Scout Funds - Funds

Consider the Funds' investment objectives, risks, charges and expenses carefully before investing. For a Prospectus or Summary Prospectus, which contain this and other information about the Funds, call 800.996.2862 or download a PDF from the link provided on the home page. Please read the Prospectus carefully before investing.

Stock fund values fluctuate and investors may lose principal value. Small-cap and mid-cap stocks are subject to substantial risks such as market, business, size volatility, management experience, product diversification, financial resource, competitive strength, liquidity, and potential to fall out of favor that may cause their prices to fluctuate over time, sometimes rapidly and unpredictably. Additionally, smaller company stocks tend to be sold less often and in smaller amounts than larger company stocks. Real Estate Investment Trusts (REITS) may be affected by economic conditions including credit risk, interest rate risk and other factors that affect property values, rents or occupancies of real estate.

Foreign investments present additional risk due to currency fluctuations, economic developments, lower liquidity, political instability, government regulations, differences in securities regulations accounting standards, possible changes in taxation, limited public information and other factors. Risks are magnified in countries with emerging markets, because these countries may have relatively unstable governments and less stable less established markets and economies.

The return of principal in a fixed income fund is not guaranteed. Fixed income funds have the same issuer, interest rate, inflation and credit risks that are associated with underlying fixed income securities owned by the fund. Mortgage- and Asset-Backed Securities are subject to prepayment risk and the risk of default on the underlying mortgages or other assets. High yield securities involve greater risk than investment grade securities and tend to be more sensitive to economic conditions and credit risk. 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 than if the Fund invested in the referenced obligation directly. 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 fund could not close out a position when it would be most advantageous to do so. The use of leverage may increase market exposure, magnify investment risks, and cause losses to be realized more quickly. Derivative investments could lose more than the principal amount invested. The Scout fixed income funds may use derivatives for hedging purposes or as part of their investment strategy.

Certain funds may, at times, experience higher-than-average portfolio turnover which may generate significant taxable gains and increased trading expenses which in turn may lower the fund’s return.

Diversification does not prevent loss or enhance returns.

MORNINGSTAR

The Overall Morningstar Rating™ for a fund is derived from the weighted-average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics.

For each fund with at least a 3-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 April 30, 2013, 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 221 funds) for the 3-year, 4 stars (among 177 funds) for the 5-year and 4 stars (among 104 funds) for the 10-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: 4 star (among 638 funds) for the 3-year, 2 stars (among 563 funds) for the 5-year and 3 stars (among 369 funds) for the 10-year time periods. The Scout Mid Cap Fund received the following star ratings among U.S. domiciled Mid-Cap Blend funds for the following time periods: 4 stars (among 348 funds) for the 3-year time period and 5 stars (among 312 funds) for the 5-year time period. The Scout International Discovery Fund received the following star ratings among U.S. domiciled Foreign Small/Mid Growth funds for the following time periods: 2 stars (among 122 funds) for the 3-year time period and 3 stars (among 100 funds) for the 5-year time period. The Scout Core Plus Bond Fund - Institutional Class share received the following star ratings among U.S. domiciled Intermediate-Term Bond funds for the following time periods: 5 stars (among 994 funds) for the 3-year, 5 stars (among 868 funds) for the 5-year and 5 stars (among 604 funds) for the 10-year time periods. The Scout Core Bond Fund - Institutional Class share received the following star ratings among U.S. domiciled Intermediate-Term Bond funds for the following time periods: 3 stars (among 994 funds) for the 3-year, 4 stars (among 868 funds) for the 5-year and 4 stars (among 604 funds) for the 10-year time periods.

