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, 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 April 30, 1998.
Pooled Equity Fund - 2,080,344
Pooled Debt Fund - 1,694,623
Pooled Income Fund - 533,824
PAGE
<PAGE>
PART I--FINANCIAL INFORMATION
--------------------------------------
Item 1. Financial Statements.
INTRODUCTORY COMMENTS
The Condensed Financial Statements included herein have been prepared by
the Trustee, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, although the Trustee believes that the
disclosures are adequate to enable a reasonable understanding of the
information presented. These Condensed Financial Statements should be read in
conjunction with the financial statements and the notes thereto included in
the Collective Investment 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 FY ENDED
ENDING 04/30/97 ENDING 04/30/98 10/31/97
Investment Income:
Dividends 1,191,935 863,099 2,997,417
Interest 716,699 829,752 4,488,947
Gross Investment Income 1,908,634 1,692,851 7,486,364
Less: Audit Expense &
Foreign Taxes (1,875) (2,298) (9,131)
Net Investment Income 1,906,759 1,690,553 7,477,233
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 176,835,666 223,267,370 733,528,663
Cost of Securities Sold 171,369,539 213,751,196 694,785,209
Net Realized Gain(Loss) 5,466,127 9,516,174 38,743,454
Unrealized Gain(Loss)
on Investments:
Beginning of Period 34,966,285 30,599,889 28,973,664
End of Period 29,004,391 36,733,827 32,316,511
Net Unrealized Gain(Loss) (5,961,894) 6,133,938 3,342,847
Net Realized and
Unrealized Gain(Loss)
on Investments (495,767) 15,650,112 42,086,301
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Operations
6 MONTHS 6 MONTHS
ENDED 04/30/98 ENDED 04/30/97
Investment Income:
Dividends 1,750,868 2,349,070
Interest 1,694,114 1,498,584
Gross Investment Income 3,444,982 3,847,654
Less: Audit Expense &
Foreign Taxes (4,595) (3,690)
Net Investment Income 3,440,387 3,843,964
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 417,186,195 362,841,022
Cost of Securities Sold 398,584,615 347,927,601
Net Realized Gain(Loss) 18,601,580 14,913,421
Unrealized Gain(Loss)
on Investments:
Beginning of Period 32,316,511 28,973,664
End of Period 36,733,827 29,004,391
Net Unrealized Gain(Loss) 4,417,316 30,727
Net Realized and
Unrealized Gain(Loss)
on Investments 23,018,896 14,944,148
See accompanying notes to condensed financial statements.
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 04/30/97 ENDING 04/30/98 10/31/97
Participants' Interest at
Beginning of Period 248,731,202 213,062,999 259,599,297
Changes from Investment
Activities:
Net Investment Income 1,906,759 1,690,553 7,477,233
Net Realized Gain(Loss)
on Investments 5,466,127 9,516,174 38,743,454
Net Unrealized Gain(Loss)
on Investments (5,961,894) 6,133,938 3,342,847
Net Increase(Decrease)
from Investment Activity 1,410,992 17,340,665 49,563,534
Changes from Participating
Unit Transactions:
Received from Issuance of:
77,287 Units 5,985,899 20,595,034
Received from Issuance of:
36,336 Units 3,501,817
Payment on Redemption of:
357,288 Units (27,597,170) (112,772,095)
Payment on Redemption of:
258,251 Units (25,410,189)
Net Increase(Decrease)
from Participating Unit
Transactions (21,611,271) (21,908,372) (92,177,061)
Participants' Interest at
End of Period 228,530,923 208,495,292 216,985,770
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
6 MONTHS 6 MONTHS
ENDED 04/30/98 ENDED 04/30/97
Participants' Interest at
Beginning of Period 216,985,770 259,599,297
Changes from Investment
Activities:
Net Investment Income 3,440,387 3,843,964
Net Realized Gain(Loss)
on Investments 18,601,580 14,913,421
Net Unrealized Gain(Loss)
on Investments 4,417,316 30,727
Net Increase(Decrease)
from Investment Activity 26,459,283 18,788,112
Changes from Participating
Unit Transactions:
Received from Issuance of:
89,007 Units 8,289,542
Received from Issuance of:
159,542 Units 12,158,743
Payment on Redemption of:
453,127 Units (43,239,303)
Payment on Redemption of:
813,677 Units (62,015,229)
Net Increase(Decrease)
from Participating Unit
Transactions (34,949,761) (49,856,486)
Participants' Interest at
End of Period 208,495,292 228,530,923
See accompanying notes to condensed financial statements.
