<PAGE>1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal period ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-9305
A. Full title of the plan and the address of the plan,
if different from that of the issuer named below:
STIFEL,NICOLAUS PROFIT SHARING 401(k) PLAN
B. Name of issuer of the securities held pursuant to
the plan and the address of its principal executive
offices:
STIFEL FINANCIAL CORP
500 N. Broadway
St. Louis, Missouri 63102-2188
Issuer's telephone number,including area code 314-342-2000
<PAGE>2
Stifel, Nicolaus Profit
Sharing 401(k) Plan
Financial Statements as of
December 31, 1997 and 1996 and for the
Year Ended December 31, 1997 and
Supplemental Schedules as of and for the
Year Ended December 31, 1997 and
Independent Auditors' Report
<PAGE>3
STIFEL, NICOLAUS PROFIT SHARING 401(K) PLAN
Form 11-K Index
December 31, 1997
TABLE OF CONTENTS
- -----------------------------------------------------------------------------
STIFEL,NICOLAUS PROFIT SHARING 401(K) PLAN
FORM 11-K INDEX
DECEMBER 31, 1998
ITEM 1. PLAN IS SUBJECT TO ERISA. SEE ITEM 4. Page
ITEM 2. PLAN IS SUBJECT TO ERISA. SEE ITEM 4.
ITEM 3. PLAN IS SUBJECT TO ERISA. SEE ITEM 4.
ITEM 4. FINANCIAL STATEMENTS AND SCHEDULES
INDEPENDENT AUDITORS' REPORT 5
STATEMENTS AS OF DECEMBER 31, 1997 AND 1996
AND FOR THE YEAR ENDED DECEMBER 31, 1997:
Statements of Net Assets Available for Plan Benefits 6
Statements of Changes in Net Assets Available for Plan Benefits 7
Notes to Financial Statements 8-17
SUPPLEMENTAL SCHEDULES AS OF AND
FOR THE YEAR ENDED DECEMBER 31, 1997:
Item 27a - Schedule of Assets Held for Investment Purposes 18
Item 27d - Schedule of Reportable Transactions 19
The following schedules required by the Department of Labor
Regulations are omitted because of the absence of conditions under
which they are required:
Item 27b - Schedule of Loans in Default
Item 27c - Schedule of Leases in Default
Item 27e - Schedule of Nonexempt Transactions
<PAGE>4
SIGNATURES
The Plan, Pursuant to the requirements of Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned thereunto duly authorized.
Stifel,Nicolaus Profit Sharing 401(K) Plan
(Name of Plan)
Date: December 30, 1998 By /S/ Bernard N. Burkemper
Bernard N. Burkemper
(Trustee)
<PAGE>5
INDEPENDENT AUDITORS' REPORT
To the Administrative Committee and Trustees of
Stifel, Nicolaus Profit Sharing 401(k) Plan
St. Louis, Missouri:
We have audited the accompanying statements of net assets
available for plan benefits of Stifel, Nicolaus Profit Sharing 401(k)
Plan (the "Plan") as of December 31, 1997 and 1996, and the related
statement of changes in net assets available for plan benefits for
the year ended December 31, 1997. These financial statements are the
responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all
material respects, the net assets available for benefits of the Plan
as of December 31, 1997 and 1996, and the changes in net assets
available for benefits for the year ended December 31, 1997 in
conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
accompanying supplemental schedules of (1) assets held for
investment as of December 31, 1997 and (2) transactions in
excess of five percent of the current value of plan assets for
the year ended December 31, 1997 are presented for the purpose
of additional analysis and are not a required part of the basic
financial statements, but are supplementary information
required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These schedules are the responsibility
of the Plan's management. Such schedules have been subjected
to the auditing procedures applied in our audit of the basic
1997 financial statements and, in our opinion, are fairly
stated in all material respects when considered in relation to
the basic financial statements taken as a whole.
The Plan has not presented information relative to the
historical cost of investment purchase and sale transactions
and gain or loss on sale transactions in the schedule of
reportable transactions and historical cost information for
four of the investments in the schedule of assets held for
investment purposes. Disclosure of this information is
required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974.
/S/ DELOITTE & TOUCHE LLP
September 25, 1998
<PAGE>6
STIFEL, NICOLAUS PROFIT SHARING 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- ------------------------------------------------------------------------------
1997 1996
----------- -----------
ASSETS:
Cash $ 4,043 $ 32,181
Investments, at fair value 31,288,396 26,753,337
Employee loans receivables 485,601 157,832
Accrued interest on employee loans 837 1,158
Employer's contribution receivable 765 4,853
Participants' contribution receivable 35,313 102,514
----------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $31,814,955 $27,051,875
=========== ===========
See notes to financial statements.
