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

Quarter ~~Ending~~Ended Quarter ~~Ending~~Ended FY Ended ~~Six~~Nine Months ~~Six~~Nine Months 47/3031/01 47/3031/02 10/31/01 Ended 047/3031/02 Ended 0407/3031/01 ------- ------- -------- -------------- -------------- Investment Income Dividends ~~387~~295,~~698~~039 ~~255~~260,~~819~~296 1,412,905 ~~507~~767,~~353~~649 ~~812~~1,~~489~~103,820 Interest 95103,~~960~~395 5440,~~609~~442 456,790 ~~129~~170,~~665~~107 ~~252~~355,~~024~~419 ------------ ------------ ------------ ------------ ------------ Gross Investment Income ~~483~~398,~~658~~434 ~~310~~300,~~428~~738 1,869,695 ~~637~~937,~~018~~756 1,~~064~~459,~~513~~239 ------------ ------------ ------------ ------------ ------------ Less: Audit Expense & Foreign Taxes (4,~~784~~895) (45,~~854~~620) (17,091) (915,~~749~~369) (1112,~~008~~195) ------------ ------------ ------------ ------------ ------------ Net Investment Income ~~478~~393,~~874~~539 ~~305~~295,~~574~~118 1,852,604 ~~627~~922,~~269~~387 1,~~053~~447,~~505~~044 ============ ============ ============ ============ ============ Realized and Unrealized Gain (Loss) on Investments: Realized Gain (Loss) on Investments: Proceeds from Sales 4130,~~402~~225,~~281~~152 328,~~443~~462,~~095~~229 166,390,946 8089,~~651~~113,~~409~~638 77107,~~048~~273,~~565~~717 Cost of Securities Sold 4229,~~704~~571,~~993~~220 339,~~358~~217,~~222~~280 165,218,948 8494,~~864~~081,~~631~~911 78107,~~050~~622,~~804~~024 ------------ ------------ ------------ ------------ ------------ Net Realized Gain (Loss) (1653,~~302,712)~~932 (~~915~~755,~~127~~051) 1,171,998 (4,~~213~~968,~~222~~273) (1348,~~002,239~~307) ------------ ------------ ------------ ------------ ------------ Unrealized Gain (Loss) on Investments: Beginning of Period 106,~~403~~720,~~058~~771 31,~~230~~288,~~308~~256 12,813,025 (4,555,044) 12,813,025 End of Period 63,~~720~~655,~~771~~900 1(7,~~288~~800,~~256~~866) (4,555,044) 1(7,~~288~~800,~~256~~866) 63,~~720~~655,~~771~~900 ------------ ------------ ------------ ------------ ------------ Net Unrealized Gain (Loss) (3,~~682~~064,~~287~~871) (19,~~942~~089,~~052~~122) (17,368,069) 5(3,~~843~~245,~~300~~822) (69,~~092~~157,~~254~~125) ------------ ------------ ------------ ------------ ------------ Net Realized and Unrealized Gain (Loss) on Investments (42,~~984~~410,~~999~~939) (29,~~857~~844,~~179~~173) (16,196,071) 1(8,~~630~~214,~~078~~095) (79,~~094~~505,~~493~~432) ------------ ------------ ------------ ------------ ------------ Net Increase (Decrease) in Net Assets Resulting from Operations (42,~~506~~017,~~125~~400) (29,~~551~~549,~~605~~055) (14,343,467) 2(7,~~257~~291,~~347~~708) (68,~~040~~058,~~988~~388) ============ ============ ============ ============ ============

