Prospectus - COUNTRY Financial

ProspectusOctober 28, 2009COUNTRY Growth FundCOUNTRY Bond FundEach a series ofCOUNTRY Mutual Funds TrustThe securities described in this Prospectus have not been approved or disapproved bythe Securities and Exchange Commission. The Securities and Exchange Commissionhas also not passed upon the accuracy or adequacy of this Prospectus.Any representation to the contrary is a criminal offense.

Fund InformationConcise Fund-by-Fund descriptions are provided on the following pages. Each description provides the specific goals,strategies, risks, suitability and performance. Before investing, make sure that the Fund’s goal matches your own. TheFunds cannot be certain that they will achieve their goals. This prospectus offers two classes of shares for each Fund –Class A and Class Y. You should review “Description of Classes” to determine which class is more suitable for yourneeds. Please keep this Prospectus with your investment records.Table of ContentsFund SummariesGrowth Fund 2Bond Fund 4Policies & ServicesShareholder Fees 6Annual Fund Operating Expenses 6Management of the Funds 9Portfolio Managers 9Your Investment — Buying Shares 10Your Investment — Selling Shares 13Your Investment — Transaction Policies 15Description of Classes 16Distributions and Taxes 19Other Securities and Risks 20Additional InformationFinancial Highlights 21For More InformationBack Cover

Growth FUNDInvestment GoalsGrowth of capital. Dividend income, if any, will be incidentalto this goal.Principal StrategyUnder normal conditions, the Fund invests at least 80% of itsassets in common stocks of well-established, large-capitalizationcompanies (which generally have $5 billion of market value ormore) that are determined to have above average long-termgrowth potential. In selecting stocks, the portfolio managersidentify factors, both on company-specific and macroeconomiclevels, which can provide opportunities for certain firms orindustries to achieve above average growth in earnings. Otherconsiderations in stock selection include opportunities forgrowth in sales, revenues, and cash flow, manageability of debtlevels and capital structure, corporate profitability, andcompetitive position relative to other companies. Additionally,the stock must fit into the existing portfolio scheme andcontribute to the overall diversification of the portfolio. This isa growth-oriented strategy. Current income is not a significantfactor in stock selection.The Fund may invest up to 20% of its assets in fixed-incomesecurities of any maturity when the portfolio managers believethe risk/reward characteristics of such issues warrant suchaction. The fixed-income securities will be rated at the time ofpurchase within the four highest grades assigned by independentratings agencies or in non-rated equivalents.Important RisksThere are risks involved with any investment, but the risksassociated with an investment in the Fund include:• stock market risk, or the risk that the price of securities heldby the Fund will fall due to various conditions orcircumstances which may be unpredictable• the risk of losing your money (investment)• the success of the Fund’s investments depends on theportfolio managers’ skill in assessing the potential of thestocks they buy• the value of any fixed-income security held by the Fund islikely to decline when interest rates rise• credit risk, or the risk that issuers’ credit ratings may belowered or may not make interest and principal payments ontime or in fullSuitabilityThe Fund may be a suitable investment for you if you:• have a long-term investment horizon such as investing forretirement or other future goals• can accept the risks of investing in a portfolio of commonstocks• desire a fund that uses a growth-oriented strategy• can tolerate performance which varies from year to yearThe Fund may not be suitable for you if you have a shortinvestment horizon, are investing emergency reserve money, areseeking regular income, or find it difficult to deal with aninvestment that may go up and down in value.Bar Chart and Performance TableThe following bar chart provides some indication of the risks ofinvesting in the Fund’s Class Y shares (the class of shares withthe longest period of annual returns) by showing changes in theFund’s performance from year to year. Class A shares wouldhave substantially similar annual returns because both classes ofshares will be invested in the same portfolio of securities.Annual returns will differ only to the extent that the classes donot have the same expenses. The bar chart includes the effectsof the Fund’s expenses, but not sales charges. If sales chargeswere included the returns would be lower. The performancetable shows how the Fund’s average annual returns comparewith those of a broad measure of market performance. Boththe bar chart and table assume reinvestment of dividends anddistributions. As with all mutual funds, past performance(before and after taxes) is not a prediction of futureperformance and the bar chart does not reflect the deduction oftaxes that a shareholder would pay on Fund distributions or theredemption of Fund shares.2

Growth FUND continuedBar Chart and Performance Table (CONTINUED)Annual Total ReturnsAS OF 12/31 EACH YEAR (CLASS Y)21.55%5.54%25.00%7.22% 4.84%10.39%6.43%-6.87%-18.36%-30.84%1999 2000 2001 2002 2003 2004 2005 2006 2007 2008During the ten years ending December 31, 2008, for Class Y, the highest return for a quarter was 13.11% for the quarter ended June30, 2003 and the lowest return for a quarter was -19.52% for the quarter ended December 31, 2008. The year-to-date total returnas of September 30, 2009 was 17.15%.Performance Table (1)AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2008 1 Year 5 Years 10 Years Since Inception of Class AGrowth FundClass Y – Return before taxes (30.84)% (1.80)% 1.08% N/AClass Y – Return after taxes on distributions (2) (31.11)% (2.43)% (0.26)% N/AClass Y – Return after taxes on distributionsand sale of Fund shares (2) (19.56)% (1.33)% 0.42% N/AClass A – Return before taxes (3) (30.84)% (1.78)% N/A (0.87)%S&P 500 Index (4) (37.00)% (2.19)% (1.38)% (1.40)%Lipper Large Cap Core Funds Average (5) (37.23)% (2.88)% (1.72)% (2.26)%(1) The table shows the before tax and after tax returns for Class Y shares. The table reflects only the before tax return for Class A shares. The after tax return forClass A shares may be different than Class Y shares.(2) After tax returns for Class Y shares are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of stateand local taxes. Actual after tax returns depend on your situation and may differ from those shown. If the Fund incurs a loss, which generates a tax benefit,the return after taxes on distributions and sale of fund shares may exceed the Fund’s other return figures. Furthermore, the after tax returns shown are notrelevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs. Remember, the Fund’s past performance, before andafter taxes, is not necessarily an indication of how the Fund will perform in the future.(3) Class A shares inception date is March 1, 2002.(4) The S&P 500 Index is an unmanaged index that contains securities typically selected by growth managers as being representative of the U.S. stock market..The Index does not reflect investment management fees, brokerage commissions and other expenses associated with investing in equity securities. It is notpossible to invest directly in an index.(5) The Lipper Large Cap Core Funds Average consists of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with marketcapitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of theS&P SuperComposite 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an averageprice-to-earnings ratio, price-to-book ratio and three-year sales-per-share growth value, compared to the S&P 500 Index.3

Bond FUNDInvestment GoalMaximum total return consistent with preservation of capital.Principal StrategyTo pursue its goal, the Fund invests in a portfolio of bonds andother debt obligations (debentures, notes, mortgage-backed andasset-backed) and maintains a market value weighted averagematurity of more than five years. Under normal conditions, theFund invests at least 80% of assets in the following:• debt obligations of corporations which are rated within thetop three rating categories by independent rating agencies orin non-rated equivalents• securities issued by the U.S. Government or its agencies orinstrumentalities• obligations of international agencies and U.S. dollardenominated foreign debt securities which are rated withinthe top three rating categories by independent rating agenciesor in non-rated equivalentsAt least 80% of the value of the Fund’s net assets will beinvested in bonds (U.S. Government, corporate and convertibleissues). The Fund may invest up to 20% of its net assets incorporate bonds which are rated below the top three ratingcategories. On occasion, up to 20% of the Fund’s net assetsmay be invested in commercial paper within the two highestrating categories of independent rating agencies. The Fund mayinvest up to 10% of its assets in securities of foreign issuers.The Fund may also invest in zero coupon U.S. Governmentsecurities.In managing its portfolio, the portfolio manager attempts tobalance sensitivity to interest rate movements with the potentialfor yields. The Fund invests in securities of longer-termmaturities in order to obtain higher yields. Securities withlonger maturities, however, tend to be more sensitive to interestrate changes.Important RisksThere are risks involved with any investment, but the risksassociated with an investment in the Fund include:• risk that the value of the securities the Fund holds will fall asa result of changes in interest rates, an issuer’s actual orperceived creditworthiness or an issuer’s ability to meet itsobligations• call risk or the risk that a bond might be called or forciblyredeemed during a period of declining interest rates• the longer the average maturity of the bonds in the Fund, themore the Fund’s share price will fluctuate in response tointerest rate changes: if interest rates rise, the value of thebonds will fall• the Fund could lose money if any bonds it owns aredowngraded in credit rating or go into default• in some instances, when interest rates fall, mortgage-backedsecurities may incur prepayments which could adverselyaffect performance if the Fund is unable to reinvest at thehigher interest rates• when interest rates rise, mortgage- and asset-backed securitiesmay extend duration due to lower than projectedprepayments which could adversely affect investment returns• the risk of losing your money (investment)• foreign securities risks, including currency, natural event andpolitical risksSuitabilityThe Fund may be a suitable investment for you if you seek:• a relatively conservative investment for income• a bond fund that invests in both corporate and U.S.Government securities• a fund to complement a portfolio of more aggressiveinvestmentsYou should not consider this Fund if you are seeking highgrowth or maximum income or are investing emergency reservemoney.Bar Chart and Performance TableThe following bar chart provides some indication of the risks ofinvesting in the Fund’s Class Y shares (the class of shares withthe longest period of annual returns) by showing changes in theFund’s performance from year to year. Class A shares wouldhave substantially similar annual returns because both classes ofshares will be invested in the same portfolio of securities.Annual returns will differ only to the extent that the classes donot have the same expenses. The bar chart includes the effectsof the Fund’s expenses, but not sales charges. If sales chargeswere included the returns would be lower. The performancetable shows how the Fund’s average annual returns comparewith those of a broad measure of market performance. Boththe bar chart and table assume reinvestment of dividends anddistributions. As with all mutual funds, past performance(before and after-taxes) is not a prediction of futureperformance and the bar chart does not reflect the deduction oftaxes that a shareholder would pay on Fund distributions or theredemption of Fund shares.4

