Exhibit No. EX-99(d)(5)
UMB Scout Funds, on behalf of
UMB Scout International Discovery Fund
Fee Waiver and Expense Assumption Agreement
Agreement, made effective as of the 31st day of December 2007, by and
between UMB Scout Funds, a Delaware statutory trust (the "Trust"), on behalf of
its UMB Scout International Discovery Fund series (the "Fund"), 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 Fund, to the extent
necessary so that the Fund's Total Annual Operating Expenses, for a period
commencing on the date of this Agreement through October 31, 2009, do not exceed
1.60% of average daily net assets for the Fund
If the Fund's Total Annual Operating Expenses are below 1.60%, the Trust,
on behalf of the Fund, 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 the Fund's Total Annual Operating Expenses to
exceed 1.60%. The Fund 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 effective as of the
31st day of December, 2007.
UMB SCOUT FUNDS
By:
Name and Title: ____________________________
SCOUT INVESTMENT ADVISORS, INC.
By:
Name and Title: ____________________________
