FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 31, 1999
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to _____________
Commission file number: 2-58109
The Collective Investment Trusts for Which UMB Bank, n.a. is Trustee
Exact name of registrant as specified in its charter)
Not Applicable Not Applicable
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1010 Grand Boulevard, Kansas City, Missouri 64106
(Address of principal executive offices)
(Zip Code)
(816) 860-7000
(Registrant's telephone number, including area code)
Not Applicable (Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes /X/ No / /
The number of units of participation outstanding as of January 31, 1999.
Pooled Equity Fund - 1,879,459
Pooled Debt Fund - 1,578,589
Pooled Income Fund - 601,844
<PAGE>
PART I -- FINANCIAL INFORMATION
___________________________________
Item 1. Financial Statements.
INTRODUCTORY COMMENTS
The Condensed Financial Statements included herein have been prepared by the
Trustee, without audit, pursuant to the rules and regulations of the Securities
and Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules and
regulations, although the Trustee believes that the disclosures are adequate to
enable a reasonable understanding of the information presented. These Condensed
Financial Statements should be read in conjunction with the financial statements
and the notes thereto included in the Collective Investment Trusts' Annual
Report on Form 10-K for the year ended October 31, 1998.
<TABLE>
<CAPTION>
UMB BANK, n.a.
Equity Fund for Employees Trusts
Statement of Operations
QUARTER QUARTER FY ENDED
ENDING 01/31/98 ENDING 01/31/99 10/31/98
Investment Income:
<S> <C> <C> <C>
Dividends 887,770 769,040 3,358,910
Interest 864,362 778,685 3,279,897
Gross Investment Income 1,752,132 1,547,725 6,638,807
Less: Audit Expense and
Foreign Taxes (2,298) (2,342) (9,190)
Net Investment Income 1,749,834 1,545,383 6,629,617
Realized and Unrealized Gain
(Loss) on Investments:
Realized Gain (Loss) on
Investments:
Proceeds from Sales 193,918,825 221,302,986 763,884,882
Cost of Securities Sold 184,833,419 215,638,696 732,770,233
Net Realized Gain (Loss) 9,085,405 5,664,291 31,114,649
Unrealized Gain (Loss) on
Investments:
Beginning of Period 32,316,511 11,650,626 32,316,511
End of Period 30,599,807 11,060,807 11,650,629
Net Unrealized Gain (Loss)(1,716,622) (589,819 (20,665,882)
Net Realized and Unrealized
Gain (Loss) on Investments 7,368,783 5,074,472 10,448,767
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Equity Fund for Employees Trusts
Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 01/31/98 ENDING 01/31/99 10/31/98
Participants' Interest at
<S> <C> <C> <C>
Beginning of Period 216,985,770 186,528,686 216,985,770
Changes from Investment
Activities:
Net Investment Income 1,749,834 1,545,383 6,629,617
Net Realized Gain (Loss)
on Investments 9,085,405 5,664,291 31,114,649
Net Unrealized Gain (Loss)
on Investments (1,716,622) (589,819) (20,665,882)
Net Increase (Decrease)
from Investment Activity 9,118,617 6,619,855 17,078,384
Changes from Participating
Unit Transactions:
