# EDGAR Filing Document

**Accession Number:** 0001651981
**File Stem:** 0001651981-26-000017
**Filing Date:** 2026-4
**Character Count:** 225673
**Document Hash:** 3d5c63b497a742096f6a674b4f2a207d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001651981-26-000017.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001651981-26-000017

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**EFFECTIVENESS DATE**: 20260401

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MEMBERS Horizon Variable Separate Account
- **CENTRAL INDEX KEY:** 0001651981

**ORGANIZATION NAME:**
- **EIN:** 391236386
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23092
- **FILM NUMBER:** 26824722

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 HERITAGE WAY
- **CITY:** WAVERLY
- **STATE:** IA
- **ZIP:** 50677
- **BUSINESS PHONE:** 608-238-5851

**MAIL ADDRESS:**
- **STREET 1:** 5910 MINERAL POINT ROAD
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53705

## Series and Classes Contracts Data

### MEMBERS Horizon Variable Separate Account (Series ID: S000051979)

| Class ID   | Class Name                                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000163893 | MEMBERS Horizon Combination Annuity                                             |  |
| C000205472 | TruStage Horizon II Flexible Premium Deferred Variable and Index Linked Annuity |  |

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Directors of

MEMBERS Life Insurance Company and

Contract Owners of MEMBERS Horizon Variable Separate Account

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities for each of the subaccounts of

MEMBERS Horizon Variable Separate Account (the "Account") listed in Appendix A, as of December 31,

2025, the related statements of operations, statements of changes in net assets, financial highlights for

each of the periods presented in Appendix A, and the related notes (collectively referred to as the

"financial statements and financial highlights"). In our opinion, such financial statements and financial

highlights present fairly, in all material respects, the financial position of each of the subaccounts

constituting the Account as of December 31, 2025, and the results of their operations, the changes in

their net assets, and the financial highlights for each of the periods presented in Appendix A in

conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Account's management.

Our responsibility is to express an opinion on the Account's financial statements and financial highlights

based on our audits. We are a public accounting firm registered with the Public Company Accounting

Oversight Board (United States) (PCAOB) and are required to be independent with respect to the

Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of

the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that

we plan and perform the audit to obtain reasonable assurance about whether the financial statements

and financial highlights are free of material misstatement, whether due to error or fraud. The Account is

not required to have, nor were we engaged to perform, an audit of its internal control over financial

reporting. As part of our audits, we are required to obtain an understanding of internal control over

financial reporting but not for the purpose of expressing an opinion on the effectiveness of the

Account's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial

statements and financial highlights, whether due to error or fraud, and performing procedures that

respond to those risks. Such procedures included examining, on a test basis, evidence regarding the

amounts and disclosures in the financial statements and financial highlights. Our audits also included

evaluating the accounting principles used and significant estimates made by management, as well as

evaluating the overall presentation of the financial statements and financial highlights. Our procedures

included confirmation of securities owned as of December 31, 2025, by correspondence with the

Account's fund managers. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

March 5, 2026

We have served as the auditor of MEMBERS Horizon Variable Separate Account since 2016.

**MEMBERS Horizon Variable Separate Account Appendix A**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subaccounts** | **Statements of Assets and** <br>**Liabilities as of**<br>| **Statements of Operations for the** | **Statements of Changes in Net Assets** <br>**for the**<br>| **Financial Highlights** <br>**for the**<br>|
| Invesco V.I. Global Real Estate Fund <br>Series I, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Invesco V.I. Small Cap Equity Fund <br>Series I, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Invesco V.I. International Growth Fund, <br>Series I Shares, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| American Funds IS The Bond Fund of <br>America Series I, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| American Funds IS Growth Fund Series I, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| American Funds IS American High-<br>Income Trust Fund Class I, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| American Funds IS International Fund <br>Series I, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| American Funds IS Asset Allocation Fund <br>Series I, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| BlackRock Global Allocation V.I. Fund <br>Class I, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Columbia VP Emerging Markets Bond <br>Fund Class 1, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| DFA VA International Small Portfolio, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| DFA VA International Value Portfolio, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| DFA VA U.S. Large Value Portfolio, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| DFA VA U.S. Targeted Value Portfolio, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Templeton Foreign VIP Fund Class I, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Templeton Global Bond VIP Fund Class <br>1, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Goldman Sachs VIT Core Fixed Income <br>Service Shares, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Goldman Sachs VIT Government Money <br>Market, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subaccounts** | **Statements of Assets and** <br>**Liabilities as of**<br>| **Statements of Operations for the** | **Statements of Changes in Net Assets** <br>**for the**<br>| **Financial Highlights** <br>**for the**<br>|
| Lazard Retirement Emerging Markets <br>Equity Portfolio Investor Shares, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| MFS® VIT Total Return Bond Series <br>Fund Initial Class, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| MFS® VIT Utilities Series Fund Initial <br>Class, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| MFS® VIT Value Series Fund, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| MFS® VIT Blended Research® Small <br>Cap Equity Fund, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Morgan Stanley VIF, Inc. Global <br>Infrastructure Fund Class I, Subaccount ^^<br>| - | - | For the Period January 1 to December 6, 2024  | - |
| Morgan Stanley VIF, Inc. Growth <br>Portfolio Fund Class I, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| TOPS® Aggressive Growth ETF Portfolio <br>Class 1, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| TOPS® Balanced ETF Portfolio Class 1, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| TOPS® Conservative ETF Portfolio Class <br>1, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| TOPS® Growth ETF Portfolio Class 1, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| TOPS® Moderate Growth ETF Portfolio <br>Class 1, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| PIMCO Commodity RealReturn® <br>Strategy Portfolio, Advisor Class, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| PIMCO VIT All Asset Portfolio <br>Institutional Class, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| PIMCO VIT Real Return Portfolio <br>Institutional Class, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Putnam VT High Yield Fund, Subaccount | December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| T. Rowe Price Blue Chip Growth Fund, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Vanguard VIF Capital Growth Portfolio, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subaccounts** | **Statements of Assets and** <br>**Liabilities as of**<br>| **Statements of Operations for the** | **Statements of Changes in Net Assets** <br>**for the**<br>| **Financial Highlights** <br>**for the**<br>|
| Vanguard VIF Diversified Value <br>Portfolio, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Vanguard VIF Equity Index Portfolio, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Vanguard VIF High Yield Bond Portfolio, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Vanguard VIF International Portfolio, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Vanguard VIF Mid-Cap Index Portfolio, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Vanguard VIF Money Market Portfolio, <br>Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Vanguard VIF Real Estate Index <br>Portfolio, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Vanguard VIF Small Company Growth <br>Portfolio, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Vanguard VIF Total Bond Market Index <br>Portfolio, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |
| Vanguard VIF Total Stock Market Index <br>Portfolio, Subaccount<br>| December 31, 2025 | Year Ended December 31, 2025 | Two Years Ended December 31, 2025 | Five Years Ended December 31, 2025 |

