UMB SCOUT FUNDS
WORLDWIDE FUND
(UMBWX)
WORLDWIDE SELECT FUND
SEMIANNUAL REPORT DECEMBER 31, 1999
No-load mutual funds that seek favorable total returns
by investing in established companies either located outside
the U.S.
or whose principal business is carried on outside the
country.
TO THE SHAREHOLDERS
The UMB Scout WorldWide Fund closed the quarter ended
December 31, 1999 at $23.77 per share and had a total return
(price change and reinvested distributions) of 16.08% for
the quarter. The UMB Scout WorldWide Select Fund closed the
quarter at $12.00 per share and had a total return (price
change and reinvested distributions) of 16.92%. The Funds
invest in a diversified portfolio of equity securities of
established companies either located outside the U.S., or
whose primary business is done outside the country. These
Funds are designed for long-term investors who are able to
accept the risks of international investing.
In the world of finance, 1999 was quite a year. Foreign
markets were up, as economic recovery came to Southeast Asia
and Eastern Europe. The stock markets responded accordingly.
European and U.S. markets also continued to perform well,
but the real excitement was in Southeast Asia where markets
rebounded strongly from the 1997 collapse, and in Japan, where
the market came back to life in 1999. Latin American markets
also improved, although their economies are still mired in recession.
A denominator common in all of these markets has been the
role of commodities. As economies have improved worldwide,
commodity pricing has improved as well. According to the
stock markets, this has been most apparent in petroleum
products, aluminum and paper. Much of the under-developed
world is driven by commodity prices such as these, so we
expect their economies to improve as well. Worldwide, the
hot areas have been technology and telecommunications.
Our biggest sector weighting is in telecommunications,
including the electronic equipment behind these companies.
The phone companies are great ways to participate in the
developing world and the privatization of these companies.
The equipment sectors, represented by companies like Nokia,
Ericsson and Alcatel, are prime examples of beneficiaries in
the technology side of the telecommunications revolution.
This quarter, we have added several new companies to the
WorldWide Fund portfolio. Minebea, a Japanese company, is
the world's leading manufacturer of miniature ball bearings.
We have also purchased Commonwealth Bank of Australia,
Australia's largest bank and Telefonica, the Argentine
company that controls half that country's phones, including
the business section of Buenos Aires.
We appreciate your interest and participation in the UMB
Scout WorldWide Fund and WorldWide Select Fund. We welcome
your questions and comments.
Sincerely,
/s/James L. Moffett
James L. Moffett
UMB Investment Advisors
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 ("FDIC") or any other
government agency. These shares involve investment risks,
including the possible loss of the principal invested.
CHART - HYPOTHETICAL GROWTH OF $10,000 - UMB SCOUT WORLDWIDE FUND (UMBWX)
CHART - HYPOTHETICAL GROWTH OF $10,000 - UMB SCOUT WORLDWIDE SELECT FUND
CHART - COMPARATIVE RATES OF RETURN
UMB Scout WorldWide Fund (UMBWX)
as of December 31, 1999
1 Year 3 Years 5 Years Inception
UMB Scout
WorldWide Fund 31.43% 22.42% 20.02% 17.32%
Lipper Global Fund Index* 33.70% 20.43% 18.25% N.A.
MSCI EAFE Index -
U.S. Dollars* 27.30% 16.06% 13.15% N.A.
Inception - September 14, 1993.
Performance data contained in this report are for past
periods only. Past performance is not predictive of future
results. Investment return and share value will fluctuate,
and redemption value may be more or less than the original
cost. Along with the potential for higher returns,
international investments carry some additional risks from
currency fluctuations, economic and political factors, as
well as differences in accounting.
*Unmanaged index of stocks, bonds or mutual funds (there are
no direct investments or fees in these indices).
CHART - COMPARATIVE RATES OF RETURN
UMB Scout WorldWide Select Fund
as of December 31, 1999
Month Quarter Inception
UMB Scout WorldWide Select Fund 10.71% 16.92% 20.89%
Lipper Global Fund Index* 11.11% 23.19% N.A.
