-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Og8kjEhWhkLWhbar7O/MfPKOSK2q5FNEYGUlqngjGYIj3oct5gxLE3iVGmf0dTmV Cx8Us2E1dXqRO4EeSIBeCg== 0000909012-08-000645.txt : 20080516 0000909012-08-000645.hdr.sgml : 20080516 20080516091652 ACCESSION NUMBER: 0000909012-08-000645 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080516 DATE AS OF CHANGE: 20080516 EFFECTIVENESS DATE: 20080516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UMB SCOUT FUNDS CENTRAL INDEX KEY: 0001105128 IRS NUMBER: 431270132 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-09813 FILM NUMBER: 08840407 BUSINESS ADDRESS: STREET 1: 803 W. MICHIGAN ST STREET 2: SUITE A CITY: MILWAUKEE STATE: WI ZIP: 53233 BUSINESS PHONE: 41422992000 MAIL ADDRESS: STREET 1: 803 W MICHIGAN ST STREET 2: SUITE A CITY: MILWAUKEE STATE: WI ZIP: 53233 0001105128 S000007702 UMB SCOUT STOCK FUND C000020952 UMB SCOUT STOCK FUND UMBSX 0001105128 S000007703 UMB SCOUT GROWTH FUND C000020953 UMB SCOUT GROWTH FUND UMBOX 0001105128 S000007704 UMB SCOUT SMALL CAP FUND C000020954 UMB SCOUT SMALL CAP FUND UMBHX 0001105128 S000007705 UMB SCOUT INTERNATIONAL FUND C000020955 UMB SCOUT INTERNATIONAL FUND UMBWX 0001105128 S000007706 UMB SCOUT BOND FUND C000020956 UMB SCOUT BOND FUND UMBBX 0001105128 S000007707 UMB SCOUT MONEY MARKET FUND - FEDERAL PORTFOLIO C000020957 UMB SCOUT MONEY MARKET FUND - FEDERAL PORTFOLIO UMFXX 0001105128 S000007708 UMB SCOUT MONEY MARKET FUND - PRIME PORTFOLIO C000020958 UMB SCOUT MONEY MARKET FUND - PRIME PORTFOLIO UMPXX 0001105128 S000007709 UMB SCOUT TAX-FREE MONEY MARKET FUND C000020959 UMB SCOUT TAX-FREE MONEY MARKET FUND UMTXX 0001105128 S000017336 UMB Scout Mid Cap Fund C000047993 UMB Scout Mid Cap Fund 0001105128 S000020387 UMB Scout International Discovery Fund C000057198 UMB Scout International Discovery Fund N-Q 1 t304262.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act File Number 811-09813 --------- UMB Scout Funds 1010 GRAND BOULEVARD KANSAS CITY, MO 64106 --------------------- (Address of principal executive offices) SCOUT INVESTMENT ADVISORS, INC. 1010 GRAND BOULEVARD KANSAS CITY, MO 64106 --------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (816) 860-7512 -------------- Date of fiscal year end: JUNE 30 ------- Date of reporting period: MARCH 31, 2008 -------------- ITEM 1. SCHEDULE OF INVESTMENTS
UMB SCOUT STOCK FUND SCHEDULE OF INVESTMENTS MARCH 31, 2008 (Unaudited) NUMBER OF SHARES VALUE --------- ----- COMMON STOCKS - 95.8% CONSUMER DISCRETIONARY - 9.2% 100,000 Gap, Inc. $ 1,968,000 40,000 McDonald's Corp. 2,230,800 15,000 Nike, Inc. (1) 1,020,000 80,000 TJX Cos., Inc. (1) 2,645,600 ----------- 7,864,400 =========== CONSUMER STAPLES - 17.5% 30,000 Altria Group, Inc. 666,000 40,000 Anheuser-Busch Cos., Inc. 1,898,000 60,000 Avon Products, Inc. 2,372,400 30,000 Coca-Cola Co. 1,826,100 20,000 General Mills, Inc. 1,197,600 45,000 H.J. Heinz Co. 2,113,650 30,000 Philip Morris International, Inc.* 1,517,400 25,000 Procter & Gamble Co. 1,751,750 30,000 Wal-Mart Stores, Inc. 1,580,400 ----------- 14,923,300 =========== ENERGY - 10.2% 16,600 Chevron Corp. (1) 1,416,976 10,000 ConocoPhillips 762,100 20,000 Devon Energy Corp. 2,086,600 20,000 Exxon Mobil Corp. 1,691,600 20,000 Occidental Petroleum Corp. 1,463,400 15,000 Schlumberger Ltd. 1,305,000 ----------- 8,725,676 =========== FINANCIALS - 13.5% 40,000 Aflac, Inc. 2,598,000 30,000 AON Corp. 1,206,000 45,000 Charles Schwab Corp. 847,350 35,000 Chubb Corp. 1,731,800 30,000 Janus Capital Group, Inc. 698,100 60,000 Marsh & McLennan Cos., Inc. 1,461,000 20,000 Northern Trust Corp. 1,329,400 20,000 T Rowe Price Group, Inc. (1) 1,000,000 10,000 Toronto-Dominion Bank 613,500 ----------- 11,485,150 =========== HEALTH CARE - 14.8% 30,000 Abbott Laboratories 1,654,500 25,000 Aetna, Inc. 1,052,250 30,000 Baxter International, Inc. 1,734,600 15,000 C.R. Bard, Inc. (1) 1,446,000 15,000 Cerner Corp.* (1) 559,200 20,000 Covance, Inc.* 1,659,400 20,000 Eli Lilly & Co. 1,031,800 25,000 Gilead Sciences, Inc.* 1,288,250 25,000 Johnson & Johnson 1,621,750 15,000 Merck & Co., Inc. 569,250 ----------- 12,617,000 =========== INDUSTRIALS - 9.5% 25,000 Emerson Electric Co. 1,286,500 10,000 General Dynamics Corp. 833,700 -1- 40,000 General Electric Co. 1,480,400 20,000 L-3 Communications Holdings, Inc. 2,186,800 36,000 Raytheon Co. (1) 2,325,960 ----------- 8,113,360 =========== INFORMATION TECHNOLOGY - 12.0% 40,000 Cisco Systems, Inc.* (1) 963,600 30,000 Dell, Inc.* 597,600 20,000 Harris Corp. 970,600 45,000 Intel Corp. 953,100 19,000 International Business Machines Corp. 2,187,660 90,000 Microsoft Corp. (1) 2,554,200 105,000 Oracle Corp.* 2,053,800 ----------- 10,280,560 =========== MATERIALS - 2.5% 50,000 Ecolab, Inc. (1) 2,171,500 =========== TELECOMMUNICATION SERVICES - 1.9% 45,000 Verizon Communications, Inc. 1,640,250 =========== UTILITIES - 4.7% 30,000 Alliant Energy Corp. 1,050,300 20,000 Dominion Resources, Inc. 816,800 15,000 Exelon Corp. 1,219,050 15,000 FPL Group, Inc. 941,100 ----------- 4,027,250 =========== TOTAL COMMON STOCKS (COST $75,772,656) - 95.8% 81,848,446 =========== SHORT-TERM INVESTMENTS - 4.9% U.S. GOVERNMENT AGENCIES Federal Home Loan Bank $ 4,170,000 1.500%, 04/01/08 4,170,000 =========== TOTAL SHORT-TERM INVESTMENTS (COST $4,170,000) - 4.9% 4,170,000 =========== COLLATERAL INVESTMENT FOR SECURITIES ON LOAN (COST $13,983,775) - 16.4% 13,983,775 =========== TOTAL INVESTMENTS (COST $93,926,431) - 117.1% 100,002,221 Liabilities less other assets - (17.1)% (14,572,351) ----------- TOTAL NET ASSETS - 100.0% $85,429,870 =========== (equivalent to $12.87 per share; unlimited shares of $1.00 par value capital shares authorized; 6,639,932 shares outstanding) * Non-income producing security (1) Security on Loan, see accompanying Notes for collateral pool detail. SEE ACCOMPANYING NOTES TO SCHEDULES OF INVESTMENTS. -2- UMB SCOUT GROWTH FUND SCHEDULE OF INVESTMENTS MARCH 31, 2008 (Unaudited) NUMBER OF SHARES VALUE --------- ----- COMMON STOCKS - 96.5% CONSUMER DISCRETIONARY - 2.4% 7,200 McDonald's Corp. $ 401,544 ============ CONSUMER STAPLES - 14.2% 9,700 Archer-Daniels-Midland Co. 399,252 11,000 CVS Caremark Corp. 445,610 11,050 PepsiCo, Inc. 797,810 11,100 Procter & Gamble Co. 777,777 ------------ 2,420,449 ============ ENERGY - 22.1% 6,100 Apache Corp. 737,002 6,400 ConocoPhillips 487,744 7,700 Imperial Oil Ltd. (1) 402,402 9,000 Marathon Oil Corp. 410,400 5,400 Noble Corp. 268,218 6,200 Occidental Petroleum Corp. 453,654 1,000 Patriot Coal Corp.*(1) 46,970 10,000 Peabody Energy Corp. 510,000 7,000 Smith International, Inc. 449,610 ------------ 3,766,000 ============ FINANCIALS - 4.6% 3,500 Franklin Resources, Inc. 339,465 7,100 Toronto-Dominion Bank 435,585 ------------ 775,050 ============ HEALTH CARE - 17.9% 4,000 Abbott Laboratories 220,600 7,900 Allergen, Inc. 445,481 6,000 Becton Dickinson & Co. 515,100 9,100 Covance, Inc.* 755,027 11,800 Gilead Sciences, Inc.* 608,054 7,700 Stryker Corp. 500,885 ------------ 3,045,147 ============ INDUSTRIALS - 11.9% 5,000 Burlington Northern Santa Fe Corp. 461,100 9,200 Danaher Corp. 699,476 5,300 General Dynamics Corp. 441,861 6,600 Raytheon Co. (1) 426,426 ------------ 2,028,863 ============ INFORMATION TECHNOLOGY - 18.6% 20,200 Adobe Systems, Inc.* 718,918 17,450 Cisco Systems, Inc.* (1) 420,371 1,100 Google, Inc.* 484,517 18,400 Microsoft Corp. (1) 522,192 31,400 Oracle Corp.* 614,184 10,000 Qualcomm, Inc. 410,000 ------------ 3,170,182 ============ MATERIALS - 4.8% 2,800 Freeport-McMoRan Copper & Gold, Inc. 269,416 6,500 Praxair, Inc. 547,495 ------------ 816,911 ============ -3- TOTAL COMMON STOCKS (COST $14,710,986) - 96.5% 16,424,146 ============ SHORT-TERM INVESTMENTS - 3.4% U.S. GOVERNMENT AGENCIES $ 577,000 Federal Home Loan Bank 1.500%, 04/01/08 577,000 ============ TOTAL SHORT-TERM INVESTMENTS (COST $577,000) - 3.4% 577,000 ============ COLLATERAL INVESTMENT FOR SECURITIES ON LOAN (COST $1,816,851) - 10.6% 1,816,851 ============ TOTAL INVESTMENTS (COST $17,104,837) - 110.5% 18,817,997 Liabilities less other assets - (10.5)% (1,792,146) ------------ TOTAL NET ASSETS - 100.0% $ 17,025,851 ============ (equivalent to $9.01 per share; unlimited shares of $1.00 par value capital shares authorized; 1,889,268.438 shares outstanding) * Non-income producing security (1) Security on Loan, see accompanying Notes for collateral pool detail. SEE ACCOMPANYING NOTES TO SCHEDULES OF INVESTMENTS. -4- UMB SCOUT MID CAP FUND SCHEDULE OF INVESTMENTS MARCH 31, 2008 (Unaudited) NUMBER OF SHARES VALUE --------- ----- COMMON STOCKS - 90.6% CONSUMER DISCRETIONARY - 9.5% 9,200 BorgWarner, Inc. $ 395,876 38,900 Jack in the Box, Inc.