UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-09813

Scout Funds

(Exact name of registrant as specified in charter)

1010 Grand Boulevard

Kansas City, MO 64106

 (Address of principal executive offices)

Scout Investment Advisors, Inc.

1010 Grand Boulevard

Kansas City, MO 64106

(Name and address of agent for service)

Registrant's telephone number, including area code: (816) 860-7512

Date of fiscal year end: June 30

Date of reporting period: December 31, 2009

Item 1.  Reports to Stockholders

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)

SEMIANNUAL REPORT

December 31, 2009

Stock Fund

Mid Cap Fund

Small Cap Fund

TrendStar Small Cap Fund

International Fund

International Discovery Fund

Bond Fund

Money Market Fund – Federal Portfolio

Money Market Fund – Prime Portfolio

Tax-Free Money Market Fund

Table of Contents

Economic and Market Commentary	1
Stock Fund	2
Mid Cap Fund	5
Small Cap Fund	9
TrendStar Small Cap Fund	14
International Fund	18
International Discovery Fund	23
Bond Fund	28
Money Market Fund – Federal Portfolio	32
Money Market Fund – Prime Portfolio	32
Tax-Free Money Market Fund	36
Statements of Assets and Liabilities	40
Statements of Operations	42
Statements of Changes in Net Assets	44
Financial Highlights	48
Notes to Financial Statements	55
Expense Example	63
Other Information	64

Shares of the Scout Funds are not deposits or obligations of, nor guaranteed by, UMB Bank, n.a. or any other banking institution; nor are they insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. These shares involve investment risks, including the possible loss of the principal invested.

SCOUT FUNDS SEMIANNUAL REPORT

Economic and Market Commentary

The market has lost 23 percent of its value during the past 10 years, when the Standard and Poor’s (S&P) 500® Index closed at 1469. This is highly unusual. From a financial market standpoint, risks have increased. Leverage (the use of debt) has accelerated and is now weighing heavily on the world’s financial landscape. With increased leverage, the frequency and ferocity of surprises is accelerating. From 9/11 to the financial meltdown to a turnaround in the political landscape, the financial world today is not as it appeared 10 years ago.

Where does this leave us? From a near financial collapse to a rebound in many of the financial indexes to a tepid economic recovery, the last two years have been full of exposed risks and surprises. Now that we are in the beginning of 2010, we need to stop and take stock of the overall economic and market environment. We, as a nation, have come through a period of severe economic weakness and market uncertainty. We hold the belief that while the overall economic weakness we experienced in 2008 and 2009 is now behind us, the way the U.S. economy functions will be different going forward when compared to the past. Don’t get us wrong, supply and demand functions will still obviously exist and work. But the overall drivers and issues of increased centralized friction will probably continue to grow, and add to uncertainty. Like standing on loose, shifting sands, gaining a foothold in this economic and market environment will be challenging.

We expect the overall economic environment to be one of improvement — Gross Domestic Product (GDP) growth should be positive for 2010. Corporate profit growth rates should be robust — we believe growth rates will be in the 25 percent range. If this occurs, corporate profits should grow more rapidly than anytime during the last 20-plus years. In the face of this rise in profitability, we also are looking for interest rates to rise — perhaps earlier and more fiercely than many are currently expecting. These issues combined lead us to an environment where our nation’s investors may feel as if their feet are on “shifting sands,” an investment environment where flexibility and the willingness to consider alternative investment ideas should bear solid fruit.

We believe the real trend in the equity markets (both domestic and foreign) will be earnings growth. 2009 turned out to be a year of multiple expansions and a year of recovery. Earlier in 2009, serious pundits were discussing the “end of capitalism” and the end of the financial system as we know it. While exaggerated, this was reflective of the pressures which were real and needed to be dealt with. Next, market participants needed to understand when and how the economic downturn was going to end. This occurred during the summer months. During the fourth quarter of 2009, many have been focusing on earnings growth. We believe this trend will stay in place for at least the first portion of 2010.

Over the near term, we are expecting the investment landscape to change. Staying nimble and flexible are important attributes in a time of uncertainty. Flexibility is critical during times of high volatility and a changing landscape. In anticipation of fundamental changes, it makes sense to spread one’s assets among different asset classes. Remember, portfolios should be designed to manage risk. Surprises will occur. It is wise when the environment is ripe for surprise, to stand firmly on shifting sands and anticipate and expect the unexpected.

Since our last report, the Scout Mid Cap Fund celebrated its three year anniversary. Congratulations to Mr. Dunkerley and his team on the Fund’s success since its inception in 2006. I encourage you to read the various shareholder letters provided throughout this report for additional information regarding each Fund.

On behalf of the entire management team, thank you for your continued support of the Scout Funds.

William B. Greiner, CFA

Chief Investment Officer

Scout Investment Advisors, Inc.

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. Please read the Prospectus carefully before investing.

DECEMBER 31, 2009

1

Stock Fund

OBJECTIVE (Unaudited)

The Scout Stock Fund seeks long-term growth of capital and income by investing in common stocks of companies thought to be undervalued and have the potential for capital appreciation.

During the last six months of 2009, we witnessed the full power of government fiscal and Federal Reserve monetary efforts. A tsunami of liquidity poured into world markets not only from the U.S. perspective, but globally. Interest rates stayed near 0%. The impact of a change in accounting rules for loans early in 2009 helped “reduce” nonperforming loans. Finally, government guarantees of a variety of debt, stabilized credit concerns for the core of financial instruments used to park “safe money.” These three factors, more than anything, formed a perfect storm that helped push the stock price for many companies from near bankruptcy levels up to the surface, providing large returns. In essence, 2009 became the reverse image of 2008.

After a slight pullback early in July, equity markets renewed their advancement for the remainder of the calendar year. The Scout Stock Fund provided a positive return of 18.25% over the previous six months, but lagged its benchmark, the S&P 500® Index. Many of the lower quality companies that suffered severely in 2008 produced impressive returns during the market rally. While these “junk” companies propelled the Index, we remained committed to our core investment principles and quality process. For example, we did not purchase companies that rebounded from lows generated by concerns over possible bankruptcy. We maintained our commitment to achieving long-term gains through investing in companies with strong balance sheets, excellent franchises and solid catalysts. Facing this macro environment, quality investment managers endured the perfect storm that seemed tailor-made to punish prudent risk-taking.

The Fund adheres to a three-part investment process: top-down, bottom-up and portfolio construction. Our top-down approach led us to increase the Fund’s exposure in the Consumer Discretionary, Industrials and Financials sectors. In Financials, we were particularly interested in asset managers. We reduced our positions in Consumer Staples and Materials. Materials had been a significant overweight. Both the Energy and Utilities sectors effectively had no change. We avoided the Telecommunication Services sector. Telecom businesses face significant competitive pressures and technological headwinds. They have become trading vehicles. In many respects, telecoms prosper to the extent that their lobbyists are effective on Capitol Hill.

The Fund’s top performers during the previous six months included Google, Inc., Franklin Resources, Inc. and Microsoft Corp. We view Google, Inc. as the primary long-term change agent within technology. Microsoft Corp. and Intel Corp. are now cyclical plays within their product cycle as they enjoy a PC upgrade cycle. Gilead Sciences, Inc. and Ericsson, Inc. were the poorest performers. We eliminated Ericsson, Inc. on the grounds that the company is facing increasing competition and the need to change their business model from a pure telecom base unit and service provider to an Internet telecom provider. This move is occurring in the face of substantial and effective Chinese competition. Although Ericsson, Inc. will manage the transition, we view this as a time to step aside and wait for proof the company can execute successfully. In Consumer Discretionary, the value-based retailers such as TJX Cos., Inc. and Kohl’s Corp. did not participate in the market rally as much as Internet-based retailers, which surged late in the year. We continue to view TJX Cos., Inc. as a beneficiary of a value oriented consumer who will be deleveraging over the near future.

While it did not perform as expected, we retained Gilead Sciences, Inc. within the Fund. We view Gilead Sciences, Inc. as a long-term winner and it is a core holding within Health Care based on its dominant position in HIV treatment. We believe the treatment protocols will increasingly use HIV medications earlier. This driver will be compounded by earlier detection of HIV in emergency rooms throughout the country as states adopt a protocol that tests individuals, unless they object, as opposed to asking for permission before testing.

Hypothetical Growth of $10,000 (Unaudited)

Performance returns for the Scout Stock Fund, S&P 500®Index and Lipper Large-Cap Core Funds Index assume dividends were reinvested for the entire period.

For illustrative purpose only, may not represent your returns.

2 Unmanaged index of stocks, bonds, mutual funds or commodities. It is not possible to invest directly in an index. The Standard & Poor 500®Index is an unmanaged capitalization-weighted index (weighted by the market value of the companies) of 500 stocks listed on various exchanges. The Lipper Large-Cap Core Funds Index invests primarily in companies above $10 billion without a specific growth or value strategy.

During the time period, we added Merck & Co., Inc. to the portfolio. We believe Merck & Co., Inc.’s addition of Schering-Plough to their portfolio of drugs was an excellent strategic move. The merger significantly bolsters Merck & Co., Inc.’s late stage pharmaceutical profile. In our opinion, the price was appropriate and we expect cost-cutting to contribute to returns in the near term.

Anadarko Petroleum Corp. is another new position. After an extensive period of restructuring, Anadarko Petroleum Corp. has been posting production growth and its energy mix is presently 60% natural gas and 40% oil production. Oil production is growing at a faster rate, which should lead Anadarko Petroleum Corp. to an equally balanced exposure to oil and gas in the next couple of years. With a rebound in demand for energy, we believe Anadarko Petroleum Corp. is ideally poised to benefit from this growth with a lower risk posture.

In closing, while we are disappointed with our underperformance during the previous six months, we remain committed to our process. Our discipline, which served shareholders so well in the past, particularly in 2008, is a long-term view. We are stewards of capital and investors rather than traders. This approach is designed to reduce downside volatility while growing wealth over the long term. We believe leadership within the market has shifted from deep discounted names to larger capitalization quality corporations. In this environment, we expect the Fund to prosper as the market begins to pay attention to risk as well as returns. Further, although it appears that financial crisis has abated, the aftershocks of an overly levered world and financial system will continue to reverberate. In this environment, quality companies typically prosper, and in fact, get stronger as weaker competitors fall to the wayside.1

On behalf of the entire management team, we appreciate your continued support of the Scout Stock Fund and the Scout family of mutual funds.

James A. Reed II, JD, CFA

Larry L. Valencia, CFA

Scout Investment Advisors, Inc.

1 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. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned in this letter.

SCOUT FUNDS SEMIANNUAL REPORT

2

COMPARATIVE RATES OF RETURN (Unaudited)

Scout Stock Fund (UMBSX)

as of December 31, 2009

	1 Year			3 Years			5 Years			10 Years
Scout Stock Fund		16.26	%		-1.62	%		3.15	%		1.14	%
S&P 500® Index1		26.46	%		-5.63	%		0.42	%		-0.95	%
Lipper Large-Cap Core
Funds Index1		28.15	%		-4.91	%		0.61	%		-1.20	%

Returns for periods greater than one year are compounded average annual rates of return.

The performance data quoted represents past performance and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 800-996-2862. The returns for periods prior to April 1, 2005 do not reflect the fees and expenses in effect as of April 1, 2005. If the new fees and expenses and the Advisor’s agreement to limit total Fund expenses were in effect for the periods shown, returns would have been lower. As of June 30, 2009, gross expenses for the Fund were 0.94% (as disclosed in the most recent Prospectus) compared to the December 31, 2009 gross expense ratio of 0.96%.

The performance returns for the Fund reflect a fee waiver in effect. In the absence of such a waiver, the returns would be reduced.

Scout Investment Advisors, Inc. has entered into an agreement to limit the fees and/or make expense payments through October 31, 2010 so that actual total annual fund operating expenses of the Scout Stock Fund do not exceed 0.90%.

The performance shown in the above table and in the graph on the preceding page does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Prior to April 1, 2005, the Fund was managed in accordance with a different investment objective.

1 Unmanaged index of stocks, bonds or mutual funds. It is not possible to invest directly in an index.

HISTORICAL PER-SHARE RECORD (Unaudited)

Scout Stock Fund (UMBSX)

	Net Asset Value		Income & Short-Term2 Gains Distribution		Long-Term2 Gains Distribution		Cumulative3 Value Per Share Plus Distributions
12/31/05	$	14.59	$	0.35	$	1.79	$	40.38
12/31/06		14.38		0.32		1.54		42.03
12/31/07		14.18		0.20		1.70		43.73
12/31/08		10.18		0.07		0.14		39.94
12/31/09		11.65		0.17		—		41.58

2 Represents distributions for the respective 12-month or 6-month period ended.

3 Does not assume any compounding of reinvested distributions.

Table shows calendar-year distributions and net asset values; may differ from fiscal-year annual reports.

FUND DIVERSIFICATION4(Unaudited)

Scout Stock Fund (UMBSX)

Based on total net assets as of December 31, 2009. Subject to change.

TOP TEN EQUITY HOLDINGS4(Unaudited)

Scout Stock Fund (UMBSX)

	Market Value (000’s)		Percent of Total
Google, Inc. – Class A	$	3,720		3.3	%
Oracle Corp.		3,436		3.1	%
EOG Resources, Inc.		3,406		3.0	%
Philip Morris International, Inc.		3,373		3.0	%
Microsoft Corp.		3,354		3.0	%
Franklin Resources, Inc.		3,318		2.9	%
T. Rowe Price Group, Inc.		3,195		2.8	%
Waters Corp.		3,098		2.8	%
Cisco Systems, Inc.		2,992		2.7	%
Toronto-Dominion Bank		2,948		2.6	%
Top Ten Equity Holdings Total	$	32,840		29.2	%

Based on total net assets as of December 31, 2009. Subject to change.

4 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. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned above.

DECEMBER 31, 2009

3

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

STOCK FUND

	Shares		Value
COMMON STOCKS — 99.9%
CONSUMER DISCRETIONARY — 10.1%
Comcast Corp. — Class A		75,000	$	1,264,500
Honda Motor Co., Ltd.1		77,500		2,627,250
Kohl’s Corp.*		39,000		2,103,270
TJX Cos., Inc.		80,000		2,924,000
VF Corp.		34,000		2,490,160
				11,409,180
CONSUMER STAPLES — 9.0%
CVS Caremark Corp.		66,000		2,125,860
McCormick & Co., Inc.		70,000		2,529,100
Philip Morris International, Inc.		70,000		3,373,300
Wal-Mart Stores, Inc.		40,000		2,138,000
				10,166,260
ENERGY — 13.7%
Anadarko Petroleum Corp.		36,250		2,262,725
Apache Corp.		20,000		2,063,400
Chevron Corp.		28,000		2,155,720
EOG Resources, Inc.		35,000		3,405,500
National Oilwell Varco, Inc.		61,000		2,689,490
Occidental Petroleum Corp.		35,000		2,847,250
				15,424,085
FINANCIALS — 14.1%
American Express Co.		50,000		2,026,000
Charles Schwab Corp.		100,000		1,882,000
Chubb Corp.		50,000		2,459,000
Franklin Resources, Inc.		31,500		3,318,525
T. Rowe Price Group, Inc.		60,000		3,195,000
Toronto-Dominion Bank		47,000		2,947,840
				15,828,365
HEALTH CARE — 13.7%
Baxter International, Inc.		40,000		2,347,200
CIGNA Corp.		50,000		1,763,500
Gilead Sciences, Inc.*		55,000		2,380,400
Johnson & Johnson		20,000		1,288,200
Merck & Co., Inc.		55,000		2,009,700
Waters Corp.*		50,000		3,098,000
Zimmer Holdings, Inc.*		42,000		2,482,620
				15,369,620
INDUSTRIALS — 12.0%
Danaher Corp.		34,000		2,556,800
Emerson Electric Co.		45,000		1,917,000
Fastenal Co.		60,000		2,498,400
L-3 Communications Holdings, Inc.		20,000		1,739,000
Norfolk Southern Corp.		15,000		786,300
Union Pacific Corp.		20,000		1,278,000
United Technologies Corp.		40,000		2,776,400
				13,551,900
INFORMATION TECHNOLOGY — 18.5%
Adobe Systems, Inc.*		80,000		2,942,400
Cisco Systems, Inc.*		125,000		2,992,500
Google, Inc. — Class A*		6,000		3,719,880
Intel Corp.		120,000		2,448,000
McAfee, Inc.*		48,000		1,947,360
Microsoft Corp.		110,000		3,353,900
Oracle Corp.		140,000		3,435,600
				20,839,640
MATERIALS — 5.7%
BHP Billiton Ltd.1		17,000		1,301,860
Ecolab, Inc.		60,000		2,674,800
Praxair, Inc.		30,000		2,409,300
				6,385,960
UTILITIES — 3.1%
Dominion Resources, Inc.		50,000		1,946,000
FPL Group, Inc.		30,000		1,584,600
				3,530,600
TOTAL COMMON STOCKS
(Cost $99,199,478) — 99.9%				112,505,610
TOTAL INVESTMENTS
(Cost $99,199,478) — 99.9%				112,505,610
Other assets less liabilities — 0.1%				114,465
TOTAL NET ASSETS —100.0%
(equivalent to $11.65 per share;
unlimited shares of $1.00 par value
capital shares authorized;
9,667,216 shares outstanding)			$	112,620,075

* Non-income producing security

1 ADR — American Depositary Receipt

See accompanying Notes to Financial Statements.

SCOUT FUNDS SEMIANNUAL REPORT

4

Mid Cap Fund

OBJECTIVE(Unaudited)

The Scout Mid Cap Fund seeks long-term growth of capital by investing in common stocks of companies classified as mid-capitalization located anywhere in the United States.

The second half of 2009 capped a strong year for the U.S. stock market. Returns for major equity indices were up solidly in the second half, with the benchmark Russell Midcap® Index gaining nearly 28%. An improvement in leading economic indicators, with coincident and lagging data finally showing signs of life helped drive the market higher. Economic indicators such as the ISM Manufacturing and Non-Manufacturing Surveys, weekly unemployment claims and temporary employment data moved in the right direction. More recently, the December employment report showed November figures were revised to show a gain of 4,000 jobs, the first in almost two years.

Market action over the past nine months, and our expectations for the next several months, reminds us of a rocket launch. The initial blast-off has occurred and now, while we still expect to go higher, we shall probably do so at a lower rate of speed and with more volatility. We expect “quality” stocks to outperform “junk” in 2010, and stock picking will likely be critical. As mentioned in previous commentaries, the improvement in the global economy is being driven by aggressive fiscal and monetary policies around the world. But now, the stock market and the economy are entering a “transition phase” from recession to growth, whereby policymakers are likely to let off the gas as 2010 progresses. Australia was one of the first countries to raise interest rates. China also raised one of their key short-term rates recently and has discussed making it more difficult to buy a house. The Federal Reserve may discontinue their mortgage-backed security purchases by the end of March, and the homebuyer tax credit is unlikely to be extended. Also, some investors fear a potential “double-dip” recession if the Federal Reserve is forced to raise interest rates too soon. Given what Dr. Bernanke has said publicly, we expect the Fed to err on the side of caution, making it more likely that interest rates will be hiked later and more slowly than some expect. We anticipate dovish policy for most of 2010, improving trends in economic indicators and low interest rates to help support the market. Valuations are also reasonable especially considering the low interest rate environment. Offsetting these generally supportive factors will be continuing fears of higher interest rates and slower economic growth in China, which affects investor sentiment in several market sectors including Technology, Energy, Basic Materials and Industrials. Overall, in our opinion, it’s unlikely that 2010 returns will come close to matching those of 2009, but our current outlook is generally positive, a continuing theme from our previous report.

Sector allocation was good as an overweight position in Energy and underweight positions in Consumer Staples and Utilities had a positive impact on performance. The top contributing stock in the portfolio was Cimarex Energy Co. (NASDAQ0: XEC). Cimarex is an energy exploration and production company with a significant presence in the Mid-Continent and Permian Basin. Its shale acreage in Oklahoma has been productive with unconventional natural gas shale that is likely to be extremely valuable if natural gas prices move higher. Another top contributor was semiconductor equipment maker Lam Research Corp. (NASDAQ: LRCX). Improving factory utilization and a better product mix helped the company generate better than expected revenue and gross margins in the third quarter and better than expected guidance. Avnet, Inc. a distributor of technology products rounded out the top three contributors list. Avnet, Inc. rose on expectations of global economic recovery, which should lift their sales and earnings. First Solar, Inc. (NASDAQ: FSLR) was the largest drag on relative performance, as concern about solar subsidy cuts and the speed of solar power plant construction weighed on the stock.

As mentioned previously, we continue to have a positive, though tempered, market outlook. Both the domestic and global economies are improving impressively, although most countries are far from fully recovered. Management updates are more positive than before but often have modest tones, allowing many companies to beat expectations. Importantly, despite positive economic signposts and a rising stock market, stock investors remain somewhat skeptical. Very strong investment inflows into bond funds and weak equity fund inflows support this view. We believe investor skepticism bolsters the bull case as money potentially moves from bonds and money markets into the equity markets as confidence improves.

Investors are concerned about rising interest rates, which have historically stalled market rallies, or brought about bear markets. Our team expects U.S. interest rates to remain low well into 2010, with the Federal Open Market Committee (FOMC) possibly choosing to modestly hike rates in the second half of 2010. Good reasons for maintaining a low interest rate policy include high unemployment, low factory utilization and slowing growth in the M2 money supply. Unless massive U.S. federal budget deficits usher in the return of the Bond Vigilantes, thus forcing interest rates higher, the FOMC will probably raise rates only if the economy is showing clear signs of sustainable growth. Low rates encourage investors to put more money into riskier but potentially more rewarding asset classes, supporting a continuation of the bull market. If the FOMC raises rates sooner than we expect due to an improved outlook, we would not be surprised to see U.S. stocks pause for a time before heading higher.

The Fund maintained a relative overweight in pro-cyclical sectors, with a bias towards late-cycle exposure such as Energy and Industrials. We trimmed the gold stock positions in early December following gold’s sharp price rise and signs of a rebounding U.S. dollar. This brought our Materials weight slightly below the benchmark. Consumer Discretionary and Information Technology stocks tend to perform best when the leading indicators are first showing signs of improvement. Now that the economy is healthier and valuations look less attractive, we have become more selective in these sectors. We remain underweight in Consumer Staples and Utilities, although we are finding company-specific opportunities within these sectors.

The Fund allocated conservatively to the Financial Services sector in 2009, with positions in insurance, high-quality banks and less-risky REITs. Our higher-beta exposure within this sector was contained to asset managers, which provided positive contribution, helping the Fund keep up with the “low quality” rally in 2009. We now believe the time is right to own a larger position in selected regional banks. While there is no question that more loan losses are ahead, it is becoming more likely that non-performing loans will peak in 2010. We are several quarters into the downturn, and with the economy improving, many of the losses in residential mortgages and construction loans are behind us. We believe losses in commercial real estate and business loans have yet to peak, but a strengthening economy can help minimize those losses. Many bank balance sheets are also much improved. The regional banks subject to the Supervisory Capital Assessment Program (SCAP) were forced to raise capital so most of them are adequately capitalized. With the economy improving, many banks are being allowed to pay back government investments in their companies. Also, some valuations remain attractive using both price to book and normalized earnings ratios. We are focused on the banks with adequate reserves and a stable deposit base, located in improving markets and that have attractive valuations. While regional bank results will remain volatile, we believe the risk-reward proposition is favorable.

