UMB SCOUT FUNDS
Stock Fund
(UMBSX)
Semiannual Report December 31, 1998
A no-load mutual fund with primary emphasis
on long-term growth of both capital and income.
TO THE SHAREHOLDERS
The UMB Scout Stock Fund closed the quarter ended December 31, 1998, at
$18.86 per share and had a total return (price change and reinvested
distributions) of 10.79% for the period. The Fund's objective is to provide
investors with long-term growth of both capital and dividend income; current
yield is secondary to the long-term growth objective.
The fourth quarter of 1998 was one of recovery for stocks in general. After
dropping to new lows across the board in mid-October, stocks of all
capitalization sizes rallied through year-end. Despite the similar directions
of stocks for companies of different sizes in both the first and the fourth
quarters of the calendar year, the damage done between those periods
delivered very different returns in these groups for the year.
While large-cap stocks, as measured by the Standard & Poor's 500 Index,
finished the year up 28.58%, small-cap stocks, as measured by the Russell
2000 Index, finished the year down 2.55%. The mid-year uncertainties relating
to global economics caused a flight to quality that resulted in this wide
disparity between large- and small-cap stocks.
Your Fund invests in large- and mid-cap stocks, largely because of our value-
oriented approach to investing. As large-cap stocks have become more
expensive over the last three years on a price-to-earnings and price-to-sales
basis, we have invested more in the mid-size companies, where valuations have
been more reasonable. The performance of mid-cap stocks during the latest
quarter accounted for most of the annual return for 1998.
During the quarter, the Fund made very few changes in the holdings.
Halliburton acquired Dresser Industries on a 1-for-1 share basis. First
Chicago NBD merged with BancOne Corp., and the Fund received 1.6 shares of
BancOne Corp. for each share of First Chicago NBD. A new holding was added in
Schlumberger, a multi-national oil service company. Toys "R" Us, a retail toy
company, was eliminated from our holdings because of its deteriorating
results and loss of market share to discount toy sellers such as Wal-Mart
and Kmart.
Sector diversification in the Fund was relatively unchanged from the previous
quarter. However, cash reserves were smaller because of market appreciation
in stock holdings.
For the six months ended December 31, 1998, shareholders received an ordinary
income dividend of $.23 per share, a short-term capital gain of $.04 per
share and a long-term capital gain of $.80 per share.
For corporate shareholders, 84.38% of ordinary income distributions qualify
for the corporate dividends received deduction.
We appreciate you as a valued shareholder of UMB Scout Stock Fund and
encourage your questions and comments.
Sincerely,
/S/David B. Anderson
David B. Anderson
UMB Investment Advisors
Chart - Hypothetical Growth of $10,000
CHART - FUND DIVERSIFICATION
Financial 0.9%
Consumer Cyclical 12.9%
Basic Materials 10.8%
Energy 6.7%
Utilities 15.4%
Transportation
& Services 4.0%
Capital Goods 5.2%
Technology 9.0%
Convertibles 0.7%
Cash & Cash
Equivalents 18.4%
Consumer Staples 16.0%
As of December 31, 1998, Statement of Assets. Subject to change.
COMPARATIVE RATES OF RETURN
as of December 31, 1998
3 Years 8 Years 15 Years
UMB Scout Stock Fund 12.96% 12.81% 11.86%
Lipper Growth Fund Index* 23.67% 19.13% 15.21%
Value Line Composite* 11.53% 12.93% 8.24%
S&P 500* 28.23% 20.83% 17.88%
UMB Scout Stock Fund's average annual compound returns for 1-, 5- and 10-year
periods ended December 31, 1998, are 7.62%, 12.14% and 11.79%, respectively.
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).
TOP TEN EQUITY HOLDINGS
Market Percent
Value (000Os) of Total
International Business Machines Corp. $ 3,695 1.98%
SBC Communications, Inc. 2,681 1.44%
Bob Evans Farms, Inc. 2,606 1.40%
Williams Companies, Inc. 2,339 1.25%
Unicom Corp. 2,314 1.24%
Brinker International 2,223 1.19%
Bell South Corp. 2,195 1.18%
Comsat Corp. 2,160 1.16%
FDX Corp. 2,136 1.14%
Alza Corp. 2,090 1.12%
Top Ten Equity Holdings Total: $ 24,439 13.10%
As of December 31, 1998, Statement of Assets. Subject to change.
