UMB Scout Funds
Kansas Tax-Exempt Bond Fund
Annual Report June 30, 2000
A no-load mutual fund that seeks current income exempt from
regular federal income tax and Kansas state personal income tax,
by investing in municipal bonds or debt instruments.
TO THE SHAREHOLDERS
In the past year, the financial markets continued to capture the nation's
fancy. The major drivers regarding financial asset prices over the last 12
months have been earnings and interest rates, as is typically the case.
However, last fall we witnessed a temporary detour from the "norm" as we
saw what turned out to be a speculative "bubble" being created when
investors purchased anything labeled ".com." While that bubble has not
burst, it is fair to say that much of the speculative "froth" has since
been eliminated from asset valuation levels.
In an effort to get a handle on the economy, Alan Greenspan conducted a
series of six interest rate increases designed to slow the economic
environment and ease any upward pressure on inflation rates. We are
beginning to see signs that the growth rate in the economy is decreasing.
For the time being, it appears that Mr. Greenspan's efforts were successful.
But what about the future? Will the economy continue to slow? And if it
does slow, could we slip into a recession? These are very significant
questions on many investors' minds. While we do not know what the future
holds, history would suggest that the economy is going to slow during the
remainder of 2000. Keep in mind that historically, the Federal Reserve,
currently headed by Greenspan, has had difficulty "fine tuning" the
economy. It has been shown that once the economy starts to slow, keeping it
out of a recessionary environment can be difficult. In our minds, recession
poses a major potential risk which investors may have to wrestle with
during the next 12 months.
Longer term, we continue to look at the investment landscape in a positive
sense. Inflation is low, and the economy is growing nicely. As long as
these two trends are at work, we believe that financial assets will
generate satisfactory returns.
In closing, we at UMB Investment Advisors would like to thank you, our
shareholders, for your continued support of the UMB Scout Funds. We fully
understand and appreciate the trust you have placed in our hands. We will
work hard to maintain that trust.
Respectfully,
/s/William B. Greiner
William B. Greiner
Executive Vice President
Chief Investment Officer
UMB Investment Advisors
Shares of the UMB Scout Funds are not deposits or obligations of, nor
guaranteed by, UMB Bank, n.a. or any other banking institution; nor are
they insured by the Federal Deposit Insurance Corporation ("FDIC") or any
other government agency. These shares involve investment risks, including
the possible loss of the principal invested.
TO THE SHAREHOLDERS
The UMB Scout Kansas Tax-Exempt Bond Fund closed the quarter ending June
30, 2000 at $9.67 per share, compared to $9.80 per share as of June 30,
1999. Investors earned a total return (price change and reinvested
distributions) of 1.18% for the quarter and 2.92% for the fiscal year. The
Fund seeks current income exempt from regular federal income tax and Kansas
state personal income tax by investing in municipal bonds or debt instruments.
Income from the Fund may be subject to federal alternative minimum tax as
well as certain state and local taxes. Capital gains are not exempt from
federal income tax.
The municipal market continues to chug along with the other markets as the
investment community tries to determine which direction to take to obtain
our respective investment goals.
The volatility in the stock market has created some disintermediation
between the stock market and the taxable and tax-exempt bond markets. When
there is chaos in the stock market, investors tend to move their monies to
the bond markets that have stated coupon payments and stated maturity dates.
The Federal Open Market Committee's (FOMC) decision to make changes in the
overnight federal funds rate and the discount rate has also left some
market participants concerned and confused. The FOMC has two meeting dates
scheduled (August 22 and October 3) before the November Presidential election.
The United States Treasury has begun to reduce its current outstanding debt
issuance from the one-year bill to the 30-year bond. This is making the
supply for U.S. Treasury investment instruments a little sparse and a
little pricey (lower yields). The corporate bond market has seen several
downgrades as a result of all of the mergers and acquisitions, as well as
the rating agencies lowering the bond ratings. Lower ratings on bonds bring
higher yields and lower prices because of the uncertainties in the
financial strength of the newly created entities.
