UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(MARK ONE)
/ X / QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2000
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 TRUST
or 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 incorporation or organization)
(I.R.S. Employer Identification No.)
1010 Grand Avenue, Kansas City, Missouri 64106
(Address of principal executive offices and 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, 2000.
Pooled Equity Fund - 12,071,319
Pooled Debt Fund - 10,300,445
Pooled Income Fund - 4,222,319
<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. The results of
operations for the period are not necessarily indicative of the results to be
expected for the full year. 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, 1999.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Statements of Operations
QUARTER QUARTER FY ENDED 6 MONTHS 6 MONTHS
ENDING 04/30/99 ENDING 04/30/00 10/31/1999 ENDED 04/30/00 ENDED 04/30/99
---------- ------------ ------------ ------------ ------------
Investment Income:
<S> <C> <C> <C> <C> <C>
Dividends 829,344 547,113 3,123,083 1,109,911 1,598,384
Interest 542,023 461,296 2,255,589 999,917 1,320,707
---------- ---------- ----------- ----------- -----------
Gross Investment Income 1,371,367 1,008,409 5,378,672 2,109,828 2,919,091
Less:Audit Expense & Foreign Taxes (2,938) (2,336) (9,424) (8,922) (5,279)
---------- ---------- ----------- ----------- -----------
Net Investment Income 1,368,429 1,006,073 5,369,248 2,100,906 2,913,812
========== ========== =========== =========== ===========
Realized and Unrealized Gain(Loss) on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 184,358,090 116,905,290 723,610,458 224,448,846 405,661,076
Cost of Securities Sold 177,395,543 115,323,401 708,210,090 224,600,254 393,034,239
----------- ----------- ----------- ----------- ------------
Net Realized Gain(Loss) 6,962,547 1,581,889 15,400,368 (151,408) 12,626,837
Unrealized Gain(Loss) on Investments:
Beginning of Period 11,060,807 13,848,149 11,650,629 13,443,563 11,650,626
End of Period 22,889,344 12,671,647 13,443,563 12,671,647 22,889,344
----------- ----------- ----------- ----------- -----------
Net Unrealized Gain(Loss) 11,828,537 (1,176,502) 1,792,934 (771,916) 11,238,718
----------- ----------- ----------- ----------- -----------
Net Realized and Unrealized
Gain(Loss) on Investments 18,791,084 405,387 17,193,302 (923,324) 23,865,555
=========== =========== =========== =========== ===========
See note to Condensed Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Statements of Participants' Interest
QUARTER QUARTER FY ENDED 6 MONTHS 6 MONTHS
ENDING 04/30/99 ENDING 04/30/00 10/31/1999 ENDED 04/30/00 ENDED 04/30/99
---------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Participants' Interest at Beginning of Period 186,414,065 147,492,108 186,528,690 147,424,965 186,528,690
Changes from Investment Activities:
Net Investment Income 1,368,429 1,006,073 5,369,248 2,100,906 2,913,812
Net Realized Gain(Loss) on Investments 6,962,547 1,581,889 15,400,368 (151,408) 12,626,837
Net Unrealized Gain(Loss) on Investments 11,828,537 (1,176,502) 1,792,934 (771,916) 11,238,718
------------ ------------ ----------- ----------- -----------
Net Increase(Decrease) from
Investment Activity 20,159,513 1,411,460 22,562,550 1,177,582 26,779,367
------------ ------------ ----------- ----------- -----------
Changes from Participating Unit Transactions:
Received from Issuance of 186,267 Units 2,416,744 19,759,460 10,122,813
Received from Issuance of 31,792 Units 3,128,023 8,944,493
Payment on Redemption of 865,775 Units (21,137,034) (81,425,735)
Payment on Redemption of 102,248 Units (10,090,727) (27,363,762) (23,819,990)
----------- ------------ ----------- ------------- -----------
Net Increase(Decrease) from
Participating Unit Transactions (6,962,704) (18,720,290) (61,666,275) (18,419,269) (13,697,183)
----------- ------------ ----------- ------------- -----------
Participants' Interest at End of Period 199,610,874 130,183,278 147,424,965 130,183,278 199,610,874
=========== ============ =========== ============= ===========
See note to Condensed Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Statements of Assets and Liabilities
10/31/99 04/30/00
COST MARKET COST MARKET
------------------- ------------------------
Assets:
<S> <C> <C> <C> <C>
Common Stock 95,854,601 109,298,164 93,483,969 106,155,618
Commercial Paper 24,203,751 24,203,751 28,993,344 28,993,344
Other Investments 4,003,642 4,003,642 0
----------- ----------- ---------- ------------