Bond FUND continuedBar Chart and Performance Table (CONTINUED)Annual Total ReturnsAS OF 12/31 EACH YEAR (CLASS Y)11.58%8.04%9.59%3.79% 3.87% 1.98% 3.41%6.72% 4.16%-1.13%1999 2000 2001 2002 2003 2004 2005 2006 2007 2008During the ten years ending December 31, 2008 for Class Y shares, the highest return for a quarter was 4.46% for the quarter endedDecember 31, 2000 and the lowest return for a quarter was –2.16% for the quarter ended June 30, 2004. The year-to-date totalreturn as of September 30, 2009 was 8.78%.Performance Table (1)AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2008 1 Year 5 Years 10 Years Since Inception of Class ABond FundClass Y – Return before taxes 4.16% 4.02% 5.14% N/AClass Y – Return after taxes on distributions (2) 2.46% 2.40% 3.16% N/AClass Y – Return after taxes on distributionsand sale of Fund shares (2) 2.80% 2.49% 3.20% N/AClass A – Return before taxes (3) 4.23% 4.03% N/A 4.66%Barclays Capital Aggregate Bond Index (4) 5.24% 4.65% 5.63% 5.28%Merrill Lynch U.S. Domestic Master Bond Index (5) 6.20% 4.91% 5.76% 5.50%Lipper Intermediate Investment Grade Debt Funds Average (6) (4.43)% 1.73% 4.06% 3.23%(1) The table shows the before tax and after tax returns for Class Y shares. The table reflects the before tax return for Class A shares. The after tax return forClass A shares may be different than Class Y shares.(2) After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after tax returns depend on your situation and may differ from those shown. If the Fund incurs a loss, which generates a tax benefit, the return aftertaxes on distributions and sale of fund shares may exceed the Fund’s other return figures. Furthermore, the after tax returns shown are not relevant to thosewho hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs. Remember, the Fund’s past performance, before and after taxes, is notnecessarily an indication of how the Fund will perform in the future.(3) Class A shares inception date is March 1, 2002.(4) The Barclays Capital Aggregate Bond Index covers the USD-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. Theindex includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS sectors. Itis not possible to invest directly in an index. The Fund is discontinuing the use of the Merrill Lynch U.S. Domestic Master Bond Index as the primary index andreplacing it with the Barclays Capital Aggregate Bond Index in future prospectuses. Because the Barclays Capital Aggregate Bond Index is widely accepted asthe standard benchmark for fixed income mutual funds, the Fund believes that it is a better comparative benchmark than the Merrill Lynch U.S. DomesticMaster Bond Index.(5) The Merrill Lynch U.S. Domestic Master Bond Index is a basket of publicly issued Government Bonds, Corporate Bonds and Mortgage Pass-through Securitieswith maturities greater than one year. The figures above do not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in anindex.(6) The Lipper Intermediate Investment Grade Debt Funds Average consists of funds that, by portfolio practice, invest at least 65% of their assets in investmentgradedebt issues (rated in the top four grades) with dollar weighted average maturities of five to ten years.5

Fees and ExpensesThe tables below describe the fees and expenses that you may pay if you buy and hold shares of the Funds.Growth FundShareholder Fees(FEES PAID DIRECTLY FROM YOUR INVESTMENT):Class AClass YMaximum Sales Load Imposed on Purchases(as a percentage of offering price) 5.50% NoneMaximum Deferred Sales Load(as a percentage of offering price) None NoneMaximum Sales Load on reinvested dividends(as a percentage of offering price) None NoneRedemption Fees None NoneExchange Fee (by telephone) $5 $5Annual Fund Operating Expenses(EXPENSES THAT ARE DEDUCTED FROM EACH FUND’S ASSETS):Class AClass YManagement Fees 0.75% 0.75%Distribution (12b-1) Fees 0.08% 0.08%Shareholder Servicing Fee 0.11% 0.11%Other Expenses (1) 0.29% 0.29%Total Annual Fund Operating Expenses 1.23% 1.23%Waiver of Fund Expenses (2) (0.02)% (0.02)%Net Annual Fund Operating Expenses 1.21% 1.21%(1) “Other Expenses” are based on amounts incurred during the last fiscal period and include custodian, administration, accounting and other customary Fundexpenses. “Other expenses” also include the fees and expenses incurred by a fund in connection with its investments in other investment companies, if any,which are referred to as “acquired fund fees and expenses.” Acquired fund fees and expenses incurred by the Growth Fund were less than the annual rate of0.005% of its average daily net assets for the fiscal year ended June 30, 2009.(2) Certain service providers have contractually agreed to waive fees and reimburse other Fund expenses until October 31, 2011, so that all custody fees arewaived for the Growth Fund. The fee waiver and expense reimbursement may be terminated at any time after October 31, 2011 at the discretion of the serviceproviders.6

Fees and Expenses continuedBond FundShareholder Fees(FEES PAID DIRECTLY FROM YOUR INVESTMENT):Class AClass YMaximum Sales Load Imposed on Purchases(as a percentage of offering price) 4.25% NoneMaximum Deferred Sales Load(as a percentage of offering price) None NoneMaximum Sales Load on reinvested dividends(as a percentage of offering price) None NoneRedemption Fees None NoneExchange Fee (by telephone) $5 $5Annual Fund Operating Expenses(EXPENSES THAT ARE DEDUCTED FROM EACH FUND’S ASSETS):Class AClass YManagement Fees 0.50% 0.50%Distribution (12b-1) Fees 0.03% 0.03%Shareholder Servicing Fee 0.10% 0.10%Other Expenses (1) 0.32% 0.32%Acquired Fund Fees and Expenses (2) 0.02% 0.02%Total Annual Fund Operating Expenses 0.97% 0.97%Waiver of Fund Expenses (3) (0.10)% (0.10)%Net Annual Fund Operating Expenses 0.87% 0.87%(1) “Other Expenses” are based on amounts incurred during the last fiscal period and include custodian, administration, accounting and other customary Fundexpenses.(2) The Fund is required to disclose “Acquired Fund Fees and Expenses” in the above fee table. Acquired Fund Fees and Expenses are indirect fees that fundsincur from investing in the shares of other mutual funds (“Acquired Fund(s)”). The indirect fee represents a pro rata portion of the cumulative expensescharged by the Acquired Fund. Acquired Fund Fees and Expenses are reflected in the Acquired Fund’s net asset value. Please note that the Total Annual FundOperating Expenses in the table above do not correlate to the ratio of expenses to average net assets found within the “Financial Highlights” section of thisprospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.(3) Certain service providers have contractually agreed to waive fees and reimburse other Fund expenses until October 31, 2011, so that all custody fees arewaived for the Bond Fund and so that Total Annual Fund Operating Expenses, not including Acquired Fund Fees and Expenses, do not exceed 0.85% for theClass A and Class Y shares of the Bond Fund. The fee waiver and expense reimbursement may be terminated at any time after October 31, 2011 at thediscretion of the service providers.7

