10-K 1 umb6740.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 & 15(d) OF THE SECURITIES AND EXCHANGE COMMISSION ACT OF 1934 ------------------ For the fiscal year ended October 31, 2001 Commission File number: 2-58109 ------------------ THE COLLECTIVE INVESTMENT TRUST* (Exact Name of the registrant as specified in its charter) * as defined herein Incorporated pursuant to the Laws of Missouri State ------------------ Internal Revenue Service -- Employer Identification No. NONE ------------------ UMB BANK, N.A., TRUSTEE Trust Department 1010 Grand Avenue Kansas City, Missouri 66214 (Address of principal executive offices and zip code) ------------------ (816) 860-7000 (Registrant's telephone number, including area code) ------------------ NONE Securities registered pursuant to Section 12(b) of the Act ------------------ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not b contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K [X]. The aggregate market value of the voting stock held by non-affiliates: NONE Documents incorporated in reference into Part I: Registrant's Registration Statement on Form S-1 (Commission file no. 33-86470) -------------------------------------------------------------------------------- PART I Item 1. Business UMB Bank, N.A., the 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. Properties Not applicable Item 3. Legal Proceedings None Item 4. Submission of Matters to a Vote of Security Holders Not applicable -------------------------------------------------------------------------------- PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters There is no established public trading market for the units of participation in the Funds, and dividends are not paid on such units. On October 31, 2001 there were 161 holders of units of participation in the Fund for Pooling Equity Investments of Employee Trusts, 158 holders of units of participation in the Fund for Debt Investments of Employee Trusts, and 83 holders of units of participation in the Pooled Income Fund for Employees Trusts. The closing value of a unit of the Fund for Pooling Equity Investments of Employee Trusts, of the Fund for Pooling Debt Investments of Employee Trusts, and of the Pooled Income Fund for Employee Trusts were, respectively, $ 9.44, $8.89 and $ 6.57. [Remainder of Page Intentionally Left Blank] -------------------------------------------------------------------------------- Item 6. Selected Financial Data

POOLED EQUITY FUND 10/31/97 10/31/98 10/31/99 10/31/00 10/31/01 -K------- -------- -------- -------- --------- Securities at Market 214,522,751 184,150,793 137,505,557 110,118,838 75,656,464 Receivables 2,472,209 2,387,087 9,926,834 116,416 89,083 Total Assets 216,994,960 186,537,880 147,432,391 110,235,254 75,745,547 Current Liabilities 9,190 9,190 7,426 9,829 13,791 Participants' Interest 216,985,770 186,528,690 147,424,965 110,225,425 75,731,756 Total Liabilities and Participants 216,994,960 186,537,880 147,432,391 110,235,254 75,745,547 Interest Total Investment Income 7,486,364 6,638,807 5,378,672 3,495,189 1,869,695 Other Expense (9,131) (9,190) (9,424) (9,354) (17,091) Net Realized and Unrealized Gains (Losses) 42,086,301 10,448,767 17,193,302 51,995 (16,196,071) Net Investment Income 7,477,233 6,629,617 5,369,248 3,485,835 1,852,604 Net Income per Share $1.65 $0.78 $0.33 $0.31 $0.21 POOLED DEBT FUND 10/31/97 10/31/98 10/31/99 10/31/00 10/31/01 -------- -------- -------- -------- -------- Securities at Market 127,865,784 114,535,305 91,082,552 67,647,135 55,050,426 Receivables 2,148,730 1,933,768 1,586,313 1,065,968 739,608 Total Assets 130,014,514 116,469,073 92,668,865 68,713,103 55,790,034 Current Liabilities 9,190 9,190 8,121 627,077 24,375 Participants' Interest 130,005,324 116,459,883 92,660,744 68,086,026 55,765,659 Total Liabilities and Participants Interest 130,014,514 116,469,073 92,668,865 68,713,103 55,790,034 Total Investment Income 9,653,774 7,710,035 6,769,984 5,379,015 3,664,186 Other Expense (9,190) (9,190) (10,120) (11,246) (16,252) Net Realized and Unrealized Gains (Losses) 1,388,875 3,720,371 (6,413,667) (1,331,211) 4,545,493 Net Investment Income 9,644,584 7,700,845 6,759,864 5,367,769 3,647,934 Net Income per Share $0.47 $ 0.64 $0.47 $0.53 $0.51 POOLED INCOME FUND 10/31/97 10/31/98 10/31/99 10/31/00 10/31/01 -------- -------- -------- -------- -------- Securities at Market 34,903,580 27,840,827 26,528,474 22,389,845 20,414,623 Receivables 89,885 126,202 110,679 72,747 8,310 Total Assets 34,993,465 27,967,029 26,639,153 22,462,592 20,422,933 Current Liabilities 3,369 3,369 2,723 1,630 2,182 Participants' Interest 34,990,096 27,963,660 26,636,430 22,460,962 20,420,751 Total Liabilities and Participants Interest 34,993,465 27,967,029 26,639,153 22,462,592 20,422,933 Total Investment Income 2,198,406 1,724,563 1,515,680 1,551,790 1,008,975 Other Expense (3,369) (3,369) (3,456) (3,400) (6,365) Net Realized and Unrealized Gains (Losses) (2,045) 0 0 0 0 Net Investment Income 2,195,037 1,721,194 1,512,224 1,548,390 1,002,610 Net Income per Share $ 0.28 $0.30 $0.32 $0.38 $0.31