<PAGE>7
STIFEL, NICOLAUS PROFIT SHARING 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1997
- ----------------------------------------------------------------------------
ADDITIONS TO NET ASSETS:
Net appreciation in fair value of investments $ 2,529,255
Employer's contributions 154,618
Participants' contributions 2,976,907
Dividends 1,356,738
Interest income 20,401
Other 19,260
------------
Total additions 7,057,179
DEDUCTIONS:
Benefits paid to participants (2,275,057)
Other (19,042)
------------
Total deductions (2,294,099)
Net increase 4,763,080
NET ASSETS AVAILABLE FOR PLAN BENEFITS, BEGINNING OF YEAR 27,051,875
------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS, END OF YEAR $ 31,814,955
============
See notes to financial statements.
<PAGE>8
STIFEL, NICOLAUS PROFIT SHARING 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- -----------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The following description of the Stifel, Nicolaus Profit Sharing
401(k) Plan (formerly the Stifel, Nicolaus Profit Sharing Fund)
provides only general information. Participants should refer to
the Summary Plan Description for a more complete description of
the Plan's provisions.
General - The Plan is a defined contribution plan covering all
employees of Stifel, Nicolaus & Company, Incorporated (the
"Company") and affiliates who meet the eligibility provisions of
the Plan. The Plan meets the requirements of a 401(k) plan
under the Internal Revenue Code of 1954, as amended. It is
subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA).
Contributions - Employees are eligible to contribute up to 15%
of their eligible compensation in increments of 1%.
Eligible Participants - Employees are eligible to participate in
the Plan as of the first day of the calendar month following the
later of the date of attainment of age 21, or the date six
months after the date of employment.
Loans to Participants - The Plan has a provision to make loans
to participants of the Plan for certain hardship situations.
The loans are limited to the lesser of $50,000 or 50% of the
vested portion of the participant's accounts under the Plan.
The repayment period shall not exceed five years and interest is
charged at prime rate plus one percent. The borrowing
participants are charged an initial processing fee and a monthly
service charge for each month the loan is outstanding.
Participant Accounts - At the beginning of 1995, each
participant could designate the percentage of his account which
was to be invested in the SEI Prime Obligation Money Market
Fund, SEI GNMA Fund, SEI Balanced Fund, SEI Equity Income Fund,
SEI Capital Appreciation Fund, SEI Small Cap Growth Fund and
Templeton Foreign Fund. Effective October 1, 1995, the Trustees
of the Plan authorized two additional investment vehicles, AIM
Value Fund and Evergreen Foundation Fund, to all participants.
Effective May 1, 1997, as a result of change in plan
administrator and trustee, each participant could designate the
percentage of their account to be invested in the CIGNA Charter
Short-Term Fixed Income Fund, CIGNA Charter Actively Managed
Fixed Income Fund, CIGNA Lifetime 50 Fund, CIGNA Lifetime 40
Fund, CIGNA Lifetime 30 Fund, CIGNA Lifetime 20 Fund, Charter
Large Co. Stock Index Fund, Neuberger & Berman Guardian Trust
Fund, AIM Value Fund, PBHG Growth Fund, Templeton Foreign Fund,
SEI Capital Appreciation Fund, SEI Small Cap Growth Fund, Stifel
Financial Corp. Stock and the CIGNA Direct Fund. Additionally,
the participants have the option to invest in any of the funds
of the Plan and allocate their money in 1% increments. The
participants are given the option to change the allocation of
their contributions and transfer money between the funds daily.
<PAGE>9
Vesting - The vesting period for Company contributions is based
on a four year cliff vesting schedule. Participants are fully
vested in their individual contributions at all times.
Company Contributions - The Plan includes a matching
contribution by the Company which is determined at the beginning
of each plan year by the Board of Directors of the Company. The
matching contribution for the plan year beginning January 1,
1997, is 50% of the first $500 contributed by the participant.
Discretionary contributions by the Company above the
aforementioned matching contributions are allocated to the
participants using a combination of two methods: on a per capita
basis and on the basis of participants' contributions.
