SCOUT
BOND FUND
A no-load mutual fund
with primary emphasis
on maximum current
income consistent with
its quality and maturity
standards.
Semiannual Report
December 31, 1997
TO THE SHAREHOLDERS
Scout Bond Fund's total return (price change and reinvested
distributions) for the quarter ended December 31, 1997, was 2.05%. In
comparison, the unmanaged Lehman Brothers Government/Corporate
Intermediate Bond Index had a return of 2.14% for the period.
Performance data contained in this report is for past periods only. Past
performance is not predictive of future performance. Investment return
and share value will fluctuate, and redemption value may be more or less
than original cost.
The trend toward lower rates that was established at mid-year continued
in the fourth quarter. The 5-year Treasury note began the quarter at a
yield of 5.98% and finished at 5.70%. The longer end of the yield curve
dropped more sharply, falling from 6.40% to 5.92%. These moves occurred
with no change in the Fed Funds rate of 5.50%.
Investors continue to adjust to the enigmatic combination of a healthy
economy and moderate inflation. Rates have been pushed further downward
by a "flight to quality" in response to the financial crisis in Asian
markets.
The drop in rates over the last several months has been marked by a
significant increase in day-to-day volatility. We firmly believe this is
a signal to maintain strong discipline in our approach, investing cash
flows when available and not speculating on the short-term direction of
interest rates. We have maintained a moderate average maturity to avoid
the volatility of the longer end of the yield curve. We will continue to
focus heavily on U.S. Government and Agency issues to keep credit risk
at a minimum. Occasional purchases of corporate debt will be limited to
top-quality companies.
The Fund is an outstanding choice for investors seeking a stable fixed-
income return, while avoiding the volatility associated with interest
rate speculation or aggressive exposure to credit risk. We will continue
to take advantage of any opportunities that meet the high investment
standards of the Fund.
Your continued participation with Scout Bond Fund as part of your
investment portfolio is appreciated. We welcome your comments and
questions.
Sincerely,
/s/George W. Root
George W. Root
UMB Investment Advisors
Graph - TAXABLE YIELD CURVES
Pie Chart - SECTOR DIVERSIFICATION
Corporate 42.7%
Government & Agency 54.6%
Short Term 2.7%
Shares of the 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.
FINANCIAL STATEMENTS
Statement of Net Assets
December 31, 1997 (unaudited)
Principal Market
Amount Description Value
CORPORATE BONDS - 42.66%
$ 500,000 Albertson's Incorporated,
Medium Term Notes,
5.71%, due March 23, 1998 $ 499,885
500,000 Albertson's Incorporated,
Medium Term Notes,
6.18%, due March 22, 2000 501,660
500,000 Albertson's Incorporated Notes,
6.375%, due June 1, 2000 502,610
500,000 Amoco Canada Petroleum Company Notes,
7.25%, due December 1, 2002 523,740
500,000 Baltimore Gas & Electric Company,
1st & Refunding Mortgage,
6.50%, due February 15, 2003 507,130
500,000 BellSouth Telecommunications
Incorporated Notes,
6.25%, due May 15, 2003 503,600
500,000 BellSouth Telecommunications
Incorporated Notes,
6.375%, due June 15, 2004 503,680
500,000 Carolina Power & Light Company,
1st Mortgage,
5.00%, due September 15, 1998 496,745
500,000 Carolina Power & Light Company,
1st Mortgage,
5.875%, due January 15, 2004 491,645
500,000 Chevron Canada Financial Limited,
Guaranteed Notes,
5.60%, due April 1, 1998 499,755
500,000 Consolidated Edison Company New York,
Incorporated Debentures,
6.625%, due February 1, 2002 507,570
500,000 Delmarva Power & Light Company,
Medium Term Notes,
7.50%, due May 1, 1999 509,700
1,000,000 Dillard Department Stores Inc.,
6.875%, due June 1, 2005 1,025,840
500,000 duPont (E.I.) deNemours & Company Notes,
6.75%, due October 15, 2002 509,680
500,000 Duke Power Company,
