UMB SCOUT FUNDS
TAX-FREE MONEY MARKET FUND
(UMTXX)
ANNUAL REPORT
JUNE 30, 1999
A no-load mutual fund principally invested in short-term
municipal securities seeking to provide maximum income
exempt from federal income tax consistent with safety of
principal and maintenance of liquidity.
TO THE SHAREHOLDERS
The past 12 months have been especially noteworthy for the
global economy and financial markets. Attention was fixed
last fall on the financial contagion spreading from
Southeast Asia to Russia and elsewhere. Interest rates in
the developing world were rising or local currencies were
collapsing. There was widespread fear of an economic
slowdown because of slower demand and a flood of industrial
capacity.
In the U.S., the Federal Reserve lowered interest rates
three times in a relatively short period and long-term
interest rates moved to less than 5%. All but the "bluest"
of blue chip stocks declined sharply.
For the time being, the concerns of late 1998 no longer are
on investors' minds. Most indicators show the world's
economies are regaining their footing and many are growing
strongly. Interest rates have increased again, but
apparently not enough to stop this growth. The U.S. is
enjoying the lowest unemployment in decades with very low
inflation - a scenario the textbooks say cannot happen.
Our economic environment has been called a "virtuous cycle,"
but some investors are wondering whether it will become a
"vicious cycle." We do not see such a change now, although
we continue to watch the economic indicators very closely.
There are few signs that the economy is entering a long-term
slowdown caused by economic excess. Some market watchers
point to the high valuation of U.S. stocks as one such
excess, but valuation alone usually is not enough to make
stock prices decline. We see no other catalyst at this point
that would cause a major stock price correction.
In this annual report, you will find more details about the
activity and holdings in the UMB Scout Tax-Free Money Market
Fund during the period. I recently joined the UMB team, and
I want to thank each of you for your confidence in UMB
Investment Advisors and the UMB Scout Funds. We look forward
to helping you reach your financial goals.
Sincerely,
/s/William B. Greiner, CFA
William B. Greiner, CFA
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"). These shares
involve investment risks, including the possible loss of the
principal invested.
TO THE SHAREHOLDERS
The UMB Scout Tax-Free Money Market Fund earned 0.66% for
the quarter and 2.65% for the year ended June 30, 1999. The
Fund's 7-day current yield was 2.82% as of that date. The
Fund principally invests in short-term municipal securities,
and seeks to provide maximum investment income exempt from
federal income tax consistent with safety of principal and
liquidity.
An investment in the Fund is not insured or guaranteed by
the Federal Deposit Insurance Corporation of any other
government agency. Although the Fund seeks to preserve the
value of your investment at $1.00 per share, it is possible
to lose money by investing in the Fund. Income from the Fund
may be subject to the federal Alternative Minimum Tax as
well as state and local taxes.
Short-term tax-free yields moved higher during the quarter,
finishing nearly 0.50 percentage point above the previous
quarter's levels. Inflation fears pushed general market
rates higher throughout the quarter as market participants
began positioning for an expected increase in the key Fed
Funds rate. The Federal Reserve met these expectations on
June 30 when it increased that rate to 5.00% from 4.75%.
The money market yield curve also grew steeper as interest
rates rose, showing higher yields at longer maturity levels.
We therefore increased the Fund's average maturity from
approximately 25 days to 40 days in order to capture the
additional yield available in those slightly longer
maturities. We also increased holdings of general market
notes, which delivered yields superior to most offerings in
the commercial paper market.
The issue of credit enhancement remains an important issue
for your Fund. Many issuers of short-term securities rely on
outside parties to bolster their ratings via insurance
agreements and bank letters of credit. These relationships
give the appearance of stronger credit ratings than would be
available to the issuers without insurance. We maintain what
we believe to be a substantially higher level of
credit quality than the average fund by reviewing issuers'
creditworthiness on a "stand-alone" basis, without the
support of the insurance provider.
During the past fiscal year, 100% of total regular income
dividends declared are exempt from interest for federal
income tax purposes.
This management style should continue to make your Fund an
outstanding option for investors in the upper tax brackets
who seek solid yields combined with top-tier credit quality.
We appreciate your continued interest in the UMB Scout Tax-
Free Money Market Fund and we welcome your comments and
questions.
