UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(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, 2000
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 TRUST
or 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 incorporation or organization)
(I.R.S. Employer Identification No.)
1010 Grand Avenue, Kansas City, Missouri 64106
(Address of principal executive offices and 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, 2000.
Pooled Equity Fund - 1,381,330
Pooled Debt Fund - 1,145,549
Pooled Income Fund - 479,478
<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. The results of
operations for the period are not necessarily indicative of the the results to
be expected for the full year. 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, 1999.
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Statements of Operations
QUARTER QUARTER FY ENDED
ENDING 01/31/99 ENDING 01/31/00 10/31/1999
---------- ------------ ------------
Investment Income:
<S> <C> <C> <C>
Dividends 769,040 562,798 3,123,083
Interest 778,685 538,621 2,255,589
----------- ----------- -----------
Gross Investment Income 1,547,725 1,101,419 5,378,672
Less: Audit Expense & Foreign Taxes (2,342) (6,586) (9,424)
----------- ----------- -----------
Net Investment Income 1,545,383 1,094,833 5,369,248
=========== ============ ===========
Realized and Unrealized Gain(Loss) on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 221,302,986 107,543,555 723,610,458
Cost of Securities Sold 215,638,696 109,276,853 708,210,090
----------- ----------- -----------
Net Realized Gain(Loss) 5,664,291 (1,733,297) 15,400,368
Unrealized Gain(Loss) on Investments:
Beginning of Period 11,650,626 13,443,563 11,650,629
End of Period 11,060,807 13,848,149 13,443,563
----------- ----------- -----------
Net Unrealized Gain(Loss) (589,819) 404,586 1,792,934
----------- ----------- -----------
Net Realized & Unrealized
Gain(Loss)on Investments 5,074,472 (1,328,711) 17,193,302
=========== ============ ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Statements of Participants' Interest
QUARTER QUARTER FY ENDED
ENDING 01/31/99 ENDING 01/31/00 10/31/1999
---------- ------------ ------------
<S> <C> <C> <C>
Participants' Interest at Beginning of Period 186,528,686 147,424,965 186,528,690
Changes from Investment Activities:
Net Investment Income 1,545,383 1,094,833 5,369,248
Net Realized Gain(Loss) on Investments 5,664,291 (1,733,297) 15,400,368
Net Unrealized Gain(Loss) on Investments (589,819) 404,586 1,792,934
----------- ----------- -----------
Net Increase(Decrease) from
Investment Activity 6,619,855 (233,878) 22,562,550
----------- ----------- -----------
Changes from Participating Unit Transactions:
Received from Issuance of 58,701 Units 6,527,749 19,759,460
Received from Issuance of 109,481 Units 6,994,790
Payment on Redemption of 56,974 Units (6,226,728) (81,425,735)
Payment on Redemption of 178,532 Units (13,729,266)
----------- ----------- -----------
Net Increase(Decrease) from
Participating Unit Transactions (6,734,476) 301,021 (61,666,275)
----------- ----------- -----------
Participants' Interest at End of Period 186,414,065 147,492,108 147,424,965
=========== ============ ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Equity Fund for Employees Trusts
Statements of Assets and Liabilities
10/31/99 01/31/00
COST MARKET COST MARKET
------------------- ------------------------
Assets:
<S> <C> <C> <C> <C>
Common Stock 95,854,601 109,298,164 88,006,900 101,855,050
Commercial Paper 24,203,751 24,203,751 40,577,840 40,577,840
Other Investments 4,003,642 4,003,642 4,810,930 4,810,930
----------- ----------- ---------- ------------
Total Investments 124,061,994 137,505,557 133,395,670 147,243,819
=========== ===========
Cash 0 0
Interest and dividends receivable 207,862 258,076
Receivable for Securities Sold 9,718,972 0
------------ ------------
Total Assets 147,432,391 147,501,895
============ ============
Liabilities:
Audit Fees Payable 7,426 9,787
Payable for Securities Sold 0 0
---------- ------------
Total Liabilities 7,426 9,787
---------- ------------
Participants' Interest:
106.86 Per Unit on
1,379,603 Units Outstanding 147,424,965
106.78 Per Unit on
1,381,330 Units Outstanding 147,492,108
---------- ------------
Total Liabilities and Participants' Equity 147,432,391 147,501,895
============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statements of Operations
QUARTER QUARTER FY ENDED
ENDING 01/31/99 ENDING 01/31/00 10/31/1999
---------- ------------ ------------
Investment Income:
<S> <C> <C> <C>
Interest 1,839,567 1,410,681 6,769,984
----------- ----------- -----------
Gross Investment Income 1,839,567 1,410,681 6,769,984
Less: Audit Expense 213 (3,336) (10,120)
----------- ----------- -----------
Net Investment Income 1,839,780 1,407,344 6,759,864
========== ============ ===========
Realized and Unrealized Gain(Loss) on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 26,251,330 13,810,201 97,742,670
Cost of Securities Sold 26,173,764 13,827,478 97,504,119
