Investment Strategy: The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in equity securities (mostly common stocks) of smaller companies located anywhere in the United States. 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 (60) days before it occurs.

The Fund's Advisor normally invests the Fund's assets in a diversified portfolio of equity securities that are selected based upon the Advisor's perception of their above-average potential for long-term growth of capital. While trying to maximize the growth potential of the Fund's portfolio of investments, the Advisor also seeks to obtain securities for the Fund that are selling at a reasonable valuation in view of their expected growth rate.

Effective July 2, 2001, UMB Scout Regional Fund, Inc. was reorganized as the UMB Scout Small Cap Fund.

A redemption fee of 2% will be imposed on redemptions and exchanges made within two months of purchase of shares in the UMB Scout International Fund and the UMB Scout Small 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.

Date of inception: Date of objective change: Investment advisory fees: Other expenses: Total annual/net fund operating expenses†:	11/17/86    7/2/01    0.75% * 0.28%    1.03%
Fund Manager: Jason Votruba, CFA

Ticker: UMBHX, Cusip: 904199700

* Under its Investment Advisory Agreement with UMB Scout Funds, on behalf of the UMB Scout Small Cap Fund, Scout Advisors, Inc. will receive investment advisory fees from the Fund based upon an annual rate of 0.75% on the first $1 billion of average daily net assets and 0.65% on average daily net assets over $1 billion.

†As of June 30, 2007

Due to the limited focus of this Fund, the UMB Scout Small Cap Fund is more susceptible to market volatility because smaller companies may not have the management experience, financial resources, product diversification and competitive strengths of larger companies. Additionally, smaller company stocks tend to be sold less often, and in smaller amounts, than larger company stocks.

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.