DECEMBER 31, 2009

5

While the near-term outlook for the U.S. economy has improved dramatically, longer-term problems remain. The most talked about issue is probably the over-indebted consumer, with the U.S. government in similarly poor fiscal condition, although not beyond repair in our estimation. The debt problems are manageable primarily because of low interest rates and therefore, a low carrying cost of debt. If interest rates move significantly higher, future economic growth could be inhibited. Fortunately, if corporate balance sheets are in good shape, it may offset the debt problems in other parts of the economy. Higher taxes are also likely in 2011, which could slow employment growth and weaken consumer spending. More recently, money supply growth is slowing and could create a stock market headwind if it does not improve as we expect. The good news is that without a high rate of money supply growth, inflation is less of a concern.1

As always, the management team appreciates your support and continued confidence in our team and investment process. The team shall continue to manage your investment with careful attention and prudence as fellow shareholders.

Patrick Dunkerley, CFA

Derek Smashey, CFA

Scout Investment Advisors, Inc.

Hypothetical Growth of $10,000 (Unaudited)

Performance returns for the Scout Mid Cap Fund, Russell Midcap® Index and Lipper Mid-Cap Core Funds Index assume dividends were reinvested for the entire period.

For illustrative purposes only; may not represent your returns.

2 Unmanaged index of stocks, bonds, mutual funds or commodities. It is not possible to invest directly in an index. The Russell Midcap® Index consists of the smallest 800 securities in the Russell 1000, as ranked by total market capitalization. This index accurately captures the medium-sized universe of securities and represents approximately 34% of the Russell 1000 total market capitalization. The Lipper Mid-Cap Core Funds Index invests primarily in companies with a market capitalization of less than $5 billion at the time of purchase.

1 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. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned in this letter.

SCOUT FUNDS SEMIANNUAL REPORT

6

COMPARATIVE RATES OF RETURN (Unaudited)

Scout Mid Cap Fund (UMBMX)

as of December 31, 2009

	1 Year			3 Years			Since Inception
Scout Mid Cap Fund		47.16	%		5.21	%		5.60	%
Russell Midcap® Index1		40.48	%		-4.59	%		-3.29	%
Lipper Mid-Cap Core Funds Index1		39.34	%		-3.06	%		-1.88	%

Inception – October 31, 2006.

Returns for periods greater than one year are compounded average annual rates of return.

The performance data quoted represents past performance and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 800-996-2862. As of June 30, 2009, gross expenses for the Fund were 1.41% (as disclosed in the most recent Prospectus) compared to the December 31, 2009 gross expense ratio of 1.14%.

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

The performance returns for the Fund reflect a fee waiver in effect. In the absence of such a waiver, the returns would be reduced.

Scout Investment Advisors, Inc. has entered into an agreement to limit the fees and/or make expense payments through October 31, 2010 so that actual total annual fund operating expenses of the Scout Mid Cap Fund do not exceed 1.40%. The Net Expense Ratio for the Fund reflects the reimbursement of fees previously waived by the Advisor in accordance with the terms of this agreement.

The performance shown in the above table and in the graph on the preceding page does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

1 Unmanaged index of stocks, bonds or mutual funds. It is not possible to invest directly in an index.

HISTORICAL PER-SHARE RECORD (Unaudited)

Scout Mid Cap Fund (UMBMX)

	Net Asset Value		Income & Short-Term2 Gains Distribution		Long-Term2 Gains Distribution		Cumulative3 Value Per Share Plus Distributions
12/31/06	$	10.19	$	0.01	$	—	$	10.20
12/31/07		11.51		0.90		—		12.42
12/31/08		7.47		—		—		8.38
12/31/09		10.95		0.04		—		11.90

2 Represents distributions for the respective 12-month or 6-month period ended.

3 Does not assume any compounding of reinvested distributions.

Table shows calendar-year distributions and net asset values; may differ from fiscal-year annual reports.

FUND DIVERSIFICATION4(Unaudited)

Scout Mid Cap Fund (UMBMX)

Based on total net assets as of December 31, 2009. Subject to change.

TOP TEN EQUITY HOLDINGS4(Unaudited)

Scout Mid Cap Fund (UMBMX)

	Market Value (000’s)		Percent of Total
Lam Research Corp.	$	4,232		4.3	%
Cimarex Energy Co.		3,925		4.0	%
Avnet, Inc.		3,652		3.7	%
Allegheny Technologies, Inc.		2,605		2.7	%
Dean Foods Co.		2,443		2.5	%
Host Hotels & Resorts, Inc. REIT		2,408		2.4	%
Unit Corp.		2,193		2.2	%
Computer Sciences Corp.		2,130		2.2	%
Terex Corp.		2,036		2.1	%
Parker Hannifin Corp.		2,008		2.1	%
Top Ten Equity Holdings Total	$	27,632		28.2	%

Based on total net assets as of December 31, 2009. Subject to change.

4 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. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned above.

DECEMBER 31, 2009

7

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

MID CAP FUND

	Shares		Value
COMMON STOCKS — 97.8%
CONSUMER DISCRETIONARY — 15.5%
American Eagle Outfitters, Inc.		74,850	$	1,270,953
Carnival Corp.*		54,575		1,729,482
Coach, Inc.		12,575		459,365
Dollar Tree, Inc.*		30,650		1,480,395
Family Dollar Stores, Inc.		38,725		1,077,717
H&R Block, Inc.		82,100		1,857,102
Jack in the Box, Inc.*		6,300		123,921
Johnson Controls, Inc.		48,650		1,325,226
Mohawk Industries, Inc.*		24,675		1,174,530
Nordstrom, Inc.		25,825		970,503
NVR, Inc.*		1,540		1,094,493
priceline.com, Inc.*		8,990		1,964,315
Ross Stores, Inc.		8,700		371,577
TJX Cos., Inc.		7,450		272,298
				15,171,877
CONSUMER STAPLES — 4.2%
Clorox Co.		12,175		742,675
Dean Foods Co.*		135,425		2,443,067
H.J. Heinz Co.		21,775		931,099
				4,116,841
ENERGY — 12.4%
Arch Coal, Inc.		20,225		450,006
Cimarex Energy Co.		74,100		3,925,077
Consol Energy, Inc.		4,350		216,630
National Oilwell Varco, Inc.		40,150		1,770,214
Nexen, Inc.		57,475		1,375,377
Plains Exploration & Production Co.*		46,100		1,275,126
Unit Corp.*		51,590		2,192,575
Valero Energy Corp.		52,900		886,075
				12,091,080
FINANCIALS — 17.2%
Annaly Capital Management, Inc. REIT		71,375		1,238,356
Arch Capital Group Ltd.*		17,225		1,232,449
Arthur J. Gallagher & Co.		24,350		548,119
Axis Capital Holdings Ltd.		26,500		752,865
Bank of Hawaii Corp.		28,525		1,342,386
Chubb Corp.		25,075		1,233,188
Fifth Third Bancorp		111,075		1,082,981
First American Corp.		17,200		569,492
Franklin Resources, Inc.		10,195		1,074,043
Host Hotels & Resorts, Inc. REIT*		206,336		2,407,941
National Retail Properties, Inc. REIT		68,300		1,449,326
PartnerRe Ltd.		5,175		386,366
Progressive Corp.*		98,925		1,779,661
Waddell & Reed Financial, Inc. — Class A		56,800		1,734,672
				16,831,845
HEALTH CARE — 7.8%
Becton, Dickinson and Co.		12,250		966,035
C.R. Bard, Inc.		16,800		1,308,720
Coventry Health Care, Inc.*		70,550		1,713,659
Henry Schein, Inc.*		15,350		807,410
Hospira, Inc.*		35,250		1,797,750
Zimmer Holdings, Inc.*		18,225		1,077,280
				7,670,854
INDUSTRIALS — 16.1%
AGCO Corp.*		40,000		1,293,600
Cummins, Inc.		16,025		734,907
FedEx Corp.		14,775		1,232,974
First Solar, Inc.*		4,290		580,866
Foster Wheeler Ltd.*		24,775		729,376
Harsco Corp.		21,275		685,693
L-3 Communications Holdings, Inc.		13,800		1,199,910
Lincoln Electric Holdings, Inc.		34,375		1,837,687
Masco Corp.		67,525		932,520
Parker Hannifin Corp.		37,275		2,008,377
Spirit Aerosystems Holdings, Inc. — Class A*		65,575		1,302,319
Stericycle, Inc.*		21,800		1,202,706
Terex Corp.*		102,775		2,035,973
				15,776,908
INFORMATION TECHNOLOGY — 16.0%
Avnet, Inc.*		121,075		3,651,622
Check Point Software Technologies*		21,875		741,125
Computer Sciences Corp.*		37,025		2,130,048
eBay, Inc.*		51,250		1,206,425
Hewitt Associates, Inc. — Class A*		15,800		667,708
Lam Research Corp.*		107,925		4,231,739
SAIC, Inc.*		20,200		382,588
Sybase, Inc.*		32,025		1,389,885
Teradata Corp.*		41,350		1,299,631
				15,700,771
MATERIALS — 5.7%
Agnico-Eagle Mines Ltd.		7,925		427,950
Allegheny Technologies, Inc.		58,190		2,605,167
Cliffs Natural Resources, Inc.		18,425		849,208
Sigma-Aldrich Corp.		13,225		668,259
Walter Industries, Inc.		13,300		1,001,623
				5,552,207
TELECOMMUNICATION SERVICES — 1.1%
Millicom International Cellular S.A.		15,025		1,108,394
UTILITIES — 1.8%
Westar Energy, Inc.		79,000		1,715,880
TOTAL COMMON STOCKS
(Cost $73,471,881) — 97.8%				95,736,657
	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.4%
U.S. GOVERNMENT AND AGENCIES
Federal Agricultural Mortgage Corp.
0.010%, 01/04/10	$	88,000		88,000
Federal Farm Credit Bank
0.010%, 01/04/10		263,000		263,000
Federal Home Loan Bank
0.000%, 01/04/10		997,000		997,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,348,000) — 1.4%				1,348,000
TOTAL INVESTMENTS
(Cost $74,819,881) — 99.2%				97,084,657
Other assets less liabilities — 0.8%				803,906
TOTAL NET ASSETS —100.0%
(equivalent to $10.95 per share;
unlimited shares of $1.00 par value
capital shares authorized;
8,937,164 shares outstanding)			$	97,888,563

REIT — Real Estate Investment Trust

* Non-income producing security

See accompanying Notes to Financial Statements.

SCOUT FUNDS SEMIANNUAL REPORT

8

Small Cap Fund

OBJECTIVE(Unaudited)

The Scout Small Cap Fund seeks long-term growth of capital by investing in common stocks of smaller companies located anywhere in the United States.

The Scout Small Cap Fund posted solid double digit gains through the six months ended December 31, 2009. Unfortunately, relative performance was impaired by the characteristics of the best performing issues during the period, which included low market capitalization, low return on equity, low price and companies that lose money. While these traits are not uncommon coming out of a bear market, these are not characteristics we seek when allocating capital amongst holdings. We believe going forward performance is likely to shift back into our favor, toward larger companies within the small capitalization universe that generate earnings and cash flow, provide higher returns for equity holders and prudently manage their balance sheets.

Merger and acquisition activity showed some signs of life during the six-month period, contributing to the Fund’s overall performance. We believe the relatively large number of the Fund’s holdings that were targeted during a relatively weak M&A market is a testament to the Fund’s investment philosophy of investing in smaller capitalization companies that may generate significant amounts of cash and do not seem to be receiving the proper valuation from the public equity markets. Four companies were acquisition targets during the period. Agilent Technologies, Inc. (NYSE: A) announced its intention to acquire Varian, Inc. (NASDAQ: VARI), Japanese pharmaceutical company Dainippon Sumitomo Pharma Co., Ltd. acquired Sepracor, Inc. (NASDAQ: SEPR), International Business Machines Corp. (NYSE: IBM) acquired SPSS, Inc. (NASDAQ: SPSS) and Denbury Resources, Inc. (NYSE: DNR) announced the acquisition of Encore Acquisition Co. (NYSE: EAC). We believe merger and acquisition activity should accelerate in the year ahead as businesses have planned for low capital expenditure levels. Many CEOs realize that generating sufficient EPS growth often requires acquisitions.

The weakening of the U.S. dollar continued to be an important investment driver for the Fund during the six-month period. Unprecedented government spending and U.S. debt that has ballooned to nearly four times gross domestic product are factors likely to weaken the dollar throughout our lifetime. However, short-term factors may surface that prevent the weakening to occur as quickly as might be economically justified. Given the fact the U.S. dollar is still the global reserve currency, the Chinese Yuan is pegged to the U.S. dollar and the Chinese economy benefits from keeping its currency artificially low. Other currencies face their own predicaments, such as the Euro, which is subject to a number of countries that face significant issues (Portugal, Italy, Greece and Spain).

A weakening dollar tends to drive commodity prices higher and benefit exports, further providing justification for the overweight positions in the Materials, Energy, Information Technology and Industrial sectors relative to the benchmark. During the semi-annual period, Energy and Materials were the best performing sectors for the Fund. Walter Industries, Inc. (NYSE: WLT), a producer of metallurgical coal used in steel production was the largest contributor from the Energy sector. We remain constructive on Energy over the longer term driven by energy demands for developing economies, especially China. Oil imports accounted for over 50% of all the oil consumed in China last year. Automobile sales in China actually surpassed those in the U.S. during 2009, growing 46% to 13.6 million units. Over time, China’s total oil consumption of 2.3 barrels per capita per year is likely to move toward the U.S. figure of 22.3 barrels per capita per year. If China consumed at the current U.S. per capita rate, its consumption would account for nearly the entire world’s output. While oil inventories in the U.S. are high relative to historic standards, competition for oil globally is likely to intensify from growth in emerging global markets.

Materials issues provided significant gains driven by strong global economic growth and a weakened U.S. dollar. Schweitzer-Mauduit International, Inc. (NYSE:SWM) is the largest materials holding within the Fund. New regulations in the U.S. require the use of SWM’s cigarette paper because it is less likely to cause fires born by cigarettes. We expect similar regulations to be adopted over the next several years throughout Europe. Moreover, the company is moving into China, the world’s largest cigarette market and the company also manufactures reconstituted tobacco products, which are in high demand. We believe SWM is well-positioned globally to realize significant earnings growth.

Overall, the Industrials sector proved to be the biggest detractor throughout the time period. A major success though was Bucyrus International, Inc. (NASDAQ: BUCY) which realized strong orders for mining equipment primarily driven by Russia, India and China. Our interest in the sector was driven by companies that we believe would likely benefit during an inventory restocking cycle given the fact the prior year witnessed unprecedented inventory destocking and the significant global economic stimulus. Further, a majority of our holdings from the Industrial sector have significantly cut operating expenses and are poised to realize significant operating leverage given an improvement in global economic growth.

Information Technology was the largest sector allocation within the Fund. While a number of bright spots appeared, overall contribution was not up to expectations. Positive contributors included Skyworks Solutions, Inc. (NASDAQ: SWKS), a provider of power amplifiers used to amplify wireless signals in mobile internet devices including smart phones and e-readers (the Kindle), and Compellent Technologies, Inc. (NYSE: CML), a provider of economically feasible storage solutions. Conversely, detractors included TriQuint Semiconductor, Inc. (NASDAQ:TQNT), a competitor to Skyworks Solutions, Inc. announced disappointing guidance, as well as Tessera Technologies, Inc. (NASDAQ: TSRA), a licensor of technology to semiconductor manufacturers, which provided lower than expected guidance due to greater than expected volume discounts given to select customers. We believe software companies that provide a strong value proposition by saving time and money for their customers will continue to do well. Additionally, LEDs are likely a promising area of growth and will appear in more lighting applications including televisions, electronics, street lamps, automotive, and commercial lighting.

The Consumer Discretionary sector provided surprisingly strong results for the benchmark. While the consumer faces a number of headwinds including high unemployment, tight credit and destruction to net worth, consumer spending as a percentage of GDP has in fact risen to over 70%. Demographics are favorable and we do see pent up demand for houses and automobiles. The adult population (over 18 years of age) will expand at nearly three million people per year and will create around thirteen million new consumers through 2014. There are not enough homes or autos today to satisfy this growth.

DECEMBER 31, 2009

9

Entering 2010, we believe the Fund is positioned to benefit from increased global economic growth but we are watching closely the risks evident in the global economic system. Growth from emerging economies should continue to be strong in the year ahead driven by record amounts of global stimulus and the need for trillions of dollars for infrastructure spending. In the U.S., only 25% of the $787 billion fiscal stimulus package has been spent and projections are for $440 billion to be spent in 2010, roughly equal to 3% of GDP. Given the double-digit unemployment rate, the Federal Reserve should continue to maintain its accommodative monetary policy. Exports should benefit from a weaker dollar combined with the faster economic recovery in developing economies. Moreover, the balance sheets of smaller capitalization companies possess tremendous amounts of underperforming cash. Over 27% of the names in Russell 2000® Index trade below three times cash; the historical average is under 15%. This should lead to increased merger and acquisition activity going forward as companies search for methods to drive earnings growth. On the negative side of the ledger, the amount of leverage in the global economic system is at significant levels. Policy makers could pass new reforms which would harm businesses and investments. Growth in emerging markets could become inflationary leading to a tightening of monetary policy. Finally, as the battle rages on between inflation and deflation, a significant move in either direction could have dire consequences.1

On behalf of the management team for the Scout Small Cap Fund, we greatly appreciate your support during these challenging economic times. I can assure you as not only the manager, but also as a shareholder, that we are working hard to deliver unparalleled investment performance.

Jason Votruba, CFA

Scout Investment Advisors, Inc.

Hypothetical Growth of $10,000 (Unaudited)

Performance returns for the Scout Small Cap Fund, Russell 2000® Index and Lipper Small-Cap Core Funds Index assume dividends were reinvested for the entire period.

For illustrative purposes only; may not represent your returns.

2 Unmanaged index of stocks, bonds, mutual funds or commodities. It is not possible to invest directly in an index. The Russell 2000® Index consists of the smallest 2000 securities in the Russell 3000 Index representing approximately 11% of the Russell 3000 total market capitalization, and is widely regarded in the industry as the premier measure of small capitalization stocks. The Lipper Small-Cap Core Funds Index invests in small capitalization companies without a specific growth orientation.

Due to the limited focus of this Fund, it 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.

1 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. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned in this letter.

SCOUT FUNDS SEMIANNUAL REPORT

10

COMPARATIVE RATES OF RETURN (Unaudited)

Scout Small Cap Fund (UMBHX)

as of December 31, 2009

	1 Year			3 Years			5 Years			10 Years
Scout Small Cap Fund		20.95	%		-6.41	%		-0.61	%		7.20	%
Russell 2000® Index1		27.17	%		-6.07	%		0.51	%		3.51	%
Lipper Small-Cap Core
Funds Index1		34.50	%		-4.06	%		1.55	%		5.24	%

Returns for periods greater than one year are compounded average annual rates of return.

The performance data quoted represents past performance and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 800-996-2862. The returns for periods prior to April 1, 2005 do not reflect the fees and expenses in effect as of April 1, 2005. If the new fees and expenses and the Advisor’s agreement to limit total Fund expenses were in effect for the periods shown, returns would have been lower. As of June 30, 2009, gross/net expenses for the Fund were 1.09% (as disclosed in the most recent Prospectus) compared to the December 31, 2009 gross/net expense ratio of 1.04%.

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

The performance shown in the above table and in the graph on the preceding page does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

1 Unmanaged index of stocks, bonds or mutual funds. It is not possible to invest directly in an index.

HISTORICAL PER-SHARE RECORD (Unaudited)

Scout Small Cap Fund (UMBHX)

	Net Asset Value		Income & Short-Term2 Gains Distribution		Long-Term2 Gains Distribution		Cumulative3 Value Per Share Plus Distributions
12/31/05	$	15.85	$	0.17	$	0.24	$	27.61
12/31/06		16.83		0.52		0.42		29.53
12/31/07		17.64		—		1.40		31.74
12/31/08		10.55		—		—		24.65
12/31/09		12.76		—		—		26.86

2 Represents distributions for the respective 12-month or 6-month period ended.

3 Does not assume any compounding of reinvested distributions.

Table shows calendar-year distributions and net asset values; may differ from fiscal-year annual reports.

FUND DIVERSIFICATION4(Unaudited)

Scout Small Cap Fund (UMBHX)

Based on total net assets as of December 31, 2009. Subject to change.

TOP TEN EQUITY HOLDINGS4(Unaudited)

Scout Small Cap Fund (UMBHX)

	Market Value (000’s)		Percent of Total
Skyworks Solutions, Inc.	$	12,416		2.5	%
Jarden Corp.		11,282		2.2	%
Schweitzer-Mauduit International, Inc.		9,849		2.0	%
Lincoln Electric Holdings, Inc.		9,355		1.9	%
Bucyrus International, Inc.		8,456		1.7	%
Bristow Group, Inc.		8,075		1.6	%
Thor Industries, Inc.		7,850		1.6	%
Allegheny Technologies, Inc.		7,835		1.6	%
United Stationers, Inc.		7,675		1.5	%
SYKES Enterprises, Inc.		7,386		1.4	%
Top Ten Equity Holdings Total	$	90,179		18.0	%

Based on total net assets as of December 31, 2009. Subject to change.

4 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. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned above.

