Item 1. Business
UMB Bank, N.A., the principle 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 9 of Regulation 9 of the Comptroller of Currency (12 C.F.R.9). 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.
Item 2. Properties
Not applicable
Item 3.
Item 3. Legal Proceedings
None
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable
PART II
Item 5.
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, 2000 there were 212 holders of units of participation in the Fund for Pooling Equity Investments of Employee Trusts, 211 holders of units of participation in the Fund for Debt Investments of Employee Trusts, and 107 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, $ 11.04, $7.76 and $ 6.26.
[Remainder of Page Intentionally Left Blank]
Item 6.
Item 6. Selected Financial Data
POOLED EQUITY FUND 10/31/96 10/31/97 10/31/98 10/31/99 10/31/00 -------------- -------------- -------------- -------------- -------------- Securities at Market 259,171,312 214,522,751 184,150,793 137,505,557 110,118,838 Receivables 436,199 2,472,209 2,387,087 9,926,834 116,416 Total Assets 259,607,511 216,994,960 186,537,880 147,432,391 110,235,254 Current Liabilities 8,214 9,190 9,190 7,426 9,829 Participants' Interest 259,599,297 216,985,770 186,528,690 147,424,965 110,225,425 Total Liabilities and Participants Interest 259,607,511 216,994,960 186,537,880 147,432,391 110,235,254 Total Investment Income 9,169,196 7,486,364 6,638,807 5,378,672 3,495,189 Other Expense (11,563) (9,131) (9,190) (9,424) (9,354) Net Realized and Unrealized Gains (Losses) 25,953,359 42,086,301 10,448,767 17,193,302 51,995 Net Investment Income 9,157,633 7,477,233 6,629,617 5,369,248 3,485,835 Net Income per Share $0.91 $1.65 $0.78 $ 0.33 $ 0.31
POOLED DEBT FUND 10/31/96 10/31/97 10/31/98 10/31/99 10/31/00 -------------- -------------- -------------- -------------- -------------- Securities at Market 166,226,032 127,865,784 114,535,305 91,082,552 67,647,135 Receivables 2,757,097 2,148,730 1,933,768 1,586,313 1,065,968 Total Assets 168,983,129 130,014,514 116,469,073 92,668,865 68,713,103 Current Liabilities 8,635 9,190 9,190 8,121 627,077 Participants' Interest 168,974,494 130,005,324 116,459,883 92,660,744 68,086,026 Total Liabilities and Participants Interest 168,983,129 130,014,514 116,469,073 92,668,865 68,713,103 Total Investment Income 11,618,424 9,653,774 7,710,035 6,769,984 5,379,015 Other Expense (9,826) (9,190) (9,190) (10,120) (11,246) Net Realized and Unrealized Gains (Losses) (1,581,733) 1,388,875 3,720,371 (6,413,667) (1,331,211) Net Investment Income 11,608,598 9,644,584 7,700,845 6,759,864 5,367,769 Net Income per Share $ 0.36 $0.47 $ 0.64 $ 0.47 $ 0.53
POOLED INCOME FUND 10/31/96 10/31/97 10/31/98 10/31/99 10/31/00
-------------- -------------- -------------- -------------- -------------- Securities at Market 44,161,577 34,903,580 27,840,827 26,528,474 22,389,845 Receivables 173,726 89,885 126,202 110,679 72,747 Total Assets 44,335,303 34,993,465 27,967,029 26,639,153 22,462,592 Current Liabilities 2,750 3,369 3,369 2,723 1,630 Participants' Interest 44,332,553 34,990,096 27,963,660 26,636,430 22,460,962 Total Liabilities and Participants Interest 44,335,303 34,993,465 27,967,029 26,639,153 22,462,592 Total Investment Income 2,963,509 2,198,406 1,724,563 1,515,680 1,551,790 Other Expense (2,744) (3,369) (3,369) (3,456) (3,400) Net Realized and Unrealized Gains (Losses) (29,992) (2,045) 0 0 0 Net Investment Income 2,960,765 2,195,037 1,721,194 1,512,224 1,548,390 Net Income per Share $ 0.26 $ 0.28 $ 0.30 $ 0.32 $ 0.38
* Per unit information has been adjusted to reflect a 10 for 1 unit split paid during the quarter ended April 30, 2000.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
During the year investors continued to look for signs that the economy would cool off to a more sustainable rate to contain inflation and keep the Federal Reserve on hold, after raising interest rates six times during the past year.
Interest rates and inflation, being boosted by higher oil prices, remains the key concerns of the market. Questions about corporate profits and growth rates are coming to the forefront. Companies that do not meet earnings and revenues expectations are severely punished in the marketplace.
Stocks suffered intense volatility in the Spring. After a spectacular rise in the NASDAQ Index for the first half of the year, the high tech dominated index reversed itself for the second half. For the year, the roller coaster ride investors took on NASDAQ, resulted in a positive return of 13.78%. The market is still questioning the future for tech stocks, as their price earnings ratios remain high by historic measures.
The old economy stocks also struggled during the second half of the year, as did telecommunication shares. Leading the way higher in the broad market were drug stocks, utilities and some consumer stocks.
The S&P 500 Index turned in a lackluster return of 6.09% for the year ended 10/31/00. One of the lowest returns in several years.
Small capitalization stocks fared somewhat better than large capitalization stocks, a trend not seen for several years. In a mirror image to the large cap market, early weakening was followed by later strength. The Russell 2000 Index of small capitalization stocks rose 17.41% for the year.
The global markets in general were less volatile than the U.S. markets. The higher interest rates in the U.S. kept the dollar strong and forced many central banks to raise rates to stabilize their currencies. Therefore, their equity markets suffered. There was particular concern about the rebound or lack thereof in the Japanese economy. The MCI EAFE Index was down -2.66% for the year.
It appeared that the Federal Reserve was finished raising rates after their May increases. Although short-term rates had risen during the year, the longer-term market was anticipating the Fed easing and the economy slowing as the year came to an end. The Lehman Brothers Government/Credit Intermediate Index was up 6.46% for the year.
The dampening effects taken by the Federal Reserve appear by some signs finally to be taking effect. Investors also seem to be more cautious, with a new administration in Washington, which should help reduce the speculation in the market. Is the stock market building a base for recovery or will we see a continuation of the volatility that we saw last year is still being questioned by investors.
POOLED FUND COMMENTARY
The three collective investment funds included in this report are for the use of "Qualified Retirement Trusts" such as yours. These three funds, the Pooled Equity Fund, Pooled Debt Fund and Pooled Income Fund, represent a pool of capital of about $350 million. 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
During the year, new stock positions were taken in Texas Instruments,Altera Corp.,Emerson Electric, Nokia Corp,Amgen,Avaya,Computer Sciences Corp.,Dell Computer, Gateway Inc.,Genentech, Intel, Lucent Technologies, Microsoft, Oracle,PE Corp,Pepsico,Proctor & Gamble, Qwest Copmmunications, Rohm &Haas, and TargetCorp. Positions were deleted in Mallinckrodt Inc.,C. R. Bard Inc., TRW Inc., Cooper Industries, Novell Inc.,American Greetings, Bassett Furniture, Bob Evans Farms, Chubb, Comsat,Crown Cork & Seal,Dillards,Donnelley R R & Sons,Dun & Bradstreet, Eastman Kodak, Electronic Datat Systems, Global Industries Technologies, Hercules Inc., Kennametal, Nalco Chemical, J.C. Penney, Phelps Dodge, Sensormatic Electronics, Stride Rite, Too Inc.,and Worthington Industries. The fund's total return (income plus price appreciation) for the quarter was 2.91%. For the past 12 months, the total Fund returned 3.32% Excluding cash reserves, the total return of stocks held by the Fund was 3.76% for the quarter and 1.61% for the last 12 months. The Fund ended the period with cash reserves of 10.29%.
POOLED DEBT FUND
In keeping with our philosophy of maintaining a high-quality portfolio with limited maturity exposure, about 55.0% of the portfolio is held in U.S. Government and Agency issues. Approximately 69% of the portfolio will mature within five years. The weighted average life of the total portfolio is 3.6 yrs. The total return of the Fund was 1.68% for the quarter and 5.66% for the preceding 12 months. At period end, the current yield of the fund was approximately 6.17% . The weighted yield to maturity at market was 6.50%.
POOLED INCOME FUND
The Fund continues to be invested in short-term U.S. Government and Agency obligations, high-quality commercial paper and liquid guaranteed insurance contracts. The Fund's quarterly return of 1.64% is equivalent to an annualized total return of 6.72%. For the past 12 months, the fund returned 6.41%. The Fund has an average maturity of 17 days and a weighted yield to maturity of 6.62%.
Item 8.
Item 8. Financial Statements and Supplementary Data
The financial statements are attached hereto and filed as part of this report.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Statements.
None
PART III
Item 10.
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.
Item 11. Executive Compensation
Not applicable
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable
Item 13.
Item 13. Certain Relationships and Related Transactions
Not applicable
PART IV
Item 14.
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 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 1937, 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: January 29, 2001
/s/ Edward J. McShane, Jr.
---------------------------------------------
Edward J. McShane, Jr.
Executive Vice President
Date: January 29, 2001
/s/ E. Frank Ware
---------------------------------------------
E. Frank Ware
Executive Vice President and
Trust Accounting Officer
The Registrant has no directors.
FINANCIAL STATEMENTS
Report of Independent Accountants
Fund for Pooling Equity Investments of Employee Trusts
Statements of Assets and Liabilities as of October 31, 1999 and 2000
Statements of Investments Held as of October 31, 1999 and 2000
Statements of Operations for the years ended October 31, 1998, 1999 and 2000
Statements of Participants' Interest for the years ended October 31, 1998, 1999 and 2000
Fund for Pooling Debt Investments of Employee Trusts
Statements of Assets and Liabilities as of October 31, 1999 and 2000
Statements of Investments Held as of October 31, 1999 and 2000
Statements of Operations for the years ended October 31, 1998, 1999 and 2000
Statements of Participants' Interest for the years ended October 31, 1998, 1999 and 2000
Pooled Income Fund for Employee Trusts
Statements of Assets and Liabilities as of October 31, 1999 and 2000
Statements of Investments Held as of October 31, 1999 and 2000
Statements of Operations for the years ended October 31, 1998, 1999 and 2000
Statements of Participants' Interest for the years ended October 31, 1998, 1999 and 2000
Notes to Financial Statements
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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, 2000 and 1999, and the related statements of operations and participants' interest for each of the three years in the period ended October 31, 2000. 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 generally accepted auditing standards. 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, 2000 and 1999, and the results of its operations and the changes in its participants' interest for each of the three years in the period ended October 31, 2000, in conformity with generally accepted accounting principles.
/s/ BAIRD, KURTZ and DOBSON
Kansas City, Missouri
November 30, 2000
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2000 AND 1999
2000 1999 ------------------------------------------------------------------- Cost Market Cost Market -------------------------------------------------------------------- ASSETS Investments:
Common stocks $ 85,906,212 $ 98,719,237 $ 95,854,601 $109,298,164 Commercial paper 10,037,926 10,037,926 24,203,751 24,203,751 Short-term money market fund 1,361,675 1,361,675 4,003,642 4,003,642 -------------------------------------------------------------------- $ 97,305,813 110,118,838 $124,061,994 137,505,557 ============== ==============
Interest and dividends receivable 116,416 207,862 Receivable for securities sold 9,718,972 ------------ --------------- 110,235,254 147,432,391 LIABILITIES Disbursements in excess of demand deposit cash 5,302 Audit fee payable 4,527 7,426 ------------- ------------- 9,829 7,426 ------------- -------------
PARTICIPANTS INTEREST, Equivalent to $11.04 per unit on 9,983,282 units outstanding in 2000 and $10.69 per unit on 13,796,030 units outstanding in 1999 $ 110,225,425 $ 147,424,965 ============= =============
See Notes to Financial Statements
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 2000
----------------------------------------------------- Number of Shares or Principal Amount Cost Market -----------------------------------------------------
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 ===========================
See Notes to Financial Statements
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1999
----------------------------------------------------- Number of Shares or Principal Amount Cost Market -----------------------------------------------------
COMMON STOCKS - 79.5%
CONSUMER NONDURABLES - 13.1%
FOOD:
ARCHER DANIELS MIDLAND CO. 160,444 $ 1,972,325 $ 1,965,439 BOB EVANS FARMS INC. 79,000 1,389,875 1,086,250 MCDONALDS CORP. 40,000 1,714,592 1,650,000 --------------------------- TOTAL FOOD 5,076,792 4,701,689 --------------------------- HEALTHCARE: BARD C R INC. 54,000 2,154,298 2,912,652 BAXTER INTERNATIONAL INC. 12,000 117,870 780,000 BRISTOL MYERS SQUIBB CO. 35,000 2,412,770 2,688,455 COVANCE INC. 130,000 2,234,002 1,259,440 --------------------------- TOTAL HEALTHCARE 6,918,940 7,640,547 --------------------------- COSMETICS and TOILETRIES: KIMBERLY-CLARK CORP 45,000 2,459,128 2,835,000 --------------------------- PHOTOGRAPHY: EASTMAN KODAK COMPANY 41,400 2,384,418 2,854,033 --------------------------- TOTAL CONSUMER NONDURABLES 16,839,278 18,031,269 ---------------------------
SERVICES - 8.6%
MEDIA: DUN and BRADSTREET 47,000 787,495 1,380,625 KNIGHT RIDDER INC 20,000 1,093,932 1,270,000 --------------------------- TOTAL MEDIA 1,881,427 2,650,625 --------------------------- RETAIL: AMERICAN GREETINGS CORP. 37,800 981,120 978,075 DILLARDS INC. 79,000 2,250,235 1,491,125 DONNELLEY R R and SONS CO. 31,000 944,043 751,750 J.C. PENNEY COMPANY 66,000 3,015,648 1,674,750 THE LIMITED INC. 42,000 704,916 1,722,000 --------------------------- TOTAL RETAIL 7,895,962 6,617,700 ---------------------------
TEXTILE AND APPAREL:
BASSETT FURNITURE INDUSTRY 63,500 $ 1,362,100 $ 1,143,000 STRIDE RITE CORP. 200,000 2,226,351 1,312,600 TOO, INC. 6,000 41,211 96,000 --------------------------- TOTAL TEXTILE AND APPAREL 3,629,662 2,551,600 --------------------------- TOTAL SERVICES 13,407,051 11,819,925 ---------------------------
CONSUMER DURABLES - 2.1%
AUTOMOTIVE: GENUINE PARTS CO. 108,900 1,745,240 2,838,261 ---------------------------
CAPITAL GOODS - 18.5%
ELECTRICAL and NETWORKING EQUIPMENT: CISCO SYSTEMS INC. 18,000 389,625 1,332,000 --------------------------- ELECTRONICS: ELECTRONIC DATA SYSTEMS CORP. 73,000 2,704,403 4,270,500 MOLEX INC. 60,000 2,257,257 2,190,000 SENSORMATIC ELECTRONICS CORP. 200,000 3,104,236 3,025,000 --------------------------- TOTAL ELECTRONICS 8,065,896 9,485,500 --------------------------- MACHINERY and EQUIPMENT: COMPAQ COMPUTER CORP 40,000 974,500 765,000 COOPER INDUSTRIES INC. 13,000 477,074 559,819 HARRIS CORPORATION 82,000 2,552,468 1,839,916 HEWLETT PACKARD CO 10,000 1,098,725 740,625 SNAP ON INC. 53,000 1,158,170 1,609,875 --------------------------- TOTAL MACHINERY and EQUIPMENT 6,260,937 5,515,235 ---------------------------
OFFICE EQUIPMENT:
INTERNATIONAL BUSINESS MACHINES 18,000 $ 2,223,695 $ 1,770,750 NOVELL INC. 104,000 837,968 2,086,552 --------------------------- TOTAL OFFICE EQUIPMENT 3,061,663 3,857,302 --------------------------- MISCELLANEOUS: CROWN CORK and SEAL CO., INC. 108,400 3,070,446 2,594,879 GRAINGER, W. W., INC. 61,000 2,101,253 2,584,875 --------------------------- TOTAL MISCELLANEOUS 5,171,699 5,179,754 --------------------------- TOTAL CAPITAL GOODS 22,949,820 25,369,791 ---------------------------
BASIC MATERIALS - 22.9%
CHEMICALS: ENGELHARD CORP. 197,000 4,201,456 3,472,125 HERCULES INC. 40,000 1,246,033 962,520 MALLINCKRODT INC. 127,700 3,631,876 4,333,883 --------------------------- TOTAL CHEMICALS 9,079,365 8,768,528 --------------------------- METAL AND MINING: BRUSH WELLMAN INC. 56,700 719,250 751,275 PHELPS DODGE CORP. 28,296 - 1,595,178 KENNAMETAL INC. 80,000 1,505,637 2,300,000 MINNESOTA MINING and MANUFACTURING 24,000 1,702,597 2,281,512 WORTHINGTON INDUSTRIES 245,300 3,251,569 4,078,113 --------------------------- TOTAL METAL AND MINING 7,179,053 11,006,078 --------------------------- PAPER AND FORESTRY PRODUCTS: INTERNATIONAL PAPER CO. 14,852 366,850 781,587 WEYERHAEUSER CO. 26,000 475,292 1,551,888 --------------------------- TOTAL PAPER AND FORESTRY PRODUCTS 842,142 2,333,475 ---------------------------
PETROLEUM:
HALLIBURTON CO. 39,000 $663,984 $1,469,832 KERR MCGEE CORP. 31,000 1,174,960 1,666,250 PHILLIPS PETROLEUM CO. 39,000 1,598,953 1,813,500 SCHLUMBERGER LIMITED 13,000 527,280 787,319 USX MARATHON GROUP 124,000 2,431,762 3,611,500 --------------------------- TOTAL PETROLEUM 6,396,939 9,348,401 --------------------------- TOTAL BASIC MATERIALS 23,497,499 31,456,482 ---------------------------
TRANSPORTATION - 0.6%
RAILROADS: UNION PACIFIC CORP. 16,000 240,340 892,000 ---------------------------
MULTIBUSINESS - 0.8%
TRW INC. 26,000 829,465 1,114,750 ---------------------------
UTILITIES - 7.6%
COMMUNICATION: BELL SOUTH CORPORATION 50,000 2,219,645 2,250,000 COMSAT CORP. 11,774 179,020 220,033 MOTOROLA INC. 9,000 504,450 875,817 SBC COMMUNICATIONS INC. 44,000 2,252,466 2,332,000 --------------------------- TOTAL COMMUNICATION 5,155,581 5,677,850 --------------------------- ELECTRIC: AMEREN CORPORATION 34,000 1,157,312 1,285,642 ENTERGY CORP. 76,000 1,788,000 2,275,288 TEXAS UTILITIES CO. 33,000 1,045,973 1,278,750 --------------------------- TOTAL ELECTRIC 3,991,285 4,839,680 --------------------------- TOTAL UTILITIES 9,146,866 10,517,530 ---------------------------
FINANCE - 5.3%
FINANCIAL:
CHUBB CORP. 55,200 $ 3,293,037 $ 3,036,000 FIRSTMERIT CORP. 62,000 1,658,750 1,639,156 LINCOLN NATIONAL CORP.-INDIANA 56,000 2,247,255 2,583,000 --------------------------- TOTAL FINANCIAL 7,199,042 7,258,156 --------------------------- TOTAL COMMON STOCKS 95,854,601 109,298,164 ---------------------------
COMMERCIAL PAPER - 17.6%
AMERICAN TELEPHONE and TELEGRAPH CO DUE 11/12/99 2,000,000 1,991,217 1,991,217 AMERICAN TELEPHONE and TELEGRAPH CO DUE 11/22/99 1,000,000 993,413 993,413 ARCO BRITISH LTD., DUE 11/29/99 2,000,000 1,990,265 1,990,265 BECTON DICKINSON and CO., DUE 11/5/99 2,000,000 1,982,793 1,982,793 BELLSOUTH TELECOMMUNICATIONS, DUE 2/16/00 500,000 490,494 490,494 CHEVRON USA, INC., DUE 11/16/99 2,000,000 1,985,947 1,985,947 COCA COLA CO., DUE 11/9/99 2,000,000 1,986,583 1,986,583 COCA COLA CO., DUE 11/10/99 1,175,000 1,170,021 1,170,021 COCA COLA CO., DUE 11/19/99 2,000,000 1,982,693 1,982,693 COCA COLA CO., DUE 12/3/99 2,150,000 2,136,152 2,136,152 COCA COLA CO., DUE 12/7/99 1,500,000 1,489,918 1,489,918 COCA COLA CO., DUE 12/10/99 1,500,000 1,490,156 1,490,156 DU PONT E.I. DE NEMOURS and CO, DUE 2/23/00 1,000,000 980,762 980,762 GENERAL MILLS INC., DUE 11/4/99 550,000 547,741 547,741 SHELL FINANCE PLC, DUE 11/12/99 1,000,000 997,939 997,939 WAL-MART STORES INC., DUE 11/9/99 2,000,000 1,987,657 1,987,657 --------------------------- TOTAL COMMERCIAL PAPER 24,203,751 24,203,751 ---------------------------
SHORT-TERM MONEY MARKET FUND - 2.9%
SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 4,003,642 $4,003,642 $4,003,642 --------------------------- TOTAL INVESTMENTS HELD $124,061,994 $37,505,557 ===========================
See Notes to Financial Statements
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENTS OF OPERATIONS
YEARS ENDED OCTOBER 31, 2000, 1999 AND 1998
2000 1999 1998 --------------------------------------------
INVESTMENT INCOME
Interest $ 1,547,825 $ 2,255,589 $ 3,279,897 Dividends 1,947,364 3,123,083 3,358,910 -------------------------------------------- Total investment income 3,495,189 5,378,672 6,638,807
Audit expense 9,354 9,424 9,190 -------------------------------------------- Net investment income 3,485,835 5,369,248 6,629,617 --------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)ON INVESTMENTS Realized gain on investments sold, matured or redeemed
Proceeds 364,173,641 723,610,458 763,884,882 Cost of investments 363,491,108 708,210,090 732,770,233 -------------------------------------------- Net realized gain on investments sold, matured or redeemed 682,533 15,400,368 31,114,649 --------------------------------------------
Unrealized gain (loss) on investments Beginning of year 13,443,563 11,650,629 32,316,511 End of year 12,813,025 13,443,563 11,650,629 -------------------------------------------- Net unrealized gain (loss) on investments (630,538) 1,792,934 (20,665,882) --------------------------------------------
Net realized and unrealized gain on investments 51,995 17,193,302 10,448,767 --------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 3,537,830 $22,562,550 $17,078,384 =============================================
TOTAL EXPENSE AS A PERCENT OF NET INVESTMENT INCOME 0.26% 0.18% 0.14% ========== ========= ========
See Notes to Financial Statements
UMB BANK, n.a.
FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENTS OF PARTICIPANTS' INTEREST
YEARS ENDED OCTOBER 31, 2000, 1999 AND 1998
2000 1999 1998 -------------------------------------------------------------------------------------------------- Units Amount Units Amount Units Amount --------------------------------------------------------------------------------------------------
PARTICIPANTS' INTEREST, Beginning of year 13,796,030 $147,424,965 19,485,100 $186,528,690 24,444,630 $216,985,770 ------------- -------------- ------------ -------------- ----------- --------------
FROM INVESTMENT ACTIVITIES Net investment income 3,485,835 5,369,248 6,629,617 Net realized gain on investments sold, matured or redeemed 682,533 15,400,368 31,114,649 Net unrealized gain (loss) on investments (630,538) 1,792,934 (20,665,882) ------------- ------------ ------------- Net increase from investment activities 3,537,830 22,562,550 17,078,384 ------------- ------------ -------------
FROM PARTICIPATING UNIT TRANSACTIONS Issuance of units 1,994,390 21,781,514 1,933,120 19,759,460 1,671,470 15,615,556 Redemption of units (5,807,138) (62,518,884) (7,622,190) (81,425,735) (6,631,000) (63,151,020) ------------- -------------- ------------ -------------- ----------- -------------- Net decrease from participating unit transactions (3,812,748) (40,737,370) (5,689,070) (61,666,275) (4,959,530) (47,535,464) ------------- -------------- ------------ -------------- ----------- -------------- PARTICIPANTS' INTEREST, End of year 9,983,282 $110,225,425 13,796,030 $147,424,965 19,485,100 $186,528,690 ============= ============== ============ ============== =========== ============== NET ASSET VALUE PER PARTICIPATING UNIT $ 11.04 $ 10.69 $ 9.57 ======== ======== =======
See Notes to Financial Statements
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2000 AND 1999
2000 1999 ------------------------------------------------------ Cost Market Cost Market ------------------------------------------------------ ASSETS Investments:
United States Government and Agency obligations $36,761,677 $37,119,452 $36,219,926 $36,245,019 Corporate bonds 30,852,246 30,527,683 54,814,080 54,696,933 Short-term money market fund 140,600 140,600 ------------------------------------------------------ $67,613,923 67,647,135 $91,174,606 91,082,552 ============ ============ Interest receivable 1,065,968 1,586,313 ------------ ------------ 68,713,103 92,668,865 ------------ ------------ LIABILITIES Disbursements in excess of demand deposit cash 623,213 Audit fee payable 3,864 8,121 ------------ ------------ 627,077 8,121 ------------ ------------ PARTICIPANTS' INTEREST, Equivalent to $7.76 per unit on 8,772,286 units outstanding in 2000 and $7.35 per unit on 12,615,040 units outstanding in 1999 $68,086,026 $92,660,744 =========== ===========
See Notes to Financial Statements
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 2000
----------------------------------------------------- Number of Shares or Principal Amount Cost Market -----------------------------------------------------
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 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 BONDS - 45.1%
CONSUMER NONDURABLES - 4.7%
COSMETICS: GILLETTE CO., 6.25%, DUE 8/15/03 1,000,000 977,380 984,920 -------------------------------- FOOD: SARA LEE CORPORATION, 5.60%, DUE 1/23/06 1,250,000 1,212,217 1,177,337 SYSCO CORPORATION, 7.00%, DUE 5/1/06 1,000,000 1,000,000 994,440 --------------------------- TOTAL FOOD 2,212,217 2,171,777 --------------------------- TOTAL CONSUMER NONDURABLES 3,189,597 3,156,697 ---------------------------
SERVICES - 1.5%
RETAIL: WAL- MART STORES INC., 6.50%, 6/1/03 1,000,000 1,000,500 996,200 ---------------------------
CONSUMER DURABLES - 1.4%
FURNITURE: LEGGETT and PLATT INC., 6.10%, DUE 9/9/03 1,000,000 1,000,000 962,750 ---------------------------
CAPITAL GOODS - 7.1%
ELECTRONICS: TEXAS INSTRUMENTS INC., 6.125%, DUE 2/1/06 500,000 932,930 954,680 ---------------------------
MACHINERY:
COOPER INDUSTRIES INC., 5.88%, DUE 2/20/03 1,000,000 990,780 983,030 --------------------------- MISCELLANEOUS: FLUOR CORP., 6.95%, DUE 3/1/07 1,000,000 995,510 933,300 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 MATERIALS - 5.5%
CHEMICALS: DU PONT, (E.I.) DE NEMOURS and CO. INC., VAR RATE, DUE 3/6/03 1,000,000 999,960 984,370 OIL AND GAS: ATLANTIC RICHFIELD, 5.55%, DUE 4/15/03 1,325,000 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 - 2.2%
RAILROAD: UNION PACIFIC RAILROAD CO., 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 1,000,000 991,350 966,250 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 1,000,000 989,000 983,290 GTE CALIFORNIA INC., 6.7%, DUE 9/1/09 500,000 474,050 474,050 GTE SOUTH, INC. 6.125%, DUE 6/15/07 1,250,000 1,245,238 1,182,288 GTE SOUTH, 6.00%, DUE 2/15/08 1,000,000 993,250 927,030 SOUTHWESTERN BELL TELEPHONE COMPANY, 5.75%, DUE 9/1/04 1,000,000 996,430 955,300 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: BALTIMORE GAS / ELECTRIC CO., 6.50%, DUE 2/15/03 1,000,000 988,450 989,910 PACIFIC GAS / ELECTRIC COMPANY, 6.25%, DUE 3/1/04 1,000,000 1,000,000 975,300 --------------------------- TOTAL DIVERSIFIED 1,988,450 1,965,210 --------------------------- TOTAL UTILITIES 11,655,338 11,378,178 ---------------------------
FINANCE - 3.0% NYNEX CORP., 6.25%, DUE 3/15/03 1,000,000 967,900 988,120 NYNEX CAPITAL FUNDING CO., 8.75%, DUE 12/1/04 1,000,000 997,500 1,050,000 --------------------------- TOTAL FINANCE 1,965,400 2,038,120 ---------------------------
TOILETRIES 2.9% PROCTOR AND GAMBLE, 6.875%, 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 $ 67,647,135 ===========================
See Notes to Financial Statements
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1999
----------------------------------------------------- Number of Shares or Principal Amount Cost Market -----------------------------------------------------
UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS - 39.8%
UNITED STATES TREASURY NOTES, 5.625%, DUE 2/15/06 500,000 $ 473,672 $ 487,655 UNITED STATES TREASURY NOTES, 5.75%, DUE 8/15/03 4,000,000 3,856,250 3,967,520 UNITED STATES TREASURY NOTES, 5.875%, DUE 11/15/05 1,705,000 1,687,550 1,686,347 UNITED STATES TREASURY NOTES, 6.50%, DUE 8/15/05 500,000 493,438 509,065 UNITED STATES TREASURY NOTES, 7.75%, DUE 2/15/01 400,000 396,948 410,000 UNITED STATES TREASURY SECURITIES STRIPPED COUPON, DUE 8/15/02 3,270,000 2,738,445 2,780,513 UNITED STATES TREASURY SECURITIES STRIPPED COUPON,DUE 11/15/09 1,500,000 842,700 790,785 FEDERAL HOME LOAN BANK, 5.13%, DUE 2/26/02 3,000,000 2,995,050 2,929,680 FEDERAL HOME LOAN BANK, 5.13%, DUE 12/1/03 2,000,000 1,999,000 1,907,500 FEDERAL HOME LOAN BANK, 5.44%, DUE 10/15/03 1,000,000 908,790 966,560 FEDERAL HOME LOAN BANK, 5.51%, DUE 12/15/03 650,000 649,594 619,736 FEDERAL HOME LOAN BANK, 6.02%, DUE 5/20/08 750,000 748,418 714,848 FEDERAL HOME LOAN BANK, 7.26%, DUE 9/6/01 500,000 497,813 509,220 FEDERAL HOME LOAN MORTGAGE, 5.75%, DUE 7/15/03 1,000,000 986,060 979,690 FEDERAL NATIONAL MORTGAGE ASSOCIATION, NON-INTEREST BEARING TO 8/27/04, DUE 8/27/12 3,000,000 2,181,630 2,040,900 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.45%, DUE 10/14/03 1,000,000 999,531 966,880 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.80%, DUE 12/10/03 1,000,000 996,875 977,500 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 6.45%, DUE 4/23/01 1,000,000 1,000,000 1,004,700 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.55%, DUE 4/22/02 1,000,000 1,000,000 1,028,750 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.65%, DUE 3/10/05 500,000 499,453 525,625 SMALL BUSINESS ADMINISTRATION POOLS, 5.75%, DUE 1/1/04 273,947 273,947 269,838 SMALL BUSINESS ADMINISTRATION POOLS, 6.54%, DUE 12/10/05 725,010 725,010 717,760 SMALL BUSINESS ADMINISTRATION POOLS, 6.60%, DUE 7/1/09 750,000 750,000 750,000 SMALL BUSINESS ADMINISTRATION POOLS, 7.05%, DUE 9/1/12 597,078 597,078 602,302 SMALL BUSINESS ADMINISTRATION POOLS, 7.40%, DUE 8/1/12 637,270 637,270 643,643 SMALL BUSINESS ADMINISTRATION POOLS, 7.44%, DUE 5/1/06 1,456,712 1,456,712 1,469,385 SMALL BUSINESS ADMINISTRATION POOLS, 7.55%, DUE 11/1/12 313,131 313,131 315,480 SMALL BUSINESS ADMINISTRATION POOLS, 7.60%, DUE 1/1/12 848,516 834,559 861,244 SMALL BUSINESS ADMINISTRATION POOLS, 8.15%, DUE 2/1/15 721,477 721,477 739,514 SMALL BUSINESS ADMINISTRATION POOLS,8.20%, DUE 2/10/05 130,251 130,027 132,856 SMALL BUSINESS ADMINISTRATION POOLS, 8.25%, DUE 11/1/11 272,784 272,784 278,922 SMALL BUSINESS ADMINISTRATION POOLS, 8.60%, DUE 9/1/11 113,134 114,831 116,669 SMALL BUSINESS ADMINISTRATION POOLS, 8.625%, DUE 2/1/11 156,032 156,032 159,621 SMALL BUSINESS ADMINISTRATION POOLS, 8.70%, DUE 12/1/00 95,973 95,973 98,517 SMALL BUSINESS ADMINISTRATION POOLS, 8.70%, DUE 12/1/09 590,097 580,597 601,899 SMALL BUSINESS ADMINISTRATION POOLS, 8.80%, DUE 8/1/09 138,095 138,095 141,547 SMALL BUSINESS ADMINISTRATION POOLS, 8.80%, DUE 1/1/10 193,277 193,277 196,901 SMALL BUSINESS ADMINISTRATION POOLS, 8.85%, DUE 11/1/09 395,739 395,739 403,654 SMALL BUSINESS ADMINISTRATION POOLS, 8.85%, DUE 8/1/11 126,282 130,071 130,576 SMALL BUSINESS ADMINISTRATION POOLS, 8.95%, DUE 6/1/11 278,105 278,105 287,005 SMALL BUSINESS ADMINISTRATION POOLS, 9.05%, DUE 9/1/09 186,642 186,642 191,588 SMALL BUSINESS ADMINISTRATION POOLS, 9.10%, DUE 7/1/00 3,953 3,953 4,042 SMALL BUSINESS ADMINISTRATION POOLS, 9.15%, DUE 7/1/11 346,901 346,901 360,431 SMALL BUSINESS ADMINISTRATION POOLS, 9.25%, DUE 6/1/10 231,897 231,897 239,144 SMALL BUSINESS ADMINISTRATION POOLS, 9.45%, DUE 2/1/10 172,346 172,346 177,517 SMALL BUSINESS ADMINISTRATION POOLS, 9.50%, DUE 4/1/10 224,602 224,462 232,463 SMALL BUSINESS ADMINISTRATION POOLS, 9.65%, DUE 5/1/10 307,793 307,793 319,027 --------------------------- TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 36,219,926 36,245,019 --------------------------- CORPORATE BONDS - 60.0%
CONSUMER NONDURABLES - 8.0%
COSMETICS: GILLETTE CO., 6.25%, DUE 8/15/03 2,000,000 1,954,760 1,989,200 --------------------------- FOOD: MCDONALDS CORP., 8.75%, DUE 11/15/00 1,200,000 1,198,032 1,231,440 SARA LEE CORPORATION, 5.60%, DUE 1/23/06 1,250,000 1,212,218 1,146,250 SARA LEE CORPORATION 6.45%, DUE 9/26/05 1,000,000 1,000,000 971,400 SARA LEE CORPORATION, 6.45%, DUE 9/26/05 1,000,000 963,350 971,400 SYSCO CORPORATION, 7.00%, DUE 5/1/06 1,000,000 1,000,000 1,003,100 --------------------------- TOTAL FOOD 5,373,600 5,323,590 --------------------------- TOTAL CONSUMER NONDURABLES 7,328,360 7,312,790 ---------------------------
SERVICES - 1.1%
RETAIL:
WAL- MART STORES INC., 6.50%, 6/1/03 1,000,000 1,000,500 997,100 ---------------------------
CONSUMER DURABLES - 1.1%
FURNITURE: LEGGETT and PLATT INC., 6.10%, DUE 9/9/03 1,000,000 1,000,000 970,670 ---------------------------
CAPITAL GOODS - 9.7%
ELECTRONICS: TEXAS INSTRUMENTS INC., 6.125%, DUE 2/1/06 1,000,000 932,930 932,800 --------------------------- MACHINERY: COOPER INDUSTRIES INC., 5.88%, DUE 2/20/03 1,000,000 990,780 966,800 --------------------------- OFFICE EQUIPMENT: XEROX CORP., 7.15%, DUE 8/1/04 1,000,000 957,350 1,002,600 XEROX CAP EUROPE PLC, 5.875%, DUE 5/15/04 2,500,000 2,384,450 2,389,500 --------------------------- TOTAL OFFICE EQUIPMENT 3,341,800 3,392,100 --------------------------- MISCELLANEOUS: FLUOR CORP., 6.95%, DUE 3/1/07 1,000,000 995,510 975,300 HONEYWELL INC., 7.00%, DUE 3/15/07 1,000,000 967,210 995,900 MONSANTO INC., 5.375%, DUE 12/1/01 650,000 649,038 636,220 MONSANTO INC., 6.11%, DUE 2/03/05 1,000,000 1,000,000 968,100 --------------------------- TOTAL MISCELLANEOUS 3,611,758 3,575,520 --------------------------- TOTAL CAPITAL GOODS 8,877,268 8,867,220 --------------------------- BASIC MATERIALS - 6.7%
CHEMICALS: DU PONT, (E.I.) DE NEMOURS and CO. INC., VAR RATE, DUE 3/6/03 1,000,000 999,960 984,200 ENGLEHARD CORP., 7.0%, DUE 8/1/01 1,000,000 998,060 1,011,800 --------------------------- TOTAL CHEMICALS 1,998,020 1,996,000 --------------------------- METALS: ALUMINUM COMPANY OF AMERICA, 5.75%, DUE 2/1/01 1,000,000 970,080 994,700 ---------------------------
OIL AND GAS:
AMOCO CANADA PETROLEUM CO., 7.25%, DUE 12/1/02 715,000 712,469 730,658 ATLANTIC RICHFIELD, 5.55%, DUE 4/15/03 1,000,000 998,710 960,900 ONEOK, INC., 7.75%, DUE 8/15/06 1,400,000 1,384,880 1,418,900 --------------------------- TOTAL OIL AND GAS 3,096,059 3,110,458 --------------------------- TOTAL BASIC MATERIALS 6,064,159 6,101,158 ---------------------------
TRANSPORTATION - 4.8%
AEROSPACE: BOEING COMPANY, 6.35%, DUE 6/15/03 750,000 749,025 738,300 --------------------------- RAILROAD: NORFOLK and WESTERN RAILWAY CO., EQUIP. TRUST CERTIFICATE, 8.125% DUE 11/15/02 1,320,000 1,291,094 1,370,028 UNION PACIFIC RAILROAD CO., 6.15%, DUE 4/1/03 750,000 725,520 745,875 UNION PACIFIC RAILROAD CO., EQUIP. TRUST NO. 2 SERIES 88,7.01% DUE 6/1/04 1,500,000 1,500,000 1,481,250 --------------------------- TOTAL RAILROAD 3,516,614 3,597,153 --------------------------- TOTAL TRANSPORTATION 4,265,639 4,335,453 ---------------------------
UTILITIES - 24.1%
COMMUNICATION: BELL ATLANTIC NEW JERSEY, INC., 5.875%, DUE 2/1/04 1,000,000 991,350 967,000 BELLSOUTH TELECOMMUNICATIONS, 6.25%, DUE 5/15/03 1,500,000 1,493,355 1,488,750 BELL TELEPHONE OF PENNSYLVANIA, 6.125%, DUE 3/15/03 1,000,000 989,000 980,500 GTE CALIFORNIA INC., 6.75%, DUE 3/15/04 1,000,000 954,121 996,500 GTE SOUTH, 6.00%, DUE 2/15/08 1,000,000 993,250 928,300 GTE SOUTH, 6.125%, DUE 6/15/07 1,250,000 1,245,238 1,178,375 NEW YORK TELEPHONE COMPANY, EQUIPMENT TRUST CERTIFICATE, 8.125%, DUE 11/15/02 750,000 746,280 713,437 SOUTHWESTERN BELL TELEPHONE COMPANY, 5.75%, DUE 9/1/04 1,000,000 996,430 952,200 UNITED TELEPHONE COMPANY OF FLORIDA, 6.25%, DUE 5/15/03 1,500,000 1,487,925 1,460,250 --------------------------- TOTAL COMMUNICATION 9,896,949 9,665,312 ---------------------------
ELECTRIC:
CAROLINA POWER and LIGHT, 7.875%, DUE 4/15/04 500,000 495,220 515,900 EMERSON ELECTRIC CO., 6.30%, DUE 11/1/05 3,000,000 2,988,870 2,958,900 IDAHO POWER CO., 6.40%, DUE 5/1/03 1,500,000 1,497,795 1,497,150 IOWA ELECTRIC LIGHT and POWER COMPANY, 6.00%, DUE 10/1/08 500,000 492,720 468,150 --------------------------- TOTAL ELECTRIC 5,474,605 5,440,100 --------------------------- GAS: NORTHWEST NATURAL GAS COMPANY, 5.98%, DUE 12/15/00 1,000,000 1,000,000 996,800 NATIONAL FUEL AS CO., 6.82%, DUE 8/1/04 500,000 492,035 491,800 --------------------------- TOTAL GAS 1,492,035 1,488,600 --------------------------- DIVERSIFIED: BALTIMORE GAS / ELECTRIC CO., 6.50%, DUE 2/15/03 1,000,000 988,450 991,700 CONSOLIDATED EDISON CO. OF NEW YORK, 6.625%, DUE 7/1/05 1,000,000 998,840 974,000 PACIFIC GAS / ELECTRIC COMPANY, 6.25%, DUE 3/1/04 1,000,000 1,000,000 976,600 PUBLIC SERVICE COMPANY OF OKLAHOMA, 6.02%, DUE 3/1/01 1,500,000 1,476,275 1,490,700 WEST TEXAS UTILITIES COMPANY, 6.375%, DUE 10/1/05 1,000,000 988,100 963,100 --------------------------- TOTAL DIVERSIFIED 5,451,665 5,396,100 --------------------------- TOTAL UTILITIES 22,315,254 21,990,112 ---------------------------
FINANCE - 4.5%
AMERITECH, 6.125%, DUE 10/15/01 1,000,000 1,000,000 994,800 NYNEX CORP., 6.25%, DUE 3/15/03 1,000,000 967,900 985,630 NYNEX CAPITAL FUNDING CO., 8.75%, DUE 12/1/04 2,000,000 1,995,000 2,142,000 --------------------------- TOTAL FINANCE 3,962,900 4,122,430 --------------------------- TOTAL CORPORATE BONDS 54,814,080 54,696,933 ---------------------------
SHORT-TERM MONEY MARKET FUND - 0.2%
SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 140,600 140,600 140,600 --------------------------- TOTAL INVESTMENTS HELD $ 91,174,606 $ 91,082,552 ===========================
See Notes to Financial Statements
UMB BANK, n.a.
FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS
STATEMENTS OF OPERATIONS
YEARS ENDED OCTOBER 31, 2000, 1999 AND 1998
2000 1999 1998 ---------------------------------------
INVESTMENT INCOME Interest 5,379,015 $ 6,769,984 $ 7,710,035 Audit expense 11,246 10,120 9,190 --------------------------------------- Net investment income 5,367,769 6,759,864 7,700,845 ---------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Realized gain (loss) on investments sold, matured or redeemed Proceeds 65,197,455 97,742,670 83,088,516 Cost of investments 66,653,932 97,504,119 82,778,172 --------------------------------------- Net realized gain on investments sold, matured or redeemed (1,456,477) 238,551 310,344 ---------------------------------------
Unrealized gain (loss) on investments Beginning of year (92,054) 6,560,164 3,150,137 End of year 33,212 (92,054) 6,560,164 --------------------------------------- Net unrealized gain (loss) on investments 125,266 (6,652,218) 3,410,027 ---------------------------------------
Net realized and unrealized gain (loss) on investments (1,331,211) (6,413,667) 3,720,371 ---------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 4,036,558 $ 346,197 $ 11,421,216 ========================================= TOTAL EXPENSE AS A PERCENT OF NET INVESTMENT INCOME 0.21% 0.15% 0.12% ===== ===== =====
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, 2000, 1999 AND 1998
2000 1999 1998 Units Amount Units Amount Units Amount ------------------------------------------------------------------------------------
PARTICIPANTS' INTEREST, 12,615,040 $92,660,744 15,922,850 $116,459,883 19,580,300 $130,005,324 Beginning of year ------------------------------------------------------------------------------------
FROM INVESTMENT ACTIVITIES Net investment income 5,367,769 6,759,864 7,700,845 Net realized gain on investments sold, matured or (1,456,477) 238,551 310,344 redeemed Net unrealized gain (loss) on 125,266 (6,652,218) 3,410,027 investments ----------- ------------ ------------ Net increase from investment 4,036,558 346,197 11,421,216 activities ----------- ------------ ------------
FROM PARTICIPATING UNIT TRANSACTIONS Issuance of units 1,711,531 12,812,950 2,357,660 17,179,881 2,014,440 13,743,230 Redemption of units (5,554,285) (41,424,226) (5,665,470) (41,325,217) (5,671,890) (38,709,887) ------------------------------------------------------------------------------------ Net decrease from participating unit (3,842,754) (28,611,276) (3,307,810) (24,145,336) (3,657,450) (24,966,657) transactions ------------------------------------------------------------------------------------ PARTICIPANTS' INTEREST, End of year 8,772,286 $68,086,026 12,615,040 $92,660,744 15,922,850 $116,459,883 ============ ============ ========== ============= ========= ============
PARTICIPATING UNIT $7.76 $7.35 $7.31 ======== ====== ======
See Notes to Financial Statements
UMB BANK, n.a.
POOLED INCOME FUND FOR EMPLOYEE TRUSTS
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2000 AND 1999
2000 1999 -------------------------------------------------------------- Cost Market Cost Market -------------------------------------------------------------- ASSETS Investments:
United States Government and Agency Obligations $ 4,483,159 $ 4,483,159 $12,976,183 $12,976,183 Commercial paper 13,916,493 13,916,493 10,793,431 10,793,431 Short-term money market fund 3,990,193 3,990,193 2,758,860 2,758,860 ----------- ------------ ------------ ------------ $22,389,845 22,389,845 $26,528,474 26,528.474 ============ ============ Interest receivable 72,747 110,679 ------------ ----------- 22,462,592 26,639,153 LIABILITIES Audit fee payable 1,630 2,723 ----------- -----------
PARTICIPANTS' INTEREST, Equivalent to $6.26 per unit on 3,586,943 units outstanding in 2000 and $5.88 per unit on 4,526,610 units outstanding in 1999 $ 22,460,962 $ 26,636,430 ============= ============
See Notes to Financial Statements
UMB BANK, n.a.
POOLED INCOME FUND FOR EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 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 ===========================
See Notes to Financial Statements
UMB BANK, n.a.
POOLED INCOME FUND FOR EMPLOYEE TRUSTS
STATEMENT OF INVESTMENTS HELD
OCTOBER 31, 1999
----------------------------------------------------- Number of Shares or Principal Amount Cost Market -----------------------------------------------------
UNITED STATES GOVERNMENTS AND AGENCY OBLIGATIONS - 48.9%
FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 11/4/99 3,000,000 $ 2,978,125 $ 2,978,125 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 11/5/99 65,000 63,776 63,776 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 1/14/00 2,000,000 1,963,333 1,963,333 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 11/5/99 35,000 34,558 34,558 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 12/10/99 1,000,000 988,188 988,188 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 12/15/99 1,000,000 989,831 989,831 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 12/17/99 6,000,000 5,929,328 5,929,328 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 3/21/00 20,000 19,521 19,521 UNITED STATES TREASURY BILL, DUE 9/14/00 10,000 9,523 9,523 --------------------------- TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 12,976,183 12,976,183 ---------------------------
COMMERCIAL PAPER - 40.7% BECTON DICKINSON and CO., DUE 1/25/00 1,300,000 1,279,053 1,279,053 DONNELLY (R.R) and SONS, INC., DUE 11/12/99 1,000,000 995,886 995,886 DOVER CORP., DUE 11/19/99 1,000,000 995,436 995,436 DU PONT E.I. DE NEMOURS and CO., DUE 11/4/99 1,300,000 1,292,782 1,292,782 GANNETT CO., DUE 1/19/00 1,000,000 984,129 984,129 HALLIBURTON CO., DUE 11/1/99 1,000,000 992,973 992,973 HERSHEY FOODS CORP., DUE 11/10/99 1,000,000 996,201 996,201 MOTOROLA INC., DUE 11/24/99 1,000,000 993,964 993,964 PROCTER and GAMBLE, DUE 1/11/00 1,000,000 987,381 987,381 UNITED TECHNOLOGIES CORP., DUE 1/20/00 1,300,000 1,275,626 1,275,626 --------------------------- TOTAL COMMERCIAL PAPER 10,793,431 10,793,431 --------------------------- SHORT-TERM MONEY MARKET FUND - 10.4% SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 2,758,860 2,758,860 2,758,860 ---------------------------
TOTAL INVESTMENTS HELD $ 26,528,474 $ 26,528,474 ===========================
See Notes to Financial Statements
UMB BANK, n.a.
POOLED INCOME FUND FOR EMPLOYEE TRUSTS
STATEMENTS OF OPERATIONS
YEARS ENDED OCTOBER 31, 2000, 1999 AND 1998
2000 1999 1998 -------------------------------------------
INVESTMENT INCOME Interest $1,551,790 $1,515,680 $1,724,563 Audit expense 3,400 3,456 3,369 ------------------------------------------- Net investment income 1,548,390 1,512,224 1,721,194 -------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Realized gain on investments sold, matured or redeemed Proceeds 273,484,686 356,426,945 315,287,622 Cost of investments 273,484,686 356,426,945 315,287,622 ------------------------------------------- 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 $ 1,721,194 =========== =========== =========== TOTAL EXPENSE AS A PERCENT OF NET INVESTMENT INCOME 0.22% 0.23% 0.20% ===== ===== =====
See Notes to Financial Statements
UMB BANK, n.a.
POOLED INCOME FUND FOR EMPLOYEE TRUSTS
STATEMENTS OF PARTICIPANTS' INTEREST
YEARS ENDED OCTOBER 31, 2000, 1999 AND 1998
2000 1999 1998 Units Amount Units Amount Units Amount
PARTICIPANTS' INTEREST, Beginning of year 4,526,610 $26,636,430 4,990,360 $27,963,660 6,611,850 $34,990,096 -----------------------------------------------------------------------------------------------------
FROM INVESTMENT ACTIVITIES Net investment income 1,548,390 1,512,224 1,721,194 Net realized gain (loss) on investments sold, matured or redeemed Net unrealized gain (loss) on investments -------------- -------------- -------------- Net increase from investment activities 1,548,390 1,512,224 1,721,194 -------------- -------------- --------------
FROM PARTICIPATING UNIT TRANSACTIONS Issuance of units 789,006 4,727,675 2,258,580 12,783,987 1,660,450 8,994,808 Redemption of units (1,728,673) (10,451,533) (2,722,330) (15,623,441) (3,281,940) (17,742,438) ------------- ------------- ------------ ------------- ------------ -------------- Net decrease from participating unit (939,667) (5,723,858) (463,750) (2,839,454) (1,621,490) (8,747,630) transactions
------------- ------------- ------------ ------------- ------------ -------------- PARTICIPANTS' INTEREST, End of year 3,586,943 $22,460,962 4,526,610 $26,636,430 4,990,360 $27,963,660 ============= ============= ============= ============= ============= ==============
NET ASSET VALUE PER PARTICIPATING UNIT $6.26 $5.88 $5.60 ====== ====== ======
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, 2000
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.
NOTE 2: FUTURE CHANGE IN ACCOUNTING PRINCIPLES
The Financial Accounting Standards Board ("FASB") has issued Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities ("SFAS 133"). This statement, as amended by SFAS No. 137, requires all derivatives to be recorded on the balance sheet date at fair value and establishes standard accounting methodologies for hedging activities. The standard will result in the recognition of offsetting changes in value or cash flows of both the hedge and the hedged item in net investment income in the same period. The statement is effective for the Fund's fiscal year ending October 31, 2001. Because the Funds do not normally hold derivative instruments, the adoption of this statement is not expected to have a material impact on the financial statements.