U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
/ / Form 10-K and Form 10-KSB / / Form 20-F / / Form 11-K /X/ Form
10-Q and Form 10-QSB / / Form N-SAR
For Period Ended: April 30, 1996
/ / Transition Report on Form 10-K
/ / Transition Report on Form 20-F
/ / Transition Report on Form 11-K
/ / Transition Report on Form 10-Q
/ / Transition Report on Form N-SAR
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE
COMMISSION HAS VERIFIED ANY INFORMATION CONTAINED HEREIN.
If the notification relates to a portion of the filing checked
above, identify the Item(s) to which the notification relates: The
Condensed Statements of Operations for the three month periods ended
April 30, 1995 and 1996 and for the six month period ended April 30,
1995 and the Condensed Statements of Cash Flows for the three and six
month periods ended April 30, 1995 and 1996.
PART I-REGISTRANT INFORMATION
----------------------------------------------------------------------
Full Name of Registrant: The Collective Investment Funds for which
UMB Bank, n.a. is Trustee.
Former Name if Applicable: Not Applicable.
Address of Principal Executive Office: 1010 Grand Boulevard, Kansas
City, Missouri 64106.
PART II-RULES 12B-25 (B) AND (C)
----------------------------------------------------------------------
The Registrant hereby represents that the reasons for the
inability to timely file could not be eliminated by the Registrant
with unreasonable effort or expense and the Registrant's Quarterly
Report for the quarter ended April 30, 1996 with the missing portions
identified above will be filed no later than the fifth calendar day
following the prescribed due date.
PART III-NARRATIVE
----------------------------------------------------------------------
The financial information that is specified as missing is not
available at the time the specified report was due because it had not
been compiled yet.
PART IV-OTHER INFORMATION
----------------------------------------------------------------------
(1) Name and telephone number of person to contact in regard to
this notification: Submission Contact.
(2) Have all other periodic reports required under section 13 or
15(d) of the Securities Exchange Act of 1934 or section 30 of the
Investment Company Act of 1940 during the preceding 12 months or for
such shorter period that the registrant was required to file such
report(s) been filed? If the answer is no, identify report(s).
/ / Yes /X/ No
Due to the limited time available, the Registrant is not able to
identify all of the financial information that is required in the
periodic reports that has not been filed. The Registrant has filed
quarterly reports on a timely basis, however, the financial statements
included therein may not contain all the required financial
information.
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will
be reflected by the earnings statements to be included in the subject
report or portion thereof?
/ / Yes /X/ No
If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
<PAGE>
SIGNATURE
The Collective Investment Funds for which UMB Bank, n.a. is
Trustee has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: June 17, 1996. UMB Bank., n.a. as Trustee
of The Collective Investment
Funds
/s/Stephen J. Campbell
Senior Vice President
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 quarterly period ended April 30, 1996
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 Funds 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 shares outstanding of each of the issuer's classes
of common stock, as of ____________________, 1996.
Pooled Equity Fund -
Pooled Debt Fund -
Pooled Income Fund -
<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 Funds' Annual Report on Form 10-K for the year ended
October 31, 1995.
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Operations
FY ENDED 6 MONTHS
10/31/95 ENDED
04/30/96
Investment Income:
Interest: 3,834,915 1,669,832
Less: Audit Expense (4,050) (1,889)
------------ ------------
Net Investment Income 3,830,865 1,667,943
============ ============
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 494,570,363 338,435,178
Cost of Securities Sold 494,548,801 338,423,771
------------ ------------
Net Realized Gain(Loss) 21,562 11,406
------------ ------------
Unrealized Gain(Loss) on Investments:
Beginning of Period (47,188) 5,640
End of Period 5,640 (30,471)
------------ ------------
Net Unrealized Gain(Loss) 52,828 (36,111)
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 74,390 (24,705)
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Participants' Interest
FY ENDED 6 MONTHS
10/31/95 ENDED
04/30/96
Participants' Interest at Beginning of Period 60,527,868 65,734,732
Changes from Investment Activities:
Net Investment Income 3,830,865 1,667,943
Net Realized Gain(Loss) on Investments 21,562 11,406
Net Unrealized Gain(Loss) on
Investments 52,828 (36,111)
------------ ------------
Net Increase(Decrease) from
Investment Activity 3,905,255 1,643,238
------------ ------------
Changes from Participating Unit Transactions:
Received from Issuance of: 762,338 Units 39,394,576
Received from Issuance of: 134,956 Units 186,953
Payment on Redemption of: 755,315 Units (38,092,967)
Payment on Redemption of: 493,388 Units (17,618,413)
------------ ------------
Net Increase(Decrease) from
Participating Unit Transactions 1,301,609 (17,431,460)
------------ ------------
Participants' Interest at End of Period 65,734,732 49,946,511
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED
10/31/95 6 MONTHS ENDED 04/30/96
COST COST MARKET
<S> <C> <C> <C>
Assets:
U.S. Government & Agency Obligations 23,093,688 7,061,427 7,050,016
Commercial Paper 36,648,284 38,110,141 38,110,141
Other Investments 5,585,759 4,564,105 4,545,045
------------ ------------ ------------
Total Investments 65,327,731 49,735,673 49,705,202
============ ============
Cash 0 0
Interest Receivable 411,057 243,204
Receivable for Securities Sold 0 0
------------ -----------
Total Assets 65,738,788 49,948,406
============ ===========
Liabilities:
Audit Fees Payable 4,056 1,895
Payable for Securities Sold 0 0
------------ -----------
Total Liabilities 4,056 1,895
------------ -----------
Participants' Interest:
47.41 Per Unit on 1,386,619 Units Outstanding 65,734,732
48.74 Per Unit on 1,024,674 Units Outstanding 49,946,511
------------ -----------
Total Liabilities and Participants' Equity 65,738,788 49,948,406
============ ===========
See accompanying notes to condensed financial statements.
