Baird, Kurtz & Dobson
City Center Square
1100 Main Street, Suite 2700
Kansas City, MO 64105-2112
816-221-6300 Fax 816-221-6380
www.bkd.com
Independent Accountants' Report
To the Board of Directors of
UMB Scout Tax-Free Money Market Fund, Inc.
and
the Securities and Exchange Commission:
RE: UMB Scout Tax-Free Money Market Fund, Inc.
Form N-17f-2
File Number 811-3556
We have examined management's assertion about UMB SCOUT TAX-FREE
MONEY MARKET FUND, INC.'s (the "Company's") compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 under the
Investment Company Act of 1940 (the "Act") as of January 31, 2000,
included in the accompanying Management Statement Regarding Compliance
with Certain Provisions of the Investment Company Act of 1940.
Management is responsible for the Company's compliance with those
requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established
by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. Included
among our procedures were the following tests performed as of January
31, 2000, with respect to securities of UMB SCOUT TAX-FREE MONEY
MARKET FUND, INC., without prior notice to management:
- - Confirmation of all securities held by the Federal Reserve Bank
of Kansas City, The Depository Trust Company, Participants
Trust Company, Brown Brothers Harriman & Co. and Euroclear in
book entry form;
- - Reconciliation of all such securities to the books and records
of the Company and the Custodian;
- - Confirmation of all repurchase agreements with brokers/banks
and agreement of underlying collateral with custodian records.
We believe that our examination provides a reasonable basis for our
opinion. Our examination does not provide a legal determination on
the Company's compliance with specified requirements.
In our opinion, management's assertion that UMB SCOUT TAX-FREE
MONEY MARKET FUND, INC. was in compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 of the Investment Company Act
of 1940 as of January 31, 2000 with respect to securities reflected
in the investment account of the Company is fairly stated, in all
material respects.
This report is intended solely for the information and use of
management of UMB SCOUT TAX-FREE MONEY MARKET FUND, INC. and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
BAIRD, KURTZ & DOBSON
Kansas City, Missouri
April 10, 2000
Member of
Moores
Rowland
International
<PAGE>
Washington, D.C. 20549
FORM N-17f-2
Certificate of Accounting of Securities and Similar Investments
in the Custody of Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
1. Investment Company Act File Number: Date examination
completed:
811-3556 January 31, 2000
2. State Identification Number:
AL *
AK 00 02005
AZ S-
0033497-QUAL
AR 87-
M0202-
01
CA 504-
5892
CO IC-91-
02-934
CT SI 45573
DE 8683
DC *
FL *
GA 56-
002878
HI *
ID 48846
IL
9944105
IN 85-0448
IC
IA I-
19077
KS
86S00002
82
KY M34790
LA 66063
ME 0-6832
MD SM980024
MA 989283
MI 227115
MN R-
28108.1
MS MF-98-
01-004
MO Q-MT-
1298
MT 9202
NE 30301
NV *
NH *
NJ *
NM 695886
NY S 27 53
19
NC *
ND U562
OH 20141
OK SE-
321297
OR 98-0080
PA 87-08-
115MF
RI *
SC
MF1121
9
SD 10197
TN RM98-
3646
TX C 39439
UT 006-6364-
13
VT
1/16/98
- -24
VA 2613
WA C-
57893-e
WV MF-24122
WI 341395-
03
WY 20515
PUERTO
RICO
Other (specify):
*Indicates Fund is registered in state but state does not issue
identification numbers
Securities in the UMB Scout Funds Combined Prospectus included on
one Notice Filing (Balanced Fund, Bond Fund, Capital Preservation
Fund, Kansas Tax-Exempt Bond Fund, Money Market Fund, Regional
Fund, Stock Fund, Stock Select Fund, Tax-Free Money Market Fund,
Worldwide Fund, Worldwide Select Fund)
3. Exact name of investment company as specified in registration
statement:
UMB Scout Tax-Free Money Market Fund, Inc.
4. Address of principal executive office: (number, street, city, state,
zip code)
700 Karnes Boulevard, BMA Tower, Kansas City, Missouri 64108
INSTRUCTIONS
This Form must be completed by the investment companies that have custody of
securities or similar investments.
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance
with Rule 17f-2 under the Act and applicable state law, examines
securities and similar investments in the custody of the investment
company.
Accountant
3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office
for the region in which the investment company's principal business
operations are conducted, and one copy with the appropriate state
administrator(s), if applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
Note: The estimated average burden hours are made solely for purposes of
the Paperwork Reduction Act, and are not derived from a comprehensive or
even a representative survey or study of the costs of SEC rules and forms.
Direct any comments concerning the accuracy of the estimated average burden
hours for compliance with SEC rules and forms to Kenneth A. Fogash, Deputy
Executive Director, U.S. Securities and Exchange Commission, 450 Fifth
Street, N.W., Washington, D.C. 20549 and Gary Waxman, Clearance Officer,
Office of Management and Budget, Room 3208 New Executive Office Building,
Washington, D.C. 20503.
<PAGE>
Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of UMB Scout Tax-Free Money
Market Fund, Inc. (the "Company"), are responsible for complying
with the requirements of subsections (b) and (c) of Rule 17F-2,
"Custody of Investments by Registered Management Investment
Companies," of the Investment Company Act of 1940. We are also
responsible for establishing and maintaining effective internal
controls over compliance with those requirements. We have
performed an evaluation of the Company's compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 as of
January 31, 2000 and from June 30, 1999 through January 31, 2000.
Based on this evaluation, we assert that the Company was in
compliance with the requirements of subsections (b) and (c) of
Rule 17f-2 of the Investment Company Act of 1940 as of January
31, 2000 and from June 30, 1999 through January 31, 2000, with
respect to securities reflected in the investment account of the
Company.
UMB SCOUT TAX-FREE MONEY MARKET FUND, INC.
By /s/Ralph R. Santoro
Ralph R. Santoro, Senior Vice President