---

*^^ represents the date the subaccount ceased operations*

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Assets and Liabilities**

**As of December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Invesco V.I.**<br>**Global Real Estate**<br>**Fund**<br>**Series I,**<br>**Subaccount** | **Invesco V.I.**<br>**Small Cap**<br>**Equity Fund**<br>**Series I,**<br>**Subaccount** | **Invesco V.I.**<br>**International** <br>**Growth Fund** <br>**Series I,** <br>**Subaccount**  | **American Funds**<br>**IS The Bond Fund** <br>**of America** <br>**Series I,** <br>**Subaccount**  |
| **Assets** |  |  |  |  |
| Investments in mutual funds at <br>fair value | $671429 | $760834 | $285621 | $3048956 |
| Total assets | 671429 | 760834 | 285621 | 3048956 |
| **Liabilities** |  |  |  |  |
| Net assets | $671429 | $760834 | $285621 | $3048956 |
| **Net assets** |  |  |  |  |
| Net assets: B-Shares | $549448 | $731765 | $283246 | $2638776 |
| Net assets: C-Shares | 121981 | 29069 | 2375 | 410180 |
| Total net assets | $671429 | $760834 | $285621 | $3048956 |
| Number of shares outstanding | 47417 | 37928 | 147227 | 320268 |
| Net asset value per share | $14.16 | $20.06 | $1.94 | $9.52 |
| Cost of mutual fund shares | $712350 | $719977 | $318155 | $3219366 |
|  | **American Funds** | **American Funds** | **American Funds** | **American Funds** |
|  | **IS Growth**  | **IS American High-**  | **IS International**  | **IS Asset**  |
|  | **Fund**  | **Income Trust Fund**  | **Fund**  | **Allocation Fund**  |
|  | **Series I,**  | **Class I,**  | **Series I,**  | **Series I,**  |
|  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
| **Assets** |  |  |  |  |
| Investments in mutual funds at <br>fair value | $14275398 | $1865165 | $1786716 | $17443108 |
| Total assets | 14275398 | 1865165 | 1786716 | 17443108 |
| **Liabilities** |  |  |  |  |
| Net assets | $14275398 | $1865165 | $1786716 | $17443108 |
| **Net assets** |  |  |  |  |
| Net assets: B-Shares | $11903713 | $1727343 | $1589895 | $12201106 |
| Net assets: C-Shares | 2371685 | 137822 | 196821 | 5242002 |
| Total net assets | $14275398 | $1865165 | $1786716 | $17443108 |
| Number of shares outstanding | 101201 | 199911 | 80014 | 634064 |
| Net asset value per share | $141.06 | $9.33 | $22.33 | $27.51 |
| Cost of mutual fund shares | $10566249 | $1886574 | $1527255 | $15751304 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Assets and Liabilities (continued)**

**As of December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **BlackRock**<br>**Global Allocation**<br>**V.I. Fund** <br>**Class I,** <br>**Subaccount**  | **Columbia VP**<br>**Emerging Markets** <br>**Bond Fund** <br>**Class 1,** <br>**Subaccount**  | **DFA VA**<br>**International**<br>**Small** <br>**Portfolio,** <br>**Subaccount**  | **DFA VA**<br>**International**<br>**Value** <br>**Portfolio,** <br>**Subaccount**  |
| **Assets** |  |  |  |  |
| Investments in mutual funds at <br>fair value | $2342960 | $1438437 | $400909 | $3425246 |
| Total assets | 2342960 | 1438437 | 400909 | 3425246 |
| **Liabilities** |  |  |  |  |
| Net assets | $2342960 | $1438437 | $400909 | $3425246 |
| **Net assets** |  |  |  |  |
| Net assets: B-Shares | $908921 | $1166914 | $392172 | $2899630 |
| Net assets: C-Shares | 1434039 | 271523 | 8737 | 525616 |
| Total net assets | $2342960 | $1438437 | $400909 | $3425246 |
| Number of shares outstanding | 132821 | 169427 | 27125 | 184849 |
| Net asset value per share | $17.64 | $8.49 | $14.78 | $18.53 |
| Cost of mutual fund shares | $2352988 | $1491824 | $343774 | $2423797 |
|  | **DFA VA** | **DFA VA** | **Templeton** | **Templeton** |
|  | **U.S. Large** | **U.S. Targeted** | **Foreign VIP** | **Global Bond** |
|  | **Value**  | **Value**  | **Fund** | **VIP Fund** |
|  | **Portfolio,**  | **Portfolio,**  | **Class I,** | **Class 1,** |
|  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
| **Assets** |  |  |  |  |
| Investments in mutual funds at <br>fair value | $5936064 | $1959894 | $201116 | $597379 |
| Total assets | 5936064 | 1959894 | 201116 | 597379 |
| **Liabilities** |  |  |  |  |
| Net assets | $5936064 | $1959894 | $201116 | $597379 |
| **Net assets** |  |  |  |  |
| Net assets: B-Shares | $5157943 | $1795647 | $201116 | $539755 |
| Net assets: C-Shares | 778121 | 164247 |  | 57624 |
| Total net assets | $5936064 | $1959894 | $201116 | $597379 |
| Number of shares outstanding | 170039 | 87967 | 12094 | 42670 |
| Net asset value per share | $34.91 | $22.28 | $16.63 | $14.00 |
| Cost of mutual fund shares | $4996936 | $1786517 | $165539 | $640781 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Assets and Liabilities (continued)**

