0001144204-14-021070.txt : 20140407 0001144204-14-021070.hdr.sgml : 20140407 20140407112320 ACCESSION NUMBER: 0001144204-14-021070 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20140407 DATE AS OF CHANGE: 20140407 EFFECTIVENESS DATE: 20140407 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCOUT FUNDS CENTRAL INDEX KEY: 0001105128 IRS NUMBER: 431270132 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-96461 FILM NUMBER: 14747789 BUSINESS ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 BUSINESS PHONE: (414) 299-2000 MAIL ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 FORMER COMPANY: FORMER CONFORMED NAME: UMB SCOUT FUNDS DATE OF NAME CHANGE: 20000203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCOUT FUNDS CENTRAL INDEX KEY: 0001105128 IRS NUMBER: 431270132 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09813 FILM NUMBER: 14747790 BUSINESS ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 BUSINESS PHONE: (414) 299-2000 MAIL ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 FORMER COMPANY: FORMER CONFORMED NAME: UMB SCOUT FUNDS DATE OF NAME CHANGE: 20000203 0001105128 S000044604 Scout Equity Opportunity Fund C000138675 Scout Equity Opportunity Fund 485BPOS 1 v372713_485bpos.htm REGISTRATION STATEMENT

As filed with the Securities and Exchange Commission on April 7, 2014

1933 Act File No. 333-96461

1940 Act File No. 811-09813

 

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-1A  
   
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |X|
Pre-Effective Amendment No. ____ |_|
Post-Effective Amendment No. 53 |X|
   
and/or  
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |X|
Amendment No. 54 |X|
   

(Check appropriate box or boxes)

 

SCOUT FUNDS

(Exact Name of Registrant as Specified in Charter)

 

928 Grand Boulevard, Kansas City, MO 64106

(Address of Principal Executive Offices) (Zip Code)

 

(877) 726-8842

(Registrant's Telephone Number, including Area Code)

 

 

BENJAMIN D. WIESENFELD, ESQ.

Scout Funds

928 Grand Boulevard

Kansas City, MO 64106

(Name and Address of Agent for Service of Process)

 

With Copies to:

 

JESSICA A. SCHUBEL

Scout Funds

928 Grand Boulevard

Kansas City, MO 64106

 

MICHAEL P. O'HARE, ESQ.

Stradley, Ronon, Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

 
 

 

Approximate Date of Proposed Public Offering:
 
It is proposed that this filing will become effective (check appropriate box):
|X|   immediately upon filing pursuant to paragraph (b) of Rule 485
|_|   on (date) pursuant to paragraph (b) of Rule 485
|_|   60 days after filing pursuant to paragraph (a)(1) of Rule 485
|_|   on (date) pursuant to paragraph (a)(1) of Rule 485
|_|   75 days after filing pursuant to paragraph (a)(2) of Rule 485
|_|   on (date) pursuant to paragraph (a)(2) of Rule 485
 
If appropriate, check the following box:
|_| This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 
 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Kansas City, and State of Missouri on the 7th day of April, 2014.

 

Scout Funds

 

By: /s/ Andrew J. Iseman

Andrew J. Iseman, President and Trustee

 

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and the date(s) indicated.

 

Signature Title Date
/s/ Andrew J. Iseman President and Trustee April 7, 2014
Andrew J. Iseman    
/s/ Scott A. Betz Treasurer April 7, 2014
Scott A. Betz    
/s/ Stephen F. Rose Trustee April 7, 2014
Stephen F. Rose*    
/s/ Andrea F. Bielsker Trustee April 7, 2014
Andrea F. Bielsker*    
     
/s/ Charlotte T. Petersen Trustee April 7, 2014
Charlotte T. Petersen*    
     
/s/ Allen R. Strain Trustee April 7, 2014
Allen R. Strain*    

 

*By: /s/ Benjamin D. Wiesenfeld

Benjamin D. Wiesenfeld

Attorney-in-Fact

(Pursuant to Powers of Attorney, previously filed with Post-Effective Amendment No. 39 and Post-Effective Amendment No. 42 to the Registrant’s Registration Statement and incorporated herein by reference)

 

 
 

INDEX TO EXHIBITS

 

 

