824) (8,807,063)
Participants' Interest at
End of Period 245,161,845 185,353,223
PAGE
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UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
9 MONTHS 9 MONTHS FY ENDED
ENDED 07/31/97 ENDED 07/31/98 10/31/97
Participants' Interest at
Beginning of Period 259,599,297 216,985,770 259,599,297
Changes from Investment
Activities:
Net Investment Income 5,668,999 5,033,704 7,477,233
Net Realized Gain(Loss)
on Investments 29,155,480 22,618,935 38,743,454
Net Unrealized Gain(Loss)
on Investments 16,083,377 (15,528,362) 3,342,847
Net Increase(Decrease)
from Investment Activity 50,907,856 12,124,277 49,563,534
Changes from Participating
Unit Transactions:
Received from Issuance of:
59,409 Units 16,992,185 20,595,034
Received from Issuance of:
41,044 Units 12,306,165
Payment on Redemption of:
244,055 Units (82,337,493) (112,772,095)
Payment on Redemption of:
130,574 Units (56,062,989)
Net Increase(Decrease)
from Participating Unit
Transactions (65,345,308) (43,756,824) (92,177,061)
Participants' Interest at
End of Period 245,161,845 185,353,223 216,985,770
See accompanying notes to condensed financial statements.
PAGE
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UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED 10/31/97 9 MONTHS ENDED 07/31/98
COST MARKET COST MARKET
Assets:
Common Stock 129,558,673 161,875,185 111,342,534 128,130,683
Commercial Paper 46,763,553 49,763,553 51,748,434 51,743,434
Other Investments 2,884,013 2,884,013 3,179,589 3,179,589
Total Investments 179,206,239 214,522,751 166,270,557 183,053,706
Cash 0 0
Interest Receivable 331,235 280,808
Receivable for
Securities Sold 2,140,974 2,020,603
Total Assets 216,994,960 185,355,117
Liabilities:
Audit Fees Payable 9,190 6,893
Payable for
Securities Sold 0 0
Total Liabilities 9,190 6,893
Participants' Interest:
88.77 Per Unit on
2,444,463 Units
Outstanding 216,985,770
93.10 Per Unit on
1,990,814 Units
Outstanding 185,353,223
Total Liabilities
and Participants'
Equity 216,994,960 185,360,116
See accompanying notes to condensed financial statements.
PAGE
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UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Operations
QUARTER QUARTER
ENDING 07/31/97 ENDING 07/31/98
Investment Income:
Interest 2,322,024 1,892,299
Less: Audit Expense (1,875) (2,298)
Net Investment Income 2,320,149 1,890,001
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 43,960,803 13,757,552
Cost of Securities Sold 43,815,553 13,672,065
Net Realized Gain(Loss) 145,250 85,487
Unrealized Gain(Loss)
on Investments:
Beginning of Period (367,654) 3,097,995
End of Period 2,669,840 3,436,022
Net Unrealized Gain(Loss) 3,037,494 338,027
Net Realized and Unrealized
Gain(Loss) on Investments 3,182,744 423,514
PAGE
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UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Operations
9 MONTHS 9 MONTHS FY ENDED
ENDED 07/31/97 ENDED 07/31/98 10/31/97
Investment Income:
Interest 7,534,498 5,873,481 9,653,774
Less: Audit Expense (5,530) (6,893) (9,190)
Net Investment Income 7,528,968 5,866,588 9,644,584
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 80,611,060 69,257,189 121,162,314
Cost of Securities Sold 80,229,446 69,049,375 120,799,772
Net Realized Gain(Loss) 381,614 207,814 362,542
Unrealized Gain(Loss)
on Investments:
Beginning of Period 2,123,804 3,150,137 2,123,804
End of Period 2,669,840 3,436,022 3,150,137
Net Unrealized Gain(Loss) 546,036 285,885 1,026,333
Net Realized and Unrealized
Gain(Loss) on Investments 927,650 493,699 1,388,875
See accompanying notes to condensed financial statements.