**As of December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Goldman Sachs VIT**<br>**Core Fixed**<br>**Income**<br>**Service Shares,**<br>**Subaccount**  | <br>**Goldman Sachs VIT**<br>**Government**<br>**Money Market,**<br>**Subaccount**  | **Lazard Retirement**<br>**Emerging Markets**<br>**Equity Portfolio** <br>**Investor Shares,** <br>**Subaccount**  | **MFS® VIT**<br>**Total Return** <br>**Bond Series Fund** <br>**Initial Class,** <br>**Subaccount**  |
| **Assets** |  |  |  |  |
| Investments in mutual funds at <br>fair value | $682989 | $7630660 | $1964487 | $4212209 |
| Total assets | 682989 | 7630660 | 1964487 | 4212209 |
| **Liabilities** |  |  |  |  |
| Net assets | $682989 | $7630660 | $1964487 | $4212209 |
| **Net assets** |  |  |  |  |
| Net assets: B-Shares | $266179 | $7630660 | $1747662 | $3186078 |
| Net assets: C-Shares | 416810 |  | 216825 | 1026131 |
| Total net assets | $682989 | $7630660 | $1964487 | $4212209 |
| Number of shares outstanding | 70122 | 7630660 | 66570 | 357573 |
| Net asset value per share | $9.74 | $1.00 | $29.51 | $11.78 |
| Cost of mutual fund shares | $712629 | $7630660 | $1368620 | $4443932 |
|  | **MFS® VIT** |  | **MFS® VIT** | **Morgan Stanley** |
|  | **Utilities Series**  | **MFS® VIT**  | **Blended Research®**  | **VIF, Inc.**  |
|  | **Fund**  | **Value**  | **Small Cap Equity**  | **Growth Portfolio**  |
|  | **Initial Class,**  | **Series Fund,**  | **Fund,**  | **Fund Class I,**  |
|  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
| **Assets** |  |  |  |  |
| Investments in mutual funds at <br>fair value | $1806160 | $2119503 | $1686420 | $3258531 |
| Total assets | 1806160 | 2119503 | 1686420 | 3258531 |
| **Liabilities** |  |  |  |  |
| Net assets | $1806160 | $2119503 | $1686420 | $3258531 |
| **Net assets** |  |  |  |  |
| Net assets: B-Shares | $1741556 | $2058692 | $1632026 | $2917255 |
| Net assets: C-Shares | 64604 | 60811 | 54394 | 341276 |
| Total net assets | $1806160 | $2119503 | $1686420 | $3258531 |
| Number of shares outstanding | 47871 | 95216 | 172612 | 122686 |
| Net asset value per share | $37.73 | $22.26 | $9.77 | $26.56 |
| Cost of mutual fund shares | $1618315 | $2043545 | $1730158 | $2744679 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Assets and Liabilities (continued)**

**As of December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TOPS®**<br>**Aggressive Growth** <br>**ETF Portfolio** <br>**Class 1,** <br>**Subaccount**  | **TOPS®**<br>**Balanced ETF** <br>**Portfolio** <br>**Class 1,** <br>**Subaccount**  | **TOPS®**<br>**Conservative ETF** <br>**Portfolio** <br>**Class 1,** <br>**Subaccount**  | **TOPS®**<br>**Growth ETF** <br>**Portfolio** <br>**Class 1,** <br>**Subaccount**  |
| **Assets** |  |  |  |  |
| Investments in mutual funds at <br>fair value | $1727736 | $5625087 | $13064206 | $2844310 |
| Total assets | 1727736 | 5625087 | 13064206 | 2844310 |
| **Liabilities** |  |  |  |  |
| Net assets | $1727736 | $5625087 | $13064206 | $2844310 |
| **Net assets** |  |  |  |  |
| Net assets: B-Shares | $955699 | $4608901 | $5172826 | $2666391 |
| Net assets: C-Shares | 772037 | 1016186 | 7891380 | 177919 |
| Total net assets | $1727736 | $5625087 | $13064206 | $2844310 |
| Number of shares outstanding | 71013 | 351348 | 950124 | 122021 |
| Net asset value per share | $24.33 | $16.01 | $13.75 | $23.31 |
| Cost of mutual fund shares | $1205910 | $4990087 | $12237906 | $2110882 |
|  | **TOPS®** | **PIMCO Commodity**  | **PIMCO VIT** | **PIMCO VIT** |
|  | **Moderate Growth**  | **RealReturn®** | **All Asset**  | **Real Return**  |
|  | **ETF Portfolio**  | **Strategy Portfolio,**  | **Portfolio**  | **Portfolio**  |
|  | **Class 1,**  | **Advisor Class,**  | **Institutional Class,**  | **Institutional Class,**  |
|  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
| **Assets** |  |  |  |  |
| Investments in mutual funds at <br>fair value | $3791489 | $815416 | $1716591 | $1175097 |
| Total assets | 3791489 | 815416 | 1716591 | 1175097 |
| **Liabilities** |  |  |  |  |
| Net assets | $3791489 | $815416 | $1716591 | $1175097 |
| **Net assets** |  |  |  |  |
| Net assets: B-Shares | $2363920 | $619450 | $1320621 | $782668 |
| Net assets: C-Shares | 1427569 | 195966 | 395970 | 392429 |
| Total net assets | $3791489 | $815416 | $1716591 | $1175097 |
| Number of shares outstanding | 222114 | 130258 | 175880 | 97843 |
| Net asset value per share | $17.07 | $6.26 | $9.76 | $12.01 |
| Cost of mutual fund shares | $3129113 | $840065 | $1747106 | $1227985 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Assets and Liabilities (continued)**