1st & Refunding Mortgage,
5.17%, due September 1, 1998 497,415
500,000 Duke Power Company,
1st & Refunding Mortgage,
7.00%, due June 1, 2000 510,275
500,000 Duke Power Company,
1st & Refunding Mortgage,
5.875%, due June 1, 2001 495,795
500,000 Emerson Electric Company Notes,
6.30%, due November 1, 2005 503,820
500,000 Engelhard Corporation, Senior Note,
7.00%, due August 1, 2001 512,155
750,000 Florida Power & Light Company,
1st Mortgage,
5.50%, due July 1, 1999 743,970
500,000 Florida Power & Light Company,
Secured Medium Term Notes,
6.20%, due February 2, 1998 500,075
500,000 Florida Power & Light Company,
Secured Medium Term Notes,
5.70%, due March 5, 1998 499,995
500,000 General Mills Incorporated,
Medium Term Notes,
7.50%, due June 5, 2000 515,645
500,000 General Mills Incorporated,
Medium Term Notes,
5.98%, due July 9, 2001 496,725
500,000 GTE California Incorporated,
Debentures, Series A,
5.625%, due February 1, 2001 492,085
500,000 GTE Southwest Incorporated,
Debentures,
6.00%, due January 15, 2006 486,260
500,000 GTE Southwest Incorporated,
Debentures,
6.00%, due February 15, 2008 480,090
500,000 Honeywell Inc.,
6.75%, due March 15, 2002 510,095
500,000 International Business Machines
Corporation Notes,
5.65%, due January 22, 1998 499,970
500,000 International Business Machines
Corporation Notes,
6.375%, due June 15, 2000 504,765
500,000 International Business Machines
Corporation Notes,
7.25%, due November 1, 2002 522,125
500,000 International Paper Company,
Medium Term Notes,
8.05%, due March 25, 1999 511,310
500,000 Kansas City Power & Light Company,
Medium Term Notes,
6.50%, due January 2, 2001 504,365
1,000,000 May Department Stores Inc.,
6.875%, due November 1, 2005 1,027,900
250,000 McDonald's Corporation,
Series C, Medium Term Notes,
8.75%, due November 15, 2000 267,353
500,000 McDonald's Corporation,
Medium Term Notes,
7.375%, due July 15, 2002 507,790
500,000 Minnesota Mining & Manufacturing Company,
Medium Term Notes,
6.25%, due March 29, 1999 503,160
750,000 Monongahela Power Company,
1st Mortgage,
5.625%, due April 1, 2000 742,140
500,000 Monongahela Power Company,
1st Mortgage,
7.375%, due July 1, 2002 523,265
1,000,000 New York Telephone Company Notes,
5.875%, due September 1, 2003 980,330
500,000 Newell Company,
Medium Term Notes,
6.18%, due July 11, 2000 499,335
500,000 Northwest Natural Gas Company,
Secured Medium Term Notes,
5.98%, due December 15, 2000 498,775
500,000 Pacific Bell Telephone Company Notes,
7.25%, due July 1, 2002 521,445
500,000 Pacific Bell Telephone Company Notes,
6.25%, due March 1, 2005 498,710
500,000 Pacific Gas & Electric Company,
1st Mortgage,
6.25%, due March 1, 2004 500,980
500,000 PepsiCo, Incorporated Notes,
7.625%, due November 1, 1998 506,225
1,000,000 Public Service Company of Oklahoma,
Medium Term Notes,
6.02%, due March 1, 2001 998,150
500,000 Sara Lee Corporation, Series C,
Medium Term Notes,
6.45%, due September 26, 2005 504,665
500,000 Southwestern Bell Capital Corporation,
Medium Term Notes,
7.80%, due November 5, 1998 507,385
500,000 Southwestern Bell Telephone Company,
Medium Term Notes,
6.125%, due March 12, 2001 501,210
500,000 Southwestern Bell Telephone Company,
Medium Term Notes,
5.77%, due October 14, 2003 491,270
500,000 Sysco Corporation Notes,
7.00%, due May 1, 2006 521,885
500,000 Texaco Capital Incorporated,
Medium Term Notes,
8.24%, due October 15, 2001 535,705
1,000,000 Texas Instruments Incorporated,
Unsecured Note,
6.125%, due February 1, 2006 980,140
500,000 Tribune Company,
Medium Term Notes,
5.30%, due April 17, 2000 491,385
500,000 Tribune Company,
Medium Term Notes,
5.75%, due September 15, 2003 488,655
500,000 Union Electric Company,
1st Mortgage,
6.75%, due October 15, 1999 504,780
500,000 Union Pacific Corporation Notes,
6.25%, due March 15, 1999 500,280
500,000 Union Pacific Corporation Notes,
7.875%, due February 15, 2002 526,475
500,000 Union Pacific Railroad Company,
Equipment Trust, Series C.,
7.01%, due June 1, 2004 524,825