Total Investments 124,061,994 137,505,557 122,477,313 135,148,962
=========== ===========
Cash 0 0
Interest Receivable 207,862 166,925
Receivable for Securities Sold 9,718,972 20,343
----------- -------------
Total Assets 147,432,391 135,336,230
=========== =============
Liabilities:
Audit Fees Payable 7,426 5,140,830
Payable for Securities Sold 12,122
----------- -------------
Total Liabilities 7,426 5,152,952
----------- -------------
Participants' Interest:
106.86 Per Unit on 1,379,603 Units Outstanding 147,424,965
10.78 Per Unit on 12,071,319 Units Outstanding 130,183,278
----------- -------------
Total Liabilities and Participants' Equity 147,432,391 135,336,230
=========== =============
See note to Condensed Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statements of Operations
QUARTER QUARTER FY ENDED 6 MONTHS 6 MONTHS
ENDING 04/30/99 ENDING 04/30/00 10/31/1999 ENDED 04/30/00 ENDED 04/30/99
---------- ------------ ------------ ------------ ------------
Investment Income:
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest 1,751,404 1,712,482 6,769,984 3,123,163 3,590,971
---------- ----------- ------------ ------------- ------------
Gross Investment Income 1,751,404 1,712,482 6,769,984 3,123,163 3,590,971
Less: Audit Expense (2,361) (2,336) (10,120) (5,672) (2,148)
---------- ----------- ------------ ------------- ------------
Net Investment Income 1,749,043 1,710,147 6,759,864 3,117,491 3,588,823
========== =========== ============ ============= ============
Realized and Unrealized Gain(Loss) on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 15,790,145 31,822,550 97,742,670 45,632,751 42,041,475
Cost of Securities Sold 15,714,577 32,538,037 97,504,119 46,365,515 41,888,341
---------- ----------- ------------ ------------- ------------
Net Realized Gain(Loss) 75,568 (715,486) 238,551 (732,764) 153,134
Unrealized Gain(Loss) on Investments:
Beginning of Period 5,452,360 (1,768,682) 6,560,164 (92,054) 6,560,163
End of Period 2,870,168 (1,528,710) (92,054) (1,528,710) 2,870,168
---------- ----------- ------------ ------------- ------------
Net Unrealized Gain(Loss) (2,582,192) 239,972 (6,652,218) (1,436,657) (3,689,995)
---------- ----------- ------------ ------------- ------------
Net Realized and Unrealized
Gain(Loss) on investments (2,506,624) (475,515) (6,413,667) (2,169,420) (3,536,861)
========== =========== ============ ============= ============
See note to Condensed Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statements of Participants' Interest
QUARTER QUARTER FY ENDED 6 MONTHS 6 MONTHS
ENDING 04/30/99 ENDING 04/30/00 10/31/1999 ENDED 04/30/00 ENDED 04/30/99
---------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Participants' Interest at Beginning of Period 116,246,969 83,860,287 116,459,883 92,660,744 116,459,883
Changes from Investment Activities:
Net Investment Income 1,749,043 1,710,147 6,759,864 3,117,491 3,588,823
Net Realized Gain(Loss) on Investments 75,568 (715,486) 238,551 (732,764) 153,134
Net Unrealized Gain(Loss) on Investments (2,582,192) 239,972 (6,652,218) (1,436,657) (3,689,995)
----------- ---------- ----------- ----------- ------------
Net Increase(Decrease) from
Investment Activuty (757,581) 1,234,633 346,197 948,070 51,962
----------- ---------- ----------- ----------- ------------
Changes from Participating Unit Transactions:
Received from Issuance of: 131,577 Units 1,344,407 17,179,881 2,112,681
Received from Issuance of: 41,672 Units 3,032,616 8,144,830
Payment on Redemption of: 665,477 Units (9,816,953) (41,325,217) (19,099,121)
Payment on Redemption of: 86,545 Units (6,405,376) (12,540,047)
----------- ---------- ----------- ----------- ------------
Net Increase(Decrease) from
Participating Unit Transactions (3,372,760) (8,472,546) (24,145,336) (16,986,440) (4,395,217)
----------- ---------- ----------- ----------- ------------
Participants' Interest at End of Period 112,116,628 76,622,374 92,660,744 76,622,374 112,116,628
=========== ========== =========== ============ ============
See note to Condensed Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statements of Assets and Liabilities
10/31/99 04/30/00
COST MARKET COST MARKET
------------------- ------------------------
Assets:
<S> <C> <C> <C> <C>
U.S. Government & Agency Obligations 36,219,926 36,245,019 40,345,528 40,591,718
Corporate Bonds 54,814,080 54,696,933 32,353,116 31,444,343
Other Investments 140,600 140,600 3,461,264 3,427,094
---------- ---------- ---------- ----------
Total Investments 91,174,606 91,082,552 76,159,908 75,463,155
========== ==========
Cash 0 0
Interest Receivable 1,586,313 1,168,787
Receivable for Securities Sold 0 0
---------- ----------
Total Assets 92,668,865 76,631,942
========== ==========
Liabilities:
Audit Fees Payable 8,121 9,568
Payable for Securities Sold 0 0
--------- ----------
Total Liabilities 8,121 9,568
--------- ----------
Participants' Interest:
73.46 Per Unit on 1,261,504 Units Outstanding 92,660,744
7.44 Per Unit on 10,300,445 Units Outstanding 76,622,374
----------- ----------
Total Liabilities and Participants' Equity 92,668,865 76,631,942
=========== ==========
See note to Condensed Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statements of Operations
QUARTER QUARTER FY ENDED 6 MONTHS 6 MONTHS
ENDING 04/30/99 ENDING 04/30/00 10/31/1999 ENDED 04/30/00 ENDED 04/30/99
---------- ------------ ------------ ------------ ------------
Investment Income:
<S> <C> <C> <C> <C> <C>
Interest 351,164 383,019 1,515,680 779,503 772,653
----------- ----------- ------------ ------------ ------------
Gross Investment Income 351,164 383,019 1,515,680 779,503 772,653
Less: Audit Expense (866) (856) (3,456) (1,722) (1,724)
----------- ----------- ------------ ------------ ------------
Net Investment Income 350,298 382,163 1,512,224 777,781 770,929
=========== =========== ============ ============ ============
Realized and Unrealized Gain(Loss) on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 85,806,357 79,997,188 356,426,945 141,404,507 197,764,649
Cost of Securities Sold 85,806,357 79,997,188 356,426,945 141,404,507 197,764,649
----------- ----------- ------------ ------------- ------------
Net Realized Gain(Loss) 0 0 0 0 0
Unrealized Gain(Loss) on Investments:
Beginning of Period 0 0 0 0
End of Period 0 0 0 0 0
----------- ----------- ------------ ------------ ------------
Net Unrealized Gain(Loss) 0 0 0 0 0
----------- ----------- ------------ ------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 0 0 0 0 0
=========== =========== ============ ============ ============
See note to Condensed Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statements of Participants' Interest
QUARTER QUARTER FY ENDED 6 MONTHS 6 MONTHS
ENDING 04/30/99 ENDING 04/30/00 10/31/1999 ENDED 04/30/00 ENDED 04/30/99
---------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Participants' Interest at Beginning of Period 34,161,378 28,633,835 27,963,660 26,636,430 27,963,660
Changes from Investment Activities:
Net Investment Income 350,298 382,163 1,512,224 777,781 770,929
Net Realized Gain(Loss) on Investments 0 0 0 0 0
Net Unrealized Gain(Loss) on Investments 0 0 0 0 0
----------- ------------ ------------ ----------- -----------
Net Increase(Decrease) from
Investment Activity 350,298 382,163 1,512,224 777,781 770,929
----------- ------------ ------------ ----------- -----------
Changes from Participating Unit Transactions:
Received from Issuance of: 96,065 Units 858,965 12,783,987 3,930,813
Received from Issuance of: 13,884 Units 790,632 7,862,523
Payment on Redemption of: 374,632 Units (4,288,901) (15,623,441) (5,758,962)
Payment on Redemption of: 50,173 Units (2,856,256) (4,151,060)
----------- ------------ ------------ ----------- -----------
Net Increase(Decrease) from Participating
Unit Transactions (2,065,624) (3,429,936) (2,839,454) (1,828,149) 3,711,463
----------- ------------ ------------ ----------- -----------
Participants' Interest at End of Period 32,446,052 25,586,062 26,636,430 25,586,062 32,446,052
=========== ============ ============ =========== ===========
See note to Condensed Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statements of Assets and Liabilities
10/31/99 04/30/00
COST MARKET COST MARKET
------------------- ------------------------
Assets:
<S> <C> <C> <C> <C>
U.S. Government & Agency Obligations 12,976,183 12,976,183 17,300,728 17,300,728
Commercial Paper 10,793,431 10,793,431 8,195,022 8,195,022
Other Investments 2,758,860 2,758,860
----------- --------- ----------- -----------
Total Investments 26,528,474 26,528,474 25,495,750 25,495,750
=========== ===========
Cash 0 0
Interest Receivable 110,679 93,208
Receivable for Securities Sold 0 0
----------- -----------
Total Assets 26,639,153 25,588,958
=========== ===========
Liabilities:
Audit Fees Payable 2,723 2,896
Payable for Securities Sold 0 0
----------- -----------
Total Liabilities 2,723 2,896
----------- -----------
Participants' Interest:
58.84 Per Unit on 452,661 units outstanding 26,636,430
6.05 Per Unit on 4,222,319 units outstanding 25,586,062
----------- -----------
Total Liabilities $ Participants' Equity 26,639,153 25,588,958
=========== ===========
Footnote to financial statements:
On March 15, 2000, the Funds converted from monthly to daily offering shares.
Thus, the Funds now provide shareholders with a daily net asset value. Also, the
Board of the Funds approved a 10 for one stock split with an ex-date and
effective date of February 18, 2000.
</TABLE>
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
FOR QUARTER ENDING 4/30/00
The quarter featured a tug-of-war between the "New Economy" Technology stocks
and the "Old Economy" consistent growth segments of the market. Daily volatility
dominated the market and a wave of new public offerings set records during the
quarter. In March, large sustainable growth company stocks performed well. As
long as inflation remains tame, it appears that consistent, high-quality,
growth-oriented companies will perform well long term. The S&P 500 Index was up
4.4% for the quarter and 10.13% for the preceding 12 months. The strongest
sectors were technology, telecommunications and health. In the small
capitalization arena, the Russell 2000 index of small capitalization stocks was
up 2.31% for the quarter and 18.43% for the preceding twelve months.
The U.S. economy continued to provide a favorable setting for strong equity and
bond markets. Economic growth maintained its feverish pace, despite a slowdown
in income growth, higher short-term interest rates and climbing energy costs.
During the quarter, short-term rates rose as the Federal Reserve raised
benchmark rates twice. Intermediate and long-term rates trended down at the end
of the quarter, as the government pursued its plan to buy back long Treasuries.
The federal debt continued to be reduced, and inflation remained under control.
The quarter also saw a flight to quality in the bond markets as the interest
rate spread widened between government-guaranteed Treasuries and other
fixed-income securities.
Pooled Equity Fund
During the quarter, new stock positions added or increased included McDonalds
Corp, Microsoft Corp, Oracle Corporation, Computer Sciences Corp, Lucent
Technologies and Hewlett Packard. Stock positions decreased or deleted included
Transocean Sedco Forex Inc, Electronic Data Systems Corp, Bob Evans Farms and
Comsat Corp Series 1. The Fund's total return (income plus price appreciation)
for the quarter was 0.99%. The Fund's return for the quarter ended 04/30/99 was
11.25% and for the fiscal year ended 10/31/99 the return was 11.63%. For the
past 12 months, the total Fund returned -2.28%. Excluding cash reserves, the
total return of stocks held by the Fund was -0.04% for the quarter and -6.14%
for the last 12 months. The Fund ended the quarter with cash reserves of 22.24%.
Pooled Debt Fund
In keeping with our philosophy of maintaining a high-quality portfolio with
limited maturity exposure, about 49.7% of the portfolio is held in U.S.
Government and Agency issues. Approximately 69.4% of the portfolio will mature
within five years. The weighted average life of the total portfolio is 3.6
years. The total return of the Fund was 1.58% for the quarter and 1.65% for the
preceding 12 months. The Fund's return for the quarter ended 04/30/99 was -0.66%
and for the fiscal year ended 10/31/99 the return was 0.43%. The weighted yield
to maturity at market was 7.09%.
Pooled Income Fund
The Fund continues to be invested in short-term U.S. Government and Agency
obligations, high-quality commercial paper and liquid guaranteed insurance
contracts. The Fund's quarterly return of 1.44% is equivalent to an annualized
total return of 5.76%. The Fund's return for the quarter ended 04/30/99 was
1.07% and for the fiscal year ended 10/31/99 the return was 5.01%. For the past
12 months, the fund returned 5.59%. The Fund has an average maturity of 21 days
and a weighted yield to maturity of 5.65%.
<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 - Pooled Income Fund
27.2 - Pooled Equity Fund
27.3 - 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 April 30, 2000.
