SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended: October 31, 1998
Commission file number: 2-58109
THE COLLECTIVE INVESTMENT TRUSTS*
(Exact name of registrant as specified in its charter)
* as defined herein
Missouri None
(State or other jurisdiction (IRS Employer Identification No.)
of incorporation or organization)
UMB BANK, N.A., TRUSTEE
Trust Department
1010 Grand Avenue
Kansas City, Missouri 64106
________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (816) 860-7000
Securities registered pursuant to Section 12(b) of the Act: None
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
--- ---
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [ X ]
The aggregate market value of the voting stock held by non-affiliates: None
Documents incorporated by reference into Part I:
Registrant's Registration Statement on Form S-1
(Commission file no. 33-86470)
<PAGE>
PART I
Item 1. Business
UMB Bank, N.A., the principle executive offices of which are located in Kansas
City, Missouri (the "Bank"), is trustee of three Collective Investment Trusts
(collectively referred to herein as the "Funds" or singularly as a AFund@) that
provide investment mediums for certain qualified retirement plans for which the
Bank serves as trustee. The Funds are:
a. The Fund for Pooling Equity Investments of Employee Trusts (the "Pooled
Equity Fund"), the primary investment objective of which is growth in the value
of the units of participation in the Fund through investments in equity
securities;
b. The Fund for Pooling Debt Investments of Employee Trusts (the "Pooled Debt
Fund"), the primary investment objective of which is the stability of the
underlying assets through the investment in fixed income obligations and growth
in the value of the units of participation in the Fund through reinvestment of
the income from such obligations;
c. The Pooled Income Fund for Employee Trusts (the "Pooled Income Fund"), the
primary investment objective of which is to provide a high degree of liquidity
through the investment in short-term fixed income obligations with growth in the
value of the units of participation in the Fund through reinvestment of the
income from such obligations.
The Funds are operated under Section 9 of Regulation 9 of the Comptroller of
Currency (12 C.F.R.9). The Trust Department of the Bank is responsible for the
continuing supervision and evaluation of all investments for the Funds. All
investment activities are subject to the policy making and reviewing authority
of the Bank's Trust Policy Committee, which is composed of twelve members made
up of Senior Management and outside Directors of the Bank.
The above description of the Registrant's business is qualified in its entirety
by reference to the more detailed discussion set forth in the Registrant's
registration statement on Form S-1 (Commission file no. 33-86470), as may be
amended from time to time.
Item 2. Properties
Not applicable
Item 3. Legal Proceedings
None
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable
<PAGE>
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
There is no established public trading market for the units of participation in
the Funds, and dividends are not paid on such units. On October 31, 1998, there
were [479] holders of units of participation in the Fund for Pooling Equity
Investments of Employee Trusts, [426] holders of units of participation in the
Fund for Pooling Debt Investments of Employee Trusts, and [254] holders of units
of participation in the Pooled Income Fund for Employees Trusts, and the closing
value of a unit of the Fund for Pooling Equity Investments of Employee Trusts,
of the Fund for Pooling Debt Investments of Employee Trusts, and of the Pooled
Income Fund for Employee Trusts were, respectively, $95.73, $73.14 and $56.04.
[Remainder of Page Intentionally Left Blank]
<PAGE>
<TABLE>
<CAPTION>
Item 6. Selected Financial Data
POOLED EQUITY FUND 10/31/94 10/31/95 10/31/96 10/31/97 10/31/98
<S> <C> <C> <C> <C> <C>
Securities at Market 231,541,980 262,319,073 259,171,312 214,522,751 184,150,793
Receivables 542,286 752,219 436,199 2,472,209 2,387,087
Total Assets 232,084,266 263,071,292 259,607,511 216,994,960 186,537,880
Current Liabilities 10,428 519,584 8,214 9,190 9,190
Participants' Interest 232,073,838 262,551,708 259,599,297 216,985,770 186,528,690
Total Liability and
Participants' Interest 232,084,266 263,071,292 259,607,511 216,994,960 186,537,880
Total Investment Income 6,957,083 9,262,707 9,169,196 7,486,364 6,638,807
Other Expense (31,276) (17,956) (11,563) (9,131) (9,190)
Net Realized and
Unrealized Gains (Losses) 7,351,978 23,040,216 25,953,359 42,086,301 10,448,767
Net Investment Income 6,925,807 9,244,751 9,157,633 7,477,233 6,629,617
Net Income Per Share $3.51 $7.87 $9.17 $16.46 $7.78
POOLED DEBT FUND 10/31/94 10/31/95 10/31/96 10/31/97 10/31/98
Securities at Market 157,972,562 162,536,863 166,226,032 127,865,784 114,535,305
Receivables 2,695,465 3,640,756 2,757,097 2,148,730 1,933,768
Total Assets 160,668,027 166,177,619 168,983,129 130,014,514 116,469,073
Current Liabilities 10,425 1,854,349 8,635 9,190 9,190
Participants' Interest 160,657,602 164,323,270 168,974,494 130,005,324 116,459,883
Total Liability and
Participants' Interest 160,668,027 166,177,619 168,983,129 130,014,514 116,469,073
Total Investment Income 11,260,248 9,951,449 11,618,424 9,653,774 7,710,035
Other Expense (11,065) (11,212) (9,826) (9,190) (9,190)
Net Realized and
Unrealized Gains (Losses) (17,582,088) 10,654,491 (1,581,733) 1,388,875 3,720,371
Net Investment Income 11,249,183 9,940,237 11,608,598 9,644,584 7,700,845
Net Income Per Share ($1.94) $6.90 $3.60 $4.68 $6.43
POOLED INCOME FUND 10/31/94 10/31/95 10/31/96 10/31/97 10/31/98
Securities at Market 60,098,434 65,327,731 44,161,577 34,903,580 27,840,827
Receivables 433,490 411,057 173,726 89,885 126,202
Total Assets 60,531,924 65,738,788 44,335,303 34,993,465 27,967,029
Current Liabilities 4,056 4,056 2,750 3,369 3,369
Participants' Interest 60,527,868 65,734,732 44,332,553 34,990,096 27,963,660
Total Liability and
Participants' Interest 60,531,924 65,738,788 44,335,303 34,993,465 27,967,029
Total Investment Income 2,409,792 3,834,915 2,963,509 2,198,406 1,724,563
Other Expense (4.725) (4,050) (2,744) (3,369) (3,369)
Net Realized and
Unrealized Gains (Losses) (51,721) 74,390 (29,992) (2,045) 0
Net Investment Income 2,405,067 3,830,865 2,960,765 2,195,037 1,721,194
Net Income Per Share $1.63 $2.85 $2.58 $2.84 $2.97
</TABLE>
<PAGE>
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Results of Operation
1995 - 1996
The equity markets had a second consecutive strong year, continuing the rise
that started in December 1994. Stocks were hit hard in July as a result of
concern that an overheating of the economy would cause higher interest rates.
There were no winners in the July correction, but large-capitalization stocks
suffered less and recovered faster. Small-cap stocks did outperform the market
during late spring, but stumbled badly with the broader market in July. The
advance in large-cap issues was led by technology, consumer and finance stocks.
The Pooled Equity Fund had a return of 12.79% for the 12-month period ended
October 31, 1996, while the S&P 500 and Value Line Indices increased 24.10% and
14.69% respectively. As a result of concern about higher inflation and interest
rates, the fixed return was less than coupon yield. The Pooled Debt Fund had a
total return of 5.36% for the 12-month period ended October 31, 1996, compared
to 5.81% for the Lehman Brothers Government/Corporate Intermediate Index.
Short-term rates eased somewhat, but the real interest rate remained high. The
Pooled Income Fund had a return of 5.69% for the 12-month period ended October
31, 1996, while 90-day T-Bills had a yield of 4.69%.
1996 - 1997
The strong U.S. economy and low inflation created a very favorable scenario for
the domestic equity markets and they responded by rising dramatically for the
third consecutive year. The advance was slowed by small corrections in December,
March and August, but the markets recovered strongly in each instance. Until
August, large-capitalization stocks outperformed the rest of the market, but
eventually mid-cap and small-cap stocks came to the forefront as concern about
valuations and overseas financial turmoil caught up with the multinational
companies. Investors were attracted to the low price/earnings ratios of cyclical
issues, many of which are small- and mid-cap stock. The Pooled Equity Fund had a
return of 22.37% for the 12-month period ended October 31, 1997, while the S&P
500 and Value Line Indices increased 32.11% and 27.15% respectively. The bond
market advanced during the year as yields dropped uniformly across the maturity
spectrum. The combination of economic growth that was strong, but not excessive,
and chaos in overseas financial markets reduced the chances that the Federal
Reserve would raise interest rates. Declines in the federal budget deficit
helped as well. The Pooled Debt Fund had a total return of 8.34% for the
12-month period ended October 31, 1997, compared to 7.49% for the Lehman
Brothers Government/Corporate Intermediate Index. Short-term rates were largely
unchanged for the year. The Pooled Income Fund had a return of 5.62% for the
12-month period ended October 31, 1997, while 90-day T-Bills had a yield of
4.64%.
1997 - 1998
The U.S. economy remained strong for another year aided by continued low
inflation and falling interest rates. The two tier equity market became more
pronounced as large capitalization stocks surged ahead after a slow start and
peaked in mid-July. They then corrected because of concerns about severe
financial problems overseas and excess leverage in U.S. markets. Small
capitalization stocks topped out in April and never fully recovered despite a
better earnings picture than large capitalization stocks. The market volatility
was very extreme throughout the year, with many sudden and large moves up and
down. The Pooled Equity Fund had a return of 7.84% for the 12-month period
ending October 31, 1998, while the S&P 500 Index and the Value Line Corporate
Index increased 26.08% and 6.30% respectively. Interest rates dropped
dramatically during the year especially during the last quarter as the Federal
Reserve lowered the Federal Funds rate three times. The combination of low
inflation and weakness in the economies of many countries overseas raised the
spector of deflation. The risk of a liquidity crunch arose when a major hedge
fund appeared to be on the brink of collapse, but swift action by the Federal
Reserve and others helped rescue the situation. The Pooled Debt Fund had a total
return of 10.15% for the 12-month period ended October 31, 1998, compared to
8.69% for the Lehman Brothers Government/Corporate Intermediate Index.
Short-Term rates also dropped during the year. The Pooled Income Fund had a
return of 5.90% for the 12-month period ended October 31, 1998, while 90-day
T-Bills had a yield of 5.21%.
<PAGE>
"Year 2000 Readiness Disclosure"
The Year 2000 readiness issue is the result of computer programs that have been
coded to define a year using two digits rather than four. For example, a
substantial number of programs have date sensitive coding which may recognize a
date using "00" as 1900 rather than 2000. This could result in system failures
or miscalculations causing disruptions to the operations of both the bank as
trustee of the Funds and those of any issuer of any securities held by the
funds.
The Bank, as part of its overall operations, has been actively working on this
issue since 1996. A plan was developed in which Year 2000 issues are divided
into two areas - those involving Bank's mission critical functions and those
involving non-mission critical functions. Within these two areas, applications
were further divided into those over which the Bank had control and those which
were controlled by outside vendors.
A five-step plan was then developed involving 1) inventory, 2) solution
planning, 3) renovation, 4) testing, and 5) implementation. The approximate
percentage of each type of mission critical application for which the Bank has
completed the respective step of the five-step plan is set forth below:
Company-Controlled Vendor-Controlled
Mission Critical Mission Critical
Inventory 99% 99%
Solution Planning 99% 99%
Renovation 99% 83%
Testing 99% 83%
Implementation 90% 80%
The Bank also has made significant steps toward assessing its hardware and is
making substantial progress toward replacing necessary equipment. All mainframe
and mid-range systems are in place, and an inventory of personal computers is
under way. The Bank's five-step plan also applies to all identified
non-information technology assets such as equipment containing embedded chips.
Although the Bank has incurred Year 2000 compliance costs (as disclosed in the
Form 10-Q filed by the Bank for the quarterly period ended September 30, 1998),
none of such costs have been charged to the Funds.
The Bank has in place a program to investigate and quantify the Year 2000 issues
arising from its relationships with third parties such as borrowers, vendors,
counterparties, issuers of debt and equity securities in which the Funds may
invest, and service providers (e.g. the federal reserve system,
telecommunications providers and electric utilities). Interfaces and
connectivity with these parties and systems also present significant issues.
Because the Funds buy, hold and sell the securities of various issuers, the
state of Year 2000 readiness of such issuers is also important. The Bank has
established a policy in which, as part of its review and consideration of
issuers whose securities are being considered for purchase by the Funds, it
reviews the portions of the public filings of such issuers that describe their
respective efforts and status relating to Year 2000 readiness. The Bank does
not, however, attempt to independently confirm or verify any of the
representations or statements made by such issuers in such filings.
A failure of counterparties, significant suppliers, customers with substantial
relationships, issuers whose securities are held by the Bank, or failures in the
payment system could have a substantial negative impact on the Bank. In
addition, the Bank could face significant disruptions of business and financial
losses if there were failures of telecommunications systems, utility systems,
security clearing systems or other elements of the financial industry
infrastructure. These negative affects could have a material adverse effect on
the Funds.