**As of December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Putnam VT**<br>**High** <br>**Yield** <br>**Fund,** <br>**Subaccount**  | **T. Rowe Price**<br>**Blue Chip** <br>**Growth** <br>**Fund,** <br>**Subaccount**  | **Vanguard**<br>**VIF** <br>**Capital Growth** <br>**Portfolio,** <br>**Subaccount**  | **Vanguard**<br>**VIF** <br>**Diversified Value** <br>**Portfolio,** <br>**Subaccount**  |
| **Assets** |  |  |  |  |
| Investments in mutual funds at <br>fair value | $1729278 | $16232374 | $4459794 | $3305647 |
| Total assets | 1729278 | 16232374 | 4459794 | 3305647 |
| **Liabilities** |  |  |  |  |
| Net assets | $1729278 | $16232374 | $4459794 | $3305647 |
| **Net assets** |  |  |  |  |
| Net assets: B-Shares | $1389322 | $10911048 | $3257706 | $2591984 |
| Net assets: C-Shares | 339956 | 5321326 | 1202088 | 713663 |
| Total net assets | $1729278 | $16232374 | $4459794 | $3305647 |
| Number of shares outstanding | 297638 | 248467 | 72142 | 189218 |
| Net asset value per share | $5.81 | $65.33 | $61.82 | $17.47 |
| Cost of mutual fund shares | $1743483 | $11571655 | $3050799 | $2839607 |
|  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **VIF**  | **VIF**  | **VIF**  | **VIF**  |
|  | **Equity Index**  | **High Yield Bond**  | **International**  | **Mid-Cap Index**  |
|  | **Portfolio,**  | **Portfolio,**  | **Portfolio,**  | **Portfolio,**  |
|  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
| **Assets** |  |  |  |  |
| Investments in mutual funds at <br>fair value | $13165087 | $1980456 | $4585296 | $6211286 |
| Total assets | 13165087 | 1980456 | 4585296 | 6211286 |
| **Liabilities** |  |  |  |  |
| Net assets | $13165087 | $1980456 | $4585296 | $6211286 |
| **Net assets** |  |  |  |  |
| Net assets: B-Shares | $7027823 | $1486164 | $3567202 | $5162664 |
| Net assets: C-Shares | 6137264 | 494292 | 1018094 | 1048622 |
| Total net assets | $13165087 | $1980456 | $4585296 | $6211286 |
| Number of shares outstanding | 160628 | 262312 | 160381 | 222149 |
| Net asset value per share | $81.96 | $7.55 | $28.59 | $27.96 |
| Cost of mutual fund shares | $8091888 | $1979261 | $4351724 | $5246107 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Assets and Liabilities (continued)**

**As of December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Vanguard**<br>**VIF** <br>**Money Market** <br>**Portfolio,** <br>**Subaccount**  | **Vanguard**<br>**VIF** <br>**Real Estate Index** <br>**Portfolio,** <br>**Subaccount**  | **Vanguard**<br>**VIF** <br>**Small Company** <br>**Growth Portfolio,** <br>**Subaccount**  | **Vanguard**<br>**VIF** <br>**Total Bond Market** <br>**Index Portfolio,** <br>**Subaccount**  |
| **Assets** |  |  |  |  |
| Investments in mutual funds at <br>fair value | $18867645 | $3304611 | $1884785 | $11186407 |
| Total assets | 18867645 | 3304611 | 1884785 | 11186407 |
| **Liabilities** |  |  |  |  |
| Net assets | $18867645 | $3304611 | $1884785 | $11186407 |
| **Net assets** |  |  |  |  |
| Net assets: B-Shares | $16329083 | $2191995 | $1260999 | $7900265 |
| Net assets: C-Shares | 2538562 | 1112616 | 623786 | 3286142 |
| Total net assets | $18867645 | $3304611 | $1884785 | $11186407 |
| Number of shares outstanding | 18867645 | 285619 | 98835 | 1035778 |
| Net asset value per share | $1.00 | $11.57 | $19.07 | $10.80 |
| Cost of mutual fund shares | $18867645 | $3495724 | $1897910 | $11632453 |
|  | **Vanguard** |  |  |  |
|  | **VIF**  |  |  |  |
|  | **Total Stock Market**  |  |  |  |
|  | **Index Portfolio,**  |  |  |  |
|  | **Subaccount**  |  |  |  |
| **Assets** |  |  |  |  |
| Investments in mutual funds at <br>fair value | $14071856 |  |  |  |
| Total assets | 14071856 |  |  |  |
| **Liabilities** |  |  |  |  |
| Net assets | $14071856 |  |  |  |
| **Net assets** |  |  |  |  |
| Net assets: B-Shares | $10330442 |  |  |  |
| Net assets: C-Shares | 3741414 |  |  |  |
| Total net assets | $14071856 |  |  |  |
| Number of shares outstanding | 230951 |  |  |  |
| Net asset value per share | $60.93 |  |  |  |
| Cost of mutual fund shares | $10816597 |  |  |  |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Operations**

**For the Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Invesco V.I.**<br>**Global Real Estate**<br>**Fund**<br>**Series I,**<br>**Subaccount** | **Invesco V.I.**<br>**Small Cap**<br>**Equity Fund**<br>**Series I,**<br>**Subaccount** | **Invesco V.I.**<br>**International**<br>**Growth Fund**<br>**Series I,**<br>**Subaccount** | **American Funds**<br>**IS The Bond Fund**<br>**of America**<br>**Series I,**<br>**Subaccount** |
| **Investment income (loss)** |  |  |  |  |
| Dividend income | $14024 | $— | $979 | $132894 |
| Mortality and expense charges (note 3) | (11413) | (12519) | (4278) | (46769) |
| Net investment income (loss) | 2611 | (12519) | (3299) | 86125 |
| **Realized gain (loss) on investments** |  |  |  |  |
| Net realized gain (loss) on sale |  |  |  |  |
| of fund shares | (34049) | 12822 | (11588) | (76900) |
| Realized gain distributions |  | 36654 | 26262 |  |
| Net realized gain (loss) on investments | (34049) | 49476 | 14674 | (76900) |
| **Net change in unrealized appreciation** | **Net change in unrealized appreciation** |  |  |  |
| **(depreciation) on investments** | 76232 | 13519 | 25990 | 163514 |
| **Net increase (decrease) in net assets** | **Net increase (decrease) in net assets** |  |  |  |
| **resulting from operations** | $44794 | $50476 | $37365 | $172739 |
|  | **American Funds** | **American Funds** | **American Funds** | **American Funds** |
|  | **IS Growth** | **IS American High-** | **IS International** | **IS Asset** |
|  | **Fund** | **Income Trust** <br>**Fund**<br>| **Fund** | **Allocation Fund** |
|  | **Series I,** | **Class I,** | **Series I,** | **Series I,** |
|  | **Subaccount** | **Subaccount** | **Subaccount** | **Subaccount** |
| **Investment income (loss)** |  |  |  |  |
| Dividend income | $31387 | $125147 | $26018 | $367623 |
| Mortality and expense charges (note 3) | (224223) | (33619) | (25595) | (273677) |
| Net investment income (loss) | (192836) | 91528 | 423 | 93946 |
| **Realized gain (loss) on investments** |  |  |  |  |
| Net realized gain (loss) on sale |  |  |  |  |
| of fund shares | 1638700 | 9973 | 20316 | 471960 |
| Realized gain distributions | 1002064 |  |  | 1202825 |
| Net realized gain (loss) on investments | 2640764 | 9973 | 20316 | 1674785 |
| **Net change in unrealized appreciation** | **Net change in unrealized appreciation** |  |  |  |
| **(depreciation) on investments** | 32155 | 45286 | 358752 | 556726 |
| **Net increase (decrease) in net assets** | **Net increase (decrease) in net assets** |  |  |  |
| **resulting from operations** | $2480083 | $146787 | $379491 | $2325457 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Operations (continued)**