* 1,045,243 2,700 priceline.com, Inc.* 326,322 15,500 Royal Caribbean Cruises Ltd. 509,950 10,500 Snap-On, Inc. 533,925 22,300 TJX Cos., Inc. 737,461 ----------- 3,548,777 =========== CONSUMER STAPLES - 4.1% 22,200 H.J. Heinz Co. 1,042,734 6,600 Hansen Natural Corp.* 232,980 6,700 Sanderson Farms, Inc. 254,667 ----------- 1,530,381 =========== ENERGY - 20.3% 11,800 Alpha Natural Resources, Inc.* 512,592 5,100 Arch Coal, Inc. 221,850 8,300 Atwood Oceanics, Inc.* 761,276 8,000 Cabot Oil & Gas Corp. 406,720 20,500 Chesapeake Energy Corp. 946,075 2,100 Consol Energy, Inc. 145,299 11,200 FMC Technologies, Inc.* 637,168 8,900 Forest Oil Corp.* 435,744 8,200 Foundation Coal Holdings, Inc. 412,706 36,300 Global Industries Ltd.* 584,067 6,500 Grant Prideco, Inc.* 319,930 4,100 Hess Corp. 361,538 4,900 Newfield Exploration Co.* 258,965 22,500 Nexen, Inc. 666,225 6,100 Smith International, Inc. 391,803 10,500 Unit Corp.* 594,825 ----------- 7,656,783 =========== FINANCIALS - 7.3% 9,200 AON Corp. 369,840 2,600 Arch Capital Group Ltd.* 178,542 15,900 Assurant, Inc. 967,674 5,800 First American Corp. 196,852 3,000 IntercontinentalExchange, Inc.* 391,500 4,800 Prologis REIT 282,528 7,000 T. Rowe Price Group, Inc. 350,000 ----------- 2,736,936 =========== HEALTH CARE - 9.4% 7,200 C.R. Bard, Inc. 694,080 11,800 Covance, Inc.* 979,046 6,200 Henry Schein, Inc.* 355,880 14,000 Pediatrix Medical Group, Inc.* 943,600 13,500 ResMed, Inc.* 569,430 ----------- 3,542,036 =========== -5- INDUSTRIALS - 11.5% 11,200 AGCO Corp.* 670,656 12,300 Belden CDT, Inc. 434,436 1,900 Bucyrus International, Inc. 193,135 4,900 CSX Corp. 274,743 2,800 Foster Wheeler Ltd.* 158,536 8,150 FTI Consulting, Inc.* 578,976 18,300 General Cable Corp.* 1,080,981 8,900 ITT Corp. 461,109 6,800 Joy Global, Inc. 443,088 ----------- 4,295,660 =========== INFORMATION TECHNOLOGY - 10.6% 33,200 Avnet, Inc.* 1,086,636 15,900 Comtech Telecommunications Corp.* 620,100 17,000 Cypress Semiconductor Corp.* 401,370 6,700 DST Systems, Inc.* 440,458 10,000 Formfactor, Inc.* 191,000 12,500 Harris Corp. 606,625 9,000 Hewitt Associates, Inc.* 357,930 7,100 Juniper Networks, Inc.* 177,500 1,300 MEMC Electronic Materials, Inc.* 92,170 ----------- 3,973,789 =========== MATERIALS - 6.9% 8,000 Agnico-Eagle Mines Ltd. 541,680 7,200 Celanese Corp. 281,160 3,900 CF Industries Holdings, Inc. 404,118 3,000 Cleveland-Cliffs, Inc. 359,460 3,100 Potash Corp. of Saskatchewan 481,151 10,500 Silver Wheaton Corp.* 163,065 2,400 Steel Dynamics, Inc. 79,296 7,100 Stillwater Mining Co.* 109,837 11,000 Yamana Gold, Inc. 160,820 ----------- 2,580,587 =========== MISCELLANEOUS - 2.5% 1,500 iShares Russell Midcap Value Index Fund ETF 192,900 2,000 iShares S&P Midcap 400 Value Index Fund ETF 146,060 7,600 Market Vectors Gold Miners ETF 362,824 3,600 Vanguard REIT ETF 226,908 ----------- 928,692 =========== TELECOMMUNICATION SERVICES - 1.2% 4,900 Millicom International Cellular S.A. * 463,295 =========== UTILITIES - 9.8% 5,600 Energen Corp. 348,880 10,300 National Fuel Gas Co. 486,263 15,800 OGE Energy Corp. 492,486 35,400 Vectren Corp. 949,782 35,400 Westar Energy, Inc. 806,058 13,300 Wisconsin Energy Corp. 585,067 ----------- 3,668,536 =========== TOTAL COMMON STOCKS (COST $34,406,093) - 93.1% 34,925,472 =========== -6- SHORT-TERM INVESTMENTS - 1.9% U.S. GOVERNMENT AGENCIES $ 702,000 Federal Home Loan Bank 1.500%, 04/01/2008 702,000 =========== TOTAL SHORT-TERM INVESTMENTS (COST $702,000) -1.9% 702,000 =========== TOTAL INVESTMENTS (COST $35,108,093) - 95.0% 35,627,472 Other assets less liabilities - 5.0% 1,866,755 ----------- TOTAL NET ASSETS - 100.0% $37,494,227 =========== (equivalent to $9.98 per share; unlimited shares of $1.00 par value capital shares authorized; authorized; 3,758,112 shares outstanding) ETF - Exchange Traded Fund REIT - Real Estate Investment Trust * Non-income producing security SEE ACCOMPANYING NOTES TO SCHEDULE OF INVESTMENTS. -7- UMB SCOUT SMALL CAP FUND SCHEDULE OF INVESTMENTS MARCH 31, 2008 (Unaudited) NUMBER OF SHARES VALUE --------- ----- COMMON STOCKS - 94.3% CONSUMER DISCRETIONARY - 9.3% 180,000 Aeropostale, Inc.* $ 4,879,800 105,000 Arbitron, Inc. 4,531,800 125,000 Buffalo Wild Wings, Inc.* 3,062,500 150,000 Cheesecake Factory, Inc.* 3,268,500 300,000 Jack in the Box, Inc.* 8,061,000 350,000 LKQ Corp.* 7,864,500 100,000 Matthews International Corp. 4,825,000 210,000 Men's Wearhouse, Inc. 4,886,700 70,000 Panera Bread Co.* 2,932,300 200,000 Phillips-Van Heusen Corp. 7,584,000 150,000 Red Robin Gourmet Burgers, Inc.* 5,635,500 ------------ 57,531,600 ============ CONSUMER STAPLES - 2.3% 100,000 Casey's General Stores, Inc. 2,260,000 150,000 Ruddick Corp. 5,529,000 170,000 Sanderson Farms, Inc. 6,461,700 ------------ 14,250,700 ============ ENERGY - 20.4% 150,000 Arena Resources, Inc.* 5,806,500 200,000 Bristow Group, Inc.* 10,734,000 85,000 CARBO Ceramics, Inc. 3,408,500 400,000 Encore Acquisition Co.* 16,112,000 175,000 Foundation Coal Holdings, Inc. 8,807,750 135,000 Gulf Island Fabrication, Inc. 3,877,200 350,000 Hornbeck Offshore Services, Inc.* 15,984,500 250,000 ION Geophysical Corp.* 3,450,000 75,000 Lufkin Industries, Inc. 4,786,500 100,000 Oil States International, Inc.* 4,481,000 600,000 Pioneer Drilling Co.* 9,558,000 300,000 RPC, Inc. 4,557,000 400,000 Swift Energy Co.* 17,996,000 180,000 Tetra Technologies, Inc.* 2,851,200 120,000 Unit Corp.* 6,798,000 100,000 W-H Energy Services, Inc.* 6,885,000 ------------ 126,093,150 ============ FINANCIALS - 3.2% 100,000 Portfolio Recovery Associates, Inc. 4,289,000 115,000 Selective Insurance Group, Inc. 2,746,200 400,000 Senior Housing Properties Trust REIT 9,480,000 70,000 Stifel Financial Corp.* 3,143,000 ------------ 19,658,200 ============ HEALTH CARE - 9.1% 150,000 Amedisys, Inc.* 5,901,000 140,000 Amsurg Corp.* 3,315,200 155,000 Haemonetics Corp.* 9,234,900 -8- 150,000 HMS Holdings Corp.* 4,282,500 300,000 IRIS International, Inc.* 3,981,000 165,000 Kensey Nash Corp.* 4,776,750 87,500 LifeCell Corp.* 3,677,625 275,000 Meridian Bioscience, Inc. 9,193,250 275,000 Natus Medical, Inc.* 4,991,250 125,000 Providence Service Corp.* 3,750,000 50,000 Techne Corp.* 3,368,000 ------------ 56,471,475 ============ INDUSTRIALS - 34.3% 100,000 American Science and Engineering, Inc. 5,457,000 50,000 Ameron International Corp. 4,676,500 100,000 AO Smith Corp. 3,287,000 100,000 Baldor Electric Co. 2,800,000 215,000 Barnes Group, Inc. 4,934,250 220,000 CLARCOR, Inc. 7,821,000 100,000 Columbus McKinnon Corp.* 3,098,000 50,000 Consolidated Graphics, Inc.* 2,802,500 100,000 DRS Technologies, Inc. 5,828,000 50,000 Dynamic Materials Corp. 2,160,000 275,000 EMCOR Group, Inc.* 6,107,750 255,000 Exponent, Inc.* 8,374,200 150,000 Forward Air Corp. 5,316,000 350,000 FTI Consulting, Inc.* 24,864,000 80,000 Gardner Denver, Inc.* 2,968,000 200,000 Genesee & Wyoming Inc.* 6,880,000 300,000 Healthcare Services Group 6,192,000 200,000 Heartland Express, Inc. 2,852,000 100,000 Herman Miller, Inc. 2,457,000 170,000 Hexcel Corp.* 3,248,700 100,000 Hub Group, Inc.* 3,289,000 50,000 Huron Consulting Group, Inc.* 2,077,500 75,000 Kaydon Corp. 3,293,250 275,000 Korn/Ferry International* 4,647,500 85,000 Layne Christensen Co.* 2,976,700 50,000 Lindsay Corp. 5,123,500 100,000 Middleby Corp.* 6,239,000 150,000 Northwest Pipe Co.* 6,373,500 400,000 Pacer International, Inc. 6,572,000 200,000 Robbins & Myers, Inc. 6,530,000 150,000 Team, Inc.