DECEMBER 31, 2009

11

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

SMALL CAP FUND

	Shares		Value
COMMON STOCKS — 99.8%
CONSUMER DISCRETIONARY — 11.4%
Big Lots, Inc.*		205,000	$	5,940,900
Career Education Corp.*		240,000		5,594,400
Carter’s, Inc.*		115,000		3,018,750
Collective Brands, Inc.*		200,000		4,554,000
Fossil, Inc.*		185,000		6,208,600
Helen of Troy Ltd.*		120,000		2,935,200
Jarden Corp.		365,000		11,282,150
LKQ Corp.*		175,000		3,428,250
Monro Muffler, Inc.		74,554		2,493,086
Steven Madden Ltd.*		90,000		3,711,600
Thor Industries, Inc.		250,000		7,850,000
				57,016,936
CONSUMER STAPLES — 2.0%
Lancaster Colony Corp.		100,000		4,970,000
NBTY, Inc.*		120,000		5,224,800
				10,194,800
ENERGY — 10.5%
Alpha Natural Resources, Inc.*		125,000		5,422,500
Arena Resources, Inc.*		165,000		7,114,800
Bristow Group, Inc.*		210,000		8,074,500
CARBO Ceramics, Inc.		39,825		2,714,870
Comstock Resources, Inc.*		150,000		6,085,500
Gulf Island Fabrication, Inc.		100,000		2,103,000
ION Geophysical Corp.*		919,869		5,445,625
Lufkin Industries, Inc.		50,000		3,660,000
St. Mary Land & Exploration Co.		75,000		2,568,000
Tetra Technologies, Inc.*		350,000		3,878,000
Unit Corp.*		130,000		5,525,000
				52,591,795
FINANCIALS — 3.4%
FirstMerit Corp.		180,000		3,625,200
Hancock Holding Co.		60,000		2,627,400
Iberiabank Corp.		25,000		1,345,250
Navigators Group, Inc.*		50,000		2,355,500
NewAlliance Bancshares, Inc.		100,000		1,201,000
Stifel Financial Corp.*		55,000		3,258,200
Waddell & Reed Financial, Inc. — Class A		90,000		2,748,600
				17,161,150
HEALTH CARE — 7.2%
Abaxis, Inc.*		120,000		3,066,000
Amedisys, Inc.*		100,000		4,856,000
Catalyst Health Solutions, Inc.*		100,000		3,647,000
Haemonetics Corp.*		50,000		2,757,500
IRIS International, Inc.*		150,000		1,854,000
Merit Medical Systems, Inc.*		170,000		3,279,300
Palomar Medical Technologies, Inc.*		100,000		1,008,000
Par Pharmaceutical Cos., Inc.*		250,000		6,765,000
Phase Forward, Inc.*		165,000		2,532,750
Quality Systems, Inc.		40,000		2,511,600
Techne Corp.		55,000		3,770,800
				36,047,950
INDUSTRIALS — 29.6%
A.O. Smith Corp.		80,000		3,471,200
AAR Corp.*		157,709		3,624,153
Allegiant Travel Co.*		50,000		2,358,500
American Science & Engineering, Inc.		60,000		4,550,400
Ampco-Pittsburgh Corp.		100,000		3,153,000
BE Aerospace, Inc.*		275,000		6,462,500
Bucyrus International, Inc.		150,000		8,455,500
Con-way, Inc.		87,500		3,054,625
Copart, Inc.*		100,000		3,663,000
Corporate Executive Board Co.		100,000		2,282,000
Cubic Corp.		70,000		2,611,000
EMCOR Group, Inc.*		150,000		4,035,000
Forward Air Corp.		50,000		1,252,500
Gardner Denver, Inc.		150,000		6,382,500
Genesee & Wyoming, Inc.*		80,000		2,611,200
Hexcel Corp.*		200,000		2,596,000
HUB Group, Inc. — Class A*		100,000		2,683,000
ICF International, Inc.*		165,000		4,422,000
Kansas City Southern*		170,000		5,659,300
Kaydon Corp.		115,000		4,112,400
Kennametal, Inc.		150,000		3,888,000
Korn/Ferry International*		300,000		4,950,000
Lincoln Electric Holdings, Inc.		175,000		9,355,500
Orion Marine Group, Inc.*		220,000		4,633,200
Quanex Building Products Corp.		260,000		4,412,200
Robbins & Myers, Inc.		120,000		2,822,400
SYKES Enterprises, Inc.*		290,000		7,386,300
Team, Inc.*		65,000		1,222,650
TrueBlue, Inc.*		310,000		4,591,100
United Stationers, Inc.*		135,000		7,674,750
Wabtec Corp.		100,000		4,084,000
Watsco, Inc.		75,000		3,673,500
Werner Enterprises, Inc.		200,000		3,958,000
WESCO International, Inc.*		180,000		4,861,800
Woodward Governor Co.		125,000		3,221,250
				148,174,428
INFORMATION TECHNOLOGY — 27.4%
ANSYS, Inc.*		75,000		3,259,500
Atheros Communications, Inc.*		80,000		2,739,200
Blue Coat Systems, Inc.*		100,000		2,854,000
Compellent Technologies, Inc.*		175,000		3,969,000
Comtech Telecommunications Corp.*		110,000		3,855,500
Cymer, Inc.*		145,000		5,565,100
Digital River, Inc.*		155,000		4,183,450
Informatica Corp.*		180,000		4,654,800
Intersil Corp. — Class A		350,000		5,369,000
Micrel, Inc.		275,000		2,255,000
Micros Systems, Inc.*		125,000		3,878,750
MicroStrategy, Inc. — Class A*		75,000		7,051,500
Monolithic Power Systems, Inc.*		60,000		1,438,200
Netgear, Inc.*		240,000		5,205,600
Netlogic Microsystems, Inc.*		85,000		3,932,100
Omnivision Technologies, Inc.*		440,000		6,393,200
Park Electrochemical Corp.		200,000		5,528,000

SCOUT FUNDS SEMIANNUAL REPORT

12

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

SMALL CAP FUND (Continued)
	Shares		Value
INFORMATION TECHNOLOGY (Continued)
Pegasystems, Inc.		150,000	$	5,100,000
Pericom Semiconductor Corp.*		291,641		3,362,620
Rofin-Sinar Technologies, Inc.*		110,000		2,597,100
Rovi Corp.*		85,000		2,708,950
Skyworks Solutions, Inc.*		875,000		12,416,250
Standard Microsystems Corp.*		250,000		5,195,000
Stratasys, Inc.*		40,000		691,200
Supertex, Inc.*		100,000		2,980,000
Sybase, Inc.*		115,000		4,991,000
Tessera Technologies, Inc.*		250,000		5,817,500
TriQuint Semiconductor, Inc.*		850,000		5,100,000
Varian Semiconductor Equipment
Associates, Inc.*		125,000		4,485,000
Veeco Instruments, Inc.*		150,000		4,956,000
Viasat, Inc.*		160,000		5,084,800
				137,617,320
MATERIALS — 8.3%
Allegheny Technologies, Inc.		175,000		7,834,750
Brush Engineered Materials, Inc.*		118,947		2,205,277
Carpenter Technology Corp.		150,000		4,042,500
Compass Minerals International, Inc.		90,000		6,047,100
OM Group, Inc.*		100,000		3,139,000
Royal Gold, Inc.		75,000		3,532,500
RPM International, Inc.		195,000		3,964,350
Schweitzer-Mauduit International, Inc.		140,000		9,849,000
Stillwater Mining Co.*		125,000		1,185,000
				41,799,477
TOTAL COMMON STOCKS
(Cost $436,794,095) — 99.8%				500,603,856
		Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.7%
U.S. GOVERNMENT AND AGENCIES
Federal Agricultural Mortgage Corp.
0.010%, 01/04/10	$	226,000		226,000
Federal Farm Credit Bank
0.010%, 01/04/10		677,000		676,999
Federal Home Loan Bank
0.000%, 01/04/10		2,563,000		2,563,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,465,999) — 0.7%				3,465,999
TOTAL INVESTMENTS
(Cost $440,260,094) — 100.5%				504,069,855
Liabilities less other assets — (0.5)%				(2,487,120	)
TOTAL NET ASSETS —100.0%
(equivalent to $12.76 per share;
unlimited shares of $1.00 par value
capital shares authorized;
39,306,250 shares outstanding)			$	501,582,735

* Non-income producing security

See accompanying Notes to Financial Statements.

DECEMBER 31, 2009

13

TrendStar Small Cap Fund

OBJECTIVE(Unaudited)

The Scout TrendStar Small Cap Fund seeks long-term growth of capital by investing in common stocks of smaller companies located anywhere in the United States.

The six-month period ended December 31, 2009, provided a welcome finish to what was a tumultuous calendar year of 2009. After reaching a bottom on March 9, 2009, equity markets, including the Russell 2000 Growth® Index, have staged one of the strongest recoveries in history. While the momentum of the recovery in stocks slowed progressively as the period ended, the Index closed the period with a 20.75% return. The Scout TrendStar Small Cap Fund ended the six-month period with a gain of 15.71%.

Economic data continued to suggest the economy is on the mend. Generally, most coincident economic indicators have stabilized; the unemployment rate being a notable example. As one would hope, leading indicators generally bottomed much earlier and have been on an upward trajectory since the early part of 2009. For example, the Conference Board’s Index of leading Economic Indicators and the ISM Manufacturing Index bottomed nine and twelve months ago, respectively.

For the upward move in equity markets to be sustainable, meaningful corporate earnings growth will have to begin soon. It appears that the bottom of the decline in S&P 500® Index operating earnings occurred during the second calendar quarter of 2009, with the rise in the stock market leading that earnings turn by about three months. As the semi-annual period came to a close, it now appears that large capitalization (S&P 500® Index) operating earnings for calendar 2009 came in at a level nearly identical to those of 2003. Interestingly, the S&P 500® Index price level closed 2009 at almost precisely the 2003 year-end level. Hence, from the perspective of earnings levels and P/E ratios, 2009 and 2003 look almost identical. We believe that corporate earnings growth for 2010 has a strong chance of exceeding 2004, given the current depressed state of earnings and an economy (as measured by nominal GDP) that has expanded approximately 25% since the end of 2003.

The earnings of small capitalization stocks did not fare so well during the prior year. Small cap earnings for calendar 2009 are nearly 30% below the 2003 level. Hence, the trailing P/E on small caps has expanded relative to that of large caps over the past several years, making small stocks appear more expensive, on a relative basis, than large. We think this rear view mirror analysis may miss important points. Small cap indices are more heavily laden with financial stocks, especially banks. For example, the Financial sector is 18% of the S&P Small Cap 600® Index and 15% of the S&P Large Cap 500® Index. And, small cap financial earnings were hit much harder than their large cap brethren. The large cap Financial sector posted a profit in 2009, yet the small cap Financial sector losses in 2009 exceeded those seen during 2008. But, that’s in the past. For 2010, large cap earnings are estimated by Standard and Poor’s to grow by about 33% over 2009 levels. That pales in comparison to the approximately 100% expected for small companies.

There are a number of reasons for the poor earnings performance of small caps during the financial crisis. The aforementioned heavy exposure to financial companies within small cap indices played an important role. Also, small companies have less exposure to international economies and hence bore the full brunt of the U.S. downturn. Despite the disproportionate hit to earnings, small companies generally outperformed large caps during calendar 2009, but lagged during the six month period ended December 31, 2009.

The potential for superior earnings growth for small caps is not the only reason for our belief that small will trump large during 2010. Our prior analysis of large and small cap relative stock performance dating back to 1962 suggests that small caps tend to outperform large caps during periods of rising nominal interest rates. It is certainly our expectation that 2010 will see upward pressure on rates due to a combination of tightening action by the Fed and rising inflation as a result of the economic expansion and prior easy-money Fed policies.

For all of the last semi-annual period ended June 30, 2009 and the first few months of this period, a number of subgroups of the Russell 2000 Growth® Index with low quality characteristics consistently outperformed the overall index. For the first nine months of calendar 2009, the segments of the small cap index that had the best performance (by far) were: low-priced (single digit) stocks, low return on equity companies and zero dividend payers. During the last few months of the period, we saw what may spell the beginning of a reversal of this trend. Quality stocks slightly outperformed from September through December of 2009. Given our focus on higher quality companies, this shift in return attributes provided benefit to the Fund during the last half of the period and, may presage a return to quality for 2010.

For the time period, top contributors to performance were: Cree, Inc. (NASDAQ: CREE), Gentiva Health Services, Inc. (NASDAQ: GTIV) and Varian Semiconductor Equipment Associates, Inc. (NASDAQ: VSEA). Long-time holding Cree, Inc. continued to see strong demand for its Light Emitting Diode (LED) products during the period. The recent results have been driven by the use of LEDs for the backlighting of laptops and LCD TVs. However, the company is just beginning to see impact from the much larger market associated with general lighting. Gentiva Health Services, Inc., which provides home health services, reported strong results during the period and also benefited from a reduction of concern regarding the form and impact on the company due to healthcare reform. The third largest positive contributor to performance was Varian Semiconductor, which sells equipment used in the manufacture of semiconductors. The company reported better than expected results during the period and benefitted from the move into new markets, including solar power and image sensors.

SCOUT FUNDS SEMIANNUAL REPORT

14

Stocks hurting performance most during the quarter were: IXYS Corp. (NYSE: IXYS), General Cable Corp. (NYSE: BGC) and USEC, Inc. (NYSE: USU). IXYS Corp. is a semiconductor company that shifted much of its business away from the consumer segments several years ago. Consequently, the strong consumer-driven results during the period witnessed at other electronics companies did not benefit IXYS Corp. We believe the company’s strategy of focusing on applications that regulate power in electrical systems will be rewarded. General Cable Corp. has felt the pressure of rising copper prices, which we believe is being driven primarily by the weak dollar. Over the long-term, the company should be a beneficiary of upgrades to the U.S. electrical grid and a worldwide boom in the construction of power plants. Finally, USEC, Inc., which operates a uranium enrichment plant, encountered difficulty with the financing of its planned expansion at a plant in Ohio. We sold the entire holding during the period.

Our largest sector weighting continues to be the Information Technology sector. It is our opinion that we are in a multi-year period during which technology stocks will outperform the broader market. Excess spending on tech products during the expansion of the dot-com bubble during the 1990s, augmented by spending to address the expected Y2K problem, led to an oversupply of tech capacity. Much of the past nine years has been spent consolidating the industry through merger and closure. In addition, excessive capacity ranging from duplicative software offerings, to an oversupply of semiconductor manufacturing capacity, has depressed profit margins for the entire sector. We expect the surviving companies to benefit from an improved profit margin environment over the next few years. Finally, we added two new holdings in the natural gas segment based on the growing concern, and ultimately legislated increased cost, associated with carbon emissions. Natural gas is a carbon-based fuel, however its combustion generates much less carbon dioxide per unit of energy delivered than coal. We believe this has the potential to give a boost to natural gas demand through energy source substitution.1

In closing, the management team for the Scout TrendStar Fund extends its gratitude for your continued support of the Fund and the Scout Funds family.

Thomas Laming

James McBride

Scout Investment Advisors, Inc.

Hypothetical Growth of $10,000 (Unaudited)

Performance returns for the Scout TrendStar Small Cap Fund, Russell 2000 Growth® Index and Lipper Small-Cap Growth Funds Index assume dividends were reinvested for the entire period.

For illustrative purposes only; may not represent your returns.

2 Unmanaged index of stocks, bonds, mutual funds or commodities. It is not possible to invest directly in an index. The Russell 2000 Growth® Index measures the performance of the small-cap growth segment of the U.S. equity universe. The Lipper Small-Cap Core Funds Index invests in small capitalization companies without a specific growth orientation.

Due to the limited focus of this Fund, it 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.

1 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. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned in this letter.

DECEMBER 31, 2009

15

COMPARATIVE RATES OF RETURN (Unaudited)

Scout TrendStar Small Cap Fund (TRESX)

as of December 31, 2009

Mid Cap Fund	1 Year			3 Years			5 Years			Since Inception
Scout TrendStar Small
Cap Fund		28.72	%		-9.44	%		-3.18	%		0.18	%
Russell 2000 Growth® Index1		34.47	%		-4.00	%		0.87	%		3.53	%
Lipper Small-Cap Growth
Funds Index1		38.03	%		-4.58	%		0.25	%		2.34	%

Inception – October 31, 2003. Performance information from inception through June 30, 2009 is for the TrendStar Small-Cap Fund, which was reorganized into the Scout Funds family as the Scout TrendStar Small Cap Fund on that date.

Returns for periods greater than one year are compounded average annual rates of return.

The performance data quoted represents past performance and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 800-996-2862. As of June 30, 2009, gross expenses for the Fund were 1.59% (as disclosed in the most recent Prospectus) compared to the December 31, 2009 gross expense ratio of 2.66%.

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

The performance returns for the Fund reflect a fee waiver in effect. In absence of such waiver, the returns would be reduced.

Scout Investment Advisors, Inc. has entered into an agreement to limit the fees and/or make expense payments through October 31, 2011 so that actual total annual fund operating expenses of the Scout TrendStar Small Cap Fund do not exceed 1.30%.

The performance shown in the above table and in the graph on the preceding page does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

1 Unmanaged index of stocks, bonds or mutual funds. It is not possible to invest directly in an index.

HISTORICAL PER-SHARE RECORD (Unaudited)

Scout TrendStar Small Cap Fund (TRESX)

	Net Asset Value		Income & Short-Term2 Gains Distribution		Long-Term2 Gains Distribution		Cumulative3 Value Per Share Plus Distributions
12/31/05	$	12.12	$	0.11	$	0.12	$	12.50
12/31/06		12.03		0.42		0.74		13.57
12/31/07		9.64		0.42		1.48		13.08
12/31/08		5.78		—		—		9.22
12/31/09		7.44		—		—		10.88

2 Represents distributions for the respective 12-month or 6-month period ended.

3 Does not assume any compounding of reinvested distributions.

Table shows calendar-year distributions and net asset values; may differ from fiscal-year annual reports.

FUND DIVERSIFICATION4(Unaudited)

Scout TrendStar Small Cap Fund (TRESX)

Based on total net assets as of December 31, 2009. Subject to change.

TOP TEN EQUITY HOLDINGS4(Unaudited)

Scout TrendStar Small Cap Fund (TRESX)

	Market Value (000’s)		Percent of Total
Cree, Inc.	$	730		5.8	%
Varian Semiconductor Equipment Associates, Inc.		497		3.9	%
Bio-Reference Labs, Inc.		412		3.3	%
Cabot Microelectronics Corp.		399		3.2	%
Gentiva Health Services, Inc.		398		3.1	%
Amsurg Corp.		377		3.0	%
Cameco Corp.		364		2.9	%
Daktronics, Inc.		355		2.8	%
Federated Investors, Inc. – Class B		347		2.7	%
Microsemi Corp.		321		2.5	%
Top Ten Equity Holdings Total	$	4,200		33.2	%

Based on total net assets as of December 31, 2009. Subject to change.

4 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. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned above.

SCOUT FUNDS SEMIANNUAL REPORT

16

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

TRENDSTAR SMALL CAP FUND

	Shares		Value
COMMON STOCKS — 99.0%
CONSUMER DISCRETIONARY — 7.9%
Aeropostale, Inc.*		2,900	$	98,745
Callaway Golf Co.		16,900		127,426
Cracker Barrel Old Country Store, Inc.		3,600		136,764
Jos. A. Bank Clothiers, Inc.*		3,800		160,322
Penn National Gaming, Inc.*		4,900		133,182
Ryland Group, Inc.		5,900		116,230
Steiner Leisure Ltd.*		5,600		222,656
				995,325
CONSUMER STAPLES — 1.9%
Alberto-Culver Co.		4,600		134,734
Ralcorp Holdings, Inc.*		1,900		113,449
				248,183
ENERGY — 5.4%
Cameco Corp.		11,300		363,521
Swift Energy Co.*		8,700		208,452
Unit Corp.*		2,600		110,500
				682,473
FINANCIALS — 9.1%
Boston Private Financial Holdings, Inc.		26,693		154,018
Federated Investors, Inc. — Class B		12,600		346,500
Janus Capital Group, Inc.		10,397		139,840
SEI Investments Co.		14,600		255,792
Waddell & Reed Financial, Inc. — Class A		8,200		250,428
				1,146,578
HEALTH CARE — 19.8%
Amedisys, Inc.*		2,900		140,824
AMERIGROUP Corp.*		6,239		168,204
Amsurg Corp.*		17,115		376,872
Bio-Reference Labs, Inc.*		10,516		412,122
Catalyst Health Solutions, Inc.*		5,200		189,644
Centene Corp.*		7,800		165,126
Gentiva Health Services, Inc.*		14,749		398,371
ICU Medical, Inc.*		5,832		212,518
Illumina, Inc.*		2,900		88,885
inVentiv Health, Inc.*		12,600		203,742
Life Technologies Corp.*		2,900		151,467
				2,507,775
INDUSTRIALS — 12.2%
Acuity Brands, Inc.		7,100		253,044
CRA International, Inc.*		5,126		136,608
Forward Air Corp.		11,132		278,856
General Cable Corp.*		9,100		267,722
Roper Industries, Inc.		2,613		136,843
Shaw Group, Inc.*		7,200		207,000
Watson Wyatt Worldwide, Inc. — Class A*		5,500		261,360
				1,541,433
INFORMATION TECHNOLOGY — 40.4%
Akamai Technologies, Inc.*		10,600		268,498
Black Box Corp.		10,502		297,627
Cabot Microelectronics Corp.*		12,109		399,113
CACI International, Inc. — Class A*		5,300		258,905
Cree, Inc.*		12,950		729,991
Cymer, Inc.*		7,400		284,012
Daktronics, Inc.		38,500		354,585
Intersil Corp. — Class A		10,400		159,536
IXYS Corp.*		32,120		238,330
Jack Henry & Associates, Inc.		10,100		233,512
Microsemi Corp.*		18,100		321,275
National Instruments Corp.		10,619		312,730
Novellus Systems, Inc.*		7,300		170,382
Quest Software, Inc.*		10,200		187,680
Supertex, Inc.*		4,200		125,160
Varian Semiconductor Equipment
Associates, Inc.*		13,856		497,153
Veeco Instruments, Inc.*		4,600		151,984
Websense, Inc.*		7,100		123,966
				5,114,439
MISCELLANEOUS — 2.3%
SPDR KBW Regional Banking ETF		12,900		287,025
TOTAL COMMON STOCKS
(Cost $11,414,068) — 99.0%				12,523,231
	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.3%
U.S. GOVERNMENT AND AGENCIES
Federal Agricultural Mortgage Corp.
0.010%, 01/04/10	$	3,000		3,000
Federal Farm Credit Bank
0.010%, 01/04/10		8,000		8,000
Federal Home Loan Bank
0.000%, 01/04/10		32,000		32,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $43,000) — 0.3%				43,000
TOTAL INVESTMENTS
(Cost $11,457,068) — 99.3%				12,566,231
Other assets less liabilities — 0.7%				83,776
TOTAL NET ASSETS —100.0%
(equivalent to $7.44 per share;
unlimited shares of $1.00 par value
capital shares authorized;
1,701,155 shares outstanding)			$	12,650,007

ETF — Exchange Traded Fund

* Non-income producing security

See accompanying Notes to Financial Statements.

DECEMBER 31, 2009

17

International Fund

OBJECTIVE(Unaudited)

The Scout International Fund seeks long-term growth of capital and income by investing in a diversified portfolio of equity securities of established companies either located outside the United States or whose principal business is carried on outside the United States.

International stock prices continued their rip-roaring recovery that began in early March through Mid-October when the wind at the back of the markets began to weaken and stock prices, as measured by the MSCI EAFE Index, flattened out and coasted into the end of the year. Over the six month time period, the EAFE index rose by more than 22%, while the Scout International Fund advanced by more than 27%, beating the EAFE by 500 basis points.

Positive equity news reverberated throughout the second half of the year. Low interest rates reduced the cost of capital to businesses and encouraged investors to forsake bonds for equities. Monetary and fiscal policies around the world remained accommodative and were reinforced by official promises of continued accommodation. Leading economic indicators in the U.S. rose steadily throughout the period. Measures of industrial production, GDP began to perk up around the globe. Fear that had gripped markets late in 2008 and early 2009 continued to recede as the TED-spread (the 3-month LIBOR rate minus the 3-month T-bill rate) fell from a 41 basis points to a relatively balmy 19 basis points at year’s end. Commodity prices stabilized despite resurgent demand for a variety of raw materials. The Baltic Dry Freight Index continued to fluctuate around a level consistent with a robust demand for coal, iron, copper and other basic goods routinely shipped over the seas.