MSCI EAFE Index - U.S. Dollars* 8.99% 17.05% N.A.
Inception - May 17, 1999.
Performance data contained in this report are for past
periods only. Past performance is not predictive of future
results. Investment return and share value will fluctuate,
and redemption value may be more or less than the original
cost. Along with the potential for higher returns,
international investments carry some additional risks from
currency fluctuations, economic and political factors, as
well as differences in accounting.
*Unmanaged index of stocks, bonds or mutual funds (there are
no direct investments or fees in these indices).
CHART - TOP TEN EQUITY HOLDINGS
UMB Scout WorldWide Fund (UMBWX)
Market Percent
Value (000's) of Total
Sony Corp. $ 9,881 3.66%
Nokia, CP ADS, Pfd. 8,208 3.04%
Telecom Italia S.p.A. 6,286 2.33%
BCE Inc. 5,556 2.06%
Hitachi, Ltd. 5,423 2.01%
Elan Corp. PLC 5,204 1.93%
Siemens A.G. 5,165 1.92%
SAP A.G. 4,978 1.85%
Telecomunicacoes Brasileiras 4,952 1.84%
Aracruz Celulose SA 4,757 1.76%
Top Ten Equity Holdings Total: $ 60,409* 22.40%
As of December 31, 1999, statement of assets. Subject to change.
*Market Values are rounded; may not equal total.
CHART - TOP TEN EQUITY HOLDINGS
UMB Scout WorldWide Select Fund
Market Percent
Value (000's) of Total
Sony Corp. $ 638 3.82%
Nokia, CP ADS, Pfd. 466 2.78%
Siemens A.G. 389 2.33%
Telecom Italia S.p.A. 378 2.26%
Hitachi, Ltd. 372 2.23%
BCE Inc. 316 1.89%
Canon Inc. 308 1.84%
Svenska Cellulosa Aktiebol 301 1.80%
Elan Corp. PLC 288 1.72%
Solvay NPV 279 1.67%
Top Ten Equity Holdings Total: $ 3,735* 22.40%
As of December 31, 1999, statement of assets. Subject to change.
*Market Values are rounded; may not equal total.
CHART - COUNTRY DIVERSIFICATION - UMB SCOUT WORLDWIDE FUND (UMBWX)
CHART - COUNTRY DIVERSIFICATION - UMB SCOUT WORLDWIDE SELECT FUND
CHART - HISTORICAL PER-SHARE RECORD
UMB Scout WorldWide Fund (UMBWX)
Income & Cumulative*
Net Short-Term Long-Term Value Per
Asset Gains Gains Share Plus
Value Distribution Distribution Distributions
12/31/93 $10.68 $ 0.03 $ - $10.71
12/31/94 10.84 0.24 - 11.11
12/31/95 12.08 0.30 0.04 12.69
12/31/96 13.94 0.24 0.10 14.89
12/31/97 16.02 0.31 0.16 17.44
12/31/98 18.56 0.31 0.02 20.31
12/31/99 23.77 0.45 0.12 26.09
*Does not assume any compounding of reinvested distributions.
Table shows calendar year distributions and net asset values; may differ from
fiscal year annual reports.
CHART - HISTORICAL PER-SHARE RECORD
UMB Scout WorldWide Select Fund
Income & Cumulative*
Net Short-Term Long-Term Value Per
Asset Gains Gains Share Plus
Value Distribution Distribution Distributions
12/31/99 $12.00 $ 0.08 $ - $12.08
*Does not assume any compounding of reinvested distributions.
Table shows calendar year distributions and net asset values; may differ from
fiscal year annual reports.