Received from Issuance of:
52,671 Units 4,787,725 15,615,556
Received from Issuance of:
109,481 Units 6,994,790
Payment on Redemption of:
194,875 Units (17,829,113) (63,151,020)
Payment on Redemption of:
178,532 Units (13,729,266)
Net Increase (Decrease)
from Participating Unit
Transactions (13,041,388) (6,734,476) (47,535,464)
Participants' Interest at End
of Period 213,062,999 186,414,065 186,528,690
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Statement of Assets and Liabilities
QUARTER ENDED 01/31/99 FY ENDED 10/31/98
COST MARKET COST MARKET
Assets:
<S> <C> <C> <C> <C>
Common Stock 123,289,230 134,350,037 109,744,617 121,395,246
Commercial Paper 49,110,889 49,110,889 59,278,825 59,278,825
Other Investments 1,491,522 1,491,522 3,476,722 3,476,722
Total Investments 173,891,641 184,952,448 172,500,164 184,150,793
Cash 0
Interest Receivable 279,263 312,326
Receivable for
Securities Sold 1,187,550 2,074,761
Total Assets 186,419,261 186,537,880
Liabilities:
Audit Fees Payable 5,194 9,190
Payable for Securities
Purchased 0 0
Total Liabilities 5,194 9,190
Participants' Interest:
95.73 Per Unit on
1,948,510 Units Outstanding 186,528,686
99.19 Per Unit on
1,879,459 Units Outstanding 186,414,067
Total Liabilities and Participants'
Equity 186,419,261 186,528,690
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statement of Operations
QUARTER QUARTER FY ENDED
ENDING 01/31/98 ENDING 01/31/99 10/31/98
Investment Income:
<S> <C> <C> <C>
Interest 2,039,865 1,839,567 7,710,035
Less: Audit Expense (9,481) 213 (9,190)
Net Investment Income 2,030,384 1,839,780 7,700,845
Realized and Unrealized Gain
(Loss) on Investments:
Realized Gain (Loss) on
Investments:
Proceeds from Sales 36,271,617 26,251,230 83,088,516
Cost of Securities Sold 36,234,890 26,173,764 82,718,172
Net Realized Gain (Loss) 36,727 77,566 310,344
Unrealized Gain (Loss) on
Investments:
Beginning of Period 3,150,137 6,560,164 3,150,137
End of Period 4,369,500 5,452,360 6,560,164
Net Unrealized
Gain (Loss) 1,219,363 (1,107,804) 3,410,027
Net Realized and
Unrealized Gain (Loss)
on Investments 1,256,090 (1,030,238) 3,720,371
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 01/31/98 ENDING 01/31/99 10/31/98
Participants' Interest at
<S> <C> <C> <C>
Beginning of Period 130,005,324 116,459,881 1,958,030
Changes from Investment
Activities:
Net Investment Income 2,030,384 1,839,780 7,700,845
Net Realized Gain (Loss)
on Investments 36,727 77,566 310,344
Net Unrealized Gain (Loss)
on Investments 1,219,363 (1,107,804) 3,410,027
Net Increase (Decrease)
from Investment Activity 3,286,474 809,542 11,421,216
Changes from Participating
Unit Transactions:
Received from Issuance of:
75,993 Units 5,058,378 13,743,230
Received from Issuance of:
114,988 Units 5,112,216
Payment on Redemption of:
233,769 Units (15,589,845) (38,709,887)
Payment on Redemption of:
128,684 Units (6,134,671)
Net Increase (Decrease) from
Participating Unit
Transaction (10,531,467) (1,022,455) (24,966,657)
Participants' Interest at
End of Period 122,760,331 116,246,969 116,459,883
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB Bank, n.a.