In spite of the current level of confusion, the municipal bond market
remains a safe haven for investors to invest their monies. The municipal
market is a good place to be invested in if you are in the 31% tax bracket
and higher, and in some situations, it is appropriate for those in the
upper 28% tax bracket as well. With the strong United States economy, the
local and state municipalities are also seeing good financial times, strong
balance sheets and balanced budgets. However, the down side of the
municipal bond market has been the lack of supply. The new issuance's
calendar slows down during the summer months because the school districts
have borrowed their money to do their projects. Also, since interest rates
have remained low, most of the municipalities have refunded their old debt
with the lower rates decreasing the available supply of bonds. As buyers
for the UMB Scout Kansas Tax-Exempt Bond Fund, we are always looking for
good quality bonds for the Fund.
Thank you for your continued support of the UMB Scout family of mutual
funds and UMB Bank. If we can assist you or answer any questions, please
feel free to contact us.
Sincerely,
/s/M. Kathryn Gellings
M. Kathryn Gellings
/s/Rex W. Matlack
Rex W. Matlack
UMB Investment Advisors
Chart - HYPOTHETICAL GROWTH OF $10,000
UMB Scout Kansas Tax-Exempt Bond Fund
as of June 30, 2000
Chart - COMPARATIVE RATES OF RETURN
UMB Scout Kansas Tax-Exempt Bond Fund
as of June 30, 2000
Quarter 1 Year Inception
UMB Scout Kansas Tax-Exempt
Bond Fund 1.18% 2.92% 2.62%
Lehman Brothers
5-Year Municipals Index* 1.57% 3.77% N.A.
Inception - February 23, 1998.
Performance data contained in this report are for past periods only. Past
performance is not indicative of future results. Investment return and
share value will fluctuate, and redemption value may be more or less than
original cost.
*Unmanaged index of stocks, bonds or mutual funds (there are no direct
investments or fees in these indices).
CHART - Fund Diversification
UMB Scout Kansas Tax-Exempt Bond Fund
Chart - HISTORICAL PER SHARE RECORD
UMB Scout Kansas Tax-Exempt Bond Fund
Income & Cumulative**
Net Short-Term Long-Term Value Per
Asset Gains Gains Share Plus
Value Distribution Distribution Distributions
12/31/98 $10.01 $0.33 - $10.34
12/31/99 9.68 0.40 - 10.40
06/30/00* 9.67 0.20 - 10.60
*Six-month only. Distributions typically occur in June and December.
**Does not assume any compounding of reinvested distributions.
Table shows calendar year distributions and net asset values; may
differ from fiscal year annual reports.
FINANCIAL STATEMENTS JUNE 30, 2000
Statement of Net Assets
FACE Market
AMOUNT DESCRIPTION Value
PRIME PORTFOLIO
SHORT-TERM CORPORATE NOTES - 92.8%
KANSAS
$100,000 Baldwin City, Kansas, 4.375%, due September 1, 2001 $ 99,625
165,000 Barton County Kansas, Unified School District #428,
4.75%, due September 11, 2011 156,956
125,000 Bonner Springs, Kansas, 4.9%, due September 1, 2011 121,719
150,000 Cloud County Kansas, Unified School District # 333,
5.1%, due September 1, 2004 150,375
55,000 Concordia, Kansas, 4.7%, due November 1, 2007 53,075
25,000 Derby, Kansas, 4.65%, due June 1, 2009 24,094