</TABLE>
<PAGE>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Operations
FY ENDED 6 MONTHS
10/31/95 ENDED
04/30/96
Investment Income:
Dividends 5,407,364 2,616,979
Interest 3,855,343 2,142,528
----------- -----------
Gross Investment Income 9,262,707 4,759,507
Less: Audit Expense & Foreign Taxes (17,956) (4,718)
------------ -----------
Net Investment Income 9,244,751 4,754,789
============ ============
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 725,215,369 506,110,888
Cost of Securities Sold 694,333,687 490,686,662
------------ ------------
Net Realized Gain(Loss) 30,881,682 15,424,226
------------ ------------
Unrealized Gain(Loss) on Investments:
Beginning of Period 37,955,084 30,113,618
End of Period 30,113,618 49,120,957
------------ ------------
Net Unrealized Gain(Loss) (7,841,466) 19,007,339
------------ ------------
Net Realized and Unrealized
Gain(Loss) on Investments 23,040,216 34,431,565
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Participants' Interest
FY ENDED QUARTER
10/31/95 ENDED
04/30/96
Participants' Interest at Beginning of Period 232,073,838 262,551,708
Changes from Investment Activities:
Net Investment Income 9,244,751 4,754,789
Net Realized Gain(Loss) on Investments 30,881,682 15,424,226
Net Unrealized Gain(Loss) on Investments (7,841,466) 19,007,339
------------ ------------
Net Increase(Decrease) from
Investment Activity 32,284,967 39,186,353
------------ -------------
Changes from Participating Unit Transactions:
Received from Issuance of: 600,575 Units 35,970,886
Received from Issuance of: 450,091 Units 11,326,954
Payment on Redemption of: 635,453 Units (37,777,983)
Payment on Redemption of: 583,414 Units (23,190,068)
------------ ------------
Net Increase (Decrease) from
Participating Unit Transactions (1,807,097) (11,863,114)
------------ ------------
Participants' Interest at End of Period 262,551,708 289,874,947
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED 10/31/95 6 MONTHS ENDED 04/30/96
COST MARKET COST MARKET
<S> <C> <C> <C> <C>
Assets:
Common Stock 162,051,285 192,164,903 160,630,876 208,989,404
Commercial Paper 66,013,975 66,013,975 73,972,365 73,972,365
Other Investments 4,140,195 4,140,195 1,417,232 2,179,660
------------ ------------ ------------- -------------
Total Investments 232,205,455 262,319,073 236,020,472 285,141,429
============ =============
Cash 0 (200,164)
Interest Receivable 588,698 473,350
Receivable for Securities Sold 163,521 5,806,340
------------ ------------
Total Assets 263,071,292 291,220,955
============= ============
Liabilities:
Audit Fees Payable 11,187 7,513
Payable for Securities Sold 508,397 1,338,495
------------ ------------
Total Liabilities 519,584 1,346,008
------------ -------------
Participants' Interest:
64.32 Per Unit on 4,082,250 Units Outstanding 262,551,708
73.47 Per Unit on 3,945,735 Units Outstanding 289,874,947
------------ ------------
Total Liabilities and Participants' Equity 263,071,292 291,220,955
============ ============
See accompanying notes to condensed financial statements.