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED 10/31/97 6 MONTHS ENDED 04/30/98
COST MARKET COST MARKET
Assets:
Common Stock 129,558,673 161,875,185 118,210,612 154,944,439
Commercial Paper 46,763,553 49,763,553 51,603,171 51,603,171
Other Investments 2,884,013 2,884,013 3,304,312 3,304,312
Total Investments 179,206,239 214,522,751 173,118,095 209,851,922
Cash 0 0
Interest Receivable 331,235 291,987
Receivable for
Securities Sold 2,140,974 0
Total Assets 216,994,960 210,143,909
Liabilities:
Audit Fees Payable 9,190 4,595
Payable for
Securities Sold 0 1,644,022
Total Liabilities 9,190 1,648,617
Participants' Interest:
88.77 Per Unit on
2,444,463 Units
Outstanding 216,985,770
100.22 Per Unit on
2,080,344 Units
Outstanding 208,495,292
Total Liabilities
and Participants'
Equity 216,994,960 210,143,909
See accompanying notes to condensed financial statements.
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Operations
QUARTER QUARTER FY ENDED
ENDING 04/30/97 ENDING 04/30/98 10/31/97
Investment Income:
Interest 2,554,506 1,941,318 9,653,774
Less: Audit Expense (1,875) 4,886 (9,190)
Net Investment Income 2,552,631 1,946,204 9,644,584
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 13,457,339 19,228,019 121,162,314
Cost of Securities Sold 13,335,116 19,142,420 120,799,772
Net Realized Gain(Loss) 122,223 85,599 362,542
Unrealized Gain(Loss)
on Investments:
Beginning of Period 1,078,408 4,369,499 2,123,804
End of Period (367,654) 3,097,995 3,150,137
Net Unrealized Gain(Loss) (1,446,062) (1,271,504) 1,026,333
Net Realized and Unrealized
Gain(Loss) on Investments (1,323,839) (1,185,905) 1,388,875
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Operations
6 MONTHS 6 MONTHS
ENDED 04/30/98 ENDED 04/30/97
Investment Income:
Interest 3,981,183 5,212,473
Less: Audit Expense (4,595) (3,655)
Net Investment Income 3,976,588 5,208,818
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 55,499,636 36,650,257
Cost of Securities Sold 55,377,309 36,413,892
Net Realized Gain(Loss) 122,327 236,365
Unrealized Gain(Loss)
on Investments:
Beginning of Period 3,150,137 2,123,804
End of Period 3,097,995 (367,654)
Net Unrealized Gain(Loss) (52,142) (2,491,458)
Net Realized and Unrealized
Gain(Loss) on Investments 70,185 (2,255,093)
See accompanying notes to condensed financial statements.