----------- ----------- -----------
Net Realized Gain(Loss) 77,566 (17,277) 238,551
Unrealized Gain(Loss) on Investments:
Beginning of Period 6,560,164 (92,054) 6,560,164
End of Period 5,452,360 (1,768,682) (92,054)
----------- ----------- -----------
Net Unrealized Gain(Loss) (1,107,804) (1,676,628) (6,652,218)
----------- ----------- -----------
Net Realized and Unrealized Gain(Loss)
on Investments (1,030,238) (1,693,905) (6,413,667)
========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statements of Participants' Interest
QUARTER QUARTER FY ENDED
ENDING 01/31/99 ENDING 01/31/00 10/31/1999
---------- ------------ ------------
<S> <C> <C> <C>
Participants' Interest at Beginning of Period 116,459,881 92,660,744 116,459,883
Changes from Investment Activities:
Net Investment Income 1,839,780 1,407,344 6,759,864
Net Realized Gain(Loss) on Investments 77,566 (17,277) 238,551
Net Unrealized Gain(Loss) on Investments (1,107,804) (1,676,628) (6,652,218)
----------- ----------- -----------
Net Increase(Decrease) from
Investment Activity 809,542 (286,561) 346,197
----------- ----------- -----------
Changes from Participating Unit Transactions:
Received from Issuance of 10,462 Units 768,274 17,179,881
Received from Issuance of 114,988 Units 5,112,216
Payment on Redemption of 126,417 Units (9,282,171) (41,325,217)
Payment on Redemption of 128,684 Units (6,134,671)
----------- ----------- -----------
Net Increase(Decrease) from
Participating Unit Transactions (1,022,455) (8,513,897) (24,145,336)
----------- ----------- -----------
Participants' Interest at End of Period 116,246,969 83,860,286 92,660,744
=========== =========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Debt Fund for Employees Trusts
Statements of Assets and Liabilities
10/31/99 01/31/00
COST MARKET COST MARKET
------------------- ------------------------
Assets:
<S> <C> <C> <C> <C>
U.S. Government & Agency Obligations 36,219,926 36,245,019 29,834,376 29,580,558
Corporate Bonds 54,814,080 54,696,933 49,493,499 49,291,936
Other Investments 140,600 140,600 4,615,277 4,615,277
---------- ---------- ---------- -----------
Total Investments 91,174,606 91,082,552 83,943,152 83,487,771
========== ===========
Cash 0 (1,121,888)
Interest Receivable 1,586,313 1,501,636
Receivable for Securities Sold 0 0
--------- ----------
Total Assets 92,668,865 83,867,519
=========== ==========
Liabilities:
Audit Fees Payable 8,121 7,233
Payable for Securities Sold 0 0
--------- ----------
Total Liabilities 8,121 7,233
--------- ----------
Participants' Interest:
73.46 Per Unit on 1,261,504 units outstanding 92,660,744
73.21 Per Unit on 1,145,549 units outstanding 83,860,286
----------- ----------
Total Liabilities and Participants' Equity 92,668,865 83,867,519
=========== ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statements of Operations
QUARTER QUARTER FY ENDED
ENDING 01/31/99 ENDING 01/31/00 10/31/1999
---------- ------------ ------------
Investment Income:
<S> <C> <C> <C>
Interest 421,489 396,484 1,515,680
----------- ----------- -----------
Gross Investment Income 421,489 396,484 1,515,680
Less: Audit Expense (859) (866) (3,456)
----------- ----------- -----------
Net Investment Income 420,630 395,618 1,512,224
=========== =========== ==========
Realized and Unrealized Gain(Loss) on Investments:
Realized Gain(Loss) on Investments:
Proceeds from Sales 111,958,292 61,407,319 356,426,945
Cost of Securities Sold 111,958,292 61,407,319 356,426,945
----------- ----------- -----------
Net Realized Gain(Loss) 0 0 0
Unrealized Gain(Loss) on Investments:
Beginning of Period 0 0 0
End of Period 0 0 0
----------- ----------- -----------
Net Unrealized Gain(Loss) 0 0 0
----------- ----------- -----------
Net Realized and Unrealized
Gain(Loss) on Investments 0 0 0
=========== =========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statements of Participants' Interest
QUARTER QUARTER FY ENDED
ENDING 01/31/99 ENDING 01/31/00 10/31/1999
---------- ------------ ------------
<S> <C> <C> <C>
Participants' Interest at Beginning of Period 27,963,660 26,636,430 27,963,660
Changes from Investment Activities:
Net Investment Income 420,630 395,618 1,512,224
Net Realized Gain(Loss) on Investments 0 0 0
Net Unrealized Gain(Loss) on Investments 0 0 0
----------- ----------- -----------
Net Increase(Decrease) from
Investment Activity 420,630 395,618 1,512,224
----------- ----------- -----------
Changes from Participating Unit Transactions:
Received from Issuance of: 51,698 Units 3,071,848 12,783,987
Received from Issuance of:168,404 Units 7,071,892
Payment on Redemption of: 24,881 Units (1,470,060) (15,623,441)
Payment on Redemption of: 65,596 Units (1,294,804)
----------- ----------- -----------
Net Increase(Decrease) from
Participating Unit Transactions 5,777,088 1,601,788 (2,839,454)
----------- ----------- -----------
Participants' Interest at End of Period 34,161,378 28,633,835 26,636,430
=========== =========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UMB BANK, n.a.