HISTORICAL PER SHARE RECORD
Income & Cumulative*
Net Short-Term Long-Term Value Per
Asset Gains Gains Share Plus
Value Distribution Distribution Distributions
12/31/82 $ 9.87 $ 0.03 $ - $ 9.90
12/31/83 11.34 0.86 - 12.23
12/31/84 11.20 0.62 0.11 12.82
12/31/85 12.74 0.73 0.22 15.31
12/31/86 12.78 0.51 1.01 16.87
12/31/87 11.87 0.78 0.97 17.71
12/31/88 12.62 0.49 0.39 19.34
12/31/89 13.87 0.62 0.49 21.70
12/31/90 12.76 0.59 0.21 21.39
12/31/91 15.40 0.48 - 24.51
12/31/92 15.77 0.39 0.31 25.58
12/31/93 16.24 0.38 0.79 27.21
12/31/94 15.01 0.46 1.19 27.63
12/31/95 16.34 0.73 0.87 30.56
12/31/96 16.97 0.47 0.62 32.28
12/31/97 19.01 0.46 1.00 35.78
12/31/98* 18.86 0.45 1.10 37.18
*Does not assume any compounding of reinvested distributions.
Table shows calendar year distributions and net asset values; may differ from
fiscal year annual reports.
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 (OFDICO). These shares
involve investment risks, including the possible loss of the principal
invested.
FINANCIAL STATEMENTS December 31, 1998 (unaudited)
Statement of Net Assets
MARKET
SHARES COMPANY VALUE
COMMON STOCKS - 80.84%
Basic Materials - 10.77%
5,000 Aluminum Co. of America $ 372,812
85,000 Brush Wellman, Inc. 1,482,189
20,000 Carpenter Technology Corp. 678,750
10,000 Corning, Inc. 450,000
15,000 Crown Cork and Seal Inc. 462,188
69,150 Cyprus Amax Minerals Co. 691,500
6,000 duPont (E.I.) deNemours & Co. 318,375
25,000 Eastman Chemical Co. 1,118,750
100,000 Engelhard Corp. 1,950,000
7,000 Georgia Pacific Corp. 409,937
7,000 Georgia Pacific Corp. Timber Group 166,688
30,000 Hercules, Inc. 821,250
35,000 International Paper Co. 1,568,437
53,000 Mallinckrodt Group, Inc. 1,633,062
50,000 Nalco Chemical Co. 1,550,000
30,000 Newmont Mining Co. 541,875
30,000 Rohm & Haas Co. 903,750
27,000 Union Camp Corp. 1,822,500
35,000 Weyerhaeuser Co. 1,778,437
110,000 Worthington Industries, Inc. 1,375,000
20,095,500
Capital Goods - 5.15%
35,000 Aeroquip-Vickers, Inc. 1,047,813
15,000 Briggs & Stratton Corp. 748,125
60,000 Browning Ferris Industries, Inc. 1,706,250
125,000 Calgon Carbon Corp. 937,500
33,000 Cooper Industries, Inc. 1,573,687
7,000 Deere & Co. 231,875
2,500 Fluor Corp. 106,406
18,000 Global Industries Technologies, Inc. 192,375
24,000 Grainger (W.W.), Inc. 999,000
40,000 Snap-On, Inc. 1,392,500
14,500 Waste Management International PLC 676,063
9,611,594
Consumer Cyclical - 12.88%
40,000 American Greetings Corp. 1,642,500
20,000 Ascent Entertainment Group 147,500
71,375 Bassett Furniture Industries, Inc. 1,721,922
10,000 Black & Decker Corp. 560,625
40,000 Block (H&R), Inc. 1,800,000
40,000 Brown Group, Inc. 702,500
50,000 Dillards, Inc. 1,418,750
40,000 Donnelley (R.R.) & Sons Co. 1,752,500
28,000 Dun & Bradstreet 883,750
5,000 Ford Motor Co., 293,437
14,000 Gannett Co., Inc. 926,625
15,000 General Motors Corp. 1,073,437
40,000 Genuine Parts Co. 1,337,500
25,000 Hillenbrand Industries, Inc. 1,421,875
50,000 Limited Inc. 1,456,250
24,000 Masco Corp. 690,000
10,000 May Department Stores Co. 603,750
15,000 Media General, Inc., Cl A 795,000
5,000 Media One Group, Inc. 235,000
25,000 Penney (J.C.) & Co., Inc. 1,171,875
18,000 Pharmacia & Upjohn, Inc. 1,019,250
25,000 Readers Digest Assc. OAO 629,688
100,000 Sensormatic Electronics Corp. 693,750
120,000 Stride Rite Corp. 1,050,000
