Funds

You should consider the Funds' investment objectives, risks, charges and expenses carefully before investing. For a prospectus, which contains this and other information about the Funds call 800.996.2862 or download a PDF of the prospectus now. Please read the prospectus carefully before investing.

Stock fund values fluctuate and investors may lose principal value.  Small and mid cap stocks involve greater risks and they can fluctuate in price more than larger company stocks.  Foreign investments present additional risk due to currency fluctuations, economic developments, political instability and other factors; this may be enhanced when investing in emerging markets. An unconstrained investment approach can create considerable exposure to certain types of securities, such as derivatives, that present significant volatility, particularly over short periods of time. Derivatives such as options, futures contracts, currency forwards or swap agreements may involve greater risks. Derivatives may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a position my not close out when it would be advantagout to do so. Derivative investments could lose more than the principal amount invested. The return of principal in a bond fund is not guaranteed. Bond funds have the same interest rate, inflation and credit risks that are associated with underlying bonds owned by the fund.  Lower rated bonds and other types of debt obligations involve greater risks than higher rated bonds.   

MORNINGSTAR

The Overall Morningstar Rating™ for a fund is derived from the weighted-average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variations in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in a broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

As of December 31, 2011, the Scout International Fund received the following star ratings among U.S. domiciled Foreign Large Growth funds for the following time periods: 3 stars (among 213 funds) for the three-year, 4 stars (among 164 funds) for the five-year and 4 stars (among 96 funds) for the ten-year time periods. The Scout Small Cap Fund received the following star ratings among U.S. domiciled Small Growth funds for the following time periods: 1 star (among 676 funds) for the three-year, 2 stars (among 573 funds) for the five-year and 4 stars (among 368 funds) for the ten-year time periods. The Scout Stock Fund received the following star ratings among U.S. domiciled Large Growth funds for the following time periods: 1 star (among 1,478 funds) for the three-year, 4 stars (among 1,279 funds) for the five-year and 4 stars (among 804 funds) for the ten-year time periods. The Scout Mid Cap Fund received 5 stars (among 378 Mid-Cap Blend funds) for the 3-year time period and 5 stars (among 312 Mid-Cap Blend funds) for the 5-year time period . The Scout International Discovery Fund received 2 stars (among 129 Foreign Small/Mid Growth funds) for the 3-year time period.

As of December 31, 2011, the Scout Core Plus Bond Fund I-share received the following star ratings among U.S. domiciled Intermediate-Term Bond funds for the following time periods: 5 stars (among 1,018 funds) for the three-year, 5 stars (among 873 funds) for the five-year and 5 stars (among 582 funds) for the ten-year time periods. The Scout Core Bond Fund I-share received the following star ratings among U.S. domiciled Intermediate-Term Bond funds for the following time periods: 5 stars (among 1,018 funds) for the three-year, 5 stars (among 873 funds) for the five-year and 4 stars (among 582 funds) for the ten-year time periods.

© 2011 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures.  It may be based, in part, on the performance of a predecessor Fund.

LIPPER

The Lipper Fund awards were calculated for periods over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determined the fund classification winner over three, five and ten years. Lipper ratings for Consistent Return identify funds that have provided relatively superior consistency and risk-adjusted returns when compared to a group of similar funds. Past performance is no guarantee of future results.

The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Total Return, Consistent Return, Preservation and Expense metrics over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leaders, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1.

Lipper ratings for Total Return reflect funds' historical total return performance relative to peers as of December 31, 2011.  The Scout International Fund, in Lipper's International Large-Cap Growth classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: a 4 rating (among 222 equity funds), Lipper Leader rating (among 190 equity funds), and Lipper Leader rating (among 112 equity funds). The Scout Core Bond Fund I-share, in Lipper's Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: Lipper Leader rating (among 511 bond funds), Lipper Leader rating (among 424 bond funds), and Lipper Leader rating (among 293 bond funds). The Scout Core Plus Bond Fund I-share, in Lipper's Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: Lipper Leader rating (among 511 bond funds), Lipper Leader rating (among 424 bond funds), and Lipper Leader rating (among 293 bond funds). The Scout Mid Cap Fund, in Lipper’s Mid-Cap Core classification, received  the following rating for the 3- and 5-year periods respectively, Lipper Leader rating (among 275 funds) and Lipper Leader rating (among 235 funds).

