10-K 1 umb10826.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 & 15(d) OF THE SECURITIES AND EXCHANGE COMMISSION ACT OF 1934 ------------------ For the fiscal year ended October 31, 2002 Commission File number: 2-58109 ------------------ THE COLLECTIVE INVESTMENT TRUST* (Exact Name of the registrant as specified in its charter) * as defined herein Incorporated pursuant to the Laws of Missouri State ------------------ Internal Revenue Service -- Employer Identification No. NONE ------------------ UMB BANK, N.A., TRUSTEE Trust Department 1010 Grand Avenue Kansas City, Missouri 66214 (Address of principal executive offices and zip code) ------------------ (816) 860-7000 (Registrant's telephone number, including area code) ------------------ NONE Securities registered pursuant to Section 12(b) of the Act ------------------ 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 b 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 in reference into Part I: Registrant's Registration Statement on Form S-1 (Commission file no. 33-86470) -------------------------------------------------------------------------------- PART I Item 1. Business UMB Bank, N.A., the principal 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 "Fund") 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 of 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 18 of Regulation 9 of the Comptroller of Currency (12 C.F.R.9.18). 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 ------------------------------------------------------------------------------- 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, 2002 there were 161 holders of units of participation in the Fund for Pooling Equity Investments of Employee Trusts, 158 holders of units of participation in the Fund for Debt Investments of Employee Trusts, and 83 holders of units of participation in the Pooled Income Fund for Employees Trusts. 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, $ 7.99, $9.51 and $ 6.69. [Remainder of Page Intentionally Left Blank] -------------------------------------------------------------------------------- Item 6. Selected Financial Data

POOLED EQUITY FUND 10/31/9798 10/31/9899 10/31/9900 10/31/0001 10/31/0102 -------- -------- -------- -------- --------- Securities at Market ~~214,522,751~~ 184,150,793 137,505,557 110,118,838 75,656,464 ~~Receivables 2~~59,~~472~~665,~~209~~909 Receivables 2,387,087 9,926,834 116,416 89,083 103,148 Total Assets ~~216,994,960~~ 186,537,880 147,432,391 110,235,254 75,745,547 59,769,057 Current Liabilities 9,190 ~~9,190~~ 7,426 9,829 13,791 22,589 Participants' Interest ~~216,985,770~~ 186,528,690 147,424,965 110,225,425 75,731,756 59,746,468 Total Liabilities and Participants ~~216,994,960~~Interest 186,537,880 147,432,391 110,235,254 75,745,547 ~~Interest~~59,769,057 Total Investment Income ~~7,486,364~~ 6,638,807 5,378,672 3,495,189 1,869,695 1,255,716 Other Expense (9,~~131) (9,~~190) (9,424) (9,354) (17,091) (20,990) Net Realized and Unrealized Gains (Losses) ~~42,086,301~~ 10,448,767 17,193,302 51,995 (16,196,071) (12,224,935) Net Investment Income ~~7,477,233~~ 6,629,617 5,369,248 3,485,835 1,852,604 ~~Net Income per Share $~~1~~.65 $0.78 $0.33 $0.31 $0.21 POOLED DEBT FUND 10/31/97 10/31/98 10/31/99 10/31/00 10/31/01 -------- -------- -------- -------- -------- Securities at Market 127~~,~~865~~234,~~784~~726 114,535,305 91,082,552 67,647,135 55,050,426 Receivables 2,148,730 1,933,768 1,586,313 1,065,968 739,608 Total Assets 130,014,514 116,469,073 92,668,865 68,713,103 55,790,034 Current Liabilities 9,190 9,190 8,121 627,077 24,375 Participants' Interest 130,005,324 116,459,883 92,660,744 68,086,026 55,765,659 Total Liabilities and Participants Interest 130,014,514 116,469,073 92,668,865 68,713,103 55,790,034 Total Investment Income 9,653,774 7,710,035 6,769,984 5,379,015 3,664,186 Other Expense (9,190) (9,190) (10,120) (11,246) (16,252) Net ~~Realized and Unrealized Gains (Losses) 1,388,875 3,720,371 (6,413,667) (1,331,211) 4,545,493 Net Investment~~ Income ~~9,644,584 7,700,845 6,759,864 5,367,769 3,647,934 Net Income~~ per Share $ 0.4778 $ 0.6433 $~~0.47~~ $0.~~53 $0.51 POOLED INCOME FUND 10/~~31~~/97~~ 10/31/98 10/31/99 10/31/00 10/31/01 -------- -------- -------- -------- -------- Securities at Market 34,903,580 27,840,827 26,528,474 22,389,845 20,414,623 Receivables 89,885 126,202 110,679 72,747 8,310 Total Assets 34,993,465 27,967,029 26,639,153 22,462,592 20,422,933 Current Liabilities 3,369 3,369 2,723 1,630 2,182 Participants' Interest 34,990,096 27,963,660 26,636,430 22,460,962 20,420,751 Total Liabilities and Participants Interest 34,993,465 27,967,029 26,639,153 22,462,592 20,422,933 Total Investment Income 2,198,406 1,724,563 1,515,680 1,551,790 1,008,975 Other Expense (3,369) (3,369) (3,456) (3,400) (6,365) Net Realized and Unrealized Gains (Losses) (2,045) 0 0 0 0 Net Investment Income 2,195,037 1,721,194 1,512,224 1,548,390 1,002,610 Net Income per Share $ 0.2821 $~~0.30~~ $0.~~32 $0.38 $0.31~~16

~~2000~~POOLED ~~2001~~DEBT ~~ASSETS~~FUND ~~Cost Market Cost Market Investments: Common stocks $64,973,990 $60,418,946 $85,906,212 $~~10/31/98~~,719,237~~ ~~Commercial~~10/31/99 ~~paper~~10/31/00 ~~12,502,743 12,502,743~~ 10~~,037,926~~/31/01 10~~,037,926~~/31/02 ~~Short~~-~~term money market fund 2,734,775 2,734,775 1,361,675 1,361,675~~ ------- -------- -------- -------- --------~~------------------------------------------------~~ ~~$80~~Securities at Market 114,~~211~~535,~~508~~305 7591,~~656~~082,~~464~~552 ~~$97~~67,~~305~~647,~~813~~135 ~~110~~55,~~118~~050,~~838~~426 ~~---------------------------------------------------------------------------------------~~51,346,098 ~~Interest~~Receivables ~~and~~1,933,768 ~~dividends~~1,586,313 ~~receivable~~1,065,968 89739,~~083~~608 622,422 Total Assets 116,~~416~~469,073 ~~---------------------------------------------------------------------------------------~~92,668,865 7568,~~745~~713,~~547~~103 ~~110~~55,~~235~~790,~~254~~034 ~~---------------------------------------------------------------------------------------~~51,968,520 ~~LIABILITIES~~Current ~~Disbursements~~Liabilities in9,190 ~~excess~~8,121 of627,077 ~~demand~~24,375 ~~deposit~~187,846 ~~cash~~Participants' Interest 116,459,883 92,660,744 68,086,026 55,765,659 51,780,674 Total Liabilities and 116,469,073 92,668,865 68,713,103 55,790,034 51,968,520 Participants Interest Total Investment Income 7,~~950~~710,035 6,769,984 5,~~302~~379,015 ~~Audit~~3,664,186 ~~fee~~3,103,543 ~~payable~~Other 5Expense (9,~~841~~190) 4(10,~~527~~120) ~~------------------------~~(11,246) ~~-----------------------~~(16,252) 13(21,~~791~~740) 9Net Realized and Unrealized Gains (Losses) 3,~~829~~720,371 ~~------------------------~~(6,413,667) ~~-----------------------~~(1,331,211) $4,545,493 75411,~~731~~335 Net Investment Income 7,~~756~~700,845 $6,759,864 ~~110~~5,~~225~~367,~~425~~769 ~~============~~3,647,934 ~~=============~~3,081,803 Net Income per Share $ 0.64 $ 0.47 $ 0.53 $ 0.51 $ 0.53

