485BPOS 2012-10-09 0001105128 2012-10-10 SCOUT FUNDS false 2012-10-09 2012-10-10 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the expense example, affect the Fund's<br />performance.</tt> <div style="display:none">~ http://www.scoutfunds.com/role/ExpenseExample_S000038410Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The investment objective of the Scout Emerging Markets Fund (the "Fund") is<br />long-term growth of capital.</tt> <tt>The following example is intended to help you compare the cost of investing in <br />the Fund with the cost of investing in other mutual funds. The example assumes <br />that you invest $10,000 in the Fund for the time periods indicated and then <br />redeem all your shares at the end of those periods. The example also assumes <br />that your investment has a 5% return each year and that the Fund's operating <br />expenses remain the same. Please note that the example reflects the effect of <br />the Advisor's contractual agreement to limit overall Fund expenses only during <br />the term of the agreement. Although your actual costs may be higher or lower, <br />based on these assumptions your costs would be:</tt> <tt>Under normal circumstances, the Fund invests at least 80% of its assets in equity <br />securities of emerging market companies. The Fund defines "emerging market <br />companies" as companies domiciled in emerging market countries or companies that <br />derive a majority of their revenue from emerging market countries. Emerging market <br />countries include those currently considered to be developing by the World Bank, <br />the International Finance Corporation, the United Nations, or the countries' <br />authorities, or countries included in the MSCI Emerging Markets Index or MSCI <br />Frontier Markets Index. These countries typically are located in the Asia-Pacific <br />region, Eastern Europe, the Middle East, Central and South America, and Africa. <br />Any change in this 80% policy approved by the Board may not take effect until <br />shareholders have received written notice of the change at least sixty days before <br />it occurs. Under normal circumstances, the Fund will invest in issuers located in <br />at least five different countries. Although the Advisor will search for investments <br />across a large number of countries and sectors, from time to time, based on economic <br />conditions, the Fund may have significant positions in particular countries or sectors.<br /> <br />The equity securities in which the Fund invests include common stocks, depositary <br />receipts, preferred stocks, convertible securities, rights, warrants and real estate <br />investment trusts ("REITs"). Common stock represents an ownership interest in a <br />company and its value is based on the success of the company's business, any income <br />paid to shareholders, the value of the company's assets, general market conditions <br />and investor demand. Depositary receipts are typically issued by banks or trust <br />companies representing ownership interests of securities issued by foreign companies. <br />Preferred stockholders typically receive greater dividends but may receive less <br />appreciation than common stockholders and may have different voting rights as well. <br />Convertible securities entitle the holder to receive interest paid or accrued on debt <br />or the dividend paid on preferred stock until the convertible securities mature or <br />are redeemed, converted or exchanged. Warrants and similar rights are privileges issued <br />by corporations enabling the owners to subscribe to and purchase a specified number<br />of shares of the corporation at a specified price during a specified period of<br />time. REITs are companies that invest primarily in income producing real estate<br />or real estate related loans or interests.<br /> <br />How does the Fund choose securities in which to invest?<br />In selecting securities for the Fund, the Advisor combines a "bottom-up"<br />fundamental analysis of quality companies with long-term growth prospects and a<br />"top-down" global perspective on economic and market conditions. The Advisor<br />will seek to identify advantaged companies benefiting from secular growth (i.e.,<br />exhibiting relatively consistent movement over a long period) and country<br />fundamentals. The Advisor may consider fundamental factors, such as the<br />company's corporate governance, the quality of earnings, overall financial<br />health and operational efficiency. The Advisor then seeks to invest in<br />securities that are attractively priced relative to their fundamental<br />characteristics. Securities are also selected based upon the Advisor's opinion<br />as to which countries and economic sectors have the best prospects in view of<br />prevailing global, domestic and local economic conditions. Preferred country<br />characteristics include favorable demographic, macroeconomic and governance<br />trends, as well as improvements in infrastructure.<br /> <br />The Advisor believes the intrinsic worth and consequent value of the stock of<br />most well-managed and successful companies does not usually change rapidly, even<br />though wide variations in stock prices may occur. Accordingly, the Fund normally<br />takes long-term positions in stocks and maintains the positions while the companies' <br />records and prospects continue to meet the Advisor's approval. However, because <br />smaller and mid-sized companies are generally less seasoned than larger companies, <br />they may experience greater volatility with regard to their fundamentals than <br />larger companies, which could result in higher portfolio turnover for the Fund. <br />The Fund intends to diversify investments among a number of countries throughout <br />the world. In addition, the Fund may invest a substantial portion of its assets <br />(more than 25%) in one or more countries if economic and business conditions <br />warrant such investment.