Exhibit No. Exhibit
   
EX-101.INS XBRL Instance Document
   
EX-101.SCH XBRL Taxonomy Extension Schema Document
   
EX-101.CAL XBRL Taxonomy Extension Calculation Linkbase
   
EX-101.DEF XBRL Taxonomy Extension Definition Linkbase
   
EX-101.LAB XBRL Taxonomy Extension Labels Linkbase
   
EX-101.PRE XBRL Taxonomy Extension Presentation Linkbase

 

 

 

EX-101.INS 3 ck0001105128-20140324.xml XBRL INSTANCE DOCUMENT 0001105128 2014-03-28 2014-03-28 0001105128 ck0001105128:S000044604SummaryMember ck0001105128:S000044604Member ck0001105128:C000138675Member 2014-03-28 2014-03-28 0001105128 ck0001105128:S000044604SummaryMember ck0001105128:S000044604Member 2014-03-28 2014-03-28 xbrli:pure iso4217:USD 485BPOS 2014-06-30 SCOUT FUNDS 0001105128 false 2014-03-24 2014-03-24 2014-03-28 SEOFX <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">SCOUT EQUITY OPPORTUNITY FUND SUMMARY</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Investment Objective</font></u></b></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The investment objective of the Scout Equity Opportunity Fund (the &#8220;Fund&#8221;) is long-term growth of capital.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Fees and Expenses</font></u></b></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Shareholder Fees</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(fees paid directly from your investment)</font></b></p> <div style="display:none">~ http://www.scoutfunds.com/role/RRSchedule3 ~</div> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Annual Fund Operating Expenses</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(expenses that you pay each year as a percentage of the value of your investment)</font></b></p> <div style="display:none">~ http://www.scoutfunds.com/role/RRSchedule4 ~</div> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Example:</font></b></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#39;s operating expenses remain the same.&#160;&#160;Please note that the example reflects the effect of the Advisor&#39;s contractual agreement to limit overall Fund expenses only during the term of the agreement.&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p> <div style="display:none">~ http://www.scoutfunds.com/role/RRSchedule5 ~</div> <p style="margin:0in;margin-bottom:.0001pt;"><b><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Portfolio Turnover</font></u></b></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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Such disclosure will give some indication of the risks of an investment in the Fund by comparing the Fund&#39;s performance with the Russell 3000 Index and by showing changes in the Fund&#39;s performance from year to year.&#160;&#160;Once the Fund has commenced operations, you can obtain updated performance information at scoutfunds.com or by calling 1-800-996-2862. </font></p> 0.0000 0.0000 0.0000 0 0 0.0075 0.0000 0.0118 0.0193 -0.0068 0.0125 127 499 “Other Expenses” are based on the estimated amounts for the initial fiscal year and include “Acquired Fund Fees and Expenses,” which are estimated to be less than 0.01% of the average net assets of the Fund. As with any mutual fund, there is a risk that you could lose money by investing in the Fund. 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. There is no performance information presented for the Fund because the Fund has not yet completed a full calendar year of operations. 2015-10-30 scoutfunds.com 1-800-996-2862 'Other Expenses' are based on the estimated amounts for the initial fiscal year and include 'Acquired Fund Fees and Expenses,' which are estimated to be less than 0.01% of the average net assets of the Fund. Scout Investments, Inc. (the 'Advisor') has entered into an agreement to waive advisory fees and/or assume certain fund expenses through October 30, 2015 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 1.25%. 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 30, 2015 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. 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Scout Equity Opportunity Fund (Prospectus Summary) | Scout Equity Opportunity Fund

SCOUT EQUITY OPPORTUNITY FUND SUMMARY

Investment Objective

The investment objective of the Scout Equity Opportunity Fund (the “Fund”) is long-term growth of capital.

Fees and Expenses

The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees (USD $)
Scout Equity Opportunity Fund
Maximum Sales Charge (Load) Imposed on Purchases none
Maximum Deferred Sales Charge (Load) none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Exchange Fee none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses
Scout Equity Opportunity Fund
Management Fees 0.75%
Distribution (12b-1) Fees none
Other Expenses [1] 1.18%
Total Annual Fund Operating Expenses 1.93%
Less Advisor's Fee Waiver and/or Expense Assumption [2] (0.68%)
Total Annual Fund Operating Expenses (after Fee Waiver and/or Expense Assumption) 1.25%
[1] 'Other Expenses' are based on the estimated amounts for the initial fiscal year and include 'Acquired Fund Fees and Expenses,' which are estimated to be less than 0.01% of the average net assets of the Fund.
[2] Scout Investments, Inc. (the 'Advisor') has entered into an agreement to waive advisory fees and/or assume certain fund expenses through October 30, 2015 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 1.25%. 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 30, 2015 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.