FINANCIAL STATEMENTS December 31, 1999 (unaudited)
Statement of Net Assets
<TABLE>
<CAPTION> MARKET
SHARES COMPANY VALUE
</CAPTION>
<S> <C>
WORLDWIDE PORTFOLIO
COMMON STOCKS (ADR's) - 86.98%
AUSTRALIA - 3.67%
116,000 Amcor Ltd. $ 2,233,000
58,380 Broken Hill Proprietary Co. Ltd. 1,550,719
298,000 Coca-Cola Amatil Ltd. ORD 811,247
220,000 Coca-Cola Amatil Ltd. ADR 1,197,702
83,180 Coles Myer Ltd. 3,410,380
36,000 Commonwealth Bank of Australia 617,937
9,820,984
AUSTRIA - 1.47%
40,600 OMV A.G.* 3,927,303
BELGIUM - 1.32%
42,900 Solvay NPV* 3,526,243
BRAZIL - 3.62%
181,200 Aracruz Celulose SA 4,756,500
38,540 Telecomunicacoes Brasileiras 4,952,390
9,708,890
CANADA - 4.68%
61,600 BCE Inc. 5,555,550
95,800 Canadian Pacific Ltd. 2,065,688
108,000 Imperial Oil Ltd. 2,335,500
50,100 Magna International Cl. A 2,122,988
50,000 Prudential Steel Ltd.* 447,867
12,527,592
CHILE - 0.83%
52,500 Embotelladora Andina SA De Chile 935,156
40,700 Sociedad Quimica Minera De Chile ADR 1,284,594
2,219,750
DENMARK - 1.39%
57,800 Novo-Nordisk A.S. 3,735,325
FINLAND - 3.06%
43,200 Nokia, CP ADS, Pfd. 8,208,000
FRANCE - 6.54%
91,558 Alcatel Alsthom 4,120,110
62,700 Aventis -Sponsored ADR 3,566,063
23,770 Carrefour Supermarche, SA * 4,362,733
60,200 Schlumberger Ltd. 3,386,250
30,035 Total SA 2,079,924
17,515,079
GERMANY - 7.97%
39,166 Daimler Chrysler A. G. 3,064,740
34,600 Dresdner Bank A.G. 144A 1,872,708
15,100 Dresdner Bank A.G. 689,356
76,600 Fresenius Medical Care ADR 2,173,525
51,600 Henkel KGAA, Pfd. * 3,424,118
10,240 SAP A.G.* 4,978,319
40,800 Siemens A.G. 5,164,921
21,367,687
HONG KONG - 1.25%
728,100 CLP Holdings Ltd. 3,353,192
HUNGARY - 1.25%
93,300 Magyar Tavkozlest Rt. 3,358,800
IRELAND - 1.94%
176,400 Elan Corp. PLC 5,203,800
ITALY - 5.39%
61,952 Benetton Group S.p.A. 2,814,944
170,000 Luxottica Group S.p.A. 2,985,625
1,861,000 Parmalat Finanziaria S.p.A. 2,369,142
44,900 Telecom Italia S.p.A. 6,286,000
14,455,711
JAPAN - 14.60%
109,800 Canon Inc. 4,453,763
81,700 Fuji Photo Film Ltd. 3,125,025
33,500 Hitachi, Ltd. 5,422,813
23,150 Ito Yokado, Ltd. 2,422,069
147,000 Kao Corp.* 4,186,459
85,000 Minebea Co. Ltd. 1,455,767
34,700 Sony Corp. 9,880,825
70,000 Takeda Chemical Inds.* 3,453,666
48,600 Toyota Motor Corp. 4,732,425
39,132,810
NETHERLANDS - 3.46%
40,397 Aegon N.V. 3,857,914
60,400 Akzo N.V. 3,004,900
80,208 Koninklijke Ahold N.V. 2,401,227
9,264,041
NEW ZEALAND - 1.53%
106,200 Telecom Corp. 4,088,700
NORWAY - 0.96%
60,055 Norsk Hydro A.S. 2,567,351
PORTUGAL - 1.64%
403,500 Portugal Telecom S.A. 4,388,063
SPAIN - 2.23%
108,000 Repsol S.A. 2,511,000
44,131 Telefonica De Espana S. A. 3,478,074
5,989,074
SWEDEN - 3.68%
47,200 Aktiebolaget Electrolux 2,371,800
52,000 Ericsson (L.M.) Telephone Co. Cl. B 3,415,750
138,100 Svenska Cellulosa Aktiebol* 4,073,651
9,861,201
SWITZERLAND - 1.40%
4,280 ABB A.G. 686,839
17,050 Nestle S.A. 1,553,506
20,613 Novartis A. G. 1,505,351
3,745,695
UNITED KINGDOM - 11.11%
291,006 Bass Public Ltd. Co. 3,437,508
44,000 BP Amoco PLC 2,609,750
82,572 Cadbury Schweppes Ltd. PLC 1,997,210
82,800 Carlton Communications PLC 3,943,350
62,243 Diageo PLC 1,991,776
81,400 Imperial Chemical Industries PLC 3,464,588
40,506 Reuters Holdings PLC 3,273,391
152,425 Royal Bank of Scotland PLC * 2,697,384