The second half of the year featured a host of headwinds. Unemployment remained stubbornly high around the world (e.g. 10% in the U.S. and Euro zone), helping to fuel worries about protectionism. Threats of tax increases spread as governments large and small grappled with massive and growing debts. Clouds hung over a cautious consumer and even more cautious employers. Worries about the soundness of banks, particularly in Europe, continued as commercial real estate loans replaced residential housing loans as inspiration for hand-wringing. Markets absorbed all the bad news and soared on to new heights before coasting in to the December finish line.

Historically, the Fund has held a relative underweight in the Financials sector. During the second half of 2009, this relative underweight was reduced. The Fund focused on high quality financials that avoided the toxic alphabets that so plagued European and U.S. financials. The Financials sector was the strongest contributor to relative outperformance for the Fund, yielding more than 270 basis points of the Fund’s outperformance. Other strong contributors to the Fund’s outperformance included the Information Technology and Consumer Discretionary sectors.

On the downside, the Fund gave up some performance by holding a relative underweight in the very strong Materials sector. The Fund also lost ground to low cash-yields while redeploying its cash balance — primarily to the Financials sector.

Top individual contributors for Fund included Cia de Bebidas das Americas (AmBev), the dominant beer brewer in Brazil and a long time Fund holding. Following AmBev were three financials, Prudential PLC (UK insurance), HSBC Holdings PLC (UK banking) and Australia & New Zealand Banking Group Ltd. (Australian banking). These three financials are notable for both having major franchises in the Pac Rim and for having avoided, or managed well, the toxic banking assets mentioned above. Rounding out the top five contributors was Nidec, a Japanese maker of high tech motors used in power windows, power locks and a host of convenience enhancing devices.

The weakest contributor to the Fund was Lonza Group A.G., a Swiss biotech company that suffered overcapacity and falling demand. Also weak was Research in Motion, the Canadian maker of the Blackberry telecommunication device. Doubts emerged about the primacy of its main product as competitive products emerged.

The environment for equities in the coming year appears positive as monetary and fiscal policies remain accommodative around the world. However, markets have risen powerfully over the last nine months and many issues have become fully-valued or even over-valued. A market correction early in the year is a real possibility. In our opinion, this is likely to be a year when companies with strong balance sheets, good product lines and strong industry or demographic tailwinds – companies favored by the Fund – will do well. Opportunities lie in emerging markets in Latin America and the Pac Rim. However these emerging markets can be volatile and can move down with as much vigor as they move up. Selectivity and caution will be important. As always the Fund will be managed with the same care and prudence that has defined its history.1

Thank you for your continued support of the Scout International Fund and the Scout Funds.

James L. Moffett, CFA

Gary N. Anderson, CFA

Scout Investment Advisors, Inc.

Foreign investments present additional risks due to currency fluctuations, economic and political factors, government regulations, differences in accounting standards and other factors. Investments in emerging markets involve even greater risks.

1 Portfolio composition will change due to ongoing management of the Fund. References to specific securities, sectors or countries should not be construed as a recommendation by the Fund, its Advisor or Distributor. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned in this letter.

SCOUT FUNDS SEMIANNUAL REPORT

18

Hypothetical Growth of $10,000 (Unaudited)

Performance returns for the Scout International Fund, MSCI EAFE Index-U.S. Dollars and Lipper International Funds Index assume dividends were reinvested for the entire period.

For illustrative purposes only; may not represent your returns.

2 Unmanaged index of stocks, bonds, mutual funds or commodities. It is not possible to invest directly in an index. The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) index is an arithmetic, market value-weighted average of over 900 securities listed on the stock exchanges of countries in Europe, Australasia and the Far East. The Lipper International Funds Index invests assets in securities with primary trading markets outside the United States.

Country Diversification1(Unaudited)

Based on total net assets as of December 31, 2009. Subject to change.

1 Portfolio composition will change due to ongoing management of the Fund. References to specific securities, sectors or countries should not be construed as a recommendation by the Fund, its Advisor or Distributor. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned above.

DECEMBER 31, 2009

19

COMPARATIVE RATES OF RETURN (Unaudited)

Scout International Fund (UMBWX)

as of December 31, 2009

	1 Year			3 Years			5 Years			10 Years
Scout International Fund		35.54	%		-0.37	%		7.52	%		4.50	%
MSCI EAFE Index-U.S.
Dollars (net)1		31.78	%		-6.04	%		3.54	%		1.17	%
Lipper International Funds Index1		35.30	%		-4.49	%		4.88	%		1.95	%

Returns for periods greater than one year are compounded average annual rates of return.

The performance data quoted represents past performance and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 800-996-2862. The returns for periods prior to April 1, 2005 do not reflect the fees and expenses in effect as of April 1, 2005. If the new fees and expenses and the Advisor’s agreement to limit total Fund expenses were in effect for the periods shown, returns would have been lower. As of June 30, 2009, gross/net expenses for the Fund were 1.02% (as disclosed in the most recent Prospectus) compared to the December 31, 2009 gross/net expense ratio of 0.96%.

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

The performance shown in the above table and in the graph on the preceding page does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Prior to October 31, 2006, the Fund was known as the UMB Scout WorldWide Fund.

1 Unmanaged index of stocks, bonds or mutual funds. It is not possible to invest directly in an index.

HISTORICAL PER-SHARE RECORD (Unaudited)

Scout International Fund (UMBWX)

	Net Asset Value		Income & Short-Term2 Gains Distribution		Long-Term2 Gains Distribution		Cumulative3 Value Per Share Plus Distributions
12/31/05	$	28.26	$	0.23	$	0.30	$	32.41
12/31/06		32.66		0.33		1.30		38.44
12/31/07		37.38		0.65		0.41		44.22
12/31/08		21.79		0.46		0.98		30.07
12/31/09		29.14		0.33		—		37.75

2 Represents distributions for the respective 12-month or 6-month period ended.

3 Does not assume any compounding of reinvested distributions.

Table shows calendar-year distributions and net asset values; may differ from fiscal-year annual reports.

FUND DIVERSIFICATION4(Unaudited)

Scout International Fund (UMBWX)

Based on total net assets as of December 31, 2009. Subject to change.

TOP TEN EQUITY HOLDINGS4(Unaudited)

Scout International Fund (UMBWX)

	Market Value (000’s)		Percent of Total
Cia de Bebidas das Americas	$	94,042		1.9	%
United Overseas Bank Ltd.		90,311		1.8	%
Prudential PLC		89,201		1.8	%
Toronto-Dominion Bank		85,260		1.7	%
HSBC Holdings PLC		84,996		1.7	%
Sampo Oyj – A Shares		80,812		1.7	%
Mettler-Toledo International, Inc.		80,128		1.6	%
Aflac, Inc.		79,732		1.6	%
Royal Bank of Canada		76,470		1.6	%
Terumo Corp.		75,155		1.5	%
Top Ten Equity Holdings Total	$	836,107		16.9	%

Based on total net assets as of December 31, 2009. Subject to change.

4 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. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned above.

SCOUT FUNDS SEMIANNUAL REPORT

20

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

INTERNATIONAL FUND

	Shares		Value
COMMON STOCKS (ADR’S) — 96.5%
AUSTRALIA — 4.5%
Australia & New Zealand Banking Group Ltd.		3,516,600	$	72,090,300
BHP Billiton Ltd.		974,476		74,625,372
CSL Ltd.2		1,545,540		44,999,136
Woodside Petroleum Ltd.		797,867		33,669,987
				225,384,795
BRAZIL — 4.6%
Cia de Bebidas das Americas		930,280		94,042,005
Empresa Brasileira de Aeronautica S.A.		1,250,965		27,658,836
Petroleo Brasileiro S.A.		1,140,058		54,357,966
Vale S.A.		1,816,236		52,725,331
				228,784,138
CANADA — 5.9%
Cameco Corp.2		1,158,553		37,270,650
Enbridge, Inc.2		1,284,751		59,381,191
Imperial Oil Ltd.2		896,670		34,665,262
Royal Bank of Canada2		1,428,014		76,470,150
Toronto-Dominion Bank2		1,359,377		85,260,126
				293,047,379
CHILE — 0.9%
Sociedad Quimica y Minera de Chile S.A.		1,163,470		43,711,568
FINLAND — 1.6%
Sampo Oyj — A Shares2		3,314,727		80,812,283
FRANCE — 7.0%
Air Liquide S.A.		1,808,242		43,198,901
AXA S.A.		2,708,330		64,133,254
Dassault Systemes S.A.2		839,500		47,844,153
Groupe Danone2		646,762		39,680,009
LVMH Moet Hennessy Louis Vuitton S.A.2		512,746		57,539,959
Technip S.A.		697,565		49,003,941
Total S.A.		728,492		46,652,628
				348,052,845
GERMANY — 8.4%
Adidas A.G.		2,149,033		58,346,246
Allianz S.E.		5,684,665		70,774,079
Bayer A.G.		498,031		39,742,874
Fresenius Medical Care A.G. & Co. KGaA		908,300		48,148,983
Henkel A.G. & Co. KGaA		963,800		49,924,840
Muenchener Rueckversicherungs A.G.		3,063,956		47,491,318
SAP A.G.		967,980		45,311,144
Siemens A.G.		638,235		58,526,149
				418,265,633
GREECE — 1.3%
Coca Cola Hellenic Bottling Co., S.A.2		2,913,812		66,382,239
HONG KONG — 0.6%
CLP Holdings Ltd.		4,659,280		31,450,140
HUNGARY — 1.5%
Magyar Telekom Telecommunications PLC		1,349,370		25,772,967
MOL Hungarian Oil and Gas NyRt.*		1,042,974		47,069,000
				72,841,967
INDIA — 1.3%
Infosys Technologies Ltd.		1,164,564		64,365,452
IRELAND — 0.9%
Ryanair Holdings PLC*		1,621,841		43,497,776
ISRAEL — 1.5%
Teva Pharmaceutical Industries Ltd.		1,294,311		72,714,392
ITALY — 1.9%
Luxottica Group S.p.A.		1,753,530		45,030,651
Saipem S.p.A.2		1,473,918		50,907,055
				95,937,706
JAPAN — 10.6%
Asahi Breweries Ltd.2		2,299,280		42,364,800
Canon, Inc.		1,527,430		64,640,838
Fanuc Ltd.2		568,430		53,001,586
Honda Motor Co., Ltd.		1,642,805		55,691,089
Japan Tobacco, Inc.2		7,526		25,422,411
Komatsu Ltd.		743,102		62,086,172
Kubota Corp.		1,035,000		47,734,200
Nidec Corp.		3,037,650		70,503,856
NTT DoCoMo, Inc.		2,119,000		29,623,620
Terumo Corp.2		1,246,439		75,155,049
				526,223,621
LUXEMBOURG — 0.8%
Millicom International Cellular S.A.2		535,801		39,526,040
MEXICO — 2.3%
Grupo Televisa S.A.		3,239,043		67,242,533
Wal-Mart de Mexico S.A.B. de C.V.		1,041,480		46,814,526
				114,057,059
NETHERLANDS — 0.6%
Koninklijke Ahold N.V.		2,400,489		31,806,479
NORWAY — 0.9%
Tandberg ASA2		1,499,100		42,731,045
SINGAPORE — 1.8%
United Overseas Bank Ltd.		3,232,313		90,310,825
SOUTH KOREA — 1.9%
POSCO		491,044		64,375,869
Shinsegae Co., Ltd.*2		60,300		27,851,878
				92,227,747

(Continued on next page)

DECEMBER 31, 2009

21

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

INTERNATIONAL FUND (Continued)

	Shares		Value
SPAIN — 4.7%
Banco Bilbao Vizcaya Argentaria S.A.		3,914,354	$	70,614,946
Banco Bilbao Vizcaya Argentaria S.A.2		178,500		3,255,819
Iberdrola S.A.		758,648		28,714,827
Inditex S.A.2		1,050,370		65,651,742
Telefonica S.A.		762,848		63,713,065
				231,950,399
SWEDEN — 5.0%
Hennes & Mauritz A.B. — B Shares2		1,206,830		67,039,059
Sandvik A.B.		4,362,730		52,701,779
SKF A.B.		2,819,825		48,500,990
Svenska Cellulosa A.B. — B Shares2		2,371,020		31,676,550
Telefonaktiebolaget LM Ericsson		5,029,675		46,222,713
				246,141,091
SWITZERLAND — 8.7%
ABB Ltd.*		3,432,310		65,557,121
Adecco S.A.		1,232,754		34,085,648
Givaudan S.A.2		49,900		39,953,349
Lonza Group A.G.2		289,270		20,394,486
Nestle S.A.		1,005,975		48,638,891
Nobel Biocare Holding A.G.2		664,200		22,274,729
Roche Holding A.G.		834,000		35,194,800
Sonova Holding A.G.2		382,700		46,393,250
Swiss Reinsurance		1,354,261		65,261,838
Syngenta A.G.		920,968		51,822,869
				429,576,981
TAIWAN — 2.0%
HON HAI Precision Industry Co., Ltd.2		8,077,655		37,776,403
Taiwan Semiconductor Manufacturing Co., Ltd.		5,455,205		62,407,545
				100,183,948
UNITED KINGDOM — 11.1%
BG Group PLC		551,659		49,925,139
BP PLC		889,307		51,553,127
British American Tobacco PLC		691,700		44,725,322
HSBC Holdings PLC		1,488,807		84,995,992
Prudential PLC		4,374,733		89,200,806
Reckitt Benckiser Group PLC2		849,720		45,981,885
Sage Group PLC2		15,588,828		55,186,414
Standard Chartered PLC2		1,803,195		45,509,928
Tesco PLC		2,257,200		46,430,604
Vodafone Group PLC		1,518,066		35,052,144
				548,561,361
UNITED STATES — 4.2%
Aflac, Inc.2		1,723,934		79,731,947
Mettler-Toledo International, Inc.*2		763,190		80,127,318
Synthes, Inc.2		353,858		46,415,915
				206,275,180
TOTAL COMMON STOCKS (ADR’S)
(Cost $3,856,401,934) — 96.5%				4,784,820,089
	Principal Amount			Value
SHORT-TERM INVESTMENTS — 2.4%
U.S. GOVERNMENT AND AGENCIES
Federal Agricultural Mortgage Corp.
0.010%, 01/04/10	$	9,560,000		9,559,992
Federal Farm Credit Bank
0.010%, 01/04/10		28,682,000		28,681,976
Federal Home Loan Bank
0.000%, 01/04/10		72,475,000		72,474,994
Federal National Mortgage Association
0.000%, 01/05/10		10,550,000		10,549,999
TOTAL SHORT-TERM INVESTMENTS
(Cost $121,266,961) — 2.4%				121,266,961
TOTAL INVESTMENTS
(Cost $3,977,668,895) — 98.9%				4,906,087,050
Other assets less liabilities — 1.1%				52,986,711
TOTAL NET ASSETS —100.0%
(equivalent to $29.14 per share;
unlimited shares of $1.00 par value
capital shares authorized;
170,167,621 shares outstanding)			$	4,959,073,761

ADR — American Depositary Receipt

PLC — Public Limited Company

* Non-income producing security

2 Non ADR

See accompanying Notes to Financial Statements.

SCOUT FUNDS SEMIANNUAL REPORT

22

International Discovery Fund

OBJECTIVE(Unaudited)

The Scout International Discovery Fund seeks long-term growth of capital by investing in equity securities of smaller and mid-sized companies that are either located outside the United States or whose primary business is carried on outside of the United States.

In spite of a consolidation phase in equity markets during the last quarter of 2009, the second half of the year turned in a better performance than the first half. For the most part, with interest rates remaining low, economic indicators improving and fiscal stimulus still playing a large role, most indices continued their upward movement. The MSCI EAFE SMID Index posted a return of more than 20% in the second half of the year, compared to 15.7% during the first half.

Data piled up during the middle of the year showing that the major economies were pulling out of recession. House prices in the U.S. showed some improvement, the ISM Index of Non-Manufacturing business expanded and both Germany and France reported they had experienced positive GDP (Gross Domestic Product) growth during the second quarter. Germany also conducted a general election in which Angela Merkel was returned to power in a coalition while, on the other side of the globe, Japan voted a new party into power in August. It remains to be seen how Yukio Hatoyama’s Democratic Party of Japan settles into its new role. Already there has been disruption in the finance ministry with the recent resignation of Hirohisa Fujii who was replaced by Naoto Kan, the deputy prime minister.

After a short respite at the beginning of July, markets took off again until the middle of October at which point they leveled out for the remainder of the year. Some central banks began to tighten during the second half, including Australia and India, and investors paused to take a breath after the dramatic equity performance between March and October. Towards the end of the year, the debt specter came back to haunt investors, but this time it was government finances that were of concern rather than personal ones. The newly-elected government in Greece raised deficit projections to almost double what they had been. The Greek bond market collapsed and the event sowed seeds of doubt in investor minds as they worried about what the fallout might be if the same happened to a larger peripheral country like Spain. After appreciating versus the U.S. dollar between March and November, the Euro dropped 4.5% in December. The performance of emerging markets has been a counter balance to the bad news emanating from some quarters. The BRIC countries (Brazil, Russia, India and China) provided remarkable returns for the past year with Brazil alone returning almost 150% in U.S. dollar terms, partly because of the strong appreciation of the real. This positive performance should come as no major surprise as strong growth in China (as engineered by central government spending) is a boon for this resource-rich economic force in South America.

The Scout International Discovery Fund outperformed the MSCI EAFE SMID Index by a narrow 5 basis points during the half year. The outperformance was broad based with only Industrials and any cash balance providing negative relative returns. Two of the best relative performing stocks were Mount Gibson Iron Ltd. (an Australian iron ore producer) which benefitted from the boom in China and Koninklijke Vopak N.V. (a Dutch tank terminal operator) which has been operating its business at nearly full capacity. The major culprits on the down side were Ryanair Holdings PLC (the low-cost airline) and Irish Life & Permanent PLC (an Irish financial services provider). Ryanair Holdings PLC suffered from poorer than expected yields and the collapse in the Boeing aircraft purchase talks that many felt could be the key to their longer term growth. U.S. growth investors unloaded the stock and the ADR fared worse than the local share as the premium dropped from an average of approximately 20% during much of the year to around 10% by the end of the year. However, Ryanair Holdings PLC now has the youngest fleet in the industry and little need for capital expansion. Combined with increasing fares, particularly on newer routes, this should allow for a large return of cash to shareholders in the medium term. Irish Life & Permanent PLC suffered from a general derating of the Irish financials sector in light of doubts about the Irish economy and an almost 500% performance of the ISEQ Financials Index in the middle half of the year.

From a country perspective, the Fund’s best relative performance came from its underweight in Japan which posted negative returns for the second half while the Fund’s underweight in the UK was the worst drag on relative performance, although not by a large amount.

Recently, we have witnessed China becoming more stringent in its lending practices by withdrawing some of the financial stimulus it had fed into the economy. This is a concern given that a lot of the growth we have seen in markets generally has come from improving emerging countries. In the west, companies will probably be faced with anemic economic growth hampered by a stubbornly high unemployment rate. Overall, even though the economic picture is better than a year ago, the first year of the new decade is likely to produce tepid returns far below those that we saw in the bounce back of the prior year.1

On behalf of the entire management team, thank you for your continued support of the Scout International Discovery Fund and the Scout Funds family.

James L. Moffett, CFA

Michael D. Stack, CFA

Scout Investment Advisors, Inc.

Due to the limited focus of this Fund, it 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.

Foreign investments present additional risks due to currency fluctuations, economic and political factors, government regulations, differences in accounting standards and other factors. Investments in emerging markets involve even greater risks.

1 Portfolio composition will change due to ongoing management of the Fund. References to specific securities, sectors or countries should not be construed as a recommendation by the Fund, its Advisor or Distributor. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned in this letter.

DECEMBER 31, 2009

23

Hypothetical Growth of $10,000 (Unaudited)

Performance returns for the Scout International Discovery Fund, MSCI EAFE SMID Index-U.S. Dollars and Lipper International Small/Mid-Cap Core Funds Index assume dividends were reinvested for the entire period.

For illustrative purposes only; may not represent your returns.

2 Unmanaged index of stocks, bonds, mutual funds or commodities. It is not possible to invest directly in an index. The Morgan Stanley Capital International Europe, Australasia, Far East Small/Mid-Cap Core Fund Index (MSCI EAFE SMID) is a free float-adjusted market capitalization index that is designed to measure the equity of the Mid and Small Cap market performance of developed markets, excluding the U.S. & Canada. The Lipper International Small/Mid-Cap Core Funds Index invests in Funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) less than the 250th largest.

Country Diversification1(Unaudited)

Based on total net assets as of December 31, 2009. Subject to change.

1 Portfolio composition will change due to ongoing management of the Fund. References to specific securities, sectors or countries should not be construed as a recommendation by the Fund, its Advisor or Distributor. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned above.

SCOUT FUNDS SEMIANNUAL REPORT

24

COMPARATIVE RATES OF RETURN (Unaudited)

Scout International Discovery Fund (UMBDX)

as of December 31, 2009

	1 Year			Since Inception
Scout International Discovery Fund		31.83	%		-7.22	%
MSCI EAFE SMID Index-U.S. Dollars (net)1		39.24	%		-12.98	%
Lipper International Small/Mid-Cap Core Funds Index1		46.47	%		-8.81	%

Inception – December 31, 2007.

Returns for periods greater than one year are compounded average annual rates of return.

The performance data quoted represents past performance and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 800-996-2862. As of June 30, 2009, gross expenses for the Fund were 3.29% (as disclosed in the most recent Prospectus) compared to the December 31, 2009 gross expense ratio of 2.04%.

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

The performance returns for the Fund reflect a fee waiver in effect.  In absence of such waiver, the returns would be reduced.

Scout Investment Advisors, Inc. has entered into an agreement to limit the fees and/or make expense payments through October 31, 2010 so that actual total annual fund operating expenses of the Scout International Discovery Fund does not exceed 1.60%.

The performance shown in the above table and in the graph on the preceding page does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

1 Unmanaged index of stocks, bonds or mutual funds. It is not possible to invest directly in an index.

HISTORICAL PER-SHARE RECORD (Unaudited)

Scout International Discovery Fund (UMBDX)

	Net Asset Value		Income & Short-Term2 Gains Distribution		Long-Term2 Gains Distribution		Cumulative3 Value Per Share Plus Distributions
12/31/07	$	10.00	$	—	$	—	$	10.00
12/31/08		6.39		0.16		—		6.55
12/31/09		8.36		0.05		—		8.57

2 Represents distributions for the respective 12-month or 6-month period ended.

3 Does not assume any compounding of reinvested distributions.

Table shows calendar-year distributions and net asset values; may differ from fiscal-year annual reports.