Example:

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods.  The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.  Please note that the example reflects the effect of the Advisor's contractual agreement to limit overall Fund expenses only during the term of the agreement.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Equity Opportunity Fund
127 499

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the expense example, affect the Fund's performance.

Principal Investment Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities.  Any change in this 80% policy approved by the Board may not take effect until shareholders have received written notice of the change at least sixty days before it occurs.

 

The equity securities in which the Fund invests include common stocks, depositary receipts, preferred stocks, convertible securities, warrants and other rights, and real estate investment trusts (“REITs”).  The Fund may invest in companies of any size, including larger, mid-sized and smaller companies.

 

The Fund may invest up to 20% of its net assets in fixed income instruments. The fixed income instruments in which the Fund may invest can be of varying maturities and include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.  The Fund may invest in both investment grade securities and non-investment grade fixed income securities, also known as high yield securities or “junk” bonds.  Investment grade securities include securities rated in one of the four highest rating categories by a nationally recognized statistical rating organization, such as BBB- or higher by Standard & Poor's Financial Services LLC (“S&P®”).

 

The Fund will invest primarily in securities of U.S. companies, but may invest up to 20% of its net assets in foreign companies, including those located in developing countries or emerging markets.  The Fund's investments in foreign companies may include depositary receipts (such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”)).

 

How does the Fund choose securities in which to invest?

In selecting securities for the Fund, the Advisor relies on a fundamental analysis of each company and its potential for success in light of its current financial condition, its industry position, and economic and market conditions.  The Advisor focuses on certain fundamental factors that are company-specific, such as improvements in the company's balance sheet and a movement towards an optimal leverage ratio.  The Fund may invest in both “growth” and “value” companies without favoring either investment approach.

 

The Advisor believes there is, in theory, an ideal corporate capitalization structure whereby a corporation can maximize shareholder return through the optimal balance of debt and equity.  Equity analysts typically focus on analyzing revenue streams and growth potential.  By contrast, through detailed analysis of cash flow, free cash flow, leverage, earnings, margins, interest coverage, collateralization, covenants and additional information as appropriate, the Advisor's analytical process strives to find improving balance sheets that in turn provide opportunity for future growth and profitability.  The Advisor attempts to identify companies that have issued debt in order to propel their growth or that are paying down their debt, thereby migrating toward what the Advisor believes would be an optimal capitalization structure for such companies.  The Advisor believes that the in-depth research which it conducts on the capital structure of a corporation is a highly effective tool for identifying investment opportunities in both corporate debt and equity.

 

In the Advisor's view, the companies whose securities are performing well in the high yield fixed income market generally become companies whose securities perform well in the equity market, creating opportunities for capital appreciation.  As yield spreads (generally defined as the difference between the yield of a fixed income security and the current yield of U.S. Treasury securities) begin to widen, the high yield fixed income market may be suggesting that caution in the equity market would be appropriate. When spreads narrow significantly, the Advisor expects to maintain a greater weighting in equity securities.  The Advisor also examines bond indentures that may signal a good opportunity to invest in the common stock of a particular company. The Advisor closely monitors growth in earnings before interest, taxes, depreciation, and amortization, and margins versus valuation multiples, to gain an understanding of the value at which a company's common stock becomes attractive.

 

The Advisor invests in non-investment grade fixed income securities in order to manage volatility, as non-investment grade fixed income securities generally exhibit lower volatility than equity securities and provide coupon payments.

 

The Fund intends to hold some cash, short-term debt obligations, government securities or other high-quality investments for reserves to cover redemptions and unanticipated expenses. There may be times, however, when the Fund attempts to respond to adverse market, economic, political or other conditions by investing a higher percentage of its assets in cash or in those types of money market investments for temporary defensive purposes. During those times, the Fund may not be able to pursue its investment objective or follow its principal investment strategies and, instead, will focus on preserving your investment.