* 4,095,000 75,000 Teledyne Technologies, Inc.* 3,525,000 100,000 Tennant Co. 3,981,000 110,000 Triumph Group, Inc. 6,262,300 100,000 Valmont Industries, Inc. 8,789,000 150,000 Wabtec Corp. 5,649,000 150,000 Watson Wyatt Worldwide, Inc. 8,512,500 150,000 Werner Enterprises, Inc. 2,784,000 325,000 Woodward Governor Co. 8,684,000 ------------ 211,527,650 ============ INFORMATION TECHNOLOGY - 13.5% 50,000 Anixter International, Inc.* 3,202,000 175,000 Ansys, Inc.* 6,041,000 120,000 Bankrate, Inc.* 5,986,800 125,000 Blackbaud, Inc. 3,035,000 175,000 Cohu, Inc. 2,843,750 100,000 Comtech Telecommunications Corp.* 3,900,000 250,000 Jack Henry & Associates, Inc. 6,167,500 100,000 Littelfuse, Inc.* 3,497,000 425,000 Micros Systems, Inc.* 14,305,500 -9- 225,000 Microsemi Corp.* 5,130,000 250,000 MSC Software Corp.* 3,247,500 200,000 Radiant Systems, Inc.* 2,794,000 250,000 Rofin-Sinar Technologies, Inc.* 11,225,000 120,000 SPSS, Inc.* 4,653,600 150,000 Websense, Inc.* 2,812,500 150,000 Wright Express Corp.* 4,609,500 ------------ 83,450,650 ============ MATERIALS - 0.6% 130,000 AM Castle & Co. 3,510,000 ============ MISCELLANEOUS - 1.3% 125,000 iShares Russell 2000 Value Index Fund ETF 8,196,250 ============ UTILITIES - 0.3% 50,000 South Jersey Industries, Inc. 1,755,500 ============ TOTAL COMMON STOCKS (COST $547,198,313) - 94.3% 582,445,175 ============ SHORT-TERM INVESTMENTS - 5.4% U.S. GOVERNMENT AGENCIES $ 33,404,000 Federal Home Loan Bank 1.500%, 04/01/08 33,404,000 ============ TOTAL SHORT-TERM INVESTMENTS (COST $33,404,000) - 5.4% 33,404,000 ============ TOTAL INVESTMENTS (COST $580,602,313) - 99.7% 615,849,175 Other assets less liabilities - 0.3% 1,557,479 ------------ TOTAL NET ASSETS - 100.0% $617,406,654 ============ (equivalent to $15.27 per share; unlimited shares of $1.00 par value capital shares authorized; 40,432,349 shares outstanding) ETF - Exchange Traded Fund REIT - Real Estate Investment Trust * Non-income producing security SEE ACCOMPANYING NOTES TO SCHEDULES OF INVESTMENTS. -10- UMB SCOUT INTERNATIONAL FUND SCHEDULE OF INVESTMENTS MARCH 31, 2008 (Unaudited) NUMBER OF SHARES VALUE --------- ----- COMMON STOCKS (ADR'S) - 90.6% AUSTRALIA - 5.2% 385,000 Australia and New Zealand Banking Group Ltd.(1) $ 39,625,702 746,876 BHP Billiton Ltd. (1) 49,181,785 2,325,000 CSL Ltd. (2) 78,334,778 516,067 Woodside Petroleum Ltd. 25,674,488 -------------- 192,816,753 ============== AUSTRIA - 1.0% 1,103,480 Erste Bank der Oesterreichischen Sparkassen A.G. (1) 35,888,590 ============== BELGIUM - 0.6% 174,400 Solvay S.A. (2) 22,334,033 ============== BRAZIL - 4.8% 802,180 Cia de Bebidas das Americas (1) 60,604,699 640,200 Cia Vale do Rio Doce (1) 22,176,528 846,930 Empresa Brasileira de Aeronautica S.A. 33,462,204 618,194 Petroleo Brasileiro S.A.* (1) 63,123,790 -------------- 179,367,221 ============== CANADA - 5.3% 363,527 Barrick Gold Corp. (1)(2) 15,795,248 687,150 Imperial Oil Ltd. (1)(2) 35,910,459 513,200 Potash Corp. of Saskatchewan (2) 79,653,772 649,900 Royal Bank of Canada (2) 30,220,350 589,800 Toronto-Dominion Bank (2) 36,184,230 -------------- 197,764,059 ============== CHILE - 1.3% 1,999,500 Sociedad Quimica y Minera de Chile S.A. (1) 46,748,310 ============== DENMARK - 1.8% 1,960,000 Danske Bank A/S (1) 36,284,696 440,000 Novo-Nordisk A/S (1) 30,465,600 -------------- 66,750,296 ============== FINLAND - 2.2% 1,099,928 Nokia OYJ 35,010,708 1,676,835 Sampo OYJ (2) 45,567,613 -------------- 80,578,321 ============== FRANCE - 5.0% 260,000 Dassault Systemes S.A. (2) 15,152,591 596,232 Groupe Danone (2) 53,510,665 339,666 LVMH Moet Hennessy Louis Vuitton S.A. (2) 37,943,991 487,355 Technip S.A. 38,094,737 558,852 Total S.A. (1) 41,360,637 -------------- 186,062,621 ============== GERMANY - 7.7% 789,600 Adidas A.G. 26,399,644 2,706,000 Allianz S.E. (1) 53,199,960 221,800 Bayer A.G.* 17,853,946 367,300 Bayerische Motoren Werke A.G. (2) 20,393,269 800,000 Deutsche Post A.G. (2) 24,566,630 783,200 Fresenius Medical Care A.G. & Co. KGaA 39,410,624 794,100 Henkel KGaA (1) 36,805,264 -11- 660,890 SAP A.G. (1) 32,760,317 339,105 Siemens A.G. (1) 36,942,099 -------------- 288,331,753 ============== GREECE - 1.9% 1,480,650 Coca Cola Hellenic Bottling Co., S.A. (2) 69,211,179 ============== HONG KONG - 1.3% 3,738,200 CLP Holdings Ltd. 30,763,891 5,000,000 Li & Fung Ltd. (2) 18,534,222 -------------- 49,298,113 ============== HUNGARY - 1.1% 1,035,900 Magyar Telekom Telecommunications PLC (1) 25,379,550 240,000 MOL Hungarian Oil and Gas Co. (1) 15,715,992 -------------- 41,095,542 ============== IRELAND - 1.9% 3,182,623 Anglo Irish Bank Corp. PLC (1) 42,613,731 978,318 Ryanair Holdings PLC* (1) 27,666,833 -------------- 70,280,564 ============== ISRAEL - 1.4% 1,116,111 Teva Pharmaceutical Industries Ltd. (1) 51,553,167 ============== ITALY - 2.1% 1,347,700 Luxottica Group S.p.A. (1) 33,908,132 1,128,148 Saipem S.p.A. (2) 45,833,806 -------------- 79,741,938 ============== JAPAN - 10.8% 1,894,580 Asahi Breweries Ltd. (2) 39,115,506 1,183,200 Canon, Inc. (1) 54,864,984 462,100 Fanuc Ltd. (2) 44,011,735 732,900 Ito En Ltd. (2) 12,988,754 219,870 Ito En Ltd. - Pfd (2) 2,487,302 3,006 Japan Tobacco, Inc. (2) 15,070,016 482,232 Komatsu Ltd. (1) 53,584,028 2,106,400 Nidec Corp. (1) 32,459,624 1,910,500 NTT DoCoMo, Inc. (1) 29,135,125 611,200 Takeda Pharmaceutical Co., Ltd. (2) 30,641,362 1,192,039 Terumo Corp. (2) 62,275,609 286,059 Yamada Denki Co., Ltd. (2) 24,716,003 -------------- 401,350,048 ============== LUXEMBOURG - 0.8% 300,000 Millicom International Cellular S.A.* (2) 28,365,000 ============== MEXICO - 1.0% 732,000 Cemex S.A. de C.V. (1) 19,119,840 467,000 Wal-Mart de Mexico S.A.B. de C.V. 19,649,165 -------------- 38,769,005 ============== NETHERLANDS - 1.6% 2,496,057 Aegon N.V. (2) 36,542,274 287,900 Akzo Nobel N.V. (1) 23,183,810 -------------- 59,726,084 ============== NORWAY - 0.6% 412,900 Yara International ASA 23,928,587 ============== SINGAPORE - 1.3% 1,720,000 United Overseas Bank Ltd. (1) 47,775,408 ============== SOUTH KOREA - 0.8% 50,000 Shinsegae Co., Ltd. (2) 31,504,014 ============== -12- SPAIN - 4.1% 1,190,000 Banco Bilbao Vizcaya Argentaria S.A. 26,168,100 602,260 Iberdrola S.A. 37,485,566 695,400 Inditex S.A. (2) 38,775,354 585,368 Telefonica S.A. (1) 50,640,186 -------------- 153,069,206 ============== SWEDEN - 3.1% 1,425,584 Getinge A.B. (2) 37,021,912 2,672,880 Sandvik A.B. (1) 46,539,117 1,820,010 Svenska Cellulosa A.B. (2) 33,223,623 -------------- 116,784,652 ============== SWITZERLAND - 8.1% 2,509,100 ABB Ltd. (1) 67,544,972 20,000 Givaudan S.A. (2) 19,866,545 367,700 Nestle S.A. 46,122,817 106,600 Nobel Biocare Holding A.G. (2) 24,895,966 359,600 Roche Holding A.G. (1) 33,976,662 95,543 Swatch Group A.G. (2) 25,646,210 463,419 Swiss Reinsurance (1) 40,646,666 291,568 Synthes, Inc. (2) 40,945,097 -------------- 299,644,935 ============== TAIWAN - 1.3% 2,000,000 Hon Hai Precision Industry Co., Ltd. (2) 11,455,093 3,766,624 Taiwan Semiconductor Manufacturing Co., Ltd. 38,683,228 -------------- 50,138,321 ============== UNITED KINGDOM - 9.7% 561,600 BG Group PLC 65,129,707 596,400 British American Tobacco PLC (1) 45,177,300 700,000 Reckitt Benckiser Group PLC (2) 38,833,234 4,794,561 Royal Bank of Scotland Group PLC (2) 32,140,046 7,125,000 Sage Group PLC (2) 26,639,088 702,700 Shire PLC 40,728,492 535,654 Smith & Nephew PLC (1) 35,347,807 1,946,400 Tesco PLC (1) 43,984,942 1,085,006 Vodafone Group PLC 32,018,527 -------------- 359,999,143 ============== UNITED STATES - 2.8% 704,200 Aflac, Inc. (1) (2) 45,737,790 585,700 Mettler-Toledo International, Inc.