10-Q 1 umb13338.txt THE COLLECTIVE INVESTMENT TRUSTS FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q MARK ONE / X / QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND EXCHANGE COMMISSION ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JULY 31, 2003 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND EXCHANGE COMMISSION ACT OF 1934 ---------- For the transition period from to -------------- ------------- Commission File number: 2-58109 ---------- THE COLLECTIVE INVESTMENT TRUST of which UMB Bank, n.a.is Trustee (Exact Name of the registrant as specified in its charter) Not applicable, Not Applicable ------------------------------ (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) ---------- 1010 Grand Avenue Kansas City, Missouri 64106 --------------------------- (Address of principal executive offices and zip code) ---------- (816) 860-7000 -------------- (Registrant's telephone number, including area code) ---------- Not Applicable -------------- (Former name, former address and former fiscal year, if changed since last report) ---------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes /X/ No / / The number of units of participation outstanding as of July 31, 2003. Pooled Equity Fund - 6,908,393 Pooled Debt Fund - 5,031,312 Pooled Income Fund - 2,648,454 -------------------------------------------------------------------------------- PART I -- FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS INTRODUCTORY COMMENTS The Condensed Financial Statements included herein have been prepared by the Trustee, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Trustee believes that the disclosures are adequate to enable a reasonable understanding of the information presented. The results of operations for the period are not necessarily indicative of the results to be expected for the full year. These Condensed Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the Collective Investment Trusts' Annual Report on Form 10-K for the year ended October 31, 2002. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments necessary to present fairly the Funds' condensed financial position as of July 31, 2003, and the condensed results of their operations for the periods ended July 31, 2003 and 2002, and are of a normal recurring nature. UMB BANK, n.a. Pooled Equity Fund for Employees Trusts Statements of Operations

Quarter Ending Quarter Ending FY Ended ~~Six~~Nine Months ~~Six~~Nine Months 407/3031/02 407/3031/03 10/31/02 Ended 0407/3031/03 Ended 0407/3031/02 --------~~------~~ --------~~------~~ -------- -------------- -------------- Unaudited Unaudited Unaudited Unaudited --------- --------- --------- --------- Investment Income Dividends $ ~~255~~260,~~819~~296 $ ~~261~~221,~~773~~356 $ 217,111 $ ~~488~~709,~~040~~396 $ ~~507~~767,~~353~~649 Interest 5440,~~609~~442 2114,~~418~~954 1,038,605 5671,~~832~~786 ~~129~~170,~~665~~107 ------------- ------------- ------------- ------------- ------------- Gross Investment Income ~~310~~300,~~428~~738 ~~283~~236,~~191~~310 1,255,716 ~~544~~781,~~872~~182 ~~637~~937,~~018~~756 ------------- ------------- ------------- ------------- ------------- Less: Audit Expense (45,~~854~~620) (75,~~314~~620) (20,990) (1218,~~934~~554) (915,~~749~~369) ------------- ------------- ------------- ------------- ------------- Net Investment Income ~~305~~295,~~574~~118 ~~275~~230,~~877~~690 1,234,726 ~~531~~762,~~938~~628 ~~627~~922,~~269~~387 ============= ============= ============= ============= ============= Realized and Unrealized Gain (Loss) on Investments: Realized Gain (Loss) on Investments: Proceeds from Sales 328,~~443~~462,~~095~~229 ~~597~~3,~~722~~863,859 115,219,665 610,~~404~~268,~~861~~720 8089,~~651~~113,~~409~~638 Cost of Securities Sold 339,~~358~~217,~~222~~280 ~~660~~3,~~917~~688,697 122,945,688 1014,~~933~~622,~~959~~656 8494,~~864~~081,~~631~~911 ------------- ------------- ------------- ------------- ------------- Net Realized Gain (Loss) (~~915~~755,~~127~~051) ~~(63~~175,~~195)~~162 (7,726,023) (4,~~529~~353,~~098~~936) (4,~~213~~968,~~222~~273) ------------- ------------- ------------- ------------- ------------- Unrealized Gain (Loss) on Investments: Beginning of Period 31,~~230~~288,~~308~~256 (63,~~136~~165,~~041~~217) (4,555,044) (9,053,956) (4,555,044) End of Period 1(7,~~288~~800,~~256~~866) (32,~~165~~576,~~217)~~134 (9,053,956) (32,~~165~~576,~~217)~~134 1(7,~~288~~800,~~256~~866) ------------- ------------- ------------- ------------- ------------- Net Unrealized Gain (Loss) (19,~~942~~089,~~052~~122) 25,~~970~~741,~~824~~351 (4,498,912) 511,~~888~~630,~~739~~090 5(3,~~843~~245,~~300~~822) ------------- ------------- ------------- ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments (29,~~857~~844,~~179~~173) 25,~~907~~916,~~629~~513 (12,224,935) 17,~~359~~276,~~641~~154 1(8,~~630~~214,~~078~~095) ------------- ------------- ------------- ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations $ (29,~~551~~549,~~605~~055) $ 36,~~183~~147,~~506~~203 $ (10,990,209) $ 18,~~891~~038,~~579~~782 $ 2(7,~~257~~291,~~347~~708) ============= ============= ============= ============= =============