FUND DIVERSIFICATION4(Unaudited)

Scout International Discovery Fund (UMBDX)

Based on total net assets as of December 31, 2009. Subject to change.

TOP TEN EQUITY HOLDINGS4(Unaudited)

Scout International Discovery Fund (UMBDX)

	Market Value (000’s)		Percent of Total
United Overseas Bank Ltd.	$	703		2.5	%
Wing Hang Bank Ltd.		658		2.4	%
Banco Santander Chile		599		2.2	%
Japan Smaller Capitalization Fund, Inc. CEF		576		2.1	%
Ryanair Holdings PLC		563		2.0	%
Sampo Oyj – A Shares		541		2.0	%
Koninklijke Vopak N.V.		528		1.9	%
SPDR Russell/Nomura Small Cap Japan ETF		515		1.9	%
Bijou Brigitte A.G.		506		1.8	%
Nidec Corp.		505		1.8	%
Top Ten Equity Holdings Total	$	5,694		20.6	%

Based on total net assets as of December 31, 2009. Subject to change.

4 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. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned above.

DECEMBER 31, 2009

25

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

INTERNATIONAL DISCOVERY FUND

	Shares		Value
COMMON STOCKS (ADR’S) — 92.2%
AUSTRALIA — 2.3%
Ansell Ltd.2		22,300	$	217,926
Mount Gibson Iron Ltd.*2		290,800		429,099
				647,025
BRAZIL — 1.1%
Empresa Brasileira de Aeronautica S.A.		13,650		301,801
CANADA — 4.5%
Agnico-Eagle Mines Ltd.2		2,570		138,780
Canadian Pacific Railway Ltd.2		6,150		332,100
Home Capital Group, Inc.2		10,500		419,139
Shoppers Drug Mart Corp.2		8,400		363,834
				1,253,853
CHILE — 5.1%
Banco Santander Chile		9,250		599,215
Empresa Nacional de Electricidad S.A.		3,520		176,950
Sociedad Quimica y Minera de Chile S.A.		10,200		383,214
Vina Concha y Toro S.A.		6,050		251,741
				1,411,120
FINLAND — 2.0%
Sampo Oyj — A Shares2		22,200		541,231
FRANCE — 6.5%
Cie Generale d’Optique Essilor
International S.A.2		2,950		176,588
Dassault Systemes S.A.		5,250		300,038
Gemalto N.V.*2		7,400		322,194
Neopost S.A.2		4,250		351,062
SEB S.A.2		5,650		320,777
Technip S.A.		4,700		330,175
				1,800,834
GERMANY — 9.0%
Adidas A.G.		14,300		388,245
Bijou Brigitte A.G.2		3,000		505,817
Fresenius S.E.2		3,950		282,594
Morphosys A.G.*2		5,250		127,016
Pfeiffer Vacuum Technology A.G.2		3,975		334,491
Rational A.G.2		2,000		340,399
Tognum A.G.2		13,800		228,428
Wirecard A.G.2		20,050		276,883
				2,483,873
GREECE — 1.1%
Coca Cola Hellenic Bottling Co., S.A.		12,650		291,203
HONG KONG — 2.4%
Wing Hang Bank Ltd.		35,200		658,236
HUNGARY — 1.8%
Magyar Telekom Telecommunications PLC		10,900		208,190
MOL Hungarian Oil and Gas NyRt.*		6,450		291,086
				499,276
IRELAND — 3.7%
Irish Life & Permanent PLC*2		95,500		448,918
Ryanair Holdings PLC*		21,000		563,220
				1,012,138
ISRAEL — 0.4%
Israel Chemicals Ltd.2		8,800		115,531
ITALY — 3.7%
Benetton Group S.p.A.		15,515		276,633
Finmeccanica S.p.A.2		20,500		328,488
Luxottica Group S.p.A.		16,600		426,288
				1,031,409
JAPAN — 12.4%
Asahi Breweries Ltd.2		16,900		311,387
Japan Smaller Capitalization Fund, Inc. CEF2		78,700		576,084
Nidec Corp.		21,750		504,817
SECOM Co., Ltd.2		4,200		199,576
SMC Corp.2		3,255		371,822
SPDR Russell/Nomura Small Cap Japan ETF2		13,850		515,220
Suzuki Motor Corp.2		11,150		274,709
Sysmex Corp.2		5,400		282,471
Toshiba Machine Co., Ltd.2		48,000		184,114
Yamada Denki Co., Ltd.2		3,000		202,472
				3,422,672
LUXEMBOURG — 1.4%
Millicom International Cellular S.A.2		5,200		383,604
NETHERLANDS — 2.4%
Koninklijke Vopak N.V.*2		6,650		527,473
Randstad Holding N.V.*2		2,650		131,965
				659,438
NORWAY — 1.8%
Tandberg ASA2		9,280		264,521
Yara International ASA		5,000		227,750
				492,271
POLAND — 1.0%
Central European Distribution Corp.*2		9,400		267,054
PORTUGAL — 1.2%
Galp Energia SGPS S.A.2		19,580		338,476
SINGAPORE — 3.5%
Flextronics International Ltd.*2		36,745		268,606
United Overseas Bank Ltd.		25,150		702,691
				971,297
SOUTH AFRICA — 1.2%
Naspers Ltd. — N Shares2		7,850		318,390
SOUTH KOREA — 1.7%
LG Household & Health Care Ltd.*2		1,150		287,708
Yuhan Corp.*2		1,260		192,602
				480,310

SCOUT FUNDS SEMIANNUAL REPORT

26

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

INTERNATIONAL DISCOVERY FUND(Continued)

	Shares		Value
SWEDEN — 1.4%
Svenska Cellulosa A.B.		29,350	$	395,638
SWITZERLAND — 9.2%
Acino Holding A.G.2		635		98,962
Givaudan S.A.2		485		388,324
Lindt & Spruengli A.G.2		13		319,454
Nobel Biocare Holding A.G.2		7,140		239,448
Schindler Holding A.G.2		4,150		317,966
SGS S.A.		31,600		412,064
Swiss Life Holding A.G.*2		3,150		401,047
Temenos Group A.G.*2		13,450		346,809
				2,524,074
TAIWAN — 0.7%
Siliconware Precision Industries Co.		29,000		203,290
UNITED KINGDOM — 9.0%
AMEC PLC2		21,300		271,290
Capita Group PLC2		31,750		383,789
Informa PLC2		68,800		353,587
Marks & Spencer Group PLC		26,000		338,000
Premier Oil PLC*2		14,200		252,191
Sage Group PLC		21,000		303,240
Shire PLC		1,620		95,094
Willis Group Holdings Ltd.2		17,850		470,883
				2,468,074
UNITED STATES — 1.7%
Mettler-Toledo International, Inc.*2		2,985		313,395
Synthes, Inc.2		1,150		150,847
				464,242
TOTAL COMMON STOCKS (ADR’S)
(Cost $24,317,449) — 92.2%				25,436,360
	Principal Amount		Value
SHORT-TERM INVESTMENTS — 6.9%
U.S. GOVERNMENT AND AGENCIES
Federal Agricultural Mortgage Corp.
0.010%, 01/04/10	$	123,000		123,000
Federal Farm Credit Bank
0.010%, 01/04/10		370,000		369,999
Federal Home Loan Bank
0.000%, 01/04/10		1,403,000		1,403,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,895,999) — 6.9%				1,895,999
TOTAL INVESTMENTS
(Cost $26,213,448) — 99.1%				27,332,359
Other assets less liabilities — 0.9%				255,772
TOTAL NET ASSETS —100.0%
(equivalent to $8.36 per share;
unlimited shares of $1.00 par value
capital shares authorized;
3,299,158 shares outstanding)			$	27,588,131

ADR — American Depositary Receipt

CEF — Closed End Fund

ETF — Exchange Traded Fund

PLC — Public Limited Company

* Non-income producing security

2 Non ADR

See accompanying Notes to Financial Statements.

DECEMBER 31, 2009

27

Bond Fund

OBJECTIVE(Unaudited)

The Scout Bond Fund seeks maximum current income consistent with quality and maturity standards by investing in a diversified portfolio of fixed-income obligations.

The second half of 2009 began with an unexpectedly large drop in nonfarm payrolls and growing concerns over the prospects of trillion dollar budget deficits. On the political front, August “town hall” meetings began to cast some doubt on the passage of health care reform and other plans for large scale increases in government programs, resulting in rallies for both the bond and stock markets. While there were signs the economy was recovering, market participants seemed to be divided as to the trajectory and the risks that remained. In one camp were those that believed the various stimulative measures should be withdrawn sooner rather than later to avoid sowing the seeds of inflation. In the other camp were those worried removing those measures too soon might cause the nascent economic recovery to slide back into recession or worse.

Long-term interest rates ended near the high levels for the year (but remained below pre-financial crisis levels) as signs of stronger economic growth fueled inflation fears. Notwithstanding concern over its “exit strategy”, the Federal Reserve reiterated its intention to keep short-term interest rates at “exceptionally low levels…for an extended period.” With the worst of the financial crisis having passed, the dollar resumed its slide towards its 2008 multi-year lows but then ended the year higher on expectations of stronger U.S. economic growth. Meanwhile, concerns over sovereign debt and Dubai World’s debt standstill announcement at the end of November served as a reminder that global deleveraging continues. While most market participants expect growth to continue in 2010, the question remains: will real final demand return to the economy and how robust will it be? Much depends on the ability of the U.S. economy to create jobs as the recovery unfolds.

The Scout Bond Fund underperformed its benchmark, the Barclay’s Capital 1-5 Year Government/Credit Index, for the six months ended December 31, 2009. While the Fund was overweight in the percentage of corporate bonds held, it maintained its focus on high-quality corporate bonds. This resulted in the Fund’s underperformance relative to the benchmark as low quality continued to outperform high quality during the second half as spreads continued to narrow from extreme spread levels reached during the financial crisis. Specifically, the Fund’s conservative investment philosophy and high quality focus precluded investment in many of the most distressed financial names that were at the center of the financial crisis less than a year earlier. For the calendar year ending December 31, 2009, the Fund outperformed its benchmark by 35 basis points.

Even though risk premiums on corporate bonds steadily decreased from their March peak throughout most of 2009, we believe the corporate bond sector still provides attractive relative value in selected credits entering 2010. Bullet agency and mortgage-backed spreads benefitted from the government purchase program of those assets in 2009; we are not likely to continue to see the spread narrowing in 2010. However, in the current market environment, we find callable agencies to be an attractive alternative.

As we begin 2010, all eyes are focused on what lies ahead for the economy and markets in the next twelve months and beyond. The next few months should provide much needed clarity in terms of consumers’ attitudes towards spending (or savings), the level of real final demand in the U.S. economy (or lack thereof), the extent of recovery (or further deterioration) of the housing and real estate markets, as well as the near-term fate of the U.S. dollar. While it appears the worst of the overall economic weakness we experienced in 2008 and 2009 is now behind us, we believe the way the U.S. economy functions will be different going forward when compared to the past. All one has to do is to look at the wide range of economic forecasts as evidence of the divergent views regarding future direction of the U.S. economy to understand the source of today’s market uncertainty and volatility. We will be especially mindful of the increasing risk of higher rates as the economy recovers and will maintain the focus on safety of principal and liquidity. Thank you for selecting the Scout Bond Fund as part of your investment portfolio.

Bruce C. Fernandez, CFA

Michael J. Heimlich, CFA

Scout Investment Advisors, Inc.

Hypothetical Growth of $10,000 (Unaudited)

Performance returns for the Scout Bond Fund, Barclay’s Capital 1-5 Year Gov’t./Credit Index and Lipper Short/Intermediate Inv. Grade Debt Funds Index assume dividends were reinvested for the entire period.

For illustrative purposes only; may not represent your returns.

1 Unmanaged index of stocks, bonds, mutual funds or commodities. It is not possible to invest directly in an index. The Barclay’s Capital 1-5 Year Government/Credit Index is a market value weighted performance benchmark for government and corporate fixed rate issues with maturities between one and five years. The Lipper Short/Intermediate Investment Grade Debt Funds Index is an unmanaged index consisting of 30 mutual funds that invest at least 65% of assets in investment-grade issues with dollar weighted average maturities of five to ten years.

SCOUT FUNDS SEMIANNUAL REPORT

28

COMPARATIVE RATES OF RETURN (Unaudited)

Scout Bond Fund (UMBBX)

as of December 31, 2009

	1 Year			3 Years			5 Years			10 Years
Scout Bond Fund		4.98	%		5.35	%		4.10	%		5.20	%
Barclay’s Capital 1-5 Year
Govt./Credit Index1		4.62	%		5.66	%		4.52	%		5.36	%
Lipper Short/Intermediate Inv.
Grade Debt Funds Index1		11.73	%		4.71	%		3.90	%		4.96	%

Returns for periods greater than one year are compounded average annual rates of return.

The performance data quoted represents past performance and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 800-996-2862. The returns for periods prior to April 1, 2005 do not reflect the fees and expenses in effect as of April 1, 2005. If the new fees and expenses and the Advisor’s agreement to limit total Fund expenses were in effect for the periods shown, returns would have been lower. As of June 30, 2009, gross expenses for the Fund were 0.71% (as disclosed in the most recent Prospectus) compared to the December 31, 2009 gross expense ratio of 0.70%.

The performance returns for the Fund reflect a fee waiver in effect. In the absence of such a waiver, the returns would be reduced.

Scout Investment Advisors, Inc. has entered into an agreement to limit the fees and/or make expense payments through October 31, 2010 so that actual total annual fund operating expenses of the Scout Bond Fund does not exceed 0.57%.

The performance shown in the above table and in the graph on the preceding page does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

1 Unmanaged index of stocks, bonds or mutual funds. It is not possible to invest directly in an index.

HISTORICAL PER-SHARE RECORD (Unaudited)

Scout Bond Fund (UMBBX)

	Net Asset Value		Income & Short-Term2 Gains Distribution		Long-Term2 Gains Distribution		Cumulative3 Value Per Share Plus Distributions
12/31/05	$	10.91	$	0.41	$	—	$	27.11
12/31/06		10.86		0.43		—		27.49
12/31/07		11.02		0.45		—		28.10
12/31/08		11.22		0.38		—		28.68
12/31/09		11.45		0.32		—		29.23

2 Represents distributions for the respective 12-month or 6-month period ended.

3 Does not assume any compounding of reinvested distributions.

Table shows calendar-year distributions and net asset values; may differ from fiscal-year annual reports.

FUND DIVERSIFICATION4(Unaudited)

Scout Bond Fund (UMBBX)

Based on total net assets as of December 31, 2009. Subject to change.

Taxable Yield Curves

Source: Bloomberg, L.P.

4 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. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned above.

DECEMBER 31, 2009

29

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

BOND FUND

	Principal
	Amount		Value
COMMERCIAL PAPER — 0.6%
Northern Illinois Gas Co.
0.051%, 01/04/10	$	871,000	$	870,996
TOTAL COMMERCIAL PAPER
(Cost $870,996) — 0.6%				870,996
CORPORATE BONDS — 39.6%
Alabama Power Co.
5.800%, 11/15/134		1,000,000		1,096,745
Anheuser-Busch Cos., Inc.
5.750%, 04/01/104		750,000		759,463
4.700%, 04/15/124		1,000,000		1,043,463
AT&T, Inc.
6.250%, 03/15/114		2,000,000		2,118,562
Bank of New York Mellon Corp.
4.500%, 04/01/13		1,000,000		1,056,817
Berkshire Hathaway Finance Corp.
4.200%, 12/15/104		1,000,000		1,035,521
BHP Billiton Finance USA Ltd.
5.500%, 04/01/14		1,500,000		1,646,811
Boeing Co.
3.500%, 02/15/154		500,000		501,989
BP Capital Markets PLC
3.625%, 05/08/144		2,000,000		2,048,056
Caterpillar, Inc.
7.000%, 12/15/134		1,000,000		1,157,442
Chevron Corp.
3.450%, 03/03/124		700,000		727,902
Cisco Systems, Inc.
5.250%, 02/22/114		1,000,000		1,049,617
2.900%, 11/17/144		200,000		199,861
CME Group, Inc.
5.400%, 08/01/134		1,000,000		1,080,094
ConocoPhillips
4.600%, 01/15/154		1,500,000		1,594,773
Duke Energy Carolinas, LLC
5.750%, 11/15/134		1,650,000		1,806,653
General Dynamics Corp.
1.800%, 07/15/114		250,000		252,877
General Electric Capital Corp.
6.875%, 11/15/10		1,500,000		1,581,543
General Mills, Inc.
5.650%, 09/10/124		500,000		544,279
Hewlett-Packard Co.
4.500%, 03/01/134		2,000,000		2,121,888
Home Depot, Inc.
5.200%, 03/01/114		1,000,000		1,037,977
5.250%, 12/16/134		655,000		701,841
International Business Machines Corp.
7.500%, 06/15/13		500,000		579,875
6.500%, 10/15/134		2,000,000		2,287,460
John Deere Capital Corp.
5.350%, 01/17/12		500,000		534,590
5.250%, 10/01/12		1,000,000		1,080,629
JPMorgan Chase & Co.
4.650%, 06/01/14		2,500,000		2,636,217
Kellogg Co.
4.250%, 03/06/134		1,000,000		1,049,082
Kroger Co.
3.900%, 10/01/154		500,000		503,371
Merck & Co., Inc.
4.000%, 06/30/154		275,000		287,134
Morgan Stanley
6.000%, 05/13/14		1,000,000		1,076,234
Niagara Mohawk Power Corp.
3.553%, 10/01/143, 4		1,500,000		1,497,025
PepsiCo, Inc.
3.750%, 03/01/144		2,000,000		2,068,780
Praxair, Inc.
1.750%, 11/15/124		500,000		495,511
Procter & Gamble International Funding
Svenska Cellulosa Aktiebolaget
1.350%, 08/26/114		1,000,000		1,005,548
Roche Holdings, Inc.
5.000%, 03/01/143, 4		2,000,000		2,141,686
Thermo Fisher Scientific, Inc.
2.150%, 12/28/123, 4		1,500,000		1,480,350
U.S. Bancorp
4.200%, 05/15/14		1,500,000		1,558,609
Verizon Virginia, Inc.
4.625%, 03/15/134		3,000,000		3,117,687
Wachovia Corp.
4.375%, 06/01/10		1,000,000		1,016,533
Wal-Mart Stores, Inc.
5.000%, 04/05/12		2,000,000		2,152,620
Wells Fargo & Co.
3.750%, 10/01/14		1,000,000		998,127
TOTAL CORPORATE BONDS
(Cost $50,364,609) — 39.6%				52,731,242
U.S. GOVERNMENT AND AGENCIES — 58.7%
FDIC: TEMPORARY LIQUIDITY GUARANTEE
PROGRAM — 4.6%
Bank of America Corp.
3.125%, 06/15/12		3,000,000		3,110,421
John Deere Capital Corp.
2.875%, 06/19/12		1,500,000		1,546,629
Wells Fargo & Co.
2.125%, 06/15/12		1,500,000		1,518,344
TOTAL FDIC: TEMPORARY LIQUIDITY
GUARANTEE PROGRAM				6,175,394
FEDERAL FARM CREDIT BANK — 6.5%
4.700%, 10/20/10		2,875,000		2,969,780
4.875%, 02/18/11		2,000,000		2,093,982
5.000%, 09/04/13		1,000,000		1,096,563
2.625%, 04/17/14		2,000,000		1,995,608
4.350%, 04/14/154		500,000		504,082
TOTAL FEDERAL FARM CREDIT BANK				8,660,015
FEDERAL HOME LOAN BANK — 5.1%
1.625%, 07/27/11		2,000,000		2,019,900
2.000%, 07/27/124		1,500,000		1,503,090
4.500%, 11/15/12		2,000,000		2,147,288
3.750%, 06/14/13		1,000,000		1,052,261
TOTAL FEDERAL HOME LOAN BANK				6,722,539

SCOUT FUNDS SEMIANNUAL REPORT

30

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

BOND FUND (Continued)

	Principal Amount		Value
FEDERAL HOME LOAN MORTGAGE
CORPORATION — 9.3%
4.000%, 07/01/10	$	1,333,698	$	1,348,097
3.500%, 09/01/10		521,142		524,953
1.700%, 06/29/114		2,000,000		2,011,692
2.400%, 02/17/124		1,000,000		1,002,257
2.450%, 02/17/124		1,000,000		1,002,112
2.125%, 03/23/12		1,000,000		1,015,875
2.050%, 05/11/124		2,000,000		2,005,454
2.350%, 08/27/124		1,500,000		1,510,404
3.500%, 08/18/144		2,000,000		2,016,344
TOTAL FEDERAL HOME LOAN
MORTGAGE CORPORATION				12,437,188
FEDERAL NATIONAL MORTGAGE
ASSOCIATION — 8.3%
4.800%, 04/25/10		2,618,825		2,648,389
1.750%, 03/23/11		1,000,000		1,012,526
5.375%, 11/15/11		1,300,000		1,402,012
1.250%, 12/30/114		2,000,000		1,991,238
2.000%, 09/28/124		2,000,000		1,997,718
3.250%, 11/17/144		2,000,000		1,989,858
TOTAL FEDERAL NATIONAL MORTGAGE
ASSOCIATION				11,041,741
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION — 9.6%
6.500%, 10/15/11		4,240		4,403
6.000%, 02/20/13		6,178		6,510
6.000%, 03/15/13		1,699		1,820
6.000%, 06/15/13		4,079		4,369
5.500%, 04/20/16		89,836		95,652
7.000%, 07/20/16		15,140		16,334
6.000%, 08/15/16		76,663		82,254
6.000%, 08/15/16		61,963		66,482
5.500%, 09/20/16		211,911		225,631
5.500%, 11/15/16		352,658		376,603
5.500%, 12/20/16		3,058		3,256
5.500%, 01/15/17		238,407		254,566
6.000%, 02/15/17		8,668		9,305
5.500%, 05/20/17		234,988		250,463
5.500%, 08/15/17		247,206		263,961
5.500%, 08/15/17		184,629		197,143
5.500%, 10/15/17		377,612		403,206
5.500%, 10/20/17		201,231		214,484
5.500%, 11/15/17		293,246		313,122
5.500%, 11/15/17		9,833		10,500
5.000%, 03/15/18		13,190		13,948
5.000%, 04/16/184		939,937		994,875
5.000%, 04/20/18		711,686		750,781
5.500%, 07/20/18		279,170		297,488
4.500%, 08/15/18		8,114		8,488
5.500%, 10/20/18		189,942		202,404
5.000%, 11/15/18		7,390		7,815
5.500%, 06/20/19		378,796		402,963
5.000%, 09/15/19		8,255		8,721
5.500%, 10/20/19		204,377		217,416
5.500%, 11/20/19		486,587		517,630
5.297%, 11/16/354, 5		3,500,000		3,648,701
5.346%, 07/16/364, 5		2,700,000		2,844,418
TOTAL GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION				12,715,712
SMALL BUSINESS ADMINISTRATION — 0.0%
8.800%, 01/01/10		397		397
9.450%, 02/01/10		257		258
TOTAL SMALL BUSINESS ADMINISTRATION				655
U.S. TREASURY SECURITIES — 15.3%
0.875%, 04/30/11		1,000,000		1,001,641
0.875%, 05/31/11		2,000,000		2,003,048
1.750%, 11/15/11		1,500,000		1,519,395
1.375%, 03/15/12		4,000,000		4,010,316
1.375%, 04/15/12		5,000,000		5,006,255
2.750%, 02/28/13		3,500,000		3,607,191
1.875%, 02/28/14		3,300,000		3,246,636
TOTAL U.S. TREASURY SECURITIES				20,394,482
TOTAL U.S. GOVERNMENT AND AGENCIES
(Cost $76,698,280) — 58.7%				78,147,726
TOTAL INVESTMENTS
(Cost $127,933,885) — 98.9%				131,749,964
Other assets less liabilities — 1.1%				1,433,831
TOTAL NET ASSETS —100.0%
(equivalent to $11.45 per share;
unlimited shares of $1.00 par value
capital shares authorized;
11,629,402 shares outstanding)			$	133,183,795

LLC — Limited Liability Company

PLC — Public Limited Company

3 144A Restricted Security

4 Callable

5 Variable Rate Security

See accompanying Notes to Financial Statements.