Sincerely,
/s/J. Eric Kelley
J. Eric Kelley
UMB Investment Advisors
CHART - FUND DIVERSIFICATION
FINANCIAL STATEMENTS
June 30, 1999
Statement of Net Assets
FACE MARKET
STATE AMOUNT DESCRIPTION VALUE
ALABAMA
$ 2,200,000 Columbia Alabama, Pollution Control Rev.,
(Alabama Power),
Var. Rate, due October 1, 2022 $ 2,200,000
ARIZONA
1,000,000 Arizona State Transportation Board,
Maricopa County Excise Tax Rev.,
Tax-Exempt Bond,
7.00%, due July 1, 2005 1,020,000
2,300,000 Maricopa County Arizona, Pollution Control Rev.,
Tax-Exempt Commercial Paper,
3.15%, due July 2, 1999 2,300,000
2,100,000 Maricopa County Arizona, Pollution Control Rev.,
Tax-Exempt Commercial Paper,
3.25%, due October 4, 1999 2,100,000
1,000,000 Salt River Project Agricultural Improvement, Series A,
Tax-Exempt Commercial Paper,
3.30%, due July 9, 1999 1,000,000
1,150,000 Salt River Project Agricultural Improvement, Series A,
Tax-Exempt Commercial Paper,
3.30%, due July 13, 1999 1,150,000
2,000,000 Salt River Project Agricultural Improvement, Series A,
Tax-Exempt Commercial Paper,
3.25%, due August 4, 1999 2,000,000
FLORIDA
2,000,000 Gainesville Florida, Tax-Exempt Commercial Paper,
3.40%, due July 16, 1999 2,000,000
2,000,000 Jacksonville Florida, Electric Auth., Series A,
3.15%, due July 19, 1999 2,000,000
2,000,000 Jacksonville Florida, Electric Auth., Series A,
3.05%, due July 22, 1999 2,000,000
1,000,000 Jacksonville Florida, Electric Auth., Series A,
3.05%, due July 28, 1999 1,000,000
GEORGIA
3,150,000 Burke County Georgia, Pollution Control Rev., (Georgia Power),
Var. Rate, due July 1, 2024 3,150,000
2,000,000 Municipal Electric Association, Series B,
3.25%, due July 14, 1999 2,000,000
ILLINOIS
500,000 Sauget Illinois Pollution Control Rev.,
Var. Rate, due September 1, 2014 500,000
4,000,000 Sauget Illinois Pollution Control Rev., (Monsanto),
Var. Rate, due May 1, 2028 4,000,000
INDIANA
1,000,000 Jasper County Indiana, Pollution Control Rev.,
Tax-Exempt Commercial Paper,
3.20%, due July 14, 1999 1,000,000
KANSAS
4,075,000 Salina Kansas Temp Note,
3.05%, due August 1, 1999 4,075,000
675,000 Shawnee County Kansas Temp Note,
3.65%, due May 15, 2000 675,454
KENTUCKY
1,000,000 Trimble County Kentucky, Pollution Control Rev.,
Series 92A,
Tax-Exempt Commercial Paper,
3.05%, due July 9, 1999 1,000,000
MARYLAND
3,500,000 Anne Arundel County Maryland, Series B,
Tax-Exempt Commercial Paper,
3.30%, due July 8, 1999 3,500,000
MASSACHUSETTS
1,000,000 Massachusetts Industrial Finance Agency, Series 93A,
Tax-Exempt Commercial Paper,
3.35%, due July 12, 1999 1,000,000
MISSOURI
760,000 Missouri Environmental Improvement/Energy Auth.
State Water Pollution Revolving Fund,
4.00%, due January 1, 2000 762,414
2,000,000 Missouri Environmental Improvement/Energy Auth.