32,000 SmithKline Beecham PLC 2,062,000
60,178 Unilever PLC 1,824,146
50,000 Vodafone Group 2,475,000
29,776,103
UNITED STATES - 1.99%
75,000 Agribrands International, Inc. 3,450,000
16,000 Sprint Corp. 1,077,000
4,000 Sprint PCS 410,000
11,679 Transocean Sedco Forex Inc. 393,430
5,330,430
TOTAL COMMON STOCKS (ADR's) - 86.98% 233,071,823
</TABLE>
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT DESCRIPTION VALUE
</CAPTION>
<S> <C>
SHORT-TERM CORPORATE NOTES - 6.69%
$ 2,000,000 Becton Dickinson & Co., 5.90%, due February 11, 2000 1,986,233
2,000,000 Bellsouth Telecommunications, Inc.,
5.86% due February 8, 2000 1,987,303
2,000,000 Campbell Soup Co., 6.00%, due February 2, 2000 1,989,000
2,000,000 Chevron USA, Inc., 6.37%, due January 18, 2000 1,993,630
1,500,000 Du Pont E I De Nemours & Co.,
5.78%, due January 21, 2000 1,494,943
2,000,000 Dun & Bradstreet Corp., 5.95%, due January 25, 2000 1,991,736
2,000,000 General Mills Inc., 5.87%, due January 5, 2000 1,998,369
2,000,000 Progress Cap Holdings Inc., 5.90%, due January 14, 2000 1,995,411
2,500,000 Wisconsin Electric Power Co., 6.25%, due February 4, 2000 2,484,809
TOTAL SHORT-TERM CORPORATE NOTES - 6.69% 17,921,435
GOVERNMENT-SPONSORED ENTERPRISES - 1.85%
1,000,000 Federal National Mortgage Assn., 5.47%, due February 8, 2000 994,074
2,000,000 Federal National Mortgage Assn., 5.50%, due January 20, 2000 1,993,889
2,000,000 Federal National Mortgage Assn., 5.60%, due March 2, 2000 1,980,711
GOVERNMENT-SPONSORED ENTERPRISES - 1.85% 4,968,674
REPURCHASE AGREEMENT - 5.11%
13,680,000 Northern Trust Co., 3.50%, due January 3, 2000
(Collateralized by U.S. Treasury Notes,
5.375%, due July 31, 2000) 13,680,000
TOTAL INVESTMENTS - 100.63% 269,641,932
Other assets less liabilities - (0.63%) (1,681,529)
TOTAL NET ASSETS - 100.00%
(equivalent to $23.77 per share; 10,000,000 shares of $1.00 par value
capital shares authorized; 11,254,124.838 shares outstanding) $267,960,403
ADR - American Depository Receipt
*Non ADR
</TABLE>
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS December 31, 1999 (unaudited)
Statement of Net Assets
<TABLE>
<CAPTION> MARKET
SHARES COMPANY VALUE
WORLDWIDE SELECT PORTFOLIO
</CAPTION>
<S> <C>
COMMON STOCKS (ADR's) - 96.99%
AUSTRIA - 1.43.%
2,300 OMV AG $ 222,483
AUSTRALIA - 4.77%
10,000 Amcor Ltd. 192,500
5,400 Broken Hill Proprietary Co. Ltd. 143,438
19,400 Coca-Cola Amatil Ltd. Ord 52,813
16,400 Coca-Cola Amatil Ltd. 89,283
4,800 Coles Myer Ltd. 196,800
4,000 Commonwealth Bank of Australia 68,660
743,493
BELGIUM - 1.79%
3,400 Solvay NPV* 279,469
BRAZIL - 3.04%
9,200 Aracruz Celulose SA 241,500
1,800 Telecomunicacoes Brasileiras 231,300
472,800
CANADA - 4.87%
3,500 BCE Inc.* 315,656
6,100 Canadian Pacific Ltd.* 131,531
7,200 Imperial Oil Ltd. 155,700
3,070 Magna International Cl. A* 130,091
2,900 Prudential Steel Ltd. 25,976
758,955
CHILE - 1.58%
4,100 Embotelladora Andina SA De Chile 73,031
5,500 Sociedad Quimica Minera De Chile 173,594
246,625
DENMARK - 1.18%
2,850 Novo-Nordisk A.S. 184,181
FINLAND - 2.99%
2,450 Nokia, CP ADS, Pfd. 465,500
FRANCE - 6.49%
6,100 Alcatel Alsthom 274,500
3,400 Aventis -Sponsored ADR 193,375
1,230 Carrefour Supermarche, SA * 225,754
2,800 Schlumberger Ltd. 157,500
2,300 Total SA 159,275
1,010,404
GERMANY - 9.17%
3,142 Daimler Chrysler A. G. 245,862
3,800 Dresdner Bank A.G. 205,673
4,400 Fresenius Medical Care ADR 124,850
3,400 Henkel KGAA, Pfd. * 225,620
380 SAP A.G. ORD 184,742
1,000 SAP A.G. ADR 52,063
3,075 Siemens A.G. 389,268
1,428,078
HONG KONG - 1.22.%
41,300 CLP Holdings Ltd. 190,203
HUNGARY - 1.02%
4,400 Magyar Tavkozlest Rt. 158,400
IRELAND - 1.85%
9,750 Elan Corp. PLC 287,625
ITALY - 5.74%
4,400 Benetton Group S.p.A. 199,925
12,100 Luxottica Group S.p.A. 212,506
81,000 Parmalat Finanziaria S.p.A. 103,117
2,700 Telecom Italia S.p.A. 378,000
893,548
JAPAN - 16.19%
7,600 Canon Inc. 308,275
5,200 Fuji Photo Film Ltd. 198,900
2,300 Hitachi, Ltd. 372,313
1,500 Ito Yokado, Ltd. 156,938
9,400 Kao Corp. 267,706
9,000 Minebea Co. Ltd. 154,140
2,240 Sony Corp. 637,840
3,100 Takeda Chemical Inds. 152,948
2,800 Toyota Motor Corp. 272,650
2,521,709
NETHERLANDS - 4.00%
2,250 Aegon N.V. 214,875
3,400 Akzo N.V. 169,150
6,800 Koninklijke Ahold N.V. 203,575
642 Uniliver N.V. 34,949
622,549
NEW ZEALAND - 1.56%
6,300 Telecom Corp. 242,550
NORWAY - 0.93%
3,400 Norsk Hydro A.S. 145,350
PORTUGAL - 1.60%
22,900 Portugal Telecom S.A. 249,038
SPAIN - 3.82%
7,200 Repsol S.A. 167,400
7,300 Telefonica De Argentina S.A. 225,388
2,560 Telefonica De Espana S.A. 201,760
594,548
SWEDEN - 4.67%
4,050 Aktiebolaget Electrolux 203,513
3,400 Ericsson (L.M.) Telephone Co. Cl. B 223,338
10,200 Svenska Cellulosa Aktiebol* 300,878
727,728
SWITZERLAND - 2.22%
2,200 Nestle S.A. 200,452
2,000 Novartis A. G. 146,058
346,511
UNITED KINGDOM - 12.58%
16,450 Bass Public Ltd. Co. 194,316
1,400 BP Amoco PLC 83,038
1,000 Cadbury Schweppes Ltd. PLC 241,875
5,800 Carlton Communications PLC 276,225
7,200 Diageo PLC 230,400
4,300 Imperial Chemical Industries PLC 183,019
2,300 Reuters Holdings PLC 185,869
9,500 Royal Bank of Scotland PLC * 168,116
2,800 SmithKline Beecham PLC 180,425
2,400 Unilever PLC 72,750
2,900 Vodafone Group 143,550
1,959,582
UNITED STATES - 2.30%
5,200 Agribrands International, Inc. 239,200
1,500 Sprint Corp. 100,969
543 Transocean Sedco Forex Inc. 18,299
358,468
TOTAL COMMON STOCKS (ADR's) - 96.99% 15,109,794
FACE MARKET
AMOUNT DESCRIPTION VALUE
REPURCHASE AGREEMENT - 10.30%
$ 1,605,000 Northern Trust Co., 3.50%, due January 3, 2000
(Collateralized by U.S. Treasury Notes,
5.375%, due July 31, 2000) 1,605,000
TOTAL INVESTMENTS - 107.30% 16,714,794
Other assets less liabilities - (7.30%) (1,136,702)
TOTAL NET ASSETS - 100.00%
(equivalent to $12.00 per share; 10,000,000 shares of $1.00 par value
capital shares authorized; 1,304,910.285 shares outstanding) $ 15,578,092
ADR - American Depository Receipt
*Non ADR
</TABLE>
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS DECEMBER 31, 1999 (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
WORLDWIDE
WORLDWIDE SELECT
ASSETS:
Investment securities, at market value
(identified cost $195,650,302 and
$14,696,027, respectively) $269,641,932 $ 16,714,794
Cash (608,999) (5,785)
Dividends receivable 264,717 15,523
Receivable for investments sold 2,472,011 224,269
Total assets 271,769,661 16,948,801
LIABILITIES:
Payments for investments purchased 4,258,280 1,284,006
Total liabilities 4,258,280 1,284,006
NET ASSETS $267,511,381 $ 15,664,795
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in capital) $194,617,788 $ 13,666,218
