SCOUT WORLDWIDE FUND
A no-load mutual fund that seeks a favorable total
return by investing in established compaines either
in the U.S. or whose principal business is carried
on outside the country.
Quarterly Report
March 31, 1996
TO THE SHAREHOLDERS
During the quarter ended March 31, 1996, the net asset
value of Scout WorldWide Fund rose from $12.08 to
$12.58. The total return (price change and reinvested
distributions) for the quarter was 4.14%. Over the same
period the unmanaged Standard & Poors 500 index earned
5.37% and the international markets as measured by the
Morgan Stanley Capital International(MSCI) EAFE
(Europe, Australia and Far East) index gained 2.92%
The compounded annual total return of the Fund since
inception (September 14, 1993) has been 11.22%.
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 last quarter has seen a sharp upward move in United
States interest rates. Our domestic economy has been
stronger than expected and oil and grain prices are up
sharply. Instead of the markets expecting the Federal
Reserve Banks to cut interest rates to stimulate a weak
economy, they now expect higher interest rates because
of a stronger economy and possibly higher inflation.
The relative strength of our economy compared to the
economics abroad and higher interest rates have made
for a stronger US dollar. This dollar strength offset
some of the good returns in most foreign markets.
Three new names appear in the portfolio this quarter,
Repsol, the Spanish oil company, Royal Bank of
Scotland, and Total Petroleum North America.
Top 10 Equity Holdings
Market Percent
Value of Total
Elan Corp. Ltd. $ 751,725 2.75%
Rhone-Poulenc S.A. 608,400 2.22%
Canadian Pacific Ltd. 570,000 2.08%
Benetton Group S.p.A. 549,000 2.01%
Canon Inc. 545,063 1.99%
Alcatel Alstholm 544,973 1.99%
BCE Inc. 530,625 1.94%
Coles Myer Ltd. 525,683 1.92%
Nokia Corp. ADS PFD 513,750 1.88%
Carlton Communications PLC 498,775 1.82%
Top 10 Equity Holdings Total: $5,637,994 20.59%
Note: All market values based on 3/31/96 statement of
assets.
The oil companies were added because of rising oil
prices and stronger energy demand. Repsol has good
production and is the dominant gasoline and propane
retailer in Spain. Total Petroleum North America is the
North American refining and retailing affiliate of
Total S.A., the French oil company.
Sincerely,
James L. Moffet
UMB Investment Advisors
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 or any other
applicable deposit insurance. These shares involve
investment risks, including the possible loss of the
principal amount invested.
FINANCIAL STATEMENTS
Statement of Net Assets
March 31, 1996
Market
Shares Company Value
COMMON STOCKS (ADR's) 78.13%
Australia 3.63%
8,290 Broken Hill Propietary Co. Ltd. 470,457
19,380 Coles Myer Ltd. 525,682
996,140
Belgium 0.52%
250 Solvay Cie S.A.* 143,169
Canada 5.22%
15,000 Bce Inc.* 530,625
28,500 Canadian Pacific Ltd.* 570,000
7,200 Magna International Cl A* 332,100
1,432,725
Denmark 2.23%
6,200 Novo-Nordisk A.S. 198,400
16,000 Tele Danmark A.S. 414,000
612,400
Finland 1.87%
15,000 Nokia, CP Ads Pfd. 513,750
France 9.56%
29,458 Alcatel Alstholm 544,973
390 Carrefour Supermarche* 285,661
6,638 Elf Aquitaine 224,862
23,400 Rhone-Poulenc S.A.* 608,400
6,100 Schlumberger Limited 482,662
14,035 Total S.A. 477,190
2,623,749