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

Quarter ~~Ending~~Ended Quarter ~~Ending~~Ended FY Ended ~~Six~~Nine Months ~~Six~~Nine Months 047/3031/01 047/3031/02 10/31/01 Ended 047/3031/02 Ended 0407/3031/01 -------- -------- -------- -------------- -------------- Participants' Interest at Beginning of Period ~~103~~88,~~237~~910,~~713~~151 7875,~~844~~288,~~746~~396 110,225,425 75,731,756 110,225,425 Changes from Investment Activities: Net Investment Income ~~478~~393,~~874~~539 ~~305~~295,~~574~~118 1,852,604 ~~627~~922,~~269~~387 1,~~053~~447,~~505~~044 Net Realized Gain (Loss) on Investments (1653,~~302,712)~~932 (~~915~~755,~~127~~051) 1,171,998 (4,~~213~~968,~~222~~273) (1348,~~002,239~~307) Net Unrealized Gain (Loss) on Investments (3,~~682~~064,~~287~~871) (19,~~942~~089,~~052~~122) (17,368,069) 5(3,~~843~~245,~~300~~822) (69,~~092~~157,~~254~~125) ------------ ------------ ------------ ------------ ------------ Net Increase (Decrease) from Investment Activity (42,~~506~~017,~~125~~400) (29,~~551~~549,~~605~~055) (14,343,467) 2(7,~~257~~291,~~347~~708) (68,~~040~~058,~~988~~388) ------------ ------------ ------------ ------------ ------------ Changes from Participating Unit Transactions: Received from Issuance of ~~206~~106,~~605~~143 units 21,~~165~~107,~~530~~593 6,467,912 34,~~425~~532,~~088~~681 Received from Issuance of ~~152~~157,~~126~~781 units 1,~~532~~433,~~779~~537 23,~~408~~842,~~604~~140 Payment on Redemption of 1496,~~172,828~~287 units (115,~~986~~069,~~967~~679) (26,618,114) (1823,~~699~~769,~~374~~053) ~~Payment on Redemption of 251,886 units~~ ------------ ~~(2,537,524)~~ ------------ ~~(5,109,311)~~ ------------ Payment on Redemption of 265,505 units (2,416,893) (7,526,203) ------------ ------------ Net Increase (Decrease) from Participating Unit Transactions (93,~~821~~962,~~437~~086) (1983,~~004,745~~356) (20,150,202) (23,~~700~~684,~~707~~063) (1519,~~274~~236,~~286~~372) ------------ ------------ ------------ ------------ ------------ Participants' Interest at End of Period 8882,~~910~~930,~~151~~665 7564,~~288~~755,~~396~~985 75,731,756 7564,~~288~~755,~~396~~985 8882,~~910~~930,~~151~~665 ============ ============ ============ ============ ============

10/31/2001 0407/3031/2002 Cost Market Cost Market ---- ------ ---- ------ Assets: Common Stock 64,973,990 60,418,946 6462,~~643~~883,~~402~~122 6555,~~931~~082,~~658~~256 Commercial Paper 12,502,743 12,502,743 ~~7,451,658~~0 ~~7,451,658~~0 Short-Term Money Market Fund 2,734,775 2,734,775 ~~964~~8,~~526~~624,314 ~~964~~8,~~526~~624,314 --------- --------- ------------ ------------- Total Investments 80,211,508 75,656,464 7371,~~059~~507,~~586~~436 7463,~~347~~706,~~842~~570 ========== ========== ============ ============= Cash 0 0 Interest & Dividends Receivable 89,083 7791,~~438~~649 Receivable for Securities Sold 0 ~~885~~992,~~000~~039 - -------------- Total Assets: 75,745,547 7564,~~310~~790,~~280~~258 ========== ============= Liabilities: Disbursement in Excess of Demand Deposit Cash 7,950 1826,~~548~~795 Audit Fees Payable 5,841 37,~~336~~478 ~~Payable for Securities Sold 0 0~~ - ---- ------------ Total Liabilities 13,791 2134,~~884~~273 ~~----------~~====== ~~-------------~~============ Participants' Interest: $9.44 Per Unit on 8,022,153 Units Outstanding on 10/31/01 75,731,756 ~~75,288,396~~---------- $98.7147 Per Unit on 7,~~751~~644,~~854~~131 Units Outstanding on 47/3031/02 ~~----------~~64,755,985 ------------- Total Liabilities and Participants' Equity 75,745,547 7564,~~310~~790,~~280~~258 ========== =============