100,000 Douglas County Kansas, Unified School District #497, 4.5%,
due September 1, 2002 99,750
200,000 Douglas County Kansas, Unified School District #497, 4.3%,
due September 1, 2005 192,750
20,000 Ellsworth, Kansas Public Building Rev.,
4.7%, due June 1, 2007 18,875
10,000 Ellsworth, Kansas Public Building Rev.,
4.5%, due June 1, 2005 9,563
50,000 Finney County Kansas, 4.3%, due December 1, 2011 45,125
50,000 Garden City, Kansas, 4.1%, due November 1, 2004 47,750
50,000 Hays, Kansas, 4.4%, due September 1, 2010 46,625
100,000 Johnson County Kansas, 5.1%, due September 1, 2000 100,087
100,000 Johnson County Kansas, 4.9%, due September 1, 2009 93,000
50,000 Johnson County Kansas, Unified School District #512,
4.95%, due October 1, 2009 49,625
100,000 Johnson County Kansas, Unified School District #512,
5%, due October 1, 2009 99,750
100,000 Johnson County Kansas, Unified School District #232,
5%, due March 1, 2005 100,625
25,000 Johnson County Kansas, Unified School District #231,
5.25%, due October 1, 2002 25,344
300,000 Johnson County Kansas, Unified School District #231,
5.1%, due October 1, 2004 303,000
5,000 Johnson County Kansas, Unified School District #231,
4.35%, due October 1, 2005 4,838
125,000 Johnson County Kansas, Unified School District #229,
4%, due September 1, 2003 121,563
100,000 Johnson County Kansas, Unified School District #229,
5.2%, due October 1, 2003 101,375
100,000 Johnson County Kansas, Unified School District #229,
5.5%, due October 1, 2005 101,875
50,000 Johnson County Kansas, Unified School District #229,
5.125%, due October 1, 2006 50,688
100,000 Johnson County Kansas Water District #001,
4.9%, due June 1, 2012 96,125
5,000 Junction City, Kansas, 4.5%, due September 1, 2003 4,969
5,000 Kansas City, Kansas, 5.625%, due September 1, 2009 5,131
200,000 Kansas State Dept. of Transportation,
4.25%, due September 1, 2001 199,500
5,000 Kansas State Dept. of Transportation,
4.8%, due March 1, 2002 5,019
200,000 Kansas State Dept. of Transportation,
5.1%, due March 1, 2005 202,750
50,000 Kansas State Dev. Finance Authority,
4.7%, due March 1, 2002 49,563
5,000 Kansas State Dev. Finance Authority,
4.6%, due October 1, 2002 4,988
100,000 Kansas State Dev. Finance Authority,
4.8%, due March 1, 2003 98,625
100,000 Kansas State Dev. Finance Authority,
4.875%, due March 1, 2004 97,750
5,000 Kansas State Highway Rev., 4.5%, due July 1, 2003 4,969
5,000 Kansas State Turnpike Authority,
4.5%, due September 1, 2000 5,000
75,000 Lawrence, Kansas, 5.1%, due September 1, 2001 75,055
30,000 Lawrence, Kansas, 4.35%, due September 1, 2002 29,813
150,000 Lawrence, Kansas, 5.2%, due September 1, 2002 150,116
275,000 Leawood, Kansas, 4.9%, due September 1, 2001 276,031
5,000 Leawood, Kansas, 5%, due September 1, 2002 5,025
100,000 Leawood, Kansas, 4.35%, due September 1, 2004 97,875
35,000 Lenexa, Kansas, 5%, due September 1, 2005 35,219
10,000 Lenexa, Kansas, 5.05%, due September 1, 2006 10,063
100,000 Lyon County Kansas, 4.7%, due September 1, 2009 97,500
100,000 Miami County Kansas, Unified School District #367,
4.35%, due September 1, 2005 96,750
200,000 Overland Park, Kansas, 4.2%, due September 1, 2002 197,500
5,000 Overland Park, Kansas, 5.2%, due September 1, 2002 5,031
100,000 Prairie Village, Kansas, 5.1%, due September 1, 2005 100,125
5,000 Riley County Kansas, 4.35%, due September 1, 2007 4,756
5,000 Riley County Kansas, Unified School District #383,
4.7%, due November 1, 2003 4,994
80,000 Sabetha, Kansas, 4%, due September 1, 2004 75,900
155,000 Salina, Kansas, Water and Sewer Systems,
4.05%, due October 1, 2001 153,450
50,000 Salina, Kansas, Water and Sewer Systems,
4.1%, due October 1, 2002 49,125
100,000 Salina, Kansas, Water and Sewer Systems,
4.4%, due October 1, 2008 94,250
300,000 Sedgwick County Kansas, 5%, due August 1, 2002 301,197
340,000 Sedgwick County Kansas, Unified School District #265,
5.4%, due October 1, 2005 348,075
50,000 Sedgwick County Kansas, Unified School District #265,
4.25%, due October 1, 2008 46,813
200,000 Sedgwick County Kansas, Unified School District #263,
5.3%, due September 1, 2003 203,250
50,000 Sedgwick County Kansas, Unified School District #261,
4.1%, due November 1, 2009 45,438
5,000 Sedgwick County Kansas, Unified School District #260,
4.6%, due October 1, 2010 4,763
45,000 Shawnee County Kansas, 4.47%, due August 1, 2000 44,993
180,000 Shawnee County Kansas, 5.3%, due September 1, 2001 181,350
35,000 Shawnee County Kansas, 4.15%, due September 1, 2005 33,381
50,000 Shawnee County Kansas, Unified School District #501,
4.3%, due February 1, 2005 48,313
50,000 Shawnee County Kansas, Unified School District #501,
4%, due August 1, 2006 46,688
200,000 Shawnee, Kansas, 4.3%, due December 1, 2004 194,500
100,000 Topeka, Kansas, 5%, due August 15, 2000 100,050
100,000 Topeka, Kansas, 4.3%, due August 15, 2005 96,375
5,000 Topeka, Kansas, 5.25%, due August 15, 2011 5,006
70,000 Topeka, Kansas, Water Revenue, 4.3%, due August 1, 2007 65,713
30,000 Wellington, Kansas, Electric Revenue, 4.6%, due May 1, 2007 28,988
100,000 Wichita, Kansas, 4.5%, due September 1, 2009 94,000
20,000 Wichita, Kansas, Water and Sewer Revenue,
3.85%, due April 1, 2001 19,894
25,000 Winfield, Kansas, Electric Revenue,
4.65%, due September 1, 2001 25,002
300,000 Wyandotte County Kansas, Unified School District #204,
5.2%, due September 1, 2004 301,116
50,000 Wyandotte County Kansas, Utility Revenue,
4.25%, due September 1, 2009 45,688
6,831,612
Missouri
100,000 Missouri State Health & Educational Facs. Auth.,
St. Louis Univ., Variable Rate Note-daily,
due December 1, 2005 100,000
100,000 Missouri State Health & Educational Facs. Auth.,
St. Louis Univ., Variable Rate Note-daily,
due October 1, 2024 100,000
100,000 St. Charles County Missouri IDA, Monsanto Co.,
Variable Rate Note-daily, due July 1, 2021 100,000
300,000
TOTAL INVESTMENTS (Cost $7,223,617) - 99.3% 7,131,612
Other assets less liabilities - 0.7% 53,334
TOTAL NET ASSETS - 100.0%
(equivalent to $9.67 per share; 10,000,000 shares
of $1.00 par value capital shares authorized;
743,182 shares outstanding) $7,184,946
For federal income tax purposes, the identified cost of investments owned
at June 30, 2000, was $7,223,617.
Net unrealized depreciation for federal income tax purposes was $92,005,
which is comprised of unrealized appreciation of $25,737 and unrealized
depreciation of $117,742.
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS JUNE 30, 2000
StatementS of Assets and Liabilities
ASSETS:
Investment securities, at market
value (identified cost $7,223,617) $ 7,131,612
Interest receivable 100,496
Receivable for investments sold 10,000
Total assets 7,242,108
LIABILITIES:
Disbursements in excess of demand deposit cash 2,162
Payable for investments purchased 55,000
Total liabilities 57,162
NET ASSETS $ 7,184,946
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in capital) $ 7,273,833
Accumulated undistributed income:
Net investment income 88
Net realized gain on investment transactions 3,030
Net unrealized depreciation on investments (92,005)
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $ 7,184,946
Capital shares, $1.00 par value
Authorized 10,000,000
Outstanding 743,182
NET ASSET VALUE PER SHARE $ 9.67
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS Year Ended June 30, 2000
Statements of Operations
INVESTMENT INCOME:
Income:
Interest $ 342,512
Expenses:
Management fees 36,705
Net investment income 305,807
Realized and unrealized GAIN (loss) ON INVESTMENTS:
Net realized gain from investment transactions 3,355
Decrease in net unrealized appreciation of investments (106,324)
Net realized and unrealized loss on investments (102,969)
Net increase in net assets resulting from operations $ 202,838
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
JUNE 30, 2000 JUNE 30, 1999
</CAPTION>
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 305,807 $ 300,304
Net realized gain from investment transactions 3,355 2,740
Decrease in net unrealized appreciation on investments (106,324) (116,545)
Net increase in net assets resulting from operations 202,838 186,499
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (305,807) (300,304)
Net realized gain from investment transactions (2,978) -
Decrease in net assets from distributions (308,785) (300,304)
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from 168,428 and 352,878
shares sold, respectively 1,634,275 3,526,358
Net asset value of 1,986 and 2,641 shares issued
for reinvestment of distributions, respectively 19,470 26,318
1,653,745 3,552,676
Cost of 222,334 and 167,651 shares redeemed (2,158,587) (1,679,093)
Net increase (decrease) in net assets
from capital share transactions (504,842) 1,873,583
Net increase (decrease) in net assets (610,789) 1,759,778
NET ASSETS:
Beginning of year 7,795,735 6,035,957
End of year (including undistributed net investment
income of $88 in 2000) $7,184,946 $7,795,735
</TABLE>
See accompanying Notes to Financial Statements.
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - The Fund
is registered under the Investment Company Act of 1940, as amended, as a
non-diversified, open-end management investment company. A summary of
significant accounting policies that the Fund uses in the preparation of
its financial statements follows. The policies are in conformity with
generally accepted accounting principles.
Investments - Debt securities (other than short-term obligations),
including listed issues, are valued at market on the basis of valuations
furnished by an independent pricing service which utilizes both dealer-
supplied valuations and formula-based techniques. Short-term obligations
are valued at amortized cost, which approximates market value. Investment
transactions are recorded on the trade date. Investment income is recorded
daily and distributions to shareholders are recorded on the ex-dividend
dates. Realized gains and losses from investment transactions and
unrealized appreciation and depreciation of investments are reported on the
identified cost basis.
Federal Income Taxes - The Fund's policy is to comply with the requirements
of the Internal Revenue Code that are applicable to regulated investment
companies and to distribute all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.
Net investment income and net realized gains differ for financial statement
and tax purposes primarily because of the deferral of wash sale losses and
post-October losses.
The character of distributions made during the year from net investment
income or net realized gains may differ from their ultimate
characterization for federal income tax purposes due to GAAP/tax
differences in the character of income recognition.
Amortization - Discounts and premiums on securities purchased are amortized
over the life of the respective securities.
Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of income and expenses
during the reporting period. Actual results could differ from those estimates.
2. PURCHASES AND SALES OF SECURITIES - The aggregate amounts of security
transactions during the year ended June 30, 2000 (excluding short-term
securities), were as follows:
Other than
U.S. Government U.S. Government
Securities Securities
Purchases $471,403 $ -
Proceeds from sales 923,197 -
3. MANAGEMENT FEES - UMB Bank, n.a. is the Fund's manager and investment
advisor and provides or pays the cost of all management, supervisory and
administrative services required in the normal operation of the Fund. This
includes investment management; fees of the custodian, independent public
accountants and legal counsel; remuneration of officers and directors;
rent; and shareholder services, including maintenance of the shareholder
accounting system and transfer agency. Not considered normal operating
expenses and therefore payable by the Fund are taxes, interest, fees and
the other charges of governments and their agencies for qualifying the
fund's shares for sale, special accounting and legal fees and brokerage
commissions. UMB Bank's management fees are based on average daily net
assets of the Fund at the annual rate of .50 of one percent of net assets.
Certain officers and/or directors of the Fund are also officers and/or
directors of Jones & Babson, Inc., which serves as the Fund's underwriter and
distributor.
4. SUBSEQUENT ACCOUNTING POLICY CHANGE - 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 June
30, 2001. Because the Fund does not normally hold derivative instruments,
the adoption of this statement is not expected to have a material impact on
the financial statements.
FINANCIAL HIGHLIGHTS
Per share income and capital changes for a share
outstanding throughout the period.
<TABLE>
<CAPTION>
February 23, 1998
Years Ended June 30, To
2000 1999 JUNE 30, 1998*
</CAPTION>
<S> <C> <C> <C>
Net asset value, beginning of period $ 9.80 $ 9.94 $ 10.00
Income from investment operations:
Net investment income 0.40 0.40 0.13
Net realized and unrealized loss
on securities (0.13) (0.14) (0.06)
Total from investment operations 0.27 0.26 0.07
Distributions from:
Net investment income (0.40) (0.40) (0.13)
Net asset value, end of period $ 9.67 $ 9.80 $ 9.94
Total return 3% 3% 2%
Ratios/Supplemental Data
Net assets, end of period (in millions) $ 7 $ 8 $ 6
Ratio of expenses to average net assets 0.50% 0.50% 0.50%
Ratio of net investment income to
average net assets 4.19% 4.01% 4.33%
Portfolio turnover rate 7% 12% 4%
*The Fund was capitalized on January 13, 1998 with $100,000, representing
10,000 shares at a net asset value of $10.00 per share. Initial public
offering was made on February 23, 1998, at which time net asset value was
$10.00 per share.
</TABLE>
Ratios for this initial period of operation are annualized.
See accompanying Notes to Financial Statements.
INDEPENDENT ACCOUNTANTS' REPORT
To the Shareholders and Board of Directors
of UMB Scout Kansas Tax-Exempt Bond Fund, Inc.:
We have audited the accompanying statement of assets and liabilities of UMB
Scout Kansas Tax-Exempt Bond Fund, Inc., including the statement of net
assets, as of June 30, 2000, and the related statement of operations,
statements of changes in net assets and the financial highlights for the
periods indicated thereon. These financial statements and financial
highlights are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights 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 and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included verification of
securities owned as of June 30, 2000, by confirmation, or by the
application of alternative auditing procedures with respect to unsettled
portfolio security transactions. 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 and financial highlights referred
to above present fairly, in all material respects, the financial position
of UMB Scout Kansas Tax-Exempt Bond Fund, Inc., as of June 30, 2000, the
results of its operations, the changes in its net assets and the financial
highlights for the periods indicated thereon in conformity with generally
accepted accounting principles.
BAIRD, KURTZ & DOBSON
Kansas City, Missouri
July 28, 2000
This report has been prepared for the information of the Shareholders of
UMB Scout Kansas Tax-Exempt Bond Fund, Inc., and is not to be construed as
an offering of the shares of the Fund. Shares of this Fund and of the other
UMB Scout Funds are offered only by the Prospectus, a copy of which may be
obtained from Jones & Babson, Inc.
UMB Scout Funds
100% No-Load Mutual Funds
Balanced Fund
Bond Fund
Capital Preservation Fund
Equity Index Fund
Kansas Tax-Exempt Bond Fund*
Money Market Fund - Federal Portfolio
Money Market Fund - Prime Portfolio
Regional Fund
Stock Fund
Stock Select Fund
Tax-Free Money Market Fund
Technology Fund
WorldWide Fund
WorldWide Select Fund
*Available in Kansas and Missouri only.
Investment Advisors and Manager
UMB Bank, n.a., Kansas City, Missouri
Auditors
Baird, Kurtz & Dobson, Kansas City, Missouri
Legal Counsel
Stradley, Ronon, Stevens & Young, LLP
Philadelphia, Pennsylvania
Custodian
UMB Bank, n.a., Kansas City, Missouri
Underwriter, Distributor
and Transfer Agent
Jones & Babson, Inc., Kansas City, Missouri
UMB Scout Funds
P.O. Box 219757
Kansas City, MO 64121-9757
Toll Free 800-996-2862
www.umb.com
"UMB," "Scout" and the "Scout" design are registered
service marks of UMB Financial Corporation.