Lipper ratings for Consistent Return identify funds that have provided relatively superior consistency and risk-adjusted returns when compared to a group of similar funds as of December 31, 2011. Funds which achieve high ratings for Consistent Return may be the best fit for investors who value a fund’s year-to-year consistency relative to other funds in a particular peer group. The Scout International Fund, in Lipper’s International Large-Cap Growth classification, received the following ratings for the 3-, 5- and 10-year periods: a 4 rating (among 222 equity funds), Lipper Leader rating (among 190 equity funds) and Lipper Leader rating (among 112 equity funds). The Scout Core Bond Fund I-share, in Lipper's Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: Lipper Leader rating (among 506 bond funds), Lipper Leader rating (among 419 bond funds), and Lipper Leader rating (among 287 bond funds). The Scout Core Plus Bond Fund I-share, in Lipper's Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: Lipper Leader rating (among 506 bond funds), Lipper Leader rating (among 419 bond funds), and Lipper Leader rating (among 287 bond funds). The Scout Mid Cap Fund, in Lipper’s Mid-Cap Core classification, received  the following rating for the 3- and 5-year periods respectively, Lipper Leader rating (among 275 funds) and Lipper Leader rating (among 235 funds).  Investors are cautioned that some peer groups are inherently more volatile than others, and even Lipper Leaders for Consistent Return in the most volatile groups may not be well suited to shorter-term goals or less risk-tolerant investors.

Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class December 31, 2011. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds. The Scout Stock Fund, in Lipper’s Large-Cap Core classification, received the following ratings for the 3-, 5- and 10-year periods: Lipper Leader rating (among 10,210 equity funds), a 4 rating (among 8,217 equity funds) and Lipper Leader rating (among 4,769 equity funds).
 

Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures as of December 31, 2011. The Scout International Fund, in Lipper's International Large-Cap Growth classification, received the following ratings for the 3-, 5- and 10-year periods: Lipper Leader rating (among 68 equity funds), Lipper Leader rating (among 61 equity funds) and Lipper Leader rating (among 44 equity funds). The Scout Small Cap Fund, in Lipper's Small Cap Core classification, received the following ratings for the 3-, 5- and 10-year periods: Lipper Leader rating (among 224 equity funds), Lipper Leader rating (among 190 equity funds) and a 4 rating (among 128 funds).  The Scout Core Bond Fund I-share, in Lipper's Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: Lipper Leader rating (among 153 bond funds), Lipper Leader rating (among 136 bond funds), and Lipper Leader rating (among 104 bond funds). The Scout Core Plus Bond Fund I-share, in Lipper's Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: Lipper Leader rating (among 153 bond funds), Lipper Leader rating (among 136 bond funds), and Lipper Leader rating (among 104 bond funds).

Lipper ratings are not intended to predict future results and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperleaders.com. Lipper Leader Copyright 2011, Reuters, All Rights Reserved. The Lipper Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures.  It may be based, in part, on the performance of a predecessor Fund.

Average Annual Returns as of December 31, 2011:

Scout International Fund: 1-Year: -12.35%, 5-Years: -0.38%, 10-Years: 6.54%
Gross Expense Ratio 0.94% (as of 06/30/11)

Scout Stock Fund: 1-Year: -1.28%, 5-Years: 0.80%, 10-Years: 2.95%
Gross Expense Ratio: 0.93% (as of 06/30/11)

Scout Small Cap Fund: 1-Year: -4.02%, 5-Years: -1.01%, 10-Years: 5.53%
Gross Expense Ratio: 1.03% (as of 06/30/11)

Scout Mid Cap Fund: 1-Year: 0.32%, 5-Years: 8.36%, Since inception: 8.50%
Gross Expense Ratio: 1.04% (as of 06/30/11)

Scout International Discovery: 1-Year: -12.92%, Since inception: -3.35%
Gross Expense Ratio: 1.69% (as of 06/30/11)

Scout Core Plus Bond Fund – Institutional Class: 1-Year: 8.28%, 5-Years: 9.56%, 10-Years: 7.67%
Gross Expense Ratio: 0.50% as of 06/30/11

Scout Core Plus Bond Fund – Y Class: 1-Year :7.89%, Since inception: 8.28%
Gross Expense Ratio: 0.90% as of 06/30/11
Inception date: 11/12/2009

Scout Core Fund – Institutional Class: 1-Year: 7.64%, 5-Years: 8.40%, 10-Years: 6.53%
Gross Expense Ratio: 0.64 % as of 06/30/11

Scout Core Fund – Y Class: Since inception: 5.94%
Gross Expense Ratio 1.04% as of 06/30/11

Scout Unconstrained Bond Fund – 0 Class: Since inception: 4.66%
Gross Expense Ratio 2.05% as of 06/30/11

Prior to April 25, 2011 the Scout Core Fund was known as the Scout Bond Fund.

The Scout Mid Cap Fund's inception date was October 31, 2006.

The Scout International Discovery Fund's inception date was December 31, 2007.

The performance data quoted represents past performance and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 800.996.2862.

