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 January 31, 1998
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number: 2-58109
The Collective Investment Trusts for Which UMB Bank, n.a. is Trustee
(Exact name of registrant as specified in its charter)
Not Applicable Not Applicable
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1010 Grand Boulevard, Kansas City, Missouri 64106
(Address of principal executive offices)
(Zip Code)
(816) 860-7000
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes /X/ No / /
The number of units of participation outstanding as of January 31, 1998.
Pooled Equity Fund - 2,302,259.527
Pooled Debt Fund - 1,800,253.889
Pooled Income Fund - 610,565.463
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PART I--FINANCIAL INFORMATION
--------------------------------------
Item 1. Financial Statements.
INTRODUCTORY COMMENTS
The Condensed Financial Statements included herein have been prepared by
the Trustee, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, although the Trustee believes that the
disclosures are adequate to enable a reasonable understanding of the
information presented. These Condensed Financial Statements should be read in
conjunction with the financial statements and the notes thereto included in
the Collective Investment Trusts' Annual Report on Form 10-K for the year
ended October 31, 1997.
<TABLE>
UMB BANK, n.a.
Equity Fund for Employees Trusts
Statement of Operations
QUARTER QUARTER FY ENDED
ENDING 01/31/97 ENDING 01/31/98 10/31/97
<S> <C> <C> <C>
Investment Income:
Dividends 1,157,135 887,770 2,997,417
Interest 781,885 864,362 4,488,947
Gross Investment Income 1,939,020 1,752,132 7,486,364
Less: Audit Expense &
Foreign Taxes (1,815) (2,298) (9,131)
Net Investment Income 1,937,205 1,749,834 7,477,233
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 186,005,356 193,918,825 733,528,663
Cost of Securities Sold 176,558,063 184,833,419 694,785,209
Net Realized Gain(Loss) 9,447,293 9,085,405 38,743,454
Unrealized Gain(Loss) on
Investments:
Beginning of Period 28,973,663 32,316,511 28,973,664
End of Period 34,966,285 30,599,889 32,316,511
Net Unrealized Gain(Loss) 5,992,622 (1,716,622) 3,342,847
Net Realized and Unrealized
Gain(Loss) on Investments 15,439,915 7,368,783 42,086,301
</TABLE>
See accompanying notes to condensed financial statements.
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<TABLE>
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UMB BANK, n.a.
Equity Fund for Employees Trusts
Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 01/31/97 ENDING 01/31/98 10/31/97
<S> <C> <C> <C>
Participants' Interest at
Beginning of Period 259,599,297 216,985,770 259,599,297
Changes from Investment
Activities:
Net Investment Income 1,937,205 1,749,834 7,477,233
Net Realized Gain(Loss)
on Investments 9,447,293 9,085,405 38,743,454
Net Unrealized Gain(Loss)
on Investments 5,992,622 (1,716,622) 3,342,847
Net Increase(Decrease)
from Investment Activity 17,377,120 9,118,617 49,563,534
Changes from Participating
Unit Transactions:
Received from Issuance of:
82,255 Units 6,172,844 20,595,034
Received from Issuance of:
52,671 Units 4,787,725
Payment on Redemption of:
456,389 Units (34,418,059) (112,772,095)
Payment on Redemption of:
194,875 Units (17,829,113)
Net Increase(Decrease) from
Participating Unit Transactions (28,245,215) (13,041,388) (92,177,061)
Participants' Interest at End of Period 248,731,202 213,062,999 216,985,770
</TABLE>
See accompanying notes to condensed financial statements.