* (2) 56,883,184 -------------- 102,620,974 ============== TOTAL COMMON STOCKS (ADR'S) (COST $2,386,427,053) - 90.6% 3,371,497,837 ============== SHORT-TERM INVESTMENTS - 8.9% U.S. GOVERNMENT AGENCIES Federal Home Loan Bank $329,822,000 1.500%, 04/01/08 329,822,000 ============== TOTAL SHORT-TERM INVESTMENTS (COST $329,822,000) - 8.9% 329,822,000 ============== COLLATERAL INVESTMENT FOR SECURITIES ON LOAN (COST $563,325,622) - 15.1% 563,325,622 ============== TOTAL INVESTMENTS - 114.6% (COST $3,279,574,675) 4,264,645,459 Liabilities less other assets - (14.6)% (543,077,601) -------------- TOTAL NET ASSETS - 100.0% $3,721,567,858 ============== (equivalent to $35.51 per share; unlimited shares of $1.00 par value capital shares authorized; 104,816,661 shares outstanding) ADR - American Depositary Receipt PLC - Public Limited Company * Non-income producing security (1) Security on Loan, see accompanying Notes for collateral pool detail. (2) Non ADR SEE ACCOMPANYING NOTES TO SCHEDULES OF INVESTMENTS. -13- UMB SCOUT INTERNATIONAL DISCOVERY FUND SCHEDULE OF INVESTMENTS MARCH 31, 2008 (Unaudited) NUMBER OF SHARES VALUE ------ ----- COMMON STOCKS (ADR'S) - 89.5% AUSTRALIA - 4.1% 17,400 Origin Energy Ltd.(1) $ 145,490 3,075 St. George Bank Ltd. 144,337 ---------- 289,827 ========== BRAZIL - 1.9% 3,400 Empresa Brasileira de Aeronautica S.A. 134,334 ========== CANADA - 3.8% 2,125 Canadian Pacific Railway Ltd. (1) 136,616 10,500 Oilexco, Inc.*(1) 137,428 ---------- 274,044 ========== CHILE - 3.2% 9,700 Sociedad Quimica y Minera de Chile S.A. 226,786 ========== FINLAND - 2.2% 5,850 Sampo OYJ(1) 158,972 ========== FRANCE - 6.3% 2,525 Dassault Systemes S.A. 146,425 1,340 Neopost S.A.(1) 150,944 1,975 Technip S.A. 154,378 ---------- 451,747 ========== GERMANY - 5.0% 4,100 Adidas A.G. 137,080 750 Bijou Brigitte A.G. (1) 118,828 2,000 Fresenius Medical Care A.G. & Co. KGaA 100,640 ---------- 356,548 ========== GREECE - 2.0% 3,050 Coca Cola Hellenic Bottling Co., S.A. 142,832 ========== HONG KONG - 4.1% 15,150 CLP Holdings Ltd. 124,678 5,400 Wing Hang Bank Ltd. 164,161 ---------- 288,839 ========== HUNGARY - 3.6% 4,950 Magyar Telekom Telecommunications PLC 121,275 2,050 MOL Hungarian Oil and Gas Co. 134,241 ---------- 255,516 ========== IRELAND - 6.1% 7,500 Anglo Irish Bank Corp. PLC 100,421 10,250 Irish Life & Permanent PLC(1) 198,471 4,700 Ryanair Holdings PLC* 132,916 ---------- 431,808 ========== ITALY - 5.8% 4,700 Benetton Group S.p.A 134,054 4,400 Finmeccanica S.p.A.(1) 150,176 5,200 Luxottica Group S.p.A. 130,832 ---------- 415,062 ========== -14- JAPAN - 8.6% 8,000 Asahi Breweries Ltd.(1) 165,168 7,200 Ito En Ltd.(1) 127,601 9,100 Nidec Corp. 140,231 1,500 Terumo Corp.(1) 78,364 1,200 Yamada Denki Co., Ltd.(1) 103,682 ---------- 615,046 ========== LUXEMBOURG - 1.6% 1,225 Millicom International Cellular S.A.* (1) 115,824 ========== NETHERLANDS - 2.3% 2,620 Koninklijke Vopak N.V.(1) 165,436 ========== NORWAY - 1.3% 1,580 Yara International ASA 91,565 ========== SWEDEN - 4.0% 4,000 Getinge A.B.(1) 103,879 10,100 Svenska Cellulosa A.B. 184,373 ---------- 288,252 ========== SWITZERLAND - 13.7% 165 Givaudan S.A.(1) 163,899 5 Lindt & Spruengli A.G.(1) 177,864 340 Nobel Biocare Holding A.G.(1) 79,405 11,750 SGS S.A. 169,648 500 Swatch Group A.G.(1) 134,213 570 Swiss Life Holding*(1) 159,054 670 Synthes, Inc.(1) 94,089 ---------- 978,172 ========== UNITED KINGDOM - 8.0% 9,700 Capita Group PLC(1) 130,818 9,000 Sage Group PLC 134,587 1,230 Shire PLC 71,291 1,340 Smith & Nephew PLC 88,427 4,400 Willis Group Holdings Ltd. 147,884 ---------- 573,007 ========== UNITED STATES - 1.9% 1,430 Mettler-Toledo International, Inc.* 138,882 ========== TOTAL COMMON STOCKS (ADR'S) (COST $6,402,781) - 89.5% 6,392,499 ========== SHORT-TERM INVESTMENTS - 10.2% U.S. GOVERNMENT AGENCIES $ 730,000 Federal Home Loan Bank 1.500%, 04/01/08 730,000 ========== TOTAL SHORT-TERM INVESTMENTS (COST $730,000) - 10.2% 730,000 ========== TOTAL INVESTMENTS (COST $7,132,781) - 99.7% 7,122,499 Other Assets less Liabilities - 0.3% 21,790 ---------- TOTAL NET ASSETS - 100.0% $7,144,289 ========== (equivalent to $9.83 per share; unlimited shares of $1.00 par value capital shares authorized; 726,899 shares outstanding) -15- ADR - American Depositary Receipt PLC - Public Limited Company * Non-income producing security (1) Non ADR SEE ACCOMPANYING NOTES TO SCHEDULES OF INVESTMENTS. -16- UMB SCOUT BOND FUND SCHEDULE OF INVESTMENTS MARCH 31, 2008 (Unaudited) PRINCIPAL AMOUNT VALUE ------ ----- CORPORATE BONDS - 23.9% Anheuser-Busch Companies, Inc. $ 750,000 5.750%, 04/01/10 $ 786,593 AT&T, Inc. 2,000,000 6.250%, 03/15/11 2,095,456 Berkshire Hathaway, Inc. 575,000 3.375%, 10/15/08 576,613 1,000,000 4.200%, 12/15/10 1,030,937 Computer Sciences Corp. 1,500,000 3.500%, 04/15/08 1,499,660 General Electric Corp. 1,500,000 6.875%, 11/15/10 1,628,972 Hewlett Packard Co. 2,000,000 4.500%, 03/01/13 2,028,978 IBM Corp. 500,000 7.500%, 06/15/13 577,285 Lincoln National Corp. 1,000,000 4.750%, 02/15/14 988,321 M&I Bank 545,455 2.900%, 08/18/09 539,449 Merrill Lynch & Co. 1,566,000 6.000%, 02/17/09 1,569,517 Morgan Stanley 1,000,000 3.875%, 01/15/09 999,806 Northern Trust Co. 465,000 7.100%, 08/01/09 487,633 Verizon Virginia, Inc. 3,000,000 4.625%, 03/15/13 2,920,001 Wal-Mart Stores, Inc. 2,000,000 5.000%, 04/05/12 2,101,488 ----------- TOTAL CORPORATE BONDS (COST $19,452,590) - 23.9% 19,830,709 =========== GOVERNMENT-SPONSORED ENTERPRISES - 18.5% GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 155 6.250%, 05/15/08 157 4,121 6.000%, 08/15/08 4,159 2,872 9.500%, 10/15/08 3,001 519 6.000%, 10/20/08 522 210 6.000%, 11/20/08 211 972 6.500%, 02/20/09 991 1,793 7.500%, 03/20/09 1,832 4,487 6.000%, 05/15/09 4,571 763 7.000%, 05/15/09 765 15,342 6.500%, 10/15/11 15,944 15,416 6.000%, 02/20/13 15,893 2,609 6.000%, 03/15/13 2,697 7,328 6.000%, 06/15/13 7,577 5,994 6.000%, 01/20/16 6,178 131,465 5.500%, 04/20/16 134,625 18,511 7.000%, 07/20/16 19,342 95,162 6.000%, 08/15/16 98,370 -17- 93,043 6.000%, 08/15/16 96,180 293,469 5.500%, 09/20/16 300,523 573,295 5.500%, 11/15/16 588,774 5,067 5.500%, 12/20/16 5,189 413,081 5.500%, 01/15/17 424,213 13,174 6.000%, 02/15/17 13,619 349,781 5.500%, 05/20/17 358,170 285,501 5.500%, 08/15/17 293,195 384,200 5.500%, 08/15/17 394,553 447,383 5.500%, 10/15/17 459,439 315,478 5.500%, 10/20/17 323,045 412,582 5.500%, 11/15/17 423,700 14,308 5.500%, 11/15/17 14,694 18,006 5.000%, 03/15/18 18,313 1,411,723 5.000%, 04/16/18 1,468,236 1,039,502 5.000%, 04/20/18 1,054,203 353,537 5.500%, 07/20/18 362,015 11,581 4.500%, 08/15/18 11,630 267,331 5.500%, 10/20/18 273,742 10,812 5.000%, 11/15/18 10,997 499,589 5.500%, 06/20/19 511,217 13,383 5.000%, 09/15/19 13,604 270,416 5.500%, 10/20/19 276,710 608,487 5.500%, 11/20/19 622,649 400,000 4.490%, 08/16/25 407,150 3,500,000 Variable Rate, 11/16/35 3,566,506 2,700,000 Variable Rate, 07/16/36 2,768,714 ----------- TOTAL GOVERNMENT-SPONSORED ENTERPRISES (COST $15,144,050) - 18.5% 15,377,815 =========== MUNICIPAL BONDS - 1.0% Kansas State Development Financial Authority 150,000 4.369%, 10/01/10 151,910 675,000 4.500%, 10/01/11 685,685 ----------- TOTAL MUNICIPAL BONDS (COST $825,000) - 1.0% 837,595 =========== U.S. GOVERNMENT AGENCIES - 26.0% FEDERAL FARM CREDIT BANK - 10.0% 2,875,000 4.700%, 10/20/10(1) 3,032,723 4,000,000 4.875%, 02/18/11 4,239,540 1,000,000 5.000%, 09/04/13 1,069,710 ----------- TOTAL FEDERAL FARM CREDIT BANK 8,341,973 =========== FEDERAL HOME LOAN MORTGAGE CORP. - 1.5% 1,250,000 4.375%, 07/30/09 1,284,786 =========== FEDERAL NATIONAL MORTGAGE ASSOCIATION - 14.0% 6,000,000 5.250%, 01/15/09(1) 6,138,816 4,000,000 2.500%, 04/09/10(1) 4,015,888 1,300,000 5.375%, 11/15/11(1) 1,414,855 ----------- TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION 11,569,559 =========== SMALL BUSINESS ADMINISTRATION - 0.5% 68,047 6.600%, 07/01/09 68,780 748 9.100%, 10/01/09 765 -18- 2,823 8.800%, 01/01/10 2,880 1,596 9.450%, 02/01/10 1,637 98,068 8.017%, 02/10/10 102,660 17,268 7.460%, 03/01/10 17,606 5,629 8.625%, 02/01/11 5,767 1,620 8.850%, 08/01/11 1,662 6,225 8.600%, 09/01/11 6,394 9,602 8.250%, 11/01/11 9,762 33,675 7.600%, 01/01/12 34,347 66,189 7.400%, 08/01/12 67,707 41,795 7.050%, 09/01/12 42,755 33,756 7.550%, 11/01/12 34,476 ----------- TOTAL SMALL BUSINESS ADMINISTRATION 397,198 =========== TOTAL U.S. GOVERNMENT AGENCIES (COST $21,162,247) - 26.0% 21,593,516 =========== U.S. GOVERNMENT SECURITIES - 20.9% U.S. Treasury