Small Cap Growth Fund

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Fund Objective:	The Small Cap Growth Fund seeks long-term growth of capital.
Investment Strategies:	The Small Cap Growth Fund Invests primarily in a diversified mix of common stocks of small U.S. companies that the subadviser believes have high earnings growth rates. For purposes of this fund, “small cap companies” are those with market capitalizations that are within the range of capitalizations of companies represented in either the S&P SmallCap 600 Index or the Russell 2000® Index.
Portfolio Manager Commentary: (as of September 30, 2009)	For the third quarter, the MEMBERS Small Cap Growth Fund returned 16.55% (Class A shares at net asset value), outperforming both the Russell 2000 Growth return of 15.95% and the Morningstar Small Cap Growth category average return of 16.53%. Year-to-date, the fund returned 16.55%, underperforming both the index return of 29.12% and the category average return of 29.37%. Markets delivered strong returns across the asset classes. Smaller cap securities, as measured by the Russell 2000 Growth Index outpaced large cap, as measured by the Russell 1000 Growth Index, 15.95% vs. 13.97%. Value beat growth from a style standpoint, as the Russell 2000 Value Index returned 22.70% for the quarter versus 15.95% for the Russell 2000 Growth Index. (full commentary)

Fund Updates

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Style

Portfolio Management
Subadvised by Paradigm Asset Management

The fund is managed by Madison Asset Management. Paradigm Asset Management subadvises the fund. Established in 1990, Paradigm Asset Management has been an innovator of quantitative equity strategies. Paradigm's believes that consistent and reliable exposure to small growth can best be achieved through an investment process that dynamically tracks the drivers of performance for the style while maintaining a high degree of risk control.

Key Highlights (as of Friday September 03, 2010)
	Class A	Class B
Daily Price	6.11	5.98
Ticker Symbol	MASGX	MBSGX
Inception Date	12/27/2006	12/27/2006
Quarterly Performance Fund Fact Sheet (pdf) Prospectus and Fund Compliance 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 September 30, 2009)

% of Fund in Top Ten Securities	16.0%

Turnover	114.78%
Total Number of Holdings	189

Net Assets	$16.7 million

Foreign securities have additional risks, including exchange rate changes, political and economic unrest, relatively low market liquidity and the potential difference in financial and accounting controls and standards.

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

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