Fees and Expenses continuedExample This example is designed so that you may compare the cost of investing in the Funds with the cost of investing in other mutualfunds. The example assumes that:• you invest $10,000 for the time periods indicated;• you redeem all of your shares at the end of the time periods;• your investment has a hypothetical 5% return each year;• all distributions are reinvested; and• each Fund’s operating expenses remain the same.Because actual return and expenses will be different, the example is for comparison purposes only. Each Fund’s actual performance andexpenses may be higher or lower. Based on the above assumptions, your costs for each Fund would be:1 Year 3 Years 5 Years 10 YearsGrowth Fund Class A $667 $915 $1,185 $1,953Class Y $123 $386 $672 $1,485Bond Fund Class A $510 $701 $919 $1,546Class Y $89 $289 $516 $1,171Portfolio Holdings Information. A description of the Funds’ policies and procedures with respect to the disclosure of the Funds’portfolio securities is available in the Funds’ Statement of Additional Information (“SAI”). The SAI is available by contacting theCOUNTRY Funds at 1-800-245-2100 or by accessing the Fund’s website at www.countryfinancial.com.8

Management of the FundsCOUNTRY Fund Management, a department of COUNTRYTrust Bank ® , 1705 Towanda Avenue, Bloomington, Illinois,serves as the investment adviser (“COUNTRY FundManagement” or the “Adviser”) to the Funds and is responsiblefor the selection and on-going monitoring of the securities ineach Fund’s investment portfolio and managing the Funds’business affairs. The Adviser is a separately identifiabledepartment of COUNTRY Trust Bank, 1705 Towanda Avenue,Bloomington, Illinois, 61702. COUNTRY Trust Bank wasorganized as IAA Trust Company in 1970 and reorganized asCOUNTRY Trust Bank in 2000. The Adviser has no otherinvestment company clients other than the Funds and affiliatedseries of COUNTRY Mutual Funds Trust. The Adviser receivedthe following management fees for each Fund, net ofreimbursements for the fiscal year ended June 30, 2009.Net Management Fees____________________(% of net assets)Growth Fund 0.75%Bond Fund 0.42%A discussion of the Board’s approval of the investment advisoryagreement is available in the Funds’ Semi-Annual Report datedDecember 31, 2008.Portfolio ManagersGrowth FundA team of portfolio managers led by John D. Enlund managesthe Fund. Mr. Enlund has managed the Fund since 1999 andreceived his B.A. from St. Olaf College in 1978, his J.D. fromDePaul University in 1981 and earned the right to use theChartered Financial Analyst designation in 1986. Mr. Enlund,Director – Equity Investments for the Adviser, manages varioustrust portfolios for COUNTRY Trust Bank in addition to hisresponsibilities with the Growth Fund. He joined the Adviserin 1999.Other members of the committee currently include (1) Derek C.Vogler who has performed strategy, research and trading onbehalf of this Fund since 1995; (2) Gregory M. Winn who hasperformed strategy, research and trading on behalf of this Fundsince 2004; and (3) Mike Ruesy who has performed strategy,research and trading on behalf of this Fund since 2006.Derek C. Vogler, a graduate of Illinois State University, receiveda B.S. in finance in 1993, an M.B.A. in 1995, and earned theright to use the Chartered Financial Analyst designation in1998. Mr. Vogler joined the Adviser in 1995, and currentlyserves as Vice President, Investment Management.Gregory M. Winn received a B.A. in Finance from University ofIllinois in 1998, an M.B.A. from DePaul University in 2003,and earned the right to use the Chartered Financial Analystdesignation in 2003. Prior to joining the Adviser in 2004 asPortfolio Manager, Mr. Winn was product manager for amutual fund firm from 1999 to 2004.Mike Ruesy has a B.B.A. and M.B.A. in Finance from TexasChristian University. He earned the right to use the CharteredFinancial Analyst designation in 2001. Prior to joiningCOUNTRY in 2006, Mr. Ruesy was a senior equity analyst atCaterpillar Investment Management, Ltd. from 2003 to 2006,and was a senior equity analyst at A.G. Edwards & Sons, Inc.from 1998 to 2003.Bond FundA committee led by John M. Jacobs is responsible for the Fund.Mr. Jacobs has managed the Fund since 1997. Other membersof the committee currently include (1) Mark Burns, who hasperformed strategy, research and trading on behalf of this Fundsince 2005, (2) Chad Hancock, and (3) Darren Meyer, whohave performed strategy, research and trading on behalf of thisFund since 2006.Mr. Jacobs earned a B.S. in business and finance in 1970 fromIllinois Wesleyan University. He is a Chartered FinancialAnalyst charter holder and has served as a member of theAdviser’s investment committee. Prior to joining the Adviser in1975, Mr. Jacobs was an account executive for a leadingnational brokerage firm.Mr. Burns, a graduate of Illinois State University received a B.S.in Finance in 1990, an M.B.A. in 1994, and earned the right touse the Chartered Financial Analyst designation in 1998. Mr.Burns joined the Adviser in 2005. From 2000 until he joinedthe Adviser, he served as Portfolio Manager for CaterpillarInvestment Management Ltd.Prior to joining COUNTRY in 2006, Mr. Hancock was aportfolio manager at Caterpillar Investment Management, Ltd.He received his B.S. in Finance from Illinois State Universityand his M.B.A. (finance concentration) from DePaul University.Mr. Hancock also holds the right to use the Chartered FinancialAnalyst designation.Prior to joining COUNTRY in 2006, Mr. Meyer previouslyworked for Caterpillar Investment Management, Ltd. as aSenior Investment Analyst. He received his B.B.A. from LoyolaUniversity, Chicago, and his M.B.A. from Butler University.Mr. Meyer also holds the right to use the Chartered FinancialAnalyst designation.The SAI provides additional information about the portfoliomanagers’ compensation, other accounts managed by theportfolio managers and the portfolio managers’ ownership ofsecurities in the Funds.9

Your Investment — Buying SharesThis Prospectus and the related SAI do not constitute an offerto sell or a solicitation of an offer to buy shares in the Funds,nor shall any such shares be offered or sold to any person inany jurisdiction in which an offer, solicitation, purchase or salewould be unlawful under the securities laws of suchjurisdiction. Shares of the Funds have not been registered forsale outside of the United States. The COUNTRY Fundsgenerally do not sell shares to investors residing outside theUnited States, even if they are United States citizens or lawfulpermanent residents, except to investors with United Statesmilitary or FPO addresses.Purchase Price: Shares of the Funds are sold at the net assetvalue (“NAV”) plus applicable sales charge next determinedafter receipt of the order by U.S. Bancorp Fund Services, LLC(the “Transfer Agent”). The NAV for all Funds is calculated atthe close of regular trading hours of the New York StockExchange, normally 3:00 p.m. Central Time. Each Fund’sinvestments are valued based on market value, or where marketquotations are not readily available, based on fair value asdetermined in good faith by the Funds’ Board of Trustees.Timing of Requests: All requests received by the Transfer Agentbefore 3:00 p.m. Central Time will be executed the same day, atthat day’s closing share price. Orders received after 3:00 p.m.Central Time will be executed the following day, at that day’sclosing share price. Shares will not be priced on days when theNew York Stock Exchange is closed.Stock Exchange Closings: Shares of the Funds will not bepriced and are not available for purchase when the New YorkStock Exchange is closed for trading including the followingdays: New Year’s Day, Martin Luther King, Jr. Day, Presidents’Day, Good Friday, Memorial Day, Independence Day, LaborDay, Thanksgiving Day and Christmas Day.Fair Value Pricing: The Funds have implemented procedureswhich are used to determine the prices of securities held in theFunds’ portfolio, as well as the Funds’ daily NAV. Generally, ifmarket quotations do not accurately reflect fair value for asecurity, or if a security’s value has been materially affected byevents occurring after the close of the exchange or market onwhich the security is principally traded, that security may bevalued by another method that the Funds’ Board of Trusteesbelieves accurately reflects fair value.In the event it is necessary to determine fair value of aparticular security, the Funds’ Valuation Committee willundertake the valuation. The Valuation Committee considersall appropriate factors to determine fair value, which includebut are not limited to, (a) fundamental analytical data relatingto the investment; (b) the nature and duration of anyrestrictions on disposition of the securities in question; (c) theforces which influence the market in which those securities arepurchased and sold; and (d) the value of other financialinstruments, including derivatives, traded on other markets oramong dealers.Overall, there can be no assurance that the Funds can purchaseor sell a portfolio security at the price used to calculate theFunds’ NAV. In the case of portfolio securities, lack ofinformation and uncertainty about the significance ofinformation may lead to a conclusion that a prior valuation isthe best indication of a portfolio security’s present value. Fairvalues generally remain unchanged until new informationbecomes available. Consequently, changes in the fair value ofportfolio securities may be less frequent and of greatermagnitude than changes in the price of portfolio securitiesvalued by an independent pricing service, or based on marketquotations.When fair value pricing is employed, the prices of securitiesused by a Fund to calculate its NAV may differ from quoted orpublished prices for the same securities. Due to the subjectiveand variable nature of fair value pricing, it is possible that thefair value determined for a particular security may be materiallydifferent from the value realized upon such security’s sale.Therefore, if a shareholder purchases or redeems shares in aFund that holds securities priced at a fair value, this may havethe effect of increasing or decreasing the number of sharesreceived in a purchase or the value of the proceeds receivedupon a redemption.Market Timing: Frequent or short-term purchases andredemptions of Fund shares, such as those associated with“market timing” transactions, can adversely affect the Fundsand the returns achieved by their shareholders. In particular,such activity may dilute the value of the shares of the Funds,interfere with the efficient management of the Funds, andincrease brokerage and administrative costs of the Funds. TheFunds discourage market timing. In order to try to protectshareholders from potentially harmful trading activity, theBoard has adopted certain market timing policies andprocedures (the “Market Timing Procedures”). The Funds’Market Timing Procedures are designed to detect and preventfrequent or short-term activity within the Funds that mayadversely affect other shareholders.More specifically, the Funds’ Market Timing Procedures detectpotential market timers by examining the number and/or size oftransfers made by shareholders within given periods of time, aswell as the number of “round trip” purchases and redemptionsor redemptions and purchases into and out of the Funds. Forpurposes of applying the parameters used to detect potentialmarket timers, the Funds may aggregate transfers made undermultiple accounts owned by the same shareholder. Whendetermining the existence of market timing, the number and/orsize of transfers and number of round trips will be consideredon a case-by-case basis. The Funds also coordinate withomnibus accountholders to identify potential market timers,and will investigate any patterns of trading behavior identifiedin those accounts that may not have been captured throughoperation of their Market Timing Procedures. Currently, theFunds apply these Market Timing Procedures uniformly to allshareholders of the Funds. However, the Funds reserve theright to vary their Market Timing Procedures from Fund toFund, and to be more restrictive with regard to certain Fundsthan others.Shareholders seeking to engage in transactions may deploy avariety of strategies to avoid detection. The Funds’ ability todetect and deter such transfer activity is limited to operationalsystems and technological limitations. Furthermore, the ability10