Note 2,000,000 4.625%, 11/30/08(1) 2,043,438 2,000,000 4.500%, 03/31/09(1) 2,059,376 6,000,000 3.625%, 10/31/09(1) 6,189,378 2,000,000 3.250%, 12/31/09(1) 2,055,156 2,000,000 2.125%, 01/31/10(1) 2,017,658 3,000,000 2.750%, 02/28/13 3,042,189 ----------- TOTAL U.S. GOVERNMENT SECURITIES (COST $17,160,016) - 20.9% 17,407,195 =========== SHORT-TERM INVESTMENTS - 8.9% COMMERCIAL PAPER - 3.6% American Express Co. 1,000,000 2.330%, 04/10/08 999,425 Danaher Corp. 1,000,000 2.280%, 04/10/08 999,437 JP Morgan Chase Co. 1,000,000 2.390%, 04/25/08 998,368 ----------- TOTAL COMMERCIAL PAPER 2,997,230 =========== U.S. GOVERNMENT AGENCIES - 5.3% Federal Home Loan Bank 4,443,000 1.500%, 04/01/08 4,443,000 =========== TOTAL SHORT-TERM INVESTMENTS (COST $7,440,230) - 8.9% 7,440,230 =========== COLLATERAL INVESTMENT FOR SECURITIES ON LOAN (COST $27,063,383) - 32.6% 27,063,383 =========== TOTAL INVESTMENTS (COST $108,247,516) - 131.8% 109,550,443 Liabilities less other assets - (31.8)% (26,412,801) ----------- TOTAL NET ASSETS - 100.0% $83,137,642 =========== (equivalent to $11.16 per share; unlimited shares of $1.00 par value capital shares authorized; 7,447,084 shares outstanding) (1) Security on Loan, see accompanying Notes for collateral pool detail. SEE ACCOMPANYING NOTES TO SCHEDULES OF INVESTMENTS. -19- UMB SCOUT FEDERAL MONEY MARKET SCHEDULE OF INVESTMENTS MARCH 31, 2008 (Unaudited) PRINCIPAL AMOUNT VALUE ------ ----- U.S. GOVERNMENT AGENCIES - 99.6% FEDERAL FARM CREDIT BANK - 7.2% $ 20,000,000 1.500%, 04/01/08 $ 20,000,000 5,000,000 3.375%, 06/12/08 4,990,430 ------------ TOTAL FEDERAL FARM CREDIT BANK 24,990,430 ============ FEDERAL HOME LOAN BANK - 64.5% 33,452,000 1.500%, 04/01/08 33,452,000 19,400,000 2.050%, 04/02/08 19,398,563 19,825,000 2.000%, 04/04/08 19,821,796 10,000,000 1.415%, 04/07/08 9,997,250 5,000,000 4.430%, 04/07/08, callable 5,001,330 17,650,000 1.713%, 04/08/08 17,643,285 3,415,000 1.940%, 04/09/08 3,413,345 2,076,000 1.884%, 04/10/08 2,074,914 7,000,000 2.001%, 04/11/08 6,995,722 1,000,000 4.500%, 04/11/08, callable 999,930 5,000,000 1.859%, 04/14/08 4,996,389 10,000,000 1.728%, 04/15/08 9,992,806 15,100,000 2.090%, 04/16/08 15,087,744 3,000,000 5.125%, 04/16/08 3,003,183 5,000,000 1.760%, 04/17/08 4,996,089 10,000,000 2.014%, 04/18/08 9,989,942 5,000,000 1.970%, 04/21/08 4,994,444 5,000,000 4.375%, 04/21/08 5,000,340 10,000,000 1.768%, 04/22/08 9,989,208 10,000,000 2.077%, 04/25/08 9,985,600 8,500,000 4.400%, 04/29/08 8,505,038 1,030,000 4.000%, 06/13/08 1,030,578 4,000,000 2.900%, 07/01/08 4,000,482 2,500,000 2.700%, 07/25/08 2,500,000 1,000,000 3.875%, 08/22/08 997,335 1,000,000 5.000%, 09/12/08 1,009,466 1,000,000 4.170%, 09/30/08, callable 1,001,265 2,000,000 4.600%, 10/29/08, callable 2,000,000 2,500,000 3.160%, 01/07/09, callable 2,500,045 5,000,000 4.000%, 01/09/09, callable 5,000,970 ------------ TOTAL FEDERAL HOME LOAN BANK 225,379,059 ============ FEDERAL HOME LOAN MORTGAGE CORP. - 5.6% 1,420,000 1.750%, 04/01/08 1,420,000 5,738,000 5.750%, 04/15/08 5,744,751 2,000,000 3.625%, 04/17/08, callable 1,999,910 1,000,000 3.000%, 06/30/08, callable 985,997 2,500,000 3.000%, 07/14/08, callable 2,502,678 -20- 5,000,000 4.140%, 12/22/08, callable 5,019,445 1,826,000 4.000%, 03/17/09, callable 1,832,280 ------------ TOTAL FEDERAL HOME LOAN MORTGAGE CORP. 19,505,061 ============ FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.3% 15,000,000 1.800%, 04/02/08 14,999,250 10,000,000 1.334%, 04/03/08 9,998,889 19,625,000 4.875%, 04/10/08 19,635,732 5,000,000 1.774%, 04/11/08 4,997,292 6,500,000 4.300%, 05/05/08, callable 6,497,781 10,000,000 6.000%, 05/15/08 10,038,976 500,000 2.875%, 05/19/08, callable 494,644 10,000,000 3.250%, 06/04/08, callable 10,008,582 1,000,000 3.000%, 07/16/08, callable 1,001,091 ------------ TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION 77,672,237 ============ TOTAL U.S. GOVERNMENT AGENCIES (COST $347,546,787) - 99.6% 347,546,787 ============ TOTAL INVESTMENTS (COST $347,546,787) - 99.6% 347,546,787 Other assets less liabilities - 0.4% 1,284,658 ------------ TOTAL NET ASSETS - 100.0% $348,831,445 ============ (equivalent to $1.00 per share; unlimited shares of $0.01 par value capital shares authorized; 348,858,894 shares outstanding) Valuation of securities is on the basis of amortized cost, which approximates market value. SEE ACCOMPANYING NOTES TO SCHEDULES OF INVESTMENTS. -21- UMB SCOUT PRIME MONEY MARKET FUND SCHEDULE OF INVESTMENTS MARCH 31, 2008 (Unaudited) PRINCIPAL AMOUNT VALUE ------ ----- SHORT-TERM CORPORATE NOTES - 62.8% Abbott Laboratories $20,000,000 2.150%, 04/03/08(3) $19,997,611 3,000,000 2.150%, 04/09/08(3) 2,998,567 Alcon Capital Corp. 23,000,000 2.300%, 04/01/08(3) 23,000,000 American Express Credit Corp. 10,000,000 3.000%, 04/07/08 9,995,000 2,810,000 3.000%, 05/16/08 2,802,046 American Honda Finance Corp. 5,000,000 2.840%, 04/02/08(3) 4,999,605 2,000,000 2.280%, 04/14/08(3) 1,998,353 American International Group, Inc. 500,000 2.875%, 05/15/08, callable 498,443 Anheuser-Busch Cos., Inc. 23,000,000 2.250%, 04/01/08 23,000,000 Archer Daniels Midland Co. 5,455,000 2.450%, 04/01/08(3) 5,455,000 3,000,000 2.400%, 04/04/08(3) 2,999,400 1,500,000 2.350%, 04/08/08(3) 1,499,315 7,010,000 4.250%, 04/22/08(3) 6,992,621 Bank of Nova Scotia 15,000,000 Variable Rate, 04/02/08 14,999,989 Bristol-Meyers Squibb Co. 11,534,000 4.000%, 08/15/08, callable 11,489,437 Colgate Palmolive Co. 10,000,000 2.250%, 04/09/08(3) 9,995,000 Credit Suisse USA, Inc. 5,000,000 Variable Rate, 06/03/08 5,001,510 Danaher Corp. 5,000,000 2.300%, 04/01/08 5,000,000 8,000,000 2.250%, 04/04/08 7,998,500 10,000,000 2.300%, 04/08/08 9,995,528 E.I. du Pont de Nemours and Co. 23,000,000 2.200%, 04/08/08 22,990,056 Emerson Electric Co. 9,000,000 2.150%, 04/11/08(3) 8,994,625 10,000,000 2.100%, 04/17/08(3) 9,990,667 FLP Group Capital Inc. 5,000,000 2.500%, 04/10/08(3) 4,996,875 General Electric Co. 10,000,000 2.150%, 04/01/08 10,000,000 10,000,000 2.250%, 04/07/08 9,996,250 General Reinsurance Corp. 10,945,000 2.520%, 04/16/08 10,933,805 Grainger,Inc. 15,000,000 2.300%, 04/14/08 14,987,542 Illinois Tool Works, Inc. 10,000,000 2.480%, 04/14/08 9,991,044 10,000,000 2.200%, 04/21/08 9,987,778 International Business Machines Corp. 5,000,000 2.170%, 05/01/08(3) 4,990,958 15,000,000 Variable Rate, 09/08/08, callable.(3) 14,998,333 Johnson & Johnson 10,000,000 1.850%, 05/06/08(3) 9,982,014 -22- JP Morgan Chase Co. 10,000,000 2.140%, 04/09/08 9,995,244 4,000,000 2.350%, 04/18/08 3,995,561 Legget & Platt, Inc. 23,000,000 2.250%, 04/01/08(3) 23,000,000 Medtronic, Inc. 11,000,000 2.250%, 04/07/08(3) 10,995,875 10,000,000 2.150%, 04/10/08(3) 9,994,625 National Australia Funding 10,000,000 2.530%, 04/22/08(3) 9,985,242 NetJets, Inc. 10,000,000 2.300%, 04/01/08(3) 10,000,000 10,000,000 2.150%, 04/17/08(3) 9,990,444 Pepsico, Inc. 5,000,000 2.100%, 05/05/08 4,990,083 Stanley Works, Inc. 5,385,000 2.850%, 04/18/08(3) 5,377,753 6,397,000 2.200%, 05/05/08(3) 6,383,708 Toronto Dominion Holdings 10,000,000 2.480%, 04/25/08(3) 9,983,467 Toyota Motor Credit Corp. 10,000,000 2.140%, 04/07/08 9,996,433 5,000,000 2.875%, 08/01/08 4,962,225 Walgreen Co. 17,463,000 2.300%, 04/01/08 17,463,000 5,000,000 2.270%, 04/02/08 4,999,685 Wells Fargo & Co. 13,000,000 2.300%, 04/01/08 13,000,000 10,000,000 2.400%, 04/08/08 9,995,333 ------------ TOTAL SHORT-TERM CORPORATE NOTES (COST $488,664,550) - 62.8% 488,664,550 ============ MUNICIPAL BONDS - 15.2% Alaska Housing Finance Corp. 1,003,000 2.920%, 04/01/08 1,003,000 Brown University 21,000,000 2.950%, 04/03/08 20,996,558 City of Colorado Springs, CO 20,000,000 Variable Rate, 11/01/27, callable 20,000,000 City of Wichita, KS 3,400,000 4.350%, 08/19/08 3,404,465 County of Oakland, MI 8,200,000 5.250%, 04/01/08 8,200,000 County of St. Joseph, IN 22,063,000 2.920%, 04/04/08 22,057,631 Groton City, CT 4,500,000 5.000%, 10/09/08 4,500,660 Iowa Finance Authority 3,200,000 Variable Rate, 07/01/37, callable 3,200,000 Nebraska Public Power District 5,000,000 