Small Cap Fund

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Fund Objective:	The Small Cap Fund seeks long-term capital appreciation.
Investment Strategies:	The fund invests primarily in a diversified mix of common stocks of U.S. small cap companies that are believed to be undervalued by various measures and offer sound prospects for capital appreciation. The subadviser employs a value-oriented investment approach in selecting stocks, using proprietary fundamental research to identify securities of issuers the subadviser believes have attractive valuations. The subadviser focuses on companies with a record of above average rates of profitability that sell at a discount relative to the overall small cap market.

Fund Updates

Shareholder Newsletter

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Portfolio Management
Subadvised by Wellington Management

The fund is managed by Madison Asset Management. Wellington Management Company, LLP sub-advises the fund. Wellington Management Company, LLP, founded in 1928, is one of America’s oldest and largest independent advisory firms.

Key Highlights (as of Friday September 03, 2010)
	Class A	Class B	Class Y
Daily Price	9.40	9.27	9.38
Ticker Symbol	MASVX	MBSVX
Inception Date	12/27/2006	12/27/2006	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):
Carlisle Cos., Inc.	3.4%
Herbalife, Ltd.	2.7%
Belden, Inc.	2.5%
United Stationers, Inc.	2.4%
The Cato Corp., Class A	2.4%
Delphi Financial Group, Inc., Class A	2.2%
Arbitron, Inc.	2.0%
Zep, Inc.	2.0%
MAXIMUS, Inc.	1.8%
Genesee & Wyoming, Inc., Class A	1.8%

% of Fund in Top Ten Securities	23.2%
Turnover	48.99%
Net Assets	$28.4 million

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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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