DECEMBER 31, 2009

31

Money Market Fund – Federal Portfolio

Money Market Fund – Prime Portfolio

OBJECTIVE(Unaudited)

The Scout Money Market Fund – Federal Portfolio and Scout Money Market Fund – Prime Portfolio each seek maximum income consistent with safety of principal and liquidity by investing in high-quality, short-term debt obligations.

FUND DIVERSIFICATION1(Unaudited)

Scout Money Market Fund – Federal Portfolio (UMFXX)

Based on total net assets as of December 31, 2009. Subject to change.

Scout Money Market Fund – Prime Portfolio (UMPXX)

Based on total net assets as of December 31, 2009. Subject to change.

The Scout Money Market Fund – Prime Portfolio provided compounded average annual rates of return of 0.07%, 2.81% and 2.63% for the one-, five- and ten-year periods ended December 31, 2009. The Scout Money Market Fund – Federal Portfolio provided compounded average annual rates of return of 0.07%, 2.70% and 2.56% for the one- five- and ten-year periods ended December 31, 2009. The current seven day yields as of December 31, 2009, were 0.02% for each of the Prime Portfolio and Federal Portfolio. The current seven day yield quotations more closely reflect the current earnings of the money market funds than the average annual return quotations. The Lipper Money Market Fund Index showed an average annual return for the peer group of 0.24%, 2.90% and 2.69% for the one-, five- and ten-year periods ended December 31, 2009. The performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance information quoted here. To obtain performance information current to the most recent month-end and 7-day yield, please call 800-996-2862 or visit www.scoutfunds.com. Performance of the Service Class Shares of the Fund may be lower based on differences in expenses paid by the shareholders in the different classes.

The second half of 2009 began with an unexpectedly large drop in nonfarm payrolls and growing concerns over the prospects of trillion dollar budget deficits. On the political front, August “town hall” meetings began to cast some doubt on the passage of health care reform and other plans for large scale increases in government programs, resulting in rallies for both the bond and stock markets. While there were signs the economy was recovering, market participants seemed to be divided as to the trajectory and the risks that remained. In one camp were those that believed the various stimulative measures should be withdrawn sooner rather than later to avoid sowing the seeds of inflation. In the other camp were those worried removing those measures too soon might cause the nascent economic recovery to slide back into recession or worse.

Long-term interest rates ended near the high levels for the year (but remained below pre-financial crisis levels) as signs of stronger economic growth fueled inflation fears. Notwithstanding concern over its “exit strategy”, the Federal Reserve reiterated its intention to keep short-term interest rates at “exceptionally low levels…for an extended period.” With the worst of the financial crisis having passed, the dollar resumed its slide towards its 2008 multi-year lows but then ended the year higher on expectations of stronger U.S. economic growth. Meanwhile, concerns over sovereign debt and Dubai World’s debt standstill announcement at the end of November served as a reminder that global deleveraging continues. While most market participants expect growth to continue in 2010, the question remains: will real final demand return to the economy and how robust will it be? Much depends on the ability of the U.S. economy to create jobs as the recovery unfolds.

With short-term interest rates at near-zero levels, money market funds have also experienced record low yields over the past six months. It is likely money market fund yields will remain at recent levels until the Fed reverses its accommodative stance towards money policy. During this period of extraordinarily low short-term rates, we intend to maintain our focus on securities of the highest credit quality that we believe present minimal credit risk. As always, we do not intend to relax our conservative standards in order to “chase yield.” Thank you for your continued support of the Scout Funds.

Bruce C. Fernandez, CFA

Richard L. Talerico

Scout Investment Advisors, Inc.

1 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. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned above.

An investment in the Fund is not a deposit in UMB Bank, n.a. or its affiliates and is not insured or guaranteed by the Federal Deposit Insurance Corp. or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

SCOUT FUNDS SEMIANNUAL REPORT

32

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

MONEY MARKET FUND – FEDERAL PORTFOLIO

	Principal
	Amount		Value
U.S. GOVERNMENT AND AGENCIES — 100.3%
FEDERAL AGRICULTURAL MORTGAGE
CORPORATION — 14.5%
0.010%, 01/04/10	$	40,000,000	$	39,999,967
0.030%, 01/05/10		609,000		608,998
0.030%, 01/22/10		500,000		499,991
TOTAL FEDERAL AGRICULTURAL
MORTGAGE CORPORATION				41,108,956
FEDERAL FARM CREDIT BANK — 11.2%
4.920%, 01/11/10		2,500,000		2,503,149
4.875%, 03/22/10		1,000,000		1,009,762
2.750%, 05/04/10		3,400,000		3,425,469
0.235%, 07/06/105		5,000,000		5,000,824
0.123%, 08/17/105		5,000,000		5,000,000
0.205%, 09/03/105		5,000,000		5,000,000
0.390%, 12/01/104		5,000,000		5,000,000
0.584%, 01/04/115		5,000,000		5,018,467
TOTAL FEDERAL FARM CREDIT BANK				31,957,671
FEDERAL HOME LOAN BANK — 31.5%
0.010%, 01/05/10		2,000,000		1,999,998
0.031%, 01/06/10		3,700,000		3,699,984
0.031%, 01/08/10		3,700,000		3,699,978
3.750%, 01/08/10		125,000		125,078
0.032%, 01/15/10		5,100,000		5,099,938
0.031%, 01/19/10		2,200,000		2,199,967
0.081%, 01/22/10		7,000,000		6,999,674
0.550%, 01/27/10		10,000,000		10,003,343
0.060%, 02/03/10		2,259,000		2,258,878
1.030%, 02/18/10		3,000,000		3,003,557
0.235%, 02/19/105		5,000,000		5,001,893
1.030%, 02/19/10		5,000,000		5,006,051
2.625%, 03/12/10		5,000,000		5,024,545
1.050%, 05/28/10		2,800,000		2,805,588
3.000%, 06/11/10		5,000,000		5,062,084
4.250%, 06/11/10		2,500,000		2,544,816
0.600%, 08/05/104		5,000,000		5,001,944
1.350%, 09/03/10		420,000		422,648
0.350%, 10/13/104, 5		9,750,000		9,749,032
0.560%, 11/19/104		5,000,000		5,000,000
0.450%, 12/30/104		5,000,000		5,000,000
TOTAL FEDERAL HOME LOAN BANK				89,708,996
FEDERAL HOME LOAN MORTGAGE
CORPORATION — 10.2%
0.031%, 01/04/10		1,600,000		1,599,996
0.050%, 01/06/10		1,625,000		1,624,989
0.051%, 01/15/10		955,000		954,981
0.051%, 02/03/10		800,000		799,963
0.071%, 02/22/10		6,500,000		6,499,343
0.091%, 03/08/10		1,411,000		1,410,767
4.000%, 03/17/104		325,000		327,501
0.184%, 07/12/105		1,750,000		1,750,984
0.235%, 09/03/105		5,000,000		5,002,831
0.331%, 01/28/115		1,200,000		1,201,506
2.625%, 01/07/134		7,800,000		7,802,662
TOTAL FEDERAL HOME LOAN
MORTGAGE CORPORATION				28,975,523
FEDERAL NATIONAL MORTGAGE
ASSOCIATION — 14.5%
0.005%, 01/05/10		7,160,000		7,159,996
0.031%, 01/06/10		1,000,000		999,996
0.020%, 01/08/10		50,000		50,000
0.041%, 01/14/10		3,200,000		3,199,954
0.051%, 01/19/10		3,500,000		3,499,912
0.041%, 01/27/10		1,100,000		1,099,968
0.071%, 02/04/10		300,000		299,980
0.051%, 02/10/10		900,000		899,950
3.250%, 02/10/10		1,500,000		1,504,750
0.218%, 02/12/105		5,000,000		5,001,989
0.071%, 02/17/10		3,929,000		3,928,641
4.300%, 02/17/104		1,500,000		1,507,936
3.050%, 03/05/104		6,000,000		6,030,853
4.700%, 07/28/104		2,000,000		2,048,517
0.228%, 08/05/105		4,100,000		4,104,714
TOTAL FEDERAL NATIONAL
MORTGAGE ASSOCIATION				41,337,156
U.S. TREASURY SECURITIES — 18.4%
0.010%, 03/04/10		5,000,000		4,999,914
0.010%, 03/11/10		12,000,000		11,999,770
0.010%, 03/18/10		15,000,000		14,999,683
0.030%, 03/25/10		10,250,000		10,249,291
2.375%, 08/31/10		10,000,000		10,134,689
TOTAL U.S. TREASURY SECURITIES				52,383,347
TOTAL U.S. GOVERNMENT AND AGENCIES
(Cost $285,471,649) — 100.3%				285,471,649
TOTAL INVESTMENTS
(Cost $285,471,649) — 100.3%				285,471,649
Liabilities less other assets — (0.3)%				(948,634	)
TOTAL NET ASSETS —100.0%
(equivalent to $1.00 per share; unlimited shares of $0.01 par value capital shares authorized; 284,562,549 shares outstanding)			$	284,523,015

4 Callable

5 Variable Rate Security

Valuation of securities is on the basis of amortized cost, which approximates market value.

See accompanying Notes to Financial Statements.

DECEMBER 31, 2009

33

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

MONEY MARKET FUND – PRIME PORTFOLIO

	Principal
	Amount		Value
COMMERCIAL PAPER — 64.1%
Alaska Housing Finance Corp.
0.355%, 01/12/10	$	9,000,000	$	8,999,038
0.558%, 02/03/10		9,000,000		8,995,463
Bank of Nova Scotia
0.142%, 01/04/10		8,500,000		8,499,901
Basin Electric Power Cooperative, Inc.
0.203%, 01/06/103		5,500,000		5,499,847
0.203%, 01/14/103		7,500,000		7,499,459
0.203%, 02/02/103		4,500,000		4,499,200
BNP Paribas Finance, Inc.
0.152%, 01/07/10		16,750,000		16,749,582
Brown University
0.212%, 01/04/10		5,000,000		4,999,913
0.213%, 01/08/10		3,000,000		2,999,878
0.203%, 02/02/10		2,000,000		1,999,644
Brown-Forman Corp.
0.183%, 01/25/103		8,500,000		8,498,980
Cargill, Inc.
0.101%, 01/05/103		2,850,000		2,849,968
0.132%, 01/06/103		6,500,000		6,499,883
County of St. Joseph, IN
0.253%, 01/06/10		8,000,000		7,999,722
Danaher Corp.
0.132%, 01/06/10		5,550,000		5,549,900
Dell, Inc.
0.132%, 01/29/10		1,600,000		1,599,838
0.142%, 02/09/10		5,000,000		4,999,242
0.142%, 02/16/10		7,500,000		7,498,659
Emerson Electric Co.
0.081%, 01/07/103		3,436,000		3,435,954
FPL Group Capital, Inc.
0.132%, 01/04/103		1,099,000		1,098,988
0.111%, 01/05/103		1,000,000		999,988
0.162%, 01/13/103		5,000,000		4,999,733
0.122%, 01/15/103		1,550,000		1,549,928
0.152%, 01/20/103		8,250,000		8,249,347
Franklin Resources, Inc.
0.152%, 01/13/103		8,500,000		8,499,575
0.132%, 02/09/103		8,250,000		8,248,838
General RE Corp.
0.142%, 01/21/10		5,000,000		4,999,611
GlaxoSmithKline Finance PLC
0.112%, 01/06/103		7,000,000		6,999,893
Harvard University
0.203%, 01/15/10		3,746,000		3,745,709
Illinois Tool Works, Inc.
0.109%, 01/04/103		16,898,000		16,897,849
JPMorgan Chase & Co.
0.101%, 01/19/10		5,000,000		4,999,750
Kreditanstalt fuer Wiederaufbau
0.172%, 01/20/103		4,242,000		4,241,619
0.142%, 01/25/103		7,500,000		7,499,300
0.152%, 02/02/103		2,200,000		2,199,707
0.122%, 02/08/103		1,800,000		1,799,772
Medtronic, Inc.
0.152%, 01/22/103		8,500,000		8,499,257
0.101%, 01/27/103		8,750,000		8,749,368
Microsoft Corp.
0.112%, 01/12/103		8,500,000		8,499,714
0.101%, 02/09/103		2,250,000		2,249,756
Nebraska Public Power District
0.203%, 01/27/10		8,000,000		7,998,844
Northern Illinois Gas Co.
0.061%, 01/04/10		16,879,000		16,878,916
Royal Bank of Canada
0.091%, 01/29/10		7,500,000		7,499,475
0.122%, 03/24/10		7,500,000		7,497,950
Scotiabanc, Inc.
0.142%, 01/14/103		637,000		636,968
0.162%, 01/15/103		8,500,000		8,499,471
Sigma-Aldrich Corp.
0.132%, 01/13/103		3,500,000		3,499,848
0.112%, 01/15/103		8,500,000		8,499,636
Southern Co.
0.172%, 01/11/103		5,000,000		4,999,764
Southern Co. Funding Corp.
0.122%, 01/11/103		8,500,000		8,499,717
0.122%, 01/12/103		3,250,000		3,249,881
Toyota Motor Credit Corp.
0.091%, 01/08/10		16,750,000		16,749,707
Vanderbilt University
0.221%, 01/04/10		1,153,000		1,152,979
0.223%, 01/08/10		4,404,000		4,403,811
0.213%, 02/02/10		3,004,000		3,003,439
Walt Disney Co.
0.081%, 01/06/103		16,750,000		16,749,814
TOTAL COMMERCIAL PAPER
(Cost $354,521,993) — 64.1%				354,521,993
CORPORATE BONDS — 13.6%
Bear Stearns Cos., LLC
5.850%, 07/19/10		7,500,000		7,716,199
Caterpillar Financial Services Corp.
4.150%, 01/15/10		1,000,000		1,001,404
GlaxoSmithKline Capital, Inc.
0.898%, 05/13/105		7,500,000		7,518,385
Hewlett-Packard Co.
0.314%, 06/15/105		7,500,000		7,504,112
Honeywell International, Inc.
7.500%, 03/01/10		7,485,000		7,570,508
John Deere Capital Corp.
0.364%, 07/16/105		1,225,000		1,225,449
JPMorgan Chase & Co.
0.569%, 09/24/105		5,000,000		5,011,712
Kimberly-Clark Corp.
0.381%, 07/30/105		7,500,000		7,506,851
Roche Holdings, Inc.
1.262%, 02/25/103, 5		4,000,000		4,006,629
U.S. Bancorp
4.500%, 07/29/10		7,500,000		7,654,646
Wachovia Bank N.A.
1.173%, 05/14/105		7,500,000		7,519,337
Wal-Mart Stores, Inc.
4.000%, 01/15/10		2,425,000		2,428,335
Wells Fargo & Co.
4.200%, 01/15/10		2,000,000		2,002,844
0.711%, 01/29/105		6,250,000		6,252,389
TOTAL CORPORATE BONDS
(Cost $74,918,800) — 13.6%				74,918,800

SCOUT FUNDS SEMIANNUAL REPORT

34

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

MONEY MARKET FUND – PRIME PORTFOLIO(Continued)

	Principal
	Amount		Value
MUNICIPAL BOND — 1.3%
Iowa Finance Authority
0.250%, 01/01/394, 5	$	7,355,000	$	7,355,000
TOTAL MUNICIPAL BONDS
(Cost $7,355,000) — 1.3%				7,355,000
U.S. GOVERNMENT AND AGENCIES — 19.9%
FEDERAL FARM CREDIT BANK — 2.5%
0.454%, 02/11/105		1,000,000		1,000,420
0.152%, 02/22/105		3,100,000		3,100,304
0.235%, 07/06/105		5,000,000		5,000,805
0.205%, 09/03/105		5,000,000		5,000,000
TOTAL FEDERAL FARM CREDIT BANK				14,101,529
FEDERAL HOME LOAN BANK — 2.1%
1.050%, 05/28/10		5,000,000		5,009,881
0.212%, 07/27/105		2,580,000		2,580,559
0.234%, 10/08/105		3,800,000		3,801,855
TOTAL FEDERAL HOME LOAN BANK				11,392,295
FEDERAL HOME LOAN MORTGAGE
CORPORATION — 1.1%
0.184%, 07/12/105		2,805,000		2,805,195
0.242%, 08/24/105		3,309,000		3,311,076
TOTAL FEDERAL HOME LOAN
MORTGAGE CORPORATION				6,116,271
FEDERAL NATIONAL MORTGAGE
ASSOCIATION — 2.4%
0.001%, 01/05/10		3,000,000		3,000,000
0.228%, 08/05/105		10,000,000		10,008,611
TOTAL FEDERAL NATIONAL
MORTGAGE ASSOCIATION				13,008,611
U.S. TREASURY SECURITIES — 11.8%
0.030%, 03/25/10		4,750,000		4,749,671
2.375%, 08/31/10		10,000,000		10,134,689
2.000%, 09/30/10		50,000,000		50,612,667
TOTAL U.S. TREASURY SECURITIES				65,497,027
TOTAL U.S. GOVERNMENT AND AGENCIES
(Cost $110,115,733) — 19.9%				110,115,733
TOTAL INVESTMENTS
(Cost $546,911,526) — 98.9%				546,911,526
Other assets less liabilities — 1.1%				6,046,570
TOTAL NET ASSETS —100.0%
(equivalent to $1.00 per share; unlimited shares of $0.01 par value capital shares authorized; 553,065,694 shares outstanding)			$	552,958,096

LLC — Limited Liability Company

PLC — Public Limited Company

3 144A Restricted Security

4 Callable

5 Variable Rate Security

Valuation of securities is on the basis of amortized cost, which approximates market value.

See accompanying Notes to Financial Statements.

SCOUT FUNDS SEMIANNUAL REPORT

35

Tax-Free Money Market Fund

OBJECTIVE(Unaudited)

The Scout Tax-Free Money Market Fund seeks the highest level of income exempt from federal income tax consistent with quality and maturity standards.

FUND DIVERSIFICATION1(Unaudited)

Scout Tax-Free Money Market Fund (UMTXX)

Based on total net assets as of December 31, 2009. Subject to change.

The Scout Tax-Free Money Market Fund provided a compounded average annual rate of return of 0.08%, 1.88% and 1.71% for the one-, five- and ten-year periods ended December 31, 2009. The Fund’s current seven day yield as of December 31, 2009 was 0.02%. The Fund’s current seven day yield quotation more closely reflects the current earnings of the Tax-Free Money Market Fund than the average annual return quotation. The Lipper Tax-Exempt Money Market Index showed an average annual return for the peer group of 0.17%, 1.98% and 1.81% for the one-, five- and ten-year periods ended December 31, 2009. The performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance information quoted here. To obtain performance information current to the most recent month-end and 7-day yield, please call 800-996-2862 or visit www.scoutfunds.com. Performance of the Service Class Shares of the Fund may be lower based on differences in expenses paid by the shareholders in the different classes.

The second half of 2009 began with an unexpectedly large drop in nonfarm payrolls and growing concerns over the prospects of trillion dollar budget deficits. On the political front, August “town hall” meetings began to cast some doubt on the passage of health care reform and other plans for large scale increases in government programs, resulting in rallies for both the bond and stock markets. While there were signs the economy was recovering, market participants seemed to be divided as to the trajectory and the risks that remained. In one camp were those that believed the various stimulative measures should be withdrawn sooner rather than later to avoid sowing the seeds of inflation. In the other camp were those worried removing those measures too soon might cause the nascent economic recovery to slide back into recession or worse.

Long-term interest rates ended near the high levels for the year (but remained below pre-financial crisis levels) as signs of stronger economic growth fueled inflation fears. Notwithstanding concern over its “exit strategy”, the Federal Reserve reiterated its intention to keep short-term interest rates at “exceptionally low levels…for an extended period.” With the worst of the financial crisis having passed, the dollar resumed its slide towards its 2008 multi-year lows but then ended the year higher on expectations of stronger U.S. economic growth. Meanwhile, concerns over sovereign debt and Dubai World’s debt standstill announcement at the end of November served as a reminder that global deleveraging continues. While most market participants expect growth to continue in 2010, the question remains: will real final demand return to the economy and how robust will it be? Much depends on the ability of the U.S. economy to create jobs as the recovery unfolds.

With short-term tax-exempt interest rates at near-zero levels, tax-exempt money market funds have also experienced record low yields over the past six months. It is likely tax-exempt money market fund yields will remain at recent levels until the Fed reverses its accommodative stance towards money policy. During this period of extraordinarily low short-term tax-exempt rates, we intend to maintain our focus on securities of the highest credit quality that we believe present minimal credit risk. As always, we do not intend to relax our conservative standards in order to “chase yield.” Thank you for your continued support of the Scout Funds.

Bruce C. Fernandez, CFA

Danielle L. Beagle

Scout Investment Advisors, Inc.

1 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. See the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities or sectors mentioned above.

An investment in the Fund is not a deposit in UMB Bank, n.a. or its affiliates and is not insured or guaranteed by the Federal Deposit Insurance Corp. or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Income from the Scout Tax-Free Money Market Fund may be subject to federal Alternative Minimum Tax as well as state and local taxes.

