485BPOS
2012-06-30
0001105128
2012-10-29
SCOUT FUNDS
false
2012-10-29
2012-10-31
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). The Fund's annual turnover rate may<br />exceed 100% and may vary greatly from year to year. A higher portfolio turnover<br />rate may indicate higher transaction costs and may result in higher taxes when<br />Fund shares are held in a taxable account. These costs, which are not reflected<br />in annual fund operating expenses or in the expense example, affect the Fund's<br />performance.</tt>
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<tt>The investment objective of the Scout Low Duration Bond Fund (the "Fund") <br />is a high level of total return consistent with the preservation of capital.</tt>
<tt>The following example is intended to help you compare the cost of investing <br />in the Fund with the cost of investing in other mutual funds. The example <br />assumes that you invest $10,000 in the Fund for the time periods indicated <br />and then redeem all your shares at the end of those periods. The example <br />also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Please note that only the first <br />year in the example reflects the effect of the Advisor's contractual agreement <br />to limit overall Fund expenses. Although your actual costs may be higher or <br />lower, based on these assumptions your costs would be:</tt>
<tt>Under normal circumstances, the Fund invests at least 80% of its assets in fixed<br />income instruments. The fixed income instruments in which the Fund may invest<br />can be of varying maturities and include bonds, debt securities, mortgage- and<br />asset-backed securities (including to-be-announced securities) and other similar<br />instruments issued by various U.S. and non-U.S. public- or private-sector entities. <br />The Advisor targets an estimated average portfolio duration of one to four years. <br />Duration is a measure used to determine the sensitivity of a security's price to <br />changes in interest rates. The longer a security's duration, the more sensitive <br />it will be to changes in interest rates. The Fund invests primarily in investment <br />grade securities, but may also invest up to 25% of its assets in non-investment <br />grade securities, also known as high yield securities or "junk" bonds. Investment <br />grade securities include securities rated in one of the four highest rating <br />categories by a nationally recognized statistical rating organization, such as <br />BBB- or higher by Standard & Poor's Ratings Group ("S&P®"). In addition, the <br />Fund may purchase or sell securities on a when-issued, delayed delivery or <br />forward commitment basis. Securities will generally be U.S. dollar denominated <br />although they may be securities of foreign issuers.<br /> <br />The Fund may invest in derivative instruments, such as options, futures<br />contracts (including interest rate futures contracts), currency forwards or <br />swap agreements (including credit default swaps) subject to applicable law <br />and any other restrictions described in the Fund's Prospectus or Statement <br />of Additional Information ("SAI"). The Fund's investment in credit default <br />swap agreements may include both single-name credit default swap agreements <br />and credit default swap index products, such as CDX index products. The use <br />of these derivative transactions may allow the Fund to obtain net long or <br />short exposures to select currencies, interest rates, countries, duration <br />or credit risks. These derivatives may be used to enhance Fund returns, <br />increase liquidity and/or gain exposure to certain instruments or markets <br />(i.e., the corporate bond market) in a more efficient or less expensive way. <br />The credit default swap agreements that the Fund invests in may provide <br />exposure to an index of securities representative of the entire investment <br />grade and high yield fixed income markets, which can include underlying <br />issuers rated as low as CCC by S&P®. Derivative instruments that provide <br />exposure to fixed income instruments may be used to satisfy the Fund's 80% <br />investment policy.<br />  <br />How does the Fund choose securities in which to invest? The Advisor attempts <br />to maximize total return through opportunistic investing in a broad array of<br />eligible securities while structuring the Fund so that the overall portfolio <br />has an average portfolio duration of between one to four years based on market<br />conditions. The investment process combines top-down interest rate management<br />with bottom-up fixed income security selection, focusing on undervalued issues<br />in the fixed income market. The Advisor first establishes the portfolio's<br />duration, or interest rate sensitivity. The Advisor determines whether the fixed<br />income market is under- or over-priced by comparing current real interest rates<br />(the nominal rates on U.S. Treasury securities less the Advisor's estimate of<br />inflation) to historical real interest rates. If the current real interest rate<br />is higher than historical norms, the market is considered undervalued and the<br />Advisor will manage the portfolio with a duration greater than the benchmark. In<br />general, securities with longer maturities are more sensitive to interest rate<br />changes. If the current real interest rate is less than historical norms, the<br />market is considered overvalued and the Advisor will run a defensive portfolio<br />by managing the portfolio with a duration less than the benchmark. The Advisor<br />then considers sector exposures. Sector exposure decisions are made on both a<br />top-down and bottom-up basis. A bottom-up issue selection process is the major<br />determinant of sector exposure, as the availability of attractive securities in<br />each sector determines their underweighting or overweighting in the Fund subject<br />to sector exposure constraints. However, for the more generic holdings in the<br />Fund, such as agency notes and pass-through mortgage backed securities, top-down<br />considerations will drive the sector allocation process on the basis of overall<br />measurements of sector value such as yield spreads or price levels.<br /><br />Once the Advisor has determined an overall market strategy, the Advisor selects<br />the most attractive fixed income securities for the Fund. The portfolio managers<br />screen hundreds of securities to determine how each will perform in various<br />interest rate environments. The portfolio managers construct these scenarios by<br />considering the outlook for interest rates, fundamental credit analysis and<br />option-adjusted spread analysis. The portfolio managers compare these investment<br />opportunities and assemble the Fund's portfolio from the best available values.<br />The Advisor constantly monitors the expected returns of the securities in the<br />Fund versus those available in the market and of other securities the Advisor is<br />considering for purchase. The Advisor's strategy is to replace securities that<br />it feels are approaching fair market value with those that, according to its<br />analysis, are significantly undervalued. As a result of this strategy, the<br />Fund's portfolio turnover rate will vary from year to year depending on market<br />conditions.</tt>
SCOUT LOW DURATION BOND FUND SUMMARY
Example:
"Other Expenses" are based on the estimated amounts for the initial fiscal year.
There is no performance information presented for the Fund because the Fund recently commenced investment 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 that you pay each year as a percentage of the value of your investment)
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's investments are subject to market risk, which may cause<br />the value of the Fund's investments to decline, sometimes rapidly or unpredictably, <br />due to factors affecting securities markets generally, particular geographic <br />regions or particular industries. If the value of the Fund's investments goes <br />down, the share price of the Fund will go down, and you may lose money. U.S. and <br />international markets have experienced extreme volatility, reduced liquidity, <br />credit downgrades, increased likelihood of default and valuation difficulties <br />in recent years.<br />  <br />Fixed Income Security Risks: The Fund's investments are subject to the risks<br />inherent in individual fixed income security selections. Yields and principal<br />values of debt securities (bonds) will fluctuate. Generally, values of debt<br />securities change inversely with interest rates. As interest rates go up, the<br />value of debt securities tends to go down. As a result, the value of the Fund<br />may go down. Furthermore, these fluctuations tend to increase as a fixed income<br />security's time to maturity increases, so a longer-term fixed income security<br />will decrease more for a given increase in interest rates than a shorter-term<br />fixed income security. Fixed income securities may also be affected by changes<br />in the credit rating or financial condition of their issuers.<br /><br />Maturity Risks: The Fund will invest in fixed income securities of varying<br />maturities. Generally, the longer a fixed income security's maturity, the<br />greater the risk. Conversely, the shorter a fixed income security's maturity,<br />the lower the risk.<br />  <br />Credit Risks: Credit risk is the risk that the Fund could lose money if the<br />issuer or guarantor of a fixed income security, or the counterparty to a<br />derivative contract, is unable or unwilling to meet its financial obligations.<br />  <br />High Yield Security Risks : High yield securities involve greater risk than<br />investment grade securities, including the possibility of default or bankruptcy.<br />They tend to be more sensitive to economic conditions than higher-rated debt<br />securities and, as a result, are generally more sensitive to credit risk than<br />securities in the higher-rated categories. High yield securities are considered<br />primarily speculative with respect to the issuer's continuing ability to make<br />principal and interest payments. Periods of economic uncertainty generally<br />result in increased volatility in the market prices of these securities.<br />  <br />Issuer Risks: The risk that the value of a security may decline for a reason<br />directly related to the issuer, such as management performance, financial<br />leverage and reduced demand for the issuer's goods or services.<br />  <br />Credit Ratings Risks: Ratings by nationally recognized ratings agencies<br />generally represent the agencies' opinion of the credit quality of an issuer <br />and may prove to be inaccurate.<br />  <br />Income Risks: The Fund's income could decline due to falling market interest<br />rates. In a falling interest rate environment, the Fund may be required to<br />invest its assets in lower-yielding securities.<br /> <br />Mortgage- and Asset-Backed Securities Risks: Movements in interest rates (both<br />increases and decreases) may quickly and significantly reduce the value of<br />certain types of mortgage- and asset-backed securities. Mortgage- and<br />asset-backed securities can also be subject to the risk of default on the<br />underlying mortgages or other assets. Mortgage- and asset-backed securities <br />are subject to fluctuations in yield due to prepayment rates that may be faster <br />or slower than expected.<br />  <br />Portfolio Turnover Risks: The Fund has historically experienced portfolio<br />turnover in excess of 100%. When the Fund experiences a high portfolio turnover<br />rate, you may realize significant taxable capital gains as a result of frequent<br />trading of the Fund's assets and the Fund will incur transaction costs in<br />connection with buying and selling securities, which may lower the Fund's<br />return.<br />  <br />Liquidity Risks: Liquidity risk is the risk that certain securities may be<br />difficult or impossible to sell at the time and price that the Advisor would<br />like to sell. The Advisor may have to lower the price, sell other securities<br />instead or forego an investment opportunity.<br />  <br />Valuation Risks: The securities held by the Fund are generally priced by an<br />independent pricing service and may also be priced using dealer quotes or fair<br />valuation methodologies in accordance with valuation procedures adopted by the<br />Fund's Board. The prices provided by the independent pricing service or dealers<br />or the fair valuations may be different from the prices used by other mutual<br />funds or from the prices at which securities are actually bought and sold.<br /> <br />Derivative Risks: Derivatives, such as options, futures contracts, currency<br />forwards or swap agreements, may involve greater risks than if the Fund invested<br />in the reference obligation directly. These instruments are subject to general<br />market risks, liquidity risks, interest rate risks, credit risks and management<br />risks. Derivatives also involve an increased risk of mispricing or improper<br />valuation and may result in a loss of value to the Fund. Changes in the value of<br />the derivative may not correlate perfectly with the underlying asset, rate or<br />index, and the Fund could lose more than the principal amount invested. The<br />derivatives market may be subject to additional regulations in the future.<br /><br />Credit Default Swaps Risks: Credit default swaps and related instruments, such<br />as credit default swap index products, may involve greater risks than if the<br />Fund invested in the reference obligation directly. These instruments are<br />subject to general market risks, liquidity risks and credit risks, and may<br />result in a loss of value to the Fund. The credit default swap market may be<br />subject to additional regulations in the future.<br />  <br />Leverage Risks Associated with Financial Instruments: The use of financial<br />instruments to increase potential returns, including the use of when-issued,<br />delayed delivery or forward commitment transactions, and derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br />  <br />International Investing Risks: International investing poses additional risks.<br />International markets may be subject to political instability, which may make<br />foreign investments more volatile than investments in domestic markets.<br />International markets are not always as liquid as in the United States,<br />sometimes making it harder to sell a security. In addition, foreign companies<br />may not be subject to comparable accounting, auditing and financial reporting<br />standards as United States companies, and therefore, information about the<br />foreign companies may not be readily available.<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, such as the Fund, are subject<br />to some degree of international risk as a result of these holdings and, to a<br />lesser degree, as a result of owning direct or indirect interests in foreign<br />companies (typically large multi-national companies).<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<br />recently commenced investment operations. In the future, the Fund will disclose<br />performance information in a bar chart and performance table. Such disclosure<br />will give some indication of the risks of an investment in the Fund by comparing<br />the Fund's performance with the Barclays U.S. 1-3 Year Government/Credit Bond<br />Index and by 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>
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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.
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SCLDX
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0
41
308
-0.0090
0.0100
0.0030
2013-10-31
0.00
0.00
0.0040
0.0130
0.00
<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>
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<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 <br />in the Fund with the cost of investing in other mutual funds. The example <br />assumes that you invest $10,000 in the Fund for the time periods indicated <br />and then redeem all your shares at the end of those periods. The example <br />also assumes that your investment has a 5% return each year and that the <br />Fund's operating expenses remain the same. Please note that only the first <br />year in the example reflects the effect of the Advisor's contractual agreement <br />to limit overall Fund expenses. Although your actual costs may be higher or <br />lower, based on these assumptions your costs would be:</tt>
<tt>Under normal circumstances, the Fund invests at least 80% of its assets in<br />equity securities of emerging market companies. The Fund defines "emerging<br />market companies" as companies domiciled in emerging market countries or<br />companies that derive a majority of their revenue from emerging market<br />countries. Emerging market countries include those currently considered to <br />be developing by the World Bank, the International Finance Corporation, the <br />United Nations, or the countries' authorities, or countries included in the <br />MSCI Emerging Markets Index or MSCI Frontier Markets Index. These countries <br />typically are located in the Asia-Pacific region, Eastern Europe, the Middle <br />East, Central and South America, and Africa. Any change in this 80% policy <br />approved by the Board may not take effect until shareholders have received <br />written notice of the change at least sixty days before it occurs. Under <br />normal circumstances, the Fund will invest in issuers located in at least <br />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 <br />economic conditions, the Fund may have significant positions in particular <br />countries or sectors.<br />  <br />The equity securities in which the Fund invests include common stocks,<br />depositary receipts, preferred stocks, convertible securities, warrants <br />and other rights, and real estate investment trusts ("REITs"). Common <br />stock represents an ownership interest in a company and its value is based <br />on the success of the company's business, any income paid to shareholders, <br />the value of the company's assets, general market conditions and investor <br />demand. Depositary receipts are typically issued by banks or trust companies <br />representing ownership interests of securities issued by foreign companies. <br />Preferred stockholders typically receive greater dividends but may receive <br />less appreciation than common stockholders and may have different voting rights <br />as well. Convertible securities entitle the holder to receive interest paid or <br />accrued on debt or the dividend paid on preferred stock until the convertible <br />securities mature or are redeemed, converted or exchanged. Warrants and similar <br />rights are privileges issued by corporations enabling the owners to subscribe <br />to and purchase a specified number of shares of the corporation at a specified <br />price during a specified period of time. REITs are companies that invest <br />primarily in income producing real estate or real estate related loans or <br />interests.<br />  <br />How does the Fund choose securities in which to invest?<br /> <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 <br />a "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 <br />of most well-managed and successful companies does not usually change rapidly, <br />even though wide variations in stock prices may occur. Accordingly, the Fund <br />normally takes long-term positions in stocks and maintains the positions while <br />the companies' records and prospects continue to meet the Advisor's approval.<br />However, because smaller and mid-sized companies are generally less seasoned<br />than larger companies, they may experience greater volatility with regard to<br />their fundamentals than larger companies, which could result in higher portfolio<br />turnover for the Fund. The Fund intends to diversify investments among a number<br />of countries throughout the world. In addition, the Fund may invest a substantial <br />portion of its assets (more than 25%) in one or more countries if economic and <br />business conditions 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 investing <br />a higher percentage of its assets in cash or in those types of money market <br />investments for temporary defensive purposes. During those times, the Fund may not <br />be able to pursue its investment objective and, instead, will focus on preserving <br />your investment.</tt>
SCOUT EMERGING MARKETS FUND SUMMARY
Example:
"Other Expenses" are based on the estimated amounts for the initial fiscal year
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.
