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 the<strong>COUNTRY</strong> Funds at 1-800-245-2100 or by accessing the Fund’s website at www.countryfinancial.com.8
Management of the Funds<strong>COUNTRY</strong> Fund Management, a department of <strong>COUNTRY</strong>Trust Bank ® , 1705 Towanda Avenue, Bloomington, Illinois,serves as the investment adviser (“<strong>COUNTRY</strong> 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 <strong>COUNTRY</strong> Trust Bank, 1705 Towanda Avenue,Bloomington, Illinois, 61702. <strong>COUNTRY</strong> Trust Bank wasorganized as IAA Trust Company in 1970 and reorganized as<strong>COUNTRY</strong> Trust Bank in 2000. The Adviser has no otherinvestment company clients other than the Funds and affiliatedseries of <strong>COUNTRY</strong> 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 <strong>Financial</strong> Analyst designation in 1986. Mr. Enlund,Director – Equity Investments for the Adviser, manages varioustrust portfolios for <strong>COUNTRY</strong> 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 <strong>Financial</strong> 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 <strong>Financial</strong> 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 Chartered<strong>Financial</strong> Analyst designation in 2001. Prior to joining<strong>COUNTRY</strong> 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 <strong>Financial</strong>Analyst 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 <strong>Financial</strong> 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 <strong>COUNTRY</strong> 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 <strong>Financial</strong>Analyst designation.Prior to joining <strong>COUNTRY</strong> 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 <strong>Financial</strong>Analyst 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