James A. Reed II, CFA, Lead Portfolio Manager
Senior Vice President
Director of Research for UMB Investment Advisors

Education:
Washington & Lee University School of Law - Juris Doctorate
Dartmouth College - B.A.

Business Experience:

UMB Bank, n.a.	1993 - Present
Scout Investment Advisors, Inc.	May 2001 - Present

Associations:
Kansas City Society of Financial Analysts
CFA Institute
Kansas City Bar Association

After two years as a private attorney, James Reed joined UMB Bank in 1993, where he has worked in Pension Services as a portfolio manager, and currently is director of research for Scout Investment Advisors, Inc. He is a CFA® Charterholder and also a member of the Kansas City Bar Association.

James L. Moffett, CFA, Co-Portfolio Manager
Chairman, Scout Investment Advisors, Inc.

Education:
Stanford University - M.B.A
Harvard University - B.A.

Business Experience:

UMB Bank, n.a.	1993 - Present
Scout Investment Advisors, Inc.	May 2001 - Present

Associations:
Kansas City Society of Financial Analysts
CFA Institute

Mr. Moffett is a CFA® Charterholder and has more than 35 years of investment management experience. This experience includes positions as head of a trust department, personal trust portfolio manager, employee benefit portfolio manager, research analyst and investment officer. He received a bachelor's degree from Harvard University and a master's degree in business administration from Stanford University.

Education:
Illinois College – B.A.
University of Denver - M.B.A.

Business Experience:

UMB Bank, n.a.	2000 - Present
Scout Investment Advisors, Inc.	May 2001 - Present

Associations:
Kansas City Society of Financial Analysts
CFA Institute

Mr. Valencia was previously a co-portfolio manager for the UMB Scout Growth Fund. Mr. Valencia has served in various positions at UMB since 2000 and is currently Director of Research. Mr. Valencia is a CFA® charterholder and has more than 20 years investment management experience, including portfolio and pension account management and software design for financial applications. Mr. Valencia joined UMB in February 2000 and prior to that, he worked at Security Benefit Group from 1994-2000. Mr. Valencia received his undergraduate degree from Illinois College and his graduate degree from the University of Denver.