"Acquired Fund Fees and Expenses," which are estimated to be less than 0.01% of the average net assets of the Fund.
Main Risks
Shareholder Fees (fees paid directly from your investment)
Performance
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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.<br />If a security owned by the Fund is denominated in a foreign currency, the value<br />of the foreign currency may fluctuate relative to the United States dollar and<br />cause a loss to the Fund. International markets may be subject to political<br />instability, which may make foreign investments more volatile than investments<br />in domestic markets. International markets are not always as liquid as in the<br />United States, sometimes making it harder to sell a security. In addition,<br />foreign companies may not be subject to comparable accounting, auditing and<br />financial reporting standards as United States companies, and therefore,<br />information about the foreign companies may not be readily available.<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 or<br />developing countries are subject to all of the risks of international investing<br />generally, and have additional heightened risks due to a lack of established<br />legal, political, business and social frameworks to support securities markets,<br />including: delays in settling portfolio securities transactions; currency and<br />capital controls; greater sensitivity to interest rate changes; pervasiveness of<br />corruption and crime; currency exchange rate volatility; and inflation, deflation <br />or currency devaluation. Security prices in emerging markets can be significantly <br />more volatile than those in more developed markets, reflecting the greater <br />uncertainties of investing in less established markets and economies. These <br />risks are inherently passed on to the company's shareholders, including the <br />Fund, and in turn, to the Fund's shareholders.<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 may<br />only be able to sell investments at less than desired prices. Illiquidity may<br />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 larger<br />companies. Therefore, the securities of mid cap and small cap companies are<br />generally more volatile than the securities of larger, more established companies. <br />Investments in the Fund may be more suitable for long-term investors who can bear <br />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 />  <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 the<br />overall market. A slower growth or recessionary economic environment could have<br />an adverse effect on the price of growth stocks. Historically, growth investments <br />have performed best during the later stages of economic expansion. Therefore, the <br />growth investing style may go in and out of favor. At times when the growth <br />investing style used is out of favor, the Fund may underperform other equity <br />funds that use different investing styles.<br />  <br />REIT Risks: The Fund may invest in REITs. The performance of equity REITs may be<br />affected by any changes in the value of the underlying properties owned by the<br />trusts. A decline in rental income may occur because of extended vacancies, the<br />failure to collect rents, increased competition from other properties or poor<br />management. A REIT's performance also depends on the company's ability to<br />finance property purchases and renovations and manage its cash flows. A mortgage<br />REIT specializes in lending money to developers and owners of properties and<br />passes any interest income earned to its shareholders. REITs may be affected by<br />the quality of any credit extended, and changes in interest rates, including<br />spreads between long-term and short-term interest rates. By investing in REITs<br />indirectly through the Fund, a shareholder will bear not only his or her<br />proportionate share of the expenses of the Fund, but also, indirectly, similar<br />expenses of the REITs.<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>
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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.
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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
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). The Fund's annual turnover rate may<br />exceed 100% and may vary greatly from year to year. A higher portfolio turnover<br />rate may indicate higher transaction costs and may result in higher taxes when<br />Fund shares are held in a taxable account. These costs, which are not reflected<br />in annual fund operating expenses or in the expense example, affect the Fund's<br />performance. For the period September 29, 2011 through June 30, 2012, the Fund's<br />portfolio turnover rate was 224% of the average value of its portfolio.</tt>
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<tt>The investment objective of the Scout Unconstrained Bond Fund (the "Fund") <br />is to maximize total return consistent with the preservation of capital.</tt>
<tt>The following example is intended to help you compare the cost of investing <br />in the Fund with the cost of investing in other mutual funds. The example <br />assumes that you invest $10,000 in the Fund for the time periods indicated <br />and then redeem all your shares at the end of those periods. The example <br />also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Please note that only the first <br />year in the example reflects the effect of the Advisor's contractual agreement <br />to limit overall Fund expenses. Although your actual costs may be higher or <br />lower, based on these assumptions your costs would be:</tt>
<tt>The Fund pursues its objective by investing at least 80% of its assets in fixed<br />income instruments. The fixed income instruments in which the Fund may invest<br />can be of varying maturities and include bonds, debt securities, mortgage- and<br />asset-backed securities (including to-be-announced securities) and other similar<br />instruments issued by various U.S. and non-U.S. public- or private-sector<br />entities. The portfolio duration of the Fund will normally not exceed 8 years<br />but may be greater based on market conditions. The Fund may also have a negative<br />duration. Duration is a measure used to determine the sensitivity of a security's <br />price to changes in interest rates. The longer a security's duration, the more <br />sensitive it will be to changes in interest rates. A portfolio with negative <br />duration generally incurs a loss when interest rates and yields fall. The Fund <br />may invest in both investment grade securities and non-investment grade securities, <br />also known as high yield securities or "junk" bonds. The Fund may invest without <br />limitation in non-investment grade securities. Investment grade securities include <br />securities rated in one of the four highest rating categories by a nationally <br />recognized statistical rating organization, such as BBB- or higher by Standard <br />& Poor's Ratings Group ("S&P®"). The Fund may purchase or sell securities on a <br />when-issued, delayed delivery or forward commitment basis and may engage in short <br />sales. The Fund may without limitation seek to obtain market exposure to the <br />securities in which it primarily invests by entering into buybacks or dollar <br />rolls. The Fund may also invest without limitation in securities denominated <br />in foreign currencies and in U.S. dollar denominated securities of foreign <br />issuers.<br />  <br />The Fund may invest without limitation in derivative instruments, such as<br />options, futures contracts (including interest rate futures contracts), <br />currency forwards or swap agreements (including credit default swaps) subject <br />to applicable law and any other restrictions described in the Fund's Prospectus <br />or Statement of Additional Information ("SAI"). The Fund's investment in credit<br />default swap agreements may include both single-name credit default swap<br />agreements and credit default swap index products, such as CDX index products.<br />The use of these derivative transactions may allow the Fund to obtain net long<br />or short exposures to select currencies, interest rates, countries, duration or<br />credit risks. These derivatives may be used to enhance Fund returns, increase<br />liquidity and/or gain exposure to certain instruments or markets (i.e., the<br />corporate bond market) in a more efficient or less expensive way. The credit<br />default swap agreements that the Fund invests in may provide exposure to an<br />index of securities representative of the entire investment grade and high <br />yield fixed income markets, which can include underlying issuers rated as <br />low as CCC by S&P®. Derivative instruments that provide exposure to fixed <br />income instruments may be used to satisfy the Fund's 80% investment policy.<br /><br />How does the Fund choose securities in which to invest? The Advisor attempts <br />to maximize total return by pursuing relative value opportunities throughout <br />all sectors of the fixed income market. The portfolio managers screen hundreds <br />of securities to determine how each will perform in various interest rate<br />environments. The portfolio managers construct these scenarios by considering<br />the outlook for interest rates, fundamental credit analysis and option-adjusted<br />spread analysis. The portfolio managers compare these investment opportunities<br />and assemble the Fund's portfolio from the best available values. The Advisor<br />constantly monitors the expected returns of the securities in the Fund versus<br />those available in the market and of other securities the Advisor is considering<br />for purchase. The Advisor's strategy is to replace securities that it feels are<br />approaching fair market value with those that, according to its analysis, are<br />significantly undervalued. As a result of this strategy, the Fund's portfolio<br />turnover rate will vary from year to year depending on market conditions.<br />  <br />The Fund may invest a substantial portion of its assets (more than 25%) in<br />securities and instruments that are economically tied to one or more foreign<br />countries if economic and business conditions warrant such investment. The Fund<br />will invest no more than 50% of its net assets in investments in developing<br />countries or emerging markets.</tt>
SCOUT UNCONSTRAINED BOND FUND SUMMARY
Example:
There is no performance information presented for the Fund because the Fund
had not completed a full calendar year of operations as of the date of this
Prospectus.
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)
2.24
Performance
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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's investments are subject to market risk, which may <br />cause the value of the Fund's investments to decline, sometimes rapidly or <br />unpredictably, due to factors affecting securities markets generally, particular <br />geographic regions or particular industries. If the value of the Fund's investments<br />goes down, the share price of the Fund will go down, and you may lose money. U.S. <br />and international markets have experienced extreme volatility, reduced liquidity, <br />credit downgrades, increased likelihood of default and valuation difficulties in <br />recent years.<br />  <br />Fixed Income Security Risks: The Fund's investments are subject to the risks<br />inherent in individual fixed income security selections. Yields and principal<br />values of debt securities (bonds) will fluctuate. Generally, values of debt<br />securities change inversely with interest rates. As interest rates go up, the<br />value of debt securities tends to go down. As a result, the value of the Fund<br />may go down. Furthermore, these fluctuations tend to increase as a fixed income<br />security's time to maturity increases, so a longer-term fixed income security<br />will decrease more for a given increase in interest rates than a shorter-term<br />fixed income security. Fixed income securities may also be affected by changes<br />in the credit rating or financial condition of their issuers.<br />  <br />Maturity Risks: The Fund will invest in fixed income securities of varying<br />maturities. Generally, the longer a fixed income security's maturity, the<br />greater the risk. Conversely, the shorter a fixed income security's maturity,<br />the lower the risk.<br />  <br />Credit Risks: Credit risk is the risk that the Fund could lose money if the<br />issuer or guarantor of a fixed income security, or the counterparty to a<br />derivative contract, is unable or unwilling to meet its financial obligations.<br />  <br />High Yield Security Risks : High yield securities involve greater risk than<br />investment grade securities, including the possibility of default or bankruptcy.<br />They tend to be more sensitive to economic conditions than higher-rated debt<br />securities and, as a result, are generally more sensitive to credit risk than<br />securities in the higher-rated categories. High yield securities are considered<br />primarily speculative with respect to the issuer's continuing ability to make<br />principal and interest payments. Periods of economic uncertainty generally<br />result in increased volatility in the market prices of these securities.<br /><br />Issuer Risks: The risk that the value of a security may decline for a reason<br />directly related to the issuer, such as management performance, financial<br />leverage and reduced demand for the issuer's goods or services.<br />  <br />Credit Ratings Risks: Ratings by nationally recognized ratings agencies<br />generally represent the agencies' opinion of the credit quality of an issuer <br />and may prove to be inaccurate.<br />  <br />Income Risks: The Fund's income could decline due to falling market interest<br />rates. In a falling interest rate environment, the Fund may be required to<br />invest its assets in lower-yielding securities.<br />  <br />Mortgage- and Asset-Backed Securities Risks: Movements in interest rates (both<br />increases and decreases) may quickly and significantly reduce the value of<br />certain types of mortgage- and asset-backed securities. Mortgage- and<br />asset-backed securities can also be subject to the risk of default on the<br />underlying mortgages or other assets. Mortgage- and asset-backed securities are<br />subject to fluctuations in yield due to prepayment rates that may be faster or<br />slower than expected.<br />  <br />International Investing Risks: International investing poses additional risks.<br />If a security owned by the Fund is denominated in a foreign currency, the value<br />of the foreign currency may fluctuate relative to the United States dollar and<br />cause a loss to the Fund. International markets may be subject to political<br />instability, which may make foreign investments more volatile than investments<br />in domestic markets. International markets are not always as liquid as in the<br />United States, sometimes making it harder to sell a security. In addition,<br />foreign companies may not be subject to comparable accounting, auditing and<br />financial reporting standards as United States companies, and therefore,<br />information about the foreign companies may not be readily available.<br />  <br />To the extent the Fund invests a significant portion of its assets in a single<br />country or region, the Fund may be subject to increased risk associated with the<br />country or region. The risks of investing in foreign securities may be increased<br />if the investments are located in developing countries or emerging markets.<br />Security prices in emerging markets can be significantly more volatile than<br />those in more developed markets, reflecting the greater uncertainties of<br />investing in less established markets and economies. These risks are inherently<br />passed on to the company's shareholders, including the Fund, and in turn, to the<br />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, such as the Fund, are subject<br />to some degree of international risk as a result of these holdings and, to a<br />lesser degree, as a result of owning direct or indirect interests in foreign<br />companies (typically large multi-national companies).<br />  <br />Portfolio Turnover Risks: The Fund has historically experienced portfolio<br />turnover in excess of 100%. When the Fund experiences a high portfolio turnover<br />rate, you may realize significant taxable capital gains as a result of frequent<br />trading of the Fund's assets and the Fund will incur transaction costs in<br />connection with buying and selling securities, which may lower the Fund's<br />return.<br /><br />Liquidity Risks: Liquidity risk is the risk that certain securities may be<br />difficult or impossible to sell at the time and price that the Advisor would<br />like to sell. The Advisor may have to lower the price, sell other securities<br />instead or forego an investment opportunity.<br />  <br />Valuation Risks: The securities held by the Fund are generally priced by an<br />independent pricing service and may also be priced using dealer quotes or fair<br />valuation methodologies in accordance with valuation procedures adopted by the<br />Fund's Board. The prices provided by the independent pricing service or dealers<br />or the fair valuations may be different from the prices used by other mutual<br />funds or from the prices at which securities are actually bought and sold.<br />  <br />Derivative Risks: Derivatives, such as options, futures contracts, currency<br />forwards or swap agreements, may involve greater risks than if the Fund invested<br />in the reference obligation directly. These instruments are subject to general<br />market risks, liquidity risks, interest rate risks, credit risks and management<br />risks. Derivatives also involve an increased risk of mispricing or improper<br />valuation and may result in a loss of value to the Fund. Changes in the value of<br />the derivative may not correlate perfectly with the underlying asset, rate or<br />index, and the Fund could lose more than the principal amount invested. The<br />derivatives market may be subject to additional regulations in the future.<br />  <br />Credit Default Swaps Risks: Credit default swaps and related instruments, such<br />as credit default swap index products, may involve greater risks than if the<br />Fund invested in the reference obligation directly. These instruments are<br />subject to general market risks, liquidity risks and credit risks, and may<br />result in a loss of value to the Fund. The credit default swap market may be<br />subject to additional regulations in the future.<br />  <br />Leverage Risks Associated with Financial Instruments: The use of financial<br />instruments to increase potential returns, including the use of buybacks; dollar<br />rolls; when-issued, delayed delivery or forward commitment transactions; and<br />derivatives used for investment (non-hedging) purposes, may cause the Fund to be<br />more volatile than if it had not been leveraged. The use of leverage may also<br />accelerate the velocity of losses and can result in losses to the Fund that<br />exceed the amount originally invested.<br />  <br />Short Sale Risks: There is risk involved in entering into short sales, including<br />the potential loss of more money than the actual cost of the investment, and the<br />risk that the third party to the short sale may fail to honor its contract<br />terms, causing a loss to the Fund.<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 had<br />not completed a full calendar year of operations as of the date of this Prospectus. <br />In the future, the Fund will disclose performance information in a bar chart and <br />performance table. Such disclosure will give some indication of the risks of an <br />investment in the Fund by comparing the Fund's performance with the BofA Merrill <br />Lynch® LIBOR 3-Month Constant Maturity Index and by showing changes in the Fund's <br />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>
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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.
