Each quarter, the UMB Scout Funds hosts a conference call for advisors. Each call addresses economic events and specific securities that have impacted the UMB Scout Funds during that quarter.

Note: The files below are in MP3 format. Both Windows Media Player and QuickTime are able to play these files. Please click on the links to download a free player.

Description	Size
UMB Scout Funds 2008 Second Quarter Review *	55 MB

* Due to the size of the audio files, download time may vary according to your Internet connection. If you experience difficulty connecting to the audio file from the link above, try downloading the file to your hard drive then opening it through Windows Media Player.

*As of June 30, 2008, Encore Acquisition Co., Swift Energy Co. and Penn Virginia Corp., represented 2.98%, 3.28% and 2.12%, respectively, of the UMB Scout Small Cap Fund’s total net assets. As of June 30, 2008, Alpha Natural Resources, Inc., Hansen Natural Corp., Walter Industries, Inc. and Arch Coal, Inc. represented 3.95%, 3.48%, 3.10% and 1.98% respectively, of the UMB Scout Mid Cap Fund’s total net assets. As of June 30, 2008, Sociedad Quimica y Minera de Chile S.A., Potash Corp. of Saskatchewan, Yara International ASA, Syngenta A.G., United Overseas Bank Ltd., Toronto-Dominion Bank, Technip S.A., Saipem S.p.A., Coca-Cola Hellenic Bottling Co., S.A., Shire PLC, Petroleo Brasileiro S.A. and Teva Pharmaceutical Industries Ltd. represented 1.29%, 2.34%, 1.18%, 0.95%, 1.22%, 1.05%, 1.17%, 1.37%, 1.00%, 0.00%, 2.27 and 1.27 respectively, of the UMB Scout International Fund’s total net assets. As of June 30, 2008, Sociedad Quimica y Minera de Chile S.A., Oilexco Inc., Origin Energy Ltd., Coca-Cola Hellenic Bottling Co., S.A. and Irish Life & Permanent PLC represented 2.91%, 2.58%, 0.00%, 1.42% and 1.56% respectively, of the UMB Scout International Discovery Fund’s total net assets. Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as a recommendation by the Fund, its Advisor or Distributor.

The performance figures cited reflect performance for periods ended June 30, 2008.

UMB Scout Mid Cap Fund’s inception date was October 31, 2006

UMB Scout International Discovery Fund’s inception date was December 31, 2007

Prior to July 2, 2001, the UMB Scout Small Cap Fund was known as the UMB Scout Regional Fund and was managed in accordance with a different investment objective and strategy.

The performance returns for the UMB Scout Mid Cap and UMB Scout International Discovery Fund reflect a fee waiver in effect. In the absence of such waiver, the returns would be reduced.

A redemption fee of 2.00% will be imposed on redemptions or exchanges of shares you have owned for two months or less. Please see the prospectus for more information about the fee and which accounts it applies to.

Returns for the International Discovery Fund represent the Fund’s performance over its first six-month period since inception, which encompasses a limited period of time. Shareholders should keep in mind that the Funds are intended for long-term investors who hold their shares for substantially longer periods of time.

The Morgan Stanley Capital International EAFE Index tracks the stocks of about 1,000 companies in Europe, Australasia, and the Far East (EAFE). The Russell 2000® Index is an index measuring the performance of the 2,000 smallest companies in the Russell 3000® Index. The Russell 3000® Index consists of the 3,000 largest U.S. stocks and represents about 98% of the U.S. equity market. The weighted-average market capitalization for companies in the Russell 2000® is approximately $1 billion. You cannot invest directly in an index.