Payment of Benefits - Retiring participants, participants
leaving the employment of the Company due to disabling illness
or injury, and participants whose employment is terminated prior
to retirement, disability, or death will receive the vested
balance in their individual account in a lump sum, net of any
outstanding loan balance. Upon death, a participant's account
is paid in a lump sum to the designated beneficiary.
Forfeited Plan Assets - If a participant forfeits any unvested
balances in their account, these Plan assets are reallocated, on
the last day of the Plan year, first to restore forfeited Plan
accounts of former participants who are reemployed and become a
participant again prior to incurring five consecutive one-year
breaks-in-service then to active participants in equal amounts.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The financial statements of the Plan are
prepared on an accrual basis.
Investment Valuation - All investments are stated at fair value
based upon quoted market prices.
Other - The Plan presents in the statement of changes in net
assets, the net appreciation/(depreciation) in the fair value of
its investments, which consist of the realized gains or losses
and the unrealized appreciation/(depreciation) on those
investments on the average cost method.
Use of Estimates - The preparation of financial statements in
conformity with generally accepted accounting principles
requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could
differ from those estimates.
<PAGE>10
3. RIGHT TO TERMINATE THE PLAN
Although the Company has not expressed any intent to do so, the
Company has the right to terminate the Plan at any time, subject
to the provisions of ERISA. In the event of Plan termination,
all participants become 100% vested in their accounts and the
assets are distributed to the participants on the basis of the
value of each participant's account as of the date of
termination.
4. TRANSACTIONS WITH PARTIES-IN-INTEREST
The Plan is administered by the Company. Employees of the
Company serve as Trustees of the Plan and participate in the
Plan. The Company pays all administrative expenses related to
the Plan.
<PAGE>11
5. INVESTMENTS
The fair value of individual investments that represent five
percent or more of the Plan's net assets available for plan
benefits are as follows:
1997 1996
CIGNA Charter Short-Term Fixed Fund $ 4,953,490 $ -
Neuberger & Berman Guardian Trust Fund 6,776,331
AIM Value Fund 4,839,647 3,826,597
Templeton Foreign Fund 2,900,906 2,268,632
SEI Capital Appreciation Fund 3,356,752 3,504,078
SEI Small Cap Growth Fund 3,705,144 4,712,873
CIGNA Direct Fund 2,050,851
SEI Equity Income Fund 3,525,430
SEI Balanced Fund 1,852,113
Prime Obligation Money Market Fund 5,426,284
6. INCOME TAX STATUS
The Internal Revenue Service has ruled, as of the most recent
determination letter dated August 15, 1995, that the Plan
qualifies under Section 401(a) of the Internal Revenue Code and
is, therefore, not subject to tax under present income tax laws.
<PAGE>12
7. INVESTMENT FUNDS
Net assets available for plan benefits by fund at December 31, 1997 and 1996
and changes in net assets available for plan benefits by fund for the year
ended December 31, 1997 are as follows:
<TABLE>
<CAPTION>
CIGNA CIGNA
Short-Term Actively
Net Assets Available for Plan Fixed Managed CIGNA CIGNA CIGNA CIGNA
Benefit as of December 31, 1997 Income Fixed Income Lifetime 50 Lifetime 40 Lifetime 30 Lifetime 20
<S> <C> <C> <C> <C> <C> <C>
Cash $ 820 $ 135 $ - $ - $ - $ -
Investments, at market value 4,953,490 988,294 329,768 68,639 6,308 21,001
Employee loans receivable
Accrued interest on employee loans 39 2 1
Employer's contribution receivable 34 25 4 13 36
Participants'contributions receivable 68 1,857 151 109 83 84
------------ ------------ ------------ ------------ ------------ ------------
Net assets available for plan benefits $ 4,954,412 $ 990,350 $ 329,919 $ 68,754 $ 6,404 $ 21,122
============ ============ ============ ============ ============ ============