24,027,484
Consumer Staples - 16.00%
20,000 Abbott Laboratories 980,000
40,000 Alza Corp. 2,090,000
16,000 American Home Products Corp. 901,000
7,500 Anheuser-Busch Companies, Inc. 492,188
99,750 Archer-Daniels-Midland Co. 1,714,453
40,000 Bard (C.R.), Inc. 1,980,000
100,000 Bob Evans Farms, Inc. 2,606,250
77,000 Brinker International 2,223,375
12,000 Bristol-Myers Squibb Co. 1,605,750
25,000 Covance, Inc. 728,125
70,000 Darden Restaurants, Inc. 1,260,000
10,000 Eastman Kodak Co. 720,000
16,000 Heinz H.J. Co. 906,000
15,000 IMS Health, Inc. 1,131,563
40,000 International Flavors & Fragrances, Inc. 1,767,500
25,000 Kimberly Clark Corp. 1,362,500
95,000 Lance, Inc. 1,894,062
10,000 Merck & Co., Inc. 1,476,875
65,000 Mylan Laboratories, Inc. 2,047,500
5,600 R H Donnelley Corp. 81,550
60,000 Rubbermaid, Inc. 1,886,250
29,854,941
Energy - 6.73%
28,000 Amoco Corp. 1,690,500
17,000 Atlantic Richfield Co. 1,109,250
40,000 Baker Hughes, Inc. 707,500
10,000 Burlington Resources, Inc. 358,125
60,000 Halliburton Co. 1,777,500
35,000 Kerr McGee Corp. 1,338,750
85,000 Mitchell Energy & Development 972,188
30,000 Phillips Petroleum Co. 1,278,750
20,000 Schlumberger Limited 922,500
65,000 Union Pacific Resources Group, Inc. 589,062
60,000 USX-Marathon Group 1,807,500
12,551,625
Financial - 0.86%
12,150 Banc One Co. 620,409
20,000 Liberty Corp. S.C. 985,000
1,605,409
Technology - 9.04%
13,084 AMP, Inc. $ 681,186
35,000 Apple Computer, Inc. 1,432,812
25,000 AT & T 1,881,250
20,000 Boeing Co. 652,500
1,500 Cisco Systems, Inc. 139,219
23,625 Compaq Computer Corp. 990,773
10,000 Electronic Data Systems Corp. 502,500
20,000 International Business Machines Corp. 3,695,000
3,000 Lucent Technologies, Inc. 330,000
32,000 Motorola, Inc. 1,954,000
40,000 Novell, Inc. 725,000
20,000 Perkin-Elmer Corp. 1,951,250
1,147 Raytheon Co. Cl A 59,286
12,000 Telxon Corp. 166,500
20,000 Texas Instruments, Inc. 1,711,250
16,872,526
Transportation & Services - 3.99%
40,000 CNF Transportation, Inc. 1,502,500
20,000 Consolidated Freightways Corp. 317,500
3,000 Cotelligent Group, Inc. 63,938
15,000 CSX Corp. 622,500
900 Duke Realty Investment, Inc. 20,925
24,000 FDX Corp. 2,136,000
15,000 Norfolk Southern Corp. 475,312
20,000 Roadway Express, Inc. 288,750
40,000 Southwest Airlines Co. 897,500
25,000 Union Pacific Corp. 1,126,563
7,451,488
Utilities - 15.42%
40,000 Ameren Corp. 1,707,500
32,000 Bell Atlantic Corp. 1,818,000
44,000 Bell South Corp. 2,194,500
25,000 Central & South West Corp. 685,937
60,000 Comsat Corp. 2,160,000
40,000 Dominion Resources Inc. VA 1,870,000
6,000 Duke Energy Corp. 384,375
65,000 Entergy Corp. 2,023,125
43,000 Florida Progress Corp. 1,926,938
7,000 GTE Corp. 472,063
75,000 Niagara Mohawk Power Corp. 1,209,375
50,000 SBC Communications, Inc. 2,681,250
50,000 Scana Corp. 1,612,500
35,000 Texas Utilities Co. 1,634,062
60,000 Unicom Corp. 2,313,750
22,273 US West Inc. 1,439,393
75,000 Williams Companies, Inc. 2,339,062
10,000 Wisconsin Energy Corp. 314,375
28,786,205
TOTAL COMMON STOCKS - 80.84% 150,856,772
FACE MARKET
AMOUNT DESCRIPTION VALUE
CONVERTIBLE CORPORATE BONDS - 0.74%
$ 500,000 Telxon Corp., Cv. Sub. Deb., 7.50%,
due June 1, 2012 $ 405,000
1,000,000 WMX Technologies, Inc., Cv. Sub. Notes,
2.00%, due January 24, 2005 976,250
TOTAL CONVERTIBLE CORPORATE BONDS - 0.74% 1,381,250