* Per unit information has been adjusted to reflect a 10 for 1 unit split paid during the quarter ended April 30, 2000. -------------------------------------------------------------------------------- Item 7. ECONOMIC AND MARKET OUTLOOK This marks the close of an extremely volatile year for the financial markets. Early on, many had hoped that U.S. stocks would stage a comeback from their 2000 lows, but by mid-year the downturn had spread to most major markets and it was apparent that the "bull" was not meant to be. High energy prices, excess inventories and declining stock valuations combined with rising consumer credit and corporate debt levels to bring increased signs of recession to a weakening economy. The terrorist attacks on September 11 resulted in greater declines and recession became an unwelcome reality. In a valiant effort to increase liquidity into the economy, the Federal Reserve continued to reduce the Federal Funds rate, bringing it to its lowest level in 40 years. The S&P index scored a return of -11.89% for the year. This represents one of the lowest returns in years. In the small capitalization area, the Russell 2000 index of small capitalization stocks scored a return of 2.49% for the year. The U.S. economy may continue to struggle in 2002. When economic recovery eventually comes, it may be driven primarily by the consumer. Continued increases in unemployment, however, may delay the consumers. In this environment, stock prices may rise more selectively than in the past, and small capitalization stocks may perform well in comparison to large capitalization stocks. POOLED FUND COMMENTARY The three collective investment funds included in this report, the Pooled Equity Fund, Pooled Debt Fund and Pooled Income Fund, represent a pool of capital of about $152 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 the following securities: American Int'l Group, Inc., AOL Time Warner, Inc., Merrill Lynch & Co., Inc., Pfizer, Inc., Tellabs, Inc., and U.S. Bancorp. The fund's total return (income plus price appreciation) was -6.70%. The Fund ended the period with cash reserves of 17.28%. POOLED DEBT FUND In keeping with our philosophy of maintaining a high-quality portfolio with limited maturity exposure, about 48% of the portfolio is held in U.S. Government and Agency issues. Approximately 50% of the portfolio will mature within five years. The weighted average life of the total portfolio is approximately 4.5yrs. The total return of the Fund was 9.38% for the preceding 12 months. At period end, the current yield of the fund was approximately 5.74% . The weighted yield to maturity at market was 5.48%. 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. For the past 12 months, the fund returned 4.19%. The Fund has an average maturity of 21 days and a weighted yield to maturity of 1.35%. Item 8. Financial Statements and Supplementary Data The financial statements are attached hereto and filed as part of this report. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Statements. None -------------------------------------------------------------------------------- PART III Item 10. Directors and Executive Officers of the Registrant The Registrant has no directors or executive officers. The Bank is trustee and certain officers and employees of the Bank devote a portion of their time to managing the Funds. Item 11. Executive Compensation Not applicable Item 12. Security Ownership of Certain Beneficial Owners and Management Not applicable Item 13. Certain Relationships and Related Transactions Not applicable ------------------------------------------------------------------------------- PART IV Item 14. Exhibits, Financial Statement Schedule and Reports on Form 8-K a. Financial Statements, Financial Statement Schedules and Exhibits. (1) Financial Statements: The financial statements filed as a part of this report are set forth on the index to the Audited Financial Statements and Other Financial Information on page F-1 of this report. +----+------------------------------------------------------------------------ (2) Financial Statement Schedules: Not applicable +----+------------------------------------------------------------------------ (3) Financial Statement Exhibits: All exhibits incorporated by reference herein are incorporated pursuant to Rule 12b-32 under the Securities Exchange Act of 1934, as amended. +----+------------------------------------------------------------------------ (3) Financial Statement Exhibits: All exhibits incorporated by reference herein are incorporated pursuant to Rule 12b-32 under the Securities Exchange Act of 1934, as amended. +----+------------------------------------------------------------------------ (2) Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession Not applicable +----+------------------------------------------------------------------------ (3) Articles of Incorporation and Bylaws Not applicable +----+------------------------------------------------------------------------ (4) Instruments Defining the Rights of Security Holders, Including Indentures 4.1 The UMB Bank, N.A., Master Plan and Trust for Self-Employed Individuals, as amended on January 1, 1991, is attached as Exhibit 4.1 to post-effective amendment no. 5 to the Registrant's registration statements on Form S-1 (Commission file no. 33-27170) and is incorporated herein by reference as Exhibit 4.2. 4.2 The Plan and Declaration of Trust for the Fund for Pooling Equity Investments of Employee Trusts, as amended on October 31, 1995, is attached as Exhibit 4.2 to Registrant's Form 10-K for the year ended October 31, 1995, and is incorporated herein by reference as Exhibit 4.3. 4.3 The Plan and Declaration of Trust for the Fund for Pooling Debt. Investments of Employee Trusts, as amended on October 31, 1995, is attached as Exhibit 4.3 to Registrant's Form 10-K for the year ended October 31, 1995, and is incorporated herein by reference as Exhibit 4.3. +----+------------------------------------------------------------------------ (9) Voting Trust Agreement. Not applicable +----+------------------------------------------------------------------------ (10) Material Contracts Not applicable +----+------------------------------------------------------------------------ (11) Statement regarding Computation of Per Share Earnings Not applicable +----+------------------------------------------------------------------------ (12) Statement Regarding Computation of Ratios Not applicable +----+------------------------------------------------------------------------ (13) Annual Report to Security Holders, Form 10-Q or Quarterly Report to Security Holders Not applicable +----+------------------------------------------------------------------------ (16) Letter Regarding Change in Certifying Accountants Not applicable +----+------------------------------------------------------------------------ (16) Letter Regarding Change in Certifying Accountants Not applicable +----+------------------------------------------------------------------------ (16) Letter Regarding Change in Certifying Accountants Not applicable +----+------------------------------------------------------------------------ (18) Letter Regarding Change in Accounting Principles Not applicable +----+------------------------------------------------------------------------ (21) Subsidiaries of Registrant Not applicable +----+------------------------------------------------------------------------ (22) Published Report Regarding Matters Submitted to Vote of Security Holders Not applicable +----+------------------------------------------------------------------------ (23) Consents of Experts and Counsel Not applicable +----+------------------------------------------------------------------------ (24) Power of Attorney Not applicable +----+------------------------------------------------------------------------ (27) Financial Data Schedule Not applicable +----+------------------------------------------------------------------------ (28) Information from Reports Furnished to State Insurance Regulatory Authorities. Not applicable +----+------------------------------------------------------------------------ (99) Additional Exhibits Not applicable b. Reports Filed on Form 8-K. No report Form 8-K was filed by the Registrant during the last quarter of the period covered by this report. ------------------------------------------------------------------------------- SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 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 TABLE OF CONTENTS Report of Independent Accountants Fund for Pooling Equity Investments of Employee Trusts Statements of Assets and Liabilities as of October 31, 2000 and 2001 Statements of Investments Held as of October 31, 2000 and 2001 Statements of Operations for the years ended October 31, 1999, 2000 and 2001 Statements of Participants' Interest for the years ended October 31, 1999, 2000 and 2001 Fund for Pooling Debt Investments of Employee Trusts Statements of Assets and Liabilities as of October 31, 2000 and 2001 Statements of Investments Held as of October 31, 2000 and 2001 Statements of Operations for the years ended October 31, 1999, 2000 and 2001 Statements of Participants' Interest for the years ended October 31, 1999, 2000 and 2001 Pooled Income Fund for Employee Trusts Statements of Assets and Liabilities as of October 31, 2000 and 2001 Statements of Investments Held as of October 31, 2000 and 2001 Statements of Operations for the years ended October 31, 1999, 2000 and 2001 Statements of Participants' Interest for the years ended October 31, 1999, 2000 and 2001 Notes to Financial Statements (The remainder of this page is intentionally left blank) ------------------------------------------------------------------------------- Independent Accountants' Report Board of Directors UMB Bank, n.a. Kansas City, Missouri We have audited the accompanying statements of assets and liabilities of the Fund for Pooling Equity Investments of Employee Trusts, the Fund for Pooling Debt Investments of Employee Trusts and the Pooled Income Fund for Employee Trusts of UMB Bank, n.a. (the Funds), including the statements of investments held, as of October 31, 2001 and 2000, and the related statements of operations and participants' interest for each of the three years in the period ended October 31, 2001. These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund for Pooling Equity Investments of Employee Trusts, the Fund for Pooling Debt Investments of Employee Trusts and the Pooled Income Fund for Employee Trusts of UMB Bank, n.a. as of October 31, 2001 and 2000, and the results of operations and the changes in their participants' interest for each of the three years in the period ended October 31, 2001, in conformity with their accounting principles generally accepted in the United States of America. /s/ BKD, LLP Kansas City, Missouri November 20, 2001 ------------------------------------------------------------------------------- UMB BANK, n.a. FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS STATEMENTS OF ASSETS AND LIABILITIES OCTOBER 31, 2001 AND 2000