PAGE
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UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER
ENDING 07/31/97 ENDING 07/31/98
Participants' Interest at
Beginning of Period 152,278,155 116,308,269
Changes from Investment
Activities:
Net Investment Income 2,320,149 1,890,001
Net Realized Gain(Loss)
on Investments 145,250 85,487
Net Unrealized Gain(Loss)
on Investments 3,037,494 338,027
Net Increase(Decrease)
from Investment Activity 5,502,893 2,313,515
Changes from Participating
Unit Transactions:
Received from Issuance of:
43,353 Units 2,736,321
Received from Issuance of:
51,041 Units 3,525,913
Payment on Redemption of:
410,198 Units (25,888,153)
Payment on Redemption of:
100,842 Units (6,993,426)
Net Increase(Decrease)
from Participating Unit
Transactions (23,151,832) (3,467,513)
Participants' Interest at
End of Period 134,629,216 115,154,271
PAGE
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UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
9 MONTHS 9 MONTHS FY ENDED
ENDED 07/31/97 ENDED 07/31/98 10/31/97
Participants' Interest at
Beginning of Period 168,974,494 130,005,324 168,974,494
Changes from Investment
Activities:
Net Investment Income 7,528,968 5,866,588 9,644,584
Net Realized Gain(Loss)
on Investments 381,614 207,814 362,542
Net Unrealized Gain(Loss)
on Investments 546,036 285,885 1,026,333
Net Increase(Decrease)
from Investment Activity 8,456,618 6,360,287 11,033,459
Changes from Participating
Unit Transactions:
Received from Issuance of:
43,353 Units 13,137,355 16,573,341
Received from Issuance of:
51,041 Units 12,097,678
Payment on Redemption of:
410,198 Units (55,939,251) (66,575,970)
Payment on Redemption of:
100,842 Units (33,309,018)
Net Increase(Decrease)
from Participating Unit
Transactions (42,801,896) (21,211,340) (50,002,629)
Participants' Interest at
End of Period 134,629,216 115,154,271 130,005,324
See accompanying notes to condensed financial statements.
PAGE
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UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED 10/31/97 9 MONTHS ENDED 07/31/98
COST MARKET COST MARKET
Assets:
U.S. Government &
Agency Obligations 57,284,065 59,598,463 44,738,151 47,042,504
Corporate Bonds 66,216,759 67,937,009 63,608,870 65,767,458
Other Investments 330,312 330,312 133,166 133,166
Total Investments 123,831,136 127,865,784 108,480,187 112,943,128
Cash 0 0
Interest Receivable 2,148,730 2,218,036
Receivable for
Securities Sold 0 0
Total Assets 130,014,514 115,161,164
Liabilities:
Audit Fees Payable 9,190 6,893
Payable for
Securities Sold
& Other Payables 0 0
Total Liabilities 9,190 6,893
Participants' Interest:
66.40 Per Unit on
1,958,030 Units
Outstanding 130,005,324
70.01 Per Unit on
1,644,822 Units
Outstanding 115,154,271
Total Liabilities and
Participants' Equity 130,014,514 115,161,164
See accompanying notes to condensed financial statements.
PAGE
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UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Operations
QUARTER QUARTER
ENDING 07/31/97 ENDING 07/31/98
Investment Income:
Interest 559,632 403,946
Less: Audit Expense (687) (842)
Net Investment Income 558,944 403,104
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 79,076,737 66,169,953
Cost of Securities Sold 79,076,737 66,169,953
Net Realized Gain(Loss) 0 0
Unrealized Gain(Loss)
on Investments:
Beginning of Period (465) 0
End of Period 0 0
Net Unrealized Gain(Loss) 465 0
Net Realized and Unrealized
Gain(Loss) on Investments 465 0
PAGE
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UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Operations
9 MONTHS 9 MONTHS FY ENDED
ENDED 07/31/97 ENDED 07/31/98 10/31/97
Investment Income:
Interest 1,681,423 1,295,486 2,198,406
Less: Audit Expense (2,062) (2,528) (3,369)
Net Investment Income 1,679,361 1,292,958 2,195,037
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 282,007,569 239,662,575 386,568,695
Cost of Securities Sold 282,006,007 239,662,575 386,567,132
Net Realized Gain(Loss) 1,562 0 1,563
Unrealized Gain(Loss)
on Investments:
Beginning of Period 3,608 0 3,608
End of Period 0 0 0
Net Unrealized Gain(Loss) (3,608) 0 (3,608)
Net Realized and Unrealized
Gain(Loss) on Investments (2,046) 0 (2,045)
See accompanying notes to condensed financial statements.