SHORT-TERM CORPORATE NOTES - 14.48%
1,500,000 Aluminum Company of America, 5.16%,
due February 2, 1999 1,492,905
1,000,000 Amgen Co., 5.41%, due January 19, 1999 997,145
1,000,000 Arco British Ltd., 5.24%, due January 19, 1999 997,235
1,500,000 Arco British Ltd., 5.22%, due January 22, 1999 1,495,215
2,100,000 BellSouth Telecommunications Inc., 4.95%,
due January 12, 1999 2,096,535
1,500,000 Chevron USA, Inc., 5.00%, due
January 28, 1999 1,494,167
1,500,000 Deere and Co., 4.90%, due February 12, 1999 1,491,222
1,500,000 Disney Walt Co., 5.10%, due January 5, 1999 1,498,935
1,000,000 Disney Walt Co., 5.23%, due January 11, 1999 998,402
1,500,000 duPont (E.I.) deNemours & Co., 5.11%,
due January 25, 1999 1,494,677
1,500,000 Duke Power Co., 5.14%, due January 7, 1999 1,498,501
1,500,000 Gannett Inc., 5.19%, due January 12, 1999 1,497,405
1,500,000 Hershey Foods Corp., 5.35%, due
January 27, 1999 1,493,981
1,500,000 Lucent Technologies Inc., 5.25%, due
January 6, 1999 1,498,688
1,000,000 Marsh McLennan Inc., 5.40%, due
January 15, 1999 997,750
1,500,000 PepsiCo, Inc., 5.03%, due January 13, 1999 1,497,276
1,500,000 Progress Capital Holdings Inc., 5.30%, due
January 20, 1999 1,495,583
1,500,000 Texaco Inc., 5.16%, due January 8, 1999 1,498,280
1,500,000 Times Mirror Co., 5.12%, due February 5, 1999 1,492,320
TOTAL SHORT-TERM CORPORATE NOTES - 14.48% 27,026,222
GOVERNMENT SPONSORED ENTERPRISES - 3.73%
2,000,000 Federal Home Loan Banks, Discount Notes,
5.04%, due January 4, 1999 1,998,880
1,500,000 Federal Home Loan Banks, Discount Notes,
4.94%, due February 24, 1999 1,488,679
2,000,000 Federal Home Loan Mortgage Corp., Discount
Notes, 4.90%, due March 12, 1999 1,980,672
1,500,000 Federal National Mortgage Association,
Discount Notes, 4.93%, due February 5, 1999 1,492,605
TOTAL GOVERNMENT SPONSORED ENTERPRISES - 3.73% 6,960,836
REPURCHASE AGREEMENT - 0.03%
50,000 Northern Trust Co., 4.85%, due January 4,1999
(Collateralized by U.S. Treasury Notes,
5.875%, due February 28, 1999) 50,000
TOTAL INVESTMENTS - 99.82% $186,275,080
Other assets less liabilities - 0.18% 337,057
TOTAL NET ASSETS - 100.00%
(equivalent to $18.86 per share; 20,000,000 shares of
$1.00 par value capital shares authorized; 9,895,628
shares outstanding) $186,612,137
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS December 31, 1998 (unaudited)
STATEMENT OF ASSETS AND LIABILITIES
ASSETS:
Investment securities, at market value (identified
cost $142,539,986) $186,275,080
Cash (148,887)
Dividends receivable 255,504
Interest receivable 11,687
Receivable for investments sold 218,753
Total assets 186,612,137
NET ASSETS $186,612,137
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in capital) $141,948,591
Accumulated undistributed income:
Net investment income 17,204
Net realized gain on investment transactions 1,148,018
Net unrealized appreciation on investments 43,498,324
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $186,612,137
Capital shares, $1.00 par value
Authorized 20,000,000
Outstanding 9,895,628
NET ASSET VALUE PER SHARE $ 18.86
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS SIX MONTHS ENDED DECEMBER 31, 1998 (unaudited)
STATEMENT OF OPERATIONS
INVESTMENT INCOME:
Income:
Dividends $ 1,648,737
Interest 1,045,933
2,694,670
Expenses:
Management fees 782,548
Government fees 6,513
789,061
Net investment income 1,905,609
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain from investment transactions 4,099,911
Decrease in net unrealized appreciation on investments (3,094,337)
Net realized and unrealized gain on investments 1,005,574
Net increase in net assets resulting from operations $ 2,911,183
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED
DECEMBER 31, 1998 YEAR ENDED
(unaudited) JUNE 30, 1998
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 1,905,609 $ 4,088,558
Net realized gain from investment
transactions 4,099,911 12,393,259
Increase (decrease) in net unrealized
depreciation on investments (3,094,337) 11,624,376
Net increase in net assets
resulting from operations 2,911,183 28,106,193
Net equalization included in the
price of shares issued and redeemed (78,311) (67,790)
DISTRIBUTIONS TO SHAREHOLDERS FROM:*
Net investment income (2,171,263) (3,967,243)
Net realized gain from investment
transactions (7,870,581) (10,321,119)
Decrease in net assets from
distributions (10,041,844) (14,288,362)
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from 967,442 and 1,294,080
shares sold 17,957,019 23,397,925
Net asset value of 115,941 and
509,805 shares issued for
reinvestment of distributions 2,115,923 11,487,515
20,072,942 34,885,440
Cost of 1,101,886 and 2,399,568
shares redeemed (20,930,682) (46,635,978)
Net increase (decrease) in net
assets from capital share
transactions (857,740) (11,750,538)
Net increase (decrease) in net
assets (8,066,712) 1,999,503
NET ASSETS:
Beginning of period 194,678,849 192,679,346
End of period (including undis-
tributed net investment income of
$184,930 and $356,931 respectively) 186,612,137 194,678,849
*Distributions to shareholders:
Income dividends per share $ 0.23 $ 0.40
Capital gains distribution per share $ 0.84 $ 1.04
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 - 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. Investment
transactions are recorded on the trade date. Interest income is recorded
daily. Dividend income 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.
Equalization - The Fund uses the accounting practice known as equalization,
by which a portion of the proceeds from sales and costs of redemption of
capital shares, equivalent on a per share basis to the amount of
undistributed net investment income on the date of the transactions, is
credited or charged to undistributed income. As a result, undistributed net
investment income per share is unaffected by sales or redemptions of capital
shares.
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, 1998 (excluding
commercial paper, repurchase agreements and short-term securities), were as
follows:
Other than
U.S. Government U.S. Government
Securities Securities
Purchases $ 1,930,264 $ 10,351,668
Proceeds from sales 8,700,638 10,000,000
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 .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 the collateral is
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 UMB
Scout Stock 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
Regional Fund
WorldWide 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 410498
Kansas City, MO 64141-0498
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.
JB22D(3/99) 505504