~~SECURITIES~~2000 ~~AND~~2001 ~~EXCHANGE~~ASSETS ~~COMMISSION~~Cost Market Cost Market Investments: Common stocks $64,973,990 $60,418,946 $85,906,212 $98,719,237 Commercial paper 12,502,743 12,502,743 10,037,926 10,037,926 Short-term money market fund 2,734,775 2,734,775 1,361,675 1,361,675 --------------------------------------------------------------------------------------- $80,211,508 75,656,464 $97,305,813 110,118,838 --------------------------------------------------------------------------------------- Interest and dividends receivable 89,083 116,416 --------------------------------------------------------------------------------------- 75,745,547 110,235,254 --------------------------------------------------------------------------------------- LIABILITIES Disbursements in excess of demand deposit cash 7,950 5,302 Audit fee payable 5,841 4,527 ------------------------ ----------------------- 13,791 9,829 ------------------------ ----------------------- $ 75,731,756 $ 110,225,425 ============ =============

PARTICIPANTS INTEREST, Equivalent to $9.44 per unit on 8,022,153 units outstanding in 2001 and $11.04 per unit on 9,983,282 units outstanding in 2000. See Notes to Financial Statements UMB BANK, n.a. FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS STATEMENT OF INVESTMENTS HELD OCTOBER 31, 2001

Washington, D.C. 20549

See Notes to Financial Statements UMB BANK, n.a. FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS STATEMENTS OF OPERATIONS YEARS ENDED OCTOBER 31, 2001, 2000 AND 1999

~~FORM~~2001 102000 1999 INVESTMENT INCOME Interest $456,790 $1,547,825 $2,255,589 Dividends 1,412,905 1,947,364 3,123,083 -K----------------------------------------------------------- Total Investment Income 1,869,695 3,495,189 5,378,672 ------------------------------------------------------------ Audit expense 17,091 9,354 9,424 ------------------------------------------------------------ Net investment income 1,852,604 3,485,835 5,369,248 ------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Realized gain (loss) on investments sold, matured or redeemed Proceeds 166,390,946 364,173,641 723,610,458 Cost of investments 165,218,948 363,491,108 708,210,090 ------------------------------------------------------------ Net realized gain on investments sold, matured or redeemed 1,171,998 682,533 15,400,368 ------------------------------------------------------------ Unrealized gain (loss) on investments Beginning of year 12,813,025 13,443,563 11,650,629 End of year (4,555,044) 12,813,025 13,443,563 ------------------------------------------------------------ Net unrealized gain (loss) on investments (17,368,069) (630,538) 1,792,934 ------------------------------------------------------------ Net realized and unrealized gain (loss) on investments (16,196,071) 51,995 17,193,302 ------------------------------------------------------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $(14,343,467) $3,537,830 $22,562,550 ============================================================ TOTAL EXPENSE AS A PERCENT OF NET INVESTMENT INCOME 0.92% 0.26% 0.18% ============================================================

UMB BANK, n.a. FUND FOR POOLING EQUITY INVESTMENTS OF EMPLOYEE TRUSTS STATEMENTS OF PARTICIPANTS' INTEREST YEARS ENDED OCTOBER 31, 2001, 2000 AND 1999