2001 Number of Shares or Cost Market Principal Amount COMMON STOCKS - 79.9% CONSUMER DISCRETIONARY - 7.3% HOTELS, RESTAURANTS AND LEISURE: MCDONALD'S CORP. 70,000 $ 2,765,150 $ 1,824,900 ------------------------------------------- MEDIA: KNIGHT-RIDDER, INC. 27,000 1,428,167 1,518,750 ------------------------------------------- RETAILING: TARGET CORP. 71,000 2,302,878 2,211,650 ------------------------------------------- TOTAL CONSUMER DISCRETIONARY 6,496,195 5,555,300 ------------------------------------------- CONSUMER STAPLES - 9.1% HOUSEHOLD AND PERSONAL PRODUCTS: KIMBERLY-CLARK CORP. 40,500 2,206,295 2,248,155 PROCTOR & GAMBLE CO. 19,000 1,255,434 1,401,820 ------------------------------------------- TOTAL HOUSEHOLD AND PERSONAL PRODUCTS 3,461,729 3,649,975 ------------------------------------------- FOOD, BEVERAGE AND TOBACCO PEPSICO, INC. 66,800 2,264,854 3,253,828 ------------------------------------------- TOTAL CONSUMER STAPLES 5,726,583 6,903,803 ------------------------------------------- ENERGY - 8.7% ENERGY: AQUILA, INC. 16,000 351,264 293,600 HALLIBURTON CO. 39,000 663,984 962,910 KERR-MCGEE CORP. 31,000 1,174,960 1,785,600 PHILLIPS PETROLEUM CO. 39,000 1,598,953 2,121,990 USX-MARATHON GROUP 52,000 880,257 1,434,680 ------------------------------------------- TOTAL ENERGY 4,669,418 6,598,780 ------------------------------------------- FINANCIALS - 7.9% BANKS: FIRSTMERIT CORP. 94,000 2,204,971 2,169,520 U.S. BANCORP 40,000 966,608 711,200 ------------------------------------------- TOTAL BANKS 3,171,579 2,880,720 ------------------------------------------- DIVERSIFIED FINANCIALS: MERRILL LYNCH & CO., INC. 16,000 1,057,544 699,360 ------------------------------------------- INSURANCE: LINCOLN NATIONAL CORP. - INDIANA 56,000 2,247,255 2,371,600 ------------------------------------------- TOTAL FINANCIALS 6,476,378 5,951,680 ------------------------------------------- HEALTH CARE - 8.7% HEALTH CARE EQUIPMENT AND SERVICES: BAXTER INTERNATIONAL, INC. 24,000 112,699 1,160,880 ------------------------------------------- PHARMACEUTICALS AND BIOTECHNOLOGY: AMGEN, INC. 17,800 1,218,282 1,011,396 BRISTOL-MYERS SQUIBB CO. 35,000 2,296,426 1,870,750 GENENTECH, INC 18,600 1,297,161 971,850 PFIZER, INC. 35,000 1,421,700 1,466,500 ------------------------------------------- TOTAL PHARMACEUTICALS AND BIOTECHNOLOGY 6,233,569 5,320,496 ------------------------------------------- TOTAL HEALTH CARE 6,346,268 6,481,376 ------------------------------------------- INDUSTRIALS - 3.6% CAPITAL GOODS: EMERSON ELECTRIC CO. 26,000 1,693,770 1,274,520 MOLEX, INC. 50,000 1,500,633 1,446,500 ------------------------------------------- TOTAL INDUSTRIALS 3,194,403 2,721,020 ------------------------------------------- INFORMATION TECHNOLOGY - 20.0% SOFTWARE AND SERVICES: COMPUTER SCIENCES CORP. 27,000 1,750,450 969,570 MICROSOFT CORP. 25,000 2,155,517 1,453,750 ORACLE CORP. 58,000 1,652,241 786,480 ------------------------------------------- TOTAL SOFTWARE AND SERVICES 5,558,208 3,209,800 ------------------------------------------- TECHNOLOGY, HARDWARE AND EQUIPMENT: ALTERA CORP. 41,000 1,882,980 828,200 CISCO SYSTEMS, INC. 36,000 389,625 609,120 DELL COMPUTER CORP. 28,700 1,161,344 688,226 INTEL CORP. 70,000 2,619,395 1,709,400 INTERNATIONAL BUSINESS MACHINES CORP. 20,000 2,302,790 2,161,400 NOKIA CP ADS PFD 41,200 1,113,805 845,012 TEXAS INSTRUMENTS, INC. 62,000 2,614,489 1,735,380 ------------------------------------------- TOTAL TECHNOLOGY, HARDWARE AND EQUIPMENT 12,084,428 8,576,738 ------------------------------------------- TECHNOLOGY, HARDWARE, TOOLS AND EQUIPMENT: HARRIS CORP. 82,000 2,200,483 2,810,960 TELLABS, INC. 38,600 1,559,441 526,890 ------------------------------------------- TOTAL TECHNOLOGY, HARDWARE, TOOLS AND EQUIPMENT 3,759,924 3,337,850 ------------------------------------------- TOTAL INFORMATION TECHNOLOGY 21,402,560 15,124,388 ------------------------------------------- MATERIALS - 5.9% MATERIALS: BRUSH ENGINEERED METALS, INC. 56,700 719,250 581,175 ENGELHARD CORP. 100,000 2,078,662 2,618,000 WEYERHAEUSER, INC. 26,000 475,292 1,297,660 ------------------------------------------- TOTAL MATERIALS 3,273,204 4,496,835 ------------------------------------------- TELECOMMUNICATION SERVICES - 5.2% TELECOMMUNICATION SERVICES: BELLSOUTH CORP. 50,000 2,219,645 1,850,000 QWEST COMMUNICATIONS INTERNATIONAL, INC. 29,398 1,201,897 380,704 SBC COMMUNICATIONS, INC. 44,000 2,252,466 1,676,840 ------------------------------------------- TOTAL TELECOMMUNICATIONS SERVICES 5,674,008 3,907,544 ------------------------------------------- UTILITIES - 3.5% UTILITIES: ENTERGY CORP. 30,000 669,000 1,165,500 TXU CORP. 33,000 1,045,973 1,512,720 ------------------------------------------- TOTAL UTILITIES 1,714,973 2,678,220 ------------------------------------------- TOTAL COMMON STOCKS 64,973,990 60,418,946 ------------------------------------------- COMMERCIAL PAPER - 16.5% ABBOTT LABORATORIES, DUE 11/07/01 925,000 924,625 924,625 ALCOA, INC., DUE 11/07/01 550,000 549,778 549,778 AMERICAN INTERNATIONAL GROUP, INC., DUE 11/16/01 480,000 479,520 479,520 AMERICAN INTERNATIONAL GROUP, INC., DUE 11/19/01 50,000 499,397 499,397 COCA-COLA CO., DUE 11/16/01 1,175,000 1,173,806 1,173,806 DOW CHEMICAL CO., DUE 11/01/01 475,000 475,000 475,000 GANNETT CO., INC., DUE 11/02/01 575,000 574,960 574,960 GANNETT CO., INC., DUE 11/06/01 900,000 899,691 899,691 GANNETT CO., INC., DUE 11/09/01 262,000 261,862 261,862 GANNETT CO., INC., DUE 11/13/01 725,000 724,408 724,408 MERCK & CO., INC., DUE 11/09/01 1,000,000 999,453 999,453 ONEOK, INC., DUE 11/28/01 800,000 798,620 798,620 TEXACO, INC., DUE 11/27/01 695,000 693,851 693,851 UNITED TECHNOLOGIES CORP., DUE 11/14/01 650,000 649,425 649,425 WAL-MART STORES, INC., DUE 11/02/01 1,000,000 999,933 999,933 WAL-MART STORES, INC., DUE 11/05/02 750,000 749,799 749,799 WISCONSIN ENERGY CORP., DUE 11/20/01 1,050,000 1,048,615 1,048,615 ------------------------------------------- TOTAL COMMERCIAL PAPER 12,502,743 12,502,743 ------------------------------------------- SHORT-TERM MONEY MARKET FUND - 3.6% SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 2,734,775 2,734,775 2,734,775 ------------------------------------------- TOTAL INVESTMENTS HELD $ 80,211,508 $ 75,656,464 =========================================== See Notes to Financial Statements UMB BANK, n.a. FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS STATEMENT OF INVESTMENTS HELD OCTOBER 31, 2000 2000 Number of Shares Cost Market or Principal Amount COMMON STOCKS - 89.7% CONSUMER NONDURABLES - 15.5% FOOD: ARCHER DANIELS MIDLAND CO. 168,466 $1,972,322 $1,972,322 MCDONALDS CORP. 70,000 2,765,150 2,170,000 ------------------------------------------- TOTAL FOOD 4,737,472 4,023,126 ------------------------------------------- BEVERAGES: PEPSICO INC. 66,800 2,264,854 3,235,625 ------------------------------------------- HEALTHCARE: BAXTER INTERNATIONAL INC. 12,000 112,700 986,250 BRISTOL MYERS SQUIBB CO. 35,000 2,412,770 2,132,812 COVANCE INC. 130,500 2,240,458 1,125,563 GENETECH 18,600 1,297,161 1,534,500 -------------------------------------------- TOTAL HEALTHCARE 6,063,089 5,779,125 ------------------------------------------- COSMETICS and TOILETRIES: KIMBERLY-CLARK CORP 40,500 2,206,295 2,673,000 PROCTOR and GAMBLE CO 19,000 1,255,435 1,357,313 ------------------------------------------- TOTAL COSMETICS and TOILETRIES 3,461,730 4,030,313 ------------------------------------------- TOTAL CONSUMER NONDURABLES 16,527,145 17,068,189 ------------------------------------------- SERVICES - 4.9% MEDIA: KNIGHT RIDDER INC 27,000 1,428,167 1,356,750 ------------------------------------------- RETAIL: THE LIMITED INC. 84,000 704,916 2,121,000 TARGET CORPORATION 71,000 2,302,878 1,961,375 ------------------------------------------- TOTAL RETAIL 3,007,794 4,082,375 ------------------------------------------- TOTAL SERVICES 4,435,961 5,439,125 ------------------------------------------- CONSUMER DURABLES - 2.2% AUTOMOTIVE: GENUINE PARTS CO. 108,900 1,745,240 2,320,931 ------------------------------------------- CAPITAL GOODS - 31.8% ELECTRICAL and NETWORKING EQUIPMENT: CISCO SYSTEMS INC. 36,000 389,625 1,939,500 ------------------------------------------- ELECTRONICS: MOLEX INC. 75,000 2,257,257 4,050,000 EMERSON ELECTRIC CO 26,000 1,693,770 1,909,375 ------------------------------------------- TOTAL ELECTRONICS 3,951,027 5,959,375 ------------------------------------------- SEMICONDUCTORS: ALTERA CORPORATION 35,000 1,703,356 1,432,812 INTEL CORPORATION 58,000 2,318,187 2,610,000 TEXAS INSTRUMENTS INC. 32,000 1,624,778 1,570,000 ------------------------------------------- TOTAL SEMICONDUCTORS 5,646,321 5,612,812 ------------------------------------------- SOFTWARE: MICROSOFT CORPORATION 19,000 1,738,685 1,308,625 ORACLE SYSTEMS CORPORATION 30,000 1,231,449 990,000 ------------------------------------------- TOTAL SOFTWARE 2,970,134 2,298,625 ------------------------------------------- INFORMATION TECHNOLOGY SERVICES/SYSTEMS: AVAYA INC. 2,250 111,397 30,234 COMPUTER SCIENCES CORPORATION 16,000 1,288,120 1,008,000 DELL COMPUTER CORP 15,000 823,125 442,500 GATEWAY INC. 22,000 1,204,254 1,135,420 LUCENT TECHNOLOGIES INC 27,000 1,642,191 629,438 NOKIA CP ADS PFD 25,000 757,448 1,068,750 PE CORP-PE BIOSYSTEMS GROUP 17,800 1,296,666 2,082,600 QWEST COMMUNICATIONS INT'L COMM. 29,398 1,201,897 1,429,478 ------------------------------------------- TOTAL INFORMATION TECHNOLOGY SERVICES/SYSTEMS 8,325,098 7,826,420 ------------------------------------------- MACHINERY and EQUIPMENT: COMPAQ COMPUTER CORP 40,000 974,500 1,216,400 HARRIS CORPORATION 82,000 2,200,482 2,598,375 HEWLETT PACKARD CO 23,400 1,053,017 1,086,637 SNAP ON INC. 53,000 1,158,170 1,354,813 ------------------------------------------- TOTAL MACHINERY and EQUIPMENT 5,386,169 6,256,225 ------------------------------------------- OFFICE EQUIPMENT: INTERNATIONAL BUSINESS MACHINES 32,000 3,785,253 3,152,000 ------------------------------------------- MISCELLANEOUS: GRAINGER, W. W., INC. 61,000 2,101,253 1,948,187 ------------------------------------------- TOTAL CAPITAL GOODS 32,554,880 34,993,144 ------------------------------------------- BASIC MATERIALS - 19.7% CHEMICALS: ENGELHARD CORP. 197,000 4,201,456 4,112,375 ROHM AND HAAS CO. 35,000 1,173,102 1,052,188 AMGEN INC. 17,800 1,218,282 1,031,287 --------------------- ----------------------- TOTAL CHEMICALS 6,592,840 6,195,850 --------------------- ----------------------- METAL AND MINING: BRUSH WELLMAN INC. 56,700 719,250 1,158,806 MINNESOTA MINING and MANUFACTURING 24,000 1,702,597 2,319,000 ------------------------------------------- TOTAL METAL AND MINING 2,421,847 3,477,806 ------------------------------------------- PAPER AND FORESTRY PRODUCTS: INTERNATIONAL PAPER CO. 14,852 366,850 543,955 WEYERHAEUSER CO. 26,000 475,292 1,220,375 TOTAL PAPER AND FORESTRY PRODUCTS 842,142 1,764,330 PETROLEUM: HALLIBURTON CO. 39,000 663,984 1,445,437 KERR MCGEE CORP. 31,000 1,174,960 2,024,688 PHILLIPS PETROLEUM CO. 39,000 1,598,952 2,408,250 SCHLUMBERGER LIMITED 13,000 471,873 989,625 USX MARATHON GROUP 124,000 2,431,762 3,371,250 ------------------------------------------- TOTAL PETROLEUM 6,341,531 10,239,250 ------------------------------------------- TOTAL BASIC MATERIALS 16,198,360 21,677,236 TRANSPORTATION - 0.7% RAILROADS: UNION PACIFIC CORP. 16,000 240,340 750,000 ------------------------------------------- UTILITIES - 10.5% COMMUNICATION: BELL SOUTH CORPORATION 50,000 2,219,645 2,415,625 MOTOROLA INC. 47,200 1,288,664 1,177,050 SBC COMMUNICATIONS INC. 44,000 2,252,466 2,538,250 ------------------------------------------- TOTAL COMMUNICATION 5,760,775 6,130,925 ------------------------------------------- ELECTRIC: AMEREN CORPORATION 34,000 1,157,312 1,351,500 ENTERGY CORP. 76,000 1,788,000 2,911,750 TEXAS UTILITIES CO. 33,000 1,045,973 1,223,062 ------------------------------------------- TOTAL ELECTRIC 3,991,285 5,486,312 ------------------------------------------- TOTAL UTILITIES 9,752,060 11,617,237 ------------------------------------------- FINANCE - 4.4% FINANCIAL: FIRSTMERIT CORP. 94,000 2,204,971 2,144,375 LINCOLN NATIONAL CORP.-INDIANA 56,000 2,247,255 2,709,000 ------------------------------------------- TOTAL FINANCIAL 4,452,226 4,853,375 ------------------------------------------- TOTAL COMMON STOCKS 85,906,212 98,719,237 ------------------------------------------- COMMERCIAL PAPER - 9.1% BELLSOUTH TELECOMMUNICATIONS, DUE 11/08/00 480,000 477,506 477,506 COCA COLA CO., DUE 11/21/00 275,000 273,423 273,423 COCA COLA CO., DUE 11/03/00 725,000 719,293 719,293 DU PONT E.I. DE NEMOURS and CO, DUE 12/08/-- 750,000 743,963 743,963 AMERICAN EXPRESS CREDIT CORP. DUE 11/27/00 680,000 676,083 676,083 BELL SOUTH CAP FUNDING, DUE 11/07/00 625,000 619,841 619,841 DOVER CORP., DUE 11/22/00 832,000 827,657 827,657 EASTMAN KODAK, DUE 12/21/00 500,000 494,804 494,804 FLUOR CORP., DUE 11/14/00 1,000,000 993,852 993,852 LUCENT TECHNOLOGIES, DUE 12/1/00 500,000 495,969 495,969 TEXACO INC., DUE 11/17/00 995,000 989,635 989,635 TEXACO INC., DUE 11/1/00 750,000 744,060 744,060 TEXACO INC., DUE 11/9/00 1,000,000 989,772 989,772 WISCONSIN ELECTRIC, DUE 11/10/00 1,000,000 992,068 992,068 ------------------------------------------- TOTAL COMMERCIAL PAPER 10,037,926 10,037,926 ---------------------- ---------------------- SHORT-TERM MONEY MARKET FUND - 1.2% SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 1,361,675 1,361,675 1,361,675 ------------------------------------------- TOTAL INVESTMENTS HELD $ 97,305,813 $110,118,838 ===========================================

* Per unit information has been adjusted to reflect a 10 for 1 unit split paid during the quarter ended April 30, 2000. -------------------------------------------------------------------------------- Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following financial review presents management's discussion and analysis of the financial condition and results of operations of the Funds. This review highlights the material changes in the results of operations and statements of participants' interests for the period ended October 31, 2002. It should be read in conjunction with the accompanying financial statements, notes to financial statements and other financial statistics appearing elsewhere in this report. Results of operations for the periods in this review is not necessarily indicative of results to be attained during any future period. Forward Looking Statements -------------------------- Estimates and forward looking statements are included in this review and as such are subject to certain risks, uncertainties and assumptions that are beyond the Funds' ability to control or estimate precisely. Forward looking statements are based on current financial and economic data and management's expectations concerning future developments and their effects. Actual results and outcomes could differ materially from management's current expectations, and could cause future results to differ materially from those expressed in the forward looking statements. Factors that could cause material differences in actual operating results include, but are not limited to, the impact of competition; changes in pricing, and interest rates; changes in legal or regulatory requirements or restrictions; changes in U.S. or international economic or political conditions, such as inflation or fluctuation in interest or foreign exchange rates; or changes in values of securities traded in the equity markets; and disruptions in operations due to failures of telecommunications systems, utility systems, security clearing systems, or other elements of the financial industry infrastructure. While the Funds periodically reassesses material trends and uncertainties affecting the Funds' results of operations and financial condition in connection with the preparation of management's discussion and analysis contained in the Funds' annual and quarterly reports, the Funds do not intend to review or revise any particular forward-looking statement referenced herein in light of future events. POOLED FUND COMMENTARY The three collective investment funds included in this report are for the use of "Qualified Retirement Trusts". Participating accounts benefit from this large concentration of capital by receiving constant investment attention, lower brokerage commissions on large trades, and broad diversification which reduces risk and enhances investment opportunities. Investment programs to meet the objectives of each individual trust can be designed by adjusting the ratio of participation in the various funds. POOLED EQUITY FUND The Pooled Equity Fund lagged the Standard & Poors 500 by 25 basis points. The major drag on the Fund's performance was the telecommunications and technology sectors. The utility sector was also a drag, driven by the energy trading operations buried in normally stable businesses. Usually the healthcare sector has outstanding performance in a poor market, but a number of patent expirations without major new drug approvals hurt pharmaceutical earnings. The consumer staples did relatively well. The consumer discretionary sector, lead by consumer spending which was stimulated by low interest rates, held up fairly well. Over the year the portfolio was refocused to give the Pooled Equity Fund better exposure to a potential economic recovery. In the energy sector we sold Halliburton and bought Noble Corporation. In technology, the Fund sold Computer Sciences, Altera, Tellabs and Texas Instruments and bought Electronic Data Systems. In the Utilities we sold Aquila, and Quest. In financial services the Fund sold Lincoln National and bought A J Gallagher, American International Group, American Express, Marsh & McLennan and State Street. In the consumer sector the Fund sold McDonalds and bought Brinker International, TJX Companies and Omnicom. In the Basic materials sector we sold Brush Engineered Materials. Finally, in industrials the Fund bought MMM and Dover Corp. POOLED DEBT FUND The FOMC continued their aggressive easy money campaign, which ultimately culminated in a drop of the Fed Funds rate to 1.25%. This led to a powerful drop in interest rates, and strong total return numbers for bond investors. The Pooled Debt Fund focused on credit risk, driven by the desire for quality. Quality is defined in terms of multiple factors that address leverage, liquidity and earnings stability. The Pooled Debt Fund uses an equity analysis in assessing the appropriateness of corporate bonds for the Fund. This integrated analytical approach helped trigger early warnings on most of the sectors that spawned the "fallen angels", which caused so much damage in fixed income portfolios last year. The Pooled Debt Fund exited long-distance, technology and most utilities in early 2001, and those moves helped add incremental relative returns throughout 2002. The decision was made to swap credit risk for convexity risk, by overweighting mortgage holdings. The Pooled Debt Fund has moved to a short duration posture and will seek to further increase mortgage holdings in preparation for the potential of rising rates. Overall, the higher quality profile was the primary driver of returns in 2002. At the October month-end, the Pooled Debt Fund generated a 1-year return of 6.97%, placing the fund ahead of the Lehman Intermediate Gov/Credit Index, which finished at 5.91% for the same time period. POOLED INCOME FUND The Pooled Income Fund continued to maintain a high-quality focus, seeking to provide preservation of principal, combined with reasonable returns for short-term (cash equivalent) investors. Within the short-term market, there was a steady reduction in issuance by top-quality commercial paper issuers. Consequently, the Fund's holdings of agency discount notes gradually increased as the year proceeded. The Pooled Income Fund finished October with a 1-year return of 1.83%, versus a 1.85% return for the market, as represented by 90-day T-bill returns. Our 1.83% return was well above the money market average, as represented by the Lipper Money Market Fund Index, which returned 1.48% for the same time period. The Pooled Income Fund will maintain a high-quality bias and focus on preservation of principal. Item 7A. Quantitative and Qualitative Analysis of Financial Condition and Results of Operation All of the instruments held by the Funds are entered into for trading purposes. The Funds' trading portfolios are directly effected by changes in market rates/prices. The risk is the loss of value in the shares of the Funds' arising from adverse changes in the value of the trading portfolios. The Pooled Equity Fund invests in equity securities. Equity Securities are subject to market, economic, and business risks that will cause their prices to fluctuate over time. The Pooled Equity Fund portfolio is quoted at market prices and the market value of the Fund should fluctuate at a rate similar to the market as represented by the Standard and Poor's 500 Index. Differences from the index may be caused by differences of the allocations of stocks among various industries and by the value of the individual stocks with the portfolio or the index. The Pooled Debt Fund is invested in debt securities. Yields and principal values of debt securities will fluctuate. Generally, values of debt securities change inversely with interest rates. As interest rates go up, the value of the debt securities tends to go down. As a result, the value of the funds may go down. Furthermore, these fluctuations tend to increase as a bond's time to maturity increases, so a longer-term bond will decrease more for a given increase in interest rates than a shorter-term bond. Using a rate shock analysis of the securities in the Pooled Debt Fund on October 31, 2002, an immediate 100 and 200 basis point gain in interest rates would decrease the value 4.33% and 8.87% respectively in the portfolio value. An immediate 100 and 200 basis point decrease in interest rates would cause a 3.32% and 6.75% increase respectively in the value of the portfolio. An issuer of fixed-income securities may be unable to make interest payments and repay principal. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value and, thus, impact a Fund performance. The total current return on the Pooled Income Fund as of October 31, 2002 was 1.62%. Using a rate shock analysis of the securities in the Pooled Income Fund on October 31, 2002, an immediate 100 and 200 basis point gain in interest rates would result in a 1.58% and 1.54% return respectively in the portfolio value. An immediate 100 and 200 basis point decrease in interest rates would result in a 1.66% and 1.70% total return of the portfolio. 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 Statements. 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. 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. -------------------------------------------------------------------------------- (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 statements 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 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 -------------------------------------------------------------------------------- (16) Letter Regarding Change in Certifying Accountants 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 -------------------------------------------------------------------------------- (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 Form 8-K was filed by the Registrant during the last quarter of the period covered by this report. -------------------------------------------------------------------------------- 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: February 13, 2003 /s/ R. Crosby Kemper III --------------------------------------------- R. Crosby Kemper III Chief Executive Officer Date: February 13, 2003 /s/ Daniel C. Stevens --------------------------------------------- Daniel C. Stevens Chief Financial Officer -------------------------------------------------------------------------------- I, R. Crosby Kemper, III, certify that: 1. I have reviewed this Report on Form 10-K for the Collective Investment Trust of which UMB Bank, n.a. is Trustee. 2. Based on my knowledge, this 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 annual report; 3. Based on my knowledge, the financial statements, and other financial information included in this annual 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 annual report. 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Exchange Act Rules 13a-14 and 15d-14) for the registrant and have: a. designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; b. evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing of this annual report (the "Evaluation Date"); and c. presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): a. all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: February 13, 2003 /s/ R. Crosby Kemper, III ------------------------- Chief Executive Officer I Daniel C. Stevens, certify that: 1. I have reviewed this Report on Form 10-K for the Collective Investment Trust of which UMB Bank, n.a. is Trustee. 2. Based on my knowledge, this 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 annual report; 3. Based on my knowledge, the financial statements, and other financial information included in this annual 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 annual report. 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Exchange Act Rules 13a-14 and 15d-14) for the registrant and have; a. designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared: b. evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing of this annual report (the "Evaluation Date"); and c. presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): a. all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: February 13, 2003 /s/ Daniel C. Stevens ----------------------- Chief Financial Officer -------------------------------------------------------------------------------- FINANCIAL STATEMENTS TABLE OF CONTENTS Report of Independent Accountants Fund for Pooling Equity Investments of Employee Trusts Statements of Assets and Liabilities as of October 31, 2001 and 2002 Statements of Investments Held as of October 31, 2001 and 2002 Statements of Operations for the years ended October 31, 2000, 2001 and 2002 Statements of Participants' Interest for the years ended October 31, 2000, 2001 and 2002 Fund for Pooling Debt Investments of Employee Trusts Statements of Assets and Liabilities as of October 31, 2001 and 2002 Statements of Investments Held as of October 31, 2001 and 2002 Statements of Operations for the years ended October 31, 2000, 2001 and 2002 Statements of Participants' Interest for the years ended October 31, 2000, 2001 and 2002 Pooled Income Fund for Employee Trusts Statements of Assets and Liabilities as of October 31, 2001 and 2002 Statements of Investments Held as of October 31, 2001 and 2002 Statements of Operations for the years ended October 31, 2000, 2001 and 2002 Statements of Participants' Interest for the years ended October 31, 2000, 2001 and 2002 Notes to Financial Statements (The remainder of this page is intentionally left blank) -------------------------------------------------------------------------------- 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, 2002 and 2001, and the related statements of operations and participants' interest for each of the three years in the period ended October 31, 2002. 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. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. 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, 2002 and 2001, and the results of their operations and the changes in their participants' interest for each of the three years in the period ended October 31, 2002, in conformity with accounting principles generally accepted in the United States of America. /s/ BKD, LLP Kansas City, Missouri November 20, 2002 -------------------------------------------------------------------------------- UMB BANK, n.a. FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS STATEMENTS OF ASSETS AND LIABILITIES OCTOBER 31, 2002 AND 2001 2002 2001 ASSETS Cost Market Cost Market Investments: Common stocks $57,982,818 $48,928,862 $64,973,990 $60,418,946 Commercial paper 12,502,743 12,502,743 Short-term money market fund 10,737,047 10,737,047 2,734,775 2,734,775 --------------------------------------------------- $68,719,865 59,665,909 $80,211,508 75,656,464 --------------------------------------------------- Interest and dividends receivable 103,148 89,083 ---------------------------------------------- 59,769,057 75,745,547 ---------------------------------------------- LIABILITIES Disbursements in excess of demand deposit cash 10,970 7,950 Audit fee payable 11,619 5,481 ------------ ------------ 22,589 13,791 ------------ ------------ $ 59,746,468 $ 75,731,756 ============ ============ PARTICIPANTS INTEREST, Equivalent to $7.99 per unit on 7,479,229 units outstanding in 2002 and $9.44 per unit on 8,022,153 units outstanding in 2001. ================================== See Notes to Financial Statements UMB BANK, n.a. FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS STATEMENT OF INVESTMENTS HELD OCTOBER 31, 2002 2002 Number of Cost Market Shares or Principal Amount COMMON STOCKS - 82.0% CONSUMER DISCRETIONARY - 8.9% ADVERTISING: OMNICOM GROUP INC. 11,500 $660,918 $ 662,745 ---------------------------- HOTELS, RESTAURANTS AND LEISURE: BRINKER INTERNATIONAL, INC. 30,000 848,754 851,700 ---------------------------- MEDIA: KNIGHT-RIDDER, INC. 21,000 1,099,988 1,263,780 ---------------------------- RETAILING: TJX CORP. 62,800 1,245,478 1,288,656 TARGET CORP. 41,000 1,329,831 1,234,920 ---------------------------- TOTAL RETAILING 2,575,309 2,523,576 TOTAL CONSUMER DISCRETIONARY 5,184,969 5,301,801 ---------------------------- CONSUMER STAPLES - 11.3% HOUSEHOLD AND PERSONAL PRODUCTS: KIMBERLY-CLARK CORP. 40,500 2,206,295 2,085,750 PROCTOR & GAMBLE CO. 19,000 1,245,606 1,680,550 ---------------------------- TOTAL HOUSEHOLD AND PERSONAL PRODUCTS 3,451,901 3,766,300 ---------------------------- FOOD, BEVERAGE AND TOBACCO PEPSICO, INC. 66,800 2,264,854 2,945,880 ---------------------------- TOTAL CONSUMER STAPLES 5,716,755 6,712,180 ---------------------------- ENERGY - 7.2% ENERGY: CONOCOPHILLIPS 39,000 1,598,953 1,891,500 KERR-MCGEE CORP. 31,000 1,174,960 1,348,500 MARATHON OIL CORP 52,000 880,257 1,086,800 ---------------------------- TOTAL ENERGY 3,654,170 4,326,800 ---------------------------- FINANCIALS - 14.4% BANKS: FIRSTMERIT CORP. 94,000 2,204,971 2,147,900 STATE STREET CORP. 36,000 1,349,374 1,489,320 U.S. BANCORP 40,000 966,608 843,600 ---------------------------- TOTAL BANKS 4,520,953 4,480,820 ---------------------------- CREDIT CARDS AMERICAN EXPRESS COMPANY 20,000 788,400 727,400 ---------------------------- DIVERSIFIED FINANCIALS: MERRILL LYNCH & CO., INC. 32,000 1,861,335 1,214,400 ---------------------------- INSURANCE: AMERICAN INTERNATIONAL GROUP 14,000 1,126,914 875,700 ARTHER J. GALLAGHER & CO. 22,000 660,479 590,040 MARSH & MCLENNAN COMPANIES, INC. 14,800 821,770 691,308 ---------------------------- TOTAL INSURANCE 2,609,163 2,157,048 ---------------------------- TOTAL FINANCIALS 9,779,851 8,579,668 ---------------------------- HEALTH CARE - 6.8% HEALTH CARE EQUIPMENT AND SERVICES: BAXTER INTERNATIONAL, INC. 24,000 112,699 600,480 ---------------------------- PHARMACEUTICALS AND BIOTECHNOLOGY: AMGEN, INC. 17,800 1,218,282 828,768 BRISTOL-MYERS SQUIBB CO. 35,000 2,296,426 861,350 GENENTECH, INC 18,600 1,297,161 634,074 PFIZER, INC. 35,000 1,421,700 1,111,950 ---------------------------- TOTAL PHARMACEUTICALS AND BIOTECHNOLOGY 6,233,569 3,436,142 ---------------------------- TOTAL HEALTH CARE 6,346,268 4,036,622 ---------------------------- INDUSTRIALS - 8.8% CAPITAL GOODS: 3M CO. 10,000 1,232,741 1,269,400 DOVER CORP. 30,000 1,242,048 752,400 EMERSON ELECTRIC CO. 26,000 1,693,770 1,252,680 MOLEX, INC. 45,000 1,349,309 1,188,450 NOBLE CORP. 25,000 910,228 808,000 ---------------------------- TOTAL INDUSTRIALS 6,428,096 5,270,930 ---------------------------- INFORMATION TECHNOLOGY - 13.6% SOFTWARE AND SERVICES: ELECTRONIC DATA SYSTEMS CORP. 27,000 968,655 406,620 MICROSOFT CORP. 25,000 2,155,517 1,336,750 ORACLE CORP. 58,000 1,652,241 591,020 ---------------------------- TOTAL SOFTWARE AND SERVICES 4,776,413 2,334,390 ---------------------------- TECHNOLOGY, HARDWARE AND EQUIPMENT: CISCO SYSTEMS, INC. 36,000 389,625 402,480 DELL COMPUTER CORP. 28,700 1,161,344 821,107 INTEL CORP. 70,000 2,619,395 1,211,000 INTERNATIONAL BUSINESS MACHINES CORP. 20,000 2,302,790 1,578,800 NOKIA OYJ 41,200 1,113,805 684,744 ---------------------------- TOTAL TECHNOLOGY, HARDWARE AND EQUIPMENT 7,586,959 4,698,131 ---------------------------- TECHNOLOGY, HARDWARE, TOOLS AND EQUIPMENT: HARRIS CORP. 40,000 1,039,803 1,055,200 ---------------------------- TOTAL INFORMATION TECHNOLOGY 13,403,175 8,087,721 ---------------------------- MATERIALS - 4.6% MATERIALS: ENGELHARD CORP. 72,000 1,473,061 1,594,800 WEYERHAEUSER, INC. 26,000 475,292 1,177,800 ---------------------------- TOTAL MATERIALS 1,948,353 2,772,600 ---------------------------- TELECOMMUNICATION SERVICES - 3.4% TELECOMMUNICATION SERVICES: BELLSOUTH CORP. 35,000 1,553,752 915,250 SBC COMMUNICATIONS, INC. 44,000 2,252,466 1,129,040 ---------------------------- TOTAL TELECOMMUNICATIONS SERVICES 3,806,218 2,044,290 ---------------------------- UTILITIES - 3.0% UTILITIES: ENTERGY CORP. 30,000 669,000 1,322,700 TXU CORP. 33,000 1,045,963 473,550 ---------------------------- TOTAL UTILITIES 1,714,973 1,796,250 ---------------------------- TOTAL COMMON STOCKS 57,982,818 48,928,862 ---------------------------- SHORT-TERM MONEY MARKET FUND - 18.0% SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 10,737,047 10,737,047 10,737,047 ---------------------------- TOTAL INVESTMENTS HELD $ 68,719,865 $ 59,665,909 ============================ See Notes to Financial Statements UMB BANK, n.a. FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS STATEMENT OF INVESTMENTS HELD OCTOBER 31, 2001 2002 Number of Cost Market Shares or Principal Amount COMMON STOCKS - 79.9% CONSUMER DISCRETIONARY - 7.3% HOTELS, RESTAURANTS AND LEISURE: MCDONALD'S CORP. 70,000 $ 2,765,150 $ 1,824,900 ---------------------------- MEDIA: KNIGHT-RIDDER, INC. 27,000 1,428,167 1,518,750 ---------------------------- RETAILING: TARGET CORP. 71,000 2,302,878 2,211,650 ---------------------------- TOTAL CONSUMER DISCRETIONARY 6,496,195 5,555,300 ---------------------------- CONSUMER STAPLES - 9.1% HOUSEHOLD AND PERSONAL PRODUCTS: KIMBERLY-CLARK CORP. 40,500 2,206,295 2,248,155 PROCTOR & GAMBLE CO. 19,000 1,255,434 1,401,820 ---------------------------- TOTAL HOUSEHOLD AND PERSONAL PRODUCTS 3,461,729 3,649,975 ---------------------------- FOOD, BEVERAGE AND TOBACCO PEPSICO, INC. 66,800 2,264,854 3,253,828 ---------------------------- TOTAL CONSUMER STAPLES 5,726,583 6,903,803 ---------------------------- ENERGY - 8.7% ENERGY: AQUILA, INC. 16,000 351,264 293,600 HALLIBURTON CO. 39,000 663,984 962,910 KERR-MCGEE CORP. 31,000 1,174,960 1,785,600 PHILLIPS PETROLEUM CO. 39,000 1,598,953 2,121,990 USX-MARATHON GROUP 52,000 880,257 1,434,680 ---------------------------- TOTAL ENERGY 4,669,418 6,598,780 ---------------------------- FINANCIALS - 7.9% BANKS: FIRSTMERIT CORP. 94,000 2,204,971 2,169,520 U.S. BANCORP 40,000 966,608 711,200 ---------------------------- TOTAL BANKS 3,171,579 2,880,720 ---------------------------- DIVERSIFIED FINANCIALS: MERRILL LYNCH & CO., INC. 16,000 1,057,544 699,360 ---------------------------- INSURANCE: LINCOLN NATIONAL CORP. - INDIANA 56,000 2,247,255 2,371,600 ---------------------------- TOTAL FINANCIALS 6,476,378 5,951,680 ---------------------------- HEALTH CARE - 8.7% HEALTH CARE EQUIPMENT AND SERVICES: BAXTER INTERNATIONAL, INC. 24,000 112,699 1,160,880 ---------------------------- PHARMACEUTICALS AND BIOTECHNOLOGY: AMGEN, INC. 17,800 1,218,282 1,011,396 BRISTOL-MYERS SQUIBB CO. 35,000 2,296,426 1,870,750 GENENTECH, INC 18,600 1,297,161 971,850 PFIZER, INC. 35,000 1,421,700 1,466,500 ---------------------------- TOTAL PHARMACEUTICALS AND BIOTECHNOLOGY 6,233,569 5,320,496 ---------------------------- TOTAL HEALTH CARE 6,346,268 6,481,376 ---------------------------- INDUSTRIALS - 3.6% CAPITAL GOODS: EMERSON ELECTRIC CO. 26,000 1,693,770 1,274,520 MOLEX, INC. 50,000 1,500,633 1,446,500 ---------------------------- TOTAL INDUSTRIALS 3,194,403 2,721,020 ---------------------------- INFORMATION TECHNOLOGY - 20.0% SOFTWARE AND SERVICES: COMPUTER SCIENCES CORP. 27,000 1,750,450 969,570 MICROSOFT CORP. 25,000 2,155,517 1,453,750 ORACLE CORP. 58,000 1,652,241 786,480 ---------------------------- TOTAL SOFTWARE AND SERVICES 5,558,208 3,209,800 ---------------------------- TECHNOLOGY, HARDWARE AND EQUIPMENT: ALTERA CORP. 41,000 1,882,980 828,200 CISCO SYSTEMS, INC. 36,000 389,625 609,120 DELL COMPUTER CORP. 28,700 1,161,344 688,226 INTEL CORP. 70,000 2,619,395 1,709,400 INTERNATIONAL BUSINESS MACHINES CORP. 20,000 2,302,790 2,161,400 NOKIA CP ADS PFD 41,200 1,113,805 845,012 TEXAS INSTRUMENTS, INC. 62,000 2,614,489 1,735,380 ---------------------------- TOTAL TECHNOLOGY, HARDWARE AND EQUIPMENT 12,084,428 8,576,738 ---------------------------- TECHNOLOGY, HARDWARE, TOOLS AND EQUIPMENT: HARRIS CORP. 82,000 2,200,483 2,810,960 TELLABS, INC. 38,600 1,559,441 526,890 ---------------------------- TOTAL TECHNOLOGY, HARDWARE, TOOLS AND EQUIPMENT 3,759,924 3,337,850 ---------------------------- TOTAL INFORMATION TECHNOLOGY 21,402,560 15,124,388 ---------------------------- MATERIALS - 5.9% MATERIALS: BRUSH ENGINEERED METALS, INC. 56,700 719,250 581,175 ENGELHARD CORP. 100,000 2,078,662 2,618,000 WEYERHAEUSER, INC. 26,000 475,292 1,297,660 ---------------------------- TOTAL MATERIALS 3,273,204 4,496,835 ---------------------------- TELECOMMUNICATION SERVICES - 5.2% TELECOMMUNICATION SERVICES: BELLSOUTH CORP. 50,000 2,219,645 1,850,000 QWEST COMMUNICATIONS INTERNATIONAL, INC. 29,398 1,201,897 380,704 SBC COMMUNICATIONS, INC. 44,000 2,252,466 1,676,840 ---------------------------- TOTAL TELECOMMUNICATIONS SERVICES 5,674,008 3,907,544 ---------------------------- UTILITIES - 3.5% UTILITIES: ENTERGY CORP. 30,000 669,000 1,165,500 TXU CORP. 33,000 1,045,973 1,512,720 ---------------------------- TOTAL UTILITIES 1,714,973 2,678,220 ---------------------------- TOTAL COMMON STOCKS 64,973,990 60,418,946 ---------------------------- COMMERCIAL PAPER - 16.5% ABBOTT LABORATORIES, DUE 11/07/01 925,000 924,625 924,625 ALCOA, INC., DUE 11/07/01 550,000 549,778 549,778 AMERICAN INTERNATIONAL GROUP, INC., DUE 11/16/01 480,000 479,520 479,520 AMERICAN INTERNATIONAL GROUP, INC., DUE 11/19/01 50,000 499,397 499,397 COCA-COLA CO., DUE 11/16/01 1,175,000 1,173,806 1,173,806 DOW CHEMICAL CO., DUE 11/01/01 475,000 475,000 475,000 GANNETT CO., INC., DUE 11/02/01 575,000 574,960 574,960 GANNETT CO., INC., DUE 11/06/01 900,000 899,691 899,691 GANNETT CO., INC., DUE 11/09/01 262,000 261,862 261,862 GANNETT CO., INC., DUE 11/13/01 725,000 724,408 724,408 MERCK & CO., INC., DUE 11/09/01 1,000,000 999,453 999,453 ONEOK, INC., DUE 11/28/01 800,000 798,620 798,620 TEXACO, INC., DUE 11/27/01 695,000 693,851 693,851 UNITED TECHNOLOGIES CORP., DUE 11/14/01 650,000 649,425 649,425 WAL-MART STORES, INC., DUE 11/02/01 1,000,000 999,933 999,933 WAL-MART STORES, INC., DUE 11/05/02 750,000 749,799 749,799 WISCONSIN ENERGY CORP., DUE 11/20/01 1,050,000 1,048,615 1,048,615 ---------------------------- TOTAL COMMERCIAL PAPER 12,502,743 12,502,743 ---------------------------- SHORT-TERM MONEY MARKET FUND - 3.6% SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 2,734,775 2,734,775 2,734,775 ---------------------------- TOTAL INVESTMENTS HELD $ 80,211,508 $ 75,656,464 ============================ See Notes to Financial Statements UMB BANK, n.a. FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS STATEMENTS OF OPERATIONS YEARS ENDED OCTOBER 31, 2002, 2001 AND 2000 2002 2001 2000 INVESTMENT INCOME Interest $217,111 $456,790 $1,547,825 Dividends 1,038,605 1,412,905 1,947,364 ---------------------------------------- Total Investment Income 1,255,716 1,869,695 3,495,189 ---------------------------------------- Audit expense 20,990 17,091 9,354 ---------------------------------------- Net investment income 1,234,726 1,852,604 3,485,835 ---------------------------------------- REALIZED AND UNREALIZED GAIN LOSS) ON INVESTMENTS Realized gain (loss) on investments sold, matured or redeemed Proceeds 115,219,665 166,390,946 364,173,641 Cost of investments 122,945,688 165,218,948 363,491,108 ---------------------------------------- Net realized gain on investments sold, matured or redeemed (7,726,023) 1,171,998 682,533 ---------------------------------------- Unrealized gain (loss) on investments Beginning of year (4,555,044) 12,813,025 13,443,563 End of year (9,053,956) (4,555,044) 12,813,025 ---------------------------------------- Net unrealized gain (loss) on investments (4,498,912) (17,368,069) (630,538) ---------------------------------------- Net realized and unrealized gain (loss) on investments (12,224,935) (16,196,071) 51,995 ---------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS (10,990,209) $(14,343,467) $3,537,830 ======================================== TOTAL EXPENSE AS A PERCENT OF NET INVESTMENT INCOME 1.70% 0.92% 0.26% ======================================== UMB BANK, n.a. FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS STATEMENTS OF PARTICIPANTS' INTEREST YEARS ENDED OCTOBER 31, 2002, 2001 AND 2000

2002 2001 2000 ~~1999~~Units ~~INVESTMENT~~Amount ~~INCOME~~Units ~~Interest~~Amount ~~$456,790~~Units ~~$1,547,825~~Amount ~~$2,255,589~~PARTICIPANTS' ~~Dividends~~INTEREST 1Beginning of year 8,~~412~~022,~~905~~153 1$75,~~947~~731,~~364~~756 39,~~123~~983,~~083~~282 ~~------------------------------------------------------------ Total Investment Income 1~~$110,~~869~~225,~~695~~425 313,~~495~~796,~~189~~030 5$147,~~378~~424,~~672~~965 ---------- ----------- ---------- ------------ ----------~~-------~~ ~~Audit expense 17,091 9,354 9,424~~ ------------~~------------------------------------------------~~ FROM INVESTMENT ACTIVITIES Net investment income 1,234,726 1,852,604 3,485,835 ~~5,369,248~~Net ~~------------------------------------------------------------~~realized ~~REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Realized~~ gain ~~(loss)~~ on investments sold, matured or redeemed ~~Proceeds 166~~(7,~~390~~726,~~946~~023) ~~364~~1,~~173~~171,~~641~~998 ~~723~~682,~~610,458~~533 ~~Cost~~Net ofunrealized ~~investments~~gain ~~165,218,948~~(loss) ~~363,491,108~~on ~~708~~(4,~~210~~498,~~090~~912) ----------- investments (17,368,069) (630,538) ------------ ------------~~-------------------------~~ Net ~~realized~~decrease ~~gain~~from oninvestment ~~investments sold~~(10,990,209) ~~matured or redeemed 1~~(14,~~171~~343,~~998~~467) ~~682~~3,~~533 15~~537,~~400,368~~830 ------------ ------------ ------------~~------------------------~~ ~~Unrealized~~activities ~~gain~~FROM ~~(loss)~~PARTICIPATING onUNIT ~~investments~~TRANSACTIONS ~~Beginning~~Issuance of ~~year~~units 12598,~~813~~822 5,~~025~~489,788 13631,~~443~~367 6,~~563~~467,912 111,~~650~~994,~~629~~390 ~~End~~21,781,514 Redemption of ~~year~~units (41,~~555~~141,~~044~~746) 12(10,~~813~~484,~~025~~867) 13(2,~~443~~592,~~563 ------------------------------------------------------------ Net unrealized gain (loss~~496) ~~on investments~~ (1726,~~368~~618,~~069~~114) (~~630~~5,~~538~~807,138) 1(62,~~792~~518,~~934~~884) ---------- ----------- ---------- ------------ ---------- ------------ Net ~~realized~~decrease ~~and~~from ~~unrealized~~participating ~~gain~~unit transactions (~~loss~~542,924) on(4,995,079) ~~investments~~(1,961,129) (1620,~~196~~150,~~071~~202) 51(3,~~995~~812,748) 17(40,~~193~~737,~~302~~370) ---------- ----------- ---------- ------------ ---------- ------------ ~~NET~~PARTICIPANTS' ~~INCREASE~~INTEREST INEnd ~~NET~~of ~~ASSETS~~year ~~RESULTING~~7,479,229 ~~FROM~~$59,746,468 ~~OPERATIONS~~8,022,153 $~~(14~~75,~~343~~731,~~467)~~756 $39,~~537~~983,~~830~~282 $22110,~~562~~225,~~550~~425 ========== =========== ========== ============ ========== ============ ~~TOTAL~~NET ~~EXPENSE~~ASSET ASVALUE APER ~~PERCENT~~PARTICIPATING OFUNIT ~~NET INVESTMENT INCOME 0~~$7.~~92%~~99 0$9.~~26%~~44 0$11.~~18%~~04 ===== ===== ======~~============================================~~

See Notes to Financial Statements UMB BANK, n.a. FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS STATEMENTS OF ASSETS AND LIABILITIES OCTOBER 31, 2002 AND 2001

2002 2001 ~~2000~~Cost ~~1999~~Market ~~Units~~Cost ~~Amount~~Market ~~Units~~ASSETS ~~Amount~~Investments: ~~Units~~United ~~Amount~~States ~~PARTICIPANTS'~~Government ~~INTEREST~~and ~~Beginning~~Agency ofobligations ~~year 9~~$33,~~983~~833,~~282~~979 $~~110~~36,~~225~~203,~~425~~454 13$33,~~796~~038,~~030~~863 $~~147~~35,~~424~~400,~~965~~946 Corporate bonds 14,366,808 15,142,644 18,377,079 19,~~485~~557,~~100~~628 ~~$186~~Short-term money market fund 91,~~528~~852 91,~~690~~852 --------- ------------ ---------- ------------ ---------- ------~~------~~ ~~FROM INVESTMENT ACTIVITIES Net investment income 1~~$48,~~852~~200,~~604~~787 351,~~485~~346,~~835~~098 5$51,~~369~~507,~~248~~794 ~~Net realized gain on investments sold~~55, ~~matured or redeemed 1~~050,~~171,998~~426 ~~682,533 15,400,368 Net unrealized gain (loss) on investments (17,368,069) (630,538) 1,792,934~~ ----------- --------- ---------- ~~Net increase from investment activities (14,343,467) 3,537,830 22,562,550~~ ----------- --------- ---------- ~~FROM~~Interest ~~PARTICIPATING~~receivable ~~UNIT TRANSACTIONS Issuance of units 631,367 6,467,912 1,994,390 21,781,514 1,933,120 19,759,460 Redemption of units (2,592,496) (26,618,114) (5,807,138) (62,518,884) (7,~~622,~~190)~~422 ~~(81~~739,~~425,735)~~608 ---------- ----------- ---------- ------------ 51,968,520 55,790,034 ---------- --------------------------------- ~~Net~~LIABILITIES ~~decrease~~Disbursements ~~from~~in ~~participating~~excess ~~unit~~of ~~transactions~~demand ~~(1,961,129)~~deposit ~~(20~~cash 176,~~150,202)~~228 (319,~~812,748)~~285 ~~(40~~Audit fee payable 11,~~737,370)~~618 (5,~~689,070)~~090 ~~(61,666,275)~~ ---------- ----------- ---------- ------------ 187,846 24,375 ---------- --------------------------------- PARTICIPANTS' INTEREST ~~End~~Equivalent ofto ~~year~~$9.51 ~~8,022,153~~per ~~$75,731,756~~unit ~~9,983,282~~on ~~$110~~5,~~225~~442,~~425~~193 ~~13,796,030~~units ~~$147,424,965~~outstanding ~~===========~~in ~~===========~~2002 ~~=========~~and ~~============~~$8.89 ~~==========~~per ~~============~~unit ~~NET~~on ~~ASSET~~6,270,720 ~~VALUE~~units ~~PER~~outstanding ~~PARTICIPATING~~in ~~UNIT~~2001 $~~9.44~~51,780,674 $~~11.04~~55,765,659 ~~$10.69~~ ===== ======= ============

See Notes to Financial Statements UMB BANK, n.a. FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS STATEMENT OF INVESTMENTS HELD OCTOBER 31, 2002

~~2001~~2002 ~~2000~~Number ~~Cost~~of ~~Market~~Shares or Cost Market ~~ASSETS~~Principal ~~Investments:~~Amount ~~United~~UNITED ~~States~~STATES ~~Government~~GOVERNMENT ~~and~~AND ~~Agency~~AGENCY ~~obligations~~OBLIGATIONS ~~$33~~- 70.5% FEDERAL HOME LOAN BANK,~~038~~ 6.02%,~~863~~ ~~$35~~DUE 5/20/08 250,~~400~~000 249,~~946~~473 ~~$36~~281,~~761~~429 FEDERAL HOME LOAN MORTGAGE CO.,~~677~~ ~~$37~~5.75%,~~119~~ DUE 3/15/09 250,~~452~~000 ~~Corporate~~253,160 ~~bonds~~278,001 18FEDERAL NATIONAL MORTGAGE ASSOCIATION,~~377~~ 5.125%,~~079~~ 19DUE 2/13/04 500,~~557~~000 497,~~628~~734 522,680 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.65%, DUE 3/10/05 500,000 499,453 565,918 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 3.875%, DUE 3/15/05 1,250,000 1,241,449 1,302,750 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.00%, DUE 1/20/07 1,000,000 1,000,000 1,039,667 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.04%, DUE 9/7/07 1,110,000 1,110,000 1,208,429 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.50%, DUE 3/15/11 750,000 743,907 812,392 FEDERAL NATIONAL MORTGAGE ASSOCIA. NOTE, 5.375%, DUE 11/15/11 1,500,000 1,479,828 1,604,535 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 4.375%, DUE 9/15/12 1,000,000 967,039 986,367 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 6.00%, DUE 4/25/25 1,000,000 1,007,939 1,033,925 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.00%, DUE 4/20/16 755,767 753,212 791,460 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.00%, DUE 5/15/16 785,191 788,974 824,722 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.50%, DUE 5/15/16 407,958 424,438 430,562 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 7.00%, DUE 9/20/16 752,811 780,219 801,475 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 5.50%, DUE 1/15/17 925,001 926,683 962,260 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.30%,~~852~~ DUE 3/20/26 1,~~246~~000,000 1,016,460 1,034,777 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.00%, DUE 10/16/28 1,000,000 977,813 1,045,236 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 7.00%, DUE 11/15/28 843,722 872,133 886,360 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.50%, DUE 5/20/31 725,844 715,257 753,885 GOVERNMENT NATIONAL MORTGAGE ASSSOCIATION Ii Pool 3292, 6.00%, DUE 10/21/17 1,434,892 1,490,406 1,502,580 PRIVATE EXPORT FUNDING, 5.53%, DUE 4/30/06 500,~~527~~000 500,~~683~~000 ~~Short-term~~545,990 ~~money~~SMALL ~~market~~BUSINESS ~~fund~~ADMINISTRATION 91POOLS,~~852~~ 915.75%,~~852~~ DUE 1/01/04 78,278 78,278 79,486 SMALL BUSINESS ADMINISTRATION POOLS 6.54%, DUE 12/10/05 539,720 539,720 587,504 SMALL BUSINESS ADMINISTRATION POOLS, 7.44%, DUE 5/10/06 761,657 761,657 851,131 SMALL BUSINESS ADMINISTRATION POOLS, 6.60%, DUE 7/01/09 556,860 556,860 610,635 SMALL BUSINESS ADMINISTRATION POOLS, 8.80%, DUE 1/01/10 70,195 70,194 75,831 SMALL BUSINESS ADMINISTRATION POOLS, 9.45%, DUE 2/01/10 51,179 51,179 55,784 SMALL BUSINESS ADMINISTRATION POOLS, 8.017%, DUE 2/10/10 679,727 679,727 788,604 SMALL BUSINESS ADMINISTRATION POOLS, 8.625%, DUE 2/01/11 73,291 73,291 79,720 SMALL BUSINESS ADMINISTRATION POOLS, 6.64%, DUE 2/10/11 483,761 483,761 530,447 SMALL BUSINESS ADMINISTRATION POOLS, 5.75%, DUE 5/01/11 921,383 921,383 997,836 SMALL BUSINESS ADMINISTRATION POOLS, 6.09%, DUE 7/01/11 720,1445 720,145 787,965 SMALL BUSINESS ADMINISTRATION POOLS, 8.85%, DUE 8/01/11 39,906 41,103 43,681 SMALL BUSINESS ADMINISTRATION POOLS, 8.60%, DUE 9/01/11 49,998 47,703 51,391 SMALL BUSINESS ADMINISTRATION POOLS, 8.25%, DUE 11/01/11 161,831 161,831 175,755 SMALL BUSINESS ADMINISTRATION POOLS, 7.60%, DUE 1/01/12 436,261 422,781 471,617 SMALL BUSINESS ADMINISTRATION POOLS, 7.40%, DUE 8/01/12 395,173 395,173 428,227 SMALL BUSINESS ADMINISTRATION POOLS, 7.05%, DUE 9/01/12 332,806 332,806 359,204 SMALL BUSINESS ADMINISTRATION POOLS, 7.55%, DUE 11/01/12 231,113 231,113 251,056 SMALL BUSINESS ADMINISTRATION POOLS, 8.15%, DUE 2/01/15 486,348 486,348 545,020 SMALL BUSINESS ADMINISTRATION POOLS, 6.44, DUE 6/01/21 1,208,810 1,208,810 1,334,706 UNITED STATES TREASURY BONDS, 6.50%, DUE 5/15/05 500,000 500,547 556,661 UNITED STATES TREASURY BONDS, 5.875%, DUE 11/15/05 1,000,000 989,766 1,109,958 UNITED STATES TREASURY NOTES, 6.50%, DUE 8/15/05 300,000 296,063 336,360 UNITED STATES TREASURY NOTES, 5.75%, DUE 11/15/05 500,000 519,375 553,066 UNITED STATES TREASURY NOTES, 5.00%, DUE 8/15/11 2,500,000 2,668,598 2,723,980 UNITED STATES TREASURY SECURITIES STRIPPED COUPON, DUE 8/15/11 3,750,000 2,300,190 2,602,429 ----------------------- TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 33,833,979 36,203,454 ----------------------- CORPORATE BONDS - 29.5% CONSUMER STAPLES- 5.1% HOUSEHOLD AND PERSONAL PRODUCTS: COLGATE-PALMOLIVE CO., 5.34%, DUE 3/27/06 1,000,000 999,020 1,070,845 ----------------------- FOOD BEVERAGE AND TOBACCO: ANHEUSER--BUSCH ~~$51~~COS.,~~507~~ 5.75%,~~794~~ 55DUE 4/01/10 375,~~050~~000 375,~~426~~876 ~~$67~~406,~~613~~846 SYSCO CORP.,~~923~~ 677.00%,~~647~~ DUE 5/01/06 1,~~135~~000,000 1,000,000 1,129,283 ----------------------- TOTAL FOOD BEVERAGE AND TOBACCO 1,375,876 1,536,129 ----------------------- TOTAL CONSUMER STAPLES 2,374,896 2,606,974 ----------------------- CONSUMER DISCRETIONARY - 4.1% RETAIL: TARGET CORP., 5.50%, DUE 4/01/07 1,000,000 995,350 1,069,373 ----------------------- ~~Interest~~CONSUMER ~~receivable~~DURABLES ~~739~~AND APPAREL: LEGGETT & PLATT INC.,~~608~~ 6.10%, DUE 9/09/03 1,~~065~~000,~~968~~000 1,000,000 1,037,749 ----------------------- TOTAL CONSUMER DISCRETIONARY 1,995,350 2,107,122 ----------------------- FINANCIALS - 3.1% DIVERSIFIED FINANCIALS: MERRILL LYNCH & CO., 6.00%, DUE 2/17/09 750,000 774,983 785,633 ----------------------- 55INSURANCE: AIG SUNAMERICA,~~790~~ 5.85%,~~034~~ 68DUE 8/1/08 750,~~713~~000 810,~~103~~554 808,769 ----------------------- TOTAL FINANCIALS 1,585,537 1,594,402 ----------------------- INFORMATION TECHNOLOGY - 7.5% TECHNOLOGY HARDWARE TOOLS AND EQUIPMENT: INTERNATIONAL BUSINESS MACHINES CORP., 5.37%, DUE 9/22/03 1,000,000 1,011,140 1,028,591 INTERNATIONAL BUSINESS MACHINES CORP., 4.25%, DUE 9/15/09 1,000,000 989,670 993,705 MOTOROLA, INC., 6.50%, DUE 3/01/08 250,000 242,887 233,014 TEXAS INSTRUMENTS, INC., 7.00%, DUE 8/15/04 500,000 518,410 534,282 TEXAS INSTRUMENTS, INC., 6.125%, DUE 2/01/06 1,000,000 932,930 1,067,225 ----------------------- ~~LIABILITIES~~TOTAL ~~Disbursements~~INFORMATION inTECHNOLOGY ~~excess~~3,695,037 of3,856,817 ~~demand~~----------------------- ~~deposit~~INDUSTRIALS ~~cash~~- 197.1% CAPITAL GOODS: MONSANTO INC.,~~285~~ ~~623~~6.11%,~~213~~ ~~Audit~~DUE ~~fee~~2/03/05 ~~payable~~1,000,000 51,~~090~~000,000 31,~~864~~078,041 PITNEY BOWES INC., 4.625%, 10/01/12 1,000,000 993,430 991,331 ----------------------- TOTAL CAPITAL GOODS 1,993,430 2,069,372 ----------------------- TRANSPORTATION: UNION PACIFIC RAILROAD CO., EQUIP. TRUST NO. 2 SERIES 88, 7.01%, DUE 6/01/04 1,500,000 1,500,000 1,598,655 ----------------------- 24TOTAL INDUSTRIALS 3,~~375~~493,430 ~~627~~3,~~077~~668,027 ----------------------- UTILITIES - 1.1% UTILITIES: GTE CALIFORNIA, INC., 6.70% DUE 9/01/09 500,000 474,050 535,230 ----------------------- TOTAL UTILITIES 474,050 535,230 ----------------------- ~~PARTICIPANTS'~~HEALTH ~~INTEREST~~CARE ~~Equivalent~~- to1.5% $8PHARMACEUTICALS AND BIOTECHNOLOGY: AMERICAN HOME PRODUCTS, 5.89875%, ~~per~~DUE ~~unit~~3/15/04 on750,000 6748,~~270~~508 774,~~720~~072 ~~units~~----------------------- ~~outstanding~~TOTAL inHEALTH ~~2001~~CARE ~~and~~748,508 ~~$7.76~~774,072 ~~per~~----------------------- ~~unit~~TOTAL onCORPORATE 8BONDS 14,~~772~~366,~~286~~808 ~~units~~15,142,644 ~~outstanding~~----------------------- inTOTAL ~~2000~~INVESTMENTS HELD $5548,~~765~~200,~~659~~787 $6851,~~086~~346,~~026~~098 ================== =====~~===============~~

See Notes to Financial Statements UMB BANK, n.a. FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS STATEMENT OF INVESTMENTS HELD OCTOBER 31, 2001

2001 ~~----~~ Number of Shares or ~~Principal Amount~~ Cost Market ~~----~~Principal ~~------~~Amount UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS - 64.4% FEDERAL HOME LOAN BANK, 5.44%, DUE 10/15/03 $1,000,000 $908,790 $1,050,686 FEDERAL HOME LOAN BANK, 5.125%, DUE 12/01/03 1,000,000 999,500 1,046,062 FEDERAL HOME LOAN BANK, 6.02%, DUE 5/20/08 250,000 249,473 272,330 FEDERAL HOME LOAN MORTGAGE CO., 5.75%, DUE 7/15/03 1,000,000 986,060 1,052,184 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.55%, DUE 4/22/02 250,000 253,125 256,421 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.45%, DUE 10/10/03 1,000,000 999,531 1,053,113 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.80%, DUE 12/10/03 1,000,000 996,875 1,062,735 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.125%, DUE 2/13/04 1,500,000 1,493,203 1,573,001 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.65%, DUE 3/10/05 500,000 499,453 566,594 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.04%, DUE 9/7/07 1,110,000 1,110,000 1,224,875 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 6.00%, DUE 4/25/25 1,000,000 1,008,103 1,017,440 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.00%, DUE 4/20/16 1,000,032 996,399 1,029,590 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.30%, DUE 3/20/26 1,000,000 1,016,766 1,038,135 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.00%, DUE 10/16/28 1,000,000 977,813 1,015,215 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 7.00%, DUE 11/15/28 1,308,771 1,352,844 1,367,258 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.50%, DUE 5/20/31 977,808 963,047 1,007,032 PRIVATE EXPORT FUNDING, 5.53%, DUE 4/30/06 500,000 500,000 531,347 SMALL BUSINESS ADMINISTRATION POOLS, 5.75%, DUE 1/01/04 132,590 132,590 136,021 SMALL BUSINESS ADMINISTRATION POOLS, 8.20%, DUE 2/10/05 38,325 38,259 42,893 SMALL BUSINESS ADMINISTRATION POOLS, 6.54%, DUE 12/10/05 612,251 612,251 658,965 SMALL BUSINESS ADMINISTRATION POOLS, 7.44%, DUE 5/01/06 808,540 808,540 897,150 SMALL BUSINESS ADMINISTRATION POOLS, 6.60%, DUE 7/01/09 634,771 634,772 678,410 SMALL BUSINESS ADMINISTRATION POOLS, 8.80%, DUE 1/01/10 108,620 108,620 119,124 SMALL BUSINESS ADMINISTRATION POOLS, 9.45%, DUE 2/01/10 103,128 103,128 114,436 SMALL BUSINESS ADMINISTRATION POOLS, 8.01%, DUE 2/10/10 774,050 774,050 895,097 SMALL BUSINESS ADMINISTRATION POOLS, 6.64%, DUE 2/01/11 500,000 500,000 538,304 SMALL BUSINESS ADMINISTRATION POOLS, 8.625%, DUE 2/01/11 107,897 107,897 118,611 SMALL BUSINESS ADMINISTRATION POOLS, 5.75%, DUE 5/01/11 1,000,000 1,000,000 1,043,512 SMALL BUSINESS ADMINISTRATION POOLS, 6.09%, DUE 7/01/11 780,000 780,000 822,513 SMALL BUSINESS ADMINISTRATION POOLS, 8.85%, DUE 8/01/11 80,183 82,589 88,514 SMALL BUSINESS ADMINISTRATION POOLS, 8.60%, DUE 9/01/11 79,431 80,622 87,546 SMALL BUSINESS ADMINISTRATION POOLS, 8.25%, DUE 11/01/11 221,523 221,523 241,557 SMALL BUSINESS ADMINISTRATION POOLS, 7.60%, DUE 1/01/12 638,529 624,572 691,269 SMALL BUSINESS ADMINISTRATION POOLS, 7.40%, DUE 8/01/12 489,652 489,652 529,532 SMALL BUSINESS ADMINISTRATION POOLS, 7.05%, DUE 9/01/12 448,212 448,212 481,584 SMALL BUSINESS ADMINISTRATION POOLS, 7.55%, DUE 11/01/12 247,587 247,597 268,189 SMALL BUSINESS ADMINISTRATION POOLS, 8.15%, DUE 2/01/15 618,114 618,114 688,207 SMALL BUSINESS ADMINISTRATION POOLS, 6.44, DUE 6/01/21 1,250,000 1,250,000 1,314,104 UNITED STATES TREASURY BONDS, 6.00%, DUE 8/15/04 1,000,000 $981,094 $1,083,751 UNITED STATES TREASURY BONDS, 6.50%, DUE 5/15/05 1,500,000 1,501,641 1,667,169 UNITED STATES TREASURY BOND, 5.875%, DUE 11/15/05 1,000,000 989,766 1,094,883 UNITED STATES TREASURY BOND, 6.00%, DUE 8/15/09 500,000 492,148 561,817 UNITED STATES TREASURY BOND, 5.00%, DUE 2/15/11 500,000 492,512 527,891 UNITED STATES TREASURY NOTES, 6.50%, DUE 8/15/05 300,000 296,063 334,266 UNITED STATES TREASURY NOTES, 5.75%, DUE 11/15/05 500,000 519,375 544,375 UNITED STATES TREASURY SECURITIES STRIPPED COUPON, DUE 11/15/09 1,500,000 941,492 1,059,697 UNITED STATES TREASURY SECURITIES STRIPPED COUPON, DUE 8/15/11 3,000,000 1,850,802 1,907,541 -----------------------~~---------~~ TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 33,038,863 35,400,946 -----------------------~~---------~~ CORPORATE BONDS - 35.5% CONSUMER STAPLES - 9.9% HOUSEHOLD AND PERSONAL PRODUCTS: COLGATE-PALMOLIVE CO., 5.34%, DUE 3/27/06 1,000,000 999,020 1,035,241 GILLETTE CO., 6.25%, DUE 8/15/03 1,000,000 977,380 1,054,439 PROCTOR AND GAMBLE CO., 6.875%, DUE 9/15/09 750,000 734,707 834,623 -----------------------~~---------~~ TOTAL HOUSEHOLD AND PERSONAL PRODUCTS 2,711,107 2,924,303 -----------------------~~---------~~ FOOD BEVERAGE AND TOBACCO: ANHEUSER-BUSCH COS., 5.75%, DUE 4/01/10 375,000 375,972 389,080 COCA-COLA CO., 5.75%. DUE 3/15/11 1,000,000 998,450 1,032,428 SYSCO CORP., 7.00%, DUE 5/01/06 1,000,000 1,000,000 1,089,879 -----------------------~~---------~~ TOTAL FOOD BEVERAGE AND TOBACCO 2,374,422 2,511,387 -----------------------~~---------~~ ~~--------------------------------~~ TOTAL CONSUMER STAPLES 5,085,529 5,435,690 -----------------------~~---------~~ CONSUMER DISCRETIONARY - 3.8% RETAIL: TARGET CORP., 5.50%, DUE 4/01/07 1,000,000 995,350 1,035,436 -----------------------~~---------~~ CONSUMER DURABLES AND APPAREL: LEGGETT and PLATT INC., 6.10%, DUE 9/9/03 1,000,000 1,000,000 1,049,878 -----------------------~~---------~~ TOTAL CONSUMER DISCRETIONARY 1,995,350 2,085,314 -----------------------~~---------~~ INFORMATION TECHNOLOGY - 5.2% TECHNOLOGY HARDWARE TOOLS AND EQUIPMENT: INTERNATIONAL BUSINESS MACHINES CORP., 5.37%, DUE 9/22/03 1,000,000 1,011,140 1,039,063 MOTOROLA, INC., 6.50%, DUE 3/01/08 250,000 242,887 232,003 TEXAS INSTRUMENTS, INC., 6.125%, DUE 2/01/06 1,000,000 932,930 1,044,745 TEXAS INSTRUMENTS, INC., 7.00%, DUE 8/15/04 500,000 518,410 535,900 -----------------------~~---------~~ TOTAL TECHNOLOGY HARDWARE TOOLS AND EQUIPMENT 2,705,367 2,851,711 -----------------------~~---------~~ TOTAL INFORMATION TECHNOLOGY 2,705,367 2,851,711 -----------------------~~---------~~ INDUSTRIALS - 6.7% CAPITAL GOODS: FLOUR CORP., 6.95%, DUE 3/01/07 1,000,000 `995,510 1,024,841 MONSANTO INC., 6.11%, DUE 2/03/05 1,000,000 1,000,000 1,062,266 -----------------------~~---------~~ TOTAL CAPITAL GOODS 1,995,510 2,087,107 -----------------------~~---------~~ TRANSPORTATION: UNION PACIFIC RAILROAD CO., EQUIP. TRUST NO. 2 SERIES 88, ~~7.01%, DUE 6/01/04~~ 1,500,000 1,500,000 1,612,805 7.01%, DUE 6/01/04 -----------------------~~---------~~ TOTAL INDUSTRIALS 3,495,510 3,699,912 -----------------------~~----------~~ MATERIALS - 1.9% MATERIALS: DU PONT, (E.I.) DE NEMOURS and CO. INC., VAR RATE, DUE 3/6/03 1,000,000 999,960 1,042,131 -----------------------~~---------~~ UTILITIES - 6.6% UTILITIES: GTE CALIFORNIA, INC., 6.70% DUE 9/01/09 500,000 474,050 536,916 ONEOK, INC., 7.75%, DUE 8/15/06 1,400,000 1,384,880 1,561,513 UNITED TELEPHONE CO. OF FLORIDA, 6.25%, DUE 5/15/03 1,500,000 1,487,925 1,557,593 -----------------------~~---------~~ TOTAL UTILITIES 3,346,855 3,656,022 -----------------------~~---------~~ HEALTH CARE - 1.4% PHARMACEUTICALS AND BIOTECHNOLOGY: AMERICAN HOME PRODUCTS, 5.875%, DUE 3/15/04 750,000 748,508 786,849 -----------------------~~---------~~ TOTAL CORPORATE BONDS 18,377,079 19,557,628 -----------------------~~---------~~ SHORT TERM MONEY MARKET FUND - 0.1% SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 91,852 91,852 91,852 -----------------------~~---------~~ TOTAL INVESTMENTS HELD $51,507,794 $55,050,426 =======================~~=========~~

UMB BANK, n.a. FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS STATEMENTS OF OPERATIONS YEARS ENDED OCTOBER 31, 2002, 2001 AND 2000 2002 2001 2000 INVESTMENT INCOME Interest 3,103,543 $3,664,186 $5,379,015 Audit expense 21,740 16,252 11,246 --------------------------------------- Net investment income 3,081,803 3,647,934 5,367,769 --------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Realized gain (loss) on investments sold, matured or redeemed Proceeds 45,597,588 71,927,598 65,197,455 Cost of investments 44,788,932 70,891,525 66,653,932 --------------------------------------- Net realized gain on investments sold, matured or redeemed 808,656 1,036,073 (1,456,477) --------------------------------------- Unrealized gain (loss) on investments Beginning of year 3,542,632 33,212 (92,054) End of year 3,145,311 3,542,632 33,212 --------------------------------------- Net unrealized gain (loss) on investments (397,321) 3,509,420 125,266 --------------------------------------- Net realized and unrealized gain (loss) on investments 411,335 4,545,493 (1,331,211) --------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 3,493,138 $8,193,427 $4,036,558 ======================================= TOTAL EXPENSE AS A PERCENT OF NET INVESTMENT INCOME 0.71% 0.45% 0.21% ======================================= See Notes to Financial Statements UMB BANK, n.a. FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS STATEMENTS OF PARTICIPANTS' INTEREST YEARS ENDED OCTOBER 31, 2002, 2001 AND 2000

~~2000~~2002 ~~----~~2001 ~~Number~~2000 ofUnits ~~Shares~~Amount orUnits ~~Principal~~ Amount ~~Cost~~Units ~~Market~~Amount ----- ------ ~~UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS~~ - 54.9% UNITED STATES TREASURY NOTES, 6.25%, DUE 2/15/03 5,000,000 $4,967,383 $5,031,250 UNITED STATES TREASURY NOTES, 6.50%, DUE 5/15/05 2,500,000 2,502,813 2,566,400 UNITED STATES TREASURY NOTES, 6.50%, DUE 8/15/06 500,000 493,438 513,830 UNITED STATES TREASURY NOTES, 5.875%, DUE 11/15/05 1,000,000 989,765 1,000,312 UNITED STATES TREASURY NOTES, 6.00%, DUE 8/15/04 2,000,000 1,962,188 2,008,774 UNITED STATES TREASURY NOTES, 6.00%, DUE 8/15/09 1,000,000 984,297 1,010,000 UNITED STATES TREASURY SECURITIES STRIPPED COUPON, DUE 8/15/02 1,000,000 895,831 902,036 UNITED STATES TREASURY SECURITIES STRIPPED COUPON, DUE 11/15/09 2,500,000 1,423,100 1,480,675 FEDERAL HOME LOAN BANK, 5.125%, DUE 12/1/03 2,000,000 1,999,000 1,921,240 FEDERAL HOME LOAN BANK, 5.125%, DUE 2/26/02 3,000,000 2,995,050 2,948,910 FEDERAL HOME LOAN BANK, 6.02%, DUE 5/20/08 750,000 748,418 721,350 FEDERAL HOME LOAN BANK, 5.505%, DUE 12/15/03 650,000 649,594 630,273 FEDERAL HOME LOAN BANK, 5.44%, DUE 10/15/03 1,000,000 908,790 973,020 FEDERAL HOME LOAN MORTGAGE CO., 6.25%, DUE 9/15/09 500,000 491,271 496,298 FEDERAL HOME LOAN MORTGAGE CORP., 5.75%, DUE 7/15/03 1,000,000 986,060 982,660 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.55%, DUE 4/22/02 750,000 753,125 760,898 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.45%, DUE 10/14/03 1,000,000 999,531 973,420 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.80%, DUE 12/10/03 1,000,000 996,875 978,910 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.65%, DUE 3/10/05 500,000 499,453 519,920 FEDERAL NATIONAL MORTGAGE ASSOCIATION, NON-INTEREST BEARING TO 8/27/04, DUE 8/27/12 3,000,000 2,181,630 2,248,134 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.04%, DUE 9/7/07 1,110,000 1,110,000 1,110,666 SMALL BUSINESS ADMINISTRATION POOLS, 5.75%, DUE 1/1/04 189,885 189,885 186,241 SMALL BUSINESS ADMINISTRATION POOLS, 6.54%, DUE 12/10/05 725,010 725,010 709,495 2000 ---- ~~Number of Shares or Principal Amount Cost Market~~ ---- --~~-----~~ SMALL BUSINESS ADMINISTRATION POOLS, 6.60%, DUE 7/1/09 693,363 693,363 685,816 SMALL BUSINESS ADMINISTRATION POOLS, 7.05%, DUE 9/1/02 511,785 511,785 510,413 SMALL BUSINESS ADMINISTRATION POOLS, 7.40%, DUE 8/1/12 593,815 593,815 598,264 SMALL BUSINESS ADMINISTRATION POOLS, 7.44%, DUE 5/1/06 930,762 930,762 1,469,385 SMALL BUSINESS ADMINISTRATION POOLS, 7.55%, DUE 11/1/12 275,989 275,989 279,249 SMALL BUSINESS ADMINISTRATION POOLS, 7.60%, DUE 1/1/12 729,462 715,505 738,361 SMALL BUSINESS ADMINISTRATION POOLS, 8.017%, DUE 2/10/10 873,790 873,790 918,769 SMALL BUSINESS ADMINISTRATION POOLS, 8.20%, DUE 2/10/05 100,143 99,971 103,969 SMALL BUSINESS ADMINISTRATION POOLS, 8.25%, DUE 11/1/11 251,592 251,592 258,352 SMALL BUSINESS ADMINISTRATION POOLS, 8.60%, DUE 9/1/11 99,963 101,462 103,550 SMALL BUSINESS ADMINISTRATION POOLS, 8.60%, DUE 2/1/15 673,418 673,418 698,029 SMALL BUSINESS ADMINISTRATION POOLS, 8.625%, DUE 2/1/11 127,760 127,760 132,143 SMALL BUSINESS ADMINISTRATION POOLS, 8.70%, DUE 12/1/00 95,973 95,973 96,062 SMALL BUSINESS ADMINISTRATION POOLS, 8.8%, DUE 1/1/10 131,805 131,805 136,433 SMALL BUSINESS ADMINISTRATION POOLS, 8.85%, DUE 8/1/11 96,208 99,094 100,086 SMALL BUSINESS ADMINISTRATION POOLS, 9.45%, DUE 2/1/10 133,086 133,086 139,469 -----~~---------------------------~~ ~~TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 36,761,677 37,119,452~~ ------~~--------------------------~~ ~~CORPORATE~~PARTICIPANTS' ~~BONDS~~INTEREST -Beginning ~~45.1%~~of ~~CONSUMER~~year ~~NONDURABLES - 4.7% COSMETICS: GILLETTE CO.,~~ 6~~.25%~~, ~~DUE 8/15/03 1~~270,~~000,000~~720 ~~977~~55,~~380 984~~765,~~920~~659 ~~FOOD: SARA LEE CORPORATION~~8, ~~5.60%~~772,286 ~~DUE 1/23/06 1~~$68,~~250~~086,~~000~~026 112,~~212~~615,~~217~~040 1$92,~~177~~660,~~337~~744 ~~SYSCO~~FROM ~~CORPORATION,~~INVESTMENT ~~7.00%,~~ACTIVITIES ~~DUE~~Net ~~5/1/06~~investment ~~1,000,000~~income ~~1,000,000 994,440 -------------------------------- TOTAL FOOD 2,212,217 2,171,777 -------------------------------- TOTAL CONSUMER NONDURABLES~~ 3,~~189~~081,~~597~~803 3,~~156~~647,~~697~~934 ~~-------------------------------- SERVICES - 1.~~5~~% RETAIL: WAL-MART STORES INC.~~, ~~6.50%~~367,769 ~~6/1/03~~Net ~~1,000,000~~realized ~~1,000,500~~gain ~~996,200~~on ~~--------------------------------~~investments ~~CONSUMER DURABLES - 1.4% FURNITURE: LEGGETT and PLATT INC.~~sold, ~~6.10%,~~matured ~~DUE 9/9/03 1~~808,~~000,000~~656 1,~~000~~036,~~000~~073 ~~962,750 -------------------------------- CAPITAL GOODS - 7.~~(1~~% ELECTRONICS: TEXAS INSTRUMENTS INC.~~, ~~6.125%~~456,477) ~~DUE~~or ~~2/1/06~~redeemed ~~500,000~~Net ~~932,930~~unrealized ~~954,680~~gain ~~--------------------------------~~(loss) ~~MACHINERY:~~on ~~COOPER~~investments ~~INDUSTRIES INC.~~(397,321) ~~5.88%, DUE 2/20/03 1,000,000 990,780 983,030 -------------------------------- MISCELLANEOUS: FLUOR CORP., 6.95%, DUE~~ 3~~/1/07 1~~,~~000~~509,~~000~~420 ~~995~~125,~~510~~266 ~~933,300 HONEYWELL INC., 7.00%, DUE 3/15/07 1,000,000 967,210 996,800 MONSANTO INC., 6.11%, DUE 2/03/05 1,000,000 1,000,000 970,000~~ -------------------------------- ~~TOTAL MISCELLANEOUS 2,962,720 2,900,100~~ -------------------------------- ~~TOTAL CAPITAL GOODS 4,886,430 4,837,810~~ -~~-------------------------------~~ ~~BASIC~~Net ~~MATERIALS~~increase -from ~~5.5%~~investment ~~CHEMICALS:~~activities ~~DU PONT, (E.I.) DE NEMOURS and CO. INC., VAR RATE, DUE~~ 3~~/6/03 1~~,~~000~~493,~~000~~138 ~~999~~8,~~960 984~~193,~~370~~427 ~~OIL AND GAS: ATLANTIC RICHFIELD, 5.55%, DUE~~ 4~~/15/03 1~~,~~325~~036,~~000~~558 ~~1,310,921 1,292,339 ONEOK, INC., 7.75%, DUE 8/15/06 1,400,000 1,384,880 1,417,374~~ -------------------------------- ~~TOTAL OIL AND GAS 2,695,801 2,709,713~~ -------------------------------- ~~TOTAL BASIC MATERIALS 3,695,761 3,694,083~~ -~~-------------------------------~~ ~~TRANSPORTATION~~FROM -PARTICIPATING ~~2.2%~~UNIT ~~RAILROAD:~~TRANSACTIONS ~~UNION~~Issuance ~~PACIFIC~~of ~~RAILROAD~~units ~~CO.~~596,573 ~~EQUIP. TRUST NO. 2 SERIES 88, 7.01% DUE 6/1/04 1,500,000 1,500,000 1,481,805 -------------------------------- UTILITIES - 16.8% COMMUNICATION: BELL ATLANTIC NEW JERSEY, INC.,~~ 5~~.875%~~, ~~DUE 2/1/04 1~~374,~~000,000~~411 ~~991~~458,~~350~~696 ~~966,250 BELL SOUTH TELECOMMUNICATIONS, 6.25%, DUE 5/15/03 1,500,000 1,493,355 1,479,120 BELL TELEPHONE OF PENNSYLVANIA, 6.125%, DUE~~ 3~~/15/03 1~~,~~000~~804,~~000~~876 ~~989,000 983,290 GTE CALIFORNIA INC., 6.7%, DUE 9/~~1~~/09 500~~,~~000 474~~711,~~050~~531 ~~474~~12,~~050 GTE SOUTH~~812,950 ~~INC.~~Redemption ~~6.125%,~~of ~~DUE~~units ~~6/15/07~~ (1,~~250~~425,~~000~~100) 1(12,~~245~~852,~~238~~534) ~~1,182,288 GTE SOUTH, 6.00%, DUE~~ (2~~/15/08 1~~,~~000~~960,~~000~~262) ~~993~~(24,~~250 927~~318,~~030~~670) ~~SOUTHWESTERN BELL TELEPHONE COMPANY,~~ (5~~.75%~~, ~~DUE 9/1/04 1~~554,~~000,000~~285) ~~996~~(41,~~430 955~~424,~~300~~226) ~~UNITED TELEPHONE COMPANY OF FLORIDA, 6.25%, DUE 5/15/03 1,500,000 1,487,925 1,467,510~~ -------------------------------- ~~TOTAL COMMUNICATION 8,670,598 8,434,838~~ -------------------------------- ~~ELECTRIC: EMERSON ELECTRIC CO., 6.30%, DUE 11/1/05 1,000,000 996,290 978,130~~ --------------~~------------------~~ ~~DIVERSIFIED:~~Net ~~BALTIMORE~~decrease ~~GAS~~from /participating ~~ELECTRIC~~unit ~~CO.~~(828,527) ~~6.50%~~(7,478,123) ~~DUE~~ (2~~/15/03 1~~,~~000~~501,~~000~~566) ~~988~~(20,~~450 989~~513,~~910~~794) ~~PACIFIC GAS / ELECTRIC COMPANY, 6.25%, DUE~~ (3~~/1/04 1~~,~~000~~842,~~000~~754) 1(28,~~000~~611,~~000~~276) ~~975,300~~transactions -------------------------------- ~~TOTAL DIVERSIFIED 1,988,450 1,965,210~~ -------------------------------- ~~TOTAL UTILITIES 11,655,338 11,378,178~~ --------------~~------------------~~ ~~FINANCE~~PARTICIPANTS' -INTEREST ~~3.0%~~End ~~NYNEX~~of ~~CORP.,~~year ~~6.25%~~5, ~~DUE 3/15/03 1~~442,~~000,000~~193 ~~967~~$51,~~900 988~~780,~~120~~674 ~~NYNEX CAPITAL FUNDING CO.~~6, ~~8.75%~~270,720 ~~DUE 12/1/04 1~~$55,~~000~~765,~~000~~659 ~~997~~8,~~500 1~~772,~~050,000~~286 ~~--------------------------------- TOTAL FINANCE 1~~$68,~~965~~086,~~400~~026 ~~2,038,120~~============================================================================== ~~---------------------------------~~PARTICIPATING ~~TOILETRIES~~UNIT 2.$9~~% PROCTOR AND GAMBLE, 6~~.~~875%,~~51 ~~DUE 3/1/04 2,000,000 1,959,220 1,982,040 --------------------------------- TOTAL CORPORATE BONDS 30,852,246 30,527,683 --------------------------------- TOTAL INVESTMENTS HELD~~ $~~67,613,923~~8.89 $~~67,647,135~~7.76 ============= ============= ============

See Notes to Financial Statements UMB BANK, n.a. POOLED INCOME FUND FOR EMPLOYEE TRUSTS STATEMENTS OF ASSETS AND LIABILITIES OCTOBER 31, 2002 AND 2001

2002 2001 ~~2000 1999 INVESTMENT INCOME Interest $3,664,186 $5,379,015 $6,769,984 Audit expense 16,252 11,246 10,120~~ ----~~------------------------------------------------~~ ~~Net investment income 3,647,934 5,367,769 6,759,864~~ ----~~------------------------------------------------~~ ~~REALIZED~~Cost ~~AND~~Market ~~UNREALIZED~~Cost ~~GAIN~~Market ~~(LOSS)~~ASSETS ONInvestments: ~~INVESTMENTS~~United ~~Realized~~States ~~gain~~Government ~~(loss)~~and onAgency ~~investments sold~~$4,999,014 ~~matured or redeemed Proceeds 71~~$4,~~927~~999,~~598~~014 65$4,~~197~~446,~~455~~641 97$4,~~742~~446,~~670~~641 ~~Cost~~Obligations ofCommercial ~~investments~~paper 709,~~891~~379,~~525~~072 669,~~653~~379,~~932~~072 9711,~~504~~440,~~119~~585 11,440,585 Short-~~---------------------------------------------------~~term ~~Net~~money ~~realized~~market ~~gain~~fund ~~on investments sold~~3,767,598 ~~matured or redeemed 1~~3,~~036~~767,~~073~~598 (14,~~456~~527,~~477)~~397 ~~238~~4,~~551~~527,397 ---------------------------------------------------- ~~Unrealized gain (loss) on investments Beginning of year 33~~$18,~~212 (92~~145,~~054)~~684 6$18,~~560~~145,~~164~~684 ~~End of year 3~~$20,~~542~~414,~~632~~623 3320,~~212 (92~~414,~~054)~~623 ---------------------------------------------------- ~~Net~~Interest ~~unrealized~~receivable ~~gain (loss) on investments~~ 3,~~509,420~~278 ~~125~~8,~~266~~310 ~~(6,652,218)~~ ----------- ----------- 18,148,962 20,422,933 ----------- -----------~~--------~~ ~~Net~~LIABILITIES ~~realized~~Audit ~~and~~fee ~~unrealized~~payable ~~gain (loss) on investments~~ 4,~~545,493~~264 (12,~~331,211)~~182 ~~(6,413,667)~~ ----------- -----------~~------------------------------~~ ~~NET~~PARTICIPANTS' ~~INCREASE~~INTEREST INEquivalent ~~NET~~to ~~ASSETS~~$6.69 ~~RESULTING~~per ~~FROM~~unit ~~OPERATIONS~~on $82,~~193~~713,~~427~~839 ~~$4,036,558~~units ~~$346,197~~outstanding ~~====================================================~~in ~~TOTAL~~2002 ~~EXPENSE~~and AS$6.57 Aper ~~PERCENT~~unit OFon ~~NET~~3,109,396 ~~INVESTMENT~~units ~~INCOME~~outstanding ~~0.45%~~in ~~0.21%~~2001 ~~0.15%~~$18,144,698 $20,420,751 =====================================~~===============~~

See Notes to Financial Statements UMB BANK, n.a. POOLED INCOME FUND FOR EMPLOYEE TRUSTS STATEMENT OF INVESTMENTS HELD OCTOBER 31, 2002 2002 Number of Shares or Cost Market Principal ---- ------ Amount ------ UNITED STATES GOVERNMENTS AND AGENCY OBLIGATIONS - 27.5% FEDERAL HOME LOAN BANK, DISCOUNT NOTE, DUE 11/8/02 3,000,000 $2,999,014 $2,999,014 FEDERAL NATIONAL MORTAGE ASSOCIATION, DISCOUNT NOTE, DUE 11/1/02 2,000,000 2,000,000 2,000,000 -------------------------- TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 4,999,014 4,999,014 -------------------------- COMMERCIAL PAPER - 51.7% AMERICAN EXPRESS, DUE 11/20/02 890,000 889,178 889,178 AMGEN, INC., DUE 11/12/02 850,000 849,548 849,548 BELLSOUTH, DUE 11/12/02 850,000 849,561 849,561 EMERSON ELECTRIC, DUE 11/1/02 850,000 850,000 850,000 EXECUTIVE JET INC., DUE 12/4/02 850,000 848,636 848,636 KIMBERLY CLARK CORP., DUE 12/18/02 850,000 848,113 848,113 MEDTRONIC, INC., DUE 1/6/03 850,000 847,476 847,476 MERCK & CO., DUE 11/5/02 850,000 849,835 849,835 MINNESOTA MINING & MANUFACTURING, DUE 11/7/02 850,000 849,752 849,752 PFIZER, INC., DUE 12/6/02 850,000 848,579 848,579 STATE STREET BOSTON, DUE 12/11/02 850,000 848,394 848,394 -------------------------- TOTAL COMMERCIAL PAPER 9,379,072 9,379,072 -------------------------- SHORT-TERM MONEY MARKET FUND - 20.8% SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 3,767,598 3,767,598 3,767,598 -------------------------- TOTAL INVESTMENTS HELD $18,145,684 $18,145,684 ========================== See Notes to Financial Statements UMB BANK, n.a. POOLED INCOME FUND FOR EMPLOYEE TRUSTS STATEMENT OF INVESTMENTS HELD OCTOBER 31, 2001 2001 Number of Shares or Cost Market Principal ---- ------ Amount ------ UNITED STATES GOVERNMENTS AND AGENCY OBLIGATIONS - 22.7% FEDERAL HOME LOAN BANK, DISCOUNT NOTE, DUE 11/9/01 978,000 $977,443 $977,443 FEDERAL HOME LOAN BANK, DISCOUNT NOTE, DUE 1/11/02 470,000 467,905 467,905 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 11/21/01 850,000 848,886 848,886 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 11/29/01 164,000 163,707 163,707 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 12/03/01 200,000 199,605 199,605 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 11/16/01 800,000 799,175 799,175 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 11/28/01 20,000 19,966 19,966 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 11/29/01 97,000 96,826 96,826 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 12/06/01 875,000 873,128 873,128 -------------------------- TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 4,446,641 4,446,641 -------------------------- COMMERCIAL PAPER - 58.4% ALCOA, INC., DUE 11/14/01 1,000,000 999,126 999,126 BOEING CAPITAL CORP., DUE 11/14/01 1,000,000 999,047 999,047 GANNETT CO., DUE 11/13/01 1,000,000 999,183 999,183 GILLETTE CORP., DUE 12/20/01 905,000 901,612 901,612 HALLIBURTON CO., DUE 11/05/01 1,000,000 999,728 999,728 HERSHEY FOODS CORP., DUE 11/01/01 1,000,000 1,000,000 1,000,000 KIMBERLY-CLARK CORP., DUE 11/09/01 300,000 299,827 299,827 MARSH & MCLENNAN COS., INC., DUE 11/30/01 1,000,000 998,018 998,018 MCDONALDS CORP., DUE 11/02/01 250,000 249,983 249,983 ONEOK, INC., DUE 11/28/01 1,000,000 998,253 998,253 TEXACO, INC., DUE 12/12/01 1,000,000 997,460 997,460 UNITED TECHNOLOGIES CORP., DUE 11/19/01 1,000,000 998,760 998,760 WALGREEN CO., DUE 11/07/01 1,000,000 999,588 999,588 -------------------------- TOTAL COMMERCIAL PAPER 11,440,585 11,440,585 -------------------------- SHORT-TERM MONEY MARKET FUND - 18.9% SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 4,527,397 4,527,397 4,527,397 -------------------------- TOTAL INVESTMENTS HELD $20,414,623 $20,414,623 ========================== See Notes to Financial Statements UMB BANK, n.a. POOLED INCOME FUND FOR EMPLOYEE TRUSTS STATEMENTS OF OPERATIONS YEARS ENDED OCTOBER 31, 2002, 2001 AND 2000 2002 2001 2000 ---- ---- ---- INVESTMENT INCOME Interest $369,102 $1,008,975 $1,551,790 Audit expense 7,659 6,365 3,400 ---------------------------------------- Net investment income 361,443 1,002,610 1,548,390 ---------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Realized gain on investments sold, matured or redeemed Proceeds 346,700,568 280,574,802 273,484,686 Cost of investments 346,700,568 280,574,802 273,484,686 ---------------------------------------- Net realized gain on investments sold, matured or redeemed 0 0 0 ---------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $361,443 $1,002,610 $1,548,390 ======================================== TOTAL EXPENSE AS A PERCENT OF NET INVESTMENT INCOME 2.12% 0.63% 0.22% ======================================== See Notes to Financial Statements UMB BANK, n.a. POOLED INCOME FUND FOR EMPLOYEE TRUSTS STATEMENTS OF PARTICIPANTS' INTEREST YEARS ENDED OCTOBER 31, 2002, 2001 AND 2000

2002 2001 2000 ~~1999~~ Units Amount Units Amount Units Amount ----- ------ ----- ------ ----- ------ PARTICIPANTS' INTEREST Beginning of year 83,~~772~~109,~~286~~396 $6820,~~086~~420,~~026~~751 123,~~615~~586,~~040~~943 $9222,~~660~~460,~~744~~962 154,~~922~~526,~~850~~610 $~~116~~26,~~459~~636,~~883~~430 FROM INVESTMENT ACTIVITIES Net investment income 3361,~~647,934~~443 51,~~367~~002,~~769~~610 61,~~759~~548,~~864~~390 Net realized gain (loss) on investments sold, matured or redeemed ~~1,036,073 (1,456,477) 238,551~~ Net unrealized gain (loss) on investments 3,529,420 125,266 (6,652,218) ------------------------------------------------------------------------------ Net increase from investment activities 8,193,427 4,036,558 346,197 ------------------------------------------------------------------------------ FROM PARTICIPATING UNIT TRANSACTIONS Issuance of units ~~458~~535,~~696~~568 3,~~804~~548,~~876~~299 1524,~~711,531~~358 123,~~812~~378,~~950~~013 2789,~~357,660~~006 174,~~179~~727,~~881~~675 Redemption of units (2931,~~960,262~~125) (246,~~318~~185,~~670~~795) (51,~~554~~001,~~285~~905) (416,~~424~~420,~~226~~834) (51,~~665~~728,~~470~~673) (4110,~~325~~451,~~217~~533) -----------------------------------------------------------------------------~~------------------~~ Net decrease from participating unit ~~transactions 2~~(395,~~501,566~~557) (202,~~513~~637,~~794~~496) (3477,~~842,754~~547) (283,~~611~~042,~~276~~821) (3939,~~307,810~~667) (245,~~145~~723,~~336~~858) transactions -----------------------------------------------------------------------------~~------------------~~ PARTICIPANTS' INTEREST, End of year 62,~~270~~713,~~720~~839 $5518,~~765~~144,~~659~~698 83,~~772~~109,~~286~~396 $6820,~~086~~420,~~026~~751 123,~~615~~586,~~040~~943 $9222,~~660~~460,~~744~~962 =============================================================================~~==================~~ NET ASSET VALUE PER, PARTICIPATING UNIT $86.8969 $76.7657 $76.3526 =============~~===~~ =============~~===~~ ===========~~======~~

See Notes to Financial Statements 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, 2002 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 and 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. 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 daily valuations. Prior to March 15, 2000, trusts invested or withdrew based on monthly valuations as of the prior month. Stock Split The Board of the Funds approved a ten for one unit split with an ex-date and effective date of February 18, 2000. All unit and per unit amounts presented in these financial statements have been restated to give effect to the unit split retroactively.

2001 2000 Cost Market Cost Market ---- ------ ---- ------ ASSETS Investments: United States Government and Agency Obligations $4,446,641 $4,446,641 $ 4,483,159 $ 4,483,159 Commercial paper 11,440,585 11,440,585 13,916,493 13,916,493 Short-term money market fund 4,527,397 4,527,397 3,990,193 3,990,193 ------------------------------------------------------------------------ $20,414,623 $20,414,623 $22,389,845 $22,389,845 ------------------------------------------------------------------------ Interest receivable 8,310 72,747 ------------------- ------------------ 20,422,933 22,462,592 ------------------- ------------------ LIABILITIES Audit fee payable 2,182 1,630 ------------------- ------------------ PARTICIPANTS' INTEREST Equivalent to $6.57 per unit on 3,109,396 units outstanding in 2001 and $6.26 per unit on 3,586,943 units outstanding in 1999 $20,420,751 $22,460,962 =========================================================

2001 ---- Number of Shares or Principal Amount Cost Market ---------------- ---- ------ UNITED STATES GOVERNMENTS AND AGENCY OBLIGATIONS - 22.7% FEDERAL HOME LOAN BANK, DISCOUNT NOTE, DUE 11/9/01 978,000 $977,443 $977,443 FEDERAL HOME LOAN BANK, DISCOUNT NOTE, DUE 1/11/02 470,000 467,905 467,905 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 11/21/01 850,000 848,886 848,886 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 11/29/01 164,000 163,707 163,707 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 12/03/01 200,000 199,605 199,605 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 11/16/01 800,000 799,175 799,175 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 11/28/01 20,000 19,966 19,966 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 11/29/01 97,000 96,826 96,826 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 12/06/01 875,000 873,128 873,128 ------------------------------------ TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 4,446,641 4,446,641 ------------------------------------ COMMERCIAL PAPER - 58.4% ALCOA, INC., DUE 11/14/01 1,000,000 999,126 999,126 BOEING CAPITAL CORP., DUE 11/14/01 1,000,000 999,047 999,047 GANNETT CO., DUE 11/13/01 1,000,000 999,183 999,183 GILLETTE CORP., DUE 12/20/01 905,000 901,612 901,612 HALLIBURTON CO., DUE 11/05/01 1,000,000 999,728 999,728 HERSHEY FOODS CORP., DUE 11/01/01 1,000,000 1,000,000 1,000,000 KIMBERLY-CLARK CORP., DUE 11/09/01 300,000 299,827 299,827 MARSH & MCLENNAN COS., INC., DUE 11/30/01 1,000,000 998,018 998,018 MCDONALDS CORP., DUE 11/02/01 250,000 249,983 249,983 ONEOK, INC., DUE 11/28/01 1,000,000 998,253 998,253 TEXACO, INC., DUE 12/12/01 1,000,000 997,460 997,460 UNITED TECHNOLOGIES CORP., DUE 11/19/01 1,000,000 998,760 998,760 WALGREEN CO., DUE 11/07/01 1,000,000 999,588 999,588 ----------------------------------- TOTAL COMMERCIAL PAPER 11,440,585 11,440,585 ----------------------------------- SHORT-TERM MONEY MARKET FUND - 18.9% SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 4,527,397 4,527,397 4,527,397 ----------------------------------- TOTAL INVESTMENTS HELD $20,414,623 $20,414,623 ===================================

2000 ---- Number of Shares or Principal Amount Cost Market ---------------- ---- ------ UNITED STATES GOVERNMENTS AND AGENCY OBLIGATIONS - 20.0% FEDERAL HOME LOAN BANK, DISCOUNT NOTE, DUE 11/1/00 1,000,000 $992,911 $992,911 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 11/7/00 1,000,000 991,111 991,111 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 11/2/00 2,510,000 2,499,137 2,499,137 ------------------------------------ TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 4,483,159 4,483,159 ------------------------------------ COMMERCIAL PAPER - 62.2% AMERICAN EXPRESS CREDIT CORP., DUE 11/29/00 1,000,000 993,530 993,530 AT and T COMPANY, DUE 12/14/00 1,000,000 990,986 990,986 BECTON DICKINSON and CO., DUE 11/28/00 1,000,000 993,520 993,520 COCA COLA COMPANY, DUE 11/3/00 1,000,000 995,693 995,693 COCA COLA COMPANY, DUE 11/10/00 1,000,000 997,309 997,309 DOVER CORP., DUE 11/21/00 1,000,000 994,051 994,051 EMERSON ELECTRIC CO., DUE 12/4/00 1,000,000 986,721 986,721 FLUOR CORP., DUE 11/15/00 1,000,000 994,033 994,033 GANNETT CO., DUE 11/8/00 1,000,000 995,847 995,847 LUCENT TECHNOLOGIES, INC., DUE 11/9/00 1,000,000 996,040 996,040 MERCK AND CO., DUE 11/27/00 1,000,000 994,078 994,078 MOTOROLA INC., DUE 11/13/00 1,000,000 994,249 994,249 PACIFIC GAS AND ENERGY, DUE 11/6/00 1,000,000 994,222 994,222 WISCONSIN ENERGY CORP., DUE 11/7/00 1,000,000 996,214 996,214 ----------------------------------- TOTAL COMMERCIAL PAPER 13,916,493 13,916,493 ----------------------------------- SHORT-TERM MONEY MARKET FUND - 17.8% SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 3,990,193 3,990,193 3,990,193 ----------------------------------- TOTAL INVESTMENTS HELD $22,389,845 $22,389,845 ===================================

2001 2000 1999 ---- ---- ---- INVESTMENT INCOME Interest $1,008,975 $1,551,790 $1,515,680 Audit expense 6,365 3,400 3,456 ----------------------------------------------------------- Net investment income 1,002,610 1,548,390 1,512,224 ----------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Realized gain on investments sold, matured or redeemed Proceeds 280,574,802 273,484,686 356,426,945 Cost of investments 280,574,802 273,484,686 356,426,945 ----------------------------------------------------------- Net realized gain on investments sold, matured or redeemed 0 0 0 ----------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,548,390 $1,512,224 $1,002,610 =========================================================== TOTAL EXPENSE AS A PERCENT OF NET INVESTMENT INCOME 0.63% 0.22% 0.23% ===========================================================

2001 2000 1999 Units Amount Units Amount Units Amount ----- ------ ----- ------ ----- ------ PARTICIPANTS' INTEREST Beginning of year 3,586,943 $22,460,962 4,526,610 $26,636,430 4,990,360 $27,963,660 FROM INVESTMENT ACTIVITIES Net investment income 1,002,610 1,548,390 1,512,224 Net realized gain (loss) on investments sold, matured or redeemed Net unrealized gain (loss) on investments FROM PARTICIPATING UNIT TRANSACTIONS Issuance of units 524,358 3,378,013 789,006 4,727,675 2,258,580 12,783,987 Redemption of units (1,001,905) (6,420,834) (1,728,673) (10,451,533) (2,722,330) (15,623,441) ---------------------------------------------------------------------------------------------- Net decrease from participating unit (477,547) (3,042,821) transactions (939,667) (5,723,858) (463,750) (2,839,454) ---------------------------------------------------------------------------------------------- PARTICIPANTS' INTEREST, End of year 3,109,396 $20,420,751 3,586,943 $22,460,962 4,526,610 $26,636,430 ============================================================================================== NET ASSET VALUE PER, PARTICIPATING UNIT $6.57 $6.26 $5.88 ================== ================== ===================

Filing Compare · COLLECTIVE INVESTMENT TRUSTS FOR UNITED MISSOURI BANK N A