All of the foregoing is based on the Bank's current assessment of the situation
using information available to it. Other factors that might cause material
changes include, but are not limited to, the loss of key personnel and the
<PAGE>
ability to respond to unforeseen complications. Because the Bank's remediation
process is not complete and due to the reliance on business partners, vendors,
customers, utilities, telecommunications providers and others, the outcome of
Year 2000 readiness is uncertain and such issues may have a material adverse
effect on the Bank's, as well as the Funds', future financial condition and
future operating results. At this point it is impossible to assess a "worst
case" scenario.
The Bank continues to develop contingency plans to cover failures due to Year
2000 issues relating to its operations, physical locations, products, suppliers,
public infrastructure and customers. Contingency planning is expected to be
substantially complete in the near future.
Safe Harbor Statement
The above statements regarding Year 2000 readiness, including, without
limitation, statements as to the Bank's expectations and beliefs presented
above, are forward-looking statements. Forward-looking statements are made based
upon the Bank's expectations and belief concerning future developments and their
potential effect upon the Bank and the Funds. There can be no assurance that
future developments will be in accordance with the Bank's expectations or that
the effect of future developments on the Bank or the Funds will be those
anticipated by the Bank.
The Bank wishes to caution readers that the assumptions which form the basis for
forward-looking statements with respect to or that may impact earnings on the
units of the Funds include many factors that are beyond the Bank's ability to
control or estimate precisely. These risks and uncertainties include, but are
not limited to, the impact of competition in the banking and financial services
industry; changes in the pricing of the services of the Bank or its competitors;
the loss of a significant customer or supplier; disruptions in operations due to
failures of telecommunications systems, utility systems, security clearing
systems, or other elements of the financial industry infrastructure; the
unanticipated costs and disruption in operations due to Year 2000 non-compliance
of both the Bank and the companies in which the Funds hold debt or equity
interests; the costs and other effects of complying with regulatory
requirements; the cost and other effects of legal and administrative cases and
proceedings, settlements and investigations; and changes in U.S. or
International economic or political conditions, such as inflation or
fluctuations in interest or foreign exchange rates.
While the Bank periodically reassesses material trends and uncertainties
affecting the Fund's results of operations and financial condition in connection
with its preparation of management's discussion and analysis contained in the
Fund' annual and quarterly reports, the Bank does not intend to review or
revise any particular forward-looking statement referenced herein in light of
future events.
Item 8. Financial Statements and Supplementary Data
The financial statements are attached hereto and filed as part of this report.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
None
PART III
Item 10. Directors and Executive Officers of the Registrant
The Registrant has no directors or executive officers. The Bank is trustee and
certain officers and employees of the Bank devote a portion of their time to
managing the Funds.
<PAGE>
Item 11. Executive Compensation
Not applicable
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13. Certain Relationships and Related Transactions
Not applicable.
PART IV
Item 14. Exhibits, Financial Statement Schedule and Reports on Form 8-K
a. Financial Statements, Financial Statement Schedules and Exhibits.
(1) Financial Statements:
The financial statements filed as a part of this report are set forth on the
index to the Audited Financial Statements and Other Financial Information on
page [F-1] of this report.
(2) Financial Statement Schedules:
Not applicable.
(3) Financial Statement Exhibits:
All exhibits incorporated by reference herein are incorporated pursuant to Rule
12b-32 under the Securities Exchange Act of 1934, as amended.
(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
4.1 The UMB Bank, N.A. Master Plan and Trust for Self-Employed Individuals, as
amended on January 1, 1991, is attached as Exhibit 4.1 to post-effective
amendment no. 5 to the Registrant's registration statement on Form S-1
(Commission file no. 33-27170) and is incorporated herein by reference as
Exhibit 4.2.
4.2 The Plan and Declaration of Trust for the Fund for Pooling Equity
Investments of Employee Trusts, as amended on October 31, 1995, is attached as
Exhibit 4.2
<PAGE>
to Registrant's Form 10-K for the year ended October 31, 1995, and
is incorporated herein by reference as Exhibit 4.3.
4.3 The Plan and Declaration of Trust for the Fund for Pooling Debt Investments
of Employee Trusts, as amended on October 31, 1995, is attached as Exhibit 4.3
to Registrant's Form 10-K for the year ended October 31, 1995, and is
incorporated herein by reference as Exhibit 4.3.
(9) Voting Trust Agreement
Not applicable.
(10) Material Contracts
Not applicable.
(11) Statement regarding Computation of Per Share Earnings
Not applicable.
(12) Statement Regarding Computation of Ratios
Not applicable.
(13) Annual Report to Security Holders, Form 10-Q or Quarterly Report to
Security Holders
Not applicable.
(16) Letter Regarding Change in Certifying Accountants
Not applicable.
(18) Letter Regarding Change in Accounting Principles
Not applicable.
(21) Subsidiaries of Registrant
Not applicable.
(22) Published Report Regarding Matters Submitted to Vote of Security Holders
Not applicable.
(23) Consents of Experts and Counsel
Not applicable.
(24) Power of Attorney
Not applicable.
<PAGE>
(27) Financial Data Schedule
Not applicable.
(28) Information from Reports Furnished to State Insurance Regulatory
Authorities
Not applicable.
(99) Additional Exhibits
Not applicable.
b. Reports Filed on Form 8-K.
No report on Form 8-K was filed by the Registrant during the last quarter of the
period covered by this report.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and 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
by UMB Bank, n.a.
________________________________
As Trustee
Date: January 29, 1999
/s/Edward J. McShane, Jr.
________________________________
Edward J. McShane, Jr.
Executive Vice President
Date: January 29, 1999
/s/ E. Frank Ware
________________________________
Executive Vice President and
Trust Accounting Officer
The Registrant has no directors.
<PAGE>
Index to Financial Statements
Page
Report of Independent Auditors F-2
Fund for Pooling Equity Investments of Employee Trusts
Financial Statements:
Statements of Assets and Liabilities, October 31, 1998 and 1997 F-3
Statements of Investments Held, October 31, 1998 and 1997 F-4
Statements of Operations, three years ended October 31, 1998, 1997,
and 1996 F-16
Statement of Participants' Interest, three years ended
October 31, 1998, 1997, and 1996 F-17
Fund for Pooling Debt Investments of Employee Trusts
Financial Statements:
Statements of Assets and Liabilities, October 31, 1998 and 1997 F-18
Statements of Investments Held, October 31, 1998 and 1997 F-19
Statements of Operations, three years ended
October 31, 1998, 1997, and 1996 F-30
Statement of Participants' Interest, three years ended
October 31, 1998, 1997, and 1996 F-31
Pooled Income Fund for Employee Trusts
Financial Statements:
Statements of Assets and Liabilities, October 31, 1998 and 1997 F-32
Statements of Investments Held, October 31, 1998 and 1997 F-33
Statements of Operations, three years ended
October 31, 1998, 1997, and 1996 F-35
Statement of Participants' Interest, three years ended
October 31, 1998, 1997, and 1996 F-36
Notes to Financial Statements for the three years ended
October 31, 1998 F-37
<PAGE>
Independent Accountants' Report
-------------------------------
Board of Directors
UMB Bank, n.a.
Kansas City, Missouri
We have audited the accompanying statements of assets and
liabilities of the Fund for Pooling Equity Investments of Employee Trusts, the
Fund for Pooling Debt Investments of Employee Trusts and the Pooled Income Fund
for Employee Trusts of UMB Bank, n.a. (the Funds), including the statements of
investments held, as of October 31, 1998 and 1997, and the related statements of
operations and participants' interest for the years then ended. These financial
statements are the responsibility of the Funds= management. Our responsibility
is to express an opinion on these financial statements based on our audits. The
statements of operations and participants= interest for the year ended October
31, 1996 were audited by other auditors whose report dated November 15, 1996
expressed an unqualified opinion on those statements.
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, the financial statements referred to above
present fairly, in all material respects, the financial position of the Fund for
Pooling Equity Investments of Employee Trusts, the Fund for Pooling Debt
Investments of Employee Trusts and the Pooled Income Fund for Employee Trusts of
UMB Bank, n.a. as of October 31, 1998 and 1997, and the results of its
operations and the changes in its participants= interest for the years then
ended, in conformity with generally accepted accounting principles.
/s/BAIRD, KURTZ & DOBSON
Kansas City, Missouri
November 13, 1998
F-2
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
October 31
1998 1997
--------------------------------------------------------------
Cost Market Cost Market
ASSETS
Investments:
<S> <C> <C> <C> <C>
Common stocks ........................... $109,744,617 $121,395,246 $129,558,673 $161,875,185
Commercial paper ........................ 59,278,825 59,278,825 49,763,553 49,763,553
Short-term money market fund ............ 3,476,722 3,476,722 2,884,013 2,884,013
--------- --------- --------- ---------
$172,500,164 184,150,793 $182,206,239 214,522,751
============ ============
Interest and dividends receivable ........... 312,326 331,235
Receivable for securities sold .............. 2,074,761 2,140,974
------------ ------------
186,537,880 216,994,960
LIABILITIES
Audit fee payable .......................... 9,190 9,190
----------- ------------
PARTICIPANTS= INTEREST, Equivalent to
$95.73 per unit on 1,948,510 units
outstanding in 1998 and $88.77 per
unit on 2,444,463 units outstanding in 1997 $186,528,690 $216,985,770
============ ============
</TABLE>
See Notes to Financial Statements
F-3
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1998
1998
____________________________________
Number of
Shares or
Principal
Amount Cost Market
____________________________________
COMMON STOCKS - 65.9%
CONSUMER NONDURABLES - 9.2%
BEVERAGES:
ANHEUSER BUSCH COMPANIES INC. 46,000 $1,020,361 $2,737,000
FOOD:
ARCHER DANIELS MIDLAND CO ........... 187,223 1,888,565 3,124,377
BOB EVANS FARMS INC ................. 84,000 1,485,125 1,653,792