Your Investment — Buying Shares continuedof the Funds to apply the Market Timing Procedures toshareholders investing through omnibus accountholders isdependent on the receipt of information necessary to identifytransactions by the underlying shareholders and the omnibusaccountholder’s cooperation in implementing the MarketTiming Procedures. Accordingly, despite the Funds’ best efforts,the Funds cannot guarantee that their Market TimingProcedures will detect every potential market timer, but theFunds seek to apply their Market Timing Proceduresconsistently to all shareholders. To minimize harm to the Fundsand their shareholders, the Funds reserve the right to reject anypurchase order (including exchanges) from any shareholder orredeem the shares of any shareholder who the Funds believe hasa history of abusive trading or whose trading, in theirjudgment, has been or may be disruptive to the Funds. Inmaking this judgment, the Funds may consider trading done inmultiple accounts under common ownership or control.In the Funds’ sole discretion, the Funds may revise their MarketTiming Procedures at any time without prior notice as necessaryto better detect and deter frequent or short-term fund activitythat may adversely affect other shareholders, to comply withstate or federal regulatory requirements, or to impose additionalor alternate restrictions on market timers (such as dollar orpercentage limits on transfers) or redemption fees.General Information: The Funds reserve the right to reject anypurchase order or suspend the offering of shares of the Funds.All investments must be in U.S. dollars. The Funds also reservethe right to vary the initial and subsequent investmentminimums, or to waive the minimum investment requirementfor any investor. The Funds will automatically cancel yourpurchase and charge a $25 fee against your account for anypayment returned. The shareholder will be responsible for anyloss sustained by the Fund due to the cancellation of thepurchase. Payment should be made by check drawn on a U.S.bank, savings and loan, or credit union, or sent by wire transfer.Checks should be made payable to COUNTRY Mutual Funds.The Funds will not accept payment in cash or money orders.The Funds also do not accept cashier’s checks in amounts lessthan $10,000. The Funds reserve the right to reject U.S.Treasury checks, credit card checks, traveler’s checks or starterchecks for the purchase of shares of the Funds. The Funds alsoreserve the right to reject any second-party check or third-partycheck for the purchase of shares except checks issued byCOUNTRY Trust Bank, Illinois Agricultural Association, or theCOUNTRY ® Financial group or any of their affiliates. TheFunds are unable to accept post dated checks, post dated onlinebill pay checks, or any conditional order or payment.Anti-Money Laundering: The Funds have established an Anti-Money Laundering Compliance Program as required by theUniting and Strengthening America by Providing AppropriateTools Required to Intercept and Obstruct Terrorism Act of2001 (“USA PATRIOT Act”). In order to ensure compliancewith this law, the Funds are required to obtain the followinginformation for all registered owners and all authorizedindividuals:• Full Name• Date of Birth• Social Security Number• Permanent Street Address (P.O. Box only is not acceptable)• Corporate accounts require additional documentationAdditional identification verification steps may be taken if theaccount is considered high risk. If the Funds do not have areasonable belief of the identity of a customer, the account willbe rejected or the customer will not be allowed to perform atransaction on the account until such information is received.The Funds may also reserve the right to close the accountwithin five business days (or such other time period as disclosedin the Funds’ Prospectus) if clarifyinginformation/documentation is not received.Please note that your application will be returned if anyinformation is missing. If you require additional assistancewhen completing your application, please contact the TransferAgent at 1-800-245-2100.How to Buy SharesTo Open an Account By MailComplete and sign the application.Mail the application and your check to:U.S. Bancorp Fund Services, LLCP.O. Box 701Milwaukee, WI 53201-0701Overnight express mail may be sent to:U.S. Bancorp Fund Services, LLC615 East Michigan StreetMilwaukee, WI 53202Please make check payable to COUNTRY Mutual Funds.Minimum initial investment for the Funds:$1,000 for non-retirement accounts$500 for retirement accounts including IRAs, CoverdellSavings Accounts and Uniform Gifts to Minors Act/UniformTransfers to Minors Act (UGMA/UTMA) Accounts.These minimum initial investments will be waived forinvestments via payroll (commission) deduction for employeesof the Illinois Agricultural Association ® , the COUNTRY ®Financial group and their affiliated companies and insuranceagents of COUNTRY Financial.Initial Investment — By WireIf you are making an initial investment in the Funds, before youwire funds, please contact the Transfer Agent by phone to makearrangements with a telephone service representative to submityour completed application, and related documents asnecessary, via mail, overnight delivery, or facsimile. Uponreceipt of your application, your account will be established anda service representative will contact you within 24 hours toprovide an account number and wiring instructions. You maythen contact your bank to initiate the wire using the followinginstructions:11