Charter
Large Co. Neuberger &
Net Assets Available for Plan Stock Berman AIM PBHG Templeton SEI Cap
Benefit as of December 31, 1997 Index Guardian Trust Value Growth Foreign Appreciation
Cash $ - $ 925 $ 578 $ - $ 343 $ 530
Investments, at market value 358,321 6,776,331 4,839,647 828,277 2,900,906 3,356,752
Employee loans receivable
Accrued interest on employee loans 32 289 231 192 32
Employer's contribution receivable 40 147 198 126 72
Participants' contributions receivable 1,056 6,968 7,519 4,464 3,270
------------ ------------ ------------ ------------ ------------ ------------
Net assets available for plan benefits $ 359,449 $ 6,784,660 $ 4,848,173 $ 833,059 $ 2,904,623 $ 3,357,282
============ ============ ============ ============ ============ ============
Stifel
Financial Employee
Net Assets Available for Plan SEI Small Corp. CIGNA Guaranteed Loans
Benefit as of December 31, 1997 Cap Growth Stock Direct Income Receivable Total
Cash $ 712 $ - $ $ - $ - $ 4,043
Investments, at market value 3,705,144 104,667 2,050,851 31,288,396
Employee loans receivable 485,601 485,601
Accrued interest on employee loans 19 837
Employer's contribution receivable 14 56 765
Participants' contributions receivable 143 7,430 2,111 35,313
------------ ------------ ------------ ------------ ------------ ------------
Net assets available for plan benefits $ 3,705,999 $ 112,111 $ 2,050,851 $ 2,186 $ 485,601 $ 31,814,955
============ ============ ============ ============ ============ ============
</TABLE>
<PAGE>13
<TABLE>
<CAPTION> Prime
SEI Capital SEI SEI SEI Obligation
Net Assets Available for Plan Appreciation SEI Equity Balanced Small Cap GNMA Money
Benefit as of December 31, 1996 Fund Income Fund Fund Growth Fund Fund Market Fund
<S> <C> <C> <C> <C> <C> <C>
Cash $ 4,215 $ 4,241 $ 2,228 $ 5,669 $ 1,073 $ 6,527
Investments at market value 3,504,078 3,525,430 1,852,113 4,712,873 892,394 5,426,284
Employee loans receivable
Accrued interest on employee loans 297 195 21 329 22 16
Employer's contribution receivable 482 558 246 1,361 191 284
Participants' contributions receivable 13,294 10,662 5,442 21,621 2,106 9,741
------------ ------------ ------------ ------------ ------------ ------------
Net assets available for plan benefits $ 3,522,366 $ 3,541,086 $ 1,860,050 $ 4,741,853 $ 895,786 $ 5,442,852
============ ============ ============ ============ ============ ============
Templeton AIM Evergreen Employee
Net Assets Available for Plan Foreign Value Foundation Loans
Benefit as of December 31, 1996 Fund Fund Fund Receivable Total
Cash $ 2,729 $ 4,603 $ 896 $ - $ 32,181
Investments at market value 2,268,632 3,826,597 744,936 26,753,337
Employee loans receivable 157,832 157,832
Accrued interest on employee loans 141 96 41 1,158
Employer's contribution receivable 621 958 152 4,853
Participants'contributions receivable 13,288 3,564 22,796 102,514
------------ ------------ ------------ ------------ ------------
Net assets available for plan benefits $ 2,285,411 $ 3,835,818 $ 768,821 $ 157,832 $27,051,875
============ ============ ============ ============ ============
</TABLE>
<PAGE>14
<TABLE>
<CAPTION>
Changes in Net Assets Available for Plan
Benefits for the Year CIGNA CIGNA
Ended December 31, 1997 Short-Term Actively
Fixed Managed CIGNA CIGNA CIGNA CIGNA
Additions to Net Assets Attributed to: Income Fixed Income Lifetime 50 Lifetime 40 Lifetime 30 Lifetime 20
<S> <C> <C> <C> <C> <C> <C>
Net appreciation (depreciation) in fair value
of investments $ 159,039 $ 66,753 $ 5,151 $ 564 $ 60 $ 127
Employer's contributions 2,722 1,347 59 210 270
Participants' contributions 158,328 45,508 1,664 1,253 1,996 1,625
Dividends
Interest income 1,890 803 7 13 8
Other
----------- ----------- ----------- ----------- ----------- -----------
Total additions 321,979 114,411 6,815 1,883 2,279 2,030
Deductions from Net Assets Attributed to:
Benefits paid to participants (256,244) (125,572) - - - -
Other 8,999 (331) (19)