<br /> <br />The Fund intends to hold some cash, short-term debt obligations, government<br />securities or other high-quality investments for reserves to cover redemptions<br />and unanticipated expenses. There may be times, however, when the Fund attempts<br />to respond to adverse market, economic, political or other conditions by<br />investing a higher percentage of its assets in cash or in those types of money<br />market investments for temporary defensive purposes. During those times, the<br />Fund may not be able to pursue its investment objective and, instead, will focus<br />on preserving your investment.</tt> SCOUT EMERGING MARKETS FUND SUMMARY Example: "Other Expenses" are based on the estimated amounts for the initial fiscal year and include "Acquired Fund Fees and Expenses," which are estimated to be less than 0.01% of the average net assets of the Fund. There is no performance information presented for the Fund because the Fund has not yet completed a full calendar year of operations. Investment Objective As with any mutual fund, there is a risk that you could lose money by investing in the Fund. Main Risks Shareholder Fees (fees paid directly from your investment) Performance Annual Fund Operating Expenses (expenses deducted from Fund assets) Portfolio Turnover <tt>As with any mutual fund, there is a risk that you could lose money by investing<br />in the Fund. The shares offered by this Prospectus are not deposits or obligations <br />of, nor guaranteed by, UMB Bank, n.a. ("UMB") or any other banking institution. <br />They are not federally insured by the Federal Deposit Insurance Corporation or <br />any other United States government agency. These shares involve investment risks, <br />including the possible loss of the principal invested.<br /> <br />Market Risks: The Fund normally invests in equity securities. Equity securities<br />are subject to market, economic and business risks that will cause their prices<br />to fluctuate over time, sometimes rapidly and unpredictably. When the value of<br />the Fund's equity securities goes down, your investment in the Fund decreases <br />in value. Different types of investments shift in and out of favor depending on<br />market and economic conditions that may affect individual companies or industries, <br />or the securities market as a whole. At various times, stocks will be more or less <br />favorable than bonds, and small company stocks will be more or less favorable than <br />large company stocks. U.S. and international equity markets have experienced <br />volatility in recent years in response to economic and market conditions. During <br />a general downturn in the economy and securities markets, multiple asset classes <br />may be negatively affected. Because of this, the Fund will perform better or worse <br />than other types of funds depending on what is in favor, and the value of the Fund <br />may go down.<br /> <br />International Investing Risks: International investing poses additional risks. If <br />a security owned by the Fund is denominated in a foreign currency, the value of the <br />foreign currency may fluctuate relative to the United States dollar and cause a loss <br />to the Fund. International markets may be subject to political instability, which <br />may make foreign investments more volatile than investments in domestic markets. <br />International markets are not always as liquid as in the United States, sometimes <br />making it harder to sell a security. In addition, foreign companies may not be <br />subject to comparable accounting, auditing and financial reporting standards as <br />United States companies, and therefore, information about the foreign companies <br />may not be readily available.<br />&#xA0;&#xA0;<br />The risks of investing in foreign securities may be increased if the investments<br />are located in developing countries or emerging markets. Security prices in<br />emerging markets can be significantly more volatile than those in more developed<br />markets, reflecting the greater uncertainties of investing in less established<br />markets and economies. These risks are inherently passed on to the company's<br />shareholders, including the Fund, and in turn, to the Fund's shareholders.<br /> <br />As markets become more globalized, many U.S. companies are increasing<br />international business operations and are subject to international investing<br />risks. Funds that invest in larger U.S. companies are subject to some degree of<br />international risk as a result of these holdings and, to a lesser degree, as a<br />result of owning direct or indirect interests in foreign companies (typically<br />large multi-national companies).<br /> <br />Emerging Market Countries Risks: The Fund's investments in emerging market<br />countries are subject to all of the risks of international investing generally,<br />and have additional heightened risks due to a lack of established legal, political, <br />business and social frameworks to support securities markets, including: delays in <br />settling portfolio securities transactions; currency and capital controls; greater <br />sensitivity to interest rate changes; pervasiveness of corruption and crime; <br />currency exchange rate volatility; and inflation, deflation or currency devaluation.<br /> <br />Liquidity Risks: Due to a lack of demand in the marketplace or other factors,<br />the Fund may not be able to sell some or all of the investments promptly, or <br />may only be able to sell investments at less than desired prices. Illiquidity <br />may result from political, economic or issuer specific events or overall market<br />disruptions. Securities with reduced liquidity or that become illiquid involve<br />greater risk than securities with more liquid markets. Market quotations for<br />such securities may be volatile and/or subject to large spreads between bid and<br />ask prices. Reduced liquidity may have an adverse impact on market price and the<br />Fund's ability to sell particular securities when necessary to meet the Fund's<br />liquidity needs or in response to a specific economic event. This risk may be<br />more pronounced for the Fund's investments in developing countries or emerging<br />markets.