Pooled Debt Fund for Employees Trusts
Statement of Assets and Liabilities
QUARTER ENDED 01/31/99 FY ENDED 10/31/98
COST MARKET COST MARKET
Assets:
<S> <C> <C> <C> <C>
U.S. Government & Agency
Obligations 42,554,729 45,575,043 42,256,804 44,653,797
Corporate Bonds 64,883,701 68,438,650 65,351,189 69,514,360
Other Investments 168,199 168,199 360,198 367,148
Total Investments 107,606,629 114,181,892 107,975,141 114,975,141
Cash 0 0
Interest Receivable 2,067,716 1,933,768
Receivable for Securities Sold 0 0
Total Assets 116,249,608 116,469,073
Liabilities:
Audit Fees Payable 2,639 9,190
Payable for Securities Sold and
Other Payables 0 0
Total Liabilities 2,639 9,190
Participants' Interest:
73.14 Per Unit on 1,592,285
Units Outstanding 116,459,883
73.64 Per Unit on 1,578,589
Units Outstanding 116,246,969
Total Liabilities and Participants' Equity 116,249,608 116,469,073
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Assets and Liabilities
QUARTER ENDED 01/31/99 FY ENDED 10/31/98
COST MARKET COST MARKET
Assets:
<S> <C> <C> <C> <C>
U.S. Government &
& Agency Obligations 17,488,114 17,488,114 14,997,316 14,997,316
Commercial Paper 15,178,621 15,178,621 8,733,926 8,733,926
Other Investments 1,376,463 1,376,463 4,109,585 4,109,585
Total Investments 34,043,198 34,043,198 27,840,827
Cash 0 0
Interest Receivable 120,084 126,202
Receivable for Securities Sold 0 0
Total Assets 34,163,282 27,967,029
Liabilities:
Audit Fees Payable 1,904 3,369
Payable for Securities Sold 0 0
Total Liabilities 1,904 3,369
Participants' Interest:
56.04 Per Unit on 499,036
Units Outstanding 27,963,660
56.76 Per Unit on 601,844
Units Outstanding 34,161,378
Total Liabilities and Participants' Equity 34,161,378 27,967,029
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Operations
QUARTER QUARTER FY ENDED
ENDING 01/31/98 ENDING 01/31/99 10/31/98
Investment Income:
<S> <C> <C> <C>
Interest 484,256 421,489 1,724,563
Less: Audit Expense (842) (859) (3,369)
Net Investment Income 483,414 420,630 1,721,194
Realized and Unrealized Gain
(Loss) on Investments:
Realized Gain (Loss)
on Investments:
Proceeds from Sales 96,884,548 111,958,292 315,287,622
Cost of Goods Sold 96,884,548 111,958,292 315,287,622
Net Realized Gain (Loss) 0 0 0
Unrealized Gain (Loss) on
Investments:
Beginning of Period 0 0 0
End of Period (620) 0 0
Net Unrealized Gain (Loss) (620) 0 0
Net Realized and Unrealized
Gain (Loss) on Investments (620) 0 0
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statement of Participants' Interest
(Cash Flows)
QUARTER QUARTER FY ENDED
ENDING 01/31/98 ENDING 01/31/99 10/31/98
Participants' Interest at
<S> <C> <C> <C>
Beginning of Period 34,990,094 27,963,660 34,990,096
Changes from Investment
Activities:
Net Investment Income 483,414 420,630 1,721,194
Net Realized Gain (Loss)
on Investments 0 0 0
Net Unrealized Gain (Loss)
on Investments (620) 0 0
Net Increase (Decrease)
from Investment Activity 482,794 420,630 1,721,194
Changes from Participating Unit
Transactions:
Received from 40,330 Units 2,140,732 8,994,808
Received from Issuance of:
168,404 Units 7,071,892
Payment on Redemption of:
90,949 Units (4,836,148) (17,742,438)
Payment on Redemption of:
65,596 Units (1,294,804)
Net Increase (Decrease) from
Participating Unit
Transactions (2,695,416) 5,777,088 (8,747,630)
Participants' Interest at
End of Period 32,777,472 34,161,378 27,963,660
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
NOTES TO CONDENSED FINANCIAL STATEMENTS
1. In the opinion of the Trustee, the accompanying unaudited condensed financial
statements contain all adjustments (consisting of normal interim closing
procedures) necessary to present fairly the financial position of the Pooled
Equity, Pooled Debt, and Pooled Income (the "Collective Investment Trusts") as
of January 31, 1999, and October 31, 1998, the results of operations for the
three months ended January 31, 1999 and 1998, and cash flows for the three
months ended January 31, 1999 and 1998.
2. The results of operations for the three months ended January 31, 1999 and
1998, are not necessarily indicative of the results to be expected for the full
year 1999, nor the results experienced for the full year 1998.
3. The accompanying financial statements have been prepared consistently with
accounting principles described more fully in Note 1 to the consolidated
financial statements included in the Trustee's Annual Report on Form 10-K for
the year ended October 31, 1998.
Item 2. Trustee's Discussion and Analysis of Financial Condition and Results of
Operations.
The Federal Reserve pushed money into the economy by lowering interest rates
three times in late 1998 and a few large-capitalization stock led the key market
indices back to near record highs. By the end of December, the indices of
large-cap stocks had climbed to the second-best calendar quarter ever and the
fourth straight calendar year of double-digit gains. The Standard & Poor's 500
Index was up 16.86% for the quarter ended January 31, 1999.
The market indices that had heavy weightings of technology stocks had better
returns than those with heavy concentrations in industrial stocks. The broad
market was measured by the Value Line Composite Index was up only 12.46% for the
fourth calendar quarter of 1998 but was down 2.63% for the full year.
Many investors who used traditional measures to value stocks missed most of the
big gains, which came in stocks that would be considered overprices. For
long-term market watchers, the most worrisome aspect of the 1998 gains was that
they applied to a narrow group of stocks. An S&P calculation shows that stock
prices of the 25 largest companies in its index jumped about 65% in 1998, while
the remaining 475 companies were up only 9.50%.
There also was a rebound in small-capitalization stocks late in 1998, but not
enough to push the benchmark Russell 2000 Index into positive territory for the
calendar year. That index was up 13.24% for the quarter ended January 31, 1999,
after closing 1998 down 2.55% for the year.
<PAGE>
Overall, 1998 was the most volatile year for stock prices since 1987. The stock
market typically has fewer than five price swings of 5% in each year. In 1998,
there were 10 such moves including two of 15%.
Europe's equity markets were mostly higher for the year, marking one of the few
bright spots for international stocks. Stocks were helped by European central
banks that eased credit in the hope of avoiding slower economic growth in 1999.
Most Latin American markets ended the year lower, but some Asian markets began
to turn around and start the long road to recovery.
The bond market finished 1998 with a strong rally after suffering from a late
summer "flight to quality" and near-collapse of the junk bond market. The
repeated Federal Reserve moves to cut interest rates gave investors confidence.
For the first time since 1990, high-quality bonds easily outperformed the
riskier bonds for the year, with the best returns achieved by Treasury issues.
Although many expect some slowing of the U.S. economy in 1999, it remains strong
with continued consumer demand. Low inflation, falling interest rates and a
continued flow of money into mutual funds are all positive indicators for the
markets. However, global economic uncertainty and pressure on corporate profits
are major risk concerns for the cautious investor.
Item 3. Quantitative and Qualitative Disclosures about Market Risk.
Not Applicable.
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. If not corrected, this could result in
system failures or miscalculations causing disruptions to the Bank's operations
and financial performance.
The Bank 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
mission critical functions and those involving non-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. This plan addresses
both information technology systems and non-information technology assets such
as equipment containing embedded chips.
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:
<PAGE>
Bank-Controlled Vendor-Controlled
Mission Critical Mission Critical
Inventory 99% 99%
Solution Planning 99% 99%
Renovation 99% 83%
Testing 99% 83%
Implementation 90% 80%
Substantial progress has also been made on the completion of the five step plan
for non-mission critical items; as of January 31, 1999, 94% of all identified
Bank-controlled applications had been completed through the testing stage, and
80% of the vendor-controlled applications had been completed through the testing
stage. Completion of testing is scheduled for June 30, 1999.
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 has
been concluded.