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 04/30/97 ENDING 04/30/98 10/31/97
Participants' Interest at
Beginning of Period 157,552,065 122,760,331 168,974,494
Changes from Investment
Activities:
Net Investment Income 2,552,631 1,946,204 9,644,584
Net Realized Gain(Loss)
on Investments 122,223 85,599 362,542
Net Unrealized Gain(Loss)
on Investments (1,446,062) (1,271,504) 1,026,333
Net Increase(Decrease)
from Investment Activity 1,228,792 760,299 11,033,459
Changes from Participating
Unit Transactions:
Received from Issuance of:
88,267 Units 5,473,920 16,573,341
Received from Issuance of:
51,482 Units 3,513,386
Payment on Redemption of:
193,404 Units (11,976,622) (66,575,970)
Payment on Redemption of:
157,111 Units (10,725,746)
Net Increase(Decrease)
from Participating Unit
Transactions (6,502,702) (7,212,360) (50,002,629)
Participants' Interest at
End of Period 152,278,155 116,308,270 130,005,324
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
6 MONTHS 6 MONTHS
ENDED 04/30/98 ENDED 04/30/97
Participants' Interest at
Beginning of Period 130,005,324 168,974,494
Changes from Investment
Activities:
Net Investment Income 3,976,588 5,208,818
Net Realized Gain(Loss)
on Investments 122,327 236,365
Net Unrealized Gain(Loss)
on Investments (52,142) (2,491,458)
Net Increase(Decrease)
from Investment Activity 4,046,773 2,953,725
Changes from Participating
Unit Transactions:
Received from Issuance of:
127,475 Units 8,571,764
Received from Issuance of:
168,061 Units 10,401,033
Payment on Redemption of:
390,881 Units (26,315,591)
Payment on Redemption of:
485,564 Units (30,051,097)
Net Increase(Decrease)
from Participating Unit
Transactions (17,743,827) (19,650,064)
Participants' Interest at
End of Period 116,308,270 152,278,155
See accompanying notes to condensed financial statements.
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED 10/31/97 6 MONTHS ENDED 04/30/98
COST MARKET COST MARKET
Assets:
U.S. Government &
Agency Obligations 57,284,065 59,598,463 43,255,064 45,424,001
Corporate Bonds 66,216,759 67,937,009 66,600,220 68,508,207
Other Investments 330,312 330,312 420,153 420,153
Total Investments 123,831,136 127,865,784 110,275,437 114,352,361
Cash 0 0
Interest Receivable 2,148,730 1,960,504
Receivable for
Securities Sold 0 0
Total Assets 130,014,514 116,312,865
Liabilities:
Audit Fees Payable 9,190 4,595
Payable for
Securities Sold
& Other Payables 0 0
Total Liabilities 9,190 4,595
Participants' Interest:
66.40 Per Unit on
1,958,030 Units
Outstanding 130,005,324
68.63 Per Unit on
1,694,623 Units
Outstanding 116,308,270
Total Liabilities and
Participants' Equity 130,014,514 116,312,865
See accompanying notes to condensed financial statements.
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Operations
QUARTER QUARTER FY ENDED
ENDING 04/30/97 ENDING 04/30/98 10/31/97
Investment Income:
Interest 539,928 407,285 2,198,406
Less: Audit Expense (687) (842) (3,369)
Net Investment Income 539,241 406,443 2,195,037
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 97,874,823 76,608,074 386,568,695
Cost of Securities Sold 97,874,823 76,608,074 386,567,132
Net Realized Gain(Loss) 0 0 1,563
Unrealized Gain(Loss)
on Investments:
Beginning of Period (310) (620) 3,608
End of Period (465) 0 0
Net Unrealized Gain(Loss) (155) 620 (3,608)
Net Realized and Unrealized
Gain(Loss) on Investments (155) 620 (2,045)
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Operations
6 MONTHS 6 MONTHS
ENDED 04/30/98 ENDED 04/30/97
Investment Income:
Interest 891,540 1,121,791
Less: Audit Expense (1,685) (1,375)
Net Investment Income 889,855 1,120,416
Realized and Unrealized
Gain(Loss) on Investments:
Realized Gain(Loss)
on Investments:
Proceeds from Sales 173,492,622 202,930,832
Cost of Securities Sold 173,492,622 202,929,270
Net Realized Gain(Loss) 0 1,562
Unrealized Gain(Loss)
on Investments:
Beginning of Period 0 3,608
End of Period 0 (465)
Net Unrealized Gain(Loss) 0 (4,073)
Net Realized and Unrealized
Gain(Loss) on Investments 0 (2,511)
See accompanying notes to condensed financial statements.