State Water Pollution Revolving Fund,
3.30%, due February 1, 2000 2,000,000
NEBRASKA
1,000,000 Omaha Public Power District Electric Rev., Series A,
Tax-Exempt Commercial Paper,
3.15%, due July 16, 1999 1,000,000
1,000,000 Omaha Public Power District Electric Rev., Series A,
Tax-Exempt Commercial Paper,
3.30%, due August 4, 1999 1,000,000
2,000,000 Omaha Public Power District Electric Rev., Series A,
Tax-Exempt Commercial Paper,
3.40%, due September 3, 1999 2,000,000
1,000,000 Omaha Public Power District Electric Rev.,
Series A,
Tax-Exempt Commercial Paper,
3.20%, due January 18, 2000 1,000,000
NEW MEXICO
1,500,000 Albuquerque New Mexico,
Tax-Exempt Commercial Paper,
3.625%, due July 1, 1999 1,500,000
50,000 Hurley New Mexico, Pollution Control Rev.,
(Kennecott Sante Fe Project),
Var. Rate, due December 1, 2015 50,000
NORTH CAROLINA
2,500,000 Wake County North Carolina,
Industrial Facility & Pollution
Control Auth., (CP&L),
Var. Rate, due May 1, 2015 2,500,000
OKLAHOMA
1,500,000 Garfield County Oklahoma, Industrial Auth.,
Pollution Control Rev.,
Series A, (Oklahoma Gas & Electric Co.),
Var. Rate, due January 1, 2025 1,500,000
PENNSYLVANIA
2,650,000 Beaver County Pennsylvania,
Industrial Dev. Auth., Pollution Control Rev.,
Var. Rate, due September 1, 2025 2,650,000
RHODE ISLAND
2,000,000 Rhode Island State,
Var. Rate, due June 1, 2018 2,000,000
SOUTH CAROLINA
2,500,000 South Carolina Public Services Auth.,
Tax-Exempt Commercial Paper,
3.05% due July 7, 1999 2,500,000
1,500,000 South Carolina Public Services Auth.,
Tax-Exempt Commercial Paper,
3.05%, due July 21, 1999 1,500,000
2,000,000 South Carolina Public Services Auth.,
Tax-Exempt Commercial Paper,
3.15%, due September 9, 1999 2,000,000
1,400,000 York County South Carolina (Duke Power),
Tax-Exempt Commercial Paper,
3.25%, due July 12, 1999 1,400,000
1,000,000 York County South Carolina (Duke Power),
Tax-Exempt Commercial Paper,
3.20%, due August 2, 1999 1,000,000
2,000,000 York County South Carolina (Duke Power),
Tax-Exempt Commercial Paper,
3.35%, due January 24, 2000 2,000,000
TENNESSEE
2,000,000 Shelby County Tennessee, Series 98A,
Tax-Exempt Commercial Paper,
3.35%, due July 6, 1999 2,000,000
500,000 Shelby County Tennessee, Series 98A,
Tax-Exempt Commercial Paper,
3.10%, due July 9, 1999 500,000
TEXAS
900,000 Austin Texas Combined Utility System Rev.,
Series A,
Tax-Exempt Commercial Paper,
3.05%, due July 9, 1999 900,000
1,000,000 Austin Texas Combined Utility Rev., Series A,
Tax-Exempt Commercial Paper,
3.05%, due July 21, 1999 1,000,000
2,000,000 Austin Texas Combined Utility Rev., Series A,
Tax-Exempt Commercial Paper,
3.25%, due August 3, 1999 2,000,000
1,500,000 Austin Texas Combined Utility Rev., Series A,
Tax-Exempt Commercial Paper,
3.25%, due August 5, 1999 1,500,000
2,500,000 Brazos River Harbor Texas, Naval District,
Tax-Exempt Commercial Paper,
3.15%, due September 2, 1999 2,500,000
1,100,000 Brazos River Auth. Texas,
Pollution Control Rev., (Monsanto),
Var. Rate, due February 1, 2004 1,100,000
2,000,000 Gulf Coast Texas Waste Disposal, (Exxon),
Var. Rate, due June 1, 2020 2,000,000
900,000 Gulf Coast Texas Waste Disposal, (Monsanto),
Daily Put, due July 1, 2001 900,000
850,000 Gulf Coast Texas Waste Disposal Auth., (Monsanto),
Var. Rate, due April 1, 2013 850,000
1,100,000 Harris County Texas, Series A,
Tax-Exempt Commercial Paper,
3.05%, due July 22, 1999 1,100,000
1,754,000 Harris County Texas, Series D,
Tax-Exempt Commercial Paper,
3.05%, due July 26, 1999 1,754,000
1,554,000 Harris County Texas, Series D,
Tax-Exempt Commercial Paper,
3.40%, due October 1, 1999 1,554,000
1,700,000 Lower Neches Valley Texas Auth.,
Pollution Control Rev.,
(River Treatment Industrial Deb. Corp.),
Var. Rate, due February 1, 2004 1,700,000
1,000,000 San Antonio Texas Water Systems,
Tax-Exempt Commercial Paper,
3.15%, due August 9, 1999 1,000,000
1,500,000 San Antonio Texas Water Systems, Series 95,
Tax-Exempt Commercial Paper,
3.25%, due August 9, 1999 1,500,000
2,700,000 Texas State T/RAN,
Tax-Exempt Bond,
4.50%, due August 31, 1999 2,707,901
1,000,000 University of Texas Systems Rev., Series A,
Tax-Exempt Commercial Paper,
3.20%, due July 6, 1999 1,000,000
1,000,000 University of Texas Systems Rev., Series A,
Tax-Exempt Commercial Paper,
3.05%, due July 6, 1999 1,000,000
1,894,000 University of Texas Systems Rev., Series A,
Tax-Exempt Commercial Paper,
3.00%, due July 13, 1999 1,894,000
2,000,000 University of Texas Systems Rev., Series A,
Tax-Exempt Commercial Paper,
3.10%, due July 15, 1999 2,000,000
UTAH
1,000,000 Intermountain Power, Series 97 B2,
Tax-Exempt Commercial Paper,
3.05%, due July 7, 1999 1,000,000
1,000,000 Intermountain Power, Series 97 B2,
Tax-Exempt Commercial Paper,
3.00%, due July 12, 1999 1,000,000
1,100,000 Intermountain Power, Series 97,
Tax-Exempt Commercial Paper,
3.05%, due July 28, 1999 1,100,000
1,000,000 Intermountain Power, Series A,
7.00%, due July 1, 2021 1,020,000
1,000,000 Intermountain Power, Power Supply Rev., Series B,
6.00%, due July 1, 2023 1,000,000
1,000,000 Utah State, Series 97A,
Tax-Exempt Commercial Paper,
3.20%, due August 16, 1999 1,000,000
VIRGINIA
1,500,000 Alexandria Virginia, Public Improvement,
Tax-Exempt Bond,
4.00%, due January 1, 2000 1,507,399
1,600,000 Chesterfield County Virginia, (VEPCO),
Tax-Exempt Commercial Paper,
3.35%, due September 1, 1999 1,600,000
3,000,000 Louisa County Virginia, Industrial Dev. Auth.,
Tax-Exempt Commercial Paper,
3.25%, due January 18, 2000 3,000,000
WASHINGTON
1,000,000 Seattle Municipal Light & Power,
3.25%, due August 19, 1999 1,000,000
2,200,000 Seattle Municipal Light & Power Rev.,
Var. Rate, due November 1, 2018 2,200,000
1,000,000 Seattle Municipal Light & Power Rev.,
Var. Rate, due September 1, 2025 1,000,000
2,000,000 Washington State Public Power Supply,
Electric Rev.,
Var. Rate, due July 1, 2012 2,000,000
1,000,000 Washington State, Series B,
Var. Rate, due June 1, 2020 1,000,000
WISCONSIN
1,400,000 Oak Creek Wisconsin, Pollution Control Rev.
(Wisconsin Electric Power Co.),
Var. Rate, due August 1, 2016 1,400,000
3,100,000 Sheboygan Wisconsin, Pollution Control Rev.
(Wisconsin Power & Light Co.),
Var. Rate, due August 1, 2014 3,100,000
1,500,000 Sheboygan Wisconsin, Pollution Control Rev.
