High Income Fund

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Fund Objective:	The High Income Fund seeks high current income. The fund also seeks capital appreciation, but only when consistent with its primary goal.
Investment Strategies:	The High Income Fund invests primarily in better quality, B-rated bonds that offer opportunity for capital appreciation, Using a cautious, conservative style that avoids deeply discounted issues, the goal is to outperform the high yield market with less volatility.

Fund Updates

Shareholder Newsletter

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Portfolio Management
Subadvised by Shenkman Capital Management, Inc.

The fund is managed by Madison Asset Management. Shenkman Capital Management, Inc. subadvises the fund. Founded in 1985, Shenkman Capital Management, Inc. is a world-class, high-yield bond manager with more than $7.7 billion in assets under management as of December 31, 2008.

Key Highlights (as of Friday September 03, 2010)
	Class A	Class B	Class Y
Daily Price	6.90	6.99	6.89
Ticker Symbol	MHNAX	MHNBX
Inception Date	12/29/1997	12/29/1997	6/30/2006
Quarterly Performance Fund Fact Sheet (pdf) Prospectus and Financial Reports Links to other MEMBERS Funds information: Daily Price Summary Performance Summary Account Applications and Forms Tax Information Return to top of page to select another fund

Portfolio Highlights (as of June 30, 2010)
Top Ten Fund Holdings (as of June 30, 2010):
Michaels Stores, Inc. (11.4, 11/1/2016)	1.4%
The AES Corp. (8.0, 10/15/2017)	1.3%
American Axle & Manufacturing Holdings, Inc. (9.3, 1/15/2017)	1.3%
Wind Acquisition Finance S.A.(11.8, 7/15/2017)	1.1%
Sungard Data Systems, Inc. (9.1, 8/15/2013)	1.0%
Biomet, Inc. (11.6, 10/15/2017)	0.9%
Consol Energy, Inc. (8.3, 4/1/2020)	0.9%
Crown Americas LLC/Crown Americas capital Corp. II (7.6, 5/15/2017)	0.9%
CCO Holdings LLC/CCO Holdings Capital Corp.(8.1, 4/30/2020)	0.9%
Nielsen Finance LLC/Nielsen Finance Co.(10.0, 8/1/2014)	0.9%

Average Duration	3.51 yrs
Average Maturity	6.32 yrs
Yield to Maturity	8.30%

% of Fund in Top Ten Securities	10.6%
Turnover	60.99%
Net Assets	$115.4 million

The portfolio may invest in high yield or lower-rated securities, which may provide greater returns but are subject to greater-than-average risk.

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*MEMBERS® Mutual Funds are distributed by Mosaic Funds Distributor, LLC.

For more complete information about MEMBERS® Mutual Funds, including charges and expenses, obtain a prospectus from your representative, by calling 1-800-877-6089 or by clicking on the prospectus section to view or download a prospectus. Read it carefully before you invest or send money. Consider the investment objectives, risks and charges and expenses of the investment carefully before investing. The prospectus contains this and other information about the investment company.

MEMBERS® Mutual Funds are not deposits in, or obligations of, and are not guaranteed by, any financial institution and are not federally insured.

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