10-Q 1 um9412.txt THE COLLECTIVE INVESTMENT TRUSTS FORM 10-Q ================================================================================ 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 AND EXCHANGE COMMISSION ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JULY 31, 2002 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND EXCHANGE COMMISSION ACT OF 1934 Form the transition period from ___________ to ________________ Commission File number: 2-58109 THE COLLECTIVE INVESTMENT TRUST of which UMB Bank, n.a.is Trustee (Exact Name of the 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 July 31, 2002. Pooled Equity Fund - 7,644,131 Pooled Debt Fund - 5,738,968 Pooled Income Fund - 3,028,725 ================================================================================ 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 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, 2001. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments necessary to present fairly the Funds' condensed financial position as of July 31, 2002, and the condensed results of their operations for the periods ended July 31, 2002 and 2001, and are of a normal recurring nature. The condensed statements of assets and liabilities of the Funds as of October 31, 2001 have been derived from the audited statements of assets and liabilities of the Funds as of that date. UMB BANK, n.a. Pooled Equity Fund for Employees Trusts Statements of Operations

See note to Condensed Financial Statements ================================================================================ UMB Bank, n.a. Pooled Equity Fund for Employees Trusts Statements of Participants' Interest

See note to Condensed Financial Statements ================================================================================ UMB Bank, n.a. Pooled Debt Fund for Employees Trusts Statements of Operations

See note to Condensed Financial Statements ================================================================================ UMB Bank, n.a. Pooled Income Fund for Employees Trusts Statements of Operations

See note to Condensed Financial Statements ================================================================================ MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR QUARTER ENDING 7/31/02 Pooled Equity Fund ------------------ The quarter ended July 31, 2002 was an extremely difficult period for the market. The S&P 500 Index fell 15%, similar to the decline experienced during last year's September quarter which included the effects of the terrorist attacks. This quarter wasn't impacted by a single major factor like the events of 9/11. Instead, it was a continuation of the multiple negative issues that have plagued the market for some time. Accounting scandals, SEC investigations and major corporate bankruptcies combined to bring the market down. It was a quarter in which there was no place to hide as all ten economic sectors declined, with eight of the ten dropping more than 10%. The Pooled Equity Fund was able to outperform the S&P 500 during this period by over 2% by avoiding some of the biggest problem areas. Performance wasn't determined as much by what was owned as by what wasn't owned. In the Telecommunications sector, relative performance was helped by not having exposure to the wireless service providers such as AT&T Wireless and Sprint PCS. Avoiding the energy merchant traders like Dynegy and El Paso provided strong relative performance in the Utilities sector. With technology capital spending still very weak performance was aided by not owning equipment suppliers like Lucent, Corning and Applied Materials. Pooled Debt Fund ---------------- In keeping with our philosophy of maintaining a high-quality portfolio with limited maturity exposure, about 53% of the portfolio is held in U.S. Government and Agency issues. Approximately 50% of the portfolio will mature within five years. The weighted average life of the total portfolio is approximately 4.0 yrs. The total return of the Fund was 3.58% for the quarter ended 07/31/02. Our emphasis on Mortgage-backed holdings continued to help the Fund outperform the Lehman Intermediate Gov/Cred index, which returned 3.08% for the same period. Pooled Income Fund ------------------ The Fund continues to be invested in short-term U.S. Government and Agency obligations and high-quality commercial paper. For the previous quarter, the Fund returned 0.45%. The Fund has an average maturity of 20 days. ================================================================================ PART II -- OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. (a) The following exhibits are filed herewith: 99a CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 99b CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (b) Reports on Form 8-K. No report on Form 8-K was required to be filed during the three months ended July 31, 2002. ================================================================================ 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 By: / s / R. Crosby Kemper, III Date: September 13, 2002 ------------------------------- R. Crosby Kemper, III Chief Executive Officer By: / s / Daniel C. Stevens -------------------------------- Daniel C. Stevens Chief Financial Officer ================================================================================ I, R. Crosby Kemper, III, certify that: 1. I have reviewed this Quarterly Report on Form 10-Q for the Collective Investment Trust of which UMB Bank, n.a. is Trustee. 2. Based on my knowledge, this quarterly report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report. Date: September 16, 2002 /s/ R. Crosby Kemper, III ------------------------- Chief Executive Officer I, Daniel C. Stevens, certify that: 1. I have reviewed this Quarterly Report on Form 10-Q for the Collective Investment Trust of which UMB Bank, n.a. is Trustee. 2. Based on my knowledge, this quarterly report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report. Date: September 16, 2002 /s/ Daniel C. Stevens ----------------------- Chief Financial Officer ================================================================================

COLLECTIVE INVESTMENT TRUSTS FOR UNITED MISSOURI BANK N A 10-Q