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

Quarter ~~Ending~~Ended Quarter ~~Ending~~Ended FY Ended ~~Six~~Nine Months ~~Six~~Nine Months 047/3031/01 047/3031/02 10/31/01 Ended 047/3031/02 Ended 0407/3031/01 -------- -------- -------- -------------- -------------- Investment Income Interest ~~972~~832,~~704~~060 ~~782~~766,~~709~~619 3,664,186 12,~~588~~355,~~728~~347 12,~~990~~817,~~326~~975 ----------- ----------- ----------- ----------- ----------- Gross Investment Income ~~972~~832,~~704~~060 ~~782~~766,~~709~~619 3,664,186 12,~~588~~355,~~728~~347 12,~~990~~817,~~326~~975 ----------- ----------- ----------- ----------- ----------- Less: Audit Expense & Foreign Taxes (4,~~710~~869) (45,~~892~~989) (16,252) (915,~~761~~750) (1011,~~925~~383) ----------- ----------- ----------- ----------- ----------- Net Investment Income ~~967~~827,~~994~~191 ~~777~~760,~~817~~630 3,647,934 12,~~578~~339,~~967~~597 12,~~979~~806,~~401~~592 =========== =========== =========== =========== =========== Realized and Unrealized Gain (Loss) on Investments: Realized Gain (Loss) on Investments: Proceeds from Sales 299,~~612~~392,~~027~~544 101,~~489~~834,~~571~~768 71,927,598 1921,~~724~~559,~~863~~631 4251,~~597~~990,~~621~~165 Cost of Securities Sold 299,~~101~~232,~~201~~900 101,~~393~~807,~~793~~431 70,891,525 1921,~~389~~197,~~597~~028 4151,~~935~~168,~~525~~425 ----------- ----------- ----------- ----------- ----------- Net Realized Gain ~~510~~(Loss) 159,~~826~~644 9527,~~778~~337 1,036,073 ~~335~~362,~~266~~603 ~~662~~821,~~096~~740 =========== =========== =========== =========== =========== Unrealized Gain (Loss) on Investments: Beginning of Period 1,~~935~~445,~~590~~340 1,~~920~~759,~~492~~091 33,212 3,542,632 33,211 End of Period 12,~~445~~045,~~340~~785 12,~~759~~880,~~091~~964 3,542,632 12,~~759~~880,~~091~~964 12,~~445~~045,~~340~~785 ----------- ----------- ----------- ----------- ----------- Net Unrealized Gain (Loss) ~~(490~~600,~~250)~~445 ~~(161~~1,~~401)~~121,873 3,509,420 (1661,~~783,541~~668) 12,~~412~~012,~~129~~574 ----------- ----------- ----------- ----------- ----------- Net Realized and Unrealized Gain/Loss on Investments 20760,~~576~~089 ~~(65~~1,~~623)~~149,210 4,545,493 (1299,~~448,275~~065) 2,~~074~~834,~~225~~314 ----------- ----------- ----------- ----------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations ~~988~~1,~~570~~587,280 ~~712~~1,~~194~~909,840 8,193,427 ~~130~~2,~~692~~040,532 45,~~053~~640,~~626~~906 =========== =========== =========== =========== ===========

Quarter ~~Ending~~Ended Quarter ~~Ending~~Ended FY Ended ~~Six~~Nine Months ~~Six~~Nine Months 047/3031/01 047/3031/02 10/31/01 Ended 047/3031/02 Ended 0407/3031/01 -------- -------- -------- -------------- -------------- Participants' Interest at Beginning of Period 6656,~~694~~821,~~474~~673 5253,~~760~~509,~~461~~548 68,086,026 55,765,659 68,086,026 ---------- ---------- ---------- ---------- ---------- Changes from Investment Activities: Net Investment Income ~~967~~827,~~994~~191 ~~777~~760,~~817~~630 3,647,934 12,~~578~~339,~~967~~597 12,~~979~~806,~~401~~592 Net Realized Gain (Loss) on Investments ~~510~~159,~~826~~644 9527,~~778~~337 1,036,073 ~~335~~362,~~266~~603 ~~662~~821,~~096~~740 Net Unrealized Gain (Loss) on Investments ~~(490~~600,~~250)~~445 ~~(161~~1,~~401)~~121,873 3,509,420 (1661,~~783,541~~668) 12,~~412~~012,~~129~~574 --------- --------- --------- ----------- --------- Net Increase (Decrease) from Investment Activity ~~988~~1,~~570~~587,280 ~~712~~1,~~194~~909,840 8,193,427 ~~130~~2,~~692~~040,532 45,~~053~~640,~~626~~906 --------- --------- --------- --------- --------- Changes from Participating Unit Transactions: Received from Issuance of ~~163~~118,~~943~~041 units 1987,~~345,674~~468 3,804,876 23,~~029~~016,~~511~~979 Received from Issuance of ~~176~~132,~~497~~075 units 1,~~561~~200,~~991~~813 34,~~062~~262,~~186~~999 Payment on Redemption of 1427,~~490,197~~990 units (123,~~207~~567,~~044~~713) (24,318,670) (1720,~~347~~915,~~490~~203) ----------- ------------ ------------ Payment on Redemption of ~~172~~387,~~914~~850 units (13,~~525~~509,~~098~~320) (58,~~448~~958,~~989~~309) ----------- ----------- Net Increase (Decrease) from Participating ~~Unit~~ (102,~~861~~580,~~370~~245) 36(2,~~893~~308,507) (20,513,794) (24,~~386~~695,~~803~~310) (1517,~~317~~898,~~979~~224) Unit Transactions ------------ ----------- ------------ ----------- ------------ ~~Transactions~~ Participants' Interest at End of Period 5655,~~821~~828,~~673~~708 53,~~509~~110,~~548~~881 55,765,659 53,~~509~~110,~~548~~881 5655,~~821~~828,~~673~~708 ========== ========== ========== ========== ==========