Accumulated undistributed income:
Net investment income 313,440 (1,386)
Net realized gain (loss) on investment
transactions (1,291,744) (18,804)
Net unrealized appreciation (depreciation)
on investments and translation of assets
and liabilities in foreign currencies 73,871,897 2,018,767
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $267,511,381 15,664,795
Capital shares, $1.00 par value
Authorized 20,000,000 10,000,000
Outstanding 11,254,125 1,304,910
NET ASSET VALUE PER SHARE $ 23.77 $ 12.00
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1999, AND THE PERIOD MAY 17, 1999
(INCEPTION) TO JUNE 30, 1999
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
WORLDWIDE
WORLDWIDE SELECT
</CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
Income:
Dividends $ 963,344 $ 42,403
Interest 894,259 34,374
1,857,603 76,777
Expenses:
Management fees 922,376 36,745
Government fees 46,965 -
969,341 36,745
Net investment income 888,262 40,032
REALIZED and unrealized gain (LOSS) ON INVESTMENTS
and foreign currency:
Net realized gain (loss) from investment
and foreign currency transactions 936,994 36,835
Increase (decrease) in net unrealized
appreciation on investments
and translation of assets and liabilities
in foreign currencies 39,119,562 1,933,945
Net realized and unrealized gain (loss)
on investments and foreign currency 40,056,556 1,970,780
Net increase (decrease) in net assets
resulting from operations $40,944,818 $ 2,010,812
</TABLE>
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS
Statements of Changes in net assets
<TABLE>
<CAPTION>
WORLDWIDE
WORLDWIDE SELECT
WORLDWIDE SELECT FOR THE PERIOD
SIX MONTHS SIX MONTHS MAY 17, 1999
ENDED WORLDWIDE ENDED (INCEPTION)
DECEMBER 31, 1999 YEAR ENDED DECEMBER 31, 1999 TO
(UNAUDITED) JUNE 30, 1999 (UNAUDITED) JUNE 30, 1999
</CAPTION>
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income $ 888,262 $ 2,032,442 $ 40,032 $ 3,315
Net realized gain (loss) from investment
and foreign currency transactions 936,994 1,704,444 36,835 2,197
Increase (decrease) in net unrealized appreciation
on investments and translation of assets
and liabilities in foreign currencies 39,119,562 12,313,756 1,933,945 84,794
Net increase (decrease) in net assets resulting
from operations 40,944,818 16,050,642 2,010,812 90,306
DISTRIBUTIONS TO SHAREHOLDERS FROM:*
Net investment income (1,031,589) (1,687,760) (44,703) -
Net realized gain (loss) from investment
transactions (3,940,780) (91,395) (57,835) -
Decrease in net assets
from distributions (4,972,369) (1,779,155) (102,538) -
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from 5,747,273; 7,511,796;
1,024,989 and 280,610 shares sold,
respectively 122,727,926 141,947,545 10,900,350 2,771,494
Net asset value of 185,805; 62,507; and
2,208 shares issued for reinvestment
of distributions 4,186,189 1,233,449 24,967 -
126,914,115 143,180,994 10,925,317 2,771,494
Cost of 3,181,304 and 2,897 shares
redeemed (76,020,839) (60,041,596) (30,596) -
Net increase (decrease) in net assets
from capital share transactions 50,893,276 83,139,398 10,894,721 2,771,494
Net increase (decrease) in net assets 86,865,725 97,410,885 12,802,995 2,861,800
NET ASSETS:
Beginning of period 180,645,656 83,234,771 2,861,800 -
End of period (including undistributed
net investment income of $313,440,
$456,766 $3,285 and $3,315,
respectively) $267,511,381 $180,645,656 $15,664,795 -
Distributions to shareholders:
Income dividends per share $ 0.08 $ 0.23 $ - $ -
Capital gains distribution per share $ 0.36 $ 0.02 $ 0.05 $ -
</TABLE>
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. Effective on April 24,
1996, the Fund's shareholders approved a change in the fiscal year-end. Its
shares are currently issued in two series (WorldWide and WorldWide Select) with
each series, in effect, representing a separate fund. A summary of significant
accounting policies that the Fund uses in the preparation of its financial
statements follows. 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 period 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.
Foreign Currency - Amounts denominated in, or expected to settle in, foreign
currencies (FC) are translated into United States dollars (US$) at rates
provided by an independent pricing service on the following basis:
a. Market value of investment securities, other than assets and liabilities -
at the closing rate of exchange on December 31, 1999.
b. Purchases and sales of investment securities, income and expenses - at the
rate of exchange prevailing on the respective dates of such transactions (or at
the average rate if significant rate fluctuations have not occurred).
c. The Fund does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss
from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities; sales of FCs, currency gains or losses
realized between the trade and settlement dates on securities transactions; the
difference between the amounts of dividends, interest and foreign withholding
taxes recorded on the Fund's books; and the US$ equivalent of the amounts
actually received or paid. Net unrealized foreign exchange gains and losses
arise from changes in the value of assets and liabilities other than investments
in securities at fiscal year end, resulting from changes in the exchange rate.
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.
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 year ended December 31, 1999 (excluding repurchase
agreements and short-term securities), were as follows:
Other than
U.S. Government U.S. Government
WorldWide Fund Securities Securities
Purchases $397,590,350 $ 7,879,990
Proceeds from sales 105,806,919 6,500,000
WorldWide Select Fund
Purchases $ 73,401,083 $ -
Proceeds from sales 215,348 -
3. MANAGEMENT FEES - UMB Bank, n.a. is the Fund's manager and investment
advisor 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 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 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
Stock Select Fund
Regional Fund
WorldWide Fund
WorldWide Select Fund
Capital Preservation Fund
Balanced Fund
Bond Fund
Kansas Tax-Exempt Bond Fund*
Money Market Fund
Federal Portfolio
Prime Portfolio
Tax-Free Money Market Fund
*Available in Kansas and Missouri only.
INVESTMENT ADVISORS AND MANAGER
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 219757
Kansas City, MO 64121-9757
Toll Free 800-996-2862
www.umb.com
"UMB", "Scout" and the "Scout" design are registered
service marks of UMB Financial Corporation.