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

Quarter Ending Quarter Ending FY Ended ~~Six~~Nine Months ~~Six~~Nine Months 0407/3031/02 0407/3031/03 10/31/02 Ended 0407/3031/03 Ended 0407/3031/02 --------~~------~~ --------~~------~~ -------- -------------- -------------- Unaudited Unaudited Unaudited Unaudited --------- --------- --------- --------- Participants' Interest at Beginning of Period $78 75,~~844~~288,~~746~~396 $57 59,~~577~~864,~~737~~382 $ 75,731,756 $ 59,746,468 $ 75,731,756 Changes from Investment Activities: Net Investment Income ~~305~~295,~~574~~118 ~~275~~230,~~877~~690 1,234,726 ~~531~~762,~~938~~628 ~~627~~922,~~269~~387 Net Realized Gain (Loss) on Investments (~~915~~755,~~127~~051) ~~(63~~175,~~195)~~162 (7,726,023) (4,~~529~~353,~~098~~936) (4,~~213~~968,~~222~~273) Net Unrealized Gain (Loss) on Investments (19,~~942~~089,~~052~~122) 25,~~970~~741,~~824~~351 (4,498,912) 511,~~888~~630,~~739~~090 5(3,~~843~~245,~~300~~822) ------------ ------------ ------------ ------------ ------------ Net Increase (Decrease) from Investment Activities (29,~~551~~549,~~605~~055) 36,~~183~~147,~~506~~203 (10,990,209) 18,~~891~~038,~~579~~782 2(7,~~257~~291,~~347~~708) ------------ ------------ ------------ ------------ ------------ Changes from Participating Unit Transactions: Received from Issuance of ~~184~~93,~~860~~383 units 1820,~~435,566~~907 2,~~014~~835,~~172~~079 Received from Issuance of ~~152~~157,~~126~~781 units 1,~~532~~433,~~779~~537 5,489,788 23,~~408~~842,~~604~~140 Payment on Redemption ofon ~~301~~440,~~277~~398 units (23,~~332~~850,~~427~~095) (37,~~787~~637,~~837~~932) ------------ ------------ Payment on Redemption ofon ~~251~~265,~~886~~505 units (2,~~537~~416,~~524~~893) (10,484,867) (57,~~109~~526,~~311~~203) ------------ ------------ ------------ Net ~~Increase~~ (Decrease) from Participating Unit Transactions (1983,~~004,745~~356) (~~896~~3,~~861~~029,188) (4,995,079) (14,~~773~~802,~~665~~853) (23,~~700~~684,~~707~~063) ------------ ------------ ------------ ------------ ------------ Participants' Interest at End of Period $75 64,~~288~~755,~~396~~985 $59 62,~~864~~982,~~382~~397 $ 59,746,468 $59 62,~~864~~982,~~382~~397 $75 64,~~288~~755,~~396~~985 ============ ============ ============ ============ ============

10/31/2002 0407/3031/2003 Unaudited --------- Cost Market Cost Market ---- ------ ---- ------ Assets: Common Stock $57,982,818 $48,928,862 $5755,~~293~~316,~~314~~066 $5457,~~128~~892,~~097~~200 Short-Term Money Market Fund 10,737,047 10,737,047 5,~~660~~336,~~224~~203 5,~~660~~336,~~224~~203 ----------- ----------- ----------- ---------- ~~Total Investments~~ $68,719,865 59,665,909 $6260,~~953~~652,~~538~~269 5963,~~788~~228,~~321~~403 =========== ~~----------~~=========== =========== ~~----------~~=========== ~~Cash~~Total ~~19,138~~Investments Interest & Dividends Receivable 103,148 6762,~~388~~838 ~~-------~~ Total Assets: 59,769,057 5963,~~874~~291,~~847~~241 =========== ========== Liabilities: Disbursement in Excess of Demand Deposit Cash 10,970 0293,958 Audit Fees Payable 11,619 1014,~~465~~886 ----------- ---------- Total Liabilities 22,589 10308,~~465~~844 ----------- ---------- Participants' Interest: $7.99 Per Unit on 7,479,229 Units Outstanding on 10/31/02 59,746,468 ----------- $89.2512 Per Unit on 76,~~255~~908,~~408~~393 Units Outstanding on 47/3031/03 5962,~~864~~982,~~382~~397 ----------- Total Liabilities and Participants' Interest $59,769,057 $5963,~~874~~291,~~847~~241 =========== ===========

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

Quarter Ending Quarter Ending FY Ended ~~Six~~Nine Months ~~Six~~Nine Months 0407/3031/02 0407/3031/03 10/31/02 Ended 0407/3031/03 Ended 0407/3031/02 -------- --------- -------- -------------- -------------- Unaudited Unaudited Unaudited Unaudited --------- --------- --------- --------- Investment Income Interest $~~782~~ 766,~~709~~619 $~~693~~ 665,~~405~~640 $ 3,103,543 $1 2,~~385~~051,~~702~~342 $1 2,~~588~~355,~~728~~347 ------------ ------------ ------------ ------------ ------------ Gross Investment Income ~~782~~766,~~709~~619 ~~693~~665,~~405~~640 3,103,543 12,~~385~~051,~~702~~342 12,~~588~~355,~~728~~347 ------------ ------------ ------------ ------------ ------------ Less: Audit Expense (45,~~892~~989) (5,~~794~~989) (21,740) (1117,~~783~~772) (915,~~761~~750) ------------ ------------ ------------ ------------ ------------ Net Investment Income ~~777~~760,~~817~~630 ~~687~~659,~~611~~651 3,081,803 12,~~373~~033,~~919~~570 12,~~578~~339,~~967~~597 ------------ ------------ ------------ ------------ ------------ Realized and Unrealized Gain (Loss) on Investments: Realized Gain (Loss) on Investments: Proceeds from Sales 101,~~489~~834,~~571~~768 84,~~641~~366,~~441~~905 45,597,588 1418,~~092~~459,~~521~~426 1921,~~724~~559,~~863~~631 Cost of Securities Sold 101,~~393~~807,~~793~~431 84,~~373~~271,~~692~~614 44,788,932 1318,~~757~~028,~~115~~729 1921,~~389~~197,~~597~~028 ------------ ------------ ------------ ------------ ------------ Net Realized Gain ~~(Loss)~~27,337 95,~~778~~291 ~~267,749~~ 808,656 ~~335~~430,~~406~~697 ~~335~~362,~~266~~603 ------------ ------------ ------------ ------------ ------------ Unrealized Gain (Loss) on Investments: Beginning of Period 1,~~920~~759,~~492~~091 32,~~093~~986,~~909~~422 3,542,632 3,145,311 3,542,632 End of Period 12,~~759~~880,~~091~~964 21,~~986~~465,~~422~~980 3,145,311 21,~~986~~465,~~422~~980 12,~~759~~880,~~091~~964 ------------ ------------ ------------ ------------ ------------ Net Unrealized Gain (Loss) ~~(161~~1,~~401)~~121,873 (~~107~~1,~~487~~520,442) (397,321) (~~158~~1,~~889~~679,331) (1661,~~783,541~~668) ------------ ------------ ------------ ------------ ------------ Net Realized and Unrealized Gain (Loss) on Investments 1,149,210 (651,~~623~~425,151) ~~160,262~~ 411,335 ~~176,517~~ (1,~~448~~248,~~275~~634) (299,065) ------------ ------------ ------------ ------------ ------------ Net Increase (Decrease) in Net Assets Resulting from Operations $~~712~~ 1,~~194~~909,840 $~~847~~ (765,~~873~~500) $ 3,493,138 $1 784,~~550,436~~936 $~~130~~ 2,~~692~~040,532 ============ ============ ============ ============ ============

Quarter Ending Quarter Ending FY Ended ~~Six~~Nine Months ~~Six~~Nine Months 0407/3031/02 0407/3031/03 10/31/02 Ended 0407/3031/03 Ended 0407/3031/02 -------- -------- -------- -------------- -------------- Unaudited Unaudited Unaudited Unaudited --------- --------- --------- --------- Participants' Interest at Beginning of Period $52 53,~~760~~509,~~461~~548 $ 52,~~403~~877,~~204~~788 $ 55,765,659 $ 51,780,674 $ 55,765,659 ------------ ------------ ------------ ------------ ------------ Changes from Investment Activities: Net Investment Income ~~777~~760,~~817~~630 ~~687~~659,~~611~~651 3,081,803 12,~~373~~033,~~919~~570 12,~~578~~339,~~967~~597 Net Realized Gain (Loss) on Investments 9527,~~778~~337 ~~267~~95,~~749~~291 808,656 ~~335~~430,~~406~~697 ~~335~~362,~~266~~603 Net Unrealized Gain (Loss) on Investments ~~(161~~1,~~401)~~121,873 (~~107~~1,~~487~~520,442) (397,321) (~~158~~1,~~889~~679,331) (1661,~~783,541~~668) ------------ ------------ ------------ ------------ ------------ Net Increase (Decrease) from Investment Activities ~~712~~1,~~194~~909,840 ~~847~~(765,~~873~~500) 3,493,138 1784,~~550,436~~936 ~~130~~2,~~692~~040,532 ------------ ------------ ------------ ------------ ------------ Changes from Participating Unit Transactions: Received from Issuance of ~~112~~60,~~730~~752 units 1603,~~098,609~~141 23,~~409~~012,~~794~~935 Received from Issuance of ~~176~~132,~~497~~075 units 1,~~561~~200,~~991~~813 5,374,411 34,~~062~~262,~~186~~999 Payment on Redemption ofon ~~151~~424,~~472~~466 units (14,~~471~~195,~~898~~608) (27,~~863~~058,~~116~~724) ------------ ------------ Payment on Redemption ofon ~~172~~387,~~914~~850 units (13,~~525~~509,~~098~~320) (12,852,534) (58,~~448~~958,~~989~~309) ------------ ------------ ------------ Net ~~Increase~~ (Decrease) from Participating Unit Transactions 36(2,~~893~~308,507) (~~373~~3,~~289~~592,467) (7,478,123) (~~453~~4,~~322~~045,789) (24,~~386~~695,~~803~~310) ------------ ------------ ------------ ------------ ------------ Participants' Interest at End of Period $ 53,~~509~~110,~~548~~881 $52 48,~~877~~519,~~788~~821 $ 51,780,674 $52 48,~~877~~519,~~788~~821 $ 53,~~509~~110,~~548~~881 ============ ============ ============ ============ ============

10/31/2002 0407/3031/2003 Unaudited --------- Cost Market Cost Market ---- ------ ---- ------ Assets: United States Government & Agency Obligations $33,833,979 $36,203,454 $3132,~~894~~212,~~030~~767 $3433,~~033~~194,~~672~~573 Corporate Bonds 14,366,808 15,142,644 1615,~~080~~076,~~541~~938 1615,~~927~~561,~~321~~112 ~~Short~~-~~term Money Market Fund 0 0 1,341,104 1,341,104~~ ---------- ----------- ----------- ----------- Total Investments $48,200,787 51,346,098 $4947,~~315~~289,~~675~~705 5248,~~302~~755,~~097~~685 =========== ~~----------~~=========== =========== ~~----------~~=========== Interest Receivable 622,422 ~~591~~657,~~536~~644 Total Assets: 51,968,520 5249,~~893~~413,~~633~~329 =========== =========== Liabilities: Audit Fees Payable 11,618 1115,~~190~~979 Disbursements in excess of demand deposit cash 176,228 4877,~~655~~529 ----------- ----------- Total Liabilities 187,846 15893,~~845~~508 ----------- ----------- Participants' Interest: $9.51 per unit on 5,442,193 units outstanding on 10/31/02 51,780,674 ----------- $9.8064 per unit on 5,~~395~~031,~~026~~312 units outstanding 4on 7/3031/03 5248,~~877~~519,~~788~~821 ----------- Total Liabilities and Participants' Interest $51,968,520 $5249,~~893~~413,~~633~~329 =========== ===========

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

Quarter Ending Quarter Ending FY Ended ~~Six~~Nine Months ~~Six~~Nine Months 0407/3031/02 0407/3031/03 10/31/02 Ended 0407/3031/03 Ended 0407/3031/02 -------- -------- -------- -------------- -------------- Unaudited Unaudited Unaudited Unaudited --------- --------- --------- --------- Participants' Interest at Beginning of Period $ 20,~~282~~650,~~796~~736 $ 18,~~023~~288,~~832~~775 $ 20,420,751 $ 18,144,698 $ 20,420,751 ------------ ------------ ------------ ------------ ------------ Changes from Investment Activities: Net Investment Income 8890,~~701~~157 5449,~~967~~811 361,443 ~~117~~166,~~185~~996 ~~190~~280,~~425~~582 Net Realized Gain (Loss) on Investments 0 0 0 0 0 Net Unrealized Gain (Loss) on Investments 0 0 0 0 0 ------------ ------------ ------------ ------------ ------------ Net Increase ~~(Decrease)~~ from Investment Activities 8890,~~701~~157 5449,~~967~~811 361,443 ~~117~~166,~~185~~996 ~~190~~280,~~425~~582 ------------ ------------ ------------ ------------ ------------ Changes from Participating Unit Transactions: Received from Issuance onof ~~109~~119,~~601~~083 units ~~736~~802,~~231~~321 12,~~286~~088,~~524~~845 Received from Issuance onof ~~183~~89,~~859~~507 units 1594,~~215,266~~413 3,548,299 2,~~098~~693,~~615~~029 Payment on Redemption ofon 78188,~~299~~424 units (~~526~~1,~~255~~270,582) (12,~~259~~530,~~632~~214) ------------ ------------ Payment on Redemption ofon ~~141~~176,~~512~~103 units (~~936~~1,~~027~~170,348) (6,185,795) (23,~~059~~229,~~055~~404) ------------ ------------ ------------ Net ~~Increase~~ (Decrease) from Participating Unit Transactions ~~279~~(575,~~239~~935) ~~209~~(468,~~976~~261) (2,637,496) 26(441,~~892~~369) 39(536,~~560~~375) ------------ ------------ ------------ ------------ ------------ Participants' Interest at End of Period $ 20,~~650~~164,~~736~~958 $18 17,~~288~~870,~~775~~325 $ 18,144,698 $18 17,~~288~~870,~~775~~325 $ 20,~~650~~164,~~736~~958 ============ ============ ============ ============ ============