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 04/30/97 ENDING 04/30/98 10/31/97
Participants' Interest at
Beginning of Period 41,857,297 32,777,472 44,332,553
Changes from Investment
Activities:
Net Investment Income 539,241 406,443 2,195,037
Net Realized Gain(Loss)
on Investments 0 0 1,563
Net Unrealized Gain(Loss)
on Investments (155) 620 (3,608)
Net Increase(Decrease)
from Investment Activity 539,086 407,063 2,192,992
Changes from Participating
Unit Transactions:
Received from Issuance of:
65,726 Units 3,353,307 12,065,221
Received from Issuance of:
60,250 Units 3,250,009
Payment on Redemption of:
105,519 Units 5,386,209 23,600,670
Payment on Redemption of:
136,992 Units 7,388,407
Net Increase(Decrease)
from Participating Unit
Transactions (2,032,902) (4,138,398) (11,535,449)
Participants' Interest at
End of Period 40,363,481 29,046,137 34,990,096
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Participants' Interest
(Cash Flows)
6 MONTHS 6 MONTHS
ENDED 04/30/98 ENDED 04/30/97
Participants' Interest at
Beginning of Period 34,990,096 44,332,553
Changes from Investment
Activities:
Net Investment Income 889,855 1,120,416
Net Realized Gain(Loss)
on Investments 0 1,562
Net Unrealized Gain(Loss)
on Investments 0 (4,073)
Net Increase(Decrease)
from Investment Activity 889,855 1,117,905
Changes from Participating
Unit Transactions:
Received from Issuance of:
100,580 Units 5,390,741
Received from Issuance of:
107,912 Units 5,473,877
Payment on Redemption of:
227,941 Units 12,224,555
Payment on Redemption of:
208,219 Units 10,560,854
Net Increase(Decrease)
from Participating Unit
Transactions (6,833,814) (5,086,977)
Participants' Interest at
End of Period 29,046,137 40,363,481
See accompanying notes to condensed financial statements.
PAGE
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Assets and Liabilities
FY ENDED 10/31/97 6 MONTHS ENDED 04/30/98
COST MARKET COST MARKET
Assets:
U.S. Government &
Agency Obligations 3,745,361 3,745,361 7,338,863 7,338,863
Commercial Paper 25,888,682 25,888,682 14,022,378 14,022,378
Other Investments 5,269,537 5,269,537 7,591,681 7,591,681
Total Investments 34,903,580 28,952,922 28,952,922
Cash 0 0
Interest Receivable 89,885 94,900
Receivable for
Securities Sold 0 0
Total Assets 34,993,465 29,047,822
Liabilities:
Audit Fees Payable 3,369 1,685
Payable for
Securities Sold 0 0
Total Liabilities 3,369 1,685
Participants' Interest:
52.92 Per Unit
on 661,185 34,990,096
54.41 Per Unit on
533,824 29,046,137
Total Liabilities and
Participants' Equity 34,993,465 29,047,822
See accompanying notes to condensed financial statements.
PAGE
<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, 1998, and October 31, 1997, the results of operations
for the three months and six months ended April 30, 1998 and 1997, and cash
flows for the three months and six months ended April 30, 1998 and 1997.
2. The results of operations for the three months and six months ended April
30, 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 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, 1997.<PAGE>
Item 2. Trustee's Discussion and Analysis of
Financial Condition and Results of Operations.
The bull market in equities got back on track in February 1998 and soared
to new records in March before slowing in April. Volatility remained very
high. The equity markets appear significantly overvalued based on price-to-
arnings, price-to-cash flow and price-to-sales ratios. This is especially
true of the large-capitalization segment of the market. The Standard and
Poor's 500 Index was up 13.84% for the quarter ended April 30, 1998.
The stock market has moved ahead on a broad front, led again by the
strong performance of the large-cap stocks. Incredibly, the combined increase
in the stock market value of Microsoft and General Electric created more
wealth during the first calendar quarter than the estimated growth in goods
and services of the U.S. economy for that period.
It was not long ago that the outlook for financial markets was becoming
grim. However, the U.S. economy has remained strong since October 1997,
despite the Southeast Asia financial crisis, and investors have stayed
confident that inflation is not on the rise. A dramatic resurgence in the
flow of money into stocks from all sources, including foreign investors, also
has helped propel the markets higher. Cash reserve levels in mutual funds are
extremely low, indicating they are nearly fully invested.