Your Investment — Buying Shares continuedU.S. Bank, N.A.777 East Wisconsin AvenueMilwaukee, Wisconsin 53202ABA Number: 075000022For credit to: U.S. Bancorp Fund ServicesAccount Number: 112-952-137For further credit to: (Investor Name, Investor AccountNumber, Fund Name and Class)By Automatic InvestmentIn order to participate in the Automatic Monthly InvestmentPlan, your bank must be a member of the Automated ClearingHouse System (“ACH”). If you wish to add the AutomaticInvestment Plan after your account has initially been opened,call COUNTRY Funds at 1-800-245-2100 to request the form.Complete and return the form along with any other requiredmaterials.Subsequent investments will be drawn from your bank accountand invested into the Fund(s).Minimum additional investment for the Funds:$25 for retirement accounts including IRAs, CoverdellSavings Accounts, and UGMA/UTMA accounts (forCOUNTRY Funds only)$100 for all other accounts (and any Automatic InvestmentPlan established in any First American Fund regardless ofaccount type)By ExchangeCall COUNTRY Funds at 1-800-245-2100 to request anexchange of shares into another COUNTRY Fund or any of thefollowing Class A shares of First American Funds: EquityIncome Fund, International Fund, Mid Cap GrowthOpportunities Fund, Small Cap Growth Opportunities Fund,Small Cap Select Fund, Small Cap Value Fund, High IncomeBond Fund, Prime Obligations Fund and the First AmericanIntermediate Tax Free Fund (individually, a “selected FirstAmerican Fund,” collectively, the “selected First AmericanFunds”). Any exchange between a COUNTRY Fund and a FirstAmerican Fund will be subject to the applicable sales charge ofthe Fund being purchased. There is a $5 fee to exchange sharesof Funds via telephone. Exchanges may be made only on dayswhen the New York Stock Exchange is open.Before exchanging into any of the selected First AmericanFunds, you should read its prospectus. The minimum initialand subsequent investment amounts, which include newaccounts established via exchange, are subject to the minimuminvestment amounts disclosed in the First American Funds’prospectus. To obtain the First American Funds’ prospectusand any necessary authorization forms, call 1-800-245-2100.This exchange privilege does not constitute an offering orrecommendation on the part of the Funds or Adviser of aninvestment in the First American Funds. The minimumexchange amounts for new non-retirement accounts are $1,000and $500 for retirement and UGMA/UTMA accounts.Subsequent minimum exchange amounts are $25 forUGMA/UTMA accounts and $100 for all other accounts.To Add to an AccountBy MailFill out an investment slip from a previous confirmation andwrite your account number on your check.Mail the slip and your check to:U.S. Bancorp Fund Services, LLCP.O. Box 701Milwaukee, Wisconsin 53201-0701Overnight express mail may be sent to:U.S. Bancorp Fund Services, LLC615 East Michigan StreetMilwaukee, WI 53202Please make check payable to the name of the Fund you wish toinvest in.Minimum additional investment for the Funds:$25 if by mail for retirement accounts and UGMA/UTMAaccounts$100 if by mail for all other accounts(non-retirement accounts)$1,000 if by wire for all accountsBy WireBefore sending your wire, please call 1-800-245-2100 to advisethe Transfer Agent of your intent to wire funds. This willensure prompt and accurate credit upon receipt of your wire.The wire must be received by 3:00 p.m. Central Time for sameday processing.Follow the instructions under the section entitled “How to BuyShares – Initial Investment – By Wire”. The minimumadditional investment made by wire must be for at least $1,000.By ExchangeCall COUNTRY Funds at 1-800-245-2100 to request anexchange of shares into another COUNTRY Fund or a selectedFirst American Fund. There is a $5 fee to exchange shares bytelephone. Any exchange between a COUNTRY Fund and aFirst American Fund will incur an additional sales charge. Anyexchange to a First American Fund will be subject to theminimum investment amounts described in the First AmericanFunds prospectus.Telephone PurchasesInvestors may purchase additional shares of the Funds, bycalling 1-800-245-2100 unless you elected on your applicationto restrict this privilege. Telephone orders will be accepted viaelectronic funds transfer from your bank account through theACH network. The minimum amount that you may purchaseby telephone is $100 and you must have banking informationestablished on your account prior to making a purchase. Yourshares will be purchased at the net asset value plus anyapplicable sales charge calculated on the day of your purchaseorder.12

Your Investment — Selling SharesTiming of Requests: All requests received in good order by theTransfer Agent before 3:00 p.m. Central Time will be executedthe same day, at that day’s closing share price. Requestsreceived after 3:00 p.m. Central Time will be executed thefollowing day, at that day’s closing share price.IRA Redemptions: Shareholders who have an IRA or otherretirement plan must indicate on their redemption requestwhether or not to withhold federal income tax. Redemptionrequests failing to indicate an election not to have tax withheldwill generally be subject to 10% withholding.Check Clearing Period: If any portion of the shares to beredeemed represents an investment made by check, the Fundsmay delay the payment of redemption proceeds until theTransfer Agent is reasonably satisfied that the check has beencollected. This may take up to 12 days from the purchase date.Signature Guarantees: For your protection, your signature on aredemption request must be guaranteed by an institution eligibleto provide them under federal or state law (such as a bank,savings and loan, or securities broker-dealer) on anyredemptions in amounts over $50,000 in value, if you wouldlike the proceeds from the sale payable or sent to any person,address or bank account not on record, when changingownership of an account, when establishing or modifyingcertain services on an account, or for redemptions within 30days of a change of address. The Funds and the Transfer Agentalso reserve the right to require a signature guarantee in otherinstances based on the circumstances relative to the particularsituation. Please call COUNTRY Funds at 1-800-245-2100 forinformation on obtaining a signature guarantee.How to Sell SharesTo Sell from or Close an AccountBy MailWrite a letter of instruction that includes:• the Fund name,• your account number,• the name(s) in which the account is registered, and• the dollar value or number of shares you wish to sell.Include all signatures, signature guarantee if applicable, and anyadditional documents that may be required.Mail your request to:U.S. Bancorp Fund Services, LLCP.O. Box 701Milwaukee, Wisconsin 53201-0701Overnight express mail may be sent to:U.S. Bancorp Fund Services, LLC615 East Michigan StreetMilwaukee, WI 53202A check will be mailed to the name(s) and address in which theaccount is registered.By Systematic Withdrawal PlanCall us to request a form to add the SYSTEMATICWITHDRAWAL PLAN. Under the plan, you may choose toreceive a specified dollar amount, generated from theredemption of shares in your account, on a monthly, quarterlyor annual basis. In order to participate in the plan, youraccount balance must be at least $5,000. There is no minimumpayment amount. If you elect this method of redemption, theFund will send a check to your address of record, or will sendthe payment via electronic funds transfer through the ACHnetwork, directly to your bank account. For payment throughthe ACH network, your bank must be an ACH member andyour bank account information must be maintained on yourFund account. This program may be terminated at any time bythe Funds. You may also elect to terminate your participationin this plan at any time by contacting the Transfer Agentsufficiently in advance of the next withdrawal.A withdrawal under the plan involves a redemption of sharesand may result in a gain or loss for federal income taxpurposes. In addition, if the amount withdrawn exceeds thedividends credited to your account, the account ultimately maybe depleted.You should not make systematic withdrawals if you plan tocontinue investing in the Funds, due to sales charges and taxliabilities.By ExchangeCall COUNTRY Funds at 1-800-245-2100 to request anexchange of shares, in amounts of $100 or more, into anotherCOUNTRY Fund or a selected First American Fund. There is a$5 fee for an exchange by telephone. Any exchange between aCOUNTRY Fund and a First American Fund will incur anadditional sales charge.By TelephoneYou may buy, sell or exchange shares by telephone unless youelected on your application to restrict this privilege. If you wishto reinstate this option on an existing account, please callCOUNTRY Funds at 1-800-245-2100 to request theappropriate form. The Funds and their agents will not beresponsible for any losses that may result from acting ontelephone instructions that they reasonably believe to begenuine. The Funds and their agents will each followreasonable procedures to confirm that instructions received bytelephone are genuine, which may include taping telephoneconversations. Telephone trades must be received by or prior tomarket close. During periods of high market activity,shareholders may encounter higher than usual call waits. Pleaseallow sufficient time to place your telephone transaction. If youare unable to reach the Funds or their agents by telephone,please consider sending written instructions.Proceeds will normally be sent the next business day. Investorsmay have a check sent to the address of record, proceeds maybe wired to a shareholder’s bank account of record, or fundsmay be sent via electronic funds transfer through the ACHnetwork, also to the bank account of record. Proceeds can also13

Your Investment — Selling Shares continuedbe sent overnight mail for a $15 fee. Wires must be in amountsof $1,000 or more and are subject to a $15 fee paid by theinvestor. Investors do not incur any charge when proceeds aresent via the ACH system. The Funds reserve the right to limittelephone redemptions to $50,000 per day.If you request a check, it will be sent to the address in whichthe account is registered.Once a telephone transaction has been placed, it cannot becanceled or modified.The Funds reserve the right to pay redemptions in kind withportfolio securities in lieu of cash. In accordance with itselection pursuant to Rule 18f-1 under the Investment CompanyAct of 1940, as amended (the “1940 Act”), the Funds may limitthe amount of redemption proceeds paid in cash. The Fundsmay, under unusual circumstances, limit redemptions in cashwith respect to each shareholder during any ninety-day periodto the lesser of (i) $250,000 or (ii) 1% of the net asset value ofthe Funds at the beginning of such period. A shareholder mayincur brokerage costs if the securities received weresubsequently sold.Reinvesting After a SaleIf you sell Class A shares of a COUNTRY Fund, you mayreinvest in Class A shares of that Fund or another COUNTRYFund within 180 days without a sales charge. To reinvest inClass A shares at net asset value (without paying a salescharge), you must notify the Fund directly in writing or notifyyour investment professional.14