**For the Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **BlackRock**<br>**Global Allocation**<br>**V.I. Fund**<br>**Class I,**<br>**Subaccount** | **Columbia VP**<br>**Emerging Markets**<br>**Bond Fund**<br>**Class 1,**<br>**Subaccount** | **DFA VA**<br>**International**<br>**Small**<br>**Portfolio,**<br>**Subaccount** | **DFA VA**<br>**International**<br>**Value**<br>**Portfolio,**<br>**Subaccount** |
| **Investment income (loss)** |  |  |  |  |
| Dividend income | $76420 | $78110 | $12512 | $131766 |
| Mortality and expense charges (note 3) | (38820) | (22842) | (6228) | (53937) |
| Net investment income (loss) | 37600 | 55268 | 6284 | 77829 |
| **Realized gain (loss) on investments** |  |  |  |  |
| Net realized gain (loss) on sale |  |  |  |  |
| of fund shares | (1572) | (40392) | 13482 | 388374 |
| Realized gain distributions | 176824 |  | 15138 | 95915 |
| Net realized gain (loss) on investments | 175252 | (40392) | 28620 | 484289 |
| **Net change in unrealized appreciation** | **Net change in unrealized appreciation** |  |  |  |
| **(depreciation) on investments** | 177117 | 138916 | 88646 | 702260 |
| **Net increase (decrease) in net assets** | **Net increase (decrease) in net assets** |  |  |  |
| **resulting from operations** | $389969 | $153792 | $123550 | $1264378 |
|  | **DFA VA** | **DFA VA** | **Templeton** | **Templeton** |
|  | **U.S. Large** | **U.S. Targeted** | **Foreign VIP** | **Global Bond** |
|  | **Value** | **Value** | **Fund** | **VIP Fund** |
|  | **Portfolio,** | **Portfolio,** | **Class I,** | **Class 1,** |
|  | **Subaccount** | **Subaccount** | **Subaccount** | **Subaccount** |
| **Investment income (loss)** |  |  |  |  |
| Dividend income | $108948 | $34734 | $5320 | $— |
| Mortality and expense charges (note 3) | (94773) | (31075) | (3206) | (11249) |
| Net investment income (loss) | 14175 | 3659 | 2114 | (11249) |
| **Realized gain (loss) on investments** |  |  |  |  |
| Net realized gain (loss) on sale |  |  |  |  |
| of fund shares | 296388 | 82174 | 8598 | (69767) |
| Realized gain distributions | 340293 | 157143 | 13383 |  |
| Net realized gain (loss) on investments | 636681 | 239317 | 21981 | (69767) |
| **Net change in unrealized appreciation** | **Net change in unrealized appreciation** |  |  |  |
| **(depreciation) on investments** | 143418 | (126375) | 26941 | 186596 |
| **Net increase (decrease) in net assets** | **Net increase (decrease) in net assets** |  |  |  |
| **resulting from operations** | $794274 | $116601 | $51036 | $105580 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Operations (continued)**

**For the Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Goldman Sachs** <br>**VIT**<br>**Core Fixed**<br>**Income**<br>**Service Shares,**<br>**Subaccount** | <br>**Goldman Sachs** <br>**VIT**<br>**Government**<br>**Money Market,**<br>**Subaccount**  | **Lazard Retirement**<br>**Emerging Markets**<br>**Equity Portfolio**<br>**Investor Shares,**<br>**Subaccount** | **MFS® VIT**<br>**Total Return**<br>**Bond Series Fund**<br>**Initial Class,**<br>**Subaccount**  |
| **Investment income (loss)** |  |  |  |  |
| Dividend income | $29039 | $282469 | $59894 | $180992 |
| Mortality and expense charges (note 3) | (12629) | (103501) | (30470) | (65422) |
| Net investment income (loss) | 16410 | 178968 | 29424 | 115570 |
| **Realized gain (loss) on investments** |  |  |  |  |
| Net realized gain (loss) on sale |  |  |  |  |
| of fund shares | (21204) | (1) | 160679 | (93186) |
| Realized gain distributions |  |  |  |  |
| Net realized gain (loss) on investments | (21204) | (1) | 160679 | (93186) |
| **Net change in unrealized appreciation** | **Net change in unrealized appreciation** |  |  |  |
| **(depreciation) on investments** | 47540 |  | 482061 | 205754 |
| **Net increase (decrease) in net assets** | **Net increase (decrease) in net assets** |  |  |  |
| **resulting from operations** | $42746 | $178967 | $672164 | $228138 |
|  | **MFS® VIT** |  | **MFS® VIT** | **Morgan Stanley** |
|  | **Utilities Series** | **MFS® VIT** | **Blended** <br>**Research®**<br>| **VIF, Inc.**  |
|  | **Fund** | **Value** | **Small Cap Equity** | **Growth Portfolio**  |
|  | **Initial Class,** | **Series Fund,** | **Fund,** | **Fund Class I,** |
|  | **Subaccount** | **Subaccount** | **Subaccount** | **Subaccount** |
| **Investment income (loss)** |  |  |  |  |
| Dividend income | $59149 | $34382 | $16158 | $— |
| Mortality and expense charges (note 3) | (30787) | (32432) | (24657) | (56076) |
| Net investment income (loss) | 28362 | 1950 | (8499) | (56076) |
| **Realized gain (loss) on investments** |  |  |  |  |
| Net realized gain (loss) on sale |  |  |  |  |
| of fund shares | 74733 | 21618 | (21291) | 1029580 |
| Realized gain distributions | 27051 | 159945 | 159615 |  |
| Net realized gain (loss) on investments | 101784 | 181563 | 138324 | 1029580 |
| **Net change in unrealized appreciation** | **Net change in unrealized appreciation** |  |  |  |
| **(depreciation) on investments** | 133590 | 47994 | (56233) | 58323 |
| **Net increase (decrease) in net assets** | **Net increase (decrease) in net assets** |  |  |  |
| **resulting from operations** | $263736 | $231507 | $73592 | $1031827 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Operations (continued)**