As new targets for the equity markets climbed higher, expected growth in
profits plunged to its lowest level since the 1990-91 recession. Analysts
slashed expected profit growth for the S&P 500 companies, but the markets
reacted positively when the majority of companies achieved their reduced
profit expectations. A continuing stream of high-flying technology companies
warned of earnings weakness, but these stocks still were among the quarter's
best performers.
The performance of international stocks varied dramatically by region of
the world. Many European markets hit new highs, but the Asian markets were
mixed. There is little hope for a near-term recovery in Japan, as corporate
confidence there is still deteriorating and the liquidity crunch continues.
The MSCI-EAFE Index closed the quarter ended April 30, 1998, up 10.63%.
Fixed-income yields moved up gradually from February through April. The
Federal Reserve did not take any interest rate action during the quarter and
will probably remain on hold. The economy is far too strong and the labor
market too tight to relax rates.
On the other hand, the inflation rate is too low and the impact of the
Asia financial problems on the U.S. economy too uncertain to tighten interest
rates. Continuing high retail demand and stronger wage pressure could change
that balance.
In this atmosphere of revived investor exuberance, concerns about
valuation are considered irrelevant. The risk is that the exceptional forces
that seem to justify today's stock prices may not last.
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.
PAGE
<PAGE>
(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 April 30, 1998.
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 12, 1998 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 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 APRIL 30, 1998, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 6-MOS
FISCAL-YEAR-END OCT-31-1997 OCT-31-1997
PERIOD-END APR-30-1998 APR-30-1998
CASH 0 0
SECURITIES 209,851,922 209,851,922
RECEIVABLES 291,987 291,987
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 210,143,909 210,143,909
CURRENT-LIABILITIES 1,648,617 1,648,617
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 208,495,292 208,495,292
TOTAL-LIABILITY-AND-EQUITY 210,143,909 210,143,909
SALES 0 0
TOTAL-REVENUES 1,692,851 3,444,982
CGS 0 0
TOTAL-COSTS 0 0
OTHER-EXPENSES (2,298) (4,595)
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX 15,650,112 23,018,896
INCOME-TAX 0 0
INCOME-CONTINUING 0 0
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME 1,690,553 3,440,387
EPS-PRIMARY $0.81 $1.65
EPS-DILUTED $0.81 $1.65
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 APRIL 30, 1998, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 6-MOS
FISCAL-YEAR-END OCT-31-1997 OCT-31-1997
PERIOD-END APR-30-1998 APR-30-1998
CASH 0 0
SECURITIES 114,352,361 114,352,361
RECEIVABLES 1,960,504 1,960,504
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 116,312,865 116,312,865
CURRENT-LIABILITIES 4,595 4,595
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 116,308,270 116,308,270
TOTAL-LIABILITY-AND-EQUITY 116,312,865 116,312,865
SALES 0 0
TOTAL-REVENUES 1,941,318 3,981,183
CGS 0 0
TOTAL-COSTS 0 0
OTHER-EXPENSES 0 (4,595)
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX (1,185,905) 70,185
INCOME-TAX 0 0
INCOME-CONTINUING 0 0
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME 1,946,204 3,976,588
EPS-PRIMARY $1.15 $2.35
EPS-DILUTED $1.15 $2.35
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 APRIL 30, 1998, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS 6-MOS
FISCAL-YEAR-END OCT-31-1997 OCT-31-1997
PERIOD-END APR-30-1998 APR-30-1998
CASH 0 0
SECURITIES 28,952,922 28,952,922
RECEIVABLES 94,899 94,899
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 29,047,821 29,047,821
CURRENT-LIABILITIES 1,685 1,685
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 29,046,137 29,046,137
TOTAL-LIABILITY-AND-EQUITY 29,047,822 29,047,822
SALES 0 0
TOTAL-REVENUES 407,285 891,540
CGS 0 0
TOTAL-COSTS (842) (1,685)
OTHER-EXPENSES 0 0
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX 620 0
INCOME-TAX 0 0
INCOME-CONTINUING 0 0
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME 406,443 889,855
EPS-PRIMARY $0.76 $1.67
EPS-DILUTED $0.76 $1.67
<PAGE>
