Each quarter, the UMB Scout Funds hosts a conference call for advisors. Each call addresses economic events and specific securities that have impacted the UMB Scout Funds during that quarter.

Note: The files below are in MP3 format. Both Windows Media Player and QuickTime are able to play these files. Please click on the links to download a free player.

Description	Size
UMB Scout Funds 2008 Third Quarter Review *	25 MB

* Due to the size of the audio files, download time may vary according to your Internet connection. If you experience difficulty connecting to the audio file from the link above, try downloading the file to your hard drive then opening it through Windows Media Player. Or download the transcript in pdf format.

You should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. For a prospectus, that contains this and other information about the Funds, call 1-800-996-2862 or visit www.scoutfunds.com. Please read the prospectus carefully before investing.

*As of September 30, 2008, Mettler-Toledo International, Inc., SAP A.G., Petroleo Brasileiro S.A. and Technip S.A. represented 1.79%, 1.10%, 1.20% and 0.84%, respectively, of the UMB 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.

The performance figures cited reflect performance for periods ended June 30, 2008.

UMB Scout Mid Cap Fund’s inception date was October 31, 2006

The performance returns for the UMB Scout Bond Fund and UMB Scout Mid Cap Fund reflect a fee waiver in effect. In the absence of such waiver, the returns would be reduced.

A redemption fee of 2.00% will be imposed on redemptions or exchanges of shares you have owned in the UMB Scout Mid Cap Fund, UMB Scout Small Cap Fund, UMB Scout International Fund and UMB Scout International Discovery Fund for two months or less. Please see the prospectus for more information.

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

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

The Morgan Stanley Capital International EAFE Index tracks the stocks of about 1,000 companies in Europe, Australasia, and the Far East (EAFE). The Russell 2000® Index is an index measuring the performance of the 2,000 smallest companies in the Russell 3000 ® Index. The Russell 3000 ® Index consists of the 3,000 largest U.S. stocks and represents about 98% of the U.S. equity market. The weighted-average market capitalization for companies in the Russell 2000® is approximately $1 billion. You cannot invest directly in an index.

The UMB Scout Funds are distributed by UMB Distribution Services, LLC, an affiliate of UMB Financial Corporation, and managed by Scout Investment Advisors, Inc., a subsidiary of UMB Bank, n.a.

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