2.500%, 04/24/08 4,992,014 Saginaw County, MI 2,062,000 Variable Rate, 03/01/10, callable 2,062,000 South Carolina Public Service Authority 21,000,000 2.500%, 04/23/08 20,967,917 University of Michigan 5,375,000 2.870%, 04/11/08 5,375,000 Vanderbilt University 1,604,000 3.000%, 04/04/08 1,603,599 ------------ TOTAL MUNICIPAL BONDS (COST $118,362,844) - 15.2% 118,362,844 ============ -23- U.S. GOVERNMENT AGENCIES - 21.9% FEDERAL FARM CREDIT BANK - 1.4% 10,000,000 3.375%, 06/12/08 9,980,859 650,000 3.000%, 07/28/08, callable 650,804 ------------ TOTAL FEDERAL FARM CREDIT BANK 10,631,663 ============ FEDERAL HOME LOAN BANK - 16.9% 9,500,000 1.500%, 04/01/08 9,500,000 4,910,000 2.050%, 04/02/08 4,909,665 15,000,000 2.670%, 04/03/08 14,998,583 8,000,000 2.250%, 04/04/08 7,998,587 5,000,000 2.000%, 04/08/08 4,998,056 12,020,000 1.900%, 04/09/08 12,014,794 8,500,000 2.080%, 04/10/08 8,495,580 1,900,000 1.850%, 04/15/08 1,898,633 10,000,000 4.375%, 04/21/08 10,000,679 6,500,000 4.400%, 04/29/08 6,503,852 712,000 4.130%, 04/30/08 709,631 8,000,000 2.900%, 07/01/08 8,000,964 7,500,000 2.700%, 07/25/08 7,500,000 1,000,000 5.020%, 07/28/08, callable 1,003,425 1,250,000 5.500%, 08/15/08 1,254,983 1,250,000 4.250%, 09/12/08 1,249,195 8,000,000 4.600%, 10/29/08, callable 8,000,000 10,000,000 Variable Rate, 12/01/08 10,000,000 7,500,000 3.160%, 01/07/09, callable 7,500,135 5,000,000 4.000%, 01/09/09, callable 5,000,972 ------------ TOTAL FEDERAL HOME LOAN BANK 131,537,734 ============ FEDERAL NATIONAL MORTGAGE ASSOCIATION - 3.6% 15,000,000 1.800%, 04/02/08 14,999,251 10,000,000 4.875%, 04/10/08 10,005,746 3,000,000 3.210%, 07/23/08, callable 3,004,401 ------------ TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION 28,009,398 ============ TOTAL U.S. GOVERNMENT AGENCIES (COST $170,178,795) - 21.9% 170,178,795 ============ TOTAL INVESTMENTS (COST $777,206,189) - 99.9% 777,206,189 Other assets less liabilities - 0.1% 405,268 ------------ TOTAL NET ASSETS - 100.0% $777,611,457 ============ (equivalent to $1.00 per share; unlimited shares of $0.01 par value capital shares authorized; 777,683,115 shares outstanding) Valuation of securities is on the basis of amortized cost, which approximates market value. (3) 144A Restricted Security SEE ACCOMPANYING NOTES TO SCHEDULES OF INVESTMENTS. -24- UMB SCOUT TAX-FREE MONEY MARKET FUND SCHEDULE OF INVESTMENTS MARCH 31, 2008 (Unaudited) PRINCIPAL AMOUNT VALUE ------ ----- ALASKA Alaska Housing Finance Corp. $ 460,000 Variable Rate, 12/01/24 $ 460,000 1,000,000 Variable Rate, 12/01/30 1,000,000 3,090,000 Variable Rate, 06/01/37 3,090,000 ARIZONA Arizona State University, AZ 200,000 Variable Rate, 07/01/34 200,000 City of Phoenix, AZ 100,000 4.500%, 07/01/08 100,569 City of Scottsdale, AZ 200,000 4.500%, 07/01/20 203,356 Salt River Project, Commercial Paper 5,000,000 2.250%, 04/09/08 5,000,000 CALIFORNIA Santa Rosa High School District, CA 250,000 5.000%, 05/01/09 253,166 COLORADO Aspen Valley Hospital District, CO 3 ,135,000 Variable Rate, 10/15/33 3,135,000 Auraria Higher Education Center 2 ,105,000 5.000%, 05/01/13 2,108,858 Colorado Housing & Finance Authority, CO 1 ,900,000 Variable Rate, 10/15/16 1,900,000 600,000 Variable Rate, 10/15/16 600,000 900,000 Variable Rate, 11/01/21 900,000 Denver City & County, CO 2 ,000,000 5.000%, 08/01/08 2,022,903 CONNECTICUT Connecticut State Health & Educational Facility Authority 2 ,200,000 Variable Rate, 07/01/29 2,200,000 State of Connecticut 700,000 Variable Rate, 05/15/14 700,000 1 ,500,000 Variable Rate, 02/15/21 1,500,000 FLORIDA Florida State Board of Education 100,000 5.125%, 06/01/14 101,480 530,000 5.000%, 06/01/17 536,955 180,000 4.750%, 06/01/28 182,075 JEA Florida Electric System Revenue Bond 200,000 3.250%, 10/01/08 200,000 GEORGIA Metropolitan Atlanta Rapid Transit Authority 3,800,000 Variable Rate, 07/01/25 3,800,000 -25- ILLINOIS Chicago Board of Education, IL 525,000 Variable Rate, 03/01/32 525,000 State of Illinois 100,000 5.000%, 10/01/08 100,888 INDIANA County of St. Joseph, IN 2,500,000 Variable Rate, 03/01/40 2,500,000 Purdue University, IN 1,975,000 Variable Rate, 07/01/33 1,975,000 KANSAS Kansas Development Finance Authority 500,000 5.000%, 05/01/08 501,191 Kansas State Department of Transportation, KS 335,000 5.500%, 09/01/08 337,647 3,845,000 Variable Rate, 03/01/12 3,845,000 3,500,000 Variable Rate, 09/01/20 3,500,000 LOUISIANA State of Louisiana 250,000 5.500%, 04/15/08 250,272 MARYLAND Maryland Health & Higher Educational Facilities Authority 4,430,000 Variable Rate, 07/01/36 4,430,000 Maryland Health & Higher Educational Facilities Authority, Commercial Paper 3,800,000 2.150%, 04/02/08 3,800,000 Montgomery County Housing Opportunities Commission Housing Revenue 550,000 Variable Rate, 08/01/15 550,000 MASSACHUSETTS Commonwealth of Massachusetts 950,000 Variable Rate, 08/01/15 950,000 MICHIGAN Chelsea School District, MI 150,000 5.000%, 05/01/25 150,357 Wyoming Public Schools, MI 600,000 5.250%, 05/01/17 601,070 MINNESOTA Minnesota Higher Education Facilities Authority, MN 580,000 5.400%, 04/01/23 580,000 MISSOURI Missouri State Health & Educational Facilities Authority, MO 735,000 Variable Rate, 09/01/30 735,000 600,000 Variable Rate, 09/01/30 600,000 300,000 Variable Rate, 09/01/30 300,000 235,000 Variable Rate, 07/01/32 235,000 600,000 Variable Rate, 11/01/32 600,000 1,900,000 Variable Rate, 03/01/40 1,900,000 -26- NEBRASKA Lincoln Nebraska Electric System Revenue, Commercial Paper 1,000,000 0.750%, 04/01/08 1,000,000 Nebraska Public Power District Revenue, Commercial Paper 3,400,000 2.200%, 06/03/08 3,400,000 NEVADA Las Vegas Valley Water District 650,000 Variable Rate, 06/01/36 650,000 NEW YORK City of New York, NY 100,000 5.000%, 08/01/08 100,737 2,500,000 Variable Rate, 02/15/13 2,500,000 1,000,000 Variable Rate, 10/01/23 1,000,000 New York City Housing Development Corp. 3,600,000 Variable Rate, 06/15/32 3,600,000 New York City Municipal Water Finance Authority 700,000 Variable Rate, 06/15/35 700,000 New York State Thruway Authority, NY 240,000 2.700%, 04/01/08 240,000 NORTH CAROLINA Buncombe County, NC 1,285,000 Variable Rate, 12/01/12 1,285,000 500,000 Variable Rate, 12/01/15 500,000 150,000 Variable Rate, 12/01/16 150,000 1,400,000 Variable Rate, 12/01/18 1,400,000 1,470,000 Variable Rate, 12/01/20 1,470,000 1,250,000 Variable Rate, 12/01/21 1,250,000 400,000 Variable Rate, 12/01/25 400,000 City of Charlotte, NC 795,000 Variable Rate, 06/01/25 795,000 City of Winston-Salem, NC 1,680,000 Variable Rate, 08/01/11 1,680,000 County of Forsyth, NC 1,220,000 Variable Rate, 03/01/25 1,220,000 County of Wake, NC 2,900,000 Variable Rate, 03/01/24 2,900,000 Mecklenburg County, NC 100,000 Variable Rate, 02/01/24 100,000 1,830,000 Variable Rate, 02/01/26 1,830,000 New Hanover County, NC 500,000 Variable Rate, 02/01/26 500,000 State of North Carolina 3,100,000 Variable Rate, 05/01/21 3,100,000 University of North Carolina at Chapel Hill 1,755,000 Variable Rate, 02/01/29 1,755,000 OHIO City of Columbus, OH 700,000 Variable Rate, 06/01/16 700,000 1,700,000 Variable Rate, 12/01/17 1,700,000 County of Franklin, OH 3,000,000 Variable Rate, 12/01/30 3,000,000 Ohio State Building Authority, OH 275,000 5.250%, 04/01/09 277,750 -27- PENNSYLVANIA Beaver County Industrial Development Authority 3,350,000 Variable Rate, 12/01/20 3,350,000 County of Beaver, PA 950,000 Variable Rate, 10/01/26 950,000 Delaware County Industrial Development Authority, PA 2,175,000 Variable Rate, 12/01/31 2,175,000 1,200,000 Variable Rate, 12/01/31 1,200,000 RHODE ISLAND Rhode Island Health & Educational Building Corp. 4,000,000 Variable Rate, 05/01/35 4,000,000 SOUTH CAROLINA South Carolina Public Authority Revenue, Commercial Paper 2,400,000 2.150%, 04/03/08 2,400,000 SOUTH DAKOTA South Dakota Housing Development Authority 6,800,000 Variable Rate, 05/01/32 6,800,000 TENNESSEE County of Shelby, TN 3,540,000 Variable Rate, 04/01/30 3,540,000 Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bond 1,440,000 Variable Rate, 10/01/30 1,440,000 