Equity Income Fund

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	Stock Investing With Partial Downside Protection
Fund Objective:	The Equity Income Fund seeks to provide consistent total return and, secondarily, to provide a high level of income and gains from option premiums.
Investment Strategies:	The Equity Income Fund invests, under normal conditions, primarily in common stocks of large-and mid-capitalization issuers that are, in the view of the funds' investment adviser, selling at a reasonable price in relation to their long-term earnings growth rates. The fund will seek to generate current earnings from option premiums by writing (selling) covered call options on a substantial portion of its portfolio securities. The fund seeks to produce a high level of current income and current gains generated from option writing premiums and, to a lesser extent, from dividends. Under normal market conditions, the fund will invest at least 80% of its total assets in common stocks, with at least 65% of those in large capitalization issuers. The fund may invest the remainder of its common stock investments in companies whose market capitalization is considered to be "mid-cap". The fund will employ a strategy of writing covered call options on a substantial portion of the common stocks in the fund's portfolio, and may, to a lesser extent, pursue an option strategy that includes the writing of both put and call options.

Fund Updates

Shareholder Newsletter

2Q10 MEMBERS Equity Income Fund Distribution Announcement and 19A Notice

Portfolio Management
Managers

Frank E. Burgess
Ray DiBernardo, CFA

Frank Burgess and Ray DiBernardo are the fund's co-portfolio managers. They manage the portfolio's trading and make options strategy decisions.

Key Highlights (as of Friday September 03, 2010)
	Class A	Class Y
Daily Price	9.83	9.85
Ticker Symbol	MENAX	MENYX
Inception Date	10/31/2009	10/31/2009
Quarterly Performance Fund Fact Sheet Equity Income Fund Investor Guide Prospectus and Financial Reports Links to other MEMBERS Fund 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):
Google Inc.	4.1%
Southwestern Energy Co.	3.1%
Visa Inc.	3.0%
Freeport-McMoRan Copper & Gold	2.9%
Yum! Brands Inc.	2.9%
Noble Corp.	2.8%
Coach Inc.	2.8%
Wells Fargo & Co.	2.7%
Morgan Stanley	2.6%
Cisco Systems Inc.	2.6%

% of Fund in Top Ten Securities	29.4%
Number of Equity Holdings	41
Equities Covered by Call Options	77.11%
Average Option Expiration	81.02 days
Net Assets	$31.6 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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