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SUBFX
0
0.00
0
101
449
-0.0063
1869
822
0.0102
0.0060
2013-10-31
0.00
0.00
0.0099
0.0162
0.00
<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. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 168% of the average value of its portfolio.</tt>
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<tt>The investment objective of the Scout Global Equity 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 <br />in the Fund with the cost of investing in other mutual funds. The example <br />assumes that you invest $10,000 in the Fund for the time periods indicated <br />and then redeem all your shares at the end of those periods. The example <br />also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Please note that only the first <br />year in the example reflects the effect of the Advisor's contractual agreement <br />to limit overall Fund expenses. Although your actual costs may be higher or <br />lower, based on these assumptions your costs would be:</tt>
<tt>The Fund pursues its objective by investing primarily in the equity securities<br />of companies located anywhere in the world, including emerging markets. Under<br />normal circumstances, the Fund invests at least 80% of its assets in equity<br />securities. Any change in this 80% policy approved by the Board may not take<br />effect until shareholders have received written notice of the change at least<br />sixty days before it occurs.<br />  <br />The Fund intends to invest its assets in investments that are tied economically<br />to a number of countries throughout the world. However, the Fund may from time<br />to time emphasize its investments in U.S. equity securities. Under normal<br />circumstances, the Fund will invest in issuers located in at least three<br />different countries (one of which may be the U.S.). The Fund may achieve global<br />exposure through investments in U.S. companies that have global operations.<br />Although the Advisor will search for investments across a large number of<br />countries and sectors, from time to time, based on economic conditions, the <br />Fund may have significant positions in particular countries or sectors.<br />  <br />The equity securities in which the Fund invests include common stocks,<br />depositary receipts, preferred stocks, convertible securities, warrants and<br />other rights, and real estate investment trusts ("REITs"). Common stock<br />represents an ownership interest in a company and its value is based on the<br />success of the company's business, any income paid to shareholders, the value of<br />the company's assets, general market conditions and investor demand. Depositary<br />receipts are typically issued by banks or trust companies representing ownership<br />interests of securities issued by foreign companies. Preferred stockholders<br />typically receive greater dividends but may receive less appreciation than<br />common stockholders and may have different voting rights as well. Convertible<br />securities entitle the holder to receive interest paid or accrued on debt or the<br />dividend paid on preferred stock until the convertible securities mature or are<br />redeemed, converted or exchanged. Warrants and similar rights are privileges<br />issued by corporations enabling the owners to subscribe to and purchase a<br />specified number of shares of the corporation at a specified price during a<br />specified period of time. REITs are companies that invest primarily in income<br />producing real estate or real estate related loans or interests.<br /> <br />How does the Fund choose securities in which to invest? The Advisor will make<br />judgments based on its analysis of economic and market conditions around the<br />world, as to whether to focus the Fund's investments more or less in certain<br />countries or regions, or in larger, mid-sized, or smaller companies. In<br />selecting securities for the Fund, the Advisor initially applies a "top-down"<br />approach, focusing on an analysis of prevailing economic, political and market<br />conditions in the United States and abroad, and forms an opinion as to which<br />countries or regions and economic sectors have the best prospects in view of<br />those conditions. Once desirable sectors or industries are identified, the<br />Advisor applies a "bottom-up" fundamental approach that focuses on the<br />fundamental financial characteristics and condition of each company being<br />considered for investment. This investment process results in the <br />implementation of a portfolio of select ideas from the Advisor's <br />international equity strategies and small, mid and large cap domestic <br />equity strategies.<br /><br />Mutual funds generally emphasize either "growth" or "value" styles of investing.<br />Growth funds seek to invest in companies that exhibit faster-than-average growth<br />in revenues and earnings, appealing to investors who are willing to accept more<br />volatility in hopes of a greater increase in share price. Value funds invest in<br />companies that appear underpriced according to certain financial measurements of<br />their intrinsic worth or business prospects, such as low P/E (price-to-earnings)<br />and P/S (price-to-sales) ratios. Value funds appeal to investors who want some<br />dividend income and the potential for capital gains, but are less tolerant of<br />share-price fluctuations. The Fund may invest in both "growth" and "value"<br />companies without favoring either investment approach.<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 investing <br />a higher percentage of its assets in cash or in those types of money market <br />investments for temporary defensive purposes. During those times, the Fund may <br />not be able to pursue its investment objective and, instead, will focus on <br />preserving your investment.</tt>
SCOUT GLOBAL EQUITY FUND SUMMARY
Example:
There is no performance information presented for the Fund because the Fund had
not completed a full calendar year of operations as of the date of this Prospectus.
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)
1.68
Performance
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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 in<br />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 />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 />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 <br />investors 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 />International Investing Risks: International investing poses additional risks.<br />If a security owned by the Fund is denominated in a foreign currency, the value<br />of the foreign currency may fluctuate relative to the United States dollar and<br />cause a loss to the Fund. International markets may be subject to political<br />instability, which may make foreign investments more volatile than investments<br />in domestic markets. International markets are not always as liquid as in the<br />United States, sometimes making it harder to sell a security. In addition,<br />foreign companies may not be subject to comparable accounting, auditing and<br />financial reporting standards as United States companies, and therefore,<br />information about the foreign companies may not be readily available.<br />  <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, such as the Fund, are subject<br />to some degree of international risk as a result of these holdings and, to a<br />lesser degree, as a result of owning direct or indirect interests in foreign<br />companies (typically large multi-national companies).<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 />  <br />REIT Risks: The Fund may invest in REITs. The performance of equity REITs may <br />be affected by any changes in the value of the underlying properties owned by <br />the trusts. A decline in rental income may occur because of extended vacancies, <br />the failure to collect rents, increased competition from other properties or <br />poor management. A REIT's performance also depends on the company's ability to<br />finance property purchases and renovations and manage its cash flows. A mortgage<br />REIT specializes in lending money to developers and owners of properties and<br />passes any interest income earned to its shareholders. REITs may be affected by<br />the quality of any credit extended, and changes in interest rates, including<br />spreads between long-term and short-term interest rates. By investing in REITs<br />indirectly through the Fund, a shareholder will bear not only his or her<br />proportionate share of the expenses of the Fund, but also, indirectly, similar<br />expenses of the REITs.<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 had<br />not completed a full calendar year of operations as of the date of this Prospectus. <br />In the future, the Fund will disclose performance information in a bar chart and <br />performance table. Such disclosure will give some indication of the risks of an <br />investment in the Fund by comparing the Fund's performance with the MSCI World <br />Index and by 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>
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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.
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SCGLX
0
0.00
0
143
1228
-0.0385
4983
2307
0.0445
0.0080
2013-10-31
0.00
0.00
0.0140
0.0525
0.00
<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. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 593% of the average value of its portfolio.</tt>
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<tt>The investment objective of the Scout Core Plus Bond Fund (the "Fund") is a high<br />level of total return consistent with the preservation of capital.</tt>
<tt>The following example is intended to help you compare the cost of investing <br />in the Fund with the cost of investing in other mutual funds. The example <br />assumes that you invest $10,000 in the Fund for the time periods indicated <br />and then redeem all your shares at the end of those periods. The example <br />also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Please note that only the first <br />year in the example reflects the effect of the Advisor's contractual agreement <br />to limit overall Fund expenses. Although your actual costs may be higher or <br />lower, based on these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>Under normal circumstances, the Fund invests at least 80% of its assets in bonds<br />of varying maturities, including mortgage- and asset-backed securities. The<br />bonds in which the Fund may invest also include debt securities, to-be-announced<br />securities and other similar instruments issued by various U.S. and non-U.S.<br />public- or private-sector entities. The Fund invests primarily in investment<br />grade securities, but may also invest up to 25% of its assets in non-investment<br />grade securities, also known as high yield securities or "junk" bonds.<br />Investment grade securities include securities rated in one of the four highest<br />rating categories by a nationally recognized statistical rating organization,<br />such as BBB- or higher by Standard & Poor's Ratings Group ("S&P®"). In addition,<br />the Fund may purchase or sell securities on a when-issued, delayed delivery or<br />forward commitment basis. Securities will generally be U.S. dollar denominated<br />although they may be securities of foreign issuers. The Fund may also invest in<br />securities denominated in foreign currencies. The Fund's investments in the<br />securities of foreign issuers may include investments in developing countries <br />or emerging markets.<br /> <br />The Fund may invest in derivative instruments, such as options, futures<br />contracts (including interest rate futures contracts), currency forwards or <br />swap agreements (including credit default swaps) subject to applicable law and <br />any other restrictions described in the Fund's Prospectus or Statement of <br />Additional Information ("SAI"). The Fund's investment in credit default swap <br />agreements may include both single-name credit default swap agreements and credit <br />default swap index products, such as CDX index products. The use of these derivative<br />transactions may allow the Fund to obtain net long or short exposures to select<br />currencies, interest rates, countries, duration or credit risks. These derivatives <br />may be used to enhance Fund returns, increase liquidity and/or gain exposure to <br />certain instruments or markets (i.e., the corporate bond market) in a more efficient <br />or less expensive way. The credit default swap agreements that the Fund invests in <br />may provide exposure to an index of securities representative of the entire investment <br />grade and high yield fixed income markets, which can include underlying issuers rated <br />as low as CCC by S&P®. Derivative instruments that provide exposure to bonds may be <br />used to satisfy the Fund's 80% investment policy.<br /><br />How does the Fund choose securities in which to invest? The Advisor attempts to<br />maximize total return over a long-term horizon through opportunistic investing<br />in a broad array of eligible securities. The investment process combines top-down <br />interest rate management with bottom-up fixed income security selection, focusing <br />on undervalued issues in the fixed income market. The Advisor first establishes <br />the portfolio's duration, or interest rate sensitivity. The Advisor determines <br />whether the fixed income market is under- or over-priced by comparing current real <br />interest rates (the nominal rates on U.S. Treasury securities less the Advisor's <br />estimate of inflation) to historical real interest rates. If the current real <br />interest rate is higher than historical norms, the market is considered undervalued <br />and the Advisor will manage the portfolio with a duration greater than the benchmark. <br />Duration is a measure used to determine the sensitivity of a security's price to <br />changes in interest rates. The longer a security's duration, the more sensitive it <br />will be to changes in interest rates. If the current real interest rate is less <br />than historical norms, the market is considered overvalued and the Advisor will <br />run a defensive portfolio by managing the portfolio with a duration less than the <br />benchmark. The Advisor normally structures the Fund so that the overall portfolio <br />has a duration of between two and seven years based on market conditions.<br />  <br />The Advisor then considers sector exposures. Sector exposure decisions are made<br />on both a top-down and bottom-up basis. A bottom-up issue selection process is<br />the major determinant of sector exposure, as the availability of attractive<br />securities in each sector determines their underweighting or overweighting in<br />the Fund subject to sector exposure constraints. However, for the more generic<br />holdings in the Fund, such as agency notes and pass-through mortgage backed<br />securities, top-down considerations will drive the sector allocation process on<br />the basis of overall measurements of sector value such as yield spreads or price<br />levels.<br />  <br />Once the Advisor has determined an overall market strategy, the Advisor selects<br />the most attractive fixed income securities for the Fund. The portfolio managers<br />screen hundreds of securities to determine how each will perform in various<br />interest rate environments. The portfolio managers construct these scenarios by<br />considering the outlook for interest rates, fundamental credit analysis and<br />option-adjusted spread analysis. The portfolio managers compare these investment<br />opportunities and assemble the Fund's portfolio from the best available values.<br />The Advisor constantly monitors the expected returns of the securities in the<br />Fund versus those available in the market and of other securities the Advisor is<br />considering for purchase. The Advisor's strategy is to replace securities that<br />it feels are approaching fair market value with those that, according to its<br />analysis, are significantly undervalued. As a result of this strategy, the<br />Fund's portfolio turnover rate will vary from year to year depending on market<br />conditions.</tt>
SCOUT CORE PLUS BOND FUND SUMMARY
"Total Annual Fund Operating Expenses" and "Total Annual Fund Operating Expenses
(after Fee Waiver and/or Expense Assumption)" for Class Y shares do not correlate
to the ratio of expenses to average net assets for the most recent fiscal year in
the Financial Highlights table in this Prospectus and in the Fund's most recent
Annual Report because, for the fiscal year ended June 30, 2012, the full amounts
authorized under the Rule 12b-1 Distribution Plan and Shareholder Servicing Plan
for the Class Y shares of the Fund were not charged.