© 2013 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 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 3-, 5-, and 10-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 April 30, 2013. The Scout International Fund, in Lipper's International Large-Cap Growth Funds classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: a 4 rating (among 194 equity funds), a Lipper Leader rating (among 157 equity funds), and a Lipper Leader rating (among 114 equity funds). The Scout Mid Cap Fund, in Lipper’s Mid-Cap Core Funds classification, received the following rating for the 3- and 5-year periods respectively, a 4 rating (among 313 equity funds) and a Lipper Leader rating (among 274 equity funds). The Scout Core Bond Fund - Institutional Class share, in Lipper's Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: a 3 rating (among 540 bond funds), a Lipper Leader rating (among 463 bond funds), and a Lipper Leader rating (among 319 bond funds). The Scout Core Plus Bond Fund - Institutional Class share, in Lipper's Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: a Lipper Leader rating (among 540 bond funds), a Lipper Leader rating (among 463 bond funds), and a Lipper Leader rating (among 319 bond 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 April 30, 2013. 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 Funds classification, received the following ratings for the 3-, 5- and 10-year periods: a 4 rating (among 194 equity funds), a Lipper Leader rating (among 157 equity funds) and a Lipper Leader rating (among 114 equity funds). The Scout Core Bond Fund - Institutional Class share, in Lipper's Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: a 3 rating (among 535 bond funds), a Lipper Leader rating (among 458 bond funds), and a Lipper Leader rating (among 312 bond funds). The Scout Core Plus Bond Fund - Institutional Class share, in Lipper's Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: a Lipper Leader rating (among 535 bond funds), a Lipper Leader rating (among 458 bond funds), and a Lipper Leader rating (among 312 bond 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 Expense reflect funds' expense minimization relative to peers with similar load structures as of April 30, 2013. The Scout International Fund, in Lipper's International Large-Cap Growth Funds classification, received the following ratings for the 3-, 5- and 10-year periods: a Lipper Leader rating (among 61 equity funds), a Lipper Leader rating (among 53 equity funds) and a 4 rating (among 46 equity funds). The Scout Small Cap Fund, in Lipper's Small Cap Growth Funds classification, received the following ratings for the 3-, 5- and 10-year periods: a Lipper Leader rating (among 147 equity funds), a Lipper Leader rating (among 135 equity funds) and a Lipper Leader rating (among 99 equity funds). The Scout Core Bond Fund - Institutional Class share, in Lipper's Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: a Lipper Leader rating (among 160 bond funds), a Lipper Leader rating (among 148 bond funds), and a Lipper Leader rating (among 114 bond funds). The Scout Core Plus Bond Fund - Institutional Class share, in Lipper's Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5-, and 10-year periods, respectively: a Lipper Leader rating (among 160 bond funds), a Lipper Leader rating (among 148 bond funds), and Lipper Leader rating (among 114 bond funds).

Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class April 30, 2013. 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.

Lipper ratings for Tax Efficiency reflect funds' ability to defer taxes over the time period relative to similar funds as of April 30, 2013. The Scout International Fund, in Lipper's International Large-Cap Growth Funds classification, received the following ratings for the 3-, 5- and 10-year periods: a Lipper Leader rating (among 194 equity funds), a 4 rating (among 157 equity funds) and a 4 rating (among 114 equity funds). The Scout International Discovery Fund, in Lipper's International Small/Mid-Cap Growth Funds classification, received the following ratings for the 3- and 5-year periods: a Lipper Leader rating (among 130 equity funds) and a Lipper Leader rating (among 103 equity 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 2013, 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 Total Returns as of March 31, 2013:
Scout International Fund: 1-Year: 10.10%, 5-Years: 1.86%, 10-Years: 11.31%
Gross Expense Ratio: 1.00%, Net Expense Ratio: 1.00%

Scout International Discovery Fund: 1-Year: 9.46%, 5-Years: 1.62%, Since Inception: 1.21%
Gross Expense Ratio: 1.86%, Net Expense Ratio: 1.60%
Inception date: 12/31/2007

Scout Mid Cap Fund: 1-Year: 7.72%, 5-Years: 11.78%, Since Inception: 10.37%
Gross Expense Ratio: 1.06%, Net Expense Ratio: 1.06%
Inception date: 10/31/2006

Scout Small Cap Fund: 1-Year: 20.51%, 5-Years: 5.68%, 10-Years: 9.92%
Gross Expense Ratio: 1.12%, Net Expense Ratio: 1.12%

Scout Core Plus Bond Fund – Institutional Class: 1-Year: 6.69%, 5-Years: 9.74%, 10-Years: 7.78%
Gross Expense Ratio: 0.56%, Net Expense Ratio: 0.40%

Scout Core Plus Bond Fund – Class Y: 1-Year: 6.40%, Since Inception: 8.07%
Gross Expense Ratio: 0.96%, Net Expense Ratio: 0.80%
Inception date: 11/12/2009

Scout Core Bond Fund – Institutional Class: 1-Year: 4.46%, 5-Years: 7.65%, 10-Years: 6.34%
Gross Expense Ratio: 0.67%, Net Expense Ratio: 0.40%

Scout Core Bond Fund – Class Y: 1-Year: 4.23%, Since inception: 6.16%
Gross Expense Ratio 1.07%, Net Expense Ratio: 0.80%

Gross and net expense ratios are as of the most recent Prospectus.

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 performance returns for the Scout Core Bond Fund and the Scout Core Plus Bond Fund reflect a fee waiver in effect. In the absence of such waiver, the returns would be reduced. Scout Investments, Inc. (the “Advisor”) has agreed to waive fees/ certain expenses through October 31, 2013, and may recoup previously waived expenses that it assumed during the previous three year period through April 21, 2013, and three fiscal years for April 21, 2013, through October 31, 2013.

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 Institutional Class shares (the "Fund") reflects the historical performance of the Frontegra Columbus Core Fund Institutional Class Shares (the "Predecessor Fund"). Effective as of the close of business on April 21, 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 Institutional Class shares returns reflect the total annual operating fees and expenses, net of any fee and expense waivers, of the Scout Core Bond Fund Institutional Class shares.

The performance of the Scout Core Plus Bond Fund Institutional Class shares (the "Fund") reflects the historical performance of the Frontegra Columbus Core Plus Fund Institutional Class shares (the “Predecessor Fund”). Effective as of the close of business on April 21, 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 Institutional Class Shares returns reflect the total annual operating fees and expenses, net of any fee and expense waivers, of the Scout Core Bond Fund Institutional Class Shares.

The performance returns for the Scout International Discovery Fund reflect a fee waiver in effect. In the absence of such waiver, the returns would be reduced. Scout Investments, Inc. (the “Advisor”) has has agreed to waive fees/ certain expenses through Oct. 31, 2013, and may recoup previously waived expenses that it assumed during the previous three fiscal years.

Different fee and expense structures were in effect prior to April 1, 2005 for the Scout International Fund and the Scout Small Cap Fund. If the new fees and expense structure was in effect, performance for certain time periods would have been lower.

SCOUT, SCOUT INVESTMENTS, SEE FURTHER, the Scout design and the Ribbon design - Reg. U.S. Tm. Off.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

The Scout Funds are distributed by UMB Distribution Services, LLC, Milwaukee, Wis., an affiliate of UMB Financial Corporation. Scout Investments, Inc., a subsidiary of UMB Financial Corp., serves as investment adviser to the Scout Funds.

Fund Name	Investment Objective	Morningstar Rating*	Lipper Leaders**
International and Global Funds
International (UMBWX)	Long-term growth of capital and income.	Rated against 221 foreign large growth funds	Rated against 194, 194, and 61 international large-cap growth funds, respectively
International Discovery (UMBDX)	Long-term growth of capital.	Rated against 122 foreign small/mid growth funds
Emerging Markets (SEMFX)	Long-term growth of capital.	N/A	N/A
Global Equity (SCGLX)	Long-term growth of capital.	N/A	N/A
Domestic Equity Funds
Mid Cap (UMBMX)	Long-term growth of capital.	Rated against 348 mid-Cap blend funds	Rated against 313 mid-cap core funds
Small Cap (UMBHX)	Long-term growth of capital.	Rated against 638 small growth funds	Rated against 147 small-cap growth funds
Fixed Income Funds
Low Duration Bond (SCLDX)	A high level of total return consistent with the preservation of capital.	N/A	N/A
Core Bond (SCCIX)	A high level of total return consistent with the preservation of capital.	Rated against 994 intermediate-term bond funds	Rated against 540, 535 and 160 intermediate investment grade debt funds, respectively
Core Plus Bond (SCPZX)	A high level of total return consistent with the preservation of capital.	Rated against 994 intermediate-term bond funds	Rated against 540, 535 and 160 intermediate investment grade debt funds, respectively
Unconstrained Bond (SUBFX)	The Fund seeks to maximize total return consistent with the preservation of capital.	N/A	N/A