----------- ----------- ----------- ----------- ----------- -----------
Total deductions (247,245) (125,903) - (19) - -
----------- ----------- ----------- ----------- ----------- -----------
Net increase/decrease 74,734 (11,492) 6,815 1,864 2,279 2,030
Inter-fund transfers 4,879,678 1,001,842 323,104 66,890 4,125 19,092
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) 4,954,412 990,350 329,919 68,754 6,404 21,122
Net assets available for plan benefits,
Beginning of year - - - - - -
----------- ----------- ----------- ----------- ----------- -----------
Net assets available for plan benefits,
End of year $ 4,954,412 $ 990,350 $ 329,919 $ 68,754 $ 6,404 $ 21,122
=========== =========== =========== =========== =========== ===========
</TABLE>
<PAGE>15
<TABLE>
<CAPTION>
Changes in Net Assets Available for Plan
Benefits for the Year
Ended December 31, 1997 Neuberger &
Stock Berman AIM PBHG Templeton SEI Cap
Additions to Net Assets Attributed to: Index Guardian Trust Value Growth Foreign Appreciation
<S> <C> <C> <C> <C> <C> <C>
Net appreciation (depreciation) in fair
value of investments $ 16,019 $ 476,558 $ 1,045,717 $ (5,666) $ 185,224 $ 11,843
Employer's contributions 563 7,923 26,460 7,189 19,024 15,150
Participants' contributions 18,118 448,532 654,849 245,488 406,814 194,640
Dividends 964,555
Interest income 315 4,967 4,730 2,890 1,908 846
Other 2,088 2,131 1,121
----------- ----------- ------------ ----------- ----------- -----------
Total additions 35,015 937,980 1,733,844 249,901 615,101 1,188,155
Deductions from Net Assets Attributed to:
Benefits paid to participants - (174,535) (477,712) (12,920) (47,758) (341,021)
Other (79) (5,144) (1,666) (240) (1,912) (1,348)
----------- ----------- ------------ ----------- ----------- -----------
Total deductions (79) (179,679) (479,378) (13,160) (49,670) (342,369)
Net increase/decrease 34,936 758,301 1,254,466 236,741 565,431 845,786
Inter-fund transfers 324,513 6,026,359 (242,111) 596,318 53,781 (1,010,870)
----------- ----------- ------------ ----------- ----------- -----------
Net increase (decrease) 359,449 6,784,660 1,012,355 833,059 619,212 (165,084)
Net assets available for plan benefits,
Beginning of year - - 3,835,818 - 2,285,411 3,522,366
----------- ----------- ------------ ----------- ----------- -----------
Net assets available for plan benefits,
End of year $ 359,449 $ 6,784,660 $ 4,848,173 $ 833,059 $ 2,904,623 $ 3,357,282
=========== =========== ============ =========== =========== ===========
</TABLE>
<PAGE>16
<TABLE>
<CAPTION>
Stifel
Financial
SEI Small Corp. CIGNA Guaranteed SEI Equity
Additions to Net Assets Attributed to: Cap Growth Stock Direct Income Income
<S> <C> <C> <C> <C> <C>
Net appreciation (depreciation) in fair
value of investments $ 129,116 $ 38,998 $ (67,349) $ - $ 318,680
Employer's contributions 32,455 838 56 13,997
Participants' contributions 339,854 10,808 2,111 130,478
Dividends 136,826 231 51,988
Interest income 878 331 19 522
Other 33 3,038
----------- ----------- ----------- ----------- -----------
Total additions 639,162 51,206 (67,349) 2,186 518,703
Deductions from Net Assets Attributed to:
Benefits paid to participants (276,753) - - (56,765)
Other (2,660) (19) (12,361)
----------- ----------- ----------- ----------- -----------
Total deductions (279,413) (19) (12,361) - (56,765)
Net increase/decrease 359,749 51,187 (79,710) 2,186 461,938
Inter-fund transfers (1,395,603) 60,924 2,130,561 (4,003,024)
----------- ----------- ----------- ----------- -----------
Net increase (decrease) (1,035,854) 112,111 2,050,851 2,186 (3,541,086)
Net assets available for plan benefits,
Beginning of year 4,741,853 - - - 3,541,086
----------- ----------- ----------- ----------- -----------
Net assets available for plan benefits,
End of year $ 3,705,999 $ 112,111 $ 2,050,851 $ 2,186 $ -
=========== =========== =========== =========== ===========
</TABLE>
<PAGE>17
<TABLE>
<CAPTION>
Prime Employee
SEI SEI Obligation Evergreen Loans
Additions to Net Assets Attributed to: Balanced GNMA Money Market Foundation Receivable Total