<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: October 12, 2000 By: /s/Steve Campbell
---------------------------
Steve Campbell
Senior Vice President
By: /s/E. Frank Ware
--------------------------
E. Frank Ware
Executive Vice President and
Trust Accounting Officer
<PAGE>
INDEX TO EXHIBITS
27.1 Financial Data Schedule for Pooled Income Fund
27.2 Financial Data Schedule for Pooled Equity Fund
27.3 Financial Data Schedule for Pooled Debt Fund
<PAGE>
27.1 Article 5 FDS - Pooled Income The Schedule contains Summary Financial
Information Extracted from the unaudited Financial Statements for the 6 Months
Ending April 30, 2000, and is qualified in its entirety by reference to such
Financial Statements.
PERIOD-TYPE 3 MTHS 6 MTHS
FISCAL-YEAR END 10/31/2000 10/30/2000
PERIOD-END 4/30/2000 4/30/2000
CASH 0 0
SECURITIES 25,495,750 25,495,750
RECEIVABLES 93,208 93,208
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 25,588,958 25,588,958
CURRENT-LIABILITIES 2,896 2,896
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 25,586,062 25,586,062
TOTAL-LIABILITY-AND-EQUITY 25,588,958 25,588,958
SALES 0 0
TOTAL-REVENUES 383,019 779,503
CGS 0 0
TOTAL-COST 0 0
OTHER-EXPENSE (856) (1,722)
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX 382,163 777,781
INCOME-TAX 0 0
INCOME-CONTINUING 382,163 777,781
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME 382,163 777,781
EPS-PRIMARY $0.08 $0.17
EPS-DILUTED $0.08 $0.17
<PAGE>
27.1 Article 5 FDS - Pooled Equity
The Schedule contains Summary Financial Information Extracted from the unaudited
Financial Statements for the 6 Months Ending April 30, 2000, and is qualified in
its entirety by reference to such Financial Statements.
PERIOD-TYPE 3 MTHS 6 MTHS
FISCAL-YEAR END 10/31/2000 10/31/2000
PERIOD-END 4/30/2000 4/30/2000
CASH 0 0
SECURITIES 135,148,962 135,148,962
RECEIVABLES 187,268 187,268
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 135,336,230 135,336,230
CURRENT-LIABILITIES 5,152,952 5,152,952
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 130,183,278 130,183,278
TOTAL-LIABILITY-AND-EQUITY 135,336,230 135,336,230
SALES 0 0
TOTAL-REVENUES 1,008,409 2,109,828
CGS 0 0
TOTAL-COST 0 0
OTHER-EXPENSE (2,336) (8,922)
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX 1,006,073 2,100,906
INCOME-TAX 0 0
INCOME-CONTINUING 1,006,073 2,100,906
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME 1,006,073 2,100,906
EPS-PRIMARY $0.08 $0.16
EPS-DILUTED $0.08 $0.16
<PAGE>
27.1 Article 5 FDS - Pooled Debt
The Schedule contains Summary Financial Information Extracted from the unaudited
Financial Statements for the 6 Months Ending April 30, 2000, and is qualified in
its entirety by reference to such Financial Statements.
PERIOD-TYPE 3 MTHS 6 MTHS
FISCAL-YEAR END 10/31/2000 10/31/2000
PERIOD-END 4/30/2000 4/30/2000
CASH 0 0
SECURITIES 75,463,155 75,463,155
RECEIVABLES 1,168,787 1,168,787
ALLOWANCES 0 0
INVENTORY 0 0
CURRENT-ASSETS 0 0
PP&E 0 0
DEPRECIATION 0 0
TOTAL-ASSETS 76,631,942 76,631,942
CURRENT-LIABILITIES 9,568 9,568
BONDS 0 0
PREFERRED-MANDATORY 0 0
PREFERRED 0 0
COMMON 0 0
OTHER-SE 76,622,374 76,622,374
TOTAL-LIABILITY-AND-EQUITY 76,631,942 76,631,942
SALES 0 0
TOTAL-REVENUES 1,712,482 3,123,163
CGS 0 0
TOTAL-COST 0 0
OTHER-EXPENSE (2,336) (5,672)
LOSS-PROVISION 0 0
INTEREST-EXPENSE 0 0
INCOME-PRETAX 1,710,147 3,117,491
INCOME-TAX 0 0
INCOME-CONTINUING 1,710,147 3,117,491
DISCONTINUED 0 0
EXTRAORDINARY 0 0
CHANGES 0 0
NET-INCOME 1,710,147 3,117,491
EPS-PRIMARY $0.16 $0.27
EPS-DILUTED $0.16 $0.27