Pooled Income Fund for Employees Trusts
Statements of Assets and Liabilities
10/31/99 01/31/00
COST MARKET COST MARKET
------------------- ------------------------
Assets:
<S> <C> <C> <C> <C>
U.S. Government & Agency Obligations 12,976,183 12,976,183 19,381,246 19,381,246
Commercial Paper 10,793,431 10,793,431 7,247,411 7,247,411
Other Investments 2,758,860 2,758,860 1,887,080 1,887,080
----------- ----------- ---------- -----------
Total Investments 26,528,474 26,528,474 28,515,737 28,515,737
=========== ==========
Cash 0 0
Interest Receivable 110,679 120,137
Receivable for Securities Sold 0 0
----------- -----------
Total Assets 26,639,153 28,635,874
=========== ===========
Liabilities:
Audit Fees Payable 2,723 2,039
Payable for Securities Sold 0 0
----------- -----------
Total Liabilities 2,723 2,039
----------- -----------
Participants' Interest:
58.84 Per Unit on 452,661 Units Outstanding 26,636,430
59.72 Per Unit on 479,478 Units Outstanding 28,633,835
----------- -----------
Total Liabilities and Participants' Equity 26,639,153 28,635,874
=========== ===========
</TABLE>
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
FOR QUARTER ENDING 1/31/00
After the Federal Reserve raised interest rates three times between June and
December, most stocks fell from their summer highs. Even blue-chip favorites
like Coca-Cola and Merck declined in value. The S&P 500 Index rose to record
levels on the strength of its weighting in technology stocks. This Index was up
2.52% for the quarter and 10.35% for the preceding 12 months. Without the
benefit of technology and telecommunications stocks, the S&P 500 would have
shown a much smaller gain. Small-cap stocks also bounced back this quarter led
by smaller technology stocks. For the quarter, the Russell 2000 Index of small
capitalization stocks finished with gains of 16.05% for the quarter and 17.72%
for the preceding 12 months.
Consumer confidence, record-low unemployment, economic growth and the wealth
effect created by five straight years of sustained market gains supported the
market. Investors ignored astronomical valuations among market leaders, poor
market breadth, creeping interest rates and growing margin debt.
In the quarter, interest rates reached their highest levels in over two years.
On November 16th, The Federal Reserve raised its rates for the third time in six
months due to continuing inflationary fears and strong economic news. In
December, rates moved even higher as segments of the equity markets rose to new
highs. Most strategists are now predicting further Federal funds increases.
Pooled Equity Fund
During the quarter, new stock positions added or increased included Pepsico,
Intel and Dayton Hudson. Stock positions decreased or deleted included
Sensormatic Electronics Corp, Crown Cork & Seal, Nalco Chemical, J C Penney,
Dillards and Global Industries Technologies. The Fund's total return (income
plus price appreciation ) for the quarter ended 01/31/00 was -0.08%. For the
quarter ended 01/31/99, the Fund's total return was 3.61% and for the fiscal
year ended 10/31/99 the return was 11.63%. For the past 12 months, the total
Fund returned 7.65%. Excluding cash reserves, the total return of stocks held by
the Fund was -0.96% for the quarter and 7.67% for the last 12 months. The Fund
ended the quarter with cash reserves of 30.90%.
Pooled Debt Fund
In keeping with our philosophy of maintaining a high-quality portfolio with
limited maturity exposure, about 35.3% of the portfolio is held in U.S.
Government and Agency issues Approximately 67% of the portfolio will mature
within five years. The weighted average life of the total portfolio is 3.8
years. The total return of the Fund was -0.34% for the quarter and -0.59% for
the preceding 12 months. For the quarter ended 01/31/99, the Fund's total return
was 0.68% and for the fiscal year ended 10/31/99 the return was 0.43%. The
weighted yield to maturity at market was 7.29%.
Pooled Income Fund
The Fund continued to be invested in short-term U.S. Government and Agency
obligations, high-quality commercial paper and liquid guaranteed insurance
contracts. The Fund's quarterly return of 1.49% is equivalent to an annualized
total return of 5.96%. For the quarter ended 01/31/99, the return was 1.30% and
for the fiscal year ended 10/31/99 the return was 5.01%. For the past 12 months,
the Fund returned 5.21%. The Fund has an average maturity of 16 days and a
weighted yield to maturity of 5.39%.
<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.
(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, 2000.
<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 Trust for Which
UMB Bank, n.a. is Trustee
(Registrant)
by UMB Bank, n.a. as trustee
Date: October 12, 2000 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 3 Months Ending January 31, 2000, and is qualified
in its entirety by reference to such Financial Statements.
PERIOD-TYPE 3 MTHS
FISCAL-YEAR-END 10/31/2000
PERIOD-END 1/31/2000
CASH 0
SECURITIES 28,515,737
RECEIVABLES 120,137
ALLOWANCES 0
INVENTORY 0
CURRENT-ASSETS 0
PP&E 0
DEPRECIATION 0
TOTAL-ASSETS 28,635,874
CURRENT-LIABILITIES 2,039
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 0
OTHER-SE 28,633,835
TOTAL-LIABILITY-AND-EQUITY 28,635,874
SALES 0
TOTAL-REVENUES 396,484
CGS 0
TOTAL-COSTS 0
OTHER-EXPENSES (866)
LOSS-PROVISION 0
INTEREST-EXPENSE 0
INCOME-PRETAX 395,618
INCOME-TAX 0
INCOME-CONTINUING 395,618
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 395,618
EPS-PRIMARY $0.85
EPS-DILUTED $0.85
<PAGE>
27.1 Article 5 FDS - Pooled Equity
The Schedule contains Summary Financial Information Extracted from the unaudited
Financial Statements for the 3 Months Ending January 31, 2000, and is qualified
in its entirety by reference to such Financial Statements.
PERIOD-TYPE 3 MTHS
FISCAL-YEAR-END 10/31/2000
PERIOD-END 1/31/2000
CASH 0
SECURITIES 147,243,819
RECEIVABLES 258,076
ALLOWANCES 0
INVENTORY 0
CURRENT-ASSETS 0
PP&E 0
DEPRECIATION 0
TOTAL-ASSETS 147,501,895
CURRENT-LIABILITIES 9,787
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 0
OTHER-SE 147,492,108
TOTAL-LIABILITY-AND-EQUIT 147,501,895
SALES 0
TOTAL-REVENUES 1,101,419
CGS 0
TOTAL-COSTS 0
OTHER-EXPENSES (6,586)
LOSS-PROVISION 0
INTEREST-EXPENSE 0
INCOME-PRETAX 1,094,833
INCOME-TAX 0
INCOME-CONTINUING 1,094,833
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 1,094,833
EPS-PRIMARY $0.79
EPS-DILUTED $0.79
<PAGE>
27.1 Article 5 FDS - Pooled Debt
The Schedule contains Summary Financial Information Extracted from the unaudited
Financial Statements for the 3 Months Ending January 31, 2000, and is qualified
in its entirety by reference to such Financial Statements.
PERIOD-TYPE 3 MTHS
FISCAL-YEAR-END 10/31/2000
PERIOD-END 1/31/2000
CASH (1,121,888)
SECURITIES 83,487,771
RECEIVABLES 1,501,636
ALLOWANCES 0
INVENTORY 0
CURRENT-ASSETS 0
PP&E 0
DEPRECIATION 0
TOTAL-ASSETS 83,867,519
CURRENT-LIABILITIES 7,233
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 0
OTHER-SE 83,860,286
TOTAL-LIABILITY-AND-EQUITY 83,867,519
SALES 0
TOTAL-REVENUES 1,410,681
CGS 0
TOTAL-COSTS 0
OTHER-EXPENSES (3,336)
LOSS-PROVISION 0
INTEREST-EXPENSE 0
INCOME-PRETAX 1,407,344
INCOME-TAX 0
INCOME-CONTINUING 1,407,344
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 1,407,344
EPS-PRIMARY $1.17
EPS-DILUTED $1.17
