Mutual Shares Securities Fund - Class 1

Unit value as of 09/05/2008: $17.88 Total return year-to-date as of 09/05/2008: -5.30% Expense charge*: 1.32% Inception date: 02/05/2008 Investment class: U.S. Equity
Financial Performance Performance Data as of 09/05/2008 Average Annual Total Returns as of 08/31/2008 Unit Value Net Change YTD Return 1 Year 3 Year 5 Year 10 Year Since Inception $17.88 +2.82% -5.30% -- -- -- -- -5.93%

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above.

Investments which utilize arbitrage techniques are subject to additional risks not ordinarily associated with equity investments. Such investments may therefore be subject to increased volatility as well as increased costs which could lower performance.