Germany 5.30%
11,000 Bayer A.G. 374,691
14,600 Dresdner Bank A.G. 390,122
2,640 Sap A.G.* 370,147
2,900 Siemens A.G. 319,191
1,454,153
Hong Kong 1.81%
110,000 China Light & Power Ltd. 496,429
Ireland 2.74%
11,700 Elan Corp PLC 751,725
Italy 4.43%
24,000 Benetton Group S.p.A. 549,000
3,200 Luxottica Group S.p.A. 250,000
15,000 Stet Societa Finanziaria 418,125
1,217,125
Japan 8.90%
5,700 Canon Inc. 545,062
8,000 Fuji Photo Film Ltd. 462,000
4,700 Hitachi Ltd. 458,837
1,400 Ito Yokado, Ltd. 334,600
8,000 Sony Corp. 486,000
3,500 Toyota Motor Corp. 155,750
2,442,250
Netherlands 2.61%
2,700 Akzo N.V. 150,525
5,508 Koninklijke Ahold N.V. 264,384
5,000 Polygram N.V. 301,250
716,159
New Zealand 0.78%
3,000 Telecom Corp., New Zealand 214,875
Norway 0.57%
3,555 Norsk Hydro A.S. 155,531
Spain 2.85%
12,000 Repsol S.A. 448,500
7,000 Telefonica De Espana S.A. 332,500
781,000
Sweden 4.07%
8,600 Aktiebolaget Electrolux 419,250
22,000 Ericsson (L.M.) Telephone Co. 470,250
12,500 Svenska Cellulosa Aktiebo 227,230
1,116,730
Switzerland 4.83%
4,000 Bbc Brown Boveri Ltd. 486,208
6,200 Ciba Geigy A.G. 387,748
8,000 Nestle S.A. 450,927
1,324,884
United Kingdom 14.16%
10,000 Bass Public Ltd. Co. 230,000
6,200 British Gas Plc 217,000
7,000 British Telecommunications Plc 395,500
15,009 Cadbury Schweppes Ltd. 467,155
14,200 Carlton Communications PlC 498,775
8,910 Grand Metropolitan Ltd. PLC 233,887
3,200 Reuters Holdings Plc 208,400
35,000 Royal Bank of Scotland 260,725
9,000 SmithKline Beecham Plc 463,500
13,000 Vodafone Group 487,500
43,000 Waste Management International 424,625
3,887,068
United States 2.05%
2,666 360 Communications Co. 63,650
8,000 Sprint Corp.* 304,000
20,000 Total Petroleum North
America LTD 195,000
562,650
Total Common
Stocks (ADR's) 78.13% 21,442,515
Face Market
Amount Description Value
Short-Term Corporate Notes 14.55%
$500,000 AT&T Corp.,
5.29% due April 17, 1996 498,750
500,000 Amoco Corp.,
5.18% due April 2, 1996 499,856
500,000 Chevron Corp.,
5.35%, due April 24, 1996 498,216
500,000 IBM Corp.,
5.40%, due April 2, 1996 499,850
500,000 Marsh & McClennan Cos., Inc.
5.27%, due April 12, 1996 499,121
500,000 Philip Morris, Cos, Inc.,
5.35%, due April 16, 1996 498,811
500,000 Wal-Mart Stores, Inc.,
5.15%, due April 8, 1996 499,427
500,000 Wisconsin Electric & Power Co.,
5.36%, due April 18, 1996 498,659
TOTAL SHORT-TERM
CORPORATE NOTES 14.55% 3,992,694
REPURCHASE AGREEMENT 7.12%
1,955,000 Northern Trust Co.,
4.85%, due April 1, 1996
(Collateralized by U.S.
Treasury Notes, 5.75%,
due September 30, 1997) 1,955,000
TOTAL INVESTMENTS 99.79% $27,390,209
Other assets less liabilities 0.21% 55,343
TOTAL NET ASSETS 100.00%
(equivalent to $12.58 per share;
10,000,000 shares of $1.00 par
value capital shares authorized;
2,181,624.815 shares outstanding) $27,445,552
BASIS OF DETERMINING MARKET VALUE. Each investment is
valued at the latest sales price on March 31, 1996, 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.
ADR American Depository Receipt
*Non ADR
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.
BOARD OF DIRECTORS AND OFFICERS
Board of Directors
Larry D. Armel
William E. Hoffman, D.D.S.
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
Jack G. Dyer, Vice President
Manager and Investment Counsel
UMB Bank, n.a., 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