~~ANNUAL~~2001 ~~REPORT~~2000 ~~PURSUANT~~1999 TOUnits ~~SECTION~~Amount Units Amount Units Amount PARTICIPANTS' INTEREST Beginning of year 9,983,282 $110,225,425 13,796,030 &$147,424,965 19,485,100 $186,528,690 --------- ------------ ---------- ------------ ---------- ------------ FROM INVESTMENT ACTIVITIES Net investment income 1,852,604 3,485,835 5,369,248 Net realized gain on investments sold, matured or redeemed 1,171,998 682,533 15,400,368 Net unrealized gain (dloss) OFon ~~THE~~investments ~~SECURITIES~~(17,368,069) ~~AND~~(630,538) ~~EXCHANGE~~1,792,934 ~~COMMISSION~~----------- ~~ACT~~--------- OF---------- ~~1934~~Net increase from investment activities (14,343,467) 3,537,830 22,562,550 ----------- --------- ---------- FROM PARTICIPATING UNIT TRANSACTIONS Issuance of units 631,367 6,467,912 1,994,390 21,781,514 1,933,120 19,759,460 Redemption of units (2,592,496) (26,618,114) (5,807,138) (62,518,884) (7,622,190) (81,425,735) ---------- ----------- ---------- ----------- ---------- ---------- Net decrease from participating unit transactions (1,961,129) (20,150,202) (3,812,748) (40,737,370) (5,689,070) (61,666,275) ---------- ----------- ---------- ----------- ---------- ---------- PARTICIPANTS' INTEREST End of year 8,022,153 $75,731,756 9,983,282 $110,225,425 13,796,030 $147,424,965 =========== =========== ========= ============ ========== ============ NET ASSET VALUE PER PARTICIPATING UNIT $9.44 $11.04 $10.69 ===== ====== ======

See Notes to Financial Statements UMB BANK, n.a. FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS STATEMENTS OF ASSETS AND LIABILITIES OCTOBER 31, 2001 AND 2000

~~For~~2001 ~~the~~2000 ~~fiscal~~Cost ~~year~~Market ~~ended~~Cost ~~October~~Market 31ASSETS Investments: United States Government and Agency obligations $33, 038,863 $35,400,946 $36,761,677 $37,119,452 Corporate bonds 18,377,079 19,557,628 30,852,246 30,527,683 Short-term money market fund 91,852 91,852 -------------------------------------------------------------------------- $51,507,794 55,050,426 $67,613,923 67,647,135 -------------------------------------------------------------------------- Interest receivable 739,608 1,065,968 ------------------------------------------------------- 55,790,034 68,713,103 ------------------------------------------------------- LIABILITIES Disbursements in excess of demand deposit cash 19,285 623,213 Audit fee payable 5,090 3,864 ------------------------------------------------------- 24,375 627,077 ------------------------------------------------------- PARTICIPANTS' INTEREST Equivalent to $8.89 per unit on 6,270,720 units outstanding in 2001 and $7.76 per unit on 8,772,286 units outstanding in 2000 $55,765,659 $68,086,026 ================== ====================

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

~~Commission~~2001 ~~File~~---- ~~number~~Number of Shares or Principal Amount Cost Market ---- ------ UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS - 64.4% FEDERAL HOME LOAN BANK, 5.44%, DUE 10/15/03 $1,000,000 $908,790 $1,050,686 FEDERAL HOME LOAN BANK, 5.125%, DUE 12/01/03 1,000,000 999,500 1,046,062 FEDERAL HOME LOAN BANK, 6.02%, DUE 5/20/08 250,000 249,473 272,330 FEDERAL HOME LOAN MORTGAGE CO., 5.75%, DUE 7/15/03 1,000,000 986,060 1,052,184 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.55%, DUE 4/22/02 250,000 253,125 256,421 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.45%, DUE 10/10/03 1,000,000 999,531 1,053,113 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.80%, DUE 12/10/03 1,000,000 996,875 1,062,735 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 5.125%, DUE 2/13/04 1,500,000 1,493,203 1,573,001 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.65%, DUE 3/10/05 500,000 499,453 566,594 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 7.04%, DUE 9/7/07 1,110,000 1,110,000 1,224,875 FEDERAL NATIONAL MORTGAGE ASSOCIATION, 6.00%, DUE 4/25/25 1,000,000 1,008,103 1,017,440 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.00%, DUE 4/20/16 1,000,032 996,399 1,029,590 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.30%, DUE 3/20/26 1,000,000 1,016,766 1,038,135 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.00%, DUE 10/16/28 1,000,000 977,813 1,015,215 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 7.00%, DUE 11/15/28 1,308,771 1,352,844 1,367,258 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, 6.50%, DUE 5/20/31 977,808 963,047 1,007,032 PRIVATE EXPORT FUNDING, 5.53%, DUE 4/30/06 500,000 500,000 531,347 SMALL BUSINESS ADMINISTRATION POOLS, 5.75%, DUE 1/01/04 132,590 132,590 136,021 SMALL BUSINESS ADMINISTRATION POOLS, 8.20%, DUE 2/10/05 38,325 38,259 42,893 SMALL BUSINESS ADMINISTRATION POOLS, 6.54%, DUE 12/10/05 612,251 612,251 658,965 SMALL BUSINESS ADMINISTRATION POOLS, 7.44%, DUE 5/01/06 808,540 808,540 897,150 SMALL BUSINESS ADMINISTRATION POOLS, 6.60%, DUE 7/01/09 634,771 634,772 678,410 SMALL BUSINESS ADMINISTRATION POOLS, 8.80%, DUE 1/01/10 108,620 108,620 119,124 SMALL BUSINESS ADMINISTRATION POOLS, 9.45%, DUE 2/01/10 103,128 103,128 114,436 SMALL BUSINESS ADMINISTRATION POOLS, 8.01%, DUE 2/10/10 774,050 774,050 895,097 SMALL BUSINESS ADMINISTRATION POOLS, 6.64%, DUE 2/01/11 500,000 500,000 538,304 SMALL BUSINESS ADMINISTRATION POOLS, 8.625%, DUE 2/01/11 107,897 107,897 118,611 SMALL BUSINESS ADMINISTRATION POOLS, 5.75%, DUE 5/01/11 1,000,000 1,000,000 1,043,512 SMALL BUSINESS ADMINISTRATION POOLS, 6.09%, DUE 7/01/11 780,000 780,000 822,513 SMALL BUSINESS ADMINISTRATION POOLS, 8.85%, DUE 8/01/11 80,183 82,589 88,514 SMALL BUSINESS ADMINISTRATION POOLS, 8.60%, DUE 9/01/11 79,431 80,622 87,546 SMALL BUSINESS ADMINISTRATION POOLS, 8.25%, DUE 11/01/11 221,523 221,523 241,557 SMALL BUSINESS ADMINISTRATION POOLS, 7.60%, DUE 1/01/12 638,529 624,572 691,269 SMALL BUSINESS ADMINISTRATION POOLS, 7.40%, DUE 8/01/12 489,652 489,652 529,532 SMALL BUSINESS ADMINISTRATION POOLS, 7.05%, DUE 9/01/12 448,212 448,212 481,584 SMALL BUSINESS ADMINISTRATION POOLS, 7.55%, DUE 11/01/12 247,587 247,597 268,189 SMALL BUSINESS ADMINISTRATION POOLS, 8.15%, DUE 2/01/15 618,114 618,114 688,207 SMALL BUSINESS ADMINISTRATION POOLS, 6.44, DUE 6/01/21 1,250,000 1,250,000 1,314,104 UNITED STATES TREASURY BONDS, 6.00%, DUE 8/15/04 1,000,000 981,094 1,083,751 UNITED STATES TREASURY BONDS, 6.50%, DUE 5/15/05 1,500,000 1,501,641 1,667,169 UNITED STATES TREASURY BOND, 5.875%, DUE 11/15/05 1,000,000 989,766 1,094,883 UNITED STATES TREASURY BOND, 6.00%, DUE 8/15/09 500,000 492,148 561,817 UNITED STATES TREASURY BOND, 5.00%, DUE 2/15/11 500,000 492,512 527,891 UNITED STATES TREASURY NOTES, 6.50%, DUE 8/15/05 300,000 296,063 334,266 UNITED STATES TREASURY NOTES, 5.75%, DUE 11/15/05 500,000 519,375 544,375 UNITED STATES TREASURY SECURITIES STRIPPED COUPON, DUE 11/15/09 1,500,000 941,492 1,059,697 UNITED STATES TREASURY SECURITIES STRIPPED COUPON, DUE 8/15/11 3,000,000 1,850,802 1,907,541 -------------------------------- TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 33,038,863 35,400,946 -------------------------------- CORPORATE BONDS - 35.5% CONSUMER STAPLES - 9.9% HOUSEHOLD AND PERSONAL PRODUCTS: COLGATE-PALMOLIVE CO., 5.34%, DUE 3/27/06 1,000,000 999,020 1,035,241 GILLETTE CO., 6.25%, DUE 8/15/03 1,000,000 977,380 1,054,439 PROCTOR AND GAMBLE CO., 6.875%, DUE 9/15/09 750,000 734,707 834,623 -------------------------------- TOTAL HOUSEHOLD AND PERSONAL PRODUCTS 2,711,107 2,924,303 -~~58109~~------------------------------- FOOD BEVERAGE AND TOBACCO: ANHEUSER-BUSCH COS., 5.75%, DUE 4/01/10 375,000 375,972 389,080 COCA-COLA CO., 5.75%. DUE 3/15/11 1,000,000 998,450 1,032,428 SYSCO CORP., 7.00%, DUE 5/01/06 1,000,000 1,000,000 1,089,879 -------------------------------- TOTAL FOOD BEVERAGE AND TOBACCO 2,374,422 2,511,387 -------------------------------- -------------------------------- TOTAL CONSUMER STAPLES 5,085,529 5,435,690 -------------------------------- CONSUMER DISCRETIONARY - 3.8% RETAIL: TARGET CORP., 5.50%, DUE 4/01/07 1,000,000 995,350 1,035,436 -------------------------------- CONSUMER DURABLES AND APPAREL: LEGGETT and PLATT INC., 6.10%, DUE 9/9/03 1,000,000 1,000,000 1,049,878 -------------------------------- TOTAL CONSUMER DISCRETIONARY 1,995,350 2,085,314 -------------------------------- INFORMATION TECHNOLOGY - 5.2% TECHNOLOGY HARDWARE TOOLS AND EQUIPMENT: INTERNATIONAL BUSINESS MACHINES CORP., 5.37%, DUE 9/22/03 1,000,000 1,011,140 1,039,063 MOTOROLA, INC., 6.50%, DUE 3/01/08 250,000 242,887 232,003 TEXAS INSTRUMENTS, INC., 6.125%, DUE 2/01/06 1,000,000 932,930 1,044,745 TEXAS INSTRUMENTS, INC., 7.00%, DUE 8/15/04 500,000 518,410 535,900 -------------------------------- TOTAL TECHNOLOGY HARDWARE TOOLS AND EQUIPMENT 2,705,367 2,851,711 -------------------------------- TOTAL INFORMATION TECHNOLOGY 2,705,367 2,851,711 -------------------------------- INDUSTRIALS - 6.7% CAPITAL GOODS: FLOUR CORP., 6.95%, DUE 3/01/07 1,000,000 995,510 1,024,841 MONSANTO INC., 6.11%, DUE 2/03/05 1,000,000 1,000,000 1,062,266 -------------------------------- TOTAL CAPITAL GOODS 1,995,510 2,087,107 -------------------------------- TRANSPORTATION: UNION PACIFIC RAILROAD CO., EQUIP. TRUST NO. 2 SERIES 88, 7.01%, DUE 6/01/04 1,500,000 1,500,000 1,612,805 -------------------------------- TOTAL INDUSTRIALS 3,495,510 3,699,912 --------------------------------- MATERIALS - 1.9% MATERIALS: DU PONT, (E.I.) DE NEMOURS and CO. INC., VAR RATE, DUE 3/6/03 1,000,000 999,960 1,042,131 -------------------------------- UTILITIES - 6.6% UTILITIES: GTE CALIFORNIA, INC., 6.70% DUE 9/01/09 500,000 474,050 536,916 ONEOK, INC., 7.75%, DUE 8/15/06 1,400,000 1,384,880 1,561,513 UNITED TELEPHONE CO. OF FLORIDA, 6.25%, DUE 5/15/03 1,500,000 1,487,925 1,557,593 -------------------------------- TOTAL UTILITIES 3,346,855 3,656,022 -------------------------------- HEALTH CARE - 1.4% PHARMACEUTICALS AND BIOTECHNOLOGY: AMERICAN HOME PRODUCTS, 5.875%, DUE 3/15/04 750,000 748,508 786,849 -------------------------------- TOTAL CORPORATE BONDS 18,377,079 19,557,628 -------------------------------- SHORT TERM MONEY MARKET FUND - 0.1% SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 91,852 91,852 91,852 -------------------------------- TOTAL INVESTMENTS HELD $51,507,794 $55,050,426 ================================

See Notes to Financial Statements UMB BANK, n.a. FUND FOR POOLING DEBT INVESTMENTS OF EMPLOYEE TRUSTS STATEMENT OF INVESTMENTS HELD OCTOBER 31, 2000

~~THE~~2000 ~~COLLECTIVE~~---- ~~INVESTMENT~~Number ~~TRUST* (Exact~~of ~~Name~~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 2000 ---- Number of ~~the~~Shares ~~registrant~~or asPrincipal ~~specified~~Amount inCost ~~its~~Market ~~charter~~---- ------- 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.) * asDE ~~defined~~NEMOURS ~~herein~~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 STATEMENTS OF OPERATIONS YEARS ENDED OCTOBER 31, 2001, 2000 AND 1999

~~Incorporated~~2001 ~~pursuant~~2000 to1999 ~~the~~INVESTMENT ~~Laws~~INCOME Interest $3,664,186 $5,379,015 $6,769,984 Audit expense 16,252 11,246 10,120 ---------------------------------------------------- Net investment income 3,647,934 5,367,769 6,759,864 ---------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Realized gain (loss) on investments sold, matured or redeemed Proceeds 71,927,598 65,197,455 97,742,670 Cost of ~~Missouri State~~investments 70,891,525 66,653,932 97,504,119 ---------------------------------------------------- Net realized gain on investments sold, matured or redeemed 1,036,073 (1,456,477) 238,551 ---------------------------------------------------- Unrealized gain (loss) on investments Beginning of year 33,212 (92,054) 6,560,164 End of year 3,542,632 33,212 (92,054) ---------------------------------------------------- Net unrealized gain (loss) on investments 3,509,420 125,266 (6,652,218) ---------------------------------------------------- Net realized and unrealized gain (loss) on investments 4,545,493 (1,331,211) (6,413,667) ---------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $8,193,427 $4,036,558 $346,197 ==================================================== TOTAL EXPENSE AS A PERCENT OF NET INVESTMENT INCOME 0.45% 0.21% 0.15% ====================================================

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

~~Internal~~2001 ~~Revenue~~2000 ~~Service~~1999 —Units ~~Employer Identification~~Amount NoUnits Amount Units Amount ----- ------ ----- ------ ----- ------ PARTICIPANTS' INTEREST Beginning of year 8,772,286 $68,086,026 12,615,040 $92,660,744 15,922,850 $116,459,883 FROM INVESTMENT ACTIVITIES Net investment income 3,647,934 5,367,769 6,759,864 Net realized gain on investments sold, matured or redeemed 1,036,073 (1,456,477) 238,551 Net unrealized gain (loss) on investments 3,529,420 125,266 (6,652,218) ------------------------------------------------------------------------------ Net increase from investment activities 8,193,427 4,036,558 346,197 ------------------------------------------------------------------------------ FROM PARTICIPATING UNIT TRANSACTIONS Issuance of units 458,696 3,804,876 1,711,531 12,812,950 2,357,660 17,179,881 Redemption of units (2,960,262) (24,318,670) (5,554,285) (41,424,226) (5,665,470) (41,325,217) ----------------------------------------------------------------------------------------------- Net decrease from participating unit transactions 2,501,566 (20,513,794) (3,842,754) (28,611,276) (3,307,810) (24,145,336) ----------------------------------------------------------------------------------------------- PARTICIPANTS' INTEREST End of year 6,270,720 $55,765,659 8,772,286 $68,086,026 12,615,040 $92,660,744 =============================================================================================== PARTICIPATING UNIT $8.89 ~~NONE~~$7.76 $7.35 ================ ================ =================

See Notes to Financial Statements UMB BANK, n.a. POOLED INCOME FUND FOR EMPLOYEE TRUSTS STATEMENTS OF ASSETS AND LIABILITIES OCTOBER 31, 2001 AND 2000

~~UMB~~2001 ~~BANK~~2000 Cost Market Cost Market ---- ------ ---- ------ ASSETS Investments: United States Government and Agency Obligations $4,446,641 ~~N.A.~~$4,446,641 ~~TRUSTEE~~$ ~~Trust~~4,483,159 ~~Department~~$ ~~1010~~4,483,159 ~~Grand~~Commercial ~~Avenue Kansas~~paper ~~City~~11,440,585 ~~Missouri~~11,440,585 ~~66214 (Address~~13,916,493 of13,916,493 ~~principal~~Short-term ~~executive~~money ~~offices~~market fund 4,527,397 4,527,397 3,990,193 3,990,193 ------------------------------------------------------------------------ $20,414,623 $20,414,623 $22,389,845 $22,389,845 ------------------------------------------------------------------------ Interest receivable 8,310 72,747 ------------------- ------------------ 20,422,933 22,462,592 ------------------- ------------------ LIABILITIES Audit fee payable 2,182 1,630 ------------------- ------------------ PARTICIPANTS' INTEREST Equivalent to $6.57 per unit on 3,109,396 units outstanding in 2001 and ~~zip~~$6.26 ~~code)~~per unit on 3,586,943 units outstanding in 1999 $20,420,751 $22,460,962 =========================================================

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

~~(816)~~2001 ~~860~~-~~7000 (Registrant's~~--- ~~telephone~~Number ~~number~~of Shares or Principal Amount Cost Market ---------------- ---- ------ UNITED STATES GOVERNMENTS AND AGENCY OBLIGATIONS - 22.7% FEDERAL HOME LOAN BANK, ~~including~~DISCOUNT ~~area~~NOTE, ~~code)~~DUE 11/9/01 978,000 $977,443 $977,443 FEDERAL HOME LOAN BANK, DISCOUNT NOTE, DUE 1/11/02 470,000 467,905 467,905 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 11/21/01 850,000 848,886 848,886 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 11/29/01 164,000 163,707 163,707 FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTE, DUE 12/03/01 200,000 199,605 199,605 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 11/16/01 800,000 799,175 799,175 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 11/28/01 20,000 19,966 19,966 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 11/29/01 97,000 96,826 96,826 FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTE, DUE 12/06/01 875,000 873,128 873,128 ------------------------------------ TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 4,446,641 4,446,641 ------------------------------------ COMMERCIAL PAPER - 58.4% ALCOA, INC., DUE 11/14/01 1,000,000 999,126 999,126 BOEING CAPITAL CORP., DUE 11/14/01 1,000,000 999,047 999,047 GANNETT CO., DUE 11/13/01 1,000,000 999,183 999,183 GILLETTE CORP., DUE 12/20/01 905,000 901,612 901,612 HALLIBURTON CO., DUE 11/05/01 1,000,000 999,728 999,728 HERSHEY FOODS CORP., DUE 11/01/01 1,000,000 1,000,000 1,000,000 KIMBERLY-CLARK CORP., DUE 11/09/01 300,000 299,827 299,827 MARSH & MCLENNAN COS., INC., DUE 11/30/01 1,000,000 998,018 998,018 MCDONALDS CORP., DUE 11/02/01 250,000 249,983 249,983 ONEOK, INC., DUE 11/28/01 1,000,000 998,253 998,253 TEXACO, INC., DUE 12/12/01 1,000,000 997,460 997,460 UNITED TECHNOLOGIES CORP., DUE 11/19/01 1,000,000 998,760 998,760 WALGREEN CO., DUE 11/07/01 1,000,000 999,588 999,588 ----------------------------------- TOTAL COMMERCIAL PAPER 11,440,585 11,440,585 ----------------------------------- SHORT-TERM MONEY MARKET FUND - 18.9% SHORT-TERM MONEY MARKET FUND OF UMB BANK, n.a. 4,527,397 4,527,397 4,527,397 ----------------------------------- TOTAL INVESTMENTS HELD $20,414,623 $20,414,623 ===================================

See Notes to Financial Statements UMB BANK, n.a. POOLED INCOME FUND FOR EMPLOYEE TRUSTS STATEMENT OF INVESTMENTS HELD OCTOBER 31, 2000

~~NONE Securities~~2000 ~~registered~~---- ~~pursuant~~Number toof ~~Section~~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~~(b)~~/14/00 of1,000,000 ~~the~~990,986 ~~Act~~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 STATEMENTS OF OPERATIONS YEARS ENDED OCTOBER 31, 2001, 2000 AND 1999

~~Indicate~~2001 by2000 ~~check~~1999 ~~mark~~---- ~~whether~~---- ~~the~~---- ~~registrant~~INVESTMENT (INCOME Interest $1),008,975 ~~has~~$1,551,790 ~~filed~~$1,515,680 ~~all~~Audit ~~reports~~expense ~~required to~~6,365 be3,400 ~~filed~~3,456 by----------------------------------------------------------- ~~Section~~Net 13investment orincome 151,002,610 1,548,390 1,512,224 ----------------------------------------------------------- REALIZED AND UNREALIZED GAIN (dLOSS) ofON ~~the~~INVESTMENTS ~~Securities~~Realized ~~Exchange~~gain ~~Act~~on investments sold, matured or redeemed Proceeds 280,574,802 273,484,686 356,426,945 Cost of ~~1934~~investments ~~during the preceding~~280,574,802 12273,484,686 ~~months~~356,426,945 (----------------------------------------------------------- Net realized gain on investments sold, matured or ~~for~~redeemed ~~such shorter period~~0 ~~that~~0 ~~the registrant was required to~~0 ~~file such reports) and (2) has been subject to~~----------------------------------------------------------- ~~such filing requirements~~NET ~~for~~INCREASE ~~the~~IN ~~past~~NET 90ASSETS ~~days~~RESULTING FROM OPERATIONS $1,548,390 $1,512,224 $1,002,610 =========================================================== TOTAL EXPENSE AS A PERCENT OF NET INVESTMENT INCOME 0.63% 0.22% 0.23% ===========================================================

See Notes to Financial Statements UMB BANK, n.a. POOLED INCOME FUND FOR EMPLOYEE TRUSTS STATEMENTS OF PARTICIPANTS' INTEREST YEARS ENDED OCTOBER 31, 2001, 2000 AND 1999

~~Yes [X] No [ ]~~2001 2000 1999 Units Amount Units Amount Units Amount ----- ------ ----- ------ ----- ------ PARTICIPANTS' INTEREST Beginning of year 3,586,943 $22,460,962 4,526,610 $26,636,430 4,990,360 $27,963,660 FROM INVESTMENT ACTIVITIES Net investment income 1,002,610 1,548,390 1,512,224 Net realized gain (loss) on investments sold, matured or redeemed Net unrealized gain (loss) on investments FROM PARTICIPATING UNIT TRANSACTIONS Issuance of units 524,358 3,378,013 789,006 4,727,675 2,258,580 12,783,987 Redemption of units (1,001,905) (6,420,834) (1,728,673) (10,451,533) (2,722,330) (15,623,441) ---------------------------------------------------------------------------------------------- Net decrease from participating unit (477,547) (3,042,821) transactions (939,667) (5,723,858) (463,750) (2,839,454) ---------------------------------------------------------------------------------------------- PARTICIPANTS' INTEREST, End of year 3,109,396 $20,420,751 3,586,943 $22,460,962 4,526,610 $26,636,430 ============================================================================================== NET ASSET VALUE PER, PARTICIPATING UNIT $6.57 $6.26 $5.88 ================== ================== ===================

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, 2001 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.

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not b contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K [ X ].

The aggregate market value of the voting stock held by non-affiliates: NONE

Documents incorporated in reference into Part I: Registrant's Registration Statement on Form S-1 (Commission file no. 33-86470)

PART I

Item 1. Business

UMB Bank, N.A., the 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. Properties

Not applicable

Item 3. Legal Proceedings

None

Item 4. Submission of Matters to a Vote of Security Holders

Not applicable

PART II

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters

There is no established public trading market for the units of participation in the Funds, and dividends are not paid on such units. On October 31, 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. 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. 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. Financial Statements and Supplementary Data

The financial statements are attached hereto and filed as part of this report.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Statements.

None

PART III

Item 10. Directors and Executive Officers of the Registrant

The Registrant has no directors or executive officers. The Bank is trustee and certain officers and employees of the Bank devote a portion of their time to managing the Funds.

Item 11. Executive Compensation

Not applicable

Item 12. Security Ownership of Certain Beneficial Owners and Management

Not applicable

Item 13. Certain Relationships and Related Transactions

Not applicable

PART IV

Item 14. Exhibits, Financial Statement Schedule and Reports on Form 8-K

a. Financial Statements, Financial Statement Schedules and Exhibits.

	(1)	Financial Statements: The financial statements filed as a part of this report are set forth on the index to the Audited Financial Statements and Other Financial Information on page F-1 of this report.
	(2).	Financial Statement Schedules: Not applicable
	(3)	Financial Statement Exhibits: All exhibits incorporated by reference herein are incorporated pursuant to Rule 12b-32 under the Securities Exchange Act of 1934, as amended.
	(3)	Financial Statement Exhibits: All exhibits incorporated by reference herein are incorporated pursuant to Rule 12b-32 under the Securities Exchange Act of 1934, as amended.
	(2)	Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession Not applicable
	(3)	Articles of Incorporation and Bylaws Not applicable
	(4)	Instruments Defining the Rights of Security Holders, Including Indentures 4.1 The UMB Bank, N.A., Master Plan and Trust for Self-Employed Individuals, as amended on January 1, 1991, is attached as Exhibit 4.1 to post-effective amendment no. 5 to the Registrant's registration statements on Form S-1 (Commission file no. 33-27170) and is incorporated herein by reference as Exhibit 4.2. 4.2 The Plan and Declaration of Trust for the Fund for Pooling Equity Investments of Employee Trusts, as amended on October 31, 1995, is attached as Exhibit 4.2 to Registrant's Form 10-K for the year ended October 31, 1995, and is incorporated herein by reference as Exhibit 4.3. 4.3 The Plan and Declaration of Trust for the Fund for Pooling Debt. Investments of Employee Trusts, as amended on October 31, 1995, is attached as Exhibit 4.3 to Registrant's Form 10-K for the year ended October 31, 1995, and is incorporated herein by reference as Exhibit 4.3.
	(9)	Voting Trust Agreement. Not applicable
	(10)	Material Contracts Not applicable
	(11)	Statement regarding Computation of Per Share Earnings Not applicable
	(12)	Statement Regarding Computation of Ratios Not applicable
	(13)	Annual Report to Security Holders, Form 10-Q or Quarterly Report to Security Holders Not applicable
	(16)	Letter Regarding Change in Certifying Accountants Not applicable
	(16)	Letter Regarding Change in Certifying Accountants Not applicable
	(16)	Letter Regarding Change in Certifying Accountants Not applicable
	(18)	Letter Regarding Change in Accounting Principles Not applicable
	(21)	Subsidiaries of Registrant Not applicable
	(22)	Published Report Regarding Matters Submitted to Vote of Security Holders Not applicable
	(23)	Consents of Experts and Counsel Not applicable
	(24)	Power of Attorney Not applicable
	(27)	Financial Data Schedule Not applicable
	(28)	Information from Reports Furnished to State Insurance Regulatory Authorities. Not applicable
	(99)	Additional Exhibits Not applicable

b. Reports Filed on Form 8-K.

No report Form 8-K was filed by the Registrant during the last quarter of the period covered by this report.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 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 TABLE OF CONTENTS

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

(The remainder of this page is intentionally left blank)

Independent Accountants' Report

Board of Directors UMB Bank, n.a. Kansas City, Missouri

We have audited the accompanying statements of assets and liabilities of the Fund for Pooling Equity Investments of Employee Trusts, the Fund for Pooling Debt Investments of Employee Trusts and the Pooled Income Fund for Employee Trusts of UMB Bank, n.a. (the Funds), including the statements of investments held, as of October 31, 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
                                                =============                     =============

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