Main Risks

As with any mutual fund, there is a risk that you could lose money by investing in the Fund.  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.  These shares involve investment risks, including the possible loss of the principal invested.

 

Market Risks:  Equity and fixed income securities are subject to market, economic and business risks that will cause their prices to fluctuate over time, sometimes rapidly and unpredictably.  When the value of the Fund's securities goes down, your investment in the Fund decreases in value.  Different types of investments shift in and out of favor depending on market and economic conditions that may affect individual companies or industries, or the securities market as a whole.  At various times, stocks will be more or less favorable than bonds, and small company stocks will be more or less favorable than large company stocks.  U.S. and international equity markets have experienced volatility in recent years in response to economic and market conditions.  During a general downturn in the economy and securities markets, multiple asset classes may be negatively affected.  Because of this, the Fund will perform better or worse than other types of funds depending on what is in favor, and the value of the Fund may go down.

 

Mid Cap and Small Cap Company Risks:  The Fund may invest in mid and small cap companies.  Generally, mid cap and small cap companies, which are often less seasoned, have more potential for rapid growth.  However, they often involve greater risk than large cap companies and these risks are passed on to funds that invest in them.  These companies may not have the management experience, financial resources, product diversification and competitive strengths of larger companies.  Therefore, the securities of mid cap and small cap companies are generally more volatile than the securities of larger, more established companies.  Investments in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations.

 

Mid cap and small cap company stocks tend to be bought and sold less often and in smaller amounts than larger company stocks.  Because of this, if the Fund wants to sell a large quantity of a mid cap or small cap company stock, it may have to sell at a lower price than the Advisor might prefer, or it may have to sell in small quantities over a period of time.

 

While these risks cannot be eliminated, the Advisor tries to minimize risk by diversifying the Fund's investments across different companies and economic sectors.

 

Value Investing Risks:  The Fund can utilize a value bias in choosing the securities for the Fund's portfolio.  A value stock is one that trades at an attractive price relative to the company's intrinsic value as perceived by the Advisor.  A value stock may not increase in price as anticipated by the Advisor if other investors fail to recognize the company's value or the factors that the Advisor believes will increase the price of the security do not occur.

 

Growth Investing Risks:  The Fund can utilize a “growth investing style” in choosing securities for the Fund's portfolio.  A growth stock is stock of a company which is growing earnings and/or revenue faster than its industry or the overall market.  A slower growth or recessionary economic environment could have an adverse effect on the price of growth stocks.  Historically, growth investments have performed best during the later stages of economic expansion.  Therefore, the growth investing style may go in and out of favor.  At times when the growth investing style used is out of favor, the Fund may underperform other equity funds that use different investing styles.

 

REIT Risks: The Fund may invest in REITs. The performance of equity REITs may be affected by any changes in the value of the underlying properties owned by the trusts. A decline in rental income may occur because of extended vacancies, the failure to collect rents, increased competition from other properties or poor management. A REIT's performance also depends on the company's ability to finance property purchases and renovations and manage its cash flows. A mortgage REIT specializes in lending money to developers and owners of properties and passes any interest income earned to its shareholders. REITs may be affected by the quality of any credit extended, and changes in interest rates, including spreads between long-term and short-term interest rates. By investing in REITs indirectly through the Fund, a shareholder will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs.

 

Fixed Income Security Risks:  The Fund's investments are subject to the risks inherent in individual fixed income security selections.  Yields and principal values of debt securities (bonds) will fluctuate.  Generally, values of debt securities change inversely with interest rates.  As interest rates go up, the value of debt securities tends to go down. As a result, the value of the Fund may go down.  Furthermore, these fluctuations tend to increase as a fixed income security's time to maturity increases, so a longer-term fixed income security will decrease more for a given increase in interest rates than a shorter-term fixed income security.  Fixed income securities may also be affected by changes in the credit rating or financial condition of their issuers.

 

Maturity Risks: The Fund will invest in fixed income securities of varying maturities. Generally, the longer a fixed income security's maturity, the greater the risk. Conversely, the shorter a fixed income security's maturity, the lower the risk.

 

Credit Risks: Credit risk is the risk that the Fund could lose money if the issuer or guarantor of a fixed income security is unable or unwilling to meet its financial obligations.

 

High Yield Security Risks: High yield securities involve greater risk than investment grade securities, including the possibility of default or bankruptcy. They tend to be more sensitive to economic conditions than higher-rated debt securities and, as a result, are generally more sensitive to credit risk than securities in the higher-rated categories. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.  Periods of economic uncertainty generally result in increased volatility in the market prices of these securities.

 

Issuer Risks: The risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

 

Credit Ratings Risks: Ratings by nationally recognized rating agencies generally represent the agencies' opinion of the credit quality of an issuer and may prove to be inaccurate.

 

Income Risks: The Fund's income could decline due to falling market interest rates. In a falling interest rate environment, the Fund may be required to invest its assets in lower-yielding securities.

 

Liquidity Risks: Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and price that the Advisor would like to sell. The Advisor may have to lower the price, sell other securities instead or forego an investment opportunity.

 

Valuation Risks: Securities held by the Fund may be priced by an independent pricing service and may also be priced using dealer quotes or fair valuation methodologies in accordance with valuation procedures adopted by the Fund's Board.  The prices provided by the independent pricing service or dealers or the fair valuations may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold.

 

International Investing Risks:  International investing poses additional risks.  If a security owned by the Fund is denominated in a foreign currency, the value of the foreign currency may fluctuate relative to the United States dollar and cause a loss to the Fund.  International markets may be subject to political instability, which may make foreign investments more volatile than investments in domestic markets. International markets are not always as liquid as in the United States, sometimes making it harder to sell a security. In addition, foreign companies may not be subject to comparable accounting, auditing and financial reporting standards as United States companies, and therefore, information about the foreign companies may not be readily available.  Although not typically subject to currency exchange rate risk, depositary receipts may be subject to the same risks as foreign securities generally.

 

The risks of investing in foreign securities may be increased if the investments are located in developing countries or emerging markets. Security prices in emerging markets can be significantly more volatile than those in more developed markets, reflecting the greater uncertainties of investing in less established markets and economies. These risks are inherently passed on to the company's shareholders, including the Fund, and in turn, to the Fund's shareholders.

 

As markets become more globalized, many U.S. companies are increasing international business operations and are subject to international investing risks. Funds that invest in larger U.S. companies are subject to some degree of international risk as a result of these holdings and, to a lesser degree, as a result of owning direct or indirect interests in foreign companies (typically large multi-national companies).

 

Leveraged Companies Risks:  Securities of highly leveraged companies tend to be more sensitive to issuer, political, market and economic developments than the market as a whole and the securities of other types of companies.  A decrease in the credit quality of a highly leveraged company can lead to a significant decrease in the value of the company's securities.  In the event of liquidation or bankruptcy, a company's creditors take precedence over the company's stockholders.  Highly leveraged companies can have limited access to additional capital.

 

Management Risks: The Fund is subject to management risk as an actively managed investment portfolio and depends on the decisions of the portfolio managers to produce the desired results.

Performance

There is no performance information presented for the Fund because the Fund has not yet completed a full calendar year of operations.  In the future, the Fund will disclose performance information in a bar chart and performance table. Such disclosure will give some indication of the risks of an investment in the Fund by comparing the Fund's performance with the Russell 3000 Index and by showing changes in the Fund's performance from year to year.  Once the Fund has commenced operations, you can obtain updated performance information at scoutfunds.com or by calling 1-800-996-2862.

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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Entity Central Index Key dei_EntityCentralIndexKey 0001105128
Scout Equity Opportunity Fund (Prospectus Summary) | Scout Equity Opportunity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

SCOUT EQUITY OPPORTUNITY FUND SUMMARY

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The investment objective of the Scout Equity Opportunity Fund (the “Fund”) is long-term growth of capital.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the expense example, affect the Fund's performance.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on the estimated amounts for the initial fiscal year and include “Acquired Fund Fees and Expenses,” which are estimated to be less than 0.01% of the average net assets of the Fund.
Expense Example [Heading] rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods.  The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.  Please note that the example reflects the effect of the Advisor's contractual agreement to limit overall Fund expenses only during the term of the agreement.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities.  Any change in this 80% policy approved by the Board may not take effect until shareholders have received written notice of the change at least sixty days before it occurs.

 

The equity securities in which the Fund invests include common stocks, depositary receipts, preferred stocks, convertible securities, warrants and other rights, and real estate investment trusts (“REITs”).  The Fund may invest in companies of any size, including larger, mid-sized and smaller companies.

 

The Fund may invest up to 20% of its net assets in fixed income instruments. The fixed income instruments in which the Fund may invest can be of varying maturities and include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.  The Fund may invest in both investment grade securities and non-investment grade fixed income securities, also known as high yield securities or “junk” bonds.  Investment grade securities include securities rated in one of the four highest rating categories by a nationally recognized statistical rating organization, such as BBB- or higher by Standard & Poor's Financial Services LLC (“S&P®”).

 

The Fund will invest primarily in securities of U.S. companies, but may invest up to 20% of its net assets in foreign companies, including those located in developing countries or emerging markets.  The Fund's investments in foreign companies may include depositary receipts (such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”)).

 

How does the Fund choose securities in which to invest?

In selecting securities for the Fund, the Advisor relies on a fundamental analysis of each company and its potential for success in light of its current financial condition, its industry position, and economic and market conditions.  The Advisor focuses on certain fundamental factors that are company-specific, such as improvements in the company's balance sheet and a movement towards an optimal leverage ratio.  The Fund may invest in both “growth” and “value” companies without favoring either investment approach.

 

The Advisor believes there is, in theory, an ideal corporate capitalization structure whereby a corporation can maximize shareholder return through the optimal balance of debt and equity.  Equity analysts typically focus on analyzing revenue streams and growth potential.  By contrast, through detailed analysis of cash flow, free cash flow, leverage, earnings, margins, interest coverage, collateralization, covenants and additional information as appropriate, the Advisor's analytical process strives to find improving balance sheets that in turn provide opportunity for future growth and profitability.  The Advisor attempts to identify companies that have issued debt in order to propel their growth or that are paying down their debt, thereby migrating toward what the Advisor believes would be an optimal capitalization structure for such companies.  The Advisor believes that the in-depth research which it conducts on the capital structure of a corporation is a highly effective tool for identifying investment opportunities in both corporate debt and equity.

 

In the Advisor's view, the companies whose securities are performing well in the high yield fixed income market generally become companies whose securities perform well in the equity market, creating opportunities for capital appreciation.  As yield spreads (generally defined as the difference between the yield of a fixed income security and the current yield of U.S. Treasury securities) begin to widen, the high yield fixed income market may be suggesting that caution in the equity market would be appropriate. When spreads narrow significantly, the Advisor expects to maintain a greater weighting in equity securities.  The Advisor also examines bond indentures that may signal a good opportunity to invest in the common stock of a particular company. The Advisor closely monitors growth in earnings before interest, taxes, depreciation, and amortization, and margins versus valuation multiples, to gain an understanding of the value at which a company's common stock becomes attractive.

 

The Advisor invests in non-investment grade fixed income securities in order to manage volatility, as non-investment grade fixed income securities generally exhibit lower volatility than equity securities and provide coupon payments.

 

The Fund intends to hold some cash, short-term debt obligations, government securities or other high-quality investments for reserves to cover redemptions and unanticipated expenses. There may be times, however, when the Fund attempts to respond to adverse market, economic, political or other conditions by investing a higher percentage of its assets in cash or in those types of money market investments for temporary defensive purposes. During those times, the Fund may not be able to pursue its investment objective or follow its principal investment strategies and, instead, will focus on preserving your investment.

Risk [Heading] rr_RiskHeading

Main Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with any mutual fund, there is a risk that you could lose money by investing in the Fund.  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.  These shares involve investment risks, including the possible loss of the principal invested.

 

Market Risks:  Equity and fixed income securities are subject to market, economic and business risks that will cause their prices to fluctuate over time, sometimes rapidly and unpredictably.  When the value of the Fund's securities goes down, your investment in the Fund decreases in value.  Different types of investments shift in and out of favor depending on market and economic conditions that may affect individual companies or industries, or the securities market as a whole.  At various times, stocks will be more or less favorable than bonds, and small company stocks will be more or less favorable than large company stocks.  U.S. and international equity markets have experienced volatility in recent years in response to economic and market conditions.  During a general downturn in the economy and securities markets, multiple asset classes may be negatively affected.  Because of this, the Fund will perform better or worse than other types of funds depending on what is in favor, and the value of the Fund may go down.

 

Mid Cap and Small Cap Company Risks:  The Fund may invest in mid and small cap companies.  Generally, mid cap and small cap companies, which are often less seasoned, have more potential for rapid growth.  However, they often involve greater risk than large cap companies and these risks are passed on to funds that invest in them.  These companies may not have the management experience, financial resources, product diversification and competitive strengths of larger companies.  Therefore, the securities of mid cap and small cap companies are generally more volatile than the securities of larger, more established companies.  Investments in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations.

 

Mid cap and small cap company stocks tend to be bought and sold less often and in smaller amounts than larger company stocks.  Because of this, if the Fund wants to sell a large quantity of a mid cap or small cap company stock, it may have to sell at a lower price than the Advisor might prefer, or it may have to sell in small quantities over a period of time.

 

While these risks cannot be eliminated, the Advisor tries to minimize risk by diversifying the Fund's investments across different companies and economic sectors.

 

Value Investing Risks:  The Fund can utilize a value bias in choosing the securities for the Fund's portfolio.  A value stock is one that trades at an attractive price relative to the company's intrinsic value as perceived by the Advisor.  A value stock may not increase in price as anticipated by the Advisor if other investors fail to recognize the company's value or the factors that the Advisor believes will increase the price of the security do not occur.

 

Growth Investing Risks:  The Fund can utilize a “growth investing style” in choosing securities for the Fund's portfolio.  A growth stock is stock of a company which is growing earnings and/or revenue faster than its industry or the overall market.  A slower growth or recessionary economic environment could have an adverse effect on the price of growth stocks.  Historically, growth investments have performed best during the later stages of economic expansion.  Therefore, the growth investing style may go in and out of favor.  At times when the growth investing style used is out of favor, the Fund may underperform other equity funds that use different investing styles.

 

REIT Risks: The Fund may invest in REITs. The performance of equity REITs may be affected by any changes in the value of the underlying properties owned by the trusts. A decline in rental income may occur because of extended vacancies, the failure to collect rents, increased competition from other properties or poor management. A REIT's performance also depends on the company's ability to finance property purchases and renovations and manage its cash flows. A mortgage REIT specializes in lending money to developers and owners of properties and passes any interest income earned to its shareholders. REITs may be affected by the quality of any credit extended, and changes in interest rates, including spreads between long-term and short-term interest rates. By investing in REITs indirectly through the Fund, a shareholder will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs.

 

Fixed Income Security Risks:  The Fund's investments are subject to the risks inherent in individual fixed income security selections.  Yields and principal values of debt securities (bonds) will fluctuate.  Generally, values of debt securities change inversely with interest rates.  As interest rates go up, the value of debt securities tends to go down. As a result, the value of the Fund may go down.  Furthermore, these fluctuations tend to increase as a fixed income security's time to maturity increases, so a longer-term fixed income security will decrease more for a given increase in interest rates than a shorter-term fixed income security.  Fixed income securities may also be affected by changes in the credit rating or financial condition of their issuers.

 

Maturity Risks: The Fund will invest in fixed income securities of varying maturities. Generally, the longer a fixed income security's maturity, the greater the risk. Conversely, the shorter a fixed income security's maturity, the lower the risk.

 

Credit Risks: Credit risk is the risk that the Fund could lose money if the issuer or guarantor of a fixed income security is unable or unwilling to meet its financial obligations.

 

High Yield Security Risks: High yield securities involve greater risk than investment grade securities, including the possibility of default or bankruptcy. They tend to be more sensitive to economic conditions than higher-rated debt securities and, as a result, are generally more sensitive to credit risk than securities in the higher-rated categories. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.  Periods of economic uncertainty generally result in increased volatility in the market prices of these securities.

 

Issuer Risks: The risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

 

Credit Ratings Risks: Ratings by nationally recognized rating agencies generally represent the agencies' opinion of the credit quality of an issuer and may prove to be inaccurate.

 

Income Risks: The Fund's income could decline due to falling market interest rates. In a falling interest rate environment, the Fund may be required to invest its assets in lower-yielding securities.

 

Liquidity Risks: Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and price that the Advisor would like to sell. The Advisor may have to lower the price, sell other securities instead or forego an investment opportunity.

 

Valuation Risks: Securities held by the Fund may be priced by an independent pricing service and may also be priced using dealer quotes or fair valuation methodologies in accordance with valuation procedures adopted by the Fund's Board.  The prices provided by the independent pricing service or dealers or the fair valuations may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold.

 

International Investing Risks:  International investing poses additional risks.  If a security owned by the Fund is denominated in a foreign currency, the value of the foreign currency may fluctuate relative to the United States dollar and cause a loss to the Fund.  International markets may be subject to political instability, which may make foreign investments more volatile than investments in domestic markets. International markets are not always as liquid as in the United States, sometimes making it harder to sell a security. In addition, foreign companies may not be subject to comparable accounting, auditing and financial reporting standards as United States companies, and therefore, information about the foreign companies may not be readily available.  Although not typically subject to currency exchange rate risk, depositary receipts may be subject to the same risks as foreign securities generally.

 

The risks of investing in foreign securities may be increased if the investments are located in developing countries or emerging markets. Security prices in emerging markets can be significantly more volatile than those in more developed markets, reflecting the greater uncertainties of investing in less established markets and economies. These risks are inherently passed on to the company's shareholders, including the Fund, and in turn, to the Fund's shareholders.

 

As markets become more globalized, many U.S. companies are increasing international business operations and are subject to international investing risks. Funds that invest in larger U.S. companies are subject to some degree of international risk as a result of these holdings and, to a lesser degree, as a result of owning direct or indirect interests in foreign companies (typically large multi-national companies).

 

Leveraged Companies Risks:  Securities of highly leveraged companies tend to be more sensitive to issuer, political, market and economic developments than the market as a whole and the securities of other types of companies.  A decrease in the credit quality of a highly leveraged company can lead to a significant decrease in the value of the company's securities.  In the event of liquidation or bankruptcy, a company's creditors take precedence over the company's stockholders.  Highly leveraged companies can have limited access to additional capital.

 

Management Risks: The Fund is subject to management risk as an actively managed investment portfolio and depends on the decisions of the portfolio managers to produce the desired results.

Risk Lose Money [Text] rr_RiskLoseMoney As with any mutual fund, there is a risk that you could lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

There is no performance information presented for the Fund because the Fund has not yet completed a full calendar year of operations.  In the future, the Fund will disclose performance information in a bar chart and performance table. Such disclosure will give some indication of the risks of an investment in the Fund by comparing the Fund's performance with the Russell 3000 Index and by showing changes in the Fund's performance from year to year.  Once the Fund has commenced operations, you can obtain updated performance information at scoutfunds.com or by calling 1-800-996-2862.

Performance, One Year or Less rr_PerformanceOneYearOrLess There is no performance information presented for the Fund because the Fund has not yet completed a full calendar year of operations.
Performance, Availability Phone Number rr_PerformanceAvailabilityPhone 1-800-996-2862
Performance, Availability Website Address rr_PerformanceAvailabilityWebSiteAddress scoutfunds.com
Scout Equity Opportunity Fund (Prospectus Summary) | Scout Equity Opportunity Fund | Scout Equity Opportunity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFee none
Exchange Fee rr_ExchangeFee none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.18% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.93%
Less Advisor's Fee Waiver and/or Expense Assumption rr_FeeWaiverOrReimbursementOverAssets (0.68%) [2]
Total Annual Fund Operating Expenses (after Fee Waiver and/or Expense Assumption) rr_NetExpensesOverAssets 1.25%
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2015-10-30
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 127
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 499
[1] 'Other Expenses' are based on the estimated amounts for the initial fiscal year and include 'Acquired Fund Fees and Expenses,' which are estimated to be less than 0.01% of the average net assets of the Fund.
[2] Scout Investments, Inc. (the 'Advisor') has entered into an agreement to waive advisory fees and/or assume certain fund expenses through October 30, 2015 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 1.25%. 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 30, 2015 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.
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Label Element Value
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Prospectus Date rr_ProspectusDate Mar. 28, 2014
Scout Equity Opportunity Fund (Prospectus Summary) | Scout Equity Opportunity Fund | Scout Equity Opportunity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol SEOFX
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