</TABLE>
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Operations
FY ENDED 6 MONTHS
10/31/95 ENDED
04/30/96
Investment Income:
Interest 9,951,449 5,980,913
Less: Audit Expense (11,211) (4,601)
----------- -----------
Net Investment Income 9,940,238 5,976,313
=========== ===========
Realized and Unrealized Gain(Loss) on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 64,769,427 42,849,021
Cost of Securities Sold 64,508,442 43,274,066
----------- -----------
Net Realized Gain(Loss) 260,985 (425,045)
----------- -----------
Unrealized Gain(Loss) on Investments:
Beginning of Period (7,160,638) 3,232,868
End of Period 3,232,868 173,435
----------- -----------
Net Unrealized Gain(Loss) 10,393,506 (3,059,433)
----------- -----------
Net Realized and Unrealized
Gain(Loss) on Investments 10,654,491 (3,484,478)
=========== ===========
See accompanying notes to condensed financial statements.
<PAGE>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Participants' Interest
FY ENDED 6 MONTHS
10/31/95 ENDED
04/30/96
Participants' Interest at Beginning of Period 160,657,602 164,323,271
Changes from Investment Activities:
Net Investment Income 9,940,238 5,976,313
Net Realized Gain(Loss) on Investments 260,985 (425,045)
Net Unrealized Gain(Loss) on Investments 10,393,506 (3,059,433)
------------ ------------
Net Increase(Decrease) from
Investment Activity 20,594,729 2,491,834
------------ ------------
Changes from Participating Unit Transactions:
Received from Issuance of: 270,660 Units 21,483,446
Received from Issuance of: 555,296 Units 22,609,268
Payment on Redemption of: 673,948 Units (38,412,506)
Payment on Redemption of: 467,912 Units (18,566,356)
------------ ------------
Net Increase(Decrease) from
Participating Unit Transactions (16,929,060) 4,042,912
------------ ------------
Participants' Interest at End of Period 164,323,271 170,858,017
============ ============
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Condensed Statement of Assets and Liabilities
FY ENDED 10/31/95 6 MONTHS ENDED 04/30/96
COST MARKET COST MARKET
<S> <C> <C> <C> <C>
Assets:
U.S. Government & Agency Obligations 78,652,888 80,488,586 83,813,860 85,188,381
Corporate Bonds 79,563,147 80,960,317 80,844,910 80,249,232
Other Investments 1,087,960 1,087,960 3,651,997 3,644,718
------------ ------------ ------------ ------------
Total Investments 159,303,995 162,536,863 168,310,767 169,082,331
============ ============
Cash 0 0
Interest Receivable 2,655,057 2,783,654
Receivable for Securities Sold 985,699 0
------------ ------------
Total Assets 166,177,619 171,865,984
============ ============
Liabilities:
Audit Fees Payable 11,212 7,967
Payable for Securities Sold & Other Payables 1,843,137 1,000,000
------------ ------------
Total Liabilities 1,854,349 1,007,967
------------ ------------
Participants' Interest:
58.17 Per Unit on 2,825,108 Units Outstanding 164,323,271
58.70 Per Unit on 2,910,668 Units Outstanding 170,858,017
------------ -------------
Total Liabilities and Participants' Equity 166,177,620 171,865,984
============ =============
See accompanying notes to condensed financial statements.
</TABLE>
<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 Funds) as of April 30, 1996 and October
31, 1995, the results of operations for the three months ended April
30, 1996 and 1995, and cash flows for the three months ended April 30,
1996 and 1995.
2. The results of operations for the three months ended April 30,
1996 and 1995 are not necessarily indicative of the results to be
expected for the full year 1996, nor the results experienced for the
full year 1995.
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, 1995.
<PAGE>
Item 2. Trustee's Discussion and Analysis of Financial Condition and
Results of Operations.
After a weak start in the First Quarter, the economy rebounded
strongly in February and continued to grow in March at a reduced pace.
Some of the early weakness was caused by severe winter weather,
government shutdowns and the short General Motors strike. The
February and March gains in retail sales were welcome after a
disappointing Christmas and January even though much of the gain was
in vehicle sales. Consumer confidence is still high and personal
income grew for the third quarter in a row. The record levels of
consumer debt and increasing credit card delinquency rates are
concerning. The manufacturing sector improved slightly by quarter
end, but it is still contracting. Both industrial and durable goods
production were weaker during the quarter. Machine tool orders
remained strong. Factory capacity utilization was down for the
quarter. Despite the winter weather problems, housing held up well,
but with the rise in rates, this may be curtailed. Exports were hurt
by the weak economies in Canada and Europe which caused the trade
deficit to widen. Inflation remains subdued despite underlying
pressures such as an increase in unit labor cost from 1.6% to 3.4%
over the past two years, and rising commodity and oil prices. The
economic surge in the First Quarter after January is far short of a
robust recovery and economic indicators remain ambiguous.
The U.S. equity markets started off with a strong surge in
January which continued in February despite the sell-off in the bond
markets as interest rates started to rise at a rapid rate. This
decoupling of the stock market from the bond market often takes place
in the second half of a bull market when stock prices are more driven
by earnings. Equity prices finished out the quarter still moving
slowly up but in a much more volatile and choppy manner. The rise in
the markets in the first quarter was fueled by the record amounts of
cash flowing into equity funds. The market was characterized by
dramatic economic sector rotations as the changing economic outlook
caused the fortunes of out of favorite sectors like retailing to
reverse. Small capitalization stocks lagged in January but gained
strength later in the quarter. The S & P 500 was up 5.37% for the
quarter and 32.10% for the preceding twelve months. The Value Line
Index was up 4.71% and 20.56% respectively for the same periods.
Unlike the falling interest rates that prevailed in 1995, rates
rose dramatically in the first quarter of 1996. Initially, on January
31, the Federal Reserve eased the Federal Funds rate one-quarter of
one percent from 5.50% to 5.25%, but bond prices had already risen in
anticipation of the reduction and therefore the change had little
effect on bond yields. However, during February, renewed inflationary
fears caused investors to sell bonds in anticipation of higher rates.
In March, more reports of a healthier than expected economy sent rates
even higher. The Lehman Brothers Government/Corporate Intermediate
Index fell -0.83% for the quarter, but rose 9.56% for the preceding
twelve months. The longer maturing Lehman Brothers
Government/Corporate Index was down -2.34% for the quarter, but up
10.92% for the last twelve months. The near term outlook for the fixed
income market will be determined by the course of the economy, which
remains murky at this point.
The bond markets continued their outstanding performance in the
fourth quarter. The markets reacted favorably to the slowing economy,
low inflation and the reduction of short term rates by the Federal
Reserve in mid-December. The thirty year bond yield fell below 6%
during the year, which was 1.9% lower than at the end of 1994. For
1995, the overall bond performance was the best in fifteen years. The
spread between corporate and treasury issues remained tight. The
Lehman Brothers Government/Corporate Intermediate Index rose 3.52% for
the quarter and 15.33% for the year. The longer maturing Lehman
Brothers Government/Corporate Index was up 4.66% for the quarter and
19.24% for the year. A certain amount of volatility is being
introduced into the markets by the inability of the government to
reach a balanced budget agreement, but further softening of rates in
the spring of 1996 is probable.
POOLED EQUITY FUND__________________
During the quarter, a new stock position was taken in Sensormatic
Electronics. Positions were deleted in Sears Roebuck, Halliburton,
Wachovia Corp., AON Corp. and American Express.
The Fund's total return (income plus price appreciation) for the
quarter was 5.38%. For the past twelve months, the total Fund
returned 19.59%. Excluding cash reserves, the total return of stocks
held by the Fund was 6.79% for the quarter and 25.49% for the last 12
months. The fund ended the quarter with cash reserves of 29.15%.
POOLED DEBT FUND ________________
In keeping with our philosophy of maintaining a high quality
portfolio with limited maturity exposure, about 48% of the portfolio
is held in Government and Agency issues. Approximately 56% of the
portfolio will mature within five years. The weighted average life of
the total portfolio is 4.9 years. The total return of the Fund was -
1.26% for the quarter and 10.01% for the preceding twelve months. At
quarter end, the current yield of the fund was approximately 6.6%.
The weighted yield to maturity at market was 6.54%.
POOLED INCOME FUND __________________
The Fund continues to be invested in short term Government and
Agency obligations, high quality commercial paper and liquid
guaranteed insurance contracts. The Fund's quarterly return of 1.36%
is equivalent to an annualized total return of 5.44%. For the past
twelve months, the fund returned 5.96%. The Fund has an average
maturity of 43 days and a weighted yield to maturity of 5.48%.
<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 is 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) Instruments 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.
To be attached to final filing.
(99) Additional Exhibits.
None.
(b) Reports on Form 8-K.
No report on Form 8-K was required to be filed during the three
months ended January 31, 1996.
<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
Funds for Which UMB Bank, n.a.
is Trustee
(Registrant)
by UMB Bank, n.a. as trustee
Date: June ...., 1996 By:
