Monthly Performance

If you wish to view more information on any of the SmartGrowth® Mutual Funds, please click on the fund name below.

Performance quoted is as of December 31, 2008.

	Current Month	3-Month Return	1-Year Return	3-Year Annualized Return	5-Year Annualized Return	10-Year/ Since Inception Return*
SmartGrowth Lipper Optimal Conservative Index Fund	-1.19%	-3.60%	-7.70%	N/A	N/A	-2.73%
SmartGrowth Lipper Optimal Growth Index Fund	-2.67%	-4.55%	-18.29%	N/A	N/A	-6.13%
SmartGrowth Lipper Optimal Moderate Index Fund	-1.22%	-3.94%	-8.84%	N/A	N/A	-2.90%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

*If the fund is less than 1 year old, cumulative return since inception is shown; if the fund is less than 10 years old, annualized return since inception is shown.

Expense ratios are as follows: SmartGrowth Lipper Optimal Conservative Index Fund: 52.66% (gross) 1.50% (net); SmartGrowth Lipper Optimal Growth Index Fund: 14.53% (gross) 1.50% (net); SmartGrowth Lipper Optimal Moderate Index Fund: 16.71% (gross) 1.50% (net).

Investment performance includes voluntary fee waivers. In the absence of current fee waivers, total return and yield would be reduced. Fee waivers and reductions may be discontinued by the Adviser at any time.

The Fund does impose a 4.75% sales charge on purchases and imposes a 2% redemption fee on redemptions of shares held for less than 7 days.

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