Example:
After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state
and local taxes.
Investment Objective
The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.
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)
5.93
Actual after-tax returns depend on your individual tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold
their Fund shares through tax-deferred arrangements, such as 401(k) plans or
individual retirement accounts.
Annual Total Return for Institutional Class Shares as of December 31 of Each Year
Performance
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns depend on your individual tax situation and may differ <br />from those shown. After-tax returns shown are not relevant to investors who hold <br />their Fund shares through tax-deferred arrangements, such as 401(k) plans or <br />individual retirement accounts.</tt>
The bar chart and table that follow provide an indication of the risks of investing in the Fund.
<tt>During the periods shown in the bar chart above the Fund's highest quarterly<br />return was 25.80% (quarter ended June 30, 2009) and the Fund's lowest quarterly<br />return was -5.13% (quarter ended September 30, 2008).<br />  <br />Year-to-date return (through September 30, 2012): 8.54%</tt>
1-800-996-2862
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
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's investments are subject to market risk, which may cause<br />the value of the Fund's investments to decline, sometimes rapidly or unpredictably, <br />due to factors affecting securities markets generally, particular geographic <br />regions or particular industries. If the value of the Fund's investments goes <br />down, the share price of the Fund will go down, and you may lose money. U.S. and <br />international markets have experienced extreme volatility, reduced liquidity, <br />credit downgrades, increased likelihood of default and valuation difficulties <br />in recent years.<br /><br />Fixed Income Security Risks: The Fund's investments are subject to the risks<br />inherent in individual fixed income security selections. Yields and principal<br />values of debt securities (bonds) will fluctuate. Generally, values of debt<br />securities change inversely with interest rates. As interest rates go up, the<br />value of debt securities tends to go down. As a result, the value of the Fund<br />may go down. Furthermore, these fluctuations tend to increase as a fixed income<br />security's time to maturity increases, so a longer-term fixed income security<br />will decrease more for a given increase in interest rates than a shorter-term<br />fixed income security. Fixed income securities may also be affected by changes<br />in the credit rating or financial condition of their issuers.<br />  <br />Maturity Risks: The Fund will invest in fixed income securities of varying<br />maturities. Generally, the longer a fixed income security's maturity, the<br />greater the risk. Conversely, the shorter a fixed income security's maturity,<br />the lower the risk.<br />  <br />Credit Risks: Credit risk is the risk that the Fund could lose money if the<br />issuer or guarantor of a fixed income security, or the counterparty to a<br />derivative contract, is unable or unwilling to meet its financial obligations.<br />  <br />High Yield Security Risks : High yield securities involve greater risk than<br />investment grade securities, including the possibility of default or bankruptcy.<br />They tend to be more sensitive to economic conditions than higher-rated debt<br />securities and, as a result, are generally more sensitive to credit risk than<br />securities in the higher-rated categories. High yield securities are considered<br />primarily speculative with respect to the issuer's continuing ability to make<br />principal and interest payments. Periods of economic uncertainty generally<br />result in increased volatility in the market prices of these securities.<br />  <br />Issuer Risks: The risk that the value of a security may decline for a reason<br />directly related to the issuer, such as management performance, financial<br />leverage and reduced demand for the issuer's goods or services.<br />  <br />Credit Ratings Risks: Ratings by nationally recognized ratings agencies<br />generally represent the agencies' opinion of the credit quality of an issuer <br />and may prove to be inaccurate.<br />  <br />Income Risks: The Fund's income could decline due to falling market interest<br />rates. In a falling interest rate environment, the Fund may be required to<br />invest its assets in lower-yielding securities.<br />  <br />Mortgage- and Asset-Backed Securities Risks: Movements in interest rates (both<br />increases and decreases) may quickly and significantly reduce the value of<br />certain types of mortgage- and asset-backed securities. Mortgage- and<br />asset-backed securities can also be subject to the risk of default on the<br />underlying mortgages or other assets. Mortgage- and asset-backed securities are<br />subject to fluctuations in yield due to prepayment rates that may be faster or<br />slower than expected.<br />  <br />International Investing Risks: International investing poses additional risks.<br />If a security owned by the Fund is denominated in a foreign currency, the value<br />of the foreign currency may fluctuate relative to the United States dollar and<br />cause a loss to the Fund. International markets may be subject to political<br />instability, which may make foreign investments more volatile than investments<br />in domestic markets. International markets are not always as liquid as in the<br />United States, sometimes making it harder to sell a security. In addition,<br />foreign companies may not be subject to comparable accounting, auditing and<br />financial reporting standards as United States companies, and therefore,<br />information about the foreign companies may not be readily available.<br /><br />To the extent the Fund invests a significant portion of its assets in a single<br />country or region, the Fund may be subject to increased risk associated with the<br />country or region. The risks of investing in foreign securities may be increased<br />if the investments are located in developing countries or emerging markets.<br />Security prices in emerging markets can be significantly more volatile than<br />those in more developed markets, reflecting the greater uncertainties of investing <br />in less established markets and economies. These risks are inherently passed on to <br />the company's shareholders, including the Fund, and in turn, to the Fund's <br />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, such as the Fund, are subject<br />to some degree of international risk as a result of these holdings and, to a<br />lesser degree, as a result of owning direct or indirect interests in foreign<br />companies (typically large multi-national companies).<br /> <br />Portfolio Turnover Risks: The Fund has historically experienced portfolio<br />turnover in excess of 100%. When the Fund experiences a high portfolio turnover<br />rate, you may realize significant taxable capital gains as a result of frequent<br />trading of the Fund's assets and the Fund will incur transaction costs in<br />connection with buying and selling securities, which may lower the Fund's<br />return.<br /> <br />Liquidity Risks: Liquidity risk is the risk that certain securities may be<br />difficult or impossible to sell at the time and price that the Advisor would<br />like to sell. The Advisor may have to lower the price, sell other securities<br />instead or forego an investment opportunity.<br /> <br />Valuation Risks: The securities held by the Fund are generally priced by an<br />independent pricing service and may also be priced using dealer quotes or fair<br />valuation methodologies in accordance with valuation procedures adopted by the<br />Fund's Board. The prices provided by the independent pricing service or dealers<br />or the fair valuations may be different from the prices used by other mutual<br />funds or from the prices at which securities are actually bought and sold.<br /> <br />Derivative Risks: Derivatives, such as options, futures contracts, currency<br />forwards or swap agreements, may involve greater risks than if the Fund invested<br />in the reference obligation directly. These instruments are subject to general<br />market risks, liquidity risks, interest rate risks, credit risks and management<br />risks. Derivatives also involve an increased risk of mispricing or improper<br />valuation and may result in a loss of value to the Fund. Changes in the value of<br />the derivative may not correlate perfectly with the underlying asset, rate or<br />index, and the Fund could lose more than the principal amount invested. The<br />derivatives market may be subject to additional regulations in the future.<br /> <br />Credit Default Swaps Risks: Credit default swaps and related instruments, such<br />as credit default swap index products, may involve greater risks than if the<br />Fund invested in the reference obligation directly. These instruments are<br />subject to general market risks, liquidity risks and credit risks, and may<br />result in a loss of value to the Fund. The credit default swap market may be<br />subject to additional regulations in the future.<br /> <br />Leverage Risks Associated with Financial Instruments: The use of financial<br />instruments to increase potential returns, including the use of when-issued,<br />delayed delivery or forward commitment transactions, and derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<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
www.scoutfunds.com
<tt>The bar chart and table that follow provide an indication of the risks of<br />investing in the Fund. The bar chart shows how the Fund's returns have changed<br />from year to year. The table shows how the Fund's average annual returns for 1,<br />5 and 10 year periods compare with those of a broad market benchmark index, as<br />well as an index of mutual funds with similar investment objectives. The Fund's<br />past performance (before and after taxes) is not necessarily an indication of<br />how it will perform in the future. Updated performance information is available<br />at no cost by visiting www.scoutfunds.com or by calling 1-800-996-2862.<br />  <br />The Frontegra Columbus Core Plus Fund was reorganized into the Fund after the<br />close of business on April 21, 2011. Prior to that date, the Fund had no investment <br />operations. Therefore, the historical returns shown below for periods prior to the <br />close of business on April 21, 2011 are those of the Frontegra Columbus Core Plus <br />Fund. After-tax returns for Class Y shares will vary from the Institutional Class <br />shares' after-tax returns shown.</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>
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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.
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Lipper Intermediate Investment Grade Debt Funds Index (reflects no deduction for fees, expenses or taxes)
0.0628
0.0580
0.0536
0.0713
2009-11-12
Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
0.0784
0.0650
0.0578
0.0649
2009-11-12
Return After Taxes on Distributions and Sale of Fund Shares
0.0551
0.0626
0.0500
Return After Taxes on Distributions
0.0577
0.0634
0.0505
SCPZX
0.0572
0
lowest quarterly return
highest quarterly return
0.00
2012-09-30
0
Return Before Taxes
41
2009-06-30
164
-0.0513
0.0504
-0.0016
0.1006
689
298
0.0786
0.2580
0.0828
0.0016
-0.0915
0.0040
2013-10-31
2008-09-30
0.3519
0.0956
0.0265
Year-to-date return
0.0828
0.00
0.0922
0.0000
0.0767
0.0040
0.0056
0.0650
0.0854
0.00
SCPYX
0
0.00
0
Return Before Taxes
82
291
-0.0016
1172
518
0.0789
0.0031
0.0040
2013-10-31
0.00
0.0025
0.0080
0.0096
0.0828
2009-11-12
0.00
<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. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 40% of the average value of its portfolio.</tt>
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<tt>The investment objective of the Scout International Discovery Fund (the "Fund")<br />is long-term growth of capital.</tt>
<tt>The following example is intended to help you compare the cost of investing <br />in the Fund with the cost of investing in other mutual funds. The example <br />assumes that you invest $10,000 in the Fund for the time periods indicated <br />and then redeem all your shares at the end of those periods. The example <br />also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same. Please note that only the first <br />year in the example reflects the effect of the Advisor's contractual agreement <br />to limit overall Fund expenses. Although your actual costs may be higher or <br />lower, based on these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund pursues its objective by investing, under normal circumstances,<br />primarily in equity securities (mostly common stocks) of smaller and mid-sized<br />companies that are either located outside the United States or whose primary<br />business is carried on outside the United States. Smaller and mid-sized<br />companies are companies with market capitalization (share price multiplied by<br />number of shares outstanding), at the time of purchase, between $500 million <br />and $17 billion.<br />  <br />The equity securities in which the Fund invests include common stocks,<br />depositary receipts, preferred stocks, convertible securities, warrants and<br />other rights, and real estate investment trusts ("REITs"). Common stock<br />represents an ownership interest in a company and its value is based on the<br />success of the company's business, any income paid to shareholders, the value <br />of the company's assets, general market conditions and investor demand. Depositary<br />receipts are typically issued by banks or trust companies representing ownership<br />interests of securities issued by foreign companies. Preferred stockholders<br />typically receive greater dividends but may receive less appreciation than<br />common stockholders and may have different voting rights as well. Convertible<br />securities entitle the holder to receive interest paid or accrued on debt or the<br />dividend paid on preferred stock until the convertible securities mature or are<br />redeemed, converted or exchanged. Warrants and similar rights are privileges<br />issued by corporations enabling the owners to subscribe to and purchase a<br />specified number of shares of the corporation at a specified price during a<br />specified period of time. REITs are companies that invest primarily in income<br />producing real estate or real estate related loans or interests. The Fund<br />normally invests at least 80% of its net assets in equity securities.<br />  <br />How does the Fund choose securities in which to invest? The Fund invests in a<br />diversified portfolio of equity securities which, in the opinion of the Advisor,<br />offer good growth potential because they are expected to benefit from certain<br />macroeconomic or company-specific factors. The Fund also seeks to invest in<br />securities that are attractively priced relative to their fundamental<br />characteristics. The Advisor selects securities based on its opinion as to <br />which economic sectors have the best prospects in view of the prevailing global,<br />domestic and local economic conditions. The Advisor also analyzes the economic,<br />political and market conditions of the various countries in which the Fund may<br />invest.<br />  <br />Among the fundamental macroeconomic factors the Advisor considers are<br />geopolitical issues and macroeconomic issues specific to regions or nations. <br />The Advisor also considers certain fundamental factors that are company-specific,<br />including cash flow, financial strength, profitability and potential or actual<br />catalysts that could positively impact share prices. The Fund primarily seeks to<br />invest in securities of companies that are known for the quality and acceptance<br />of their products or services and for their ability to generate profits. In<br />addition, the Advisor will take country specific accounting systems and legal<br />issues into consideration, as well as whether more than 50% of the company's<br />assets, personnel, sales or earnings are located outside the United States, <br />and therefore whether the company's primary business is carried on outside <br />the United States.<br /><br />The Fund's Advisor believes the intrinsic worth and consequent value of the<br />stock of most well-managed and successful companies does not usually change<br />rapidly, even though wide variations in stock prices may occur. Accordingly, <br />the Fund normally takes long-term positions in stocks and maintains the <br />positions while the companies' record and prospects continue to meet with the <br />Advisor's approval. However, because smaller and mid-sized companies are generally <br />less seasoned than larger companies, they may experience greater volatility with<br />regard to their fundamentals than larger companies, which could result in higher<br />portfolio turnover for the Fund.<br />  <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. The Fund will invest no more than 20% of its net assets<br />in investments in developing countries or emerging markets.<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 INTERNATIONAL DISCOVERY FUND SUMMARY
Example:
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Investment Objectives
Keep in mind that past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
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)
0.40
Actual after-tax returns depend on your individual tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold
their Fund shares through tax-deferred arrangements, such as 401(k) plans or
individual retirement accounts.
Annual Total Return as of December 31 of Each Year
Performance
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on your individual tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their Fund shares through tax-deferred arrangements, such as 401(k)<br />plans or individual retirement accounts. The return after taxes on distributions<br />and sale of Fund shares may be higher than the return before taxes because the<br />calculation assumes that shareholders receive a tax benefit for capital losses<br />incurred on the sale of their shares.</tt>
The bar chart and table that follow provide an indication of the risks of investing in the Fund.
<tt>During the periods shown in the bar chart above the Fund's highest quarterly<br />return was 23.18% (quarter ended June 30, 2009) and the Fund's lowest quarterly<br />return was -19.40% (quarter ended December 31, 2008).<br />  <br />Year-to-date return (through September 30, 2012): 13.12%</tt>
1-800-996-2862
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
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 <br />on market and economic conditions that may affect individual companies or<br />industries, or the securities market as a whole. At various times, stocks will<br />be more or less favorable than bonds, and small company stocks will be more or<br />less favorable than large company stocks. U.S. and international equity markets<br />have experienced volatility in recent years in response to economic and market<br />conditions. During a general downturn in the economy and securities markets,<br />multiple asset classes may be negatively affected. Because of this, the Fund<br />will perform better or worse than other types of funds depending on what is in<br />favor, and the value of the Fund may go down.<br />  <br />Mid Cap and Small Cap Company Risks: The Fund invests primarily in small and <br />mid cap companies. Generally, mid cap and small cap companies, which are often <br />less 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 />International Investing Risks: International investing poses additional risks.<br />If a security owned by the Fund is denominated in a foreign currency, the value<br />of the foreign currency may fluctuate relative to the United States dollar and<br />cause a loss to the Fund. International markets may be subject to political<br />instability, which may make foreign investments more volatile than investments<br />in domestic markets. International markets are not always as liquid as in the<br />United States, sometimes making it harder to sell a security. In addition,<br />foreign companies may not be subject to comparable accounting, auditing and<br />financial reporting standards as United States companies, and therefore,<br />information about the foreign companies may not be readily available.<br />  <br />To the extent the Fund invests a significant portion of its assets in a single<br />country or region, the Fund may be subject to increased risk associated with the<br />country or region. The risks of investing in foreign securities may be increased<br />if the investments are located in developing countries or emerging markets.<br />Security prices in emerging markets can be significantly more volatile than<br />those in more developed markets, reflecting the greater uncertainties of<br />investing in less established markets and economies. These risks are inherently<br />passed on to the company's shareholders, including the Fund, and in turn, to the<br />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 />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 />REIT Risks: The Fund may invest in REITs. The performance of equity REITs may <br />be affected by any changes in the value of the underlying properties owned by <br />the trusts. A decline in rental income may occur because of extended vacancies, <br />the failure to collect rents, increased competition from other properties or <br />poor management. A REIT's performance also depends on the company's ability to<br />finance property purchases and renovations and manage its cash flows. A mortgage<br />REIT specializes in lending money to developers and owners of properties and<br />passes any interest income earned to its shareholders. REITs may be affected by<br />the quality of any credit extended, and changes in interest rates, including<br />spreads between long-term and short-term interest rates. By investing in REITs<br />indirectly through the Fund, a shareholder will bear not only his or her<br />proportionate share of the expenses of the Fund, but also, indirectly, similar<br />expenses of the REITs.<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
www.scoutfunds.com
<tt>The bar chart and table that follow provide an indication of the risks of<br />investing in the Fund. The bar chart shows how the Fund's returns have changed<br />from year to year. The table shows how the Fund's average annual returns for 1<br />year and since inception periods compare with those of a broad market benchmark<br />index, as well as an index of mutual funds with similar investment objectives.<br />Keep in mind that past performance (before and after taxes) is not necessarily<br />an indication of how the Fund will perform in the future. Updated performance<br />information is available at no cost by visiting www.scoutfunds.com or by calling<br />1-800-996-2862.</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>
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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_S000020387Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
Lipper International Small/Mid Growth Funds Index (reflects no deduction for fees, expenses or taxes)
-0.1465
-0.0672
2007-12-31
MSCI EAFE SMID Index-U.S. Dollars (net) (reflects no deduction for fees, expenses or taxes)
-0.1422
-0.0518
2007-12-31
Return After Taxes on Distributions and Sale of Fund Shares
-0.0817
-0.0281
2007-12-31
Return After Taxes on Distributions
-0.1280
-0.0345
2007-12-31
UMBDX
0
lowest quarterly return
highest quarterly return
0.00
2012-09-30
0
Return Before Taxes
163
2009-06-30
560
-0.1940
-0.0026
0.1641
2159
982
0.2318
-0.1292
0.0091
-0.3471
0.0095
2013-10-31
2008-12-31
0.3183
Year-to-date return
-0.1292
0.00
0.00
0.0160
0.0186
-0.0335
2007-12-31
0.1312
0.00
<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 may<br />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. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 217% of the average value of its portfolio</tt>
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<tt>The investment objective of the Scout Mid Cap Fund (the "Fund") is long-term<br />growth of capital.</tt>
<tt>The following example is intended to help you compare the cost of<br />investing in the Fund with the cost of investing in other mutual <br />funds. The example assumes that you invest $10,000 in the Fund for <br />the time periods indicated and then redeem all your shares at the <br />end of those periods. The example also assumes that your investment <br />has a 5% return each year and that the Fund's operating expenses <br />remain the same. Although your actual costs may be higher or lower,<br />based on these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund pursues its objective by investing primarily in common stocks of mid<br />cap companies. Under normal circumstances, at least 80% of the Fund's assets<br />will be invested in mid cap equity securities. Any change in this 80% policy<br />approved by the Fund's Board of Trustees (the "Board") may not take effect until<br />shareholders have received written notice of the change at least sixty days<br />before it occurs. Mid cap equity securities are securities issued by companies<br />with market capitalizations (share price multiplied by the number of shares<br />outstanding), at the time of purchase, between $1.5 billion and $17 billion. The<br />Fund maintains a portfolio of investments diversified across companies and<br />economic sectors.<br />  <br />The equity securities in which the Fund invests include common stocks,<br />depositary receipts, preferred stocks, convertible securities, warrants and<br />other rights, and real estate investment trusts ("REITs"). Common stock<br />represents an ownership interest in a company and its value is based on the<br />success of the company's business, any income paid to shareholders, the value of<br />the company's assets, general market conditions and investor demand. Depositary<br />receipts are typically issued by banks or trust companies representing ownership<br />interests of securities issued by foreign companies. Preferred stockholders<br />typically receive greater dividends but may receive less appreciation than<br />common stockholders and may have different voting rights as well. Convertible<br />securities entitle the holder to receive interest paid or accrued on debt or the<br />dividend paid on preferred stock until the convertible securities mature or are<br />redeemed, converted or exchanged. Warrants and similar rights are privileges<br />issued by corporations enabling the owners to subscribe to and purchase a<br />specified number of shares of the corporation at a specified price during a<br />specified period of time. REITs are companies that invest primarily in income<br />producing real estate or real estate related loans or interests.<br />  <br />How does the Fund choose securities in which to invest? Scout Investments, Inc.<br />(the "Advisor") normally invests the Fund's assets in a diversified portfolio of<br />equity securities. The Advisor seeks to invest in the securities of companies<br />that are expected to benefit from macroeconomic or company-specific factors, and<br />that are attractively priced relative to their fundamentals. In making<br />investment decisions, the Advisor may consider fundamental factors such as cash<br />flow, financial strength, profitability, statistical valuation measures,<br />potential or actual catalysts that could move the share price, accounting<br />practices, management quality, risk factors such as litigation, the estimated<br />fair value of the company, general economic and industry conditions, and<br />additional information as appropriate. <br /> <br />The Fund will invest primarily in securities of U.S. companies, but may invest<br />up to 20% of the portfolio in foreign companies, including those located in<br />developing countries or emerging markets; American Depositary Receipts ("ADRs")<br />or Global Depositary Receipts ("GDRs").<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 MID CAP FUND SUMMARY
Example:
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Investment Objective
Keep in mind that past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
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)
2.17
Actual after-tax returns depend on your individual tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold
their Fund shares through tax-deferred arrangements, such as 401(k) plans or
individual retirement accounts.
Annual Total Return as of December 31 of Each Year
Performance
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on your individual tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their Fund shares through tax-deferred arrangements, such as 401(k)<br />plans or individual retirement accounts. The return after taxes on<br />distributions and sale of Fund shares may be higher than the return before taxes<br />because the calculation assumes that shareholders receive a tax benefit for<br />capital losses incurred on the sale of their shares.</tt>
The bar chart and table that follow provide an indication of the risks of investing in the Fund.
<tt>During the periods shown in the bar chart above the Fund's highest quarterly<br />return was 23.59% (quarter ended June 30, 2009) and the Fund's lowest quarterly<br />return was -22.07% (quarter ended September 30, 2008).<br /> <br />Year-to-date return (through September 30, 2012): 8.87%</tt>
1-800-996-2862
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
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<br />obligations of, nor guaranteed by, UMB Bank, n.a. ("UMB") or any other banking<br />institution. They are not federally insured by the Federal Deposit Insurance<br />Corporation or any other United States government agency. These shares involve<br />investment risks, 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 in<br />value. Different types of investments shift in and out of favor depending on<br />market and economic conditions that may affect individual companies or<br />industries, or the securities market as a whole. At various times, stocks will<br />be more or less favorable than bonds, and small company stocks will be more or<br />less favorable than large company stocks. U.S. and international equity markets<br />have experienced volatility in recent years in response to economic and market<br />conditions. During a general downturn in the economy and securities markets,<br />multiple asset classes may be negatively affected. Because of this, the Fund<br />will perform better or worse than other types of funds depending on what is in<br />favor, and the value of the Fund may go down. <br /> <br />Mid Cap Company Risks: The Fund invests primarily in mid cap companies.<br />Generally, mid cap companies, which are often less seasoned, have more potential<br />for rapid growth. However, they often involve greater risk than large cap<br />companies and these risks are passed on to funds that invest in them. These<br />companies may not have the management experience, financial resources, product<br />diversification and competitive strengths of larger companies. Therefore, the<br />securities of mid cap companies are generally more volatile than the securities<br />of larger, more established companies. Investments in the Fund may be more<br />suitable for long-term investors who can bear the risk of these fluctuations. <br /> <br />Mid cap company stocks tend to be bought and sold less often and in smaller<br />amounts than larger company stocks. Because of this, if the Fund wants to sell a<br />large quantity of a mid cap company stock, it may have to sell at a lower price<br />than the Advisor might prefer, or it may have to sell in small quantities over a<br />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 />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 the<br />overall market. A slower growth or recessionary economic environment could have<br />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 />REIT Risks: The Fund may invest in REITs. The performance of equity REITs may be<br />affected by any changes in the value of the underlying properties owned by the<br />trusts. A decline in rental income may occur because of extended vacancies, the<br />failure to collect rents, increased competition from other properties or poor<br />management. A REIT's performance also depends on the company's ability to<br />finance property purchases and renovations and manage its cash flows. A mortgage<br />REIT specializes in lending money to developers and owners of properties and<br />passes any interest income earned to its shareholders. REITs may be affected by<br />the quality of any credit extended, and changes in interest rates, including<br />spreads between long-term and short-term interest rates. By investing in REITs<br />indirectly through the Fund, a shareholder will bear not only his or her<br />proportionate share of the expenses of the Fund, but also, indirectly, similar<br />expenses of the REITs. <br /> <br />International Investing Risks: International investing poses additional risks.<br />If a security owned by the Fund is denominated in a foreign currency, the value<br />of the foreign currency may fluctuate relative to the United States dollar and<br />cause a loss to the Fund. International markets may be subject to political<br />instability, which may make foreign investments more volatile than investments<br />in domestic markets. International markets are not always as liquid as in the<br />United States, sometimes making it harder to sell a security. In addition,<br />foreign companies may not be subject to comparable accounting, auditing and<br />financial reporting standards as United States companies, and therefore,<br />information about the foreign companies may not be readily available. <br /> <br />To the extent the Fund invests a significant portion of its assets in a single<br />country or region, the Fund may be subject to increased risk associated with the<br />country or region. The risks of investing in foreign securities may be increased<br />if the investments are located in developing countries or emerging markets.<br />Security prices in emerging markets can be significantly more volatile than<br />those in more developed markets, reflecting the greater uncertainties of<br />investing in less established markets and economies. These risks are inherently<br />passed on to the company's shareholders, including the Fund, and in turn, to the<br />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, such as the Fund, are subject<br />to some degree of international risk as a result of these holdings and, to a<br />lesser degree, as a result of owning direct or indirect interests in foreign<br />companies (typically large multi-national companies). <br /> <br />Portfolio Turnover Risks: The Fund has historically experienced portfolio<br />turnover in excess of 100%. Portfolio turnover may involve the payment by the<br />Fund of brokerage and other transaction costs on the sale of securities, as well<br />as on the investment of the proceeds in other securities. The greater the<br />portfolio turnover, the greater the transaction costs to the Fund, which could<br />have an adverse effect on the Fund's total rate of return. In addition, funds<br />with high portfolio turnover rates may be more likely than low-turnover funds to<br />generate capital gains that must be distributed to shareholders as taxable<br />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
www.scoutfunds.com
<tt>The bar chart and table that follow provide an indication of the risks of<br />investing in the Fund. The bar chart shows how the Fund's returns have changed<br />from year to year. The table shows how the Fund's average annual returns for 1<br />year, 5 year and since-inception periods compare with those of a broad market<br />benchmark index, as well as an index of mutual funds with similar investment<br />objectives. Keep in mind that past performance (before and after taxes) is not<br />necessarily an indication of how the Fund will perform in the future. Updated<br />performance information is available at no cost by visiting www.scoutfunds.com<br />or by calling 1-800-996-2862.</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>
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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_S000017336Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
Lipper Mid-Cap Core Funds Index (reflects no deduction for fees, expenses or taxes)
-0.0565
0.0128
0.0189
2006-10-31
Russell Midcap® Index (reflects no deduction for fees, expenses or taxes)
-0.0155
0.0141
0.0206
2006-10-31
Return After Taxes on Distributions and Sale of Fund Shares
0.0057
0.0675
0.0689
2006-10-31
Return After Taxes on Distributions
-0.0108
0.0733
0.0750
2006-10-31
UMBMX
0
lowest quarterly return
highest quarterly return
0.00
2012-09-30
0
Return Before Taxes
108
2009-06-30
337
-0.2207
0.2789
1294
585
0.2194
0.2359
0.0032
0.0026
-0.3510
0.0080
2008-09-30
0.4716
0.0836
Year-to-date return
0.0032
0.00
0.00
0.0106
0.0850
2006-10-31
0.0887
0.00
<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 may<br />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. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 586% of the average value of its portfolio.</tt>
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<tt>The investment objective of the Scout Core Bond Fund (the "Fund") is a high<br />level of total return consistent with the preservation 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 only the first year in the example <br />reflects the effect of the Advisor's contractual agreement to limit overall <br />Fund expenses. Although your actual costs may be higher or lower, based on <br />these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>Under normal circumstances, the Fund invests at least 80% of its assets in bonds<br />of varying maturities, including mortgage- and asset-backed securities. The<br />bonds in which the Fund may invest also include debt securities, to-be-announced<br />securities and other similar instruments issued by various U.S. and non-U.S.<br />public- or private-sector entities. <br /> <br />The Fund invests primarily in investment grade securities. Investment grade<br />securities include securities rated in one of the four highest rating categories<br />by a nationally recognized statistical rating organization, such as BBB- or<br />higher by Standard & Poor's Ratings Group ("S&P®"). In addition, the Fund may<br />purchase or sell securities on a when-issued, delayed delivery or forward<br />commitment basis. All securities will be U.S. dollar denominated although they<br />may be securities of foreign issuers. <br /> <br />The Fund may also invest in credit default swap agreements, which may include<br />both single-name credit default swap agreements and credit default swap index<br />products, such as CDX index products. These derivatives may be used to enhance<br />Fund returns, increase liquidity and/or gain exposure to certain instruments or<br />markets (i.e., the corporate bond market) in a more efficient or less expensive<br />way. The credit default swap agreements that the Fund invests in may provide<br />exposure to an index of securities representative of the entire investment grade<br />and high yield fixed income markets, which can include underlying issuers rated<br />as low as CCC by S&P®. Derivative instruments that provide exposure to bonds may<br />be used to satisfy the Fund's 80% investment policy.<br />  <br />How does the Fund choose securities in which to invest? The Advisor attempts to<br />maximize total return over a long-term horizon through opportunistic investing<br />in a broad array of eligible securities. The investment process combines<br />top-down interest rate management with bottom-up fixed income security<br />selection, focusing on undervalued issues in the fixed income market. The<br />Advisor first establishes the portfolio's duration, or interest rate<br />sensitivity. The Advisor determines whether the fixed income market is under- or<br />over-priced by comparing current real interest rates (the nominal rates on U.S.<br />Treasury securities less the Advisor's estimate of inflation) to historical real<br />interest rates. If the current real interest rate is higher than historical<br />norms, the market is considered undervalued and the Advisor will manage the<br />portfolio with a duration greater than the benchmark. Duration is a measure used<br />to determine the sensitivity of a security's price to changes in interest rates.<br />The longer a security's duration, the more sensitive it will be to changes in<br />interest rates. If the current real interest rate is less than historical norms,<br />the market is considered overvalued and the Advisor will run a defensive<br />portfolio by managing the portfolio with a duration less than the benchmark. The<br />Advisor normally structures the Fund so that the overall portfolio has a<br />duration of between two and seven years based on market conditions.<br /> <br />The Advisor then considers sector exposures. Sector exposure decisions are made<br />on both a top-down and bottom-up basis. A bottom-up issue selection process is<br />the major determinant of sector exposure, as the availability of attractive<br />securities in each sector determines their underweighting or overweighting in<br />the Fund subject to sector exposure constraints. However, for the more generic<br />holdings in the Fund, such as agency notes and pass-through mortgage backed<br />securities, top-down considerations will drive the sector allocation process on<br />the basis of overall measurements of sector value such as yield spreads or price<br />levels. <br /> <br />Once the Advisor has determined an overall market strategy, the Advisor selects<br />the most attractive fixed income securities for the Fund. The portfolio managers<br />screen hundreds of securities to determine how each will perform in various<br />interest rate environments. The portfolio managers construct these scenarios by<br />considering the outlook for interest rates, fundamental credit analysis and<br />option-adjusted spread analysis. The portfolio managers compare these investment<br />opportunities and assemble the Fund's portfolio from the best available values.<br />The Advisor constantly monitors the expected returns of the securities in the<br />Fund versus those available in the market and of other securities the Advisor is<br />considering for purchase. The Advisor's strategy is to replace securities that<br />it feels are approaching fair market value with those that, according to its<br />analysis, are significantly undervalued. As a result of this strategy, the<br />Fund's portfolio turnover rate will vary from year to year depending on market<br />conditions.</tt>
SCOUT CORE BOND FUND SUMMARY
"Total Annual Fund Operating Expenses" and "Total Annual Fund Operating
Expenses (after Fee Waiver and/or Expense Assumption)" for Class Y shares
do not correlate to the ratio of expenses to average net assets for the most
recent fiscal year in the Financial Highlights table in this Prospectus and
in the Fund's most recent Annual Report because, for the fiscal year ended
June 30, 2012, the full amounts authorized under the Rule 12b-1 Distribution
Plan and Shareholder Servicing Plan for the Class Y shares of the Fund were
not charged.
Example:
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Investment Objective
The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.
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)
5.86
Actual after-tax returns depend on your individual tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold
their Fund shares through tax-deferred arrangements, such as 401(k) plans or
individual retirement accounts.
Annual Total Return for Institutional Class Shares as of December 31 of Each Year
Performance
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on your individual tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their Fund shares through tax-deferred arrangements, such as 401(k)<br />plans or individual retirement accounts.</tt>
The bar chart and table that follow provide an indication of the risks of investing in the Fund.
<tt>During the periods shown in the bar chart above the Fund's highest quarterly<br />return was 20.71% (quarter ended June 30, 2009) and the Fund's lowest quarterly<br />return was -3.90% (quarter ended September 30, 2008). <br /> <br />Year-to-date return (through September 30, 2012): 5.58%</tt>
1-800-996-2862
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
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<br />obligations of, nor guaranteed by, UMB Bank, n.a. ("UMB") or any other banking<br />institution. They are not federally insured by the Federal Deposit Insurance<br />Corporation or any other United States government agency. These shares involve<br />investment risks, including the possible loss of the principal invested. <br /> <br />Market Risks: The Fund's investments are subject to market risk, which may cause<br />the value of the Fund's investments to decline, sometimes rapidly or<br />unpredictably, due to factors affecting securities markets generally, particular<br />geographic regions or particular industries. If the value of the Fund's<br />investments goes down, the share price of the Fund will go down, and you may<br />lose money. U.S. and international markets have experienced extreme volatility,<br />reduced liquidity, credit downgrades, increased likelihood of default and<br />valuation difficulties in recent years.<br />  <br />Fixed Income Security Risks: The Fund's investments are subject to the risks<br />inherent in individual fixed income security selections. Yields and principal<br />values of debt securities (bonds) will fluctuate. Generally, values of debt<br />securities change inversely with interest rates. As interest rates go up, the<br />value of debt securities tends to go down. As a result, the value of the Fund<br />may go down. Furthermore, these fluctuations tend to increase as a fixed income<br />security's time to maturity increases, so a longer-term fixed income security<br />will decrease more for a given increase in interest rates than a shorter-term<br />fixed income security. Fixed income securities may also be affected by changes<br />in the credit rating or financial condition of their issuers. <br /> <br />Maturity Risks: The Fund will invest in fixed income securities of varying<br />maturities. Generally, the longer a fixed income security's maturity, the<br />greater the risk. Conversely, the shorter a fixed income security's maturity,<br />the lower the risk. <br /> <br />Credit Risks: Credit risk is the risk that the Fund could lose money if the<br />issuer or guarantor of a fixed income security, or the counterparty to a<br />derivative contract, is unable or unwilling to meet its financial obligations. <br /> <br />Issuer Risks: The risk that the value of a security may decline for a reason<br />directly related to the issuer, such as management performance, financial<br />leverage and reduced demand for the issuer's goods or services. <br /> <br />Credit Ratings Risks: Ratings by nationally recognized ratings agencies<br />generally represent the agencies' opinion of the credit quality of an issuer and<br />may prove to be inaccurate. <br /> <br />Income Risks: The Fund's income could decline due to falling market interest<br />rates. In a falling interest rate environment, the Fund may be required to<br />invest its assets in lower-yielding securities. <br /> <br />Mortgage- and Asset-Backed Securities Risks: Movements in interest rates (both<br />increases and decreases) may quickly and significantly reduce the value of<br />certain types of mortgage- and asset-backed securities. Mortgage- and<br />asset-backed securities can also be subject to the risk of default on the<br />underlying mortgages or other assets. Mortgage- and asset-backed securities are<br />subject to fluctuations in yield due to prepayment rates that may be faster or<br />slower than expected.<br /> <br />Portfolio Turnover Risks: The Fund has historically experienced portfolio<br />turnover in excess of 100%. When the Fund experiences a high portfolio turnover<br />rate, you may realize significant taxable capital gains as a result of frequent<br />trading of the Fund's assets and the Fund will incur transaction costs in<br />connection with buying and selling securities, which may lower the Fund's<br />return. <br /> <br />Liquidity Risks: Liquidity risk is the risk that certain securities may be<br />difficult or impossible to sell at the time and price that the Advisor would<br />like to sell. The Advisor may have to lower the price, sell other securities<br />instead or forego an investment opportunity.<br /> <br />Valuation Risks: The securities held by the Fund are generally priced by an<br />independent pricing service and may also be priced using dealer quotes or fair<br />valuation methodologies in accordance with valuation procedures adopted by the<br />Fund's Board. The prices provided by the independent pricing service or dealers<br />or the fair valuations may be different from the prices used by other mutual<br />funds or from the prices at which securities are actually bought and sold.<br /> <br />Credit Default Swaps Risks: Credit default swaps and related instruments, such<br />as credit default swap index products, may involve greater risks than if the<br />Fund invested in the reference obligation directly. These instruments are<br />subject to general market risks, liquidity risks and credit risks, and may<br />result in a loss of value to the Fund. The credit default swap market may be<br />subject to additional regulations in the future.<br />  <br />Leverage Risks Associated with Financial Instruments: The use of financial<br />instruments to increase potential returns, including the use of when-issued,<br />delayed delivery or forward commitment transactions, and derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />International Investing Risks: International investing poses additional risks.<br />International markets may be subject to political instability, which may make<br />foreign investments more volatile than investments in domestic markets.<br />International markets are not always as liquid as in the United States,<br />sometimes making it harder to sell a security. In addition, foreign companies<br />may not be subject to comparable accounting, auditing and financial reporting<br />standards as United States companies, and therefore, information about the<br />foreign companies may not be readily available.<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, such as the Fund, are subject<br />to some degree of international risk as a result of these holdings and, to a<br />lesser degree, as a result of owning direct or indirect interests in foreign<br />companies (typically large multi-national companies). <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
www.scoutfunds.com
<tt>The bar chart and table that follow provide an indication of the risks of<br />investing in the Fund. The bar chart shows how the Fund's returns have changed<br />from year to year. The table shows how the Fund's average annual returns for 1,<br />5 and 10 year periods compare with those of a broad market benchmark index, as<br />well as an index of mutual funds with similar investment objectives. The Fund's<br />past performance (before and after taxes) is not necessarily an indication of<br />how it will perform in the future. Updated performance information is available<br />at no cost by visiting www.scoutfunds.com or by calling 1-800-996-2862. <br /> <br />The Frontegra Columbus Core Fund was reorganized into the Fund after the close<br />of business on April 21, 2011. Based on an analysis of the attributes of the<br />funds, the historical performance and financial history of the Frontegra<br />Columbus Core Fund was adopted by the Fund. Therefore, performance information<br />for periods prior to the close of business on April 21, 2011 is that of the<br />Frontegra Columbus Core Fund. <br /> <br />There is no performance information quoted for Class Y shares of the Fund<br />because Class Y shares of the Fund have not yet been in existence for a full<br />calendar 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>
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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_S000007706Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
Lipper Intermediate Investment Grade Debt Funds Index (reflects no deduction for fees, expenses or taxes)
0.0628
0.0580
0.0536
Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
0.0784
0.0650
0.0578
Return After Taxes on Distributions and Sale of Fund Shares
0.0499
0.0609
0.0454
Return After Taxes on Distributions
0.0562
0.0652
0.0475
SCCYX
0
0.00
0
82
315
-0.0027
1291
568
0.0042
0.0040
2013-10-31
0.00
0.0025
0.0080
0.0107
0.00
SCCIX
0.0681
0
lowest quarterly return
highest quarterly return
0.00
2012-09-30
0
Return Before Taxes
41
2009-06-30
188
-0.0390
0.0456
-0.0027
0.0748
812
348
0.0776
0.2071
0.0764
0.0027
-0.0645
0.0040
2013-10-31
2008-09-30
0.2836
0.0840
0.0249
Year-to-date return
0.0764
0.00
0.0510
0.0000
0.0653
0.0040
0.0067
0.0457
0.0558
0.00
<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 may<br />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. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 20% of the average value of its portfolio.</tt>
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<tt>The investment objectives of the Scout International Fund (the "Fund") are<br />long-term growth of capital and income.</tt>
<tt>The following example is intended to help you compare the cost of investing <br />in the Fund with the cost of investing in other mutual funds. The example <br />assumes that you invest $10,000 in the Fund for the time periods indicated <br />and then redeem all your shares at the end of those periods. The example also <br />assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same. Although your actual costs may be higher <br />or lower, based on these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund normally pursues its objectives by investing in a diversified portfolio<br />consisting primarily of equity securities of established companies either<br />located outside the United States or whose primary business is carried on<br />outside the United States. The equity securities in which the Fund invests<br />include common stocks, depositary receipts, preferred stocks, convertible<br />securities, warrants and other rights, and real estate investment trusts<br />("REITs"). Common stock represents an ownership interest in a company and its<br />value is based on the success of the company's business, any income paid to<br />shareholders, the value of the company's assets, general market conditions and<br />investor demand. Depositary receipts are typically issued by banks or trust<br />companies representing ownership interests of securities issued by foreign<br />companies. Preferred stockholders typically receive greater dividends but may<br />receive less appreciation than common stockholders and may have different voting<br />rights as well. Convertible securities entitle the holder to receive interest<br />paid or accrued on debt or the dividend paid on preferred stock until the<br />convertible securities mature or are redeemed, converted or exchanged. Warrants<br />and similar rights are privileges issued by corporations enabling the owners to<br />subscribe to and purchase a specified number of shares of the corporation at a<br />specified price during a specified period of time. REITs are companies that<br />invest primarily in income producing real estate or real estate related loans or<br />interests. The Fund normally invests at least 80% of its assets in equity<br />securities as described above. <br /> <br />How does the Fund choose securities in which to invest? In selecting securities<br />for the Fund, Scout Investments, Inc. (the "Advisor") first applies a "top-down"<br />approach, looking at the economic, political and market conditions of the<br />various countries in which the Fund may invest. Securities are also selected<br />based on the Advisor's opinion as to which economic sectors have the best<br />prospects in view of prevailing global, domestic and local economic conditions.<br />The Fund then primarily invests in securities of seasoned companies that are<br />known for the quality and acceptance of their products or services and for their<br />ability to generate profits and in many cases pay dividends. Seasoned companies<br />are considered to be companies that have been in existence for at least three<br />years.<br /> <br />Among the fundamental macroeconomic factors the Advisor considers are<br />geopolitical issues and macroeconomic issues specific to regions or nations. The<br />Advisor also considers certain fundamental factors that are company-specific,<br />including cash flow, financial strength, profitability and potential or actual<br />catalysts that could positively impact share prices. In addition, the Advisor<br />will take country specific accounting systems and legal issues into<br />consideration, as well as whether more than 50% of the company's assets,<br />personnel, sales or earnings are located outside the United States and therefore<br />whether the company's primary business is carried on outside the United States. <br /> <br />The Advisor believes that the intrinsic worth and consequent value of the stock<br />of most well-managed and successful companies does not usually change rapidly,<br />even though wide variations in the price may occur. Accordingly, long-term<br />positions in stocks will normally be taken and maintained while the companies'<br />record and prospects continue to meet with the Advisor's approval.<br />  <br />The Fund intends to diversify investments among industries and among a number of<br />countries throughout the world. In addition, the Fund may invest a substantial<br />portion of its assets (more than 25%) in one or more countries if economic and<br />business conditions warrant such investment. The Fund will invest no more than<br />20% of its net assets in investments in developing countries or emerging<br />markets.<br /> <br />If the Advisor believes negative economic or market conditions make it more<br />difficult to achieve growth of capital, the Fund may seek to earn income by<br />investing a higher percentage of its assets in dividend-paying stocks. The Fund<br />may also invest a portion of its net assets (up to 20%) in high-grade fixed<br />income securities or other investments that may provide income, including cash<br />and money market securities. In such cases, the Fund will resume investing<br />primarily in equity securities when conditions warrant. <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 INTERNATIONAL FUND SUMMARY
"Total Annual Fund Operating Expenses" do not correlate to the ratio of
expenses to average net assets for the most recent fiscal year in the
Financial Highlights table in this Prospectus and in the Fund's most
recent Annual Report because the latter reflects the operating expenses
of the Fund and does not include "Acquired Fund Fees and Expenses."
Example:
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Investment Objective
Keep in mind that past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
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)
0.20
Actual after-tax returns depend on your individual tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold
their Fund shares through tax-deferred arrangements, such as 401(k) plans or
individual retirement accounts.
Annual Total Return as of December 31 of Each Year
Performance
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on your individual tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their Fund shares through tax-deferred arrangements, such as 401(k)<br />plans or individual retirement accounts. The return after taxes on distributions<br />and sale of Fund shares may be higher than the return before taxes because the<br />calculation assumes that shareholders receive a tax benefit for capital losses<br />incurred on the sale of their shares.</tt>
The bar chart and table that follow provide an indication of the risks of investing in the Fund.
<tt>During the periods shown in the bar chart above the Fund's highest quarterly<br />return was 21.57% (quarter ended September 30, 2009) and the Fund's lowest<br />quarterly return was -20.84% (quarter ended September 30, 2011). <br /> <br />Year-to-date return (through September 30, 2012): 13.24%</tt>
1-800-996-2862
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
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<br />obligations of, nor guaranteed by, UMB Bank, n.a. ("UMB") or any other banking<br />institution. They are not federally insured by the Federal Deposit Insurance<br />Corporation or any other United States government agency. These shares involve<br />investment risks, 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 in<br />value. Different types of investments shift in and out of favor depending on<br />market and economic conditions that may affect individual companies or<br />industries, or the securities market as a whole. At various times, stocks will<br />be more or less favorable than bonds, and small company stocks will be more or<br />less favorable than large company stocks. U.S. and international equity markets<br />have experienced volatility in recent years in response to economic and market<br />conditions. During a general downturn in the economy and securities markets,<br />multiple asset classes may be negatively affected. Because of this, the Fund<br />will perform better or worse than other types of funds depending on what is in<br />favor, and the value of the Fund may go down.<br />  <br />International Investing Risks: International investing poses additional risks.<br />If a security owned by the Fund is denominated in a foreign currency, the value<br />of the foreign currency may fluctuate relative to the United States dollar and<br />cause a loss to the Fund. International markets may be subject to political<br />instability, which may make foreign investments more volatile than investments<br />in domestic markets. International markets are not always as liquid as in the<br />United States, sometimes making it harder to sell a security. In addition,<br />foreign companies may not be subject to comparable accounting, auditing and<br />financial reporting standards as United States companies, and therefore,<br />information about the foreign companies may not be readily available.<br />  <br />To the extent the Fund invests a significant portion of its assets in a single<br />country or region, the Fund may be subject to increased risk associated with the<br />country or region. The risks of investing in foreign securities may be increased<br />if the investments are located in developing countries or emerging markets.<br />Security prices in emerging markets can be significantly more volatile than<br />those in more developed markets, reflecting the greater uncertainties of<br />investing in less established markets and economies. These risks are inherently<br />passed on to the company's shareholders, including the Fund, and in turn, to the<br />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 />REIT Risks: The Fund may invest in REITs. The performance of equity REITs may be<br />affected by any changes in the value of the underlying properties owned by the<br />trusts. A decline in rental income may occur because of extended vacancies, the<br />failure to collect rents, increased competition from other properties or poor<br />management. A REIT's performance also depends on the company's ability to<br />finance property purchases and renovations and manage its cash flows. A mortgage<br />REIT specializes in lending money to developers and owners of properties and<br />passes any interest income earned to its shareholders. REITs may be affected by<br />the quality of any credit extended, and changes in interest rates, including<br />spreads between long-term and short-term interest rates. By investing in REITs<br />indirectly through the Fund, a shareholder will bear not only his or her<br />proportionate share of the expenses of the Fund, but also, indirectly, similar<br />expenses of the REITs. <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
www.scoutfunds.com
<tt>The bar chart and table that follow provide an indication of the risks of<br />investing in the Fund. The bar chart shows how the Fund's returns have changed<br />from year to year. The table shows how the Fund's average annual returns for 1,<br />5 and 10 year periods compare with those of a broad market benchmark index, as<br />well as an index of mutual funds with similar investment objectives. Keep in<br />mind that past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance<br />information is available at no cost by visiting www.scoutfunds.com or by calling<br />1-800-996-2862.</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>
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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.
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Lipper International Large-Cap Growth Funds Index (reflects no deduction for fees, expenses or taxes)
-0.1193
-0.0296
0.0360
MSCI EAFE Index-U.S. Dollars (net) (reflects no deduction for fees, expenses or taxes)
-0.1214
-0.0472
0.0467
Return After Taxes on Distributions and Sale of Fund Shares
-0.0759
-0.0027
0.0581
Return After Taxes on Distributions
-0.1237
-0.0070
0.0625
UMBWX
-0.1585
0
lowest quarterly return
highest quarterly return
0.00
2012-09-30
0
Return Before Taxes
102
2009-09-30
318
-0.2084
0.1802
0.1317
1225
552
0.1780
0.2157
-0.1235
0.0028
-0.3806
0.0071
2011-09-30
0.3554
-0.0038
0.1958
Year-to-date return
-0.1235
0.00
0.3310
0.00
0.0654
0.0100
0.2151
0.1324
0.0001
0.00
<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 may<br />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. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 38% of the average value of its portfolio.</tt>
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<tt>The investment objective of the Scout Small Cap Fund (the "Fund") is long-term<br />growth of capital.</tt>
<tt>The following example is intended to help you compare the cost of<br />investing in the Fund with the cost of investing in other mutual funds. The<br />example assumes that you invest $10,000 in the Fund for the time periods<br />indicated and then redeem all your shares at the end of those periods. The<br />example also assumes that your investment has a 5% return each year and that <br />the Fund's operating expenses remain the same. Although your actual costs may<br />be higher or lower, based on these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund pursues its objective by investing, under normal circumstances, at<br />least 80% of its assets in equity securities (mostly common stocks) of small cap<br />companies located anywhere in the United States. Any change in this 80% policy<br />approved by the Fund's Board of Trustees (the "Board") may not take effect until<br />shareholders have received written notice of the change at least sixty days<br />before it occurs. Small cap companies are those with a market capitalization of<br />$3 billion or less at the time of purchase.<br /> <br />The equity securities in which the Fund invests include common stocks,<br />depositary receipts, preferred stocks, convertible securities, warrants and<br />other rights, and real estate investment trusts ("REITs"). Common stock<br />represents an ownership interest in a company and its value is based on the<br />success of the company's business, any income paid to shareholders, the value of<br />the company's assets, general market conditions and investor demand. Depositary<br />receipts are typically issued by banks or trust companies representing ownership<br />interests of securities issued by foreign companies. Preferred stockholders<br />typically receive greater dividends but may receive less appreciation than<br />common stockholders and may have different voting rights as well. Convertible<br />securities entitle the holder to receive interest paid or accrued on debt or the<br />dividend paid on preferred stock until the convertible securities mature or are<br />redeemed, converted or exchanged. Warrants and similar rights are privileges<br />issued by corporations enabling the owners to subscribe to and purchase a<br />specified number of shares of the corporation at a specified price during a<br />specified period of time. REITs are companies that invest primarily in income<br />producing real estate or real estate related loans or interests. <br /> <br />How does the Fund choose securities in which to invest?Scout Investments, Inc.<br />(the "Advisor") normally invests the Fund's assets in a diversified portfolio of<br />equity securities that are selected based upon the Advisor's perception of their<br />above-average potential for long-term growth of capital. The management team<br />searches for companies that it believes are well positioned to benefit from the<br />emergence of long and short-term catalysts for growth. The identified growth<br />catalysts may be long-term and secular (i.e., exhibiting relatively consistent<br />movement over a long period). Or, they may be short-term in nature and<br />associated, for example, with a new product introduction or cycle. Following the<br />identification of well-positioned companies, the management team estimates the<br />fair value of each candidate by assessing: margin structure, growth rate, debt<br />level and other measures which it believes influence relative stock valuations.<br />The overall company analysis includes the assessment of the liquidity of each<br />security, sustainability of profit margins, barriers to entry, company<br />management and free cash flow. <br /> <br />The Fund will invest primarily in securities of U.S. companies, but may invest<br />up to 10% of the portfolio in foreign companies, including those located in<br />developing countries or emerging markets; American Depositary Receipts ("ADRs")<br />or Global Depositary Receipts ("GDRs").<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 SMALL CAP FUND SUMMARY
Example:
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Investment Objective
Keep in mind that past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
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)
0.38
Actual after-tax returns depend on your individual tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold
their Fund shares through tax-deferred arrangements, such as 401(k) plans or
individual retirement accounts.
Annual Total Return as of December 31 of Each Year
Performance
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on your individual tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their Fund shares through tax-deferred arrangements, such as 401(k)<br />plans or individual retirement accounts. The return after taxes on distributions<br />and sale of Fund shares may be higher than the return before taxes because the<br />calculation assumes that shareholders receive a tax benefit for capital losses<br />incurred on the sale of their shares.</tt>
The bar chart and table that follow provide an indication of the risks of investing in the Fund.
<tt>During the periods shown in the bar chart above the Fund's highest quarterly<br />return was 17.53% (quarter ended December 31, 2010) and the Fund's lowest<br />quarterly return was -24.70% (quarter ended December 31, 2008). <br /> <br />Year-to-date return (through September 30, 2012): 12.30%</tt>
1-800-996-2862
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
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<br />obligations of, nor guaranteed by, UMB Bank, n.a. ("UMB") or any other banking<br />institution. They are not federally insured by the Federal Deposit Insurance<br />Corporation or any other United States government agency. These shares involve<br />investment risks, 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 in<br />value. Different types of investments shift in and out of favor depending on<br />market and economic conditions that may affect individual companies or<br />industries, or the securities market as a whole. At various times, stocks will<br />be more or less favorable than bonds, and small company stocks will be more or<br />less favorable than large company stocks. U.S. and international equity markets<br />have experienced volatility in recent years in response to economic and market<br />conditions. During a general downturn in the economy and securities markets,<br />multiple asset classes may be negatively affected. Because of this, the Fund<br />will perform better or worse than other types of funds depending on what is in<br />favor, and the value of the Fund may go down.<br /> <br />Small Cap Company Risks: The Fund invests primarily in small cap companies.<br />Generally, small cap companies, which are often less seasoned, have more<br />potential for rapid growth. However, they often involve greater risk than large<br />cap companies and these risks are passed on to funds that invest in them. These<br />companies may not have the management experience, financial resources, product<br />diversification and competitive strengths of larger companies. Therefore, the<br />securities of small cap companies are generally more volatile than the<br />securities of larger, more established companies. Investments in the Fund may be<br />more suitable for long-term investors who can bear the risk of these<br />fluctuations.<br /> <br />Small cap company stocks tend to be bought and sold less often and in smaller<br />amounts than larger company stocks. Because of this, if the Fund wants to sell a<br />large quantity of a small cap company stock, it may have to sell at a lower<br />price than the Advisor might prefer, or it may have to sell in small quantities<br />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 />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 the<br />overall market. A slower growth or recessionary economic environment could have<br />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 />REIT Risks: The Fund may invest in REITs. The performance of equity REITs may be<br />affected by any changes in the value of the underlying properties owned by the<br />trusts. A decline in rental income may occur because of extended vacancies, the<br />failure to collect rents, increased competition from other properties or poor<br />management. A REIT's performance also depends on the company's ability to<br />finance property purchases and renovations and manage its cash flows. A mortgage<br />REIT specializes in lending money to developers and owners of properties and<br />passes any interest income earned to its shareholders. REITs may be affected by<br />the quality of any credit extended, and changes in interest rates, including<br />spreads between long-term and short-term interest rates. By investing in REITs<br />indirectly through the Fund, a shareholder will bear not only his or her<br />proportionate share of the expenses of the Fund, but also, indirectly, similar<br />expenses of the REITs. <br /> <br />International Investing Risks: International investing poses additional risks.<br />If a security owned by the Fund is denominated in a foreign currency, the value<br />of the foreign currency may fluctuate relative to the United States dollar and<br />cause a loss to the Fund. International markets may be subject to political<br />instability, which may make foreign investments more volatile than investments<br />in domestic markets. International markets are not always as liquid as in the<br />United States, sometimes making it harder to sell a security. In addition,<br />foreign companies may not be subject to comparable accounting, auditing and<br />financial reporting standards as United States companies, and therefore,<br />information about the foreign companies may not be readily available. <br /> <br />To the extent the Fund invests a significant portion of its assets in a single<br />country or region, the Fund may be subject to increased risk associated with the<br />country or region. The risks of investing in foreign securities may be increased<br />if the investments are located in developing countries or emerging markets.<br />Security prices in emerging markets can be significantly more volatile than<br />those in more developed markets, reflecting the greater uncertainties of<br />investing in less established markets and economies. These risks are inherently<br />passed on to the company's shareholders, including the Fund, and in turn, to the<br />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, such as the Fund, are subject<br />to some degree of international risk as a result of these holdings and, to a<br />lesser degree, as a result of owning direct or indirect interests in foreign<br />companies (typically large multi-national companies). <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
www.scoutfunds.com
<tt>The bar chart and table that follow provide an indication of the risks of<br />investing in the Fund. The bar chart shows how the Fund's returns have changed<br />from year to year. The table shows how the Fund's average annual returns for 1,<br />5 and 10 year periods compare with those of a broad market benchmark index, as<br />well as an index of mutual funds with similar investment objectives. Keep in<br />mind that past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance<br />information is available at no cost by visiting www.scoutfunds.com or by calling<br />1-800-996-2862.</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>
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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.
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Lipper Small-Cap Core Funds Index (reflects no deduction for fees, expenses or taxes)
-0.0381
0.0132
0.0581
Russell 2000® Index (reflects no deduction for fees, expenses or taxes)
-0.0418
0.0015
0.0562
Return After Taxes on Distributions and Sale of Fund Shares
-0.0261
-0.0082
0.0475
Return After Taxes on Distributions
-0.0402
-0.0123
0.0508
UMBHX
-0.1166
0
lowest quarterly return
highest quarterly return
0.00
2012-09-30
0
Return Before Taxes
114
2010-12-31
356
-0.2470
0.2473
0.2085
1363
617
0.1332
0.1753
-0.0402
0.0037
-0.4019
0.0075
2008-12-31
0.2095
-0.0101
0.0560
Year-to-date return
-0.0402
0.00
0.3816
0.00
0.0553
0.0112
0.1207
0.1230
0.00
<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 may<br />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. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 117% of the average value of its portfolio.</tt>
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<tt>The investment objectives of the Scout Stock Fund (the "Fund") are long-term<br />growth of capital and income.</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 only the first year in the example<br />reflects the effect of the Advisor's contractual agreement to limit overall <br />Fund expenses. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>To pursue its objectives, the Fund invests in a diversified portfolio consisting<br />primarily of common stocks. The Fund normally invests at least 80% of its assets<br />in common stocks. Any change in this 80% policy approved by the Board may not<br />take effect until shareholders have received written notice of the change at<br />least sixty days before it occurs.<br /> <br />The equity securities in which the Fund invests include common stocks,<br />depositary receipts, preferred stocks, convertible securities, warrants and<br />other rights, and real estate investment trusts ("REITs"). Common stock<br />represents an ownership interest in a company and its value is based on the<br />success of the company's business, any income paid to shareholders, the value of<br />the company's assets, general market conditions and investor demand. Depositary<br />receipts are typically issued by banks or trust companies representing ownership<br />interests of securities issued by foreign companies. Preferred stockholders<br />typically receive greater dividends but may receive less appreciation than<br />common stockholders and may have different voting rights as well. Convertible<br />securities entitle the holder to receive interest paid or accrued on debt or the<br />dividend paid on preferred stock until the convertible securities mature or are<br />redeemed, converted or exchanged. Warrants and similar rights are privileges<br />issued by corporations enabling the owners to subscribe to and purchase a<br />specified number of shares of the corporation at a specified price during a<br />specified period of time. REITs are companies that invest primarily in income<br />producing real estate or real estate related loans or interests. <br /> <br />How does the Fund choose securities in which to invest? In selecting securities<br />for the Fund, the Advisor initially applies a "top-down" approach, focusing on<br />an analysis of prevailing economic, political and market conditions, and forming<br />an opinion as to which economic sectors or themes have the best prospects in<br />view of those conditions. Once desirable sectors or industries are identified,<br />the Advisor applies a "bottom-up" fundamental approach that focuses on the<br />fundamental financial characteristics and catalysts of each company being<br />considered for investment. The Fund will generally invest in equity securities<br />that the Advisor believes are undervalued and have above-average ability to<br />increase their earnings and revenues.<br />  <br />The Advisor seeks to identify and invest in companies with one or more of the<br />following characteristics: <br /> <br />• strong business fundamentals and prospects<br /> <br />• financial strength<br /> <br />• potential for strong and sustainable earnings and revenue growth<br /> <br />• attractive prices in relation to appropriate valuation measures<br />  <br />The Fund will invest primarily in securities of U.S. companies, but may invest<br />up to 20% of the portfolio in foreign companies, including those located in<br />developing countries or emerging markets; American Depositary Receipts ("ADRs")<br />or Global Depositary Receipts ("GDRs"). <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 STOCK FUND SUMMARY
Example:
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Investment Objectives
Keep in mind that past performance (before and after taxes) is not necessarily an
indication of how the Fund will perform in the future.
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)
1.17
Actual after-tax returns depend on your individual tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold
their Fund shares through tax-deferred arrangements, such as 401(k) plans or
individual retirement accounts.
Annual Total Return as of December 31 of Each Year
Performance
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on your individual tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their Fund shares through tax-deferred arrangements, such as 401(k)<br />plans or individual retirement accounts. The return after taxes on distributions<br />and sale of Fund shares may be higher than the return before taxes because the<br />calculation assumes that shareholders receive a tax benefit for capital losses<br />incurred on the sale of their shares.</tt>
The bar chart and table that follow provide an indication of the risks of investing in the Fund.
<tt>During the periods shown in the bar chart above the Fund's highest quarterly<br />return was 14.25% (quarter ended June 30, 2003) and the Fund's lowest quarterly<br />return was -17.86% (quarter ended December 31, 2008). <br /> <br />Year-to-date return (through September 30, 2012): 12.30%</tt>
1-800-996-2862
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
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<br />obligations of, nor guaranteed by, UMB Bank, n.a. ("UMB") or any other banking<br />institution. They are not federally insured by the Federal Deposit Insurance<br />Corporation or any other United States government agency. These shares involve<br />investment risks, 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 in<br />value. Different types of investments shift in and out of favor depending on<br />market and economic conditions that may affect individual companies or<br />industries, or the securities market as a whole. At various times, stocks will<br />be more or less favorable than bonds, and small company stocks will be more or<br />less favorable than large company stocks. U.S. and international equity markets<br />have experienced volatility in recent years in response to economic and market<br />conditions. During a general downturn in the economy and securities markets,<br />multiple asset classes may be negatively affected. Because of this, the Fund<br />will perform better or worse than other types of funds depending on what is in<br />favor, and the value of the Fund may go down. <br /> <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 the<br />overall market. A slower growth or recessionary economic environment could have<br />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 />REIT Risks: The Fund may invest in REITs. The performance of equity REITs may be<br />affected by any changes in the value of the underlying properties owned by the<br />trusts. A decline in rental income may occur because of extended vacancies, the<br />failure to collect rents, increased competition from other properties or poor<br />management. A REIT's performance also depends on the company's ability to<br />finance property purchases and renovations and manage its cash flows. A mortgage<br />REIT specializes in lending money to developers and owners of properties and<br />passes any interest income earned to its shareholders. REITs may be affected by<br />the quality of any credit extended, and changes in interest rates, including<br />spreads between long-term and short-term interest rates. By investing in REITs<br />indirectly through the Fund, a shareholder will bear not only his or her<br />proportionate share of the expenses of the Fund, but also, indirectly, similar<br />expenses of the REITs.<br />  <br />International Investing Risks: International investing poses additional risks.<br />If a security owned by the Fund is denominated in a foreign currency, the value<br />of the foreign currency may fluctuate relative to the United States dollar and<br />cause a loss to the Fund. International markets may be subject to political<br />instability, which may make foreign investments more volatile than investments<br />in domestic markets. International markets are not always as liquid as in the<br />United States, sometimes making it harder to sell a security. In addition,<br />foreign companies may not be subject to comparable accounting, auditing and<br />financial reporting standards as United States companies, and therefore,<br />information about the foreign companies may not be readily available. <br /> <br />To the extent the Fund invests a significant portion of its assets in a single<br />country or region, the Fund may be subject to increased risk associated with the<br />country or region. The risks of investing in foreign securities may be increased<br />if the investments are located in developing countries or emerging markets.<br />Security prices in emerging markets can be significantly more volatile than<br />those in more developed markets, reflecting the greater uncertainties of<br />investing in less established markets and economies. These risks are inherently<br />passed on to the company's shareholders, including the Fund, and in turn, to the<br />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, such as the Fund, are subject<br />to some degree of international risk as a result of these holdings and, to a<br />lesser degree, as a result of owning direct or indirect interests in foreign<br />companies (typically large multi-national companies). <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
www.scoutfunds.com
<tt>The bar chart and table that follow provide an indication of the risks of<br />investing in the Fund. The bar chart shows how the Fund's returns have changed<br />from year to year. The table shows how the Fund's average annual returns for 1,<br />5 and 10 year periods compare with those of a broad market benchmark index, as<br />well as an index of mutual funds with similar investment objectives. Prior to<br />April 1, 2005, the Fund was managed in accordance with a different investment<br />strategy. Keep in mind that past performance (before and after taxes) is not<br />necessarily an indication of how the Fund will perform in the future. Updated<br />performance information is available at no cost by visiting www.scoutfunds.com<br />or by calling 1-800-996-2862.</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>
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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.
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Lipper Large-Cap Core Funds Index (reflects no deduction for fees, expenses or taxes)
0.0009
-0.0060
0.0216
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
0.0211
-0.0025
0.0292
Return After Taxes on Distributions and Sale of Fund Shares
-0.0061
0.0069
0.0248
Return After Taxes on Distributions
-0.0144
0.0029
0.0221
UMBSX
-0.1976
0
lowest quarterly return
highest quarterly return
0.00
2012-09-30
0
Return Before Taxes
92
2003-06-30
308
-0.1786
0.0527
-0.0010
0.1074
1216
543
0.1187
0.1425
-0.0128
0.0040
-0.2680
0.0060
2013-10-31
2008-12-31
0.1626
0.0080
0.1015
Year-to-date return
-0.0128
0.00
0.2403
0.00
0.0295
0.0090
0.0100
0.1135
0.1230
0.00
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iso4217:USD
pure
"Total Annual Fund Operating Expenses" do not correlate to the ratio of expenses to average net assets for the most recent fiscal year in the Financial Highlights table in this Prospectus and in the Fund's most recent Annual Report because the latter reflects the operating expenses of the Fund and does not include "Acquired Fund Fees and Expenses."
"Distribution (12b-1) Fees" for Class Y shares reflect the amount authorized under the Rule 12b-1 Distribution Plan for the Class Y shares of the Fund.
"Other Expenses" for Class Y shares include a shareholder servicing fee of 0.15%, which is the amount authorized under the Shareholder Servicing Plan for the Class Y shares of the Fund.
"Total Annual Fund Operating Expenses" and "Total Annual Fund Operating Expenses (after Fee Waiver and/or Expense Assumption)" for Class Y shares do not correlate to the ratio of expenses to average net assets for the most recent fiscal year in the Financial Highlights table in this Prospectus and in the Fund's most recent Annual Report because, for the fiscal year ended June 30, 2012, the full amounts authorized under the Rule 12b-1 Distribution Plan and Shareholder Servicing Plan for the Class Y shares of the Fund were not charged.
Scout Investments, Inc. (the "Advisor") has entered into agreements 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, non-routine expenses, Rule 12b-1 fees, shareholder servicing fees, and, from April 21, 2013 through October 31, 2013, excluding short sale dividend and interest expenses) to no more than 0.40%. Through April 21, 2013, 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 previous three year period From April 21, 2013 through October 31, 2013, 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. The expense limitation arrangement described above 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.
"Other Expenses" include "Acquired Fund Fees and Expenses," which were 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 1.60%. If "Total Annual Fund Operating Expenses" would fall below the expense limit, the Advisor may cause the 2 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.
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.
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, short sale dividend and interest expenses, and non-routine expenses) to no more than 0.99%. 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.
"Other Expenses" are based on the estimated amounts for the initial fiscal year.
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, short sale dividend and interest expenses, and non-routine expenses) to no more than 0.40%. 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.
"Other Expenses" are based on the estimated amounts for the initial fiscal 1 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 2 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.
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 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 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.
"Total Annual Fund Operating Expenses" and "Total Annual Fund Operating Expenses (after Fee Waiver and/or Expense Assumption)" for Class Y shares do not correlate to the ratio of expenses to average net assets for the most recent fiscal year in the Financial Highlights table in this Prospectus and in the Fund's most recent Annual Report because, for the fiscal year ended June 30, 2012, the full amounts authorized under the Rule 12b-1 Distribution Plan and Shareholder Servicing Plan for the Class Y shares of the Fund were not charged.
Scout Investments, Inc. (the "Advisor") has entered into agreements 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, non-routine expenses, Rule 12b-1 fees, shareholder servicing fees, and, from April 21, 2013 through October 31, 2013, excluding short sale dividend and interest expenses) to no more than 0.40%. Through April 21, 2013, 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 previous three year period From April 21, 2013 through October 31, 2013, 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. The expense limitation arrangement described above 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.