The Bank estimates that the total cost of its Year 2000 project will be
approximately $24 million. Of this amount, $10 million was spent in 1997;
approximately $12 million was spent in 1998, and the remaining $2 million is
projected for 1999. While these numbers are substantial, they include the cost
of a significant number of system replacements that would have been required in
the near future regardless of the Year 2000 issue. These costs are being funded
through operating technology, and the cost of Year 2000 efforts should be viewed
in its context as a significant portion of the Bank's annual information
technology budget. Although the priority given to Year 2000 issues may cause
other information technology projects to be delayed, such delay is not expected
to have a material impact on the Corporation's financial condition, business or
operations.
Year 2000 issues can affect the Bank not only as a result of its own internal
systems, but also as a result of the success of third parties in dealing with
their Year 2000 issues. 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, counter parties, 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
<PAGE>
statements made by such issuers in such filings. There can be no assurance that
each third party will adequately address its Year 2000 issues.
A failure of the Bank to successfully remediate its own Year 2000 problems, or a
failure by counter parties, significant suppliers, customers with substantial
relationships, 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. Because of the range of possible
issues associated with the Bank's and third parties' year 2000 issues, and the
large number of variables involved, it is impossible to quantify the potential
consequences or costs of problems that may occur if respective remediation
efforts are not successful.
All of the foregoing is based on the Bank's management'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 ability to respond to unforeseen complications. Because the Bank's Year 2000
efforts are not entirely complete, and due to its 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.
The Bank continues to develop contingency plans to address failures due to Year
2000 issues relating to, among other things, its operations, physical locations,
products, suppliers, and public infrastructure. The Bank's contingency planning
includes remediation contingency plans and business resumption contingency
plans. Remediation contingency plans are designed to address alternative courses
of action in the event remediation of a mission critical system falls behind
schedule or is not successfully remediated. Remediation contingency planning is
substantially complete. Business resumption contingency plans are designed to
address Year 2000 problems that could arise even though the Bank and third
parties have completed remediation. The Bank's Year 2000 business resumption
contingency planning includes event plans for each functional department,
documented back-up procedures in the event of a failure, identification of
supplies, materials and processes that must be on hand in the event the plan is
activated and coordination of personnel. Business resumption planning is well
under way and will continue through the first two quarters of 1999.
Notwithstanding extensive contingency planning, the failure of certain mission
critical third parties, such as utilities, telecommunications providers,
transportation service providers or certain governmental entities could
adversely affect the Bank and the Funds.
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
<PAGE>
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
Funds' 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.
<PAGE>
PART II -- OTHER INFORMATION
________________________________
Item 1. Legal Proceedings.
Not applicable.
Item 2. Changes in Securities.
Not applicable.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 5. Other Information.
Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits. The numbers set forth below correspond to the exhibit number in
Item 601 of Regulation S-K.
(2) Plan of Acquisition, reorganization, arrangement, liquidation or succession.
Not applicable.
(3) Articles of Incorporation and Bylaws.
Not applicable.
(4) Instrument Defining the Rights of Security Holders, Including Indentures.
Not applicable.
(10) Material Contracts.
Not applicable.
<PAGE>
(11) Statement re Computation of Per Share Earnings.
Not applicable.
(15) Letter re Unaudited Interim Financial Information.
Not applicable.
(18) Letter re Change in Accounting Principles.
Not applicable.
(19) Report Furnished to Security Holders.
Not applicable.
(22) Published Report Regarding Matters Submitted to Security Holders.
Not applicable.
(23) Consents of Experts and Counsel.
Not applicable.
(24) Power of Attorney.
Not applicable.
(27) Financial Data Schedule.
27.1 - Pooled Income Fund
27.2 - Pooled Equity Fund
27.3 - Pooled Debt Fund
(99) Additional Exhibits.
None.
(b) Reports on Form 8-K.
No report on Form 8-K was required to be filed during the three
months ended January 31, 1998.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
The Collective Investment Trusts for Which
UMB Bank, n.a. is Trustee
(Registrant)
by UMB Bank, n.a. as trustee
Date: March 16, 1999 By: /s/Steve Campbell
---------------------------
Steve Campbell
Senior Vice President
By: /s/E. Frank Ware
--------------------------
E. Frank Ware
Executive Vice President and
Trust Accounting Officer
<PAGE>
INDEX TO EXHIBITS
27.1 Financial Data Schedule for Pooled Income Fund
27.2 Financial Data Schedule for Pooled Equity Fund
27.3 Financial Data Schedule for Pooled Debt Fund
<PAGE>
27.1 ARTICLE 5 FDS - POOLED INCOME
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE UNAUDITED
FINANCIAL STATEMENTS FOR THE QUARTER ENDED JANUARY 31, 1999, AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS
FISCAL-YEAR END OCT-31-1999
PERIOD-END JAN-31-1999
CASH 0
SECURITIES 34,043,198
RECEIVABLES 120,084
ALLOWANCES 0
INVENTORY 0
CURRENT-ASSETS 0
PP&E 0
DEPRECIATION 0
TOTAL-ASSETS 34,163,282
CURRENT-LIABILITIES 1,904
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 0
OTHER-SE 34,161,378
TOTAL-LIABILITY-AND-EQUITY 34,161,378
SALES 0
TOTAL-REVENUES 0
CGS 0
TOTAL-COST (859)
OTHER-EXPENSE 0
LOSS-PROVISION 0
INTEREST-EXPENSE 0
INCOME-PRETAX 0
INCOME-TAX 0
INCOME-CONTINUING 0
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 420,630
EPS-PRIMARY $0.70
EPS-DILUTED $0.70
<PAGE>
27.2 ARTICLE 5 FDS - POOLED EQUITY
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE UNAUDITED
FINANCIAL STATEMENTS FOR THE QUARTER ENDED JANUARY 31, 1999, AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS
FISCAL-YEAR END OCT-31-1999
PERIOD-END JAN-31-1999
CASH 0
SECURITIES 184,952,448
RECEIVABLES 1,466,813
ALLOWANCES 0
INVENTORY 0
CURRENT-ASSETS 0
PP&E 0
DEPRECIATION 0
TOTAL-ASSETS 186,419,261
CURRENT-LIABILITIES 5,194
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 0
OTHER-SE 186,414,067
TOTAL-LIABILITY-AND-EQUITY 186,419,261
SALES 0
TOTAL-REVENUES 1,547,725
CGS 0
TOTAL-COST 0
OTHER-EXPENSE (2,342)
LOSS-PROVISION 0
INTEREST-EXPENSE 0
INCOME-PRETAX 5,074,472
INCOME-TAX 0
INCOME-CONTINUING 0
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 1,545,383
EPS-PRIMARY $0.82
EPS-DILUTED $0.82
<PAGE>
27.3 ARTICLE 5 FDS - POOLED DEBT
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE UNAUDITED
FINANCIAL STATEMENTS FOR THE QUARTER ENDED JANUARY 31, 1999, AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
PERIOD-TYPE 3-MOS
FISCAL-YEAR END OCT-31-1999
PERIOD-END JAN-31-1999
CASH 0
SECURITIES 114,181,892
RECEIVABLES 2,067,716
ALLOWANCES 0
INVENTORY 0
CURRENT-ASSETS 0
PP&E 0
DEPRECIATION 0
TOTAL-ASSETS 116,249,608
CURRENT-LIABILITIES 2,639
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 0
OTHER-SE 116,246,969
TOTAL-LIABILITY-AND-EQUITY 116,249,608
SALES 0
TOTAL-REVENUES 1,839,567
CGS 0
TOTAL-COST 213
OTHER-EXPENSE 0
LOSS-PROVISION 0
INTEREST-EXPENSE (1,030,238)
INCOME-PRETAX 0
INCOME-TAX 0
INCOME-CONTINUING 0
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 1,839,780
EPS-PRIMARY $1.17
EPS-DILUTED $1.17