BRINKER INTERNATIONAL ............... 31,000 512,800 755,625
--------- --------- ---------
TOTAL FOOD ......................... 3,886,490 5,533,794
--------- ---------
HEALTHCARE:
BARD C R INC ......................... 75,000 1,851,069 3,201,600
BAXTER INTERNATIONAL INC ............. 12,000 117,870 719,256
--------- --------- ---------
TOTAL HEALTHCARE 1,968,939 3,920,856
--------- ---------
HOUSEHOLD PRODUCTS:
RUBBERMAID INC 47,000 1,297,239 1,559,836
------ --------- ---------
PHOTOGRAPHY:
EASTMAN KODAK COMPANY 41,400 2,384,418 3,208,500
------ --------- ---------
TOTAL CONSUMER NONDURABLES 10,557,447 16,959,986
---------- ----------
SERVICES - 8.9%
MEDIA:
DUN & BRADSTREET 47,000 787,495 1,333,625
------ ------- ---------
CONSULTING:
COTELLIGENT GROUP INC 19,000 424,250 358,625
------ ------- -------
RETAIL:
AMERICAN GREETINGS CORP ............. 37,800 981,120 1,516,725
ASCENT ENTERTAINMENT ................ 44,871 270,090 305,706
See Notes to Financial Statements
F-4
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1998
1998
____________________________________
Number of
Shares or
Principal
Amount Cost Market
____________________________________
DILLARDS INC ...................... 44,000 $1,148,150 $1,366,772
DONNELLEY R R & SONS CO ........... 62,000 1,888,086 2,673,750
THE LIMITED INC ................... 64,724 1,231,866 1,658,553
TOYS 'R' US INC ................... 125,000 3,046,086 2,445,375
------- --------- ---------
TOTAL RETAIL ......................... 8,565,398 9,966,881
--------- ---------
TEXTILE AND APPAREL:
BASSETT FURNITURE INDUSTRY .......... 106,000 2,422,192 2,411,500
BROWN GROUP INC ..................... 84,600 2,365,705 1,348,355
STRIDE RITE CORP .................... 110,000 1,503,651 1,003,750
------- --------- ---------
TOTAL TEXTILE AND APPAREL .................. 6,291,548 4,763,605
--------- ---------
TOTAL SERVICES 16,068,691 16,422,736
---------- ----------
CONSUMER DURABLES - 3.0%
AUTOMOTIVE:
GENUINE PARTS CO ................. 108,900 1,745,240 3,430,350
SUPERIOR INDUSTRIES .............. 82,700 2,080,448 2,165,748
------ --------- ---------
TOTAL AUTOMOTIVE ....................... 3,825,688 5,596,098
--------- ---------
TOTAL CONSUMER DURABLES .................. 3,825,688 5,596,098
--------- ---------
CAPITAL GOODS - 16.3%;
ELECTRICAL & NETWORKING EQUIPMENT:
CISCO SYSTEMS INC ................ 9,000 389,625 567,000
----- ------- -------
ELECTRONICS:
AMP INC ............................. 81,992 3,094,987 3,366,838
ELECTRONIC DATA SYSTEMS ............. 90,000 3,337,101 3,661,920
DIEBOLD INC ......................... 70,000 1,543,087 2,187,500
SENSORMATIC ELECTRONICS ............. 314,600 5,086,816 1,769,625
------- --------- ---------
TOTAL ELECTRONICS .................... 13,061,991 10,985,883
---------- ----------
MACHINERY & EQUIPMENT:
BRIGGS & STRATTON CORP ............ 33,000 1,456,484 1,551,000
COOPER INDUSTRIES INC ............. 13,000 477,074 573,625
SNAP ON INC ....................... 53,000 1,158,170 1,878,214
------ --------- ---------
TOTAL MACHINERY & EQUIPMENT ................ 3,091,728 4,002,839
--------- ---------
See Notes to Financial Statements
F-5
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1998
1998
____________________________________
Number of
Shares or
Principal
Amount Cost Market
____________________________________
OFFICE EQUIPMENT:
IBM CORP ................. 5,000 $ 35,562 $ 742,500
NOVELL INC ............... 310,000 3,526,165 4,611,250
------- --------- ---------
TOTAL OFFICE EQUIPMENT ................... 3,561,727 5,353,750
--------- ---------
MISCELLANEOUS:
BROWNING FERRIS INDUSTRIES .......... 20,000 516,300 708,760
CALGON CARBON CORP .................. 321,400 4,159,729 2,270,048
CROWN CORK & SEAL CO., INC .......... 59,700 1,551,622 1,902,938
GLOBAL IND. TECH .................... 317,800 3,340,027 2,761,046
GRAINGER W W INC .................... 31,000 831,180 1,427,953
------ ------- ---------
TOTAL MISCELLANEOUS ................... 10,398,858 9,070,745
---------- ---------
TOTAL CAPITAL GOODS .................... 30,503,929 29,980,217
---------- ----------
BASIC MATERIALS - 20.9%
CHEMICALS:
EASTMAN CHEMICAL CO .............. 14,900 857,429 875,375
ENGELHARD CORP ................... 197,000 4,201,456 4,137,000
HERCULES INC ..................... 47,000 2,134,383 1,565,711
MALLINCKRODT INC ................. 91,100 2,678,446 2,596,350
NALCO CHEMICAL CO ................ 80,000 1,698,734 2,475,040
------ --------- ---------
TOTAL CHEMICALS ...................... 11,570,448 11,649,476
---------- ----------
METAL AND MINING:
BRUSH WELLMAN INC ....................... 59,000 754,727 1,003,000
CYPRUS AMAX MINERALS COMPANY 235,500 5,241,105 2,929,149
KENNAMETAL INC .......................... 82,100 1,888,148 1,703,575
NEWMONT MINING CORP ..................... 110,000 2,661,307 2,337,500
WORTHINGTON INDUSTRIES .................. 161,000 2,230,000 2,183,643
------- --------- ---------
TOTAL METAL AND MINING ................... 12,775,287 10,156,867
---------- ----------
PAPER AND FORESTRY PRODUCTS:
UNION CAMP CORP ................ 82,000 3,604,953 3,526,000
WEYERHAEUSER CO ................ 61,700 1,786,408 2,888,362
------ --------- ---------
TOTAL PAPER AND FORESTRY PRODUCTS .............. 5,391,361 6,414,362
--------- ---------
See Notes to Financial Statements
F-6
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1998
1998
____________________________________
Number of
Shares or
Principal
Amount Cost Market
____________________________________
PETROLEUM:
AMOCO CORP ........................ 26,000 $ 932,930 $1,462,500
ATLANTIC RICHFIELD CO ............. 21,000 1,556,010 1,446,375
BAKER HUGHES INC .................. 110,000 2,239,267 2,426,930
HALLIBURTON CO .................... 45,000 783,534 1,620,000
KERR MCGEE CORP ................... 41,000 1,656,243 1,634,875
USX MARATHON GROUP ................ 51,000 860,009 1,667,088
------ ------- ---------
TOTAL PETROLEUM ....................... 8,027,993 10,257,768
--------- ----------
TOTAL BASIC MATERIALS .................. 37,765,089 38,478,473
---------- ----------
TRANSPORTATION - 8%
RAILROADS:
UNION PACIFIC CORP ................. 16,000 240,340 762,000
UNION PACIFIC RESOURCES ............ 21,511 245,260 279,643
------ ------- -------
TOTAL RAILROADS ........................ 485,600 1,041,643
------- ---------
TRUCKING:
ROADWAY EXPRESS INC ................ 37,000 563,687 511,081
------ ------- -------
TOTAL TRANSPORTATION ................... 1,049,287 1,552,724
--------- ---------
MULTIBUSINESS - .8%
TRW INC .................... 26,000 829,465 1,480,388
------ ------- ---------
UTILITIES - 6.0%
COMMUNICATION:
AT&T CORPORATION ............... 12,900 434,407 806,250
COMSAT CORP .................... 26,100 402,123 1,029,332
MOTOROLA INC ................... 64,700 3,752,738 3,364,400
------ --------- ---------
TOTAL COMMUNICATION .................... 4,589,268 5,199,982
--------- ---------
See Notes to Financial Statements
F-7
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1998
1998
____________________________________
Number of
Shares or
Principal
Amount Cost Market
____________________________________
ELECTRIC:
AMEREN CORPORATION ................. 34,000 $1,157,312 $1,357,892
DOMINION RESOURCES, INC. VA ........ 16,000 564,468 738,000
ENTERGY CORP ....................... 76,000 1,788,000 2,185,000
TEXAS UTILITIES CO ................. 33,000 1,045,973 1,443,750
------ --------- ---------
TOTAL ELECTRIC ....................... 4,555,753 5,724,642
--------- ---------
TOTAL UTILITIES 9,145,021 10,924,624
--------- ----------
TOTAL COMMON STOCKS 109,744,617 121,395,246
----------- -----------
COMMERCIAL PAPER - 32.2%
AMGEN INC., DUE 11/3/98 .................. 2,015,000 2,006,694 2,006,694
AMOCO CO., DUE 11/10/98 .................. 2,000,000 1,987,697 1,987,697
BECTON DICKENSON, DUE 12/7/98 ............ 2,025,000 2,013,705 2,013,705
CHEVRON USA INC., DUE 11/4/98 ............ 2,000,000 1,996,111 1,996,111
CHEVRON USA INC., DUE 11/9/98 ............ 2,500,000 2,494,015 2,494,015
CHEVRON USA INC., DUE 12/8/98 ............ 2,500,000 2,483,844 2,483,844
COCA-COLA COMPANY, DUE 11/20/98 .......... 2,500,000 2,484,979 2,484,979
DEERE AND COMPANY, DUE 11/25/98 .......... 2,500,000 2,489,769 2,489,769
DEERE AND COMPANY, DUE 12/4/98 ........... 575,000 571,442 571,442
DONNELLY R R & SONS CO., DUE 11/17/98 .... 1,500,000 1,495,775 1,495,775
DUPONT (E.I.) DE NEMOURS & CO.,
INC., DUE 11/3/98 ..................... 500,000 496,537 496,537
DUPONT (E.I.) DE NEMOURS & CO.,
INC., DUE 11/4/98 ..................... 2,000,000 1,986,776 1,986,776
DUPONT (E.I.) DE NEMOURS & CO.,
INC., DUE 12/11/98 .................... 2,500,000 2,484,313 2,484,313
DUKE POWER COMPANY, DUE 11/20/98 ......... 2,000,000 1,991,667 1,991,667
EASTMAN KODAK CO., DUE 11/20/98 .......... 2,000,000 1,987,191 1,987,191
GENERAL MILLS, INC., DUE 11/13/98 ........ 1,500,000 1,490,900 1,490,900
INTERNATIONAL BUSINESS
MACHINES, DUE 11/13/98 .................. 1,500,000 1,493,450 1,493,450
KIMBERLY-CLARK CORP., DUE 11/10/98 ....... 2,500,000 2,477,500 2,477,500
MARSH & MCCLENNON COS,
INC., DUE 11/2/98 ..................... 1,500,000 1,493,245 1,493,245
MONSANTO CORP., DUE 12/01/98 ............. 1,500,000 1,490,225 1,490,225
MOTOROLA, INC., DUE 11/10/98 ............. 2,500,000 2,465,750 2,465,750
MOTOROLA, INC., DUE 11/19/98 ............. 1,500,000 1,488,993 1,488,993
See Notes to Financial Statements
F-8
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1998
1998
____________________________________
Number of
Shares or
Principal
Amount Cost Market
____________________________________
PENNY, (J.C.) FUNDING CORP.,
DUE 11/24/98 .......................... 1,000,000 $ 993,998 $ 993,998
PENNY, (J.C.) FUNDING CORP.,
DUE 11/6/98 ........................... 4,000,000 3,973,555 3,973,555
PROGRESS CAPITAL HOLDINGS,
INC., DUE 11/10/98 .................... 2,500,000 2,488,333 2,488,333
PROGRESS CAPITAL HOLDINGS,
INC., DUE 11/2/98 ..................... 1,500,000 1,496,373 1,496,373
TEXACO INC., DUE 11/25/98 ................ 2,500,000 2,484,472 2,484,472
TEXACO INC., DUE 12/4/98 ................. 500,000 496,944 496,944
TOYS 'R' US, DUE 11/9/98 ................. 1,000,000 995,324 995,324
TOYS 'R' US, DUE 11/19/98 ................ 1,500,000 1,492,747 1,492,747
WISCONSIN ENERGY, DUE 11/19/98 ........... 2,500,000 2,490,569 2,490,569
XEROX CAPITAL EUROPE PLC,
DUE 11/18/98 .......................... 1,000,000 995,932 995,932
--------- ------- -------
TOTAL COMMERCIAL PAPER ................... 59,278,825 59,278,825
---------- ----------
SHORT-TERM MONEY MARKET FUND - 1.9%
SHORT-TERM MONEY MARKET
FUND OF UMB BANK, n.a ............ 3,476,722 3,476,722 3,476,722
--------- --------- ---------
TOTAL INVESTMENTS HELD ............... $172,500,164 $184,150,793
============ ============
See Notes to Financial Statements
F-9
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1997
1997
____________________________________
Number of
Shares or
Principal
Amount Cost Market
____________________________________
COMMON STOCKS - 75.5%
CONSUMER NONDURABLES - 7.6%
BEVERAGES:
ANHEUSER BUSCH COMPANIES INC ....... 46,000 $1,020,361 $1,837,148
------ ---------- ----------
FOOD:
ARCHER DANIELS MIDLAND CO ........... 76,403 199,383 1,699,967
BOB EVANS FARMS INC ................. 165,000 3,134,137 3,124,770
BRINKER INTERNATIONAL ............... 211,300 3,667,040 2,958,200
------- --------- ---------
TOTAL FOOD ......................... 7,000,560 7,782,937
--------- ---------
HEALTHCARE:
BARD C R INC ........................ 104,700 2,643,317 2,905,425
BAXTER INTERNATIONAL INC ............ 27,900 394,761 1,293,863
MERCK & CO., INC .................... 10,000 21,616 892,500
------ ------ -------
TOTAL HEALTHCARE ....................... 3,059,694 5,091,788
--------- ---------
HOUSEHOLD PRODUCTS:
RUBBERMAID INC .............. 64,250 1,842,229 1,546,048
------ --------- ---------
TOTAL CONSUMER NONDURABLES ............... 12,922,844 16,257,921
---------- ----------
SERVICES - 12.5%
MEDIA:
DUN & BRADSTREET ............... 55,300 1,052,099 1,579,534
------ --------- ---------
TOTAL MEDIA ........................ 1,052,099 1,579,534
--------- ---------
RETAIL:
AMERICAN GREETINGS CORP ............. 113,000 3,155,602 3,919,744
ASCENT ENTERTAINMENT ................ 44,871 270,090 443,101
BLOCK H&R INC ....................... 93,200 3,190,470 3,448,400
COGNIZANT CORP ...................... 50,400 1,348,339 1,975,075
DILLARDS INC ........................ 44,000 1,148,150 1,699,500
DONNELLEY R R & SONS CO ............. 62,000 1,888,086 2,022,750
THE LIMITED INC ..................... 64,724 1,253,170 1,525,092
TOYS 'R' US INC ..................... 111,000 2,790,621 3,774,000
------- --------- ---------
TOTAL RETAIL ....................... 15,044,528 18,807,662
---------- ----------
See Notes to Financial Statements
F-10
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1997
1997
____________________________________
Number of
Shares or
Principal
Amount Cost Market
____________________________________
TEXTILE AND APPAREL:
BASSETT FURNITURE INDUSTRY ........ 132,000 $3,080,904 $3,696,000
BROWN GROUP INC ................... 84,600 2,365,705 1,279,575
STRIDE RITE CORP .................. 123,600 1,817,797 1,452,300
------- --------- ---------
TOTAL TEXTILE AND APPAREL .................. 7,264,406 6,427,875
--------- ---------
TOTAL SERVICES ....................... 23,361,033 26,815,071
---------- ----------
CONSUMER DURABLES - 3.5%
AUTOMOTIVE:
GENUINE PARTS CO ................. 108,900 1,745,240 3,409,986
SUPERIOR INDUSTRIES .............. 82,700 2,080,448 2,207,098
------ --------- ---------
TOTAL AUTOMOTIVE ....................... 3,825,688 5,617,084
--------- ---------
BUILDING:
MASCO CORP .................... 41,000 973,719 1,798,875
------ ------- ---------
TOTAL CONSUMER DURABLES .................. 4,799,407 7,415,959
--------- ---------
ELECTRONICS:
ELECTRONIC DATA SYSTEMS ............. 78,400 2,888,355 3,033,139
SENSORMATIC ELECTRONICS ............. 314,600 5,086,816 4,699,495
------- --------- ---------
TOTAL ELECTRONICS ...................... 7,975,171 7,732,634
--------- ---------
MACHINERY:
COOPER INDUSTRIES INC ............. 73,000 3,134,847 3,805,125
SNAP ON INC ....................... 53,000 1,158,170 2,279,000
------ --------- ---------
TOTAL MACHINERY ........................ 4,293,017 6,084,125
--------- ---------
OFFICE EQUIPMENT:
DIGITAL EQUIPMENT CORP .................... 73,400 2,514,031 3,674,624
INTERNATIONAL BUSINESS MACHINES CORP ...... 18,000 174,389 1,773,000
NOVELL INC ................................ 480,400 7,034,665 4,053,615
------- --------- ---------
TOTAL OFFICE EQUIPMENT ................... 9,723,085 9,501,239
--------- ---------
See Notes to Financial Statements
F-11
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1997
1997
____________________________________
Number of
Shares or
Principal
Amount Cost Market
____________________________________
MISCELLANEOUS:
BROWNING FERRIS INDUSTRIES ........ 101,300 $2,929,865 $3,292,250
CALGON CARBON CORP ................ 355,800 4,753,177 4,203,065
GLOBAL IND. TECH .................. 117,000 1,398,740 1,996,371
GRAINGER W W INC .................. 20,000 1,072,762 1,748,760
HILLENBRAND INDUSTRIES, INC ....... 79,800 2,364,044 3,411,450
------ --------- ---------
TOTAL MISCELLANEOUS .................... 12,518,588 14,651,896
---------- ----------
TOTAL CAPITAL GOODS .................... 34,509,861 37,969,894
---------- ----------
BASIC MATERIALS - 14.5%
CHEMICALS:
ENGELHARD CORP ................ 177,400 3,853,792 3,082,325
MALLINCKRODT INC .............. 91,100 2,678,446 3,416,250
NALCO CHEMICAL CO ............. 80,000 1,698,734 3,200,000
------ --------- ---------
TOTAL CHEMICALS ........................ 8,230,972 9,698,575
--------- ---------
METAL AND MINING:
BRUSH WELLMAN INC ................... 74,300 999,245 1,787,881
CYPRUS AMAX MINERALS COMPANY ........ 179,100 4,393,342 3,749,996
------- --------- ---------
TOTAL METAL AND MINING ................... 5,392,587 5,537,877
--------- ---------
PAPER AND FORESTRY PRODUCTS:
UNION CAMP CORP ................ 62,800 2,900,601 3,403,006
WEYERHAEUSER CO ................ 61,700 1,786,408 2,946,175
------ --------- ---------
TOTAL PAPER AND FORESTRY PRODUCTS .............. 4,687,009 6,349,181
--------- ---------
PETROLEUM:
AMOCO CORP ........................ 21,045 404,827 1,944,032
ATLANTIC RICHFIELD CO ............. 14,000 731,740 1,152,382
DRESSER INDUSTRIES INC ............ 45,000 783,534 1,895,625
KERR MCGEE CORP ................... 41,000 1,656,243 2,770,083
USX MARATHON GROUP ................ 51,000 860,009 1,823,250
------ ------- ---------
TOTAL PETROLEUM ........................ 4,436,353 9,585,372
--------- ---------
TOTAL BASIC MATERIALS .................. 22,746,921 31,171,005
---------- ----------
See Notes to Financial Statements
F-12
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1997
1997
____________________________________
Number of
Shares or
Principal
Amount Cost Market
____________________________________
TRANSPORTATION - 1.2%;
RAILROADS:
UNION PACIFIC CORP .................. 16,000 $240,340 $980,000
UNION PACIFIC RESOURCES ............. 21,511 245,260 529,708
------ ------- -------
TOTAL RAILROADS ........................ 485,600 1,509,708
------- ---------
TRUCKING:
ROADWAY EXPRESS INC .............. 37,000 563,687 1,026,750
------ ------- ---------
TOTAL TRANSPORTATION ................... 1,049,287 2,536,458
--------- ---------
MULTIBUSINESS - .7%
TRW INC .................... 26,000 829,465 1,488,500
------ ------- ---------
UTILITIES - 16.8%
COMMUNICATION:
AT&T CORPORATION ..................... 92,500 3,015,705 4,520,938
BELL ATLANTIC CORPORATION ............ 28,000 696,650 2,240,000
COMSAT CORP .......................... 91,800 1,438,286 2,099,925
U S WEST INC ......................... 74,300 1,762,072 2,958,106
US WEST MEDIA GROUP .................. 35,000 545,807 883,750
------ ------- -------
TOTAL COMMUNICATION ................... 7,458,520 12,702,719
--------- ----------
ELECTRIC:
DOMINION RESOURCES, INC. VA ......... 97,000 3,809,559 3,607,236
DUKE ENERGY CORP .................... 27,154 392,924 1,316,969
ENTERGY CORP ........................ 123,600 2,965,155 3,012,750
FLORIDA PROGRESS CORP ............... 113,200 3,262,448 3,686,132
SCANA CORP .......................... 71,000 1,156,990 1,792,750
TEXAS UTILITIES CO .................. 43,550 1,458,305 1,562,356
UNION ELECTRIC CO ................... 61,600 2,217,842 2,321,581
------ --------- ---------
TOTAL ELECTRIC ....................... 15,263,223 17,299,774
---------- ----------
NATURAL GAS:
MAPCO INC .................. 118,000 2,742,675 3,894,000
------- --------- ---------
See Notes to Financial Statements
F-13
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1997
1997
____________________________________
Number of
Shares or
Principal
Amount Cost Market
____________________________________
MISCELLANEOUS:
WASTE MANAGEMENT INC ............ 96,000 $2,631,424 $2,226,048
------ ---------- ----------
TOTAL UTILITIES ...................... 28,095,842 36,122,541
---------- ----------
INSURANCE:
LIBERTY CORP. SC ............... 49,000 1,244,013 2,097,836
------ --------- ---------
TOTAL FINANCE ........................ 1,244,013 2,097,836
--------- ---------
TOTAL COMMON STOCKS .................. 129,558,673 161,875,185
----------- -----------
COMMERCIAL PAPER - 23.2%
ABBOTT LABORATORIES, DUE 11/5/97 ......... 2,500,000 2,489,024 2,489,024
AMERICAN TELEPHONE & TELEGRAPH
CO., DUE 10/14/97 .................. 2,100,000 2,081,174 2,081,174
ATLANTIC RICHFIELD, DUE 11/24/97 ....... 975,000 965,947 965,947
BELL ATLANTIC, DUE 11/5/97 ............. 2,000,000 1,995,722 1,995,722
BELLSOUTH, DUE 11/13/97 ................ 1,000,000 997,700 997,700
CAMPBELL CORP., DUE 11/13/97 ........... 2,000,000 1,986,909 1,986,909
COCA COLA COMPANY, DUE 12/4/97 ......... 2,000,000 1,986,957 1,986,957
COCA-COLA COMPANY, DUE 11/24/97 ........ 2,500,000 2,483,000 2,483,000
DISNEY CORP., DUE 11/21/97 ............. 2,000,000 1,991,476 1,991,476
DISNEY CORP., DUE 12/16/97 ............. 1,500,000 1,489,478 1,489,478
DOW CHEMCIAL CORP., DUE 11/18/97 ....... 2,000,000 1,991,139 1,991,139
DOW CHEMICAL CORP., DUE 11/19/97 ....... 2,000,000 1,991,155 1,991,155
DOW CHEMICAL CORP., DUE 12/05/97 ....... 2,000,000 1,986,250 1,986,250
DUPONT (E.I.) DE NEMOURS & CO.,
INC., DUE 11/12/97 ................ 2,000,000 1,986,604 1,986,604
EMERSON ELECTRIC, DUE 11/10/97 ......... 2,500,000 2,482,875 2,482,875
EMERSON ELECTRIC, DUE 12/01/97 ......... 2,000,000 1,986,350 1,986,350
EMERSON ELECTRIC, DUE 12/2/97 .......... 1,000,000 995,111 995,111
EMERSON ELECTRIC, DUE 12/8/97 .......... 1,500,000 1,489,744 1,489,744
ENGELHARD CORP., DUE 11/14/97........... 1,000,000 995,425 995,425
HEINZ (H.J.) CO., DUE 12/12/97 ......... 2,000,000 1,986,300 1,986,300
MONSANTO CORP., DUE 11/7/97 ............ 1,475,000 1,461,705 1,461,705
PENNY, (J.C.) FUNDING CORP.,
DUE 11/12/97 ...................... 2,500,000 2,488,944 2,488,944
See Notes to Financial Statements
F-14
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1997
1997
____________________________________
Number of
Shares or
Principal
Amount Cost Market
____________________________________
PHILLIP MORRIS COS., INC., DUE 11/7/97 . 2,000,000 1,991,187 1,991,187
PROCTOR & GAMBLE CO., DUE 11/14/97 ..... 2,000,000 1,991,507 1,991,507
PROCTOR & GAMBLE CO., DUE 12/23/97 ..... 1,000,000 $ 990,864 $ 990,864
PROGRESS CAPITAL, DUE 11/25/97 ......... 1,500,000 1,493,572 1,493,572
TOYS 'R' US, DUE 12/2/97 ............... 2,000,000 1,989,592 1,989,592
XEROX CORPORATION, DUE 11/14/97 ........ 1,000,000 997,842 997,842
-- -- -- --------- ------- -------
TOTAL COMMERCIAL PAPER ............. 49,763,553 49,763,553
---------- ----------
SHORT-TERM MONEY MARKET FUND - 1.3%
SHORT-TERM MONEY MARKET FUND
OF UMB BANK, n.a ............... 2,884,013 2,884,013 2,884,013
--------- --------- ---------
TOTAL INVESTMENTS HELD ............... $182,206,239 $214,522,751
============ ============
See Notes to Financial Statements
F-15
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENTS OF OPERATIONS
YEARS ENDED OCTOBER 31, 1998, 1997 AND 1996
<TABLE>
<CAPTION>
1998 1997 1996
------------- ------------ -------------
INVESTMENT INCOME
<S> <C> <C> <C>
Interest ............................................................... $ 3,279,897 $ 2,997,417 $ 3,891,359