10/31/2002 0407/3031/2003 Unaudited --------- Cost Market Cost Market ---- ------ ---- ------ Assets: United States Government & Agency Obligations $ 4,999,014 $ 4,999,014 17,~~706~~614,~~856~~341 17,~~706~~614,~~856~~341 Commercial Paper 9,379,072 9,379,072 147,~~442~~842,~~795~~927 147,~~442~~842,~~795~~927 Short-term Money Market Fund 3,767,598 3,767,598 23,~~995~~083,~~213~~076 23,~~995~~083,~~213~~076 ----------- ----------- ----------- ---------- Total Investments $18,145,684 18,145,684 $1918,~~144~~540,~~864~~344 1918,~~144~~540,~~864~~344 =========== ----------- =========== ~~==========~~----------- Cash 826,794 Interest & Dividends Receivable 3,278 2,~~658~~189 Total Assets: 18,148,962 19,~~147~~369,~~522~~327 =========== ========== Liabilities: Audit Fees Payable 4,264 3,~~848~~512 ~~Disbursements in Excess of Demand Deposit Cash 0 5,562~~ Payable for Securities Purchased 0 ~~849~~1,~~337~~495,490 - ---------- ---------- Total Liabilities 4,264 ~~858~~1,~~747~~499,002 ----- ------ ---------- Participants' Interest: $6.69 per unit on 2,713,839 units outstanding on 10/31/02 18,144,698 ----------- $6.7375 per unit on 2,~~717~~648,~~795~~454 units outstanding on 47/3031/0203 1817,~~288~~870,~~775~~325 ----------- Total Liabilities and Participants' Interest $18,148,962 $19,~~147~~369,~~522~~327 =========== ==========

See note to Condensed Financial Statements ================================================================================ ITEM 2. MANAGEMENT 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 July 31, 2003. It should be read in conjunction with the financial statements and the notes thereto included in the Collective Investment Trusts' Annual Report on Form 10-K for the year ended October 31, 2002. Results of operations for the periods in this review are 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 operation results include, but are not limited to, the impact of competition; 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. On May 21, 2003, UMB Bank, n.a. announced its intent to sell all of its employee benefit business to Marshall and Ilsley Trust Company of Milwaukee, Wisconsin ("M&I"). The Pooled Funds held within the employee benefit accounts may not be transferred to M&I. Therefore, UMB Bank, n.a. will be closing the Pooled Funds on September 15, 2003. POOLED EQUITY FUND As evidence of an improving economy continues to build, the stock market is responding in a very positive fashion. After a strong April quarter the Pooled Equity Fund followed that with a return of 10.49% for the July quarter. This brought the Fund's return for the year to date to 14.25%. This compares to the S&P 500 Index's return of 8.49% for the quarter and 13.73% for the year. All sectors of the portfolio and the Index had positive returns for the quarter. Very strong performance from the Fund's holdings in the Financials and Health Care sectors were the primary contributors to the outperformance for the period. Financials were led by Merrill Lynch and State Street, two companies that directly benefit from an improving economy and stock market. The Fund's position in Genentech drove performance in the Health Care sector. This stock returned 113% for the quarter after announcing good results for a new drug. Relative performance was hurt by the returns of the Index's holdings in the Technology sector. Several smaller or more speculative companies in the Index experienced very high returns for the quarter. The Fund's holdings in larger cap, higher quality companies could not keep up with this performance. POOLED DEBT FUND The quarter ended July 31, 2003, was a continuation of the trends that started during the previous quarter. Fixed Income investors continued to move heavily into low-quality corporate bond holdings, hoping to take advantage of a broad economic recovery. As stated in the last update, while many fixed income managers felt comfortable making aggressive moves into low-quality issues, we continue to feel that a high-quality bias is called for. We feel that the volatility of the corporate sector has escalated to a level that makes it unwise for conservative investors to enter the low-quality sectors of the market. Consequently, our returns lagged the general market, due to our high-quality profile. We remain convinced that our high-quality bias will continue to provide a more attractive risk/reward profile for investors with a long-term horizon. July witnessed investors driving rates sharply higher, as strong economic news fostered fears of inflation. Our short duration posture was appropriate. However, a wave of concern over the GSEs offset the positive duration effects. We believe that the concerns are over done, and intend to hold steady with our exposure to FNMA and FHLMC. We do believe that a modest recovery is underway. Therefore, we intend to maintain our short duration posture and will work to increase exposure to mortgages and high-quality corporates. POOLED INCOME FUND The Fund continues to be invested in short-term US government and agency obligations, and high-quality commercial paper. The Fund's quarterly return was 0.30%. The 1-year return was 1.35%. The Fund has an average maturity of 20 days. ITEM 3. 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 July 31, 2003, an immediate 100 and 200 basis point gain in interest rates would decrease the value 4.73% and 9.16% respectively in the portfolio value. An immediate 100 and 200 basis point decrease in interest rated would cause a 3.84% and 7.45% 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 July 31, 2003 was 1.03%. Using a rate shock analysis of the securities in the Pooled Income Fund on April 30, 2003, an immediate 100 and 200 basis point gain in interest rates would result in a 0.98% and 0.93% return respectively in the portfolio value. An immediate 100 and 200 basis point decrease in interest rates would result in a 1.06% and 1.06% total return of the portfolio. ITEM 4. CONTROLS AND PROCEDURES Within the 90-day period immediately preceding the filing of this Report, the Company's Chief Executive Officer and Chief Financial Officer have each evaluated the effectiveness of the Company's "Disclosure Controls and Procedures" and believes as of the date of evaluation, that the Company's disclosure controls and procedures are reasonably designed to be effective for the purposes for which they are intended. As such term is used above, the Company's Disclosure Controls and Procedures are controls and other procedures of the Company that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Security Exchange Commission's rules and forms. Disclosure Controls and Procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in such reports is accumulated and communicated to the Company's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. There were no significant changes in the Company's internal controls or in other factors that could significantly affect such controls subsequent to the date that the Company's Chief Executive Officer and Chief Financial Officer conducted their evaluations of the Disclosure Controls and Procedures, including any corrective actions with regard to significant deficiencies and material weaknesses. ================================================================================ PART II -- OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8K (a) The following exhibits are filed herewith: 99a CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 99b CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (b) Reports on Form 8-K No report on Form 8-K was required to be filed during the three months ended July 31, 2003. ================================================================================ SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The Collective Investment Trust for which UMB Bank, n.a. is Trustee (Registrant) By: / s / R. Crosby Kemper III Dated September 12, 2003 R. Crosby Kemper III Chief Executive Officer UMB Bank, n.a. By: / s / Daniel C. Stevens Dated September 12, 2003 Daniel C. Stevens Chief Financial Officer UMB Bank, n.a. EXHIBITS Exhibit 31(a) CEO certification pursuant to Section 302 of the Sarbanes-Oxley Act I, R. Crosby Kemper, III, certify that: 1. I have reviewed this quarterly report on Form 10-Q for the Collective Investment Trust of which UMB Bank, n.a. is Trustee; 2. Based on my knowledge, this quarterly report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; 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 relation to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly 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 quarterly report (the "Evaluation Date"); and c. presented in this quarterly 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 date 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 quarterly report whether there were any 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. Dated: September 12, 2003 / s/ R. Crosby Kemper, III Chief Executive Officer Exhibit 31(b) CFO certification pursuant to Section 302 of the Sarbanes-Oxley Act I, Daniel C. Stevens, certify that: 1. I have reviewed this quarterly report on Form 10-Q for the Collective Investment Trust of which UMB Bank, n.a. is Trustee; 2. Based on my knowledge, this quarterly report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; 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 relation to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly 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 quarterly report (the "Evaluation Date"); and c. presented in this quarterly 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 date 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 quarterly report whether there were any 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. Dated: September 12, 2003 / s/ Daniel C. Stevens Chief Financial Officer Exhibit 32(a) In connection with the quarterly report of the Collective Investment Trust of which UMB Bank, n.a. is Trustee filed on Form 10-q for the period ending July 31, 2003, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, R. Crosby Kemper, III, Chief Executive Officer of UMB Bank, n.a., hereby certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Collective Investment Trust of which UMB Bank, n.a. is Trustee. Dated: September 12, 2003 / s / R. Crosby Kemper, III Chief Executive Officer Exhibit 32(b) In connection with the quarterly report of the Collective Investment Trust of which UMB Bank, n.a. is Trustee filed on Form 10-q for the period ending July 31, 2003, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Daniel C. Stevens, Chief Financial Officer of UMB Bank, n.a., hereby certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Collective Investment Trust of which UMB Bank, n.a. is Trustee. Dated: September 12, 2003 / s / Daniel C. Stevens Chief Financial Officer ================================================================================

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