PAGE
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UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER
ENDING 07/31/97 ENDING 07/31/98
Participants' Interest at
Beginning of Period 40,363,481 29,046,137
Changes from Investment
Activities:
Net Investment Income 558,944 403,104
Net Realized Gain(Loss)
on Investments 0 0
Net Unrealized Gain(Loss)
on Investments 465 0
Net Increase(Decrease)
from Investment Activity 559,409 403,104
Changes from Participating
Unit Transactions:
Received from Issuance of:
61,156 Units 3,165,875
Received from Issuance of:
34,056 Units 1,861,813
Payment on Redemption of:
76,074 Units 3,934,466
Payment on Redemption of:
51,882 Units 2,834,839
Net Increase(Decrease)
from Participating Unit
Transactions (768,591) (973,026)
Participants' Interest at
End of Period 40,154,299 28,476,215
PAGE
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UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
9 MONTHS 9 MONTHS FY ENDED
ENDED 07/31/97 ENDED 07/31/98 10/31/97
Participants' Interest at
Beginning of Period 44,332,553 34,990,096 44,332,553
Changes from Investment
Activities:
Net Investment Income 1,679,361 1,292,958 2,195,037
Net Realized Gain(Loss)
on Investments 1,562 0 1,563
Net Unrealized Gain(Loss)
on Investments (3,608) 0 (3,608)
Net Increase(Decrease)
from Investment Activity 1,677,315 1,292,958 2,192,992
Changes from Participating
Unit Transactions:
Received from Issuance of:
61,156 Units 8,639,752 12,065,221
Received from Issuance of:
34,056 Units 7,252,554
Payment on Redemption of:
76,074 Units 14,495,321 23,600,670
Payment on Redemption of:
51,882 Units 15,059,393
Net Increase(Decrease)
from Participating Unit
Transactions (5,855,569) (7,806,839) (11,535,449)
Participants' Interest at
End of Period 40,154,299 28,476,215 34,990,096
See accompanying notes to condensed financial statements.
PAGE
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UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Assets and Liabilities
FY ENDED 10/31/97 9 MONTHS ENDED 07/31/98
COST MARKET COST MARKET
Assets:
U.S. Government &
Agency Obligations 3,745,361 3,745,361 6,059,511 6,059,511
Commercial Paper 25,888,682 25,888,682 16,667,212 16,667,212
Other Investments 5,269,537 5,269,537 5,634,652 5,634,652
Total Investments 34,903,580 28,361,375 28,361,375
Cash 0 0
Interest Receivable 89,885 117,367
Receivable for
Securities Sold 0 0
Total Assets 34,993,465 28,478,742
Liabilities:
Audit Fees Payable 3,369 2,527
Payable for
Securities Sold 0 0
Total Liabilities 3,369 2,527
Participants' Interest:
52.92 Per Unit
on 661,185 34,990,096
55.19 Per Unit on
515,997 28,476,215
Total Liabilities and
Participants' Equity 34,993,465 28,478,742
See accompanying notes to condensed financial statements.
PAGE
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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 July 31, 1998, and October 31, 1997, the results of operations
for the three months and nine months ended July 31, 1998 and 1997, and cash
flows for the three months and nine months ended July 31, 1998 and 1997.
2. The results of operations for the three months and nine months ended July
31, 1998 and 1997, are not necessarily indicative of the results to be
expected for the full year 1998, nor the results experienced for the full year
1997.
3. The accompanying financial statements have been prepared consistent 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, 1997.
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Item 2. Trustee's Discussion and Analysis of Financial Condition and Results
of Operations.
The stock market showed severe volatility in the quarter ended July 31, 1998,
moving within a broad trading range. The market was also characterized by
wide divergences in performance as several of the best known indices set new
records in July while the broader markets fell sharply. Small capitalization
stocks and technology stocks were hit the hardest.
There were increasing doubts about whether the big price gains earlier in the
year were sustainable as the economic crisis in Asia continued to worsen and
corporate profits managed only single-digit growth for the third consecutive
quarter.
Investors reacted by putting 33% less money into stock funds in May compared
with April. The flow of money into bond funds increased dramatically.
By mid-June, 80% of New York Stock Exchange listed stocks were down 10% from
their 52-week highs and 56% were down at least 15%. The average stock in the
Standard & Poor's 500 Index was down 16% and the average Nasdaq stock was down
23%.
The major indices showed a rebound in late June and the S&P 500 ultimately
reached a new high. Record amounts of funds poured into the U.S. equity market
from foreign investors seeking security, liquidity and the strength of the
U.S. dollar, and this became a significant factor in fueling the market
recovery.
The result was a narrowing of market leadership and a widening of the gap
between the small number of stocks leading the parade and the remainder of the
market.
Most of the recent growth in large-cap stock prices has come through expansion
of earnings multiples, not earnings growth. Small-cap stocks have
underperformed the large caps despite dramatically higher average earnings
growth, comparatively limited exposure to Asia and historically low prices.
The resulting divergence is a troubling indicator of potential market
weakness.
The leading sectors were communications equipment, retail and computer
software. The poorest performers were oil and gas, tobacco, chemicals,
leisure and railroads.
Merger and acquisition activity continued its frenzied pace with announcement
of the five biggest deals of all time. The 1997 record for mergers and
acquisitions totaling $927 billion was exceeded in the first six months of
1998.
Many European markets continued to trade at record levels, while most Asian
markets plunged and Latin American markets fared poorly. Like the U.S.,
Europe is faced with a profits squeeze which could moderate the long-term
growth outlook. Japan's efforts to deal with its fiscal problems in a
meaningful way have not impressed the markets.