<S> <C> <C> <C> <C> <C> <C>
Net appreciation (depreciation) in fair
value of investments $ 107,671 $ (5,797) $ 5,835 $ 40,712 $ - $ 2,529,255
Employer's contributions 7,738 4,195 9,987 4,435 154,618
Participants' contributions 69,963 53,849 166,415 24,614 2,976,907
Dividends 30,458 29,635 132,099 10,946 1,356,738
Interest income 55 61 43 115 20,401
Other 1,106 741 4,883 8,638 (4,519) 19,260
----------- ----------- ----------- ----------- ----------- -----------
Total additions 216,991 82,684 319,262 89,460 (4,519) 7,057,179
Deductions from Net Assets Attributed to:
Benefits paid to participants (86,140) (7,207) (394,174) (3,574) (14,682) (2,275,057)
Other (2,262) (19,042)
----------- ----------- ----------- ----------- ----------- -----------
Total deductions (86,140) (7,207) (394,174) (3,574) (16,944) (2,294,099)
Net increase/decrease 130,851 75,477 (74,912) 85,886 (21,463) 4,763,080
Inter-fund transfers (1,990,901) (971,263) (5,367,940) (854,707) 349,232 -
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) (1,860,050) (895,786) (5,442,852) (768,821) 327,769 4,763,080
Net assets available for plan benefits,
Beginning of year 1,860,050 895,786 5,442,852 768,821 157,832 27,051,875
----------- ----------- ----------- ----------- ----------- -----------
Net assets available for plan benefits,
End of year $ - $ - $ - $ - $ 485,601 $31,814,955
=========== =========== =========== =========== =========== ===========
(Concluded)
</TABLE>
* * * * * *
<PAGE>18
<TABLE>
<CAPTION>
STIFEL, NICOLAUS PROFIT SHARING 401(k) PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1997
- -----------------------------------------------------------------------------
Number of Fair
Description of Investments Shares Cost Value
<S> <C> <C> <C>
CIGNA Charter Short-Term Fixed Income Fund 96,864 $ 4,827,448 $ 4,953,490
CIGNA Charter Actively Managed Fixed Income Fund 8,136 936,638 988,294
CIGNA Lifetime 50 Fund 20,667 324,619 329,768
CIGNA Lifetime 40 Fund 4,222 68,076 68,639
CIGNA Lifetime 30 Fund 376 6,247 6,308
CIGNA Lifetime 20 Fund 1,245 20,876 21,001
Charter Large Co. Stock Index Fund 7,043 342,882 358,321
Neuberger & Berman Guardian Trust Fund 353,943 6,395,361 6,776,331
AIM Value Fund - Class A 127,172 (1) 4,839,647
PBHG Growth Fund 32,622 835,131 828,277
Templeton Foreign Fund - Class I 251,106 (1) 2,900,906
SEI Capital Appreciation Fund 247,183 (1) 3,356,752
SEI Institutional Managed Trust Small Cap
Growth Fund - Class A 222,933 (1) 3,705,144
Stifel Financial Corp. Stock 6,203 67,207 104,667
CIGNA Direct Fund 2,050,851 2,050,851 2,050,851
-----------
31,288,396
Employee loans receivable 485,601
-----------
Total $31,773,997
===========
(1) The historical cost information is not available.
</TABLE>
<PAGE>19
STIFEL, NICOLAUS PROFIT SHARING 401(k) PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
Gain
Number or (loss)
of Number of Cost on Sale
Purchase Purchase Sales Selling of Asset of Asset
Transactions Price Transactions Price (1) (1)
Category (i) - Single Transactions in Excess of 5% of Plan Assets
<S> <C> <C> <C>
CIGNA Charter Short-Term Fixed Fund 1 $ 6,024,873 $ -
Nueberger & Berman Guardian Trust Fund 1 6,632,089
SEI Equity Income Fund 1 4,130,614
SEI Balanced Fund 1 1,848,828
Prime Obligation Money Market Fund 1 6,006,553
Category (iii) - Series of Transactions in Excess of 5% of Plan Assets
SEI Capital Appreciation Fund 23 $ 1,306,494 55 $ 1,455,462
SEI Equity Income Fund 17 716,598 8 4,559,371
SEI Balanced Fund 14 186,114 10 2,146,080
SEI Small Cap Growth Fund 30 866,076 62 2,002,513
Prime Obligation Money Market Fund 24 1,429,178 9 6,862,934
Templeton Foreign Fund 61 4,414,530 60 808,398
AIM Value Fund 71 6,466,780 72 1,982,392
CIGNA Charter Short-Term Fixed Fund 59 7,079,431 62 2,284,980
Neuberger & Berman Guardian Trust Fund 41 7,206,577 62 906,804
CIGNA Direct Fund 111 2,144,702 1 700
(1) The historical cost information is not available and thus a gain or loss has
not been computed.
</TABLE>