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<TABLE>
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UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Statement of Assets and Liabilities
QUARTER ENDED 01/31/98 FY ENDED 10/31/97
COST MARKET COST MARKET
<S> <C> <C> <C> <C>
Assets:
Common Stock 117,461,933 148,061,823 129,558,673 161,875,185
Commercial Paper 59,141,464 59,141,464 46,763,553 49,763,553
Other Investments 1,754,173 1,754,173 2,884,013 2,884,013
Total Investments 178,357,570 208,957,460 179,206,239 214,522,751
Cash 2,481,069 0
Interest Receivable 352,380 331,235
Receivable for Securities Sold 1,276,395 2,140,974
Total Assets 213,067,304 216,994,960
Liabilities:
Audit Fees Payable 4,305 9,190
Payable for Securities Purchased 0 0
Total Liabilities 4,305 9,190
Participants' Interest:
88.77 Per Unit on
2,444,463 Units Outstanding 216,985,770
92.55 Per Unit on
2,302,260 Units Outstanding 213,062,999
Total Liabilities and Participants' Equity 213,067,304 216,994,960
</TABLE>
See accompanying notes to condensed financial statements.
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<TABLE>
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UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statement of Operations
QUARTER QUARTER FY ENDED
ENDING 01/31/97 ENDING 01/31/98 10/31/97
<S> <C> <C> <C>
Investment Income:
Interest 2,657,967 2,039,865 9,653,774
Less: Audit Expense (1,780) (9,481) (9,190)
Net Investment Income 2,656,187 2,030,384 9,644,584
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 23,192,919 36,271,617 121,162,314
Cost of Securities Sold 23,078,777 36,234,890 120,799,772
Net Realized Gain(Loss) 114,142 36,727 362,542
Unrealized Gain(Loss) on
Investments:
Beginning of Period 2,123,804 3,150,137 2,123,804
End of Period 1,078,408 4,369,500 3,150,137
Net Unrealized Gain(Loss) (1,045,396) 1,219,363 1,026,333
Net Realized and Unrealized
Gain(Loss) on Investments (931,254) 1,256,090 1,388,875
</TABLE>
See accompanying notes to condensed financial statements.
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<TABLE>
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UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 01/31/97 ENDING 01/31/98 10/31/97
<S> <C> <C> <C>
Participants' Interest at
Beginning of Period 168,974,494 130,005,324 168,974,494
Changes from Investment
Activities:
Net Investment Income 2,656,187 2,030,384 9,644,584
Net Realized Gain(Loss)
on Investments 114,142 36,727 362,542
Net Unrealized Gain(Loss)
on Investments (1,045,396) 1,219,363 1,026,333
Net Increase(Decrease)
from Investment Activity 1,724,933 3,286,474 11,033,459
Changes from Participating
Unit Transactions:
Received from Issuance of:
79,794 Units 4,927,113 16,573,341
Received from Issuance of:
75,993 Units 5,058,378
Payment on Redemption of:
292,160 Units (18,074,476) (66,575,970)
Payment on Redemption of:
233,769 Units (15,589,845)
Net Increase(Decrease) from
Participating Unit Transactions (13,147,363) (10,531,467) (50,002,629)
Participants' Interest at End of Period 157,552,064 122,760,331 130,005,324
</TABLE>
See accompanying notes to condensed financial statements.
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<TABLE>
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UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statement of Assets and Liabilities
QUARTER ENDED 01/31/98 FY ENDED 10/31/97
COST MARKET COST MARKET
<S> <C> <C> <C> <C>
Assets:
U.S. Government & Agency Obligations 47,788,251 50,589,711 57,284,065 59,598,463
Corporate Bonds 66,868,153 69,368,693 66,216,759 67,937,009
Other Investments 422,285 422,285 330,312 330,312
Total Investments 115,078,689 120,380,689 123,831,136 127,865,784
Cash 0 0
Interest Receivable 2,391,130 2,148,730
Receivable for Securities Sold 0 0
Total Assets 122,771,819 130,014,514
Liabilities:
Audit Fees Payable 11,488 9,190
Payable for Securities Sold and
Other Payables 0 0
Total Liabilities 11,488 9,190
Participants' Interest:
66.40 Per Unit on
1,958,030 Units Outstanding 130,005,324
68.19 Per Unit on
1,800,254 Units Outstanding 122,760,331
Total Liabilities and Participants' Equity 122,771,819 130,014,514
</TABLE>
See accompanying notes to condensed financial statements.
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<TABLE>
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UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Operations
QUARTER QUARTER FY ENDED
ENDING 01/31/97 ENDING 01/31/98 10/31/97
<S> <C> <C> <C>
Investment Income:
Interest 581,863 484,256 2,198,406
Less: Audit Expense (687) (842) (3,369)
Net Investment Income 581,176 483,414 2,195,037
Realized and Unrealized Gain(Loss)
on Investments:
Realized Gain(Loss) on
Investments:
Proceeds from Sales 105,056,009 96,884,548 386,568,695
Cost of Securities Sold 105,054,447 96,884,548 386,567,132
Net Realized Gain(Loss) 1,563 0 1,563
Unrealized Gain(Loss) on
Investments:
Beginning of Period 3,608 0 3,608
End of Period (310) (620) 0
Net Unrealized Gain(Loss) (3,918) (620) (3,608)
Net Realized and Unrealized
Gain(Loss) on Investments (2,356) (620) (2,045)
</TABLE>
See accompanying notes to condensed financial statements.
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<TABLE>
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UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 01/31/97 ENDING 01/31/98 10/31/97
<S> <C> <C> <C>
Participants' Interest at
Beginning of Period 44,332,553 34,990,094 44,332,553
Changes from Investment
Activities:
Net Investment Income 581,176 483,414 2,195,037
Net Realized Gain(Loss)
on Investments 1,563 0 1,563
Net Unrealized Gain(Loss)
on Investments (3,918) (620) (3,608)
Net Increase(Decrease)
from Investment Activity 578,821 482,794 2,192,992
Changes from Participating
Unit Transactions:
Received from Issuance of:
42,186 Units 2,120,570 12,065,221
Received from Issuance of:
40,330 Units 2,140,732
Payment on Redemption of:
102,700 Units 5,174,646 23,600,670
Payment on Redemption of:
90,949 Units 4,836,148
Net Increase(Decrease) from
Participating Unit Transactions (3,054,076) (2,695,416) (11,535,449)
Participants' Interest at End of Period 41,857,298 32,777,472 34,990,096
</TABLE>
See accompanying notes to condensed financial statements.
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<TABLE>
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UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Assets and Liabilities
3 MONTHS ENDED 01/31/98 FY ENDED 10/31/97
COST MARKET COST MARKET
<S> <C> <C> <C> <C>
Assets:
U.S. Government & Agency Obligations 2,000,000 1,999,380 3,745,361 3,745,361
Commercial Paper 25,116,197 25,116,197 25,888,682 25,888,682
Other Investments 5,527,237 5,527,237 5,269,537 5,269,537
Total Investments 32,643,434 32,642,814 34,903,580
Cash 0 0
Interest Receivable 136,236 89,885
Receivable for Securities Sold 0 0
Total Assets 32,779,050 34,993,465
Liabilities:
Audit Fees Payable 1,578 3,369
Payable for Securities Sold 0 0
Total Liabilities 1,578 3,369
Participants' Interest:
52.92 Per Unit on
661,185 Units Outstanding 34,990,096
53.68 Per Unit on
610,565 Units Outstanding 32,777,472
Total Liabilities and Participants' Equity 32,779,050 34,993,465
</TABLE>
See accompanying notes to condensed financial statements.
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NOTES TO CONDENSED FINANCIAL STATEMENTS
1. In the opinion of the Trustee, the accompanying unaudited condensed
financial statements contain all adjustments (consisting of normal interim
closing procedures) necessary to present fairly the financial position of the
Pooled Equity, Pooled Debt, and Pooled Income (the "Collective Investment
Trusts") as of January 31, 1998, and October 31, 1997, the results of
operations for the three months ended January 31, 1998 and 1997, and cash
flows for the three months ended January 31, 1998 and 1997.
2. The results of operations for the three months ended January 31, 1998 and
1997, are not necessarily indicative of the results to be expected for the
full year 1998, nor the results experienced for the full year 1997.
3. The accompanying financial statements have been prepared 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.
Item 2. Trustee's Discussion and Analysis of Financial Condition and Results
of Operations.
The U.S. stock market already nervous about the 10th anniversary of the
October 1987 crash fell sharply on October 27, 1997, in response to a
financial crisis in Southeast Asia. The Dow Jones Industrial Average fell 554
points, a record single-day point loss.
The markets quickly recovered, however, and most of the loss was regained
in November. Equities again dipped in December and then finished the year with
a strong rally in the final week.
The decline ultimately was less significant overall than 1987's crash
because of record high stock values. The Standard & Poor's 500 Index was up
2.87% for the 4th calendar quarter of 1997 and 33.36% for calendar year
1997. This was the first time in 20 years that there have been three
consecutive years of annual returns over 20%.
Market leadership narrowed again as the well-known and very liquid large-
cap stocks returned to the forefront.
Utilities and financial services were the best performing sectors during
the quarter and the financial sector was the top performer for the year,
although it seems overpriced. The poorest performers were technology, energy
and gold stocks.
Stock markets continued to benefit from mergers and acquisitions, which
were up almost 50% over 1996, then a record year. Stock repurchase programs
by major corporations also provided significant support.
A Southeast Asian financial crisis spurred big losses in the region's
stocks for the quarter and year. The MSCI-EAFE Index closed the 4th quarter
of 1997, down 7.7%, but up 2.06% for calendar year 1997.
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Subdued inflation was the big story in the fixed income market, but the
Asian financial crisis also had an impact. It kept the Federal Reserve from
raising interest rates for fear of increasing deflationary pressure. The
shrinking U.S. budget deficit also was an influence, and the combination of
factors prompted falling interest rates across the maturity spectrum and a
rising bond market.
Economic fundamentals appear strong going into 1998. However, equity
valuations remain higher than corporate earnings seem to justify, especially
for large company stocks. Even greater volatility is expected in the new
year, which will test the self-discipline of investors.
POOLED FUND COMMENTARY
The four collective investment funds included in this report are for the
use of "Qualified Retirement Trusts" such as yours. These four funds, the
Pooled Equity Fund, Pooled Debt Fund, Pooled Income Fund and Short-Term Money
Market Fund represent a pool of capital of about $543.9 million.
Participating accounts benefit from this large concentration of capital by
receiving constant investment attention, lower brokerage commissions on large
trades, and broad diversification which reduces risk and enhances investment
opportunities. Investment programs to meet the objectives of each individual
trust can be designed by adjusting the ratio of participation in the various
funds.
POOLED EQUITY FUND
During the 4th calendar quarter of 1997, new stock positions were taken
in Eastman Kodak and Eastman Chemical. Positions were deleted in Bristol
Myers Squibb, Minnesota Mining, Sprint and Mapco. The Fund's total return
(income plus price appreciation) for the 4th quarter was 0.74%. For the 12
months ended December 31, 1997, the total Fund returned 21.78%. Excluding
cash reserves, the total return of stocks held by the Fund was 0.78% for the
4th quarter and 26.68% for calendar year 1997.
POOLED DEBT FUND
In keeping with our philosophy of maintaining a high-quality portfolio
with limited maturity exposure, about 43.2% of the portfolio is held in
Government and Agency issues. Approximately 63.7% of the portfolio will
mature within five years. The weighted average life of the total portfolio
is 4.7 years. The total return of the Fund was 2.46% for the quarter ended
December 31, 1997, and 8.67% for the year. At quarter end, the current yield
of the fund was approximately 64.9%. The weighted yield to maturity at market
was 6.3%.
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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 return of 1.43% for the 4th calendar quarter of 1997
is equivalent to an annualized total return of 5.72%. For calendar year 1997,
the fund returned 5.72%. The Fund has an average maturity of 26 days and a
weighted yield to maturity of 5.56%.
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PART II--OTHER INFORMATION
-------------------------------------
Item 1. Legal Proceedings.
Not applicable.
Item 2. Changes in Securities.
Not applicable.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 5. Other Information.
Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits. The numbers set forth below correspond to the exhibit number
in Item 601 of Regulation S-K.
(2) Plan of Acquisition, reorganization, arrangement, liquidation, or
succession.
Not applicable.
(3) Articles of Incorporation and Bylaws.
Not applicable.