The Advisor has entered into agreements to waive advisory fees and/or assume certain other expenses through the later of April 13, 2013 or two years from the date of the closing of the reorganization of the Frontegra Columbus Core Plus Fund with and into the Scout Core Plus Bond Fund  and the Frontegra Columbus Core fund with and into the Scout Core Bond Fund in order to limit the Total Annual Fund Operating Expenses (excluding any taxes, interest, brokerage fees and non-routine expenses)before taking into account any Rule 12b-1 fees, shareholder servicing fees or acquired fund fees and expenses to no more than 0.40% for the Institutional Class and .80% for the Y Share class for both funds. If Total Annual Fund Operating Expenses would fall below the expense limit the Advisor may cause the Fund’s expenses to remain at the expense limit while it is reimbursed for fees that it reduced or expenses that it assumed during the previous three year period.  This expense agreement may not be terminated prior to the later of April 21, 2013 or two years from the date of the closing of the reorganization of the Frontegra Columbus Core Plus Fund with and into the Scout Core Plus Bond Fund, unless the Fund’s Board of Trustees consents to an earlier revision or termination as being in the best interests of the Fund.

The recent growth in the fixed income market has helped to produce short-term returns for some asset classes that are not typical and may not continue in the future.  Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

The performance of the Scout Core Bond Fund Class I Shares reflects the historical performance of the Frontegra Columbus Core Fund Class I Shares (the "Predecessor Fund").  Effective as of the close of business on April 25, 2011 the Predecessor Fund was reorganized into the Fund.  The Predecessor Fund and the Fund have substantially similar principal investment strategies.  The Predecessor Fund's original Class I Shares returns reflect the total annual operating fees and expenses, net of any fee and expense waivers, of the Scout Core Bond Fund Class I Shares.

The performance of the Scout Core Plus Bond Fund Class I Shares and Class Y Shares reflects the historical performance of the Frontegra Columbus Core Plus Fund Class I Shares and Class Y Shares (the "Predecessor Fund").  Effective as of the close of business on April 25, 2011 the Predecessor Fund was reorganized into the Fund.  The Predecessor Fund and the Fund have substantially similar principal investment strategies.  The Predecessor Fund's original Class I Shares and Class Y Shares returns reflect the total annual operating fees and expenses, net of any fee and expense waivers, of the Scout Core Plus Bond Fund Class I Shares and Class Y Shares.

The performance returns for the Scout Stock Fund reflect a fee waiver in effect. In the absence of such waiver, the returns would be reduced. Scout Investments, Inc. (the “Advisor”) has entered into an agreement to reduce advisory fees and/or assume certain fund expenses through October 31, 2012 in order to limit the Total Annual Fund Operating Expenses (excluding any taxes, interest, brokerage fees and non-routine expenses) before taking into account any acquired fund fees and expenses to no more than 0.90%. If Total Annual Fund Operating Expenses would fall below the expense limit, the Advisor may cause the Fund’s expenses to remain at the expense limit while it is reimbursed for fees that it reduced or expenses that it assumed during the previous three year period. This expense limitation agreement may not be terminated prior to October 31, 2012 unless the Fund’s Board of Trustees consents to an earlier revision or termination as being in the best interests of the Fund.

The performance returns for the International Discover Fund reflect a fee waiver in effect. In the absence of such waiver, the returns would be reduced. Scout Investments, Inc. (the “Advisor”) has entered into an agreement to reduce advisory fees and/or assume certain fund expenses through October 31, 2012 in order to limit the Total Annual Fund Operating Expenses (excluding any taxes, interest, brokerage fees and non-routine expenses) before taking into account any acquired fund fees and expenses to no more than 1.60%. If Total Annual Fund Operating Expenses would fall below the expense limit, the Advisor may cause the Fund’s expenses to remain at the expense limit while it is reimbursed for fees that it reduced or expenses that it assumed during the previous three year period. This expense limitation agreement may not be terminated prior to October 31, 2012 unless the Fund’s Board of Trustees consents to an earlier revision or termination as being in the best interests of the Fund.

Prior to July 2, 2001, the Scout Small Cap Fund was known as the UMB Scout Regional Fund and was managed in accordance with a different investment objective and strategy.

Prior to April 1, 2005, the Scout Stock Fund was managed in accordance with a different investment strategy.

A redemption fee of 2% will be imposed on redemptions or exchanges made within two months of purchase of shares in the Scout International Fund, Scout Small Cap Fund, Scout Mid Cap Fund and Scout International Discovery Fund. Certain types of accounts are exempt from this fee. Please see the prospectus for more information.

“Scout” and the “Scout” design are registered service marks of UMB Financial Corporation.

• NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE