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 one now (.pdf). Please read the prospectus carefully before investing.

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

The Scout Mid Cap Fund invests primarily in mid-cap stocks and therefore is subject to the possibility that mid-cap stocks may temporarily fall out of favor or perform poorly relative to other types of investments. While stocks of mid-cap companies may be slightly less volatile than those of small-cap companies, they still involve substantial risk.

Due to their limited focus, investments in the Scout Small Cap Fund, Scout TrendStar Small Cap Fund and Scout International Discovery Fund are more susceptible to market volatility because smaller companies may not have the management experience, financial resources, product diversification and competitive strengths of larger companies. Additionally, smaller company stocks tend to be sold less often, and in smaller amounts, than larger company stocks.

As of March 31, 2010, Coca Cola Hellenic Bottling Co. represented 1.54% of the Scout International Fund’s total net assets.  Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as a recommendation by the Fund, its Advisor or Distributor.

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 July 31, 2010, the Scout International Fund received the following star ratings among U.S. domiciled Foreign Large Growth funds for the following time periods: 5 stars (among 209 funds) for the three-year, 5 stars (among 152 funds) for the five-year and 5 stars (among 78 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: 3 stars (among 663 funds) for the three-year, 3 stars (among 548 funds) for the five-year and 5 stars (among 317 funds) for the ten-year time periods. The Scout TrendStar Small Cap Fund received the following star ratings among U.S. domiciled Small Growth funds for the following time periods: 2 stars (among 663 funds) for the three-year and 2 stars (among 548 funds) for the five-year time periods. The Scout Stock Fund received the following star ratings among U.S. domiciled Large Growth funds for the following time periods: 5 stars (among 1,511 funds) for the three-year, 4 stars (among 1,283 funds) for the five-year and 5 stars (among 742 funds) for the ten-year time periods. The Scout Bond Fund received the following star ratings among U.S. domiciled Short-Term Bond funds for the following time periods: 4 stars (among 385 funds) for the three-year, 4 stars (among 325 funds) for the five-year and 4 stars (among 180 funds) for the ten-year time periods.  The Scout Mid Cap Fund received 5 stars (among 363 Mid-Cap Blend funds) for the 3-year time period.

© 2010 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.

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 July 31, 2010.  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: Lipper Leader rating (among 162 equity funds), Lipper Leader rating (among 120 equity funds), and Lipper Leader rating (among 75 equity funds). The Scout Stock Fund, in Lipper's Large-Cap Core classification, received the following ratings for the 3-, 5- and 10-year periods, respectively: Lipper Leader rating (among 809 equity funds), Lipper Leader rating (among 685 equity funds) and 4 rating (among 411 equity funds).  The Scout Bond Fund, in Lipper's Short-Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5- and 10-year periods, respectively: Lipper Leader rating (among 222 bond funds), Lipper Leader rating (among 172 bond funds) and Lipper Leader rating (among 94 bond funds).The Scout Mid Cap Fund, in Lipper’s Mid-Cap Core classification, received a Lipper Leader rating (among 329 funds) for the 3-year period as of July 31, 2010.

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 July 31, 2010. 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: Lipper Leader rating (among 162 equity funds), Lipper Leader rating (among 120 equity funds) and Lipper Leader rating (among 74 equity funds). The Scout Bond Fund, in Lipper's Short-Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5- and 10-year periods, respectively: Lipper Leader rating (among 215 bond funds), Lipper Leader rating (among 171 bond funds) and Lipper Leader rating (among 93 bond funds).The Scout Mid Cap Fund, in Lipper’s Mid-Cap Core classification, received a Lipper Leader rating (among 324 funds) for the 3-year periods as of July 31, 2010.  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 as of July 31, 2010. 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, respectively: Lipper Leader rating (among 9,635 equity funds), Lipper Leader rating (among 7,614 equity funds) and Lipper Leader rating (among 4,119 equity funds). The Scout Bond Fund, in Lipper's Short-Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5- and 10-year periods, respectively: Lipper Leader rating (among 4,179 bond funds), Lipper Leader rating (among 3,608 bond funds) and Lipper Leader rating (among 2,480 bond funds).

Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures as of July 31, 2010. 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 52 equity funds), Lipper Leader rating (among 40 equity funds) and Lipper Leader rating (among 34 equity funds). The Scout Bond Fund, in Lipper's Short-Intermediate Investment Grade Debt Funds classification, received the following ratings for the 3-, 5- and 10-year periods, respectively: Lipper Leader rating (among 73 bond funds), Lipper Leader rating (among 63 bond funds) and 4 rating (among 42 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 2010, Reuters, All Rights Reserved.

Average Annual Returns as of June 30, 2010:

Scout International Fund: 1-Year: 13.41%, 5-Years: 4.59%, 10-Years: 3.33%
Gross Expense Ratio 1.02% (as of 06/30/09)

Scout Stock Fund: 1-Year: 7.50%, 5-Years 1.00%, 10-Years: 0.09%
Gross Expense Ratio: 0.94% (as of 06/30/09)

Scout Small Cap Fund: 1-Year: 9.84%, 5-Years: -1.68%, 10-Years: 6.59%
Gross Expense Ratio: 1.09% (as of 06/30/09)

Scout TrendStar Small Cap Fund: 1-Year: 12.60%, 5-Years: -4.10%, Since inception: -0.24%
Gross Expense Ratio: 1.59% (as of 06/30/09)

Scout Mid Cap Fund: 1-Year: 25.61%, Since inception: 3.37%
Gross Expense Ratio: 1.41% (as of 06/30/09)

Scout International Discovery: 1-Year: 11.77%, Since inception: -8.59%
Gross Expense Ratio: 3.29% (as of 06/30/09)

Scout Bond Fund: 1-Year: 4.84%, 5-Years: 4.37%, 10-Years: 5.20%
Gross Expense Ratio: 0.71% (as of 06/30/09)

The Scout TrendStar Small Cap Fund's inception date was October 31, 2003.

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 performance returns for the Scout Stock Fund, the Scout Bond Fund and Scout International Discovery Fund reflect a fee waiver in effect. In the absence of such waiver, the returns would be reduced.

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 Interntional Discovery Fund. Certain types of accounts are exempt from this fee. Please see the prospectus for more information.

Money Market Funds

An investment in the Scout Federal Money Market Fund, Scout Prime Money Market Fund and Scout Tax-Free Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

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

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