10/31/2001 0407/3031/2002 Cost Market Cost Market ---- ------ ---- ------ Assets: United States Government & Agency Obligations 33,038,863 35,400,946 3634,~~589~~815,~~327~~954 3736,~~755~~814,~~292~~879 Corporate Bonds 18,377,079 19,557,628 14,158,~~930~~905 1415,~~752~~040,~~056~~944 Short-term Money Market Fund 91,852 91,852 1528,~~367,019~~126 1528,~~367,019~~126 ------ ------ -------~~-----~~ --------- Total Investments 51,507,794 55,050,426 5249,~~115~~502,~~276~~985 5352,~~874~~383,~~367~~949 ========== ========== =========== ========== ~~Cash 0 0~~ Interest Receivable 739,608 ~~672~~774,~~167~~361 ~~Receivable for Securities Sold 0 0~~ - ------ ------- Total Assets: 55,790,034 5453,~~546~~158,~~534~~310 ========== ========== Liabilities: Audit Fees Payable 5,090 27,~~597~~108 ~~Payable for Securities Sold 0 1,014,167~~ Disbursements in excess of demand deposit cash 19,285 2040,~~222~~321 ------ ------ Total Liabilities 24,375 147,~~036,986~~429 ------ ------~~---~~ Participants' Interest: $8.89 per unit on 6,270,720 units outstanding 10/31/01 55,765,659 ---------- ~~10/31/01~~ $89.9325 per unit on 5,~~994~~738,~~743~~968 units outstanding 47/3031/02 53,~~509~~110,~~548~~881 ---------- Total Liabilities and Participants' Equity 55,790,034 5453,~~546~~158,~~534~~310 ========== ==========

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

Quarter ~~Ending~~Ended Quarter ~~Ending~~Ended FY Ended ~~Six~~Nine Months ~~Six~~Nine Months 047/3031/01 047/3031/02 10/31/01 Ended 047/3031/02 Ended 0407/3031/01 -------- -------- -------- -------------- -------------- Interest Income Interest ~~267~~212,~~386~~988 9092,~~461~~222 1,008,975 ~~193~~286,~~955~~177 ~~626~~838,~~537~~290 ------------ ------------ ------------ ------------ ------------ Gross Investment Income ~~267~~212,~~386~~988 9092,~~461~~222 1,008,975 ~~193~~286,~~955~~177 ~~626~~838,~~537~~290 ------------ ------------ ------------ ------------ ------------ Less: Audit Expense & Foreign Taxes (1,~~712~~770) (12,~~760~~065) (6,365) (35,~~530~~595) (4,~~139~~595) ------------ ------------ ------------ ------------ ------------ Net Investment Income ~~265~~211,~~674~~218 8890,~~701~~157 1,002,610 ~~190~~280,~~425~~582 ~~622~~833,~~398~~695 ============ ============ ============ ============ ============ Realized and Unrealized Gain (Loss) on Investments: Realized Gain (Loss) on Investments: Proceeds from Sales 7462,~~190~~588,~~377~~000 4956,~~774~~220,000 280,574,802 91147,~~393~~613,000 ~~142~~205,~~547~~135,915 Cost of Securities Sold 7462,~~190~~588,~~297~~000 4956,~~774~~220,000 280,574,802 91147,~~393~~613,000 ~~142~~205,~~547~~135,~~835~~915 ------------ ------------ ------------ ------------ ------------ Net Realized Gain 80(Loss) 0 0 0 800 0 Unrealized Gain (Loss) on Investments: Beginning of Period 0 0 0 0 0 End of Period 0 0 0 0 0 ------------ ------------ ------------ ------------ ------------ Net Unrealized Gain (Loss) 0 0 0 0 0 ------------ ------------ ------------ ------------ ------------ Net Realized and Unrealized Gain on Investments 800 0 0 0 800 ------------ ------------ ------------ ------------ ------------ Net Increase in Assets Resulting from Operations ~~265~~211,~~754~~218 8890,~~701~~157 1,002,610 ~~190~~280,~~425~~582 ~~622~~833,~~478~~695 ============ ============ ============ ============ ============

Quarter ~~Ending~~Ended Quarter ~~Ending~~Ended FY Ended ~~Six~~Nine Months ~~Six~~Nine Months 047/3031/01 047/3031/02 10/31/01 Ended 047/3031/02 Ended 0407/3031/01 -------- -------- -------- -------------- -------------- Participants' Interest at Beginning of Period 2120,~~315~~110,~~402~~084 20,~~282~~650,~~796~~736 22,460,962 20,420,751 22,460,962 =========== =========== =========== =========== =========== Changes from Investment Activities: Net Investment Income ~~265~~211,~~674~~218 8890,~~701~~157 1,002,610 ~~190~~280,~~425~~582 ~~622~~833,~~398~~695 Net Realized Gain (Loss) on Investments 800 0 0 0 800 Net Unrealized Gain (Loss) on Investments 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- Net Increase (Decrease) from Investment Activity ~~265~~211,~~754~~218 8890,~~701~~157 1,002,610 ~~190~~280,~~425~~582 ~~622~~833,~~478~~695 ----------- ----------- ----------- ----------- ----------- Changes from Participating Unit Transactions: Received from Issuance of ~~149~~158,~~475~~287 units ~~957~~1,~~546~~023,902 3,378,013 12,~~509~~533,~~469~~371 Received from Issuance of ~~183~~89,~~859~~507 units 1594,~~215,266~~413 2,~~098~~693,~~615~~029 Payment on Redemption of ~~379~~163,~~029~~252 units (21,~~428~~058,~~617~~651) (6,420,834) (45,~~482~~541,~~824~~475) ~~Payment on Redemption of 141,512 units~~ ----------- ~~(936,027)~~ ----------- ~~(2,059,055)~~ ----------- Payment on Redemption of 176,103 units (1,170,348) (3,229,404) ----------- ----------- Net Increase (Decrease) from Participating Unit Transactions (134,~~471,071~~749) ~~279~~(575,~~239~~935) (3,042,821) 39(536,~~560~~375) (23,~~973~~008,~~355~~104) ----------- ----------- ----------- ----------- ----------- ~~Transactions~~ Participants' Interest at End of Period 20,~~110~~286,~~084~~553 20,~~650~~164,~~736~~958 20,420,751 20,~~650~~164,~~736~~958 20,~~110~~286,~~084~~553 =========== =========== =========== =========== ===========

10/31/2001 0407/3031/2002 Cost Market Cost Market ---- ------ ---- ------ Assets: United States Government & Agency Obligations 4,446,641 4,446,641 2,~~314,~~303,010 2,~~314,~~303,010 Commercial Paper 11,440,585 11,440,585 1514,~~985~~983,~~341~~368 1514,~~985~~983,~~341~~368 Short-term Money Market Fund 4,527,397 4,527,397 23,~~350~~873,~~426~~359 23,~~350~~873,~~426~~359 --------- --------- --------- --------- Total Investments 20,414,623 20,414,623 2021,~~650~~159,~~070~~737 2021,~~650~~159,~~070~~737 ========== ========== ========== ========== Cash 0 01,316 Interest & Dividends Receivable 8,310 53,~~011~~211 Receivable for Securities Sold 0 01,000,000 - --------- Total Assets: 20,422,933 2022,~~655~~164,~~081~~264 ========== ========== Liabilities: Audit Fees Payable 2,182 12,~~220~~742 ~~Disbursements~~Payable infor ~~excess~~Securities ofPurchased ~~demand deposit cash~~ 0 31,~~125~~996,564 - --------- Total Liabilities 2,182 41,~~345~~999,306 ----- ----- ----------- Participants' Interest: $6.57 per unit on 3,109,396 units outstanding in 10/31/01 20,420,751 ---------- $6.6366 per unit on 3,~~115~~028,~~320~~725 units outstanding as of ~~20,650,736 4~~7/3031/02 20,164,958 ---------- Total Liabilities and Participants' Equity 20,422,933 2022,~~655~~164,~~081~~264 ========== ==========

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 ================================================================================

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