Your Investment — Transaction PoliciesExecution of Requests: Each Fund is open on those days whenthe New York Stock Exchange is open, typically Mondaythrough Friday. Buy and sell requests are executed based on thenext price calculated after your request is received in “goodorder” by the Transfer Agent. “Good order” means that yourpurchase includes a completed application or your name, Fundand account number with an acceptable method of payment.Your redemption request must include your name and accountnumber with all applicable signatures (and signature guaranteeif required), and the dollar amount you wish to redeem.Telephone Requests: For your protection, telephone requestsmay be recorded in order to verify their accuracy. In addition,the Transfer Agent will take measures to verify the identity ofthe caller. If appropriate measures are taken, the TransferAgent is not responsible for any losses that may occur to anyaccount due to an unauthorized telephone call. At times ofpeak activity, it may be difficult to place requests by telephone.Exchange Privileges: Class A shareholders may exchange sharesbetween any COUNTRY Fund and another COUNTRY Fund,without paying an additional sales charge. Any exchange froma COUNTRY Fund to a First American Fund, or a FirstAmerican Fund to a COUNTRY Fund, will incur an applicablesales charge. There is a $5 fee for exchanges by telephone. Ifthe exchange is made by telephone, the new shares will beregistered in the same manner as the shares for which they wereexchanged. A Fund may change or cancel exchange policies atany time. You may realize a capital gain or loss for federalincome tax purposes when shares are exchanged. The Fundshave the right to limit exchanges to four times per year.Accounts with Low Balances: If your account falls below $500,the Funds reserve the right to either deduct a $50 annualaccount maintenance fee or close your account and send youthe proceeds less any applicable contingent deferred salescharge. Before taking any action, however, the Funds will sendyou written notice of the action they intend to take and giveyou 30 days to re-establish a minimum account balance of$500.Integrated Voice Response System: You may obtain access toaccount information by calling COUNTRY Funds at 1-800-245-2100. The system provides share price and price changefor all the Funds and gives account balances and history andallows sales or exchanges of shares.Internet Access: You may obtain access to account informationby logging on to the website, www.countryfinancial.com. Thesystem provides share price and price change for all the Fundsand gives account balances and history and allows sales orexchanges of shares.HouseholdingIn an effort to decrease costs, the Fund intends to reduce thenumber of duplicate prospectuses and Annual and Semi-AnnualReports you receive by sending only one copy of each to thoseaddresses shared by two or more accounts and to shareholderswe reasonably believe are from the same family or household.Once implemented, if you would like to discontinuehouseholding for your accounts, please call toll-free at1-800-245-2100 to request individual copies of thesedocuments. Once the Fund receives notice to stophouseholding, we will begin sending individual copies thirtydays after receiving your request. This policy does not apply toaccount statements.15

Description of ClassesClass A SharesClass A shares of each Fund are retail shares that require thatyou pay a sales charge when you invest unless you qualify for areduction or waiver of the sales charge. Class A shares are alsosubject to Rule 12b-1 fees of up to 0.25% of average daily netassets which are assessed against the shares of the Fund.If you purchase Class A shares of a Fund you will pay the netasset value next determined after your order is received plus asales charge (shown in percentages below) depending on theamount of your investment. The sales charge does not apply toshares purchased with reinvested dividends. The sales charge iscalculated as follows:Growth FundSales ChargeSales Charge as % ofas % of Net AmountAmount of Transaction Offering Price* InvestedUp To $49,999 5.50% 5.82%$50,000-$99,999 4.50% 4.71%$100,000-$249,999 3.50% 3.63%$250,000-$499,999 2.50% 2.56%$500,000-$999,999 2.00% 2.04%$1,000,000 & Above 0% 0%Bond FundSales ChargeSales Charge as % ofas % of Net AmountAmount of Transaction Offering Price* InvestedUp To $49,999 4.25% 4.44%$50,000-$99,999 4.00% 4.17%$100,000-$249,999 3.50% 3.63%$250,000-$499,999 2.50% 2.56%$500,000-$999,999 2.00% 2.04%$1,000,000 & Above 0% 0%* Offering price includes the front-end sales load.The sales charge you pay may differ slightly from the amountset forth above because of rounding that occurs in thecalculation used to determine your sales charge.Reducing Your Sales ChargeYou may be able to reduce the sales charge on Class A shares ofthe COUNTRY Funds based on the combined market value ofyour accounts.The current market values of the following investments areeligible to be added together for purposes of determining thesales charge on your purchase:• Your current investment in the Funds, and• Previous investments you and members of your primaryhousehold group have made in the Funds, provided yourinvestment was subject to a sales charge.• Your primary household group consists of you, your spouseand children under age 21 living at home.Eligible AccountsThe following accounts are eligible to be included indetermining the sales charge on your purchase, if a sales chargehas been paid on such purchases:• Individual or joint accounts held in your name;• Coverdell Savings Accounts and UGMA/UTMA accounts forwhich you or your spouse is parent or guardian of the minorchild;• Trust accounts for which you or a member of your primaryhousehold group, individually, is the beneficiary;• Accounts held in the name of you or your spouse’s soleproprietorship or single owner limited liability company or Scorporation; andThe following accounts are not eligible to be included indetermining if the sales charge is waived;• Investments in Class Y shares;Investments in any First American Funds will not be consideredin calculating the applicable sales charge.Valuation of AccountsYou will qualify for a lower sales charge on your purchases ofCOUNTRY Funds Class A shares when your new investmenttogether with the current value of your other COUNTRY FundsClass A shares reaches a reduced sales charge level. The valueof your holdings will be based on the Funds’ purchase priceincluding sales charge.In order for an investor to receive the sales charge reduction onClass A shares, the Fund must be notified by the investor inwriting or by his or her financial institution at the time thepurchase is made that Fund shares are already owned or thatpurchases are being combined. If you purchase the Fundsthrough different channels, for example, through a COUNTRYagent, directly from the Transfer Agent and through a thirdpartybroker, and you want to include those assets toward areduced sales charge, you must inform the Fund in writingabout the other accounts when placing your purchase order.Investing through third parties may involve fees not disclosed inthis Prospectus. When placing your purchase order, you mustprovide the Fund with your most recent account statement andcontact information regarding the other accounts. You shouldretain records necessary to substantiate historical costs, in orderto verify the valuation of accounts to be aggregated. A thirdpartyselling agent may require additional information. Unlessyou provide the Fund with information about all of theaccounts that may count toward a sales charge reduction, therecan be no assurance that you will receive all of the reductionsfor which you may be eligible.16

Description of Classes continuedMore information regarding breakpoints is available free ofcharge on our website: www.countryfinancial.com. Click on“Products and Planning – Investments – Mutual Funds –Breakpoints and Sales Load.”Letter of IntentBy signing a Letter of Intent (“LOI”) you can reduce your ClassA sales charge. Your individual purchases will be made at theapplicable sales charge based on the amount you intend toinvest over a 13-month period. The LOI will apply to allpurchases of COUNTRY Funds. Any shares purchased within90 days of the date you sign the LOI may be used as credittoward completion, but the reduced sales charge will only applyto new purchases made on or after that date. Purchasesresulting from the reinvestment of dividends and capital gainsdo not apply toward fulfillment of the LOI. Shares equal to5% of the amount of the LOI will be held in escrow during the13-month period. If, at the end of that time the total amountof purchases made is less than the amount intended, you will berequired to pay the difference between the reduced sales chargeand the sales charge applicable to the individual purchases hadthe LOI not been in effect. This amount will be obtained fromredemption of the escrow shares. Any remaining escrow shareswill be released to you. Purchases of First American Funds willnot count toward reducing Class A sales charges.For Investment of over $1 Million: There is no initial salescharge on Class A shares purchases of $1 million or more.However, your investment professional or financial institutionmay receive a commission of up to 1.00% on your purchase. Ifsuch a commission is paid, you will be assessed a contingentdeferred sales charge (“CDSC”) of 1.00% if you sell yourshares within 18 months.Class A shares may also be purchased without a sales charge by401(k), 403(b) and 457 plans, and Profit Sharing and Pensionplans, which invest $1 million or more. Your representativemust notify the Fund if your retirement/deferred compensationplan is eligible for the sales load waiver. Securities firms,financial institutions and other industry professionals that enterinto sales agreements with the Funds’ distributor to performshare distribution services may receive a commission on suchsales of the Funds of up to 1.00%. If such a commission ispaid, the plan will be assessed a CDSC of 1.00% if it sells theshares within 18 months. The CDSC for Class A shares will bewaived for:• Redemptions following the death or disability (as defined inthe Internal Revenue Code) of a shareholder.• Redemptions that equal the minimum required distributionfrom an individual retirement account or other retirementplan to a shareholder who has reached the age of 70 ½.• Redemptions though a systematic withdrawal plan, at a rateof up to 12% a year of your account’s value. The 12%annual limit will be based on the value of your account onthe date the plan is established.• Redemptions required as a result of over contribution to anIRA.This information is also available on our website atwww.countryfinancial.com.Class Y SharesClass Y and Class A Shares Available at Net AssetValueClass Y shares are institutional shares that do not require thatyou pay a sales charge. However, Class Y shares of anyCOUNTRY Fund are subject to Rule 12b-1 fees of up to 0.25%of average daily net assets which are assessed against the sharesof the Fund. If you purchase Class Y shares of a Fund, you willpay the net asset value next determined after your order isreceived.Class A shares normally require that you pay a sales charge,unless you qualify for a reduction or waiver of the sales charge.Class A shares are always subject to Rule 12b-1 fees of up to0.25% of average daily net assets, even if the sales charge hasbeen waived.The following persons (i) are eligible to invest in Class Y shares;and (ii) qualify for a waiver of the sales charge for Class Ashares:1. Shareholders of any COUNTRY Fund on or before March1, 2002, who have continuously owned shares of anyCOUNTRY Fund since that date. Shareholders will bedeemed to have “continuously owned shares” if theyexchange shares of another COUNTRY Fund series orreinvest the proceeds of redemption from anotherCOUNTRY Fund series within 60 days of redemption.Former shareholders of the COUNTRY Money MarketFund may satisfy these requirements by a continuousinvestment in the First American Prime Obligations Fund.2. Shareholders who purchased Class Y or Class A shares witha waiver of the sales charge since March 1, 2002 and whohave continuously owned such shares since.3. Full-time employees, agents, employees of agents, retireesand directors (trustees), and members of their families (i.e.,parent, child, spouse, domestic partner, sibling, step oradopted relationships, grandparent, grandchild and UTMAaccounts naming qualifying persons) of the IllinoisAgricultural Association ® , COUNTRY ® Financial, andtheir affiliated companies.4. Shareholders investing through accounts at COUNTRYTrust Bank.5. The Illinois Agricultural Association and its affiliates and allIllinois county Farm Bureaus ® .6. Institutional investors including banks, savings institutions,credit unions and other financial institutions, pension, profitsharing and employee benefit plans and trusts, insurancecompanies, investment companies, investment advisers,broker-dealers and financial advisers acting for their ownaccounts or for the accounts of their clients except for selfdirectedIRAs for which U.S. Bank, National Association,acts as custodian.17

Description of Classes continuedDistribution ArrangementsClass A shares are subject to a front-end sales charge. Class Yshares have no sales charges, either up-front or deferred. TheFunds have adopted a plan under Rule 12b-1. This plan allowsthe Class A shares and Class Y shares of both Funds to paydistribution fees for the sale and distribution of its shares. Forinstance, fees are paid to persons who sell the Funds’ shares.From time to time, additional cash compensation may be paidto persons affiliated with COUNTRY Capital ManagementCompany, a registered broker-dealer affiliated with the Adviser,who reach certain sales goals. Because these fees are paid outof the Funds’ assets on an ongoing basis, over time these feeswill increase the cost of your investment and may cost youmore than paying other types of sales charges. The maximumamount which each Fund may pay for Rule 12b-1 planexpenses, on an annual basis, is 0.25% of average net assets.Quasar Distributors, LLC currently serves as the distributor forthe Funds on a best efforts basis.18

Distributions and TaxesDividend Reinvestment: You may have your distributionsreinvested in the Fund, another COUNTRY Fund, a selectedFirst American Fund or mailed out by check. Reinvestment intoa selected First American Fund may be subject to an additionalsales charge. If you do not give the Fund instructions, yourdistributions will automatically be reinvested in the particularFund. There are no fees or sales charges on reinvestments. Youshould not have distributions mailed out by check if youparticipate in the Systematic Withdrawal Plan.Timing of Distributions: The Funds generally distributedividends from their net investment income and net capitalgains, if any. The Growth Fund typically pays incomedividends semi-annually. The Bond Fund typically paysmonthly dividends.On the ex-dividend date for a distribution, a Fund’s share priceis reduced by the amount of the distribution. If you buy sharesjust before the ex-dividend date, in effect, you “buy thedividend.” You will pay the full price for the shares and thenreceive a portion of that price back as a taxable distribution.If you elect to receive distributions and/or capital gains paid incash, and the U.S. Postal Service cannot deliver the check, or ifa check remains outstanding for six months, the Funds reservethe right to reinvest the distribution check in your account, atthe Funds’ current net asset value, and to reinvest all subsequentdistributions.Taxes: As long as a Fund meets the requirements for being atax-qualified regulated investment company, which each Fundin the past has done and intends to do in the future, it pays nofederal income tax on the earnings it distributes to shareholders.Dividends and distributions you receive from a Fund, whetherreinvested or taken as cash, are generally considered taxable.Qualifying distributions designated as the excess of net longtermcapital gain over net short-term capital loss are generallytaxable as long-term capital gain to the recipient shareholderregardless of the length of time the shareholder held the Fund’sshares.A portion of any distribution properly designated as a dividendby the Growth Fund may be eligible for the dividends-receiveddeduction in the case of corporate shareholders or as a qualifieddividend in the case of individual shareholders, provided thatthe shareholder also meets certain holding period requirementswith respect to their shares.The tax status of the distributions for each calendar year will bedetailed in your annual tax statement from each Fund. Becauseeveryone’s tax situation is unique, always consult your taxprofessional about federal, state and local tax consequences.An exchange of shares of a Fund for shares of another Fund is asale of Fund shares for tax purposes.Backup Withholding: By law, the Funds must withhold apercentage of your distributions and proceeds if you have notprovided correct taxpayer information.Account Statements: You will receive an account statementafter every transaction that affects your account balance, afterany change of name or address of the registered owner, and inall other cases, quarterly.19

Other Securities and RisksEach Fund’s portfolio securities and investment practices offercertain opportunities and carry various risks. Majorinvestments and risk factors are outlined in the front of theProspectus. Below are brief descriptions of other securities andpractices, along with their associated risks. These risks are notconsidered principal risks for the Funds, except foreignsecurities in the case of both funds, and any mortgage-relatedsecurities in the case of the Bond Fund. Each of the Funds mayengage in these practices, except as otherwise described in thisProspectus and the SAI.Defensive Investing: The Funds may, from time to time, taketemporary defensive positions that are inconsistent with eachFund’s principal investment strategies in attempting to respondto adverse market, economic, political or other conditions.When a Fund takes a temporary defensive position it may notachieve its investment goals.Foreign Securities: Foreign securities present risks beyond thoseof U.S. securities. They are generally more volatile and lessliquid than their U.S. counterparts. Moreover, changes incurrency exchange rates have the potential to reduce oreliminate certain gains achieved in securities markets or createnet losses. These risks are usually higher for investments in lessdeveloped markets. Foreign securities carry additional risksincluding currency, natural event and political risk.When-Issued Securities: The Funds may invest in securitiesprior to their date of issue. These securities could fall in valueby the time they are actually issued, which may be anytimefrom a few days to over a year.Repurchase Agreements: The Funds may buy securities withthe understanding that the seller will buy them back withinterest at a later date. If the seller is unable to honor itscommitment to repurchase the securities, the Funds could losemoney.Securities of Other Investment Companies: The Funds mayinvest in shares of other investment companies to the extentpermitted by the 1940 Act, as amended, or any rules and/orexemptive orders issued thereunder. To the extent the Fundsinvest in shares of an investment company, they will bear theirpro rata share of the other investment company’s expenses, suchas investment advisory and distribution fees and operatingexpenses. These expenses would be in addition to the advisoryand other expenses that a Fund bears directly in connectionwith its own operations.Zero Coupon Securities: A zero coupon security is a debtsecurity that is purchased and traded at a discount to its facevalue because it pays no interest for some or all of its life.Interest, however, is reported as income to the Funds and theFunds are required to distribute to shareholders an amountequal to the amount reported. Those distributions may forcethe Funds to liquidate portfolio securities at a disadvantageoustime.Asset-Backed Securities: Asset-backed securities representinterests in pools of debt (other than mortgage notes), such ascredit card accounts. The principal risks of asset-backedsecurities are that on the underlying obligations, payments maybe made more slowly, and rates of default may be higher thanexpected. In addition, because some of these securities are newor complex, unanticipated problems may affect their value orliquidity.Mortgage-Related Securities: These securities, which representinterests in pools of mortgages, may offer attractive yields butgenerally carry additional risks. The prices and yields ofmortgage-related securities typically assume that the securitieswill be redeemed at a given time before maturity. When interestrates fall substantially, these securities usually are redeemedearly because the underlying mortgages are often prepaid. TheFunds would then have to reinvest the money at a lower rate.The price or yield of mortgage-related securities may fall if theyare redeemed later than expected.Non-Insured: An investment in the Funds is not a deposit ofCOUNTRY Trust Bank, of which the Adviser is a department,and is not insured or guaranteed by the Federal DepositInsurance Corporation, the Office of Thrift Supervision or anyother government agency.20

Financial HighlightsThe financial highlights tables are intended to help youunderstand the Funds’ financial performance for the past fiveyears. Certain information reflects financial results for a singleFund share. Total return shows how much your investment inthe Fund(s) would have increased (or decreased) during eachperiod, assuming you had reinvested all dividends anddistributions. These figures have been derived from financialstatements that have been audited by Ernst & Young LLP, whosereport, along with the Funds’ financial statements, are includedin the Funds’ annual report which is available upon request.Growth FundClass Y SharesYears Ended June 30,2009 2008 2007 2006 2005Net asset value, beginning of year $ ________ 21.89 ________ $ 26.38 ________ $ 24.16 ________ $ 23.44 $ ________ 22.28Income from investment operationsNet investment income 0.20 0.17 0.21 0.26 0.21Net realized and unrealized gains (losses) ________ (5.09) ________ (2.40) ________ 3.53 ________ 1.16 ________ 1.17Total from investment operations ________ (4.89) ________ (2.23) ________ 3.74 ________ 1.42 ________ 1.38Less DistributionsDividends from net investment income (0.20) (0.16) (0.28) (0.20) (0.22)Distributions from capital gains ________ (0.33) ________ (2.10) ________ (1.24) ________ (0.50) ________ —Total distributions ________ (0.53) ________ (2.26) ________ (1.52) ________ (0.70) ________ (0.22)Net asset value, end of year $ ________16.47 ________$ 21.89 ________$ 26.38 ________$ 24.16 $ ________23.44Total investment return (22.77)% (9.02)% 16.22% 6.10% 6.23%Ratios/Supplemental DataNet assets, end of year (in 000’s) $145,423 $188,863 $204,771 $197,245 $190,955Ratio of expenses to average net assets:Before expense waiver 1.23% 1.19% 1.20% 1.25% 1.25%After expense waiver 1.21% 1.17% 1.19% 1.23% 1.24%Ratio of net investment income to average net assets:Before expense waiver 1.15% 0.71% 0.83% 1.03% 0.92%After expense waiver 1.17% 0.73% 0.84% 1.05% 0.93%Portfolio turnover rate (1) 26.11% 17.73% 33.17% 18.82% 14.57%(1) Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.21

Financial Highlights continuedGrowth FundClass A SharesYears Ended June 30,2009 2008 2007 2006 2005Net asset value, beginning of year _______ $ 21.91 _______ $ 26.40 _______ $ 24.18 _______ $ 23.46 _______ $ 22.30Income from investment operationsNet investment income 0.20 0.19 0.22 0.25 0.23Net realized and unrealized gains (losses) _______ (5.10) _______ (2.42) _______ 3.52 _______ 1.17 _______ 1.15Total from investment operations _______ (4.90) _______ (2.23) _______ 3.74 _______ 1.42 _______ 1.38Less DistributionsDividends from net investment income (0.20) (0.16) (0.28) (0.20) (0.22)Distributions from capital gains _______ (0.33) _______ (2.10) _______ (1.24) _______ (0.50) _______ —Total distributions _______ (0.53) _______ (2.26) _______ (1.52) _______ (0.70) _______ (0.22)Net asset value, end of year _______$ 16.48 _______$ 21.91 _______$ 26.40 _______$ 24.18 _______$ 23.46Total investment return (2) (22.79)% (9.02)% 16.21% 6.10% 6.22%Ratios/Supplemental DataNet assets, end of year (in 000’s) $13,112 $17,718 $20,550 $12,981 $9,594Ratio of expenses to average net assets:Before expense waiver 1.23% 1.19% 1.20% 1.25% 1.25%After expense waiver 1.21% 1.17% 1.19% 1.23% 1.24%Ratio of net investment income to average net assets:Before expense waiver 1.15% 0.71% 0.83% 1.03% 0.92%After expense waiver 1.17% 0.73% 0.84% 1.05% 0.93%Portfolio turnover rate (1) 26.11% 17.73% 33.17% 18.82% 14.57%(1) Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.(2) Total investment return does not reflect sales load.22

Financial Highlights continuedBond FundClass Y SharesYears Ended June 30,2009 2008 2007 2006 2005Net asset value, beginning of year ________ $ 10.12 ________ $ 9.91 ________ $ 9.84 ________ $ 10.34 ________ $ 10.28Income from investment operationsNet investment income 0.44 0.43 0.42 0.42 0.41Net realized and unrealized gains (losses) ________ 0.29 ________ 0.21 ________ 0.07 ________ (0.49) ________ 0.17Total from investment operations ________ 0.73 ________ 0.64 ________ 0.49 ________ (0.07) ________ 0.58Less DistributionsDividends from net investment income (0.43) (0.43) (0.42) (0.42) (0.42)Distributions from capital gains ________ (0.09) ________ — ________ (0.00) (2) ________ (0.01) ________ (0.10)Total distributions ________ (0.52) ________ (0.43) ________ (0.42) ________ (0.43) ________ (0.52)Net asset value, end of year ________$ 10.33 ________$ 10.12 ________$ 9.91 ________$ 9.84 ________$ 10.34Total investment return 7.51% 6.58% 5.08% (0.67)% 5.74%Ratios/Supplemental DataNet assets, end of year (in 000’s) $146,168 $145,405 $131,593 $60,151 $48,166Ratio of expenses to average net assets:Before expense waiver 0.95% 0.89% 0.91% 1.22% 1.24%After expense waiver 0.85% 0.85% 0.85% 0.85% 0.85%Ratio of net investment income to average net assets:Before expense waiver 4.14% 4.18% 4.16% 3.88% 3.61%After expense waiver 4.24% 4.22% 4.22% 4.25% 4.00%Portfolio turnover rate (1) 40.72% 50.14% 25.97% 17.46% 27.37%(1) Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.(2) Amount less than $0.005 per share.Years Ended June 30,2009 2008 2007 2006 2005Class A SharesNet asset value, beginning of year ______ $10.20 ______ $ 9.99 ______ $ 9.92 ______ $10.42 ______ $10.36Income from investment operationsNet investment income 0.44 0.43 0.42 0.42 0.41Net realized and unrealized gains (losses) ______ 0.30 ______ 0.21 ______ 0.07 ______ (0.49) ______ 0.17Total from investment operations ______ 0.74 ______ 0.64 ______ 0.49 ______ (0.07) ______ 0.58Less DistributionsDividends from net investment income (0.43) (0.43) (0.42) (0.42) (0.42)Distributions from capital gains ______ (0.09) ______ — ______ (0.00) (3) ______ (0.01) ______ (0.10)Total distributions ______ (0.52) ______ (0.43) ______ (0.42) ______ (0.43) ______ (0.52)Net asset value, end of year ______$10.42 ______$10.20 ______$ 9.99 ______$ 9.92 ______$10.42Total investment return (2) 7.55% 6.52% 5.15% (0.76)% 5.69%Ratios/Supplemental DataNet assets, end of year (in 000’s) $6,474 $7,411 $6,567 $3,479 $2,804Ratio of expenses to average net assets:Before expense waiver 0.95% 0.89% 0.91% 1.22% 1.24%After expense waiver 0.85% 0.85% 0.85% 0.85% 0.85%Ratio of net investment income to average net assets:Before expense waiver 4.14% 4.18% 4.16% 3.88% 3.61%After expense waiver 4.24 % 4.22% 4.22% 4.25% 4.00%Portfolio turnover rate (1) 40.72% 50.14% 25.97% 17.46% 27.37%(1) Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.(2) Total investment return does not reflect sales load.(3) Amount less than $0.005 per share.23

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Additional InformationAnnual/Semi-Annual Report to Shareholders:Additional information about each Fund’s investments isavailable in the annual and semi-annual reports to shareholders.In the annual report, you will find a discussion of the marketconditions and investment strategies that significantly affectedeach Fund’s performance during its last fiscal year.Statement of Additional Information (SAI):The SAI contains more detailed information on all aspects ofthe Funds. It has been filed with the Securities and ExchangeCommission and is incorporated by reference.To request a free copy of the current annual/semi-annual reportor SAI, or to request other information about the Funds or tomake shareholder inquiries, please write or callCOUNTRY Mutual FundsU.S. Bancorp Fund Services, LLCP.O. Box 701Milwaukee, WI 53201-07011-800-245-2100or contactCOUNTRY Trust Bank ®(309) 821-4600A free copy of the current SAI, annual report and semi-annualreport can also be obtained on the Funds’ website atwww.countryfinancial.com.Information about the Funds (including the SAI) can bereviewed and copied at the Commission’s Public ReferenceRoom in Washington D.C. Information on the operation of thePublic Reference Room may be obtained by calling theCommission at (202) 551-8090 or 800-SEC-0330. Reports andother information about the Funds are available on the EDGARDatabase on the Commission’s website at www.sec.gov. Youmay request documents from the SEC, upon payment of aduplicating fee, by electronic request at the following E-mailaddress: publicinfo@sec.gov, or by writing the Commission’sPublic Reference Section, Washington, D.C. 20549-0213. Toaid you in obtaining this information, the Funds’ 1940 Actregistration number is 811-10475.Investment management, retirement, trust and planning servicesprovided by:COUNTRY Trust Bank1705 Towanda Avenue, P.O. Box 2020Bloomington, IL 61702www.countryfinancial.comSEC file # 811-10475