(4) Instrument Defining the Rights of Security Holders, Including Indentures.
Not applicable.
(10) Material Contracts.
Not applicable.
(11) Statement re Computation of Per Share Earnings.
Not applicable.
(15) Letter re Unaudited Interim Financial Information.
Not applicable.
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(18) Letter re Change in Accounting Principles.
Not applicable.
(19) Report Furnished to Security Holders.
Not applicable.
(22) Published Report Regarding Matters Submitted to Security Holders.
Not applicable.
(23) Consents of Experts and Counsel.
Not applicable.
(24) Power of Attorney.
Not applicable.
(27) Financial Data Schedule.
27.1 - Pooled 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 January 31, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
The Collective Investment Trusts for Which
UMB Bank, n.a. is Trustee
(Registrant)
by UMB Bank, n.a. as trustee
Date: March 12, 1998 By:/s/ Steve Campbell
Senior Vice President
By:/s/ E. Frank Ware
Executive Vice President and
Trust Accounting Officer
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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.
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ARTICLE 5 FDS - POOLED INCOME
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JANUARY 31, 1998, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS
FISCAL-YEAR END 10/31/98
PERIOD-END 1/31/98
CASH 0
SECURITIES 32,642,814
RECEIVABLES 136,236
ALLOWANCES 0
INVENTORY 0
CURRENT-ASSETS 0
PP&E 0
DEPRECIATION 0
TOTAL-ASSETS 32,779,050
CURRENT-LIABILITIES 1,578
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 0
OTHER-SE 32,777,472
TOTAL-LIABILITY-AND-EQUITY 32,779,050
SALES 0
TOTAL-REVENUES (620)
CGS 0
TOTAL-COST (842)
OTHER-EXPENSE 0
LOSS-PROVISION 0
INTEREST-EXPENSE 0
INCOME-PRETAX 0
INCOME-TAX 0
INCOME-CONTINUING 0
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 483,414
EPS-PRIMARY $0.79
EPS-DILUTED $0.79
<PAGE>
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ARTICLE 5 FDS - POOLED EQUITY
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JANUARY 31, 1998, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS
FISCAL-YEAR END 10/31/98
PERIOD-END 1/31/98
CASH 2,481,069
SECURITIES 208,957,460
RECEIVABLES 1,628,775
ALLOWANCES 0
INVENTORY 0
CURRENT-ASSETS 0
PP&E 0
DEPRECIATION 0
TOTAL-ASSETS 213,067,304
CURRENT-LIABILITIES 4,305
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 0
OTHER-SE 213,062,999
TOTAL-LIABILITY-AND-EQUITY 213,067,304
SALES 0
TOTAL-REVENUES 1,752,132
CGS 0
TOTAL-COST 0
OTHER-EXPENSE (2,298)
LOSS-PROVISION 0
INTEREST-EXPENSE 0
INCOME-PRETAX 7,368,783
INCOME-TAX 0
INCOME-CONTINUING 0
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 1,749,834
EPS-PRIMARY $0.76
EPS-DILUTED $0.76
<PAGE>
<PAGE>
ARTICLE 5 FDS - POOLED DEBT
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JANUARY 31, 1998, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS
FISCAL-YEAR END 10/31/98
PERIOD-END 1/31/98
CASH 0
SECURITIES 120,380,689
RECEIVABLES 2,391,130
ALLOWANCES 0
INVENTORY 0
CURRENT-ASSETS 0
PP&E 0
DEPRECIATION 0
TOTAL-ASSETS 130,014,514
CURRENT-LIABILITIES 11,488
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 0
OTHER-SE 122,760,331
TOTAL-LIABILITY-AND-EQUITY 122,771,819
SALES 0
TOTAL-REVENUES 2,039,865
CGS 0
TOTAL-COST (9,481)
OTHER-EXPENSE 0
LOSS-PROVISION 0
INTEREST-EXPENSE 1,256,090
INCOME-PRETAX 0
INCOME-TAX 0
INCOME-CONTINUING 0
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 2,030,384
EPS-PRIMARY $1.13
EPS-DILUTED $1.13
<PAGE>