**For the Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TOPS®**<br>**Aggressive** <br>**Growth**<br>**ETF Portfolio**<br>**Class 1,**<br>**Subaccount** | <br>**TOPS®**<br>**Balanced ETF**<br>**Portfolio**<br>**Class 1,**<br>**Subaccount** | <br>**TOPS®**<br>**Conservative ETF**<br>**Portfolio**<br>**Class 1,**<br>**Subaccount** | <br>**TOPS®**<br>**Growth ETF**<br>**Portfolio**<br>**Class 1,**<br>**Subaccount** |
| **Investment income (loss)** |  |  |  |  |
| Dividend income | $22593 | $125027 | $338469 | $42038 |
| Mortality and expense charges (note 3) | (27901) | (92891) | (207554) | (45610) |
| Net investment income (loss) | (5308) | 32136 | 130915 | (3572) |
| **Realized gain (loss) on investments** |  |  |  |  |
| Net realized gain (loss) on sale |  |  |  |  |
| of fund shares | 145066 | 354988 | 355379 | 208395 |
| Realized gain distributions | 23774 | 63125 | 85602 | 45927 |
| Net realized gain (loss) on investments | 168840 | 418113 | 440981 | 254322 |
| **Net change in unrealized appreciation** | **Net change in unrealized appreciation** |  |  |  |
| **(depreciation) on investments** | 98971 | 173747 | 444403 | 205982 |
| **Net increase (decrease) in net assets** | **Net increase (decrease) in net assets** |  |  |  |
| **resulting from operations** | $262503 | $623996 | $1016299 | $456732 |
|  | **TOPS®** | **PIMCO Commodity** | **PIMCO VIT** | **PIMCO VIT** |
|  | **Moderate Growth** | **RealReturn®** | **All Asset** | **Real Return** |
|  | **ETF Portfolio** | **Strategy Portfolio,** | **Portfolio** | **Portfolio** |
|  | **Class 1,** | **Advisor Class,** | **Institutional Class,** | **Institutional Class,** |
|  | **Subaccount** | **Subaccount** | **Subaccount** | **Subaccount** |
| **Investment income (loss)** |  |  |  |  |
| Dividend income | $75039 | $27220 | $83391 | $45514 |
| Mortality and expense charges (note 3) | (62508) | (13976) | (27282) | (20869) |
| Net investment income (loss) | 12531 | 13244 | 56109 | 24645 |
| **Realized gain (loss) on investments** |  |  |  |  |
| Net realized gain (loss) on sale |  |  |  |  |
| of fund shares | 230758 | (29406) | (42090) | (27475) |
| Realized gain distributions | 62990 |  |  |  |
| Net realized gain (loss) on investments | 293748 | (29406) | (42090) | (27475) |
| **Net change in unrealized appreciation** | **Net change in unrealized appreciation** |  |  |  |
| **(depreciation) on investments** | 189029 | 159681 | 193594 | 87890 |
| **Net increase (decrease) in net assets** | **Net increase (decrease) in net assets** |  |  |  |
| **resulting from operations** | $495308 | $143519 | $207613 | $85060 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Operations (continued)**

**For the Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Putnam VT**<br>**High**<br>**Yield**<br>**Fund,**<br>**Subaccount** | **T. Rowe Price**<br>**Blue Chip**<br>**Growth**<br>**Fund,**<br>**Subaccount** | **Vanguard**<br>**VIF**<br>**Capital Growth**<br>**Portfolio,**<br>**Subaccount** | **Vanguard**<br>**VIF**<br>**Diversified Value**<br>**Portfolio,**<br>**Subaccount** |
| **Investment income (loss)** |  |  |  |  |
| Dividend income | $124932 | $— | $42564 | $53553 |
| Mortality and expense charges (note 3) | (28291) | (256216) | (63960) | (52050) |
| Net investment income (loss) | 96641 | (256216) | (21396) | 1503 |
| **Realized gain (loss) on investments** |  |  |  |  |
| Net realized gain (loss) on sale |  |  |  |  |
| of fund shares | (26368) | 1565187 | 224621 | 153963 |
| Realized gain distributions |  | 1361449 | 182890 | 280030 |
| Net realized gain (loss) on investments | (26368) | 2926636 | 407511 | 433993 |
| **Net change in unrealized appreciation** | **Net change in unrealized appreciation** |  |  |  |
| **(depreciation) on investments** | 55425 | (87412) | 616235 | 38179 |
| **Net increase (decrease) in net assets** | **Net increase (decrease) in net assets** |  |  |  |
| **resulting from operations** | $125698 | $2583008 | $1002350 | $473675 |
|  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **VIF** | **VIF** | **VIF** | **VIF** |
|  | **Equity Index** | **High Yield Bond** | **International** | **Mid-Cap Index** |
|  | **Portfolio,** | **Portfolio,** | **Portfolio,** | **Portfolio,** |
|  | **Subaccount** | **Subaccount** | **Subaccount** | **Subaccount** |
| **Investment income (loss)** |  |  |  |  |
| Dividend income | $154162 | $146657 | $42535 | $90178 |
| Mortality and expense charges (note 3) | (221571) | (33902) | (76147) | (104906) |
| Net investment income (loss) | (67409) | 112755 | (33612) | (14728) |
| **Realized gain (loss) on investments** |  |  |  |  |
| Net realized gain (loss) on sale |  |  |  |  |
| of fund shares | 1508684 | (21933) | 29884 | 363674 |
| Realized gain distributions | 297042 |  | 286674 | 359256 |
| Net realized gain (loss) on investments | 1805726 | (21933) | 316558 | 722930 |
| **Net change in unrealized appreciation** | **Net change in unrealized appreciation** |  |  |  |
| **(depreciation) on investments** | 318471 | 66261 | 555554 | (76126) |
| **Net increase (decrease) in net assets** | **Net increase (decrease) in net assets** |  |  |  |
| **resulting from operations** | $2056788 | $157083 | $838500 | $632076 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Operations (continued)**

