Scout WorldWide Fund
(Formerly UMB WorldWide Fund)
A no-load mutual fund
that seeks a favorable total return by investing in established companies
either in the U.S. or whose principal business is carried on outside the
country.
Report for Quarter Ending
March 31, 1995
TO THE SHAREHOLDERS
During the first quarter ended March 31, 1995, Scout WorldWide Fund's
(formerly UMB WorldWide Fund) total return (price change and reinvested
distributions) was 1.75% in comparison to the unmanaged Standard & Poor's 500
which gained 9.73% and the international markets, as measured by Morgan
Stanley Capital International (MSCI) EAFE (Europe, Australia, Far East) which
returned 1.06%.
The average compounded total returns for one year and the life of the Fund
(inception September 14, 1993) as of the quarter end were 6.04% and 7.43%,
respectively and the net assets were $18.2 million. 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 weakness of the dollar depressed most markets around the world as the
strength of the local currency lowered earnings expectations for companies
which export to the United States. Off-setting the decline of the local
markets was the rise of stock prices when translated into U.S. dollars.
In general terms, the stocks in the Fund lost approximately 5% in local
currencies offset by a 7% gain when translated into U.S. currency for a net
gain of two percent.
During the quarter, Total, a French oil company which has strong production
both locally and abroad, and Tele Danmark, a Danish telephone company that
manufactures telephone equipment and provides local and international
services, were added to the portfolio. Although stocks such as Royal Dutch
Petroleum and Unilever have performed well for the Fund, they were recently
eliminated from the portfolio to acquire other stocks at better values.
The dollar has been primarily weak against the Japanese yen and European
currencies. When compared to Mexican and Canadian currency, it
has been strong. Overall, the dollar is far below trendline and inexpensive
when compared to many other currencies. As the dollar strengthens, the Scout
WorldWide portfolio will be adjusted to take advantage of those countries and
industries benefiting from a stronger dollar.
Thank you for making Scout WorldWide Fund a part of your investment program.
Sincerely,
LARRY D. ARMEL
Larry D. Armel
President
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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 federally
insured by the Federal Deposit Insurance Corporation or any other federal
agency. These shares involve investment risks, including the possible loss of
the principal amount invested.
FINANCIAL STATEMENTS
Statement of Net Assets
March 31, 1995
Shares Company Market Value
COMMON STOCKS (ADR's) - 79.69%
AUSTRALIA - 3.86%
3,900 Broken Hill Proprietary Ltd. $ 205,725
19,000 Coles Myer Ltd. 496,375
702,100
BELGIUM - 0.68%
250 Solvay Cie S.A. 123,421
CANADA - 7.04%
15,000 BCE Inc.* 463,125
36,300 Canadian Pacific Ltd.* 544,500
7,200 Magna International Cl. A* 274,500
1,282,125
DENMARK - 1.99%
6,200 Novo-Nordisk A.S. 151,125
8,000 Tele Danmark A.S. 212,000
363,125
FRANCE - 13.23%
33,458 Alcatel Alsthom 606,426
6,638 Elf Aquitaine 257,223
2,800 Rhone-Poulenc Rorer Inc.* 121,450
9,400 Rhone-Poulenc S.A. 220,900
11,100 Schlumberger Ltd.* 661,837
18,035 Total S.A. 541,050
2,408,886
GERMANY - 6.07%
11,000 Bayer A.G. 271,525
3,500 Daimler Benz A.G. 157,062
14,600 Dresdner Bank A.G. 402,742
2,900 Siemens A.G. 274,426
1,105,755
HONG KONG - 1.06%
40,000 China Light & Power Ltd. 193,992
IRELAND - 2.80%
13,700 Elan Corp. PLC 510,325
ITALY - 2.49%
12,000 Benetton Group S.p.A. 208,500
3,200 Luxottica 115,200
5,000 STET Societa Finanziaria 129,191
452,891
JAPAN - 9.20%
4,700 Canon Inc. 380,700
6,000 Fuji Photo Film Ltd. 280,500
4,700 Hitachi, Ltd. 477,637
10,000 Pioneer Electronic 202,500
4,000 Sony Corp. 195,500
3,500 Toyota Motor Corp. 139,125
1,675,962
NETHERLANDS - 3.36%
2,700 Akzo N.V. 147,150
5,508 Koninklijke Ahold N.V. 191,403
5,000 Polygram N.V. 274,375
612,928
NEW ZEALAND - 0.98%
3,000 Telecom Corp. of New Zealand 179,250
NORWAY - 0.73%
3,555 Norsk Hydro A.S. 132,424
SWEDEN - 4.86%
8,600 Aktiebolaget Electrolux 391,300
8,000 Ericsson (L.M.) Telephone Co. Cl. B 494,500
885,800
SWITZERLAND - 5.39%
4,000 BBC Brown Boveri Ltd. 382,223
6,200 Ciba Geigy A.G. 207,301
8,000 Nestle S.A. 392,525
982,049
UNITED KINGDOM - 14.62%
10,000 Bass Public Ltd. Co. 178,750
2,800 British Gas PLC 130,900
18,822 Cadbury Schweppes PLC 541,133
4,200 Carlton Communications 124,950
8,598 Grand Metropolitan PLC 221,399
3,200 Reuters Holdings PLC 147,200
12,000 SmithKline Beecham PLC 450,000
16,000 Vodafone Group 530,000
41,000 Waste Management International 338,250
2,662,582
UNITED STATES - 1.33%
8,000 Sprint Corp.* 242,000
TOTAL COMMON STOCKS - 79.69% 14,515,615
Face Market
Amount Description Value
REPURCHASE AGREEMENT - 16.44%
$2,995,000 Northern Trust Co.,
5.50%, due April 3, 1995
(Collateralized by U.S.
Treasury Notes, 8.625%,
due October 15, 1995) 2,995,000
TOTAL INVESTMENTS - 96.13% $ 17,510,615
Other assets less liabilities - 3.87% 704,617
TOTAL NET ASSETS - 100.00%
(equivalent to $11.03 per share;
10,000,000 shares of $1.00 par
value capital shares authorized;
1,651,092 shares outstanding) $ 18,215,232
ADR _ American Depository Receipt
*Non ADR
BASIS OF DETERMINING MARKET VALUE. Each investment is valued at the latest
sales price on March 31, 1995, as reported by the principal exchange on which
the issue is listed. If no sale is reported, or if unlisted, the average of
the latest bid and asked price is used.
This report has been prepared for the information of the Shareholders of
Scout WorldWide 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 Scout Funds are
offered only by the Prospectus, a copy of which may be obtained from Jones
& Babson, Inc.