500,000 Wal-Mart Stores Incorporated Notes,
6.125%, due October 1, 1999 501,320
500,000 Wisconsin Electric Power Company,
6.625%, due November 15, 2006 511,070
33,750,000 34,036,783
U.S. GOVERNMENTAL AGENCIES - 7.72%
$ 43,014 Government National Mortgage Association,
9.00%, due July 15, 2001 44,197
59,723 Government National Mortgage Association,
8.00%, due February 20, 2002 60,769
104,987 Government National Mortgage Association,
8.50%, due February 20, 2002 107,140
33,908 Government National Mortgage Association,
8.00%, due January 15, 2004 35,071
136,836 Government National Mortgage Association,
9.50%, due April 15, 2005 144,655
168,357 Government National Mortgage Association,
9.75%, due May 15, 2005 177,977
81,510 Government National Mortgage Association,
9.00%, due October 20, 2005 85,104
123,000 Government National Mortgage Association,
7.50%, due February 15, 2006 126,541
68,860 Government National Mortgage Association,
7.50%, due March 15, 2006 71,024
122,332 Government National Mortgage Association,
8.00%, due June 20, 2006 125,675
149,241 Government National Mortgage Association,
8.50%, due July 15, 2006 155,897
171,671 Government National Mortgage Association,
8.00%, due August 15, 2006 178,802
56,961 Government National Mortgage Association,
8.00%, due August 15, 2006 59,327
220,541 Government National Mortgage Association,
7.50%, due August 20, 2006 225,308
153,532 Government National Mortgage Association,
7.50%, due September 15, 2006 158,356
79,678 Government National Mortgage Association,
7.50%, due April 15, 2007 82,461
173,193 Government National Mortgage Association,
7.50%, due March 20, 2009 177,952
407,767 Government National Mortgage Association,
6.00%, due May 15, 2009 405,671
334,201 Government National Mortgage Association,
7.00%, due May 15, 2009 342,132
553,408 Government National Mortgage Association,
7.00%, due August 20, 2011 561,870
451,621 Government National Mortgage Association,
6.50%, due October 15, 2011 455,423
425,103 Government National Mortgage Association,
7.00%, due October 20, 2011 431,603
466,215 Government National Mortgage Association,
6.50%, due February 15, 2012 469,263
486,508 Government National Mortgage Association,
7.00%, due April 20, 2012 493,187
500,000 Government National Mortgage Association,
6.50%, due September 20, 2012 500,770
481,599 Government National Mortgage Association,
6.50%, due October 20, 2012 482,341
6,053,766 6,158,516
U.S. GOVERNMENT SECURITIES - 13.99%
500,000 U.S. Treasury Notes,
5.125%, due March 31, 1998 499,610
1,500,000 U.S. Treasury Notes,
7.125%, due October 15, 1998 1,517,115
1,500,000 U.S. Treasury Notes,
6.375%, due January 15, 1999 1,511,490
500,000 U.S. Treasury Notes,
5.875%, due March 31, 1999 501,330
1,000,000 U.S. Treasury Notes,
6.00%, due October 15, 1999 1,005,620
1,500,000 U.S. Treasury Notes,
5.50%, due April 15, 2000 1,493,910
1,000,000 U.S. Treasury Notes,
7.50%, due November 15, 2001 1,060,160
1,500,000 U.S. Treasury Notes,
6.375%, due August 15, 2002 1,538,670
1,000,000 U.S. Treasury Notes,
6.25%, due February 15, 2003 1,022,660
1,000,000 U.S. Treasury Notes,
5.875%, due February 15, 2004 1,008,750
11,000,000 11,159,315
GOVERNMENT SPONSORED ENTERPRISES - 32.97%
$ 500,000 Federal Farm Credit Bank,
Medium Term Notes,
6.70%, due October 11, 2006 518,830
250,000 Federal Home Loan Banks,
5.66%, due November 9, 1998 249,843
500,000 Federal Home Loan Banks,
6.48%, due December 29, 2000 500,235
500,000 Federal Home Loan Banks,
6.31%, due March 29, 2001 506,095
500,000 Federal Home Loan Banks,
6.18%, due December 19, 2001 504,610
1,000,000 Federal Home Loan Mortgage Corporation,
6.75%, due May 30, 2006 1,045,470
1,000,000 Federal Home Loan Mortgage Corporation,
Deb.,
6.13%, due August 19, 1999 1,005,160
800,000 Federal National Mortgage Association,
Deb.,
8.20%, due March 10, 1998 803,128
1,000,000 Federal National Mortgage Association,
Series SM-98-G, Deb.,
7.85%, due September 10, 1998 1,012,190