**For the Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Vanguard**<br>**VIF**<br>**Money Market**<br>**Portfolio,**<br>**Subaccount** | **Vanguard**<br>**VIF**<br>**Real Estate Index**<br>**Portfolio,**<br>**Subaccount** | **Vanguard**<br>**VIF**<br>**Small Company**<br>**Growth Portfolio,**<br>**Subaccount** | **Vanguard**<br>**VIF**<br>**Total Bond Market**<br>**Index Portfolio,**<br>**Subaccount** |
| **Investment income (loss)** |  |  |  |  |
| Dividend income | $814747 | $103641 | $10214 | $439226 |
| Mortality and expense charges (note 3) | (303449) | (57384) | (31961) | (187567) |
| Net investment income (loss) | 511298 | 46257 | (21747) | 251659 |
| **Realized gain (loss) on investments** |  |  |  |  |
| Net realized gain (loss) on sale |  |  |  |  |
| of fund shares |  | (74188) | (83613) | (347842) |
| Realized gain distributions |  | 66362 | 145197 |  |
| Net realized gain (loss) on investments |  | (7826) | 61584 | (347842) |
| **Net change in unrealized appreciation** | **Net change in unrealized appreciation** |  |  |  |
| **(depreciation) on investments** |  | 19343 | 14076 | 723973 |
| **Net increase (decrease) in net assets** | **Net increase (decrease) in net assets** |  |  |  |
| **resulting from operations** | $511298 | $57774 | $53913 | $627790 |
|  | **Vanguard** |  |  |  |
|  | **VIF** |  |  |  |
|  | **Total Stock Market** |  |  |  |
|  | **Index Portfolio,** |  |  |  |
|  | **Subaccount** |  |  |  |
| **Investment income (loss)** |  |  |  |  |
| Dividend income | $167529 |  |  |  |
| Mortality and expense charges (note 3) | (219831) |  |  |  |
| Net investment income (loss) | (52302) |  |  |  |
| **Realized gain (loss) on investments** |  |  |  |  |
| Net realized gain (loss) on sale |  |  |  |  |
| of fund shares | 1218691 |  |  |  |
| Realized gain distributions | 782065 |  |  |  |
| Net realized gain (loss) on investments | 2000756 |  |  |  |
| **Net change in unrealized appreciation** | **Net change in unrealized appreciation** |  |  |  |
| **(depreciation) on investments** | 14029 |  |  |  |
| **Net increase (decrease) in net assets** | **Net increase (decrease) in net assets** |  |  |  |
| **resulting from operations** | $1962483 |  |  |  |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Changes in Net Assets**

**For the Years Ended December 31,**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.** | **Invesco V.I.** |  | **Invesco V.I.** | **Invesco V.I.** |
|  | **Global Real Estate Fund**  | **Global Real Estate Fund**  |  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  |
|  | **Series I, Subaccount** | **Series I, Subaccount** |  | **Series I, Subaccount** | **Series I, Subaccount** |
| | **2025** | **2024** | | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |  |
| Net investment income (loss) | $2611 | $8132 |  | $(12519) | $(13652) |
| Net realized gain (loss) on investments | (34049) | (34830) | 5 | 49476 | 41533 |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments | 76232 | (2521) |  | 13519 | 121669 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | 44794 | (29219) |  | 50476 | 149550 |
| **Contract transactions** |  |  |  |  |  |
| Payments received from contract owners | 3140 | 12752 |  | 1598 | 8092 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |  |
| fixed accounts), net | 161725 | 112678 |  | 22525 | (3726) |
| Payment for contract benefits and terminations | (371933) | (342629) |  | (216259) | (261493) |
| Contract charges and fees | (151) | (682) |  | (1018) | (2884) |
| Net increase (decrease) in net assets from |  |  |  |  |  |
| contract transactions | (207219) | (217881) |  | (193154) | (260011) |
| Total increase (decrease) in net assets | (162425) | (247100) |  | (142678) | (110461) |
| **Net assets** |  |  |  |  |  |
| Beginning of period | 833854 | 1080954 |  | 903512 | 1013973 |
| End of period | $671429 | $833854 |  | $760834 | $903512 |
|  | **Invesco V.I.** | **Invesco V.I.** |  | **American Funds** | **American Funds** |
|  | **International Growth Fund**  | **International Growth Fund**  |  | **IS The Bond Fund of America**  | **IS The Bond Fund of America**  |
|  | **Series I, Subaccount** | **Series I, Subaccount** |  | **Series I, Subaccount** | **Series I, Subaccount** |
|  | **2025** | **2024** |  | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |  |
| Net investment income (loss) | $(3299) | $(2974) |  | $86125 | $84811 |
| Net realized gain (loss) on investments | 14674 | 7237 |  | (76900) | (147665) |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments | 25990 | (12416) |  | 163514 | 50694 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | 37365 | (8153) |  | 172739 | (12160) |
| **Contract transactions** |  |  |  |  |  |
| Payments received from contract owners |  |  |  | 58 | 16014 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |  |
| fixed accounts), net | 66067 | (590) |  | 903901 | 556668 |
| Payment for contract benefits and terminations | (97537) | (61436) |  | (1042557) | (805691) |
| Contract charges and fees | (201) | (847) |  | (4152) | (9051) |
| Net increase (decrease) in net assets from |  |  |  |  |  |
| contract transactions | (31671) | (62873) |  | (142750) | (242060) |
| Total increase (decrease) in net assets | 5694 | (71026) |  | 29989 | (254220) |
| **Net assets** |  |  |  |  |  |
| Beginning of period | 279927 | 350953 |  | 3018967 | 3273187 |
| End of period | $285621 | $279927 |  | $3048956 | $3018967 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Changes in Net Assets (continued)**