SCOUT FUNDS SEMIANNUAL REPORT

36

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

TAX-FREE MONEY MARKET FUND

	Principal
	Amount		Value
ALASKA — 0.9%
City of Valdez
0.180%, 07/01/374, 5	$	1,000,000	$	1,000,000
0.180%, 07/01/374, 5		600,000		600,000
				1,600,000
COLORADO — 5.7%
Colorado Housing & Finance Authority
0.320%, 04/01/204, 5		900,000		900,000
0.220%, 11/01/214, 5		300,000		300,000
0.250%, 11/01/214, 5		1,000,000		1,000,000
0.250%, 11/01/214, 5		200,000		200,000
0.320%, 10/01/304, 5		2,700,000		2,700,000
0.320%, 10/01/304, 5		2,945,000		2,945,000
Eagle County School District No. Re50J
4.000%, 12/01/10		1,250,000		1,288,751
Ute Water Conservancy District
2.000%, 06/15/10		345,000		347,077
				9,680,828
CONNECTICUT — 3.5%
Connecticut Housing Finance Authority
0.200%, 05/15/394, 5		2,400,000		2,400,000
Connecticut State Health & Educational
Facility Authority
0.150%, 07/01/374, 5		3,300,000		3,300,000
State of Connecticut
5.000%, 04/01/10		200,000		202,225
				5,902,225
DISTRICT OF COLUMBIA — 1.5%
District of Columbia
0.200%, 04/01/414, 5		1,500,000		1,500,000
0.200%, 04/01/424, 5		1,000,000		1,000,000
				2,500,000
FLORIDA — 8.5%
City of Jacksonville
0.200%, 10/01/324, 5		3,300,000		3,300,000
Dade County Industrial Development Authority
0.230%, 06/01/214, 5		2,400,000		2,400,000
JEA
0.170%, 10/01/344, 5		3,600,000		3,600,000
0.210%, 10/01/364, 5		400,000		400,000
0.220%, 10/01/414, 5		3,600,000		3,600,000
JEA Florida Electric System Revenue Bond
0.200%, 10/01/384, 5		1,200,000		1,200,000
				14,500,000
GEORGIA — 1.4%
Carroll County School District
5.000%, 04/01/10		225,000		227,442
City of Atlanta
5.500%, 01/01/264		1,750,000		1,767,500
Stephens County School District
4.000%, 04/01/10		400,000		403,272
				2,398,214
ILLINOIS — 0.7%
City of Chicago
3.100%, 01/01/10		400,000		400,000
4.000%, 01/01/10		290,000		290,000
State of Illinois
5.375%, 01/01/10		250,000		250,000
5.000%, 04/01/10		250,000		252,625
				1,192,625
INDIANA — 0.2%
City of Indianapolis
4.000%, 06/01/10		400,000		405,689
KANSAS — 4.0%
City of Junction City
4.000%, 06/01/10		1,400,000		1,418,160
City of Leawood
2.000%, 09/01/10		500,000		505,129
City of Topeka
3.000%, 08/15/10		500,000		507,603
Kansas State Department of Transportation
0.170%, 09/01/234, 5		4,000,000		4,000,000
Sedgwick County Unified School District No. 259
2.500%, 10/01/10		350,000		355,215
				6,786,107
MARYLAND — 5.7%
Maryland Health & Higher Educational Facilities
Authority
0.180%, 07/01/364, 5		3,100,000		3,100,000
Maryland Health & Higher Educational Facilities
Authority, Commercial Paper
0.240%, 01/04/10		2,383,000		2,383,000
0.240%, 01/04/10		4,256,000		4,256,000
				9,739,000
MASSACHUSETTS — 4.6%
Commonwealth of Massachusetts
0.200%, 09/01/164, 5		2,900,000		2,900,000
Massachusetts Water Resources Authority
0.320%, 08/01/204, 5		1,650,000		1,650,000
0.170%, 08/01/294, 5		2,300,000		2,300,000
0.270%, 08/01/374, 5		1,000,000		1,000,000
				7,850,000
MICHIGAN — 0.2%
Forest Hills Public Schools
5.250%, 05/01/114		250,000		253,909
MINNESOTA — 5.4%
City of Minneapolis
0.220%, 12/01/274, 5		2,060,000		2,060,000
City of Owatonna
3.000%, 03/01/10		250,000		250,905
Hennepin County
0.170%, 12/01/254, 5		6,420,000		6,420,000
Mankato
4.000%, 02/01/10		200,000		200,380
Minnetonka Independent School District No. 276
4.000%, 02/01/10		200,000		200,586
				9,131,871

(Continued on next page)

37

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

TAX-FREE MONEY MARKET FUND(Continued)

	Principal
	Amount		Value
MISSISSIPPI — 0.1%
State of Mississippi
0.300%, 09/01/254, 5	$	100,000	$	100,000
MISSOURI — 5.3%
City of Kansas City
4.000%, 12/01/10		765,000		788,316
City of West Plains
5.250%, 03/01/134		225,000		226,773
Kansas City Industrial Development Authority
0.250%, 04/01/274, 5		2,600,000		2,600,000
Missouri Development Finance Board
0.200%, 12/01/334, 5		2,000,000		2,000,000
Missouri Highway & Transportation Commission
5.500%, 02/01/10		500,000		502,116
Missouri State Health & Educational
Facilities Authority
0.250%, 09/01/304, 5		1,800,000		1,800,000
0.250%, 09/01/304, 5		600,000		600,000
0.200%, 03/01/404, 5		600,000		600,000
				9,117,205
NEBRASKA — 2.6%
Lincoln Nebraska Electric System Revenue,
Commercial Paper
0.250%, 01/06/10		1,500,000		1,500,000
Omaha Public Power District, Commercial Paper
0.250%, 01/05/10		1,000,000		1,000,000
0.250%, 01/11/10		2,000,000		2,000,000
				4,500,000
NEW HAMPSHIRE — 2.9%
City of Concord
5.550%, 04/01/154		455,000		465,256
New Hampshire Health & Education
Facilities Authority
0.150%, 06/01/234, 5		3,270,000		3,270,000
0.220%, 06/01/414, 5		1,200,000		1,200,000
				4,935,256
NEW JERSEY — 0.1%
Delaware Valley Regional High School District
3.300%, 01/15/10		125,000		125,109
NEW MEXICO — 0.2%
City of Albuquerque
4.000%, 07/01/10		400,000		406,684
NEW YORK — 2.7%
City of New York
0.240%, 02/15/134, 5		2,400,000		2,400,000
0.200%, 08/01/214, 5		500,000		500,000
0.200%, 08/01/214, 5		900,000		900,000
0.170%, 08/01/314, 5		825,000		825,000
				4,625,000
NORTH CAROLINA — 13.7%
Buncombe County
0.320%, 12/01/114, 5		1,700,000		1,700,000
0.320%, 12/01/154, 5		1,175,000		1,175,000
0.320%, 12/01/164, 5		820,000		820,000
0.320%, 12/01/184, 5		1,000,000		1,000,000
0.320%, 12/01/204, 5		1,385,000		1,385,000
City of Charlotte
0.210%, 06/01/254, 5		4,905,000		4,905,000
City of Greensboro
0.250%, 02/01/284, 5		500,000		500,000
County of Durham
4.500%, 03/01/10		300,000		301,985
County of Johnston
5.000%, 02/01/10		200,000		200,760
County of Pender
4.250%, 03/01/10		500,000		502,879
County of Wake
0.220%, 04/01/194, 5		3,340,000		3,340,000
0.280%, 04/01/214, 5		700,000		700,000
0.220%, 03/01/244, 5		350,000		350,000
New Hanover County
0.220%, 02/01/264, 5		3,200,000		3,200,000
State of North Carolina
0.150%, 05/01/214, 5		1,500,000		1,500,000
0.280%, 05/01/214, 5		1,800,000		1,800,000
				23,380,624
OHIO — 0.4%
Ohio State Water Development Authority
0.220%, 12/01/184, 5		640,000		640,000
OKLAHOMA — 0.4%
Oklahoma Water Resource Board
3.000%, 04/01/10		500,000		503,332
Tulsa County Independent School District No. 1
4.000%, 01/01/10		200,000		200,000
				703,332
PENNSYLVANIA — 3.0%
Beaver County Industrial Development Authority
0.290%, 12/01/204, 5		4,150,000		4,150,000
Pennsylvania Turnpike Commission
0.230%, 12/01/384, 5		1,000,000		1,000,000
				5,150,000
RHODE ISLAND — 1.1%
Rhode Island Health & Educational Building Corp.
0.200%, 09/01/324, 5		1,950,000		1,950,000
SOUTH CAROLINA — 1.6%
City of Charleston
0.210%, 01/01/334, 5		1,800,000		1,800,000
Richland County School District No. 1
5.600%, 03/01/194		850,000		856,701
				2,656,701
SOUTH DAKOTA — 2.8%
South Dakota Housing Development Authority
0.320%, 05/01/324, 5		4,700,000		4,700,000

SCOUT FUNDS SEMIANNUAL REPORT

38

SCHEDULE OF INVESTMENTS

December 31, 2009 (Unaudited)

TAX-FREE MONEY MARKET FUND(Continued)

	Principal
	Amount		Value
TENNESSEE — 4.0%
County of Shelby
0.270%, 03/01/114, 5	$	300,000	$	300,000
0.300%, 04/01/304, 5		1,600,000		1,600,000
Metropolitan Government Nashville & Davidson
County Health & Educational Facilities Bond
0.170%, 10/01/304, 5		3,900,000		3,900,000
0.180%, 10/01/444, 5		1,000,000		1,000,000
				6,800,000
TEXAS — 12.4%
Brownsville Independent School District
4.000%, 02/15/10		300,000		301,318
City of Grand Prairie
3.000%, 01/15/10		250,000		250,239
County of Williamson
5.000%, 02/15/10		200,000		201,133
Dallas Independent School District
5.000%, 02/15/10		400,000		402,092
El Paso Independent School District
4.000%, 02/15/10		675,000		677,969
Gulf Coast Waste Disposal Authority
0.180%, 10/01/174, 5		2,000,000		2,000,000
Harris County, Commercial Paper
0.250%, 01/07/10		6,500,000		6,500,000
McKinney Independent School District
4.500%, 02/15/10		200,000		201,010
North East Independent School District
5.750%, 02/01/204		200,000		200,822
Pasadena Independent School District
4.000%, 02/15/10		450,000		451,799
Texas Public Finance Authority, Commercial Paper
0.200%, 01/13/10		4,000,000		4,000,000
0.200%, 01/14/10		1,500,000		1,500,000
University of Texas
0.170%, 08/01/164, 5		2,200,000		2,200,000
0.150%, 08/01/254, 5		800,000		800,000
0.170%, 08/01/394, 5		1,500,000		1,500,000
				21,186,382
UTAH — 0.6%
Iron County School District
3.000%, 01/15/10		1,030,000		1,030,938
VIRGINIA — 3.4%
City of Richmond
5.125%, 01/15/244		2,500,000		2,529,542
County of Henrico
3.250%, 07/15/10		175,000		177,674
Virginia College Building Authority
0.210%, 02/01/264, 5		1,700,000		1,700,000
0.210%, 02/01/264, 5		1,400,000		1,400,000
				5,807,216
WISCONSIN — 0.1%
City of Appleton
5.125%, 01/01/10		160,000		160,000
TOTAL INVESTMENTS
(Cost $169,914,915) — 99.7%				169,914,915
Other assets less liabilities — 0.3%				585,136
TOTAL NET ASSETS —100.0%
(equivalent to $1.00 per share; unlimited shares of $0.01 par value capital shares authorized; 170,581,851 shares outstanding)			$	170,500,051

4 Callable

5 Variable Rate Security

Valuation of securities is on the basis of amortized cost, which approximates market value.

See accompanying Notes to Financial Statements.

DECEMBER 31, 2009

39

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2009 (Unaudited)

(in thousands except per share data)

	Stock Fund			Mid Cap Fund			Small Cap Fund
ASSETS:
Investment securities at cost	$	99,199		$	74,820		$	440,260
Investment securities at value	$	112,505		$	97,085		$	504,070
Cash		—			189			—
Receivables:
Investments sold		1,870			—			—
Dividends		160			173			163
Interest		—			—			—
Fund shares sold		140			701			215
Due from Advisor		—			—			—
Prepaid and other assets		27			18			35
Total assets		114,702			98,166			504,483
LIABILITIES:
Disbursements in excess of demand deposit money		888			—			—
Payables:
Investments purchased		—			188			—
Fund shares redeemed		1,149			50			2,725
Dividends		—			—			—
Accrued investment advisory fees		13			15			41
Accrued administration and fund accounting fees		10			6			37
Accrued shareholder servicing fees		9			3			69
Accrued custody fees		2			5			8
Accrued registration fees		—			1			—
Accrued distribution fees		—			—			—
Other accrued expenses		11			9			20
Total liabilities		2,082			277			2,900
NET ASSETS	$	112,620		$	97,889		$	501,583
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in capital)	$	115,485		$	86,703		$	609,104
Accumulated undistributed income:
Net investment income (loss)		88			29			(770	)
Net realized loss on investments and foreign currency transactions		(16,259	)		(11,108	)		(170,561	)
Net unrealized appreciation on investments and
translation of assets and liabilities in foreign currencies		13,306			22,265			63,810
NET ASSETS APPLICABLE TO OUTSTANDING SHARES	$	112,620		$	97,889		$	501,583
Capital Shares, $1.00 par value ($0.01 par value for Money Market Funds):
Authorized	Unlimited			Unlimited			Unlimited
Shares issued and outstanding:
Investor Class		9,667			8,937			39,306
Service Class		—			—			—
TOTAL SHARES ISSUED AND OUTSTANDING		9,667			8,937			39,306
NET ASSET VALUE PER SHARE – INVESTOR CLASS	$	11.65		$	10.95		$	12.76
NET ASSET VALUE PER SHARE – SERVICE CLASS	$	—		$	—		$	—

See accompanying Notes to Financial Statements.

SCOUT FUNDS SEMIANNUAL REPORT

40

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2009 (Unaudited) (in thousands except per share data)
TrendStar Small Cap Fund			International Fund			International Discovery Fund			Bond Fund			Money Market Fund Federal Portfolio			Money Market Fund Prime Portfolio			Tax-Free Money Market Fund
$	11,457		$	3,977,669		$	26,213		$	127,934		$	285,472		$	546,912		$	169,915
$	12,566		$	4,906,087		$	27,332		$	131,750		$	285,472		$	546,912		$	169,915
	1			38,777			17			1			58			5,200			272
	121			—			—			2,003			—			—			—
	5			7,515			45			—			—			—			—
	—			—			—			949			576			1,024			348
	1			10,649			320			722			—			6			—
	35			—			118			—			4			—			—
	21			121			17			25			28			37			26
	12,750			4,963,149			27,849			135,450			286,138			553,179			170,561
	—			—			—			—			—			—			—
	67			—			234			1,977			1,524			—			—
	3			3,198			2			154			—			67			—
	—			—			—			89			5			7			3
	—			389			—			2			—			2			1
	6			234			6			9			26			42			17
	5			24			5			8			8			12			8
	4			60			5			6			9			17			4
	—			22			—			—			1			1			2
	—			—			—			—			—			—			—
	15			148			9			21			42			73			26
	100			4,075			261			2,266			1,615			221			61
$	12,650		$	4,959,074		$	27,588		$	133,184		$	284,523		$	552,958		$	170,500
$	47,133		$	4,376,289		$	27,920		$	130,873		$	284,528		$	553,036		$	170,527
	(41	)		(3,182	)		(81	)		(24	)		—			—			—
	(35,551	)		(342,508	)		(1,370	)		(1,481	)		(5	)		(78	)		(27	)
	1,109			928,475			1,119			3,816			—			—			—
$	12,650		$	4,959,074		$	27,588		$	133,184		$	284,523		$	552,958		$	170,500
Unlimited			Unlimited			Unlimited			Unlimited			Unlimited			Unlimited			Unlimited
	1,701			170,168			3,299			11,629			199,471			366,484			150,240
	—			—			—			—			85,092			186,582			20,342
	1,701			170,168			3,299			11,629			284,563			553,066			170,582
$	7.44		$	29.14		$	8.36		$	11.45		$	1.00		$	1.00		$	1.00
$	—		$	—		$	—		$	—		$	1.00		$	1.00		$	1.00

DECEMBER 31, 2009

41

STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2009 (Unaudited)

(in thousands)

	Stock Fund			Mid Cap Fund			Small Cap Fund
INVESTMENT INCOME:
Interest income	$	1		$	—		$	6
Dividend income		1,138	(1)		633	(1)		1,855
Total investment income		1,139			633			1,861
EXPENSES:
Investment advisory fees		338			301			1,895
Administration and fund accounting fees		56			39			221
Shareholder servicing fees		83			40			383
Professional fees		15			13			16
Federal and state registration fees		22			10			12
Custody fees		9			11			34
Reports to shareholders		10			6			42
Insurance fees		1			—			6
Directors’ fees		2			1			11
Distribution fees		—			—			—
Treasury insurance fees		—			—			—
Other expenses		6			6			11
Total expenses before waiver or recovery of fees		542			427			2,631
Waiver (recovery of fees)		34			(30	)		—
Net expenses		508			457			2,631
Net investment income (loss)		631			176			(770	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on investments		1,805			3,981			47,042
Net realized gain on foreign currency transactions		—			—			—
Net increase in unrealized appreciation/depreciation on investments
and translation of assets and liabilities in foreign currencies		15,585			15,426			29,127
Net realized and unrealized gain (loss) on investments and foreign currencies		17,390			19,407			76,169
Net increase in net assets resulting from operations	$	18,021		$	19,583		$	75,399

(1)	Net of foreign tax withholding of (in thousands) $19, $4, $1, $2,902 and $13, respectively.
(2)	Including (in thousands) $488, $862 and $186, respectively, of voluntarily waived Investment Advisory fees and $249, $473 and $48, respectively, of voluntarily waived Distribution fees.

See accompanying Notes to Financial Statements.

SCOUT FUNDS SEMIANNUAL REPORT

42

TrendStar Small Cap Fund			International Fund			International Discovery Fund			Bond Fund		Money Market Fund Federal Portfolio			Money Market Fund Prime Portfolio			Tax-Free Money Market Fund
$	—		$	51		$	1		$	2,078	$	289		$	802		$	297
	34	(1)		32,415	(1)		114	(1)		—		—			—			—
	34			32,466			115			2,078		289			802			297
	43			15,707			105			265		437			1,008			244
	38			1,256			38			53		150			252			91
	27			2,759			34			77		35			49			30
	14			80			13			12		18			21			15
	17			153			9			12		20			22			19
	8			447			11			18		30			55			14
	3			282			4			12		15			39			8
	—			38			—			1		4			9			2
	—			86			—			3		6			13			3
	—			—			—			—		249			473			48
	—			—			—			—		—			64			15
	4			50			11			12		7			18			11
	154			20,858			225			465		971			2,023			500
	79			—			49			87		737	(2)		1,335	(2)		234	(2)
	75			20,858			176			378		234			688			266
	(41	)		11,608			(61	)		1,700		55			114			31
	77			2,647			(63	)		305		(3	)		(2	)		—
	—			3,516			31			—		—			—			—
	1,632			928,660			3,765			726		—			—			—
	1,709			934,823			3,733			1,031		(3	)		(2	)		—
$	1,668		$	946,431		$	3,672		$	2,731	$	52		$	112		$	31

DECEMBER 31, 2009

43

STATEMENTS OF CHANGES IN NET ASSETS

(in thousands)

	Stock Fund
	Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	631		$	1,195
Net realized gain (loss) on investments and foreign currency transactions		1,805			(18,064	)
Net increase (decrease) in unrealized appreciation/depreciation on investments
and translation of assets and liabilities in foreign currencies		15,585			(9,140	)
Net increase (decrease) in net assets resulting from operations		18,021			(26,009	)
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Investor Class		(603	)		(1,169	)
Service Class		—			—
Net realized gain on investments and foreign currency transactions
Investor Class		—			(1,354	)
Service Class		—			—
Total distributions to shareholders		(603	)		(2,523	)
CAPITAL SHARE TRANSACTIONS:
Investor Class
Shares sold		19,100			96,134
Shares issued for reinvestment of distributions		528			2,280
Redemption fees		—			—
Shares redeemed		(28,990	)		(55,654	)
Net increase (decrease) from capital share transactions		(9,362	)		42,760
Service Class
Shares sold		—			—
Shares issued for reinvestment of distributions		—			—
Redemption fees		—			—
Shares redeemed		—			—
Net increase (decrease) from capital share transactions		—			—
Net increase (decrease) from capital share transactions		(9,362	)		42,760
Net increase (decrease) in net assets		8,056			14,228
NET ASSETS:
Beginning of period		104,564			90,336
End of period	$	112,620		$	104,564
Undistributed net investment income		88			60
TRANSACTIONS IN SHARES:
Investor Class
Shares sold		1,769			8,861
Shares reinvested		46			230
Shares redeemed		(2,651	)		(5,549	)
Net increase (decrease)		(836	)		3,542
Service Class
Shares sold		—			—
Shares reinvested		—			—
Shares redeemed		—			—
Net increase (decrease)		—			—
Net increase (decrease)		(836	)		3,542

*     The information presented is for the period October 1, 2008 through June 30, 2009.

See accompanying Notes to Financial Statements.

SCOUT FUNDS SEMIANNUAL REPORT

44

Mid Cap Fund						Small Cap Fund						TrendStar Small Cap Fund						International Fund
Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Period Ended June 30, 2009*			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009
$	176		$	137		$	(770	)	$	(1,791	)	$	(41	)	$	(38	)	$	11,608		$	47,344
	3,981			(13,394	)		47,042			(204,432	)		77			(4,476	)		6,163			(348,414	)
	15,426			3,108			29,127			(18,152	)		1,632			1,054			928,660			(833,660	)
	19,583			(10,149	)		75,399			(224,375	)		1,668			(3,460	)		946,431			(1,134,730	)
	(167	)		(112	)		—			—			—			—			(16,494	)		(47,489	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			(116,491	)
	—			—			—			—			—			—			—			—
	(167	)		(112	)		—			—			—			—			(16,494	)		(163,980	)
	26,442			29,746			43,559			180,999			3,445			2,562			993,788			1,606,709
	103			69			—			—			—			—			15,930			157,703
	—			7			14			35			—			—			72			576
	(3,655	)		(8,205	)		(92,974	)		(154,835	)		(3,082	)		(8,164	)		(403,624	)		(1,087,615	)
	22,890			21,617			(49,401	)		26,199			363			(5,602	)		606,166			677,373
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	22,890			21,617			(49,401	)		26,199			363			(5,602	)		606,166			677,373
	42,306			11,356			25,998			(198,176	)		2,031			(9,062	)		1,536,103			(621,337	)
	55,583			44,227			475,585			673,761			10,619			19,681			3,422,971			4,044,308
$	97,889		$	55,583		$	501,583		$	475,585		$	12,650		$	10,619		$	4,959,074		$	3,422,971
	29			20			(770	)		—			(41	)		—			(3,182	)		1,704
	2,601			3,824			3,701			15,586			505			436			36,271			70,156
	10			8			—			—			—			—			560			7,401
	(370	)		(1,057	)		(7,711	)		(14,085	)		(456	)		(1,394	)		(14,652	)		(46,076	)
	2,241			2,775			(4,010	)		1,501			49			(958	)		22,179			31,481
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	2,241			2,775			(4,010	)		1,501			49			(958	)		22,179			31,481

DECEMBER 31, 2009

45

STATEMENTS OF CHANGES IN NET ASSETS

(in thousands)

	International Discovery Fund
	Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(61	)	$	106
Net realized gain (loss) on investments and foreign currency transactions		(32	)		(1,328	)
Net increase (decrease) in unrealized appreciation/depreciation on investments
and translation of assets and liabilities in foreign currencies		3,765			(2,143	)
Net increase (decrease) in net assets resulting from operations		3,672			(3,365	)
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Investor Class		(25	)		(101	)
Service Class		—			—
Net realized gain on investments and foreign currency transactions
Investor Class		—			(145	)
Service Class		—			—
Total distributions to shareholders		(25	)		(246	)
CAPITAL SHARE TRANSACTIONS:
Investor Class
Shares sold		9,909			8,693
Shares issued for reinvestment of distributions		20			213
Redemption fees		—			1
Shares redeemed		(1,170	)		(2,518	)
Net increase (decrease) from capital share transactions		8,759			6,389
Service Class
Shares sold		—			—
Shares issued for reinvestment of distributions		—			—
Redemption fees		—			—
Shares redeemed		—			—
Net increase (decrease) from capital share transactions		—			—
Net increase (decrease) from capital share transactions		8,759			6,389
Net increase (decrease) in net assets		12,406			2,778
NET ASSETS:
Beginning of period		15,182			12,404
End of period	$	27,588		$	15,182
Undistributed net investment income		(81	)		5
TRANSACTIONS IN SHARES:
Investor Class
Shares sold		1,256			1,241
Shares reinvested		2			33
Shares redeemed		(145	)		(363	)
Net increase (decrease)		1,113			911
Service Class
Shares sold		—			—
Shares reinvested		—			—
Shares redeemed		—			—
Net increase (decrease)		—			—
Net increase (decrease)		1,113			911

See accompanying Notes to Financial Statements.