500,000 Federal National Mortgage Association,
Deb.,
5.05%, due November 10, 1998 496,875
1,500,000 Federal National Mortgage Association,
Series H, Deb.,
7.05%, due December 10, 1998 1,518,285
1,000,000 Federal National Mortgage Association,
Series H, Deb.,
6.35%, due August 10, 1999 1,002,500
1,500,000 Federal National Mortgage Association,
Deb.,
6.10%, due February 10, 2000 1,508,910
500,000 Federal National Mortgage Association,
5.90%, due November 20, 2000 501,015
1,000,000 Federal National Mortgage Association,
Series I, Deb.,
8.25%, due December 18, 2000 1,060,780
1,250,000 Federal National Mortgage Association,
Deb.,
7.50%, due February 11, 2002 1,319,725
1,000,000 Federal National Mortgage Association,
Series SM-E, Deb.,
7.55%, due April 22, 2002 1,060,000
500,000 Federal National Mortgage Association,
Series K., Deb.,
7.05%, due November 12, 2002 523,205
500,000 Federal National Mortgage Association,
Deb.,
6.80%, due January 10, 2003 518,045
499,578 Federal National Mortgage Association,
6.50%, due November 1, 2004 501,336
500,000 Federal National Mortgage Association
Medium Term Notes,
5.40%, due March 12, 1999 498,125
500,000 Federal National Mortgage Association
Medium Term Notes,
6.36%, due August 16, 2000 506,720
500,000 Federal National Mortgage Association
Medium Term Notes,
5.72%, due March 8, 2001 497,580
1,000,000 Federal National Mortgage Association
Medium Term Notes,
6.45%, due April 23, 2001 1,017,660
500,000 Federal National Mortgage Association
Medium Term Notes,
6.625%, due May 21, 2001 511,170
500,000 Federal National Mortgage Association
Medium Term Notes,
6.41%, due February 6, 2002 509,455
500,000 Federal National Mortgage Association
Medium Term Notes,
6.09%, due September 30, 2002 503,830
1,000,000 Federal National Mortgage Association
Medium Term Notes,
6.38%, due April 29, 2003 991,870
1,000,000 Federal National Mortgage Association
Medium Term Notes,
6.38%, due June 25, 2003 991,560
1,000,000 Federal National Mortgage Association
Medium Term Notes,
6.82%, due August 23, 2005 1,046,870
500,000 Federal National Mortgage Association
Medium Term Notes,
5.875%, due February 14, 2006 494,140
1,500,000 Federal National Mortgage Association
Medium Term Notes
6.41%, due March 8, 2006 1,531,875
500,000 Federal National Mortgage Association
Medium Term Notes
6.96%, due April 2, 2007 530,860
500,000 Federal National Mortgage Association
Medium Term Notes
6.70%, due June 19, 2007 518,515
25,799,578 26,306,467
SHORT-TERM CORPORATE NOTES - 0.63%
$ 500,000 General Mills Inc.,
5.77%, due January 5, 1998 $ 499,599
REPURCHASE AGREEMENT - 0.66%
525,000 Northern Trust Co.,
6.40%, due January 2, 1998,
(Collateralized by U.S. Treasury Notes,
5.875%, due February 28, 1999) 525,000
TOTAL INVESTMENTS - 98.63% $ 78,685,680
Other assets less liabilities - 1.37% 1,096,702
TOTAL NET ASSETS - 100.00%
(equivalent to $11.17 per share;
20,000,000 shares of $1.00 par value
capital shares authorized;
7,144,602 shares outstanding) $ 79,782,382
See accompanying Notes to Financial Statements.
Statement of Assets and Liabilities
December 31, 1997 (unaudited)
ASSETS:
Investment securities, at market value
(identified cost $77,320,129) $ 78,685,680
Cash (120,755)
Dividends receivable -
Interest receivable 1,215,883
Securities sold receivable -
Total assets 79,780,808
LIABILITIES AND NET ASSETS:
Payable for investments purchased -
Accrued management fee expense (1,574)
Total liabilities (1,574)
NET ASSETS $ 79,782,382
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in surplus of capital) $ 78,006,539
Accumulated undistributed income:
Undistributed net investment income 448,731
Accumulated net realized loss on investment transactions (38,165)
Net unrealized appreciation in value of investments 1,365,277
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $ 79,782,382
Capital shares, $1.00 par value
Authorized 20,000,000
Outstanding 7,144,602
NET ASSET VALUE PER SHARE $ 11.17
See accompanying Notes to Financial Statements.