**For the Years Ended December 31,**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American Funds** | **American Funds** |  | **American Funds** | **American Funds** |
|  | **IS Growth Fund**  | **IS Growth Fund**  |  | **IS American High-Income Trust** <br>**Fund**  | **IS American High-Income Trust** <br>**Fund**  |
|  | **Series I, Subaccount** | **Series I, Subaccount** |  | **Class I, Subaccount** | **Class I, Subaccount** |
| | **2025** | **2024** | | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |  |
| Net investment income (loss) | $(192836) | $(137715) |  | $91528 | $121322 |
| Net realized gain (loss) on investments | 2640764 | 1045523 |  | 9973 | (17415) |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments | 32155 | 2826323 |  | 45286 | 45054 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | 2480083 | 3734131 |  | 146787 | 148961 |
| **Contract transactions** |  |  |  |  |  |
| Payments received from contract owners | 215906 | 590005 |  | 36388 | 225096 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |  |
| fixed accounts), net | (793488) | 1048617 |  | 498496 | 1213605 |
| Payment for contract benefits and terminations | (3161406) | (2929851) |  | (1155478) | (1033874) |
| Contract charges and fees | (7495) | (10216) |  | (866) | (2288) |
| Net increase (decrease) in net assets from |  |  |  |  |  |
| contract transactions | (3746483) | (1301445) |  | (621460) | 402539 |
| Total increase (decrease) in net assets | (1266400) | 2432686 |  | (474673) | 551500 |
| **Net assets** |  |  |  |  |  |
| Beginning of period | 15541798 | 13109112 |  | 2339838 | 1788338 |
| End of period | $14275398 | $15541798 |  | $1865165 | $2339838 |
|  | **American Funds** | **American Funds** |  | **American Funds** | **American Funds** |
|  | **IS International Fund**  | **IS International Fund**  |  | **IS Asset Allocation Fund**  | **IS Asset Allocation Fund**  |
|  | **Series I, Subaccount** | **Series I, Subaccount** |  | **Series I, Subaccount** | **Series I, Subaccount** |
|  | **2025** | **2024** |  | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |  |
| Net investment income (loss) | $423 | $(2162) |  | $93946 | $147888 |
| Net realized gain (loss) on investments | 20316 | (6634) | 5 | 1674785 | 1165549 |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments | 358752 | 44581 |  | 556726 | 1309291 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | 379491 | 35785 |  | 2325457 | 2622728 |
| **Contract transactions** |  |  |  |  |  |
| Payments received from contract owners | 27269 | 169210 |  | 92709 | 376147 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |  |
| fixed accounts), net | 335843 | 497279 |  | 2626756 | 3838005 |
| Payment for contract benefits and terminations | (573854) | (794193) |  | (6351427) | (6638061) |
| Contract charges and fees | (590) | (1468) |  | (3317) | (8310) |
| Net increase (decrease) in net assets from |  |  |  |  |  |
| contract transactions | (211332) | (129172) |  | (3635279) | (2432219) |
| Total increase (decrease) in net assets | 168159 | (93387) |  | (1309822) | 190509 |
| **Net assets** |  |  |  |  |  |
| Beginning of period | 1618557 | 1711944 |  | 18752930 | 18562421 |
| End of period | $1786716 | $1618557 |  | $17443108 | $18752930 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Changes in Net Assets (continued)**

**For the Years Ended December 31,**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **BlackRock** | **BlackRock** |  | **Columbia VP** | **Columbia VP** |
|  | **Global Allocation V.I. Fund**  | **Global Allocation V.I. Fund**  |  | **Emerging Markets Bond Fund**  | **Emerging Markets Bond Fund**  |
|  | **Class I, Subaccount** | **Class I, Subaccount** |  | **Class 1, Subaccount** | **Class 1, Subaccount** |
| | **2025** | **2024** | | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |  |
| Net investment income (loss) | $37600 | $(8919) |  | $55268 | $63916 |
| Net realized gain (loss) on investments | 175252 | 152712 | 5 | (40392) | (90638) |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments | 177117 | 46244 |  | 138916 | 113565 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | 389969 | 190037 |  | 153792 | 86843 |
| **Contract transactions** |  |  |  |  |  |
| Payments received from contract owners | 3030 | 29937 |  | 4367 | 29338 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |  |
| fixed accounts), net | (263513) | 310346 |  | 137029 | 185764 |
| Payment for contract benefits and terminations | (299710) | (595331) |  | (470032) | (711340) |
| Contract charges and fees | (219) | (363) |  | (1181) | (1737) |
| Net increase (decrease) in net assets from |  |  |  |  |  |
| contract transactions | (560412) | (255411) |  | (329817) | (497975) |
| Total increase (decrease) in net assets | (170443) | (65374) |  | (176025) | (411132) |
| **Net assets** |  |  |  |  |  |
| Beginning of period | 2513403 | 2578777 |  | 1614462 | 2025594 |
| End of period | $2342960 | $2513403 |  | $1438437 | $1614462 |
|  | **DFA VA** | **DFA VA** |  | **DFA VA** | **DFA VA** |
|  | **International Small**  | **International Small**  |  | **International Value**  | **International Value**  |
|  | **Portfolio, Subaccount** | **Portfolio, Subaccount** |  | **Portfolio, Subaccount** | **Portfolio, Subaccount** |
|  | **2025** | **2024** |  | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |  |
| Net investment income (loss) | $6284 | $6858 |  | $77829 | $79957 |
| Net realized gain (loss) on investments | 28620 | 4150 | 5 | 484289 | 310225 |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments | 88646 | (838) |  | 702260 | (165622) |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | 123550 | 10170 |  | 1264378 | 224560 |
| **Contract transactions** |  |  |  |  |  |
| Payments received from contract owners | 191 | 5252 |  | 9774 | 62648 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |  |
| fixed accounts), net | (28535) | (58209) |  | (231515) | 103510 |
| Payment for contract benefits and terminations | (72515) | (76761) |  | (1041180) | (1407209) |
| Contract charges and fees | (733) | (74) |  | (961) | (3200) |
| Net increase (decrease) in net assets from |  |  |  |  |  |
| contract transactions | (101592) | (129792) |  | (1263882) | (1244251) |
| Total increase (decrease) in net assets | 21958 | (119622) |  | 496 | (1019691) |
| **Net assets** |  |  |  |  |  |
| Beginning of period | 378951 | 498573 |  | 3424750 | 4444441 |
| End of period | $400909 | $378951 |  | $3425246 | $3424750 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Changes in Net Assets (continued)**

**For the Years Ended December 31,**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **DFA VA** | **DFA VA** |  | **DFA VA** | **DFA VA** |
|  | **U.S. Large Value**  | **U.S. Large Value**  |  | **U.S. Targeted Value**  | **U.S. Targeted Value**  |
|  | **Portfolio, Subaccount** | **Portfolio, Subaccount** |  | **Portfolio, Subaccount** | **Portfolio, Subaccount** |
| | **2025** | **2024** | | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |  |
| Net investment income (loss) | $14175 | $21628 |  | $3659 | $(9589) |
| Net realized gain (loss) on investments | 636681 | 1322299 | 5 | 239317 | 408843 |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments | 143418 | (462084) |  | (126375) | (228654) |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | 794274 | