Investment Strategy: The Fund normally pursues its objective by investing at least 80 percent of its net assets in a diversified portfolio of fixed-income obligations. The Fund normally invests in fixed-income instruments issued by the U.S. government and its agencies, or corporations or other business organizations.

Typical Investor: The Fund may be suitable for conservative investors who want to maximize current income.

Fund Managers:

Bruce C. Fernandez, CFA - co-portfolio manager Michael J. Heimlich, CFA – co-portfolio manager Gregory E. Jerzyk - co-portfolio manager

Ticker: UMBBX, Cusip: 904199809

* Under its Investment Advisory Agreement with UMB Scout Funds, on behalf of the UMB Scout Bond Fund, Scout Investment Advisors, Inc. will receive investment advisory fees from the Fund based upon an annual rate of 0.57% on the first $1 billion of average daily net assets and 0.52% on average daily net assets over $1 billion.

†As of July 1, 2008.

** Scout Investment Advisors, Inc. has entered into an agreement to waive fees and/or make expense payments through October 31, 2009, so that actual total annual fund operating expenses of the UMB Scout Bond Fund do not exceed 0.57%.

You should consider the Funds' investment objectives, risks, charges and expenses carefully before investing. For a prospectus which contains this and other information about the Funds, call 800-996-2862 or click on prospectus. Please read the prospectus carefully before investing.

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