Investment Strategy: The Fund pursues its objective by investing primarily in common stocks of mid cap companies. Under normal circumstances, at least 80% of the Fund’s net assets (plus the amount of any borrowing for investment purposes) will be invested in mid cap 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. Mid cap equity securities are securities issued by companies with market capitalizations, at the time of purchase, between $1.5 billion and $17 billion. The equity securities in which the Fund invests include common stocks, preferred stocks and securities convertible into common stocks, right warrants, and REITs (Real Estate Investment Trusts). The Fund maintains a portfolio of investments diversified across companies and economic sectors.

The Fund will invest primarily in securities of U.S. companies, but may invest up to 20% of the portfolio in foreign companies, ADRs (American Depositary Receipts) or GDRs (Global Depositary Receipts). Depositary receipts are typically issued by banks or trust companies representing ownership interests of securities issued by foreign companies.

A redemption fee of 2% will be imposed on redemptions and exchanges made within two months of purchase of shares in the UMB Scout Mid Cap Fund. Please see the prospectus for more information about the fee and which accounts it applies to.

Typical Investor: The Fund may be suitable for aggressive investors willing to accept short-term volatility in return for potential long-term high growth.

Ticker: UMBMX, Cusip: 904199304

* Under its Investment Advisory Agreement with UMB Scout Funds, on behalf of the UMB Scout Mid Cap Fund, Scout Advisors, Inc. will receive investment advisory fees from the Fund based upon an annual rate of 0.80% on the first $1 billion of average daily net assets and 0.70% on average daily net assets over $1 billion.

†As of June 30, 2007

** Scout Investment Advisors, Inc. has entered into an agreement to waive fees and/or make expense payments through October 31, 2008 , so that actual total annual fund operating expenses of the UMB Scout Mid Cap Fund do not exceed 1.40%.

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.