Exhibit No. EX-99.d.3
UMB Scout Funds, on behalf of the
UMB Scout Stock Fund, UMB Scout Growth Fund and UMB Scout Bond Fund
Fee Waiver and Expense Assumption Agreement
Agreement, made effective as of the 31st day of October 2006, by and
between UMB Scout Funds, a Delaware statutory trust (the "Trust"), on behalf of
its UMB Scout Stock Fund, UMB Scout Growth Fund and UMB Scout Bond Fund series
(individually, a "Fund" and, collectively, the "Funds"), and Scout Investment
Advisors, Inc., a Missouri corporation (the "Advisor").
The Advisor hereby agrees to reduce all or a portion of its advisory fees,
and, if necessary, to assume certain other expenses (to the extent permitted by
the Internal Revenue Code of 1986, as amended) of the Funds, to the extent
necessary so that the Funds' Total Annual Operating Expenses, for a period
commencing on the date of this Agreement through October 31, 2007, do not exceed
the following levels:
o 0.90% of average daily net assets for UMB Scout Stock Fund
o 0.90% of average daily net assets for UMB Scout Growth Fund
o 0.87% of average daily net assets for UMB Scout Bond Fund
(collectively referred to hereinafter as the "Annual Expense Limits")
If a Fund's Total Annual Operating Expenses are below the Annual Expense
Limit for that Fund, the Trust, on behalf of the Fund with expenses below its
Annual Expense Limit, may reimburse the Advisor for any fees previously waived
and/or expenses previously assumed to the extent that the amount of such
reimbursement does not cause that Fund's Total Annual Operating Expenses to
exceed the Annual Expense Limit for the Fund. The Trust is not obligated to
reimburse the Advisor for waived fees or expenses that were assumed by the
Advisor more than thirty-six months prior to the date of any such reimbursement.
This Agreement may not be assigned by the Advisor without the prior consent
of the Trust. This Agreement shall automatically terminate upon the termination
of the Advisory Agreement or in the event of merger or liquidation of the Fund.
The parties hereto have caused this Agreement to be executed on the 13th
day of October 2006.
UMB SCOUT FUNDS
By: /s/ C. Xxxxxx Xxxxx
Name and Title: C. Xxxxxx Xxxxx, Treasurer and
Principal Financial Officer
SCOUT INVESTMENT ADVISORS, INC.
By: /s/ Xxxx X. Xxxxxxx
Name and Title: Xxxx Xxxxxxx, EVP