Dividends .............................................................. 3,358,910 4,488,947 5,277,837
------------- ------------ -------------
Total investment income ....................... 6,638,807 7,486,364 9,169,196
Audit expense .......................................................... 9,190 9,131 11,563
------------- ------------ -------------
Net investment income ......................... 6,629,617 7,477,233 9,157,633
------------- ------------ -------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Realized gain on investments sold, matured or redeemed
Proceeds ................................................. 763,884,882 733,528,663 907,344,217
Cost of investments ...................................... 732,770,233 694,785,209 880,250,904
------------- ------------ -------------
Net realized gain on investments sold,
matured or redeemed ...................... 31,114,649 38,743,454 27,093,313
------------- ------------ -------------
Unrealized gain (loss) on investments
Beginning of year ........................................ 32,316,511 28,973,664 30,113,618
End of year .............................................. 11,650,629 32,316,511 28,973,664
------------- ------------ -------------
Net unrealized gain (loss) on investments ..... (20,665,882) 3,342,847 (1,139,954)
------------- ------------ -------------
Net realized and unrealized gain on investments 10,448,767 42,086,301 25,953,359
------------- ------------ -------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS .............................................. $ 17,078,384 $ 49,563,534 $ 35,110,992
============= ============ =============
TOTAL EXPENSE AS A PERCENT OF NET
INVESTMENT INCOME ...................................................... 0.14% 0.12% 0.13%
============= ============ =============
</TABLE>
See Notes to Financial Statements
F-16
<PAGE>
UMB Bank, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENTS OF PARTICIPANTS' INTEREST
YEARS ENDED OCTOBER 31, 1998, 1997 AND 1996
<TABLE>
<CAPTION>
1998 1997 1996
--------------------------- ---------------------------- ------------------------
Units Amount Units Amount Units Amount
----- ------ ----- ------ ----- ------
PARTICIPANTS' INTEREST,
<S> <C> <C> <C> <C> <C> <C>
Beginning of year .... 2,444,463 $ 216,985,770 3,578,723 $ 259,599,297 4,082,250 $ 262,551,708
----------- ------------- ----------- ------------- ---------- -------------
FROM INVESTMENT ACTIVITIES
Net investment
income 6,629,617 7,477,233 9,157,633
Net realized
gain on investments
sold, matured or
redeemed 31,114,649 38,743,454 27,093,313
Net unrealized
gain (loss) on investments (20,665,882) 3,342,847 (1,139,954)
----------- --------- ----------
Net increase
from investment
activities 17,078,384 49,563,534 35,110,992
---------- --------- ----------
FROM PARTICIPATING UNIT TRANSACTIONS
Issuance of units 167,147 15,615,556 258,795 20,595,034 664,569 44,294,031
Redemption of units (663,100) (63,151,020) (1,393,055) (112,772,095) (1,168,096) (82,357,434)
----------- ------------- ----------- ------------- ---------- -------------
Net decrease from participating
unit transactions (495,953) (47,535,464) (1,134,260) (92,177,061) (503,527) (38,063,403)
----------- ------------- ----------- ------------- ---------- -------------
PARTICIPANTS' INTEREST,
End of year .......... 1,948,510 $ 186,528,690 2,444,463 $ 216,985,770 3,578,723 $ 259,599,297
=========== ============= =========== ============= ========== =============
NET ASSET VALUE PER PARTICIPATING UNIT $95.73 $88.77 $72.54
====== ====== ======
</TABLE>
See Notes to Financial Statements
F-17
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
1998 1997
-------------------- -----------------------
Cost Market Cost Market
---- ------ ---- ------
ASSETS
Investments:
<S> <C> <C> <C> <C>
United States Government and Agency obligations ........... $ 42,256,804 $ 44,653,797 $ 57,284,065 $ 59,598,463
Corporate bonds ........................................... 65,351,189 69,514,360 65,873,924 67,594,174
Commercial paper .......................................... 342,835 342,835
Short-term money market fund .............................. 367,148 367,148 330,312 330,312
------- ------- ------- -------
$107,975,141 114,535,305 $123,831,136 127,865,784
============ ============
Interest receivable .................................. 1,933,768 2,148,730
--------- ---------
116,469,073 130,014,514
----------- -----------
LIABILITIES
Audit fee payable .................................... 9,190 9,190
----- -----
PARTICIPANTS= INTEREST, Equivalent to $73.14 per unit on 1,592,285 units
outstanding in 1998 and $66.40 per unit on 1,958,030 units
outstanding in 1997 ................................................. $116,459,883 $130,005,324
============ ============
</TABLE>
See Notes to Financial Statements
F-18
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1998
1998
____________________________________
Face Value
or Number
of
Units Cost Market
____________________________________
UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS - 39.0%
UNITED STATES TREASURY NOTES, 5.50%,
DUE 4/15/00 . 2,000,000 $1,983,966 $2,033,760
UNITED STATES TREASURY NOTES, 5.625%,
DUE 2/15/06 500,000 473,672 534,845
UNITED STATES TREASURY NOTES, 5.75%,
DUE 8/15/03 . 5,205,000 5,040,863 5,515,686
UNITED STATES TREASURY NOTES, 5.875%,
DUE 2/15/04 1,000,000 945,547 1,069,690
UNITED STATES TREASURY NOTES, 5.875%,
DUE 11/15/05 2,500,000 2,474,414 2,707,025
UNITED STATES TREASURY NOTES, 6.50%,
DUE 8/15/05 . 500,000 493,438 558,125
UNITED STATES TREASURY NOTES, 7.75%,
DUE 2/15/01 . 400,000 396,948 429,376
UNITED STATES TREASURY NOTES, 8.00%,
DUE 8/15/99 . 705,000 683,409 724,388
UNITED STATES TREASURY NOTES, 8.50%,
DUE 2/15/00 . 650,000 720,667 683,111
UNITED STATES TREASURY SECURITIES STRIPPED
COUPON, DUE 8/15/02 ..................... 3,270,000 2,548,046 2,775,413
FEDERAL AGRICULTURAL MORTGAGE ASSN., 5.42%,
DUE 11/2/98 ............................. 1,000,000 999,548 999,548
FEDERAL HOME LOAN BANK, 5.44%,
DUE 10/15/03 .. 1,000,000 908,790 1,023,130
FEDERAL HOME LOAN BANK, 6.02%,
DUE 5/20/08 ... 750,000 748,418 789,375
FEDERAL HOME LOAN BANK, 7.26%,
DUE 9/6/01 .... 500,000 497,813 534,220
FEDERAL HOME LOAN MORTGAGE, 7.23%,
DUE 5/23/05 1,300,000 1,300,000 1,348,750
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.45%,
DUE 10/14/03 ............................ 1,000,000 999,531 1,023,440
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.80%,
DUE 12/10/03 ............................ 1,000,000 996,875 1,039,690
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.93%,
DUE 9/26/03 ............................. 1,000,000 1,000,000 1,000,000
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 6.10%,
DUE 2/10/00 ....................... 500,000 499,531 509,065
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 6.11%,
DUE 7/10/03 ............................. 2,000,000 2,000,000 2,028,760
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 6.45%,
DUE 4/23/01 ............................. 1,000,000 1,000,000 1,041,400
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.55%,
DUE 4/22/02 ............................. 1,000,000 1,000,000 1,089,380
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.65%,
DUE 3/10/05 ............................. 500,000 499,453 566,720
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 8.35%,
DUE 11/10/99 ............................ 1,600,000 1,590,031 1,654,496
ISRAEL STATE, UNITED STATES GOVERNMENT
GUARANTEED BOND, 5.25%, DUE 9/15/00 ..... 1,000,000 994,230 1,011,600
SMALL BUSINESS ADMINISTRATION POOLS, 5.75%,
DUE 1/1/04 ........ 386,779 386,779 388,712
SMALL BUSINESS ADMINISTRATION POOLS, 6.54%,
DUE 12/10/05 750,000 750,000 766,500
See Notes to Financial Statements
F-19
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1998
1998
____________________________________
Face Value
or Number
of
Units Cost Market
____________________________________
SMALL BUSINESS ADMINISTRATION POOLS, 7.05%,
DUE 9/1/12 . 672,825 $ 672,825 $687,964
SMALL BUSINESS ADMINISTRATION POOLS, 7.40%,
DUE 8/1/12 . 742,667 742,667 761,234
SMALL BUSINESS ADMINISTRATION POOLS, 7.44%,
DUE 5/1/06 . 1,500,000 1,500,000 1,565,625
SMALL BUSINESS ADMINISTRATION POOLS, 7.55%,
DUE 11/1/12 361,604 361,604 379,684
SMALL BUSINESS ADMINISTRATION POOLS, 7.60%,
DUE 1/1/12 . 1,005,895 991,938 1,034,814
SMALL BUSINESS ADMINISTRATION POOLS, 8.15%,
DUE 2/1/15 . 816,992 816,992 857,842
SMALL BUSINESS ADMINISTRATION POOLS, 8.20%,
DUE 2/10/05 196,007 195,670 204,092
SMALL BUSINESS ADMINISTRATION POOLS, 8.25%,
DUE 11/1/11 344,601 344,601 358,385
SMALL BUSINESS ADMINISTRATION POOLS, 8.60%,
DUE 9/1/11 . 144,691 146,861 151,564
SMALL BUSINESS ADMINISTRATION POOLS, 8.625%,
DUE 2/1/11 202,891 202,891 212,529
SMALL BUSINESS ADMINISTRATION POOLS, 8.70%,
DUE 12/1/09 703,443 693,943 737,736
SMALL BUSINESS ADMINISTRATION POOLS, 8.80%,
DUE 8/1/09 . 208,615 208,615 219,046
SMALL BUSINESS ADMINISTRATION POOLS, 8.80%,
DUE 1/1/10 . 282,958 282,958 297,106
SMALL BUSINESS ADMINISTRATION POOLS, 8.85%,
DUE 11/1/09 504,851 504,851 524,414
SMALL BUSINESS ADMINISTRATION POOLS, 8.85%,
DUE 8/1/11 . 179,882 185,278 189,101
SMALL BUSINESS ADMINISTRATION POOLS, 8.95%,
DUE 6/1/11 . 313,068 313,068 331,852
SMALL BUSINESS ADMINISTRATION POOLS, 9.05%,
DUE 9/1/09 . 284,667 284,667 301,747
SMALL BUSINESS ADMINISTRATION POOLS, 9.15%,
DUE 7/1/11 . 459,125 459,125 486,673
SMALL BUSINESS ADMINISTRATION POOLS, 9.25%,
DUE 6/1/10 . 343,150 343,150 363,739
SMALL BUSINESS ADMINISTRATION POOLS, 9.45%,
DUE 2/1/10 . 246,479 246,479 261,268
SMALL BUSINESS ADMINISTRATION POOLS, 9.50%,
DUE 4/1/10 . 410,714 410,458 437,411
SMALL BUSINESS ADMINISTRATION POOLS, 9.65%,
DUE 5/1/10 . 416,194 416,194 443,766
------- ------- -------
TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 42,256,804 44,653,797
---------- ----------
CORPORATE BONDS - 60.7%
CONSUMER NONDURABLES - 6.9%
COSMETICS:
GILLETTE CO., 6.25%, DUE 8/15/03 2,000,000 1,954,760 2,119,800
--------- --------- ---------
FOOD:
MCDONALD'S CORP., 8.75%, DUE 11/15/00 .. 1,200,000 1,198,032 1,292,832
SARA LEE CORPORATION, 5.60%, DUE 1/23/06 1,250,000 1,212,218 1,260,625
SARA LEE CORPORATION, 6.45%, DUE 9/26/05 1,000,000 1,000,000 1,048,500
SARA LEE CORPORATION, 6.45%, DUE 9/26/05 1,000,000 963,350 1,048,500
SYSCO CORPORATION, 7.00%, DUE 5/1/06 1,000,000 1,000,000 1,096,900
--------- --------- ---------
TOTAL FOOD 5,373,600 5,747,357
--------- ---------
TOTAL CONSUMER NONDURABLES 7,328,360 7,867,157
--------- ---------
SERVICES - 5.9%
RETAIL:
ALBERTSON'S INC., 6.18%, DUE 3/22/00 ..... 1,000,000 1,000,000 1,015,800
PENNEY J.C., INC., 6.125%, DUE 11/15/03 .. 2,500,000 2,444,520 2,609,000
See Notes to Financial Statements
F-20
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1998
1998
____________________________________
Face Value
or Number
of
Units Cost Market
____________________________________
PENNEY J.C., INC., 7.375%, DUE 8/15/08 ... 1,000,000 $ 999,590 $1,088,900
WAL-MART STORES INC., 6.125%, 10/1/99 .... 1,000,000 959,230 1,010,600
WAL- MART STORES INC., 6.50%, 6/1/03 ..... 1,000,000 1,000,500 1,061,000
--------- --------- ---------
TOTAL RETAIL ......................... 6,403,840 6,785,300
--------- ---------
TOTAL SERVICES ....................... 6,403,840 6,785,300
--------- ---------
CONSUMER DURABLES - 2.7%
BUILDING:
ILLINOIS TOOL WORKS INC., 5.875%,
DUE 3/1/00 2,005,000 2,003,912 2,035,075
FURNITURE:
LEGGETT & PLATT INC., 6.10%, DUE 9/9/03 ...1,000,000 1,000,000 1,020,000
---------- --------- ---------
TOTAL CONSUMER DURABLES .................. 3,003,912 3,055,075
--------- ---------
CAPITAL GOODS - 5.6%;
ELECTRONICS:
TEXAS INSTRUMENTS INC., 6.125%, DUE 2/1/06 1,000,000 932,930 1,038,000
--------- ------- ---------
MACHINERY:
COOPER INDUSTRIES INC., 5.88%, DUE 2/20/03 1,000,000 990,780 1,032,000
--------- ------- ---------
OFFICE EQUIPMENT:
XEROX CORP., 7.15%, DUE 8/1/04 ...... 1,000,000 957,350 1,096,100
--------- ------- ---------
MISCELLANEOUS:
FLUOR CORP., 6.95%, DUE 3/1/07 1,000,000 995,510 1,093,600
HONEYWELL INC., 7.00%, DUE 3/15/07 1,000,000 967,210 1,079,900
MONSANTO INC., 6.11%, DUE 2/03/05 1,000,000 1,000,000 1,036,600
--------- --------- ---------
TOTAL MISCELLANEOUS 2,962,720 3,210,100
--------- ---------
TOTAL CAPITAL GOODS 5,843,780 6,376,200
--------- ---------
BASIC MATERIALS - 4.2%
CHEMICALS:
DU PONT, (E.I.) DE NEMOURS & CO. INC.,
VAR RATE, DUE 3/6/03 1,000,000 999,960 1,038,500
DOW CHEMICAL CO., 9.35%, DUE 3/15/02 400,000 400,000 422,200
ENGLEHARD CORP., 7.0%, DUE 8/1/01 1,000,000 998,060 1,056,100
--------- ------- ---------
TOTAL CHEMICALS 2,398,020 2,516,800
--------- ---------
METALS:
ALUMINUM COMPANY OF AMERICA, 5.75%,
DUE 2/1/01 1,000,000 970,080 1,021,800
--------- ------- ---------
OIL AND GAS:
AMOCO CANADA PETROLEUM CO., 7.25%,
DUE 12/1/02 715,000 712,469 779,636
DRESSER INDUSTRIES INC., 6.25%,
DUE 6/1/00 500,000 494,780 510,750
------- ------- -------
TOTAL OIL AND GAS 1,207,249 1,290,386
--------- ---------
TOTAL BASIC MATERIALS 4,575,349 4,828,986
--------- ---------
See Notes to Financial Statements
F-21
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1998
1998
____________________________________
Face Value
or Number
of
Units Cost Market
____________________________________
TRANSPORTATION - 5.8%
AEROSPACE:
BOEING COMPANY, 6.35%, DUE 6/15/03 750,000 $749,025 $789,300
------- -------- --------
RAILROAD:
NORFOLK & WESTERN RAILWAY CO., EQUIP
TRUST CERTIFICATE, 8.125%
DUE 11/15/02 ..................... 1,320,000 1,291,094 1,461,372
UNION PACIFIC CORP., 7.875%,
DUE 2/15/02 ......... 1,000,000 1,000,000 1,061,000
UNION PACIFIC RAILROAD CO., 6.15%,
DUE 4/1/03 .... 750,000 725,520 761,250
UNION PACIFIC RAILROAD CO., EQUIP. TRUST
NO. 2 SERIES 88, 7.01% DUE 6/1/04 ..... 1,500,000 1,500,000 1,593,495
UNION PACIFIC RESOURCES GROUP, 7.00%,
DUE 10/15/06 1,000,000 994,120 1,016,400
--------- ------- ---------
TOTAL RAILROAD 5,510,734 5,893,517
--------- ---------
TOTAL TRANSPORTATION 6,259,759 6,682,817
--------- ---------
UTILITIES - 25.7%
COMMUNICATION:
BELL ATLANTIC NEW JERSEY, INC., 5.875%,
DUE 2/1/04 .... 1,000,000 991,350 1,036,600
BELLSOUTH TELECOMMUNICATIONS, 6.25%,
DUE 5/15/03 ...... 1,500,000 1,493,355 1,578,750
BELL TELEPHONE OF PENNSYLVANIA, 6.125%,
DUE 3/15/03 ... 1,000,000 989,000 1,048,300
GTE CALIFORNIA INC., 5.625%, DUE 2/1/01 .. 1,500,000 1,482,885 1,519,200
GTE CALIFORNIA INC., 6.75%, DUE 3/15/04 .. 1,000,000 954,121 1,070,700
GTE SOUTH, 6.00%, DUE 2/15/08 ............ 1,000,000 993,250 1,031,500
GTE SOUTH, 6.125%, DUE 6/15/07 ............1,250,000 1,245,238 1,302,125
SOUTHWESTERN BELL TELEPHONE COMPANY, 5.75%,
DUE 9/1/04 ..............................1,000,000 996,430 1,020,700
UNITED TELEPHONE COMPANY OF FLORIDA, 6.25%,
DUE 5/15/03 1,500,000 1,487,925 1,567,050
--------- --------- ---------
TOTAL COMMUNICATION 10,633,554 11,174,925
---------- ----------
ELECTRIC:
CAROLINA POWER & LIGHT, 5.00%,
DUE 9/15/98 ............ 500,000 495,220 568,300
DELMARVA POWER & LIGHT CO., 7.50%,
DUE 5/1/99 ......... 1,000,000 995,140 1,011,800
DUKE POWER CO., 7.00%, DUE 6/1/00 .........2,500,000 2,425,825 2,575,000
EMERSON ELECTRIC CO., 6.30%, DUE 11/1/05 ..3,000,000 2,988,870 3,196,800
FLORIDA POWER & LIGHT, 5.375%, DUE 4/1/00 .1,000,000 997,020 1,009,300
IDAHO POWER CO., 6.40%, DUE 5/1/03 ........1,500,000 1,497,795 1,594,050
IOWA ELECTRIC LIGHT & POWER COMPANY, 6.00%,
DUE 10/1/08 500,000 492,720 520,800
UNION ELECTRIC CO., 6.75%, DUE 10/15/99 .. 1,000,000 995,480 1,016,300
--------- ------- ---------
TOTAL ELECTRIC 10,888,070 11,492,350
---------- ----------
See Notes to Financial Statements
F-22
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1998
1998
____________________________________
Face Value
or Number
of
Units Cost Market
____________________________________
GAS:
NORTHWEST NATURAL GAS COMPANY, 5.98%,
DUE 12/15/00 1,000,000 $1,000,000 $1,023,400
--------- ---------- ----------
DIVERSIFIED:
BALTIMORE GAS & ELECTRIC CO., 6.50%,
DUE 2/15/03 ...... 1,000,000 988,450 1,063,400
CONSOLIDATED EDISON CO. OF NEW YORK, 6.625%,
DUE 7/1/05 1,000,000 998,840 1,068,800
PACIFIC GAS & ELECTRIC COMPANY, 6.25%,
DUE 3/1/04 ..... 1,000,000 1,000,000 1,042,500
PUBLIC SERVICE COMPANY OF OKLAHOMA, 6.02%,
DUE 3/1/01 . 1,500,000 1,476,275 1,541,400
WEST TEXAS UTILITIES COMPANY, 6.375%,
DUE 10/1/05 ..... 1,000,000 988,100 1,060,300
--------- ------- ---------
TOTAL DIVERSIFIED 5,451,665 5,776,400
--------- ---------
TOTAL UTILITIES 27,973,289 29,467,075
---------- ----------
FINANCE - 3.9%
AMERITECH, 6.125%, DUE 10/15/01 ...........1,000,000 1,000,000 1,035,400
NYNEX CORP., 6.25%, DUE 3/15/03 ...........1,000,000 967,900 1,043,750
NYNEX CAPITAL FUNDING CO., 8.75%,
DUE 12/1/04 2,000,000 1,995,000 2,372,600
--------- --------- ---------
TOTAL FINANCE 3,962,900 4,451,750
--------- ---------
TOTAL CORPORATE BONDS 65,351,189 69,514,360
---------- ----------
SHORT-TERM MONEY MARKET FUND - .3%
SHORT-TERM MONEY MARKET FUND OF
UMB BANK, n.a 367,148 367,148 367,148
------- ------- -------
TOTAL INVESTMENTS HELD $107,975,141 $114,535,305
============ ============
See Notes to Financial Statements
F-23
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1997
1997
____________________________________
Face Value
or Number
of
Units Cost Market
____________________________________
UNITED STATES GOVERNMENT AND
AGENCY OBLIGATIONS - 46.6%
UNITED STATES TREASURY NOTES, 5.125%,
DUE 11/30/98 1,500,000 $1,420,898 $1,492,965
UNITED STATES TREASURY NOTES, 5.25%,
DUE 7/31/98 . 2,250,000 2,248,043 2,245,793
UNITED STATES TREASURY NOTES, 5.50%,
DUE 4/15/00 . 3,000,000 2,980,195 2,986,890
UNITED STATES TREASURY NOTES, 5.625%,
DUE 2/15/06 500,000 473,672 490,155
UNITED STATES TREASURY NOTES, 5.75%,
DUE 8/15/03 . 5,205,000 5,040,863 5,180,589
UNITED STATES TREASURY NOTES, 5.875%,
DUE 2/15/04 1,000,000 945,547 1,002,190
UNITED STATES TREASURY NOTES, 5.875%,
DUE 11/15/05 2,500,000 2,474,414 2,492,975
UNITED STATES TREASURY NOTES, 6.50%,
DUE 8/15/05 . 500,000 493,438 518,125
UNITED STATES TREASURY NOTES, 7.00%,
DUE 4/15/99 . 2,000,000 1,998,750 2,037,500
UNITED STATES TREASURY NOTES, 7.50%,
DUE 10/31/99 500,000 494,219 516,875
UNITED STATES TREASURY NOTES, 7.75%,
DUE 2/15/01 . 400,000 396,948 423,500
UNITED STATES TREASURY NOTES, 8.00%,
DUE 8/15/99 . 5,000,000 4,907,813 5,195,300
UNITED STATES TREASURY NOTES, 8.125%,
DUE 2/15/98 1,000,000 998,594 1,007,190
UNITED STATES TREASURY NOTES, 8.50%,
DUE 2/15/00 . 650,000 720,667 687,986
UNITED STATES TREASURY SECURITIES STRIPPED COUPON,
DUE 8/15/02 ......................... 3,270,000 1,473,135 2,494,389
FEDERAL HOME LOAN BANK, 3.00%,
DUE 9/14/98 ....... 2,000,000 2,000,000 1,907,500
FEDERAL HOME LOAN BANK, 5.44%,
DUE 10/15/03 ...... 1,000,000 908,790 971,560
FEDERAL HOME LOAN BANK, 7.26%,
DUE 9/6/01 ........ 500,000 497,813 522,655
FEDERAL HOME LOAN MORTGAGE, 6.55%,
DUE 4/2/03 .... 1,000,000 998,438 1,000,000
FEDERAL HOME LOAN MORTGAGE, 7.23%,
DUE 5/23/05 ... 1,300,000 1,300,000 1,323,972
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.10%,
DUE 7/22/98 .............................3,000,000 3,000,938 2,994,390
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.45%,
DUE 10/14/03 .......................... 1,000,000 999,531 972,190
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.80%,
DUE 12/10/03 .......................... 1,000,000 996,875 989,060
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.93%,
DUE 9/26/03 ........................... 1,000,000 1,000,000 981,900
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 6.10%,
DUE 2/10/00 ........................... 500,000 499,531 503,125
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 6.45%,
DUE 4/23/01 ........................... 1,000,000 1,000,000 1,018,600
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.55%,
DUE 4/22/02 ........................... 1,000,000 1,000,000 1,064,690
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.65%,
DUE 3/10/05 ........................... 500,000 499,453 548,125
See Notes to Financial Statements
F-24
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1997
1997
____________________________________
Face Value
or Number
of
Units Cost Market
____________________________________
FEDERAL NATIONAL MORTGAGE ASSOCIATION, 8.35%,
DUE 11/10/99 ..................... 1,600,000 1,590,031 $1,675,504
ISRAEL STATE, UNITED STATES GOVERNMENT GUARANTEED
BOND, 5.25%, DUE 9/15/00 ............. 1,000,000 994,230 982,400
SMALL BUSINESS ADMINISTRATION POOLS, 5.75%,
DUE 1/1/04 . 493,140 493,140 483,277
SMALL BUSINESS ADMINISTRATION POOLS, 6.54%,
DUE 12/10/05 750,000 750,000 745,350
SMALL BUSINESS ADMINISTRATION POOLS, 7.05%,
DUE 9/1/12 . 749,944 749,944 734,945
SMALL BUSINESS ADMINISTRATION POOLS, 7.40%,
DUE 8/1/12 . 810,958 810,958 810,958
SMALL BUSINESS ADMINISTRATION POOLS, 7.44%,
DUE 5/1/06 . 1,500,000 1,500,000 1,530,000
SMALL BUSINESS ADMINISTRATION POOLS, 7.55%,
DUE 11/1/12 403,652 403,652 404,156
SMALL BUSINESS ADMINISTRATION POOLS, 7.60%,
DUE 1/1/12 . 1,134,157 1,120,200 1,139,828
SMALL BUSINESS ADMINISTRATION POOLS, 8.15%,
DUE 2/1/15 . 897,565 897,565 946,931
SMALL BUSINESS ADMINISTRATION POOLS, 8.20%,
DUE 2/10/05 396,573 395,892 406,884
SMALL BUSINESS ADMINISTRATION POOLS, 8.25%,
DUE 11/1/11 379,505 379,505 396,204
SMALL BUSINESS ADMINISTRATION POOLS, 8.60%,
DUE 9/1/11 . 167,959 170,478 175,517
SMALL BUSINESS ADMINISTRATION POOLS, 8.625%,
DUE 2/1/11 225,053 225,053 235,743
SMALL BUSINESS ADMINISTRATION POOLS, 8.70%,
DUE 12/1/09 814,343 804,843 880,794
SMALL BUSINESS ADMINISTRATION POOLS, 8.80%,
DUE 8/1/09 . 249,257 249,257 254,940
SMALL BUSINESS ADMINISTRATION POOLS, 8.80%,
DUE 1/1/10 . 317,295 317,295 331,970
SMALL BUSINESS ADMINISTRATION POOLS, 8.85%,
DUE 11/1/09 548,822 548,822 574,891
SMALL BUSINESS ADMINISTRATION POOLS, 8.85%,
DUE 8/1/11 . 212,274 218,642 223,736
SMALL BUSINESS ADMINISTRATION POOLS, 8.95%,
DUE 6/1/11 . 349,823 349,823 368,713
SMALL BUSINESS ADMINISTRATION POOLS, 9.05%,
DUE 9/1/09 . 365,442 365,442 385,541
SMALL BUSINESS ADMINISTRATION POOLS, 9.15%,
DUE 7/1/11 . 499,305 499,305 532,344
SMALL BUSINESS ADMINISTRATION POOLS, 9.25%,
DUE 6/1/10 . 387,669 387,669 408,250
SMALL BUSINESS ADMINISTRATION POOLS, 9.45%,
DUE 2/1/10 . 328,456 328,456 348,985
SMALL BUSINESS ADMINISTRATION POOLS, 9.50%,
DUE 4/1/10 . 498,113 497,802 530,241
SMALL BUSINESS ADMINISTRATION POOLS, 9.65%
DUE 5/1/10 . 467,496 467,496 520,172
------- ------- -------
TOTAL UNITED STATES GOVERNMENT AND AGENCY
OBLIGATIONS 57,284,065 59,598,463
---------- ----------
CORPORATE BONDS - 52.9%
CONSUMER NONDURABLES - 5.9%
COSMETICS:
GILLETTE CO., 6.25%, DUE 8/15/03 ..... 2,000,000 1,954,760 2,009,400
FOOD:
MCDONALD'S CORP., 8.75%, DUE 11/15/00 .. 1,200,000 1,198,032 1,286,844
SARA LEE CORPORATION, 5.60%, DUE 1/23/06 1,250,000 1,212,218 1,178,375
SARA LEE CORPORATION, 6.45%, DUE 9/26/05 1,000,000 1,000,000 996,300
See Notes to Financial Statements
F-25
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1997
1997
____________________________________
Face Value
or Number
of
Units Cost Market
____________________________________
SARA LEE CORPORATION, 6.45%, DUE 9/26/05 1,000,000 963,350 996,300
SYSCO CORPORATION, 7.00%, DUE 5/1/06 1,000,000 1,000,000 1,047,500
--------- --------- ---------
TOTAL FOOD 5,373,600 5,505,319
--------- ---------
TOTAL CONSUMER NONDURABLES 7,328,360 7,514,719
--------- ---------
SERVICES - 5.1%
RETAIL:
ALBERTSON'S INC., 6.18%, DUE 3/22/00 .. 1,000,000 1,000,000 999,300
PENNEY J.C., INC., 6.125%, DUE 11/15/03 2,500,000 2,444,520 2,475,750
PENNEY J.C., INC., 7.375%, DUE 8/15/08 1,000,000 999,590 1,066,100
WAL-MART STORES INC., 6.125%, 10/1/99 . 1,000,000 959,230 1,004,500
WAL- MART STORES INC., 6.50%, 6/1/03 .. 1,000,000 1,000,500 1,017,700
--------- --------- ---------
TOTAL RETAIL 6,403,840 6,563,350
--------- ---------
TOTAL SERVICES ....................... 6,403,840 6,563,350
--------- ---------
CONSUMER DURABLES - 2.4%
BUILDING:
ILLINOIS TOOL WORKS INC., 5.875%,
DUE 3/1/00 2,005,000 2,003,912 2,001,191
--------- --------- ---------
FURNITURE:
LEGGETT & PLATT INC., 6.10%, DUE 9/9/03 ...1,000,000 1,000,000 984,490
---------- --------- -------
TOTAL CONSUMER DURABLES .................. 3,003,912 2,985,681
--------- ---------
CAPITAL GOODS - 3.2%
ELECTRONICS:
TEXAS INSTRUMENTS INC., 6.125%, DUE 2/1/06 1,000,000 932,930 984,400
--------- ------- -------
OFFICE EQUIPMENT:
XEROX CORP., 7.15%, DUE 8/1/04 ....... 1,000,000 957,350 1,045,400
--------- ------- ---------
MISCELLANEOUS:
FLUOR CORP., 6.95%, DUE 3/1/07 1,000,000 995,510 1,038,800
HONEYWELL INC., 7.00%, DUE 3/15/07 1,000,000 967,210 1,045,900
--------- ------- ---------
TOTAL MISCELLANEOUS 1,962,720 2,084,700
--------- ---------
TOTAL CAPITAL GOODS 3,853,000 4,114,500
--------- ---------
See Notes to Financial Statements
F-26
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1997
1997
____________________________________
Face Value
or Number
of
Units Cost Market
____________________________________
BASIC MATERIALS - 4.1%
CHEMICALS:
DU PONT, (E.I.) DE NEMOURS & CO. INC.,
6.21%, DUE 10/11/00 500,000 $ 500,000 $ 503,450
DOW CHEMICAL CO., 9.35%, DUE 3/15/02 ........400,000 400,000 427,400
ENGLEHARD CORP., 7.00%, DUE 8/1/01 ........1,000,000 998,060 1,030,900
---------- ------- ---------
TOTAL CHEMICALS 1,898,060 1,961,750
--------- ---------
METALS:
ALUMINUM COMPANY OF AMERICA, 5.75%,
DUE 2/1/01 1,000,000 970,080 993,500
--------- ------- -------
OIL AND GAS:
AMOCO CANADA PETROLEUM CO., 7.25%,
DUE 12/1/02 715,000 712,469 755,112
DRESSER INDUSTRIES INC., 6.25%, DUE 6/1/00 ..500,000 494,780 503,500
-------- ------- -------
TOTAL OIL AND GAS 1,207,249 1,258,612
--------- ---------
PAPER AND FORESTRY PRODUCTS:
INTERNATIONAL PAPER CO., 8.05%,
DUE 3/25/99 1,000,000 1,001,000 1,029,100
--------- --------- ---------
TOTAL BASIC MATERIALS 5,076,389 5,242,962
--------- ---------
TRANSPORTATION - 5.9%
AEROSPACE:
BOEING COMPANY, 6.35%, DUE 6/15/03 750,000 749,025 755,925
------- ------- -------
RAILROAD:
NORFOLK & WESTERN RAILWAY CO., EQUIP. TRUST
CERTIFICATE, 8.125%,DUE 11/15/02 ........ 1,320,000 1,291,094 1,412,532
UNION PACIFIC CORP., 6.25%, DUE 3/15/99 .. 1,000,000 1,000,000 1,003,800
UNION PACIFIC CORP., 7.875%, DUE 2/15/02 . 1,000,000 1,000,000 1,054,120
UNION PACIFIC RAILROAD CO., 6.15%,
DUE 4/1/03 ........... 750,000 725,520 742,800
UNION PACIFIC RAILROAD CO., EQUIP.
TRUST NO. 2 SERIES 88,7.01%, DUE 6/1/04 ...1,500,000 1,500,000 1,568,460
UNION PACIFIC RESOURCES GROUP, 7.00%,
DUE 10/15/06 ...... 1,000,000 994,120 1,038,900
--------- ------- ---------
TOTAL RAILROAD 6,510,734 6,820,612
--------- ---------
TOTAL TRANSPORTATION 7,259,759 7,576,537
--------- ---------
UTILITIES - 22.0%
COMMUNICATION:
BELLSOUTH TELECOMMUNICATIONS, 6.25%,
DUE 5/15/03 ...... 1,500,000 1,493,355 1,499,070
BELL TELEPHONE OF PENNSYLVANIA, 6.125%,
DUE 3/15/03 ... 1,000,000 989,000 999,700
See Notes to Financial Statements
F-27
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1997
1997
____________________________________
Face Value
or Number
of
Units Cost Market
____________________________________
GTE CALIFORNIA INC., 5.625%, DUE 2/1/01 ...1,500,000 $1,482,885 $1,476,150
GTE CALIFORNIA INC., 6.75%, DUE 3/15/04 ...1,000,000 954,121 1,014,300
GTE SOUTH, 6.00%, DUE 2/15/08 .............1,000,000 993,250 970,800
SOUTHWESTERN BELL TELEPHONE COMPANY, 5.75%,
DUE 9/1/04 1,000,000 996,430 960,700
UNITED TELEPHONE COMPANY OF FLORIDA, 6.25%,
DUE 5/15/03 1,500,000 1,487,925 1,501,350
--------- --------- ---------
TOTAL COMMUNICATION 8,396,966 8,422,070
--------- ---------
ELECTRIC:
CAROLINA POWER & LIGHT, 7.875%,
DUE 4/15/04 ........... 500,000 495,220 540,900
DELMARVA POWER & LIGHT CO., 7.50%,
DUE 5/1/99 ......... 1,000,000 995,140 1,023,500
DUKE POWER CO., 7.00%,
DUE 6/1/00 ..................... 2,500,000 2,425,825 2,531,250
EMERSON ELECTRIC CO., 6.30%,
DUE 11/1/05 .............. 3,000,000 2,988,870 3,011,100
FLORIDA POWER & LIGHT, 5.375%, DUE 4/1/00 .1,000,000 997,020 988,100
FLORIDA POWER & LIGHT, 5.70%, DUE 3/5/98 ..1,000,000 1,000,000 1,000,200
IDAHO POWER CO., 6.40%, DUE 5/1/03 ........1,500,000 1,497,795 1,516,500
IOWA ELECTRIC LIGHT & POWER COMPANY, 6.00%,
DUE 10/1/08 500,000 492,720 484,050
KANSAS CITY POWER & LIGHT COMPANY, 7.15%,
DUE 5/14/99 . 1,000,000 1,000,000 1,018,300
UNION ELECTRIC CO., 6.75%, DUE 10/15/99 ...1,000,000 995,480 1,014,800
---------- ------- ---------
TOTAL ELECTRIC 12,888,070 13,128,700
---------- ----------
GAS:
NORTHWEST NATURAL GAS COMPANY, 5.98%,
DUE 12/15/00 1,000,000 1,000,000 993,400
--------- --------- -------
TOTAL GAS 1,000,000 993,400
--------- -------
DIVERSIFIED:
BALTIMORE GAS & ELECTRIC CO., 6.50%,
DUE 2/15/03 ...... 1,000,000 988,450 1,013,600
CONSOLIDATED EDISON CO. OF NEW YORK, 6.625%,
DUE 7/1/05 1,000,000 998,840 1,021,200
PACIFIC GAS & ELECTRIC COMPANY, 6.25%,
DUE 3/1/04 ..... 1,000,000 1,000,000 1,001,400
PUBLIC SERVICE COMPANY OF OKLAHOMA, 6.02%,
DUE 3/1/01 . 1,500,000 1,476,275 1,499,850
WEST TEXAS UTILITIES COMPANY, 6.375%,
DUE 10/1/05 ..... 1,000,000 988,100 997,800
--------- ------- -------
TOTAL DIVERSIFIED 5,451,665 5,533,850
--------- ---------
TOTAL UTILITIES 27,736,701 28,078,020
---------- ----------
FINANCE - 4.3%
AMERITECH, 6.125%, DUE 10/15/01 ......... 1,000,000 1,000,000 1,003,600
CHEVRON CANANDA FINANCE LTD., 5.60%,
DUE 4/1/98 1,250,000 1,249,063 1,250,125
NYNEX CORP., 6.25%, DUE 3/15/03 .......... 1,000,000 967,900 1,006,880
NYNEX CAPITAL FUNDING CO., 8.75%,
DUE 12/1/04 . 2,000,000 1,995,000 2,257,800
-- - -- --------- --------- ---------
TOTAL FINANCE 5,211,963 5,518,405
--------- ---------
See Notes to Financial Statements
F-28
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1997
1997
____________________________________
Face Value
or Number
of
Units Cost Market
____________________________________
TOTAL CORPORATE BONDS $65,873,924 $67,594,174
----------- -----------
COMMERCIAL PAPER - 3%
ARCHER DANIELS, DUE 11/3/97 343,000 342,835 342,835
------- ------- -------
SHORT-TERM MONEY MARKET FUND - 1997, .2%; 1996, 1.1%
SHORT-TERM MONEY MARKET FUND OF
UMB BANK, n.a 330,312 330,312 330,312
------- ------- -------
TOTAL INVESTMENTS HELD $123,831,136 $127,865,784
============ ============
See Notes to Financial Statements
F-29
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENTS OF OPERATIONS
YEARS ENDED OCTOBER 31, 1998, 1997 AND 1996
<TABLE>
<CAPTION>
1998 1997 1996
---- ---- ----
INVESTMENT INCOME
<S> <C> <C> <C>
Interest ..................... $7,710,035 $9,653,774 $11,618,424
Audit expense ............... 9,190 9,190 9,826
----- ----- -----
Net investment income . 7,700,845 9,644,584 11,608,598
--------- --------- ----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Realized gain (loss) on investments sold, matured or redeemed
Proceeds .............. 83,088,516 121,162,314 77,110,680
Cost of investments ... 82,778,172 120,799,772 77,583,349
---------- ----------- ----------
Net realized gain (loss)
on investments sold, matured or redeemed ... 310,344 362,542 (472,669)
------- ------- --------
Unrealized gain (loss) on investments
Beginning of year ..... 3,150,137 2,123,804 3,232,868
End of year ............. 6,560,164 3,150,137 2,123,804
--------- --------- ---------
Net unrealized gain (loss)
on investments ....... 3,410,027 1,026,333 (1,109,064)
--------- --------- ----------
Net realized and unrealized gain
(loss) on investments ............... 3,720,371 1,388,875 (1,581,733)
--------- --------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ......... $ 11,421,216 $ 11,033,459 $ 10,026,865
============ ============ ============
TOTAL EXPENSE AS A PERCENT OF NET
INVESTMENT INCOME ... 0.12% 0.10% 0.08%
==== ==== ====
</TABLE>
See Notes to Financial Statements
F-30
<PAGE>
UMB Bank, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENTS OF PARTICIPANTS' INTEREST
YEARS ENDED OCTOBER 31, 1998, 1997 AND 1996
<TABLE>
<CAPTION>
1998 1997 1996
________________________________________________________________________________________
Units Amount Units Amount Units Amount
________________________________________________________________________________________
PARTICIPANTS' INTEREST,
<S> <C> <C> <C> <C> <C> <C>
Beginning of year ........ 1,958,030 $130,005,324 2,752,806 $168,974,494 2,825,108 $164,323,270
--------- ------------ --------- ------------ --------- ------------
FROM INVESTMENT ACTIVITIES
Net investment income ............ ...... 7,700,845 9,644,584 11,608,598
Net realized gain (loss) on investments
sold, matured or redeemed ...................310,344 362,542 (472,669)
Net unrealized gain (loss) on investments ....... 3,410,027 1,026,333 (1,109,064)
--------- --------- ----------
Net increase from investment activities .. 11,421,216 11,033,459 10,026,865
---------- ---------- ----------
FROM PARTICIPATING UNIT TRANSACTIONS
Issuance of units ........... 201,444 13,743,230 264,109 16,573,341 821,838 47,562,094
Redemption of units ......... (567,189) (38,709,887) (1,058,885) (66,575,970) (894,140) (52,937,735)
-------- ----------- ---------- ----------- -------- -----------
Net decrease from participating
unit transactions ............ (365,745) (24,966,657) (794,776) (50,002,629) (72,302) (5,375,641)
-------- ----------- -------- ----------- ------- ----------
PARTICIPANTS' INTEREST, End of year ...... 1,592,285 $116,459,883 1,958,030 $130,005,324 2,752,806 $168,974,494
========= ============ ========= ============ ========= ============
NET ASSET VALUE PER PARTICIPATING UNIT $73.14 $66.40 $61.38
====== ====== ======
</TABLE>
See Notes to Financial Statements
F-31
<PAGE>
UMB BANK, n.a.
POOLED INCOME FUND FOR EMPLOYEE TRUSTS
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
1998 1997
------------------ --------------------
Cost Market Cost Market
---- ------ ---- ------
ASSETS
Investments:
<S> <C> <C> <C> <C>
United States Government
and Agency Obligations $14,997,316 $14,997,316 $ 3,745,361 $ 3,745,361
Commercial paper 8,733,926 8,733,926 25,888,682 25,888,682
Short-term money market fund 4,109,585 4,109,585 5,269,537 5,269,537
--------- --------- --------- ---------
$27,840,827 27,840,827 $34,903,580 $34,903,580
=========== ===========
Interest receivable 126,202 89,885
------- ------
27,967,029 34,993,465
LIABILITIES
Audit fee payable 3,369 3,369
----- -----
PARTICIPANTS' INTEREST, Equivalent to $56.04 per unit on
499,036 units outstanding in 1998 and $52.92 per unit on
661,185 units outstanding in 1997 $27,963,660 $34,990,096
=========== ===========
</TABLE>
See Notes to Financial Statements
F-32
<PAGE>
UMB BANK, n.a.
POOLED INCOME FUND FOR EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1998
1998
____________________________________
Face Value
or Number
of
Units Cost Market
____________________________________
UNITED STATES GOVERNMENTS AND AGENCY
OBLIGATIONS - 53.9%
FEDERAL HOME LOAN BANK, DISCOUNT NOTE,
DUE 11/4/98 2,000,000 $ 1,992,320 $ 1,992,320
FEDERAL HOME LOAN MORTGAGE CORPORATION,
DISCOUNT NOTE, DUE 11/9/98 ................2,000,000 1,982,033 1,982,033
FEDERAL HOME LOAN MORTGAGE CORPORATION,
DISCOUNT NOTE, DUE 11/17/98 ...............1,000,000 995,061 995,061
FEDERAL HOME LOAN MORTGAGE CORPORATION,
DISCOUNT NOTE, DUE 11/25/98 .............. 4,000,000 3,972,124 3,972,124
FEDERAL HOME LOAN MORTGAGE CORPORATION,
DISCOUNT NOTE, DUE 11/30/98 ...............4,000,000 3,969,280 3,969,280
FEDERAL HOME LOAN MORTGAGE CORPORATION,
DISCOUNT NOTE, DUE 12/18/98 .............. 1,000,000 992,348 992,348
FEDERAL NATIONAL MORTGAGE ASSOCIATION,
DISCOUNT NOTE, DUE 11/19/98 ...............1,000,000 995,495 995,495
UNITED STATES TREASURY BILL, DUE 11/5/98 ....100,000 98,655 98,655
-------- ------ ------
TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 14,997,316 14,997,316
---------- ----------
COMMERCIAL PAPER - 31.4%
AMGEN INC., DUE 11/3/98 ............... 1,200,000 1,195,363 1,195,363
BELLSOUTH TELECOMMUNICATIONS,
DUE 1/19/99 .... 1,000,000 988,611 988,611
DONNELLY R.R. & SONS CO., DUE 11/17/98 ... 1,300,000 1,296,155 1,296,155
GENERAL RE, DUE 11/19/98 ................. 1,000,000 995,202 995,202
JOHNSON & JOHNSON, DUE 12/14/98 .......... 1,000,000 993,725 993,725
MINNESOTA MINING & MANUFACTURING,
DUE 11/18/98 ............................. 1,000,000 993,107 993,107
MINNESOTA MINING & MANUFACTURING,
DUE 11/24/98 ............................. 1,000,000 985,467 985,467
MONSANTO COMPANY, DUE 11/10/98 ........... 1,300,000 1,286,296 1,286,296
--------- --------- ---------
TOTAL COMMERCIAL PAPER ........ 8,733,926 8,733,926
--------- ---------
SHORT-TERM MONEY MARKET FUND - 14.8%;
SHORT-TERM MONEY MARKET FUND OF
UMB BANK, n.a 4,109,585 4,109,585 4,109,585
--------- --------- ---------
TOTAL INVESTMENTS HELD ............................. $27,840,827 $27,840,827
=========== ===========
See Notes to Financial Statements
F-33
<PAGE>
UMB BANK, n.a.
POOLED INCOME FUND FOR EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1997
1997
____________________________________
Face Value
or Number
of
Units Cost Market
____________________________________
UNITED STATES GOVERNMENTS AND AGENCY
OBLIGATIONS - 10.7%
FEDERAL FARM CREDIT BANK, 5.51%,
DUE 12/1/97 . 2,000,000 $ 2,000,000 $ 2,000,000
FEDERAL HOME LOAN MORTGAGE CORPORATION,
DISCOUNT NOTE, DUE 11/28/97 1,757,000 1,745,361 1,745,361
--------- --------- ---------
TOTAL UNITED STATES GOVERNMENT AND AGENCY
OBLIGATIONS 3,745,361 3,745,361
--------- ---------
COMMERCIAL PAPER - 74.2%
AIR PRODUCTS, DUE 12/5/97 .......1,800,000 1,789,550 1,789,550
AMERICAN GREETINGS, DUE 11/20/97 1,800,000 1,794,183 1,794,183
BELL ATLANTIC, DUE 11/6/97 ......1,800,000 1,796,150 1,796,150
DOW CHEMICAL, DUE 11/5/97 .......1,800,000 1,794,794 1,794,794
DUPONT, DUE 11/20/97 ............8,000,000 7,958,747 7,958,747
EMERSON, DUE 11/14/97 ...........1,800,000 1,792,083 1,792,083
GENERAL RE, DUE 11/18/97 ........1,800,000 1,793,113 1,793,113
KIMBERLY CLARK, DUE 11/3/97 .....1,800,000 1,788,492 1,788,492
PROCTOR & GAMBLE, DUE 11/4/97 ...1,800,000 1,793,163 1,793,163
PROGRESS CAPITAL, DUE 11/19/97 ..1,800,000 1,794,162 1,794,162
SHELL OIL, DUE 11/17/97 .........1,800,000 1,794,245 1,794,245
---------- --------- ---------
TOTAL COMMERCIAL PAPER 25,888,682 25,888,682
---------- ----------
SHORT-TERM MONEY MARKET FUND - 15.1%
SHORT-TERM MONEY MARKET FUND
OF UMB BANK, n.a 5,269,537 5,269,537 5,269,537
--------- --------- ---------
TOTAL INVESTMENTS HELD $34,903,580 $34,903,580
=========== ===========
See Notes to Financial Statements
F-34
<PAGE>
UMB BANK, n.a.
POOLED INCOME FUND FOR EMPLOYEE TRUSTS
STATEMENTS OF OPERATIONS
YEARS ENDED OCTOBER 31, 1998, 1997 AND 1996
<TABLE>
<CAPTION>
1998 1997 1996
---- ---- ----
INVESTMENT INCOME
<S> <C> <C> <C>
Interest $1,724,563 $2,198,406 $2,963,509
Audit expense 3,369 3,369 2,744
----- ----- -----
Net investment income 1,721,194 2,195,037 2,960,765
--------- --------- ---------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Realized gain (loss) on investments sold, matured or redeemed
Proceeds 315,287,622 386,568,695 555,983,956
Cost of investments 315,287,622 386,567,132 556,011,916
----------- ----------- -----------
Net realized gain (loss)
on investments sold,
matured or redeemed 0 1,563 (27,960)
- ----- -------
Unrealized gain (loss) on investments
Beginning of year 3,608 5,640
----- -----
End of year 3,608
----- -----
Net unrealized gain (loss) on investments (3,608) (2,032)
----- -----
Net realized and unrealized gain (loss)
on investments (2,045) (29,992)
----- -----
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $1,721,194 $2,192,992 $2,930,773
========== ========== ==========
TOTAL EXPENSE AS A PERCENT OF NET
INVESTMENT INCOME 0.20% 0.15% 0.09%
==== ==== ====
</TABLE>
See Notes to Financial Statements
F-35
<PAGE>
UMB BANK, n.a.
POOLED INCOME FUND FOR EMPLOYEE TRUSTS
STATEMENTS OF PARTICIPANTS' INTEREST
YEARS ENDED OCTOBER 31, 1998, 1997 AND 1996
<TABLE>
<CAPTION>
1998 1997 1996
------------------------------------------------------------------------------------
Units Amount Units Amount Units Amount
<S> <C> <C> <C> <C> <C> <C>
PARTICIPANTS' INTEREST, Beginning of year 661,185 $34,990,096 884,822 $44,332,553 1,386,619 $65,734,732
------- ----------- ------- ----------- --------- -----------
FROM INVESTMENT ACTIVITIES
Net investment income 1,721,194 2,195,037 2,960,765
Net realized gain (loss) on investments
sold, matured or redeemed 1,563 (27,960)
Net unrealized gain (loss) on investments (3,608) (2,032)
----------- ----------- -----------
Net increase from investment activities 1,721,194 2,192,992 2,930,773
----------- ----------- -----------
FROM PARTICIPATING UNIT TRANSACTIONS
Issuance of units 166,045 8,994,808 234,477 12,065,221 317,334 15,456,701
Redemption of units (328,194) (17,742,438) (458,114) (23,600,670) (819,131) (39,789,653)
-------- ----------- -------- ----------- -------- -----------
Net decrease from participating
unit transactions (162,149) (8,747,630) (223,637) (11,535,449) (501,797) (24,332,952)
-------- ---------- -------- ----------- -------- -----------
PARTICIPANTS' INTEREST, End of year 499,036 $27,963,660 661,185 $34,990,096 884,822 $44,332,553
======= =========== ======= =========== ======= ===========
NET ASSET VALUE PER PARTICIPATING UNIT $56.04 $52.92 $50.10
====== ====== ======
</TABLE>
See Notes to Financial Statements
F-36
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
POOLED INCOME FUND FOR EMPLOYEE TRUSTS
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE YEARS ENDED OCTOBER 31, 1998
NOTE 1: NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies followed by the Bank, as Trustee, are in
accordance with the respective Trust Plans and Declarations of the Funds dated
December 5, 1955 (as amended on October 10, 1963) and December 27, 1974, and in
conformity with generally accepted accounting principles. The significant
accounting policies and the nature of operations follow.
Nature of Operations
The Fund for Pooling Equity Investments of Employee Trusts, the Fund
for Pooling Debt Investments of Employee Trusts and the Pooled Income Fund for
Employee Trusts (Funds) provide a means through which funds, held by UMB Bank,
n.a. in its capacity as sole fiduciary or co-fiduciary, may be pooled for
diversification of investments. The Funds are managed by UMB Bank, n.a. under
regulation 9 of the Comptroller of the Currency relating to collective
investment funds. Regulation 9 specifies generally the form of trust, accounting
policies, investment powers, asset valuation, etc. In addition, the Funds' units
are registered with the Securities & Exchange Commission under the 1933 Act.
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 revenue and expenses during the reporting
period. Actual results could differ from those estimates.
Investments
Securities traded on a national securities exchange are valued at the
last reported sales price on the last business day of the year or, if no sale
was reported on that date, at the average of the last reported bid and asked
prices. Securities traded over-the-counter are valued at the average of the last
reported bid and asked prices. Short-term obligations are valued at amortized
cost, which approximates market value. Securities not priced elsewhere are
priced by the Trustee, utilizing prices quoted by security brokers or dealers or
investment bankers. Investment transactions are recorded on the trade date.
Interest income is recorded daily. Dividend income is recorded on the
ex-dividend date. Realized gains and losses from investment transactions and
unrealized appreciation and depreciation of investments are reported on the
identified cost basis.
Amortization
Discounts and premiums on securities purchased are amortized over the
life of the respective securities.
F-37
<PAGE>
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
POOLED INCOME FUND FOR EMPLOYEE TRUSTS
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE YEARS ENDED OCTOBER 31, 1998
NOTE 1: NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Income Tax Exemption
Applicable statutes exempt the funds from U.S. federal and state income taxes.
Participation Units
There is no par or stated value for participation units. Trusts, for which the
Bank is a fiduciary, may invest or withdraw based on monthly valuations as of
the prior month.
NOTE 2: MERGER
Effective November 1, 1995, certain collective fund assets for
retirement plans of the Bank of Overland Park and Commercial National Bank
merged into the Funds as a result of the acquisition of such banks by UMB
Financial Corporation. Assets with a market value of $10,809,038 and $19,569,785
merged into the Pooled Equity Fund and Pooled Debt Fund, respectively. These
amounts are included in the issuance of units line on the Statements of
Participants= Interest.
F-38