PAGE
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The bond markets also endured continued turbulence and ultimately drifted
lower during the quarter. The Federal Reserve did not change the benchmark
interest rates as inflation remained under control and Asian financial
problems continued to dominate domestic considerations. Ongoing turmoil across
Asia and the consequent "flight to safety" and dollar strength will benefit
U.S. Treasuries. However, it might cause further concern about corporate
earnings.
Looking ahead, the good news is that the economy is still strong, although it
is slowing, and inflation remains muted. Equity market values as measured by
the major indices are still very high and are inconsistent with current
earnings growth rates. This contradiction eventually will have to be
reconciled. The U.S. securities markets' strong dependence on the inflow of
foreign funds also is a concern.
PAGE
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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.
PAGE
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(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 - Pooled Equity Fund
27.2 - Pooled Debt Fund
27.3 - Pooled Income Fund
(99) Additional Exhibits.
None.
(b) Reports on Form 8-K.
No report on Form 8-K was required to be filed during the three months
ended July 31, 1998.
PAGE
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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: September 14, 1998 By:/s/ Edward J. McShane, Jr.
Edward J. McShane, Jr.
Executive Vice President
By:/s/ E. Frank Ware
E. Frank Ware
Executive Vice President and
Trust Accounting Officer
PAGE
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INDEX TO EXHIBITS
27.1 Financial Data Schedule for Pooled Equity Fund
27.2 Financial Data Schedule for Pooled Debt Fund
27.3 Financial Data Schedule for Pooled Income Fund
PAGE
<PAGE>
27.1 FINANCIAL DATA SCHEDULE - POOLED EQUITY
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JULY 31, 1998, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 9-MOS
FISCAL-YEAR-END OCT-31-1997 OCT-31-1997
PERIOD-END JUL-31-1998 JUL-31-1998
CASH 0 0
SECURITIES 183,053,706 183,053,706
RECEIVABLES 2,301,411 2,301,411
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 185,360,116 185,360,116
CURRENT-LIABILITIES 6,893 6,893
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 185,353,223 185,353,223
TOTAL-LIABILITY-AND-EQUITY 185,355,117 185,355,117
SALES 0 0
TOTAL-REVENUES 1,595,615 5,040,597
CGS 0 0
TOTAL-COSTS 0 0
OTHER-EXPENSES (2,298) (6,893)
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX (15,928,323) 7,090,573
INCOME-TAX 0 0
INCOME-CONTINUING 0 0
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME 1,593,317 5,033,704
EPS-PRIMARY $0.80 $2.53
EPS-DILUTED $0.80 $2.53
PAGE
<PAGE>
27.2 FINANCIAL DATA SCHEDULE - POOLED DEBT
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JULY 31, 1998, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 9-MOS
FISCAL-YEAR-END OCT-31-1997 OCT-31-1997
PERIOD-END JUL-31-1998 JUL-31-1998
CASH 0 0
SECURITIES 112,943,128 112,943,128
RECEIVABLES 2,218,036 2,218,036
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 115,161,164 115,161,164
CURRENT-LIABILITIES 6,893 6,893
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 115,154,271 115,154,271
TOTAL-LIABILITY-AND-EQUITY 115,161,164 115,161,164
SALES 0 0
TOTAL-REVENUES 1,892,299 5,873,481
CGS 0 0
TOTAL-COSTS 0 0
OTHER-EXPENSES (2,298) (6,893)
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX 423,514 493,699
INCOME-TAX 0 0
INCOME-CONTINUING 0 0
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME 1,890,001 5,866,588
EPS-PRIMARY $1.15 $3.57
EPS-DILUTED $1.15 $3.57
PAGE
<PAGE>
27.3 FINANCIAL DATA SCHEDULE - POOLED INCOME
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JULY 31, 1998, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 9-MOS
FISCAL-YEAR-END OCT-31-1997 OCT-31-1997
PERIOD-END JUL-31-1998 JUL-31-1998
CASH 0 0
SECURITIES 28,361,375 28,361,375
RECEIVABLES 117,367 117,367
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 28,478,742 28,478,742
CURRENT-LIABILITIES 2,527 2,527
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 28,476,215 28,476,215
TOTAL-LIABILITY-AND-EQUITY 28,478,742 28,478,742
SALES 0 0
TOTAL-REVENUES 403,946 1,295,486
CGS 0 0
TOTAL-COSTS (842) (2,528)
OTHER-EXPENSES 0 0
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX 0 0
INCOME-TAX 0 0
INCOME-CONTINUING 0 0
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME 403,104 1,292,958
EPS-PRIMARY $0.78 $2.51
EPS-DILUTED $0.78 $2.51
<PAGE>
