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MADISON, Wis. – For the latter half of 2003, mutual fund companies saw their fair share of market timing and after-hour trading scandals but at least two of CUNA Mutual Group’s MEMBERS Capital Advisors’ funds weathered the fallout quite well. MEMBERS’ Capital Appreciation Fund was up 29.01% for the year beating the Standard & Poor’s 500 while the firm’s Growth & Income Fund ended the year just below the S&P Index-at 25.7%. “It’s an indication of how well our investors hung in through a difficult time in the industry,” said Larry Halverson, MEMBERS Capital senior vice president, who oversees the common stock portfolio management team. Halverson also credits the funds not ever having a month of net redemption and while 2003 saw more aggressive fund activity, both of the MEMBERS’ funds are conservative in scope. The Appreciation Fund has 63 stocks as of Dec. 31, 2003 with net assets of $145,347,854 and a five-year return of +3.17% (versus S&P 500 return -2.82%). The Growth & Income Fund has 65 stocks with net assets of $160,926,934 and a five-year return of +2.51% (versus S&P 500 return of -2.82%). Compared to 2002, both funds were in the negative doldrums with the Appreciation Fund at -31.4% and the Growth & Income at – 21.8%.

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