TEXAS Brownsville Utility, TX, Commercial Paper 1,700,000 2.000%, 04/01/08 1,700,000 City of San Antonio, TX 3,345,000 4.000%, 08/01/08 3,352,521 County of Bexar, TX 200,000 4.250%, 06/15/08 200,657 County of Tarrant, TX 200,000 4.000%, 07/15/08 200,787 Harris County Municipal Utility District No. 81, TX 1,035,000 5.250%, 09/01/24 1,049,299 Harris County Water Control & Improvement District No. 155, TX 1,200,000 5.700%, 05/01/19 1,202,452 Harris County, TX, Commercial Paper 4,000,000 2.250%, 04/01/08 4,000,000 Montgomery County Municipal Utility District No. 47, TX 465,000 5.500%, 04/01/20 465,000 North Texas Municipal Water District, TX 180,000 3.000%, 06/01/08 180,000 Northwest Independent School District, TX 1,500,000 2.010%, 08/15/25 516,968 San Antonio Water Works, Commercial Paper 900,000 1.000%, 04/04/08 900,000 Southwest Higher Education Authority, TX 1,175,000 Variable Rate, 07/01/15 1,175,000 -28- State of Texas 2,500,000 Variable Rate, 04/01/36 2,500,000 Texas Public Finance Authority 570,000 4.000%, 04/15/08 570,467 Texas Public Finance Authority, Commercial Paper 5,000,000 1.000%, 04/01/08 5,000,000 500,000 2.250%, 04/03/08 500,000 1,500,000 1.600%, 04/03/08 1,500,000 VIRGINIA County of Prince William, VA 100,000 4.000%, 05/01/08 100,114 Virginia Public Building Authority, VA 4,300,000 Variable Rate, 08/01/25 4,300,000 WASHINGTON Energy Northwest 1,000,000 Variable Rate 07/01/17 1,000,000 WISCONSIN State of Wisconsin 785,000 5.000%, 06/01/08 787,548 Sun Prairie Area School District, WI 2,250,000 2.000%, 02/20/09 2,255,160 ------------ TOTAL INVESTMENTS (COST $157,675,248) - 99.7% 157,675,248 Other assets less liabilities - 0.3% 411,278 TOTAL NET ASSETS - 100.0% $158,086,526 ============ (equivalent to $1.00 per share; unlimited shares of $0.01 par value capital shares authorized; 158,168,326 shares outstanding) Valuation of securities is on the basis of amortized cost, which approximates market value. SEE ACCOMPANYING NOTES TO SCHEDULE OF INVESTMENTS. -29-
NOTES TO SCHEDULES OF INVESTMENTS MARCH 31, 2008 (UNAUDITED) 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES UMB Scout Funds, a Delaware statutory trust (the "Trust"), is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust currently consists of the following ten diversified portfolios: UMB Scout Stock Fund ("Stock"), UMB Scout Growth Fund ("Growth"), UMB Scout Mid Cap Fund ("Mid Cap"), UMB Scout Small Cap Fund ("Small Cap"), UMB Scout International Fund ("International"), UMB Scout International Discovery Fund ("International Discovery"), UMB Scout Bond Fund ("Bond"), UMB Scout Money Market Fund - Federal Portfolio ("Money Market - Federal Portfolio"), UMB Scout Money Market Fund - Prime Portfolio ("Money Market - Prime Portfolio") and UMB Scout Tax-Free Money Market Fund ("Tax-Free Money Market"), (individually referred to as a "Fund," or collectively as the "Funds"). Prior to April 2005, the Growth Fund was known as the UMB Scout Stock Select Fund. Prior to October 2006, the International Fund was known as the UMB Scout WorldWide Fund. The Funds' investment objectives are as follows: FUND INVESTMENT OBJECTIVE - -------------------------------------------------------------------------------- Stock .......................... Long-term growth of capital and income Growth ......................... Long-term growth of capital Mid Cap ........................ Long-term growth of capital Small Cap ...................... Long-term growth of capital International .................. Long-term growth of capital and income International Discovery ........ Long-term growth of capital Bond ........................... Maximum current income consistent with quality and maturity standards Money Market - Federal Portfolio Maximum income consistent with safety of principal and liquidity Money Market - Prime Portfolio . Maximum income consistent with safety of principal and liquidity Tax-Free Money Market .......... Highest level of income exempt from federal income tax consistent with quality and maturity standards - -------------------------------------------------------------------------------- The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). a) SECURITY VALUATIONS -- Each security listed on an exchange, except Nasdaq National Market(R) and Nasdaq SmallCap(R) securities, is valued at its last sales price on that exchange. Where the security is listed on more than one exchange the Funds will use the price of that exchange which it generally considers to be the principal exchange on which the security is traded. If there are no sales, the security is valued at the mean between the last current closing bid and asked prices. Nasdaq National Market(R) and Nasdaq SmallCap(R) securities are valued at the Nasdaq Official Closing Price. An unlisted security for which over-the-counter market quotations are readily available is valued at the mean between the last current bid and asked prices. Debt securities (other than short-term instruments maturing within 60 days), including listed issues, are valued at market on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. Short-term instruments maturing within 60 days are valued at amortized cost, which approximates market value. If the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security's fair value, such security is valued at its fair value in accordance with procedures adopted by the Board of Trustees. In addition, the Funds will value a security at fair value when significant events that materially affect the security's price occur after the last available market price and before the Fund calculates its net asset value. The fair value of securities is determined in good faith by taking into account all appropriate factors relevant to the value of the security. Securities held in the UMB Scout International Fund and UMB Scout International Discovery Fund may be listed on foreign exchanges that do not value their listed securities at the same time that the Fund calculates its NAV. These Funds -30- may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. Security transactions are recorded on the trade date. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Dividend income and distributions to shareholders are recorded on ex-dividend dates. Realized gains and losses from investment transactions and unrealized appreciation and depreciation of investments are reported on the identified cost basis, which is also used for income tax purposes. b) FOREIGN CURRENCY -- Amounts denominated in, or expected to settle in, foreign currencies (FCs) are translated into United States dollars (US$) at rates provided by an independent pricing service on the following basis: a. Market value of investment securities, other than assets and liabilities -- at the closing rate of exchange on March 31, 2008. b. Purchases and sales of investment securities, income and expenses -- at the rate of exchange prevailing on the respective dates of such transactions (or the average rate if significant rate fluctuations have not occurred). The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities; sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions; and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds' books and the US$ equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year end, resulting from changes in the exchange rate. c) SECURITIES LENDING -- Certain Funds may engage in securities lending. The loans are secured by collateral which is at least equal to the market value of the loaned securities. During the term of the loan, the Fund will continue to receive any interest, dividends or amounts equivalent thereto, on the loaned securities while receiving a fee from the borrower or earning interest on the investment of the cash collateral. Securities lending income is disclosed as such in the Statements of Operations. The collateral for the securities on loan is recognized in the Statement of Assets and Liabilities. The cash collateral is maintained on each Fund's behalf by the lending agent and is invested in short-term securities including overnight repurchase agreements, commercial paper, master notes, floating rate corporate notes (with at least quarterly reset dates) and money market funds. Loans are subject to termination at the option of the borrower of the Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. The Fund may pay reasonable finders', administrative and custodial fees in connection with a loan of its securities and may share the interest earned on the collateral with the borrower. By investing any cash collateral it receives in these transactions, a Fund could realize additional gains or losses. If the invested collateral has declined in value, the Fund could lose money. The Fund has arranged for the lending agent to bear the risk of a borrower's failure to return borrowed securities, or delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. As of March 31, 2008, the value of securities loaned, the payable on collateral due to broker were as follows: MARKET VALUE PAYABLE ON OF SECURITIES COLLATERAL FUND LOANED DUE TO BROKER - -------------------------------------------------------------------------------- Stock ............................ $ 13,586,001 $ 13,983,775 Growth ........................... 1,765,170 1,816,851 International .................... 547,301,616 563,325,622 Bond ............................. 26,293,555 27,063,383 -31- NOTES TO SCHEDULES OF INVESTMENTS MARCH 31, 2008 (UNAUDITED) Cash collateral was jointly pooled and invested in the following securities as of March 31, 2008:
INTERNATIONAL STOCK FUND GROWTH FUND FUND BOND FUND TOTAL - --------------------------------------------------------------------------------------------------------------- Alliance & Leicester PLC $ 341,630 $ 44,387 $ 13,762,312 $ 661,171 $ 14,809,500 3.078%, 04/08/08 Allstate Life Global Funding Trusts 345,869 44,937 13,933,069 669,375 14,993,250 3.111%, 04/04/08 American Express Credit Corp. 343,430 44,620 13,834,796 664,654 14,887,500 2.536%, 04/21/08 American General Finance Corp. 461,209 59,924 18,579,469 892,598 19,993,200 2.878%, 04/15/08 Australia & New Zealand Banking Group Ltd. 345,420 44,879 13,914,975 668,506 14,973,780 2.619%, 04/23/08 BMW US Capital LLC 460,767 59,865 18,561,646 891,742 19,974,020 3.086%, 04/07/08 Banco Santander Totta SA, London 230,499 29,948 9,285,459 446,094 9,992,000 2.828%, 04/16/08 Credit Suisse USA, LLC 460,208 59,793 18,539,139 890,660 19,949,800 3.210%, 04/01/08 DnB NOR Bank ASA 345,456 44,884 13,916,410 668,575 14,975,325 2.599%, 04/25/08 First Tennessee Bank NA 345,001 44,824 13,898,081 667,694 14,955,600 2.838%, 04/17/08 General Electric Capital Corp. 345,648 44,908 13,924,148 668,946 14,983,650 2.619%, 04/24/08 Genworth Global Funding Trusts 344,886 44,810 13,893,481 667,473 14,950,650 2.818%, 04/15/08 Greenwich Capital Holdings 346,025 44,957 13,939,342 669,676 15,000,000 3.150%, 04/02/08 HSH Nordbank AG 345,738 44,920 13,927,772 669,120 14,987,550 2.609%, 04/21/08 IBM Corp. 460,767 59,865 18,561,627 891,741 19,974,000 3.079%, 04/03/08 ING USA Annuity & Life 346,025 44,957 13,939,342 669,676 15,000,000 2.749%, 04/28/08 -32- INTERNATIONAL STOCK FUND GROWTH FUND FUND BOND FUND TOTAL - --------------------------------------------------------------------------------------------------------------- Irish Life & Permanent PLC 345,129 44,841 13,903,253 667,942 14,961,165 2.624%, 04/22/08 JP Morgan 346,025 44,957 13,939,342 669,676 15,000,000 2.719%, 04/01/08 Lehman Brothers Holdings, Inc. 226,162 29,384 9,110,754 437,700 9,804,000 3.198%, 06/25/08 National City Bank, Cleveland, OH 459,055 59,643 18,492,674 888,428 19,899,800 3.220%, 04/01/08 National Rural Utilities Cooperative Finance Corp. 455,738 59,212 18,359,042 882,008 19,756,000 3.129%, 04/01/08 Pricoa Global Funding I 230,145 29,902 9,271,214 445,409 9,976,670 2.654%, 08/27/08 Provident Temp Cash 1,962,910 255,033 79,074,361 3,798,904 85,091,208 3.266%, 04/01/08 Provident Temp Cash 2,051,233 266,509 82,632,392 3,969,839 88,919,973 3.264%, 04/01/08 SLM Corp. 229,670 29,840 9,252,099 444,491 9,956,100 2.546%, 04/18/08 SLM Corp. 115,137 14,959 4,638,224 222,830 4,991,150 2.861%, 04/14/08 Societe Generale 345,938 44,946 13,935,857 669,509 14,996,250 3.119%, 04/02/08 UniCredito Italiana Bank Ireland PLC 345,779 44,926 13,929,444 669,201 14,989,350 3.088%, 04/09/08 Unilever Capital Corp. 230,421 29,938 9,282,318 445,943 9,988,620 2.925%, 04/14/08 Wachovia Securities 346,025 44,957 13,939,342 669,676 15,000,000 3.150%, 04/02/08 Wells Fargo & Co. 345,097 44,837 13,901,985 667,881 14,959,800 2.855%, 04/18/08 WestLB AG, New York 80,733 10,489 3,252,253 156,245 3,499,720 3.128%, 04/10/08 ------------------------------------------------------------------------ $ 13,983,775 $ 1,816,851 $563,325,622 $ 27,063,383 $606,189,631 ========================================================================
-33- NOTES TO SCHEDULES OF INVESTMENTS MARCH 31, 2008 (UNAUDITED) d) FEDERAL INCOME TAXES -- At March 31, 2008, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes was as follows:
Net Gross Gross Unrealized Cost of Unrealized Unrealized Appreciation Investments for Appreciation for (Depreciation) for (Depreciation) for Federal Tax Federal Tax Federal Tax Federal Tax Fund Purposes Purposes Purposes Purposes - --------------------------------------------------------------------------------------------------------------- UMB Scout Stock 93,926,431 9,248,939 (3,173,149) 6,075,790 UMB Scout Growth 17,113,712 2,197,646 (493,361) 1,704,285 UMB Scout Mid Cap 36,769,927 1,709,381 (2,851,836) (1,142,455) UMB Scout Small Cap 585,100,618 55,844,796 (25,096,239) 30,748,557 UMB Scout International 3,279,814,992 1,068,945,135 (84,114,668) 984,830,467 UMB Scout International Discovery 7,132,781 328,198 (338,480) (10,282) UMB Scout Bond 108,247,516 1,415,302 (112,375) 1,302,927 UMB Scout Money Market - Federal 347,546,787 -- -- -- UMB Scout Money Market - Prime 777,206,189 -- -- -- UMB Scout Tax-Free Money Market 157,675,248 -- -- --
e) AMORTIZATION -- Discounts and premiums on securities purchased are amortized over the life of the respective securities. f) USE OF ESTIMATES -- The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and assumptions. g) GUARANTEES AND INDEMNIFICATIONS -- In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds expect the risk of loss to be remote. -34- ITEM 2. CONTROLS AND PROCEDURES a) The Registrant's principal executive officer and principal financial officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider. b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that materially affected, or were reasonably likely to materially affect, the Registrant's internal control over financial reporting. -35- ITEM 3. EXHIBITS Certifications required pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. UMB SCOUT FUNDS /s/James L. Moffett - ------------------------------ James L. Moffett Principal Executive Officer May 15, 2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. /s/James L. Moffett - ------------------------------ James L. Moffett Principal Executive Officer May 15, 2008 /s/C. Warren Green - ------------------------------ C. Warren Green Principal Financial Officer May 15, 2008 -36- EX-99.CERT 3 exh99cert.txt Ex-99.CERT ITEM 3 UMB SCOUT FUNDS EXHIBIT TO FORM N-Q CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, James L. Moffett, certify that: 1. I have reviewed this report on Form N-Q of UMB Scout Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. DATE: May 15, 2008 /s/ James L. Moffett - ------------------------------ James L. Moffett Principal Executive Officer Ex-99.CERT ITEM 3 UMB SCOUT FUNDS EXHIBIT TO FORM N-Q CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, C. Warren Green, certify that: 1. I have reviewed this report on Form N-Q of UMB Scout Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. DATE: May 15, 2008 /s/ C. Warren Green - ------------------------------ C. Warren Green Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----