SCOUT FUNDS SEMIANNUAL REPORT

46

Bond Fund						Money Market Fund Federal Portfolio						Money Market Fund Prime Portfolio						Tax-Free Money Market Fund
Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009
$	1,700		$	3,221		$	55		$	1,598		$	114		$	5,527		$	31		$	1,145
	305			143			(3	)		10			(2	)		(32	)		—			—
	726			3,267			—			—			—			—			—			—
	2,731			6,631			52			1,608			112			5,495			31			1,145
	(1,725	)		(3,268	)		(36	)		(1,057	)		(78	)		(4,211	)		(27	)		(1,058	)
	—			—			(19	)		(541	)		(36	)		(1,316	)		(4	)		(87	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(1,725	)		(3,268	)		(55	)		(1,598	)		(114	)		(5,527	)		(31	)		(1,145	)
	27,521			68,697			131,300			330,267			258,113			463,571			127,811			251,973
	1,180			2,010			—			183			4			1,313			—			67
	—			—			—			—			—			—			—			—
	(25,640	)		(33,043	)		(117,300	)		(312,109	)		(292,796	)		(590,190	)		(99,886	)		(254,393	)
	3,061			37,664			14,000			18,341			(34,679	)		(125,306	)		27,925			(2,353	)
	—			—			615,619			1,044,924			137,586			932,295			28,279			51,944
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			(621,382	)		(1,099,373	)		(133,705	)		(1,155,021	)		(26,303	)		(58,466	)
	—			—			(5,763	)		(54,449	)		3,881			(222,726	)		1,976			(6,522	)
	3,061			37,664			8,237			(36,108	)		(30,798	)		(348,032	)		29,901			(8,875	)
	4,067			41,027			8,234			(36,098	)		(30,800	)		(348,064	)		29,901			(8,875	)
	129,117			88,090			276,289			312,387			583,758			931,822			140,599			149,474
$	133,184		$	129,117		$	284,523		$	276,289		$	552,958		$	583,758		$	170,500		$	140,599
	(24	)		1			—			—			—			—			—			—
	2,396			6,127			131,300			330,267			258,113			463,571			127,810			251,973
	102			180			—			183			5			1,313			—			67
	(2,233	)		(2,971	)		(117,300	)		(312,109	)		(292,796	)		(590,190	)		(99,886	)		(254,393	)
	265			3,336			14,000			18,341			(34,678	)		(125,306	)		27,924			(2,353	)
	—			—			615,619			1,044,924			137,586			932,295			28,280			51,944
	—			—			—			—			—			—			—			—
	—			—			(621,382	)		(1,099,373	)		(133,705	)		(1,155,021	)		(26,303	)		(58,466	)
	—			—			(5,763	)		(54,449	)		3,881			(222,726	)		1,977			(6,522	)
	265			3,336			8,237			(36,108	)		(30,797	)		(348,032	)		29,901			(8,875	)

DECEMBER 31, 2009

47

FINANCIAL HIGHLIGHTS

Per share income and capital changes for a share outstanding throughout the period.

SCOUT STOCK FUND*

	For the Six Months Ended December 31, 2009			For the Periods Ended June 30,
	(Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.96		$	12.98		$	15.23		$	15.09		$	15.33		$	14.95
Income from investment operations:
Net investment income		0.06			0.11			0.16			0.17			0.14			0.13
Net realized and unrealized gain (loss) on securities		1.69			(2.88	)		(0.50	)		1.78			1.79			0.71
Total from investment operations		1.75			(2.77	)		(0.34	)		1.95			1.93			0.84
Distributions from:
Net investment income		(0.06	)		(0.11	)		(0.15	)		(0.17	)		(0.15	)		(0.13	)
Net realized gain on securities		—			(0.14	)		(1.76	)		(1.64	)		(2.02	)		(0.33	)
Total distributions		(0.06	)		(0.25	)		(1.91	)		(1.81	)		(2.17	)		(0.46	)
Net asset value, end of period	$	11.65		$	9.96		$	12.98		$	15.23		$	15.09		$	15.33
Total return		17.58	%(a)		(21.34	)%		(3.14	)%		13.52	%		13.05	%		5.67	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	113		$	105		$	90		$	93		$	116		$	93
Ratio of expenses to average net assets:
Net of waivers/recovery of fees		0.90	%(b)		0.90	%		0.90	%		0.90	%		0.90	%		0.88	%
Before waivers/recovery of fees		0.96	%(b)		0.94	%		0.93	%		0.88	%		0.93	%		0.89	%
Ratio of net investment income to average net assets:
Net of waivers/recovery of fees		1.12	%(b)		1.13	%		1.08	%		1.11	%		1.04	%		0.75	%
Before waivers/recovery of fees		1.06	%(b)		1.09	%		1.05	%		1.13	%		1.01	%		0.74	%
Portfolio turnover rate		35	%(a)		46	%		77	%		71	%		60	%		62	%

* Effective April 1, 2005, the Fund’s investment objective and certain investment policies changed.

(a) Not annualized.

(b) Annualized.

SCOUT MID CAP FUND (Fund Inception October 31, 2006)
	For the Six Months Ended December 31, 2009			For the Periods Ended June 30,
	(Unaudited)			2009			2008			2007
Net asset value, beginning of period	$	8.30		$	11.28		$	12.01		$	10.00
Income from investment operations:
Net investment income		0.02			0.02			—			0.01
Net realized and unrealized gain (loss) on securities		2.65			(2.98	)		0.17			2.01
Total from investment operations		2.67			(2.96	)		0.17			2.02
Distributions from:
Net investment income		(0.02	)		(0.02	)		—			(0.01	)
Tax return of capital		—			—			(0.07	)		—
Net realized gain on securities		—			—			(0.83	)		—
Total distributions		(0.02	)		(0.02	)		(0.90	)		(0.01	)
Net asset value, end of period	$	10.95		$	8.30		$	11.28		$	12.01
Total return		32.17	%(a)		(26.27	)%		1.39	%		20.26	%(a)
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	98		$	56		$	44		$	30
Ratio of expenses to average net assets:
Net of waivers/recovery of fees		1.22	%(b)		1.40	%		1.40	%		1.40	%(b)
Before waivers/recovery of fees		1.14	%(b)		1.39	%		1.31	%		1.93	%(b)
Ratio of net investment income (loss) to average net assets:
Net of waivers/recovery of fees		0.47	%(b)		0.35	%		(0.49	)%		(0.06	)%(b)
Before waivers/recovery of fees		0.55	%(b)		0.36	%		(0.40	)%		(0.59	)%(b)
Portfolio turnover rate		26	%(a)		360	%		415	%		234	%(a)

(a) Not annualized.

(b) Annualized.

See accompanying Notes to Financial Statements.

SCOUT FUNDS SEMIANNUAL REPORT

48

FINANCIAL HIGHLIGHTS

Per share income and capital changes for a share outstanding throughout the period.

SCOUT SMALL CAP FUND
	For the Six Months Ended December 31, 2009			For the Periods Ended June 30,
	(Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	10.98		$	16.11		$	18.91		$	17.40		$	15.36		$	14.88
Income from investment operations:
Net investment loss		(0.02	)		(0.04	)		—			—			—			—
Net realized and unrealized gain (loss) on securities		1.80			(5.09	)		(1.40	)		2.45			2.45			1.08
Total from investment operations		1.78			(5.13	)		(1.40	)		2.45			2.45			1.08
Distributions from:
Net realized gain on securities		—			—			(1.40	)		(0.94	)		(0.41	)		(0.60	)
Total distributions		—			—			(1.40	)		(0.94	)		(0.41	)		(0.60	)
Net asset value, end of period	$	12.76		$	10.98		$	16.11		$	18.91		$	17.40		$	15.36
Total return		16.21	%(a)		(31.84	)%		(7.90	)%		14.70	%		16.16	%		7.34	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	502		$	476		$	674		$	719		$	594		$	330
Ratio of expenses to average net assets		1.04	%(b)		1.08	%		1.01	%		1.02	%		1.06	%		0.96	%
Ratio of net investment loss to average net assets		(0.30	)%(b)		(0.36	)%		(0.45	)%		(0.13	)%		(0.09	)%		(0.23	)%
Portfolio turnover rate		148	%(a)		327	%		226	%		207	%		92	%		66	%

(a) Not annualized.

(b) Annualized.

SCOUT TRENDSTAR SMALL CAP FUND (Fund Inception October 31, 2003)*
	For the Six Months Ended December 31, 2009			For the Period Ended June 30,			For the Periods Ended September 30,
	(Unaudited)				2009**		2008			2007			2006			2005			2004
Net asset value, beginning of period	$	6.43		$	7.54		$	12.61		$	12.19		$	11.94		$	10.48		$	10.00
Income from investment operations:
Net investment loss		(0.01	)		(0.02	)		(0.29	)		(0.12	)		(0.10	)		(0.07	)		(0.05	)
Net realized and unrealized gain (loss) on securities		1.02			(1.09	)		(2.89	)		1.70			0.59			1.68			0.53
Total from investment operations		1.01			(1.11	)		(3.18	)		1.58			0.49			1.61			0.48
Distributions from:
Tax return of capital		—			—			—	(c)		—			—			—			—
Net realized gain on securities		—			—			(1.89	)		(1.16	)		(0.24	)		(0.15	)		—
Total distributions		—			—			(1.89	)		(1.16	)		(0.24	)		(0.15	)		—
Paid in capital from redemption fees		—			—			—	(d)		—	(d)		—			—			—
Net asset value, end of period	$	7.44		$	6.43		$	7.54		$	12.61		$	12.19		$	11.94		$	10.48
Total return		15.71	%(a)		(14.72	)%(a)		(28.20	)%		13.44	%		4.08	%		15.37	%		4.80	%(a)
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	13		$	11		$	20		$	171		$	235		$	193		$	73
Ratio of expenses to average net assets:
Net of waivers		1.30	%(b)		1.40	%(b)		1.40	%		1.37	%		1.36	%		1.39	%		1.40	%(b)
Before waivers		2.66	%(b)		1.57	%(b)		1.42	%		1.37	%		1.36	%		1.39	%		1.44	%(b)
Ratio of net investment loss to average net assets:
Net of waivers		(0.71	)%(b)		(0.50	)%(b)		(0.84	)%		(0.79	)%		(0.76	)%		(0.90	)%		(0.81	)%(b)
Before waivers		(2.07	)%(b)		(0.67	)%(b)		(0.86	)%		(0.79	)%		(0.76	)%		(0.90	)%		(0.85	)%(b)
Portfolio turnover rate		42	%(a)		42	%(a)		53	%		21	%		37	%		12	%		14	%(a)

* Financial information from inception through June 30, 2009 is for the TrendStar Small-Cap Fund, which was reorganized into the Scout Funds family as the Scout TrendStar Small Cap Fund on June 30, 2009.

** The Fund elected to change its fiscal year end from September to June. The information presented is for the period October 1, 2008 through June 30, 2009.

(a) Not annualized.

(b) Annualized.

(c) Return of capital resulted in less than $0.005 per share.

(d) Redemption fees resulted in less than $0.005 per share.

See accompanying Notes to Financial Statements.

DECEMBER 31, 2009

49

FINANCIAL HIGHLIGHTS

Per share income and capital changes for a share outstanding throughout the period.

SCOUT INTERNATIONAL FUND (Formerly known as the UMB Scout WorldWide Fund)*

	For the Six Months Ended December 31, 2009			For the Periods Ended June 30,
	(Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	23.13		$	34.71		$	36.35		$	29.80		$	24.64		$	21.33
Income from investment operations:
Net investment income		0.07			0.34			0.43			0.48			0.26			0.22
Net realized and unrealized gain (loss) on securities		6.04			(10.59	)		(1.02	)		7.82			5.47			3.31
Total from investment operations		6.11			(10.25	)		(0.59	)		8.30			5.73			3.53
Distributions from:
Net investment income		(0.10	)		(0.35	)		(0.45	)		(0.45	)		(0.27	)		(0.22	)
Net realized gain on securities		—			(0.98	)		(0.60	)		(1.30	)		(0.30	)		—
Total distributions		(0.10	)		(1.33	)		(1.05	)		(1.75	)		(0.57	)		(0.22	)
Net asset value, end of period	$	29.14		$	23.13		$	34.71		$	36.35		$	29.80		$	24.64
Total return		26.42	%(a)		(29.17	)%		(1.71	)%		28.47	%		23.36	%		16.58	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	4,959		$	3,423		$	4,044		$	3,405		$	2,637		$	1,325
Ratio of expenses to average net assets		0.96	%(b)		1.02	%		0.96	%		0.97	%		1.03	%		1.04	%
Ratio of net investment income to average net assets		0.53	%(b)		1.56	%		1.32	%		1.50	%		1.08	%		1.10	%
Portfolio turnover rate		7	%(a)		16	%		17	%		19	%		23	%		19	%

* Until October 31, 2006.

(a) Not annualized.

(b) Annualized.

SCOUT INTERNATIONAL DISCOVERY FUND (Fund Inception December 31, 2007)
	For the Six Months Ended December 31, 2009			For the Periods Ended June 30,
	(Unaudited)			2009			2008
Net asset value, beginning of period	$	6.95		$	9.73		$	10.00
Income from investment operations:
Net investment income (loss)		(0.02	)		0.05			0.06
Net realized and unrealized gain (loss) on securities		1.44			(2.69	)		(0.27	)
Total from investment operations		1.42			(2.64	)		(0.21	)
Distributions from:
Net investment income		(0.01	)		(0.05	)		(0.06	)
Net realized gain on securities		—			(0.09	)		—
Total distributions		(0.01	)		(0.14	)		(0.06	)
Net asset value, end of period	$	8.36		$	6.95		$	9.73
Total return		20.40	%(a)		(26.99	)%		(2.09	)%(a)
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	28		$	15		$	12
Ratio of expenses to average net assets:
Net of waivers		1.60	%(b)		1.60	%		1.60	%(b)
Before waivers		2.04	%(b)		3.27	%		3.35	%(b)
Ratio of net investment income (loss) to average net assets:
Net of waivers		(0.55	)%(b)		0.94	%		1.98	%(b)
Before waivers		(0.99	)%(b)		(0.73	)%		0.23	%(b)
Portfolio turnover rate		6	%(a)		15	%		12	%(a)

(a) Not annualized.

(b) Annualized.

See accompanying Notes to Financial Statements.

SCOUT FUNDS SEMIANNUAL REPORT

50

FINANCIAL HIGHLIGHTS

Per share income and capital changes for a share outstanding throughout the period.

SCOUT BOND FUND

	For the Six Months Ended December 31, 2009			For the Periods Ended June 30,
	(Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.36		$	10.97		$	10.74		$	10.66		$	11.16		$	11.15
Income from investment operations:
Net investment income		0.15			0.36			0.41			0.44			0.39			0.41
Net realized and unrealized gain (loss) on securities		0.09			0.39			0.23			0.08			(0.47	)		0.04
Total from investment operations		0.24			0.75			0.64			0.52			(0.08	)		0.45
Distributions from:
Net investment income		(0.15	)		(0.36	)		(0.41	)		(0.44	)		(0.42	)		(0.41	)
Net realized gain on securities		—			—			—			—			—			(0.03	)
Total distributions		(0.15	)		(0.36	)		(0.41	)		(0.44	)		(0.42	)		(0.44	)
Net asset value, end of period	$	11.45		$	11.36		$	10.97		$	10.74		$	10.66		$	11.16
Total return		2.12	%(a)		6.99	%		6.02	%		4.90	%		(0.71	)%		4.08	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	133		$	129		$	88		$	93		$	119		$	76
Ratio of expenses to average net assets:
Net of waivers/recovery of fees		0.57	%(b)		0.57	%		0.87	%		0.87	%		0.87	%		0.87	%
Before waivers/recovery of fees		0.70	%(b)		0.71	%		0.91	%		0.87	%		0.90	%		0.89	%
Ratio of net investment income to average net assets:
Net of waivers/recovery of fees		2.56	%(b)		3.18	%		3.67	%		4.04	%		3.74	%		3.65	%
Before waivers/recovery of fees		2.43	%(b)		3.04	%		3.63	%		4.05	%		3.71	%		3.63	%
Portfolio turnover rate		19	%(a)		46	%		74	%		34	%		11	%		25	%

(a) Not annualized.

(b) Annualized.

See accompanying Notes to Financial Statements.

DECEMBER 31, 2009

51

FINANCIAL HIGHLIGHTS

Per share income and capital changes for a share outstanding throughout the period.

SCOUT MONEY MARKET FUND – FEDERAL PORTFOLIO – INVESTOR CLASS

	For the Six Months Ended December 31, 2009			For the Periods Ended June 30,
	(Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income		—			0.01			0.03			0.05			0.04			0.02
Distributions from:
Net investment income		—			(0.01	)		(0.03	)		(0.05	)		(0.04	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.02	%(a)		0.61	%		3.38	%		4.82	%		3.62	%		1.69	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	200		$	185		$	167		$	278		$	205		$	203
Ratio of expenses to average net assets:
Net of waivers		0.16	%(b)(c)		0.48	%		0.47	%(d)		0.46	%(d)		0.50	%(d)		0.51	%(d)
Before waivers		0.50	%(b)		0.52	%		0.47	%		0.46	%		0.50	%		0.51	%
Ratio of net investment income (loss) to average net assets:
Net of waivers		0.04	%(b)(c)		0.59	%		3.26	%(d)		4.73	%(d)		3.58	%(d)		1.65	%(d)
Before waivers		(0.30	)%(b)		0.55	%		3.26	%		4.73	%		3.58	%		1.65	%

(a) Not annualized.

(b) Annualized.

(c) The Advisor has voluntarily waived (in thousands) $321 of Investment Advisory fees.

(d) Ratio reflects no waiver.

SCOUT MONEY MARKET FUND – FEDERAL PORTFOLIO – SERVICE CLASS (Class Inception July 18, 2007)

	For the Six Months Ended December 31, 2009			For the Periods Ended June 30,
	(Unaudited)			2009			2008
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income		—			—			0.03
Distributions from:
Net investment income		—			—			(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00
Total return		0.02	%(a)		0.36	%		2.69	%(a)
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	85		$	91		$	145
Ratio of expenses to average net assets:
Net of waivers		0.16	%(b)(c)		0.78	%		1.02	%(b)(d)
Before waivers		1.00	%(b)		1.02	%		1.02	%(b)
Ratio of net investment income (loss) to average net assets:
Net of waivers		0.04	%(b)(c)		0.39	%		2.88	%(b)(d)
Before waivers		(0.80	)%(b)		0.15	%		2.88	%(b)

(a) Not annualized.

(b) Annualized.

(c) The Advisor has voluntarily waived (in thousands) $167 and $249 of Investment Advisory and Distribution fees, respectively.

(d) Ratio reflects no waiver.

See accompanying Notes to Financial Statements.

SCOUT FUNDS SEMIANNUAL REPORT

52

FINANCIAL HIGHLIGHTS

Per share income and capital changes for a share outstanding throughout the period.

SCOUT MONEY MARKET FUND – PRIME PORTFOLIO – INVESTOR CLASS

	For the Six Months Ended December 31, 2009			For the Periods Ended June 30,
	(Unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income		—			0.01			0.04			0.05			0.04			0.02
Distributions from:
Net investment income		—			(0.01	)		(0.04	)		(0.05	)		(0.04	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.02	%(a)		0.81	%		3.58	%		4.90	%		3.68	%		1.71	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	366		$	401		$	526		$	671		$	572		$	517
Ratio of expenses to average net assets:
Net of waivers		0.23	%(b)(c)		0.50	%		0.48	%(d)		0.46	%(d)		0.50	%(d)		0.50	%(d)
Before waivers		0.52	%(b)		0.53	%		0.48	%		0.46	%		0.50	%		0.50	%
Ratio of net investment income (loss) to average net assets:
Net of waivers		0.04	%(b)(c)		0.84	%		3.47	%(d)		4.80	%(d)		3.64	%(d)		1.69	%(d)
Before waivers		(0.25	)%(b)		0.81	%		3.47	%		4.80	%		3.64	%		1.69	%

(a) Not annualized.

(b) Annualized.

(c) The Advisor has voluntarily waived (in thousands) $587 of Investment Advisory fees.

(d) Ratio reflects no waiver.

SCOUT MONEY MARKET FUND – PRIME PORTFOLIO – SERVICE CLASS (Class Inception July 18, 2007)

	For the Six Months Ended December 31, 2009			For the Periods Ended June 30,
	(Unaudited)			2009			2008
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income		—			0.01			0.03
Distributions from:
Net investment income		—			(0.01	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00
Total return		0.02	%(a)		0.54	%		2.88	%(a)
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	187		$	183		$	406
Ratio of expenses to average net assets:
Net of waivers		0.23	%(b)(c)		0.80	%		1.03	%(b)(d)
Before waivers		1.02	%(b)		1.03	%		1.03	%(b)
Ratio of net investment income (loss) to average net assets:
Net of waivers		0.04	%(b)(c)		0.58	%		3.10	%(b)(d)
Before waivers		(0.75	)%(b)		0.35	%		3.10	%(b)

(a) Not annualized.

(b) Annualized.

(c) The Advisor has voluntarily waived (in thousands) $275 and $473 of Investment Advisory and Distribution fees, respectively.

(d) Ratio reflects no waiver.

See accompanying Notes to Financial Statements.

DECEMBER 31, 2009

53

FINANCIAL HIGHLIGHTS

Per share income and capital changes for a share outstanding throughout the period.

SCOUT TAX-FREE MONEY MARKET FUND – INVESTOR CLASS

For the Six Months Ended December 31, 2009	For the Periods Ended June 30,
(Unaudited)	2009	2008	2007