Statement of Operations
Six Months Ended December 31, 1997 (unaudited)
INVESTMENT INCOME:
Income:
Interest $ 2,539,449
Expenses:
Management fees (Note 3) 332,958
Government fees and other expenses 6,547
339,505
Net investment income 2,199,944
REALIZED AND UNREALIZED GAIN ON INVESTMENTS (Note 1):
Realized gain from investment transactions
(excluding commercial paper and repurchase agreements):
Proceeds from sales of investments 3,617,679
Cost of investments sold 3,584,654
Net realized gain from investment transactions 33,025
Unrealized appreciation on investments:
Beginning of period 46,544
End of period 1,365,277
Increase in net unrealized appreciation on investments 1,318,733
Net gain on investments 1,351,758
Increase in net assets resulting from operations $ 3,551,702
See accompanying Notes to Financial Statements.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1997 Year Ended
(unaudited) June 30, 1997
</CAPTION>
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income $ 2,199,944 $ 4,542,432
Net realized gain from investment activities 33,025 8,649
Increase (decrease) in net unrealized appreciation
on investments 1,318,733 320,957
Net increase in net assets resulting from operations 3,551,702 4,872,038
DISTRIBUTIONS TO SHAREHOLDERS FROM:*
Net investment income (2,199,944) (4,542,432)
Net realized gain from investment transactions - -
Total distributions to shareholders (2,199,944) (4,542,432)
INCREASE FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from 731,526 and 1,691,400 shares sold 8,123,379 18,498,442
Net asset value of 45,298 and 89,096 shares issued for
reinvestment of distributions 503,791 976,474
8,627,170 19,474,916
Cost of 800,297 and 2,049,491 shares redeemed (8,867,988) (22,446,473)
Net increase from capital share transactions (240,818) (2,971,557)
Total increase (decrease) in net assets 1,110,940 (2,641,951)
NET ASSETS:
Beginning of period 78,671,442 81,313,393
End of period (including undistributed
net investment income of $448,731 and $448,731) $ 79,782,382 $ 78,671,442
*Distributions to shareholders:
Income dividends per share $ 0.31 $ 0.62
Capital gains distribution per share $ - $ -
</TABLE>
See accompanying Notes to Financial Statements.
1. ORGANIZATION AND SUMMARY OF SIGNIF-ICANT 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.
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 electronic data processing techniques. Short-
term obligations are valued at amortized cost, which constitutes fair
value as determined by the Fund's Board of Directors. 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 and State Taxes - The Fund's policy is to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income to its
shareholders. Therefore, no provision for federal or state tax is
required.
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 six months ended December 31, 1997
(excluding commercial paper and repurchase agreements), were as follows:
Other than
U.S. Government U.S. Government
Securities Securities
Purchases $ - $ 2,941,367
Proceeds from sales 1,500,795 2,116,884
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 shareholders 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 .85 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. REPURCHASE AGREEMENTS - Securities purchased under agreements to
resell are held by the Fund's custodian and investment counsel, UMB
Bank, n.a. The custodian monitors the market values of the underlying
securities which they have purchased on behalf of the Fund to ensure
that they are sufficient to protect the Fund in the event of default by
the seller.
This report has been prepared for the information of the Shareholders of
Scout Bond Fund, Inc., and is not be construed as an offering of the
shares of the Fund. Shares of this Fund and of the other Scout Funds are
offered only be the Prospectus, a copy of which may be obtained from
Jones & Babson, Inc.
BOARD OF DIRECTORS
AND OFFICERS
Board of Directors
Larry D. Armel
William E. Hoffman, D.D.S.
Eric T. Jager
Stephen F. Rose
Stuart Wien
Officers
Larry D. Armel, President
P. Bradley Adams, Vice President & Treasurer
Michael A. Brummel, Vice President
Martin A. Cramer, Vice President & Secretary
John G. Dyer, Vice President
Constance E. Martin, Vice President
Investment Counsel
UMB Bank, n.a., Kansas City, Missouri
Auditors
Baird, Kurtz & Dobson, Kansas City, Missouri
Legal Counsel
Stradley, Ronon, Stevens & Young,
Philadelphia, Pennsylvania
John G. Dyer, Kansas City, Missouri
Custodian
UMB Bank, n.a., Kansas City, Missouri
JONES & BABSON
MUTUAL FUNDS
P.O. Box 410498
Kansas City, MO 64141-0498
TOLL-FREE 1-800-996-2862
www.umb.com
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<NAME> SCOUT BOND FUND INC
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<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 77320129
<INVESTMENTS-AT-VALUE> 78685680
<RECEIVABLES> 1215883
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<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> (1574)
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<SHARES-REINVESTED> 45298
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<PER-SHARE-DIVIDEND> .31
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