<br /> <br />Mid Cap and Small Cap Company Risks: The Fund may invest in mid and small cap<br />companies. Generally, mid cap and small cap companies, which are often less<br />seasoned, have more potential for rapid growth. However, they often involve<br />greater risk than large cap companies and these risks are passed on to funds<br />that invest in them. These companies may not have the management experience,<br />financial resources, product diversification and competitive strengths of <br />larger companies. Therefore, the securities of mid cap and small cap companies <br />are generally more volatile than the securities of larger, more established<br />companies. Investments in the Fund may be more suitable for long-term investors<br />who can bear the risk of these fluctuations.<br /> <br />Mid cap and small cap company stocks tend to be bought and sold less often and<br />in smaller amounts than larger company stocks. Because of this, if the Fund<br />wants to sell a large quantity of a mid cap or small cap company stock, it may<br />have to sell at a lower price than the Advisor might prefer, or it may have to<br />sell in small quantities over a period of time.<br /> <br />While these risks cannot be eliminated, the Advisor tries to minimize risk by<br />diversifying the Fund's investments across different companies and economic<br />sectors.<br /> <br />Focus Risks: To the extent that the Fund focuses on particular countries,<br />regions, industries, sectors or types of investment from time to time, the Fund<br />may be subject to greater risks of adverse developments in such areas of focus<br />than a fund that invests in a wider variety of countries, regions, industries,<br />sectors or investments.<br />&#xA0;&#xA0;<br />Value Investing Risks: The Fund can utilize a value bias in choosing the<br />securities for the Fund's portfolio. A value stock is one that trades at an<br />attractive price relative to the company's intrinsic value. A value stock may<br />not increase in price as anticipated by the Advisor if other investors fail to<br />recognize the company's value or the factors that the Advisor believes will<br />increase the price of the security do not occur.<br /> <br />Growth Investing Risks: The Fund can utilize a "growth investing style" in<br />choosing securities for the Fund's portfolio. A growth stock is stock of a<br />company which is growing earnings and/or revenue faster than its industry or <br />the overall market. A slower growth or recessionary economic environment could <br />have an adverse effect on the price of growth stocks. Historically, growth <br />investments have performed best during the later stages of economic expansion. <br />Therefore, the growth investing style may go in and out of favor. At times when <br />the growth investing style used is out of favor, the Fund may underperform other <br />equity funds that use different investing styles.<br /> <br />Portfolio Turnover Risks: The Fund may experience portfolio turnover in excess<br />of 100%. Portfolio turnover may involve the payment by the Fund of brokerage and<br />other transaction costs, on the sale of securities, as well as on the investment<br />of the proceeds in other securities. The greater the portfolio turnover, the<br />greater the transaction costs to the Fund, which could have an adverse effect on<br />the Fund's total rate of return. In addition, funds with high portfolio turnover<br />rates may be more likely than low-turnover funds to generate capital gains that<br />must be distributed to shareholders as taxable income.<br /> <br />Management Risks: The Fund is subject to management risk as an actively managed<br />investment portfolio and depends on the decisions of the portfolio managers to<br />produce the desired results.</tt> Fees and Expenses Principal Investment Strategies <tt>There is no performance information presented for the Fund because the Fund has<br />not yet completed a full calendar year of operations. In the future, the Fund<br />will disclose performance information in a bar chart and performance table. Such<br />disclosure will give some indication of the risks of an investment in the Fund<br />by comparing the Fund's performance with the MSCI Emerging Markets Index and by<br />showing changes in the Fund's performance from year to year.</tt> <tt>The following tables describe the fees and expenses that you may pay if you buy<br />and hold shares of the Fund.</tt> <div style="display:none">~ http://www.scoutfunds.com/role/OperatingExpensesData_S000038410Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> The shares offered by this Prospectus are not deposits or obligations of, nor guaranteed by, UMB Bank, n.a. ("UMB") or any other banking institution. They are not federally insured by the Federal Deposit Insurance Corporation or any other United States government agency. <div style="display:none">~ http://www.scoutfunds.com/role/ShareholderFeesData_S000038410Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> SEMFX 0 0.00 0 143 770 -0.0160 0.0215 0.0085 2013-10-31 0.00 0.00 0.0140 0.0300 0.00 0001105128 ck0001105128:SummaryS000038410Memberck0001105128:S000038410Memberck0001105128:C000118460Member 2012-10-10 2012-10-10 0001105128 ck0001105128:SummaryS000038410Memberck0001105128:S000038410Member 2012-10-10 2012-10-10 0001105128 2012-10-10 2012-10-10 iso4217:USD pure "Other Expenses" are based on the estimated amounts for the initial fiscal year and include "Acquired Fund Fees and Expenses," which are estimated to be less than 0.01% of the average net assets of the Fund. Scout Investments, Inc. (the "Advisor") has entered into an agreement to waive advisory fees and/or assume certain fund expenses through October 31, 2013 in order to limit the Total Annual Fund Operating Expenses (excluding any acquired fund fees and expenses, taxes, interest, brokerage fees and non-routine expenses) to no more than 1.40%. 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 waived or expenses that it assumed during the three years following the end of the fiscal year in which the Advisor waived fees or assumed expenses for the Fund. This expense limitation agreement may not be terminated prior to October 31, 2013 unless the Fund's Board of Trustees (the "Board") consents to an earlier revision or termination as being in the best interests of the Fund.