(Wisconsin Power Co.),
Var. Rate, due September 1, 2015 1,500,000
TOTAL INVESTMENTS (Cost $125,920,168) - 99.85% 125,920,168
Other assets less liabilities - 0.15% 187,365
TOTAL NET ASSETS - 100.00%
(equivalent to $1.00 per share;
1,000,000,000 shares of $0.01 par value
capital shares authorized;
126,207,361 shares outstanding) $ 126,107,533
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS
JUNE 30, 1999
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investment securities, at market value $ 125,920,168
Interest receivable 579,852
Total assets 126,500,020
LIABILITIES:
Disbursements in excess of demand deposit cash 392,487
Total liabilities 392,487
NET ASSETS $ 126,107,533
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in capital) $ 126,208,499
Accumulated net realized loss on investment transactions (100,966)
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $ 126,107,533
Capital shares, $0.01 par value
Authorized 1,000,000,000
Outstanding 126,207,361
NET ASSET VALUE PER SHARE $ 1.00
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 1999
STATEMENT OF OPERAITONS
INVESTMENT INCOME:
Income:
Interest $ 4,905,381
Expenses:
Management fees 783,821
Government fees 18,243
802,064
Net investment income 4,103,317
Net increase in net assets
resulting from operations $ 4,103,317
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED YEAR ENDED
JUNE 30, 1999 JUNE 30, 1998
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 4,103,317 $ 5,110,283
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (4,103,317) (5,110,283)
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold ($1.00 per share) 249,964,370 341,343,451
Net asset value of shares issued for
reinvestment of distributions
($1.00 per share) 579,679 491,717
250,544,049 341,835,168
Cost of shares redeemed ($1.00 per share) (247,504,349) (381,116,251)
Net increase (decrease) in net assets
from capital share transactions 3,039,700 (39,281,083)
Net increase (decrease)
in net assets 3,039,700 (39,281,083)
NET ASSETS:
Beginning of year 123,067,833 162,348,916
End of year $ 126,107,533 $ 123,067,833
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 diversified open-end
management investment company. The following is a summary of
significant accounting policies consistently followed by the
Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted
accounting principles.
Investments - Valuation of securities is on the basis of
amortized cost which approximates market value. Investment
transactions are recorded on the trade date. Investment
income and dividends to shareholders are recorded daily and
dividends are distributed monthly. Realized gains and losses
from investment transactions are reported on the amortized
cost basis, which is also used for federal income tax
purposes.
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. At
June 30, 1999, the Fund has an accumulated net realized loss
on sale of investments for federal income tax purposes of
$100,966, which is available to offset future taxable gains.
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,
1999, were as follows:
Other than
U.S. Government U.S. Government
Securities Securities
Purchases $ 939,122,885 $ -
Proceeds from sales 935,928,620 -
3. MANAGEMENT FEES - UMB Bank, n.a. is the Fund's manager
and investment adviser 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.
FINANCIAL HIGHLIGHTS
Per share income and capital changes for a share
outstanding throughout the period.
1999 1998 1997 1996 1995
Net asset value, beginning of year
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment operations:
Net investment income 0.03 0.03 0.03 0.03 0.03
Distributions from:
Net investment income (0.03) (0.03) (0.03) (0.03) (0.03)
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return 3% 3% 3% 3% 3%
Ratios/Supplemental Data
Net assets, end of year (in millions)
$ 126 $ 123 $ 162 $ 128 $ 78
Ratio of expenses to average
net assets 0.52% 0.54% 0.55% 0.52% 0.54%
Ratio of net investment income
to average net assets 2.66% 3.21% 3.16% 3.13% 3.20%
See accompanying Notes to Financial Statements.
INDEPENDENT ACCOUNTANTS' REPORT
To the Shareholders and Board of Directors
of UMB Scout Tax-Free Money Market Fund, Inc.:
We have audited the accompanying statement of assets and
liabilities of UMB Scout Tax-Free Money Market Fund, Inc.,
including the statement of net assets, as of
June 30, 1999 and the related statement of operations,
statements of changes in net assets and the financial
highlights for the periods indicated thereon (periods
presented prior to June 30, 1996 were audited by other
independent accountants whose reports thereon expressed
unqualified opinions). 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, 1999, 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 Tax-Free Money
Market Fund, Inc., as of June 30, 1999, the results of its
operations, the changes in its net assets and the financial
highlights for the periods indicated in the first paragraph,
in conformity with generally accepted accounting principles.
BAIRD, KURTZ & DOBSON
Kansas City, Missouri
July 24, 1999
This report has been prepared for the information of the Shareholders of
UMB Scout Tax-Free Money Market 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
Stock Fund
Stock Select Fund
Regional Fund
WorldWide Fund
WorldWide Select Fund
Capital Preservation Fund
Balanced Fund
Bond Fund
Kansas Tax-Exempt Bond Fund*
Money Market Fund
Tax-Free Money Market Fund
*Available in Kansas and Missouri only.
MANAGER AND INVESTMENT COUNSEL
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" and "Scout" are registered service marks of UMB
Financial Corporation.
UMB Financial Corporation also claims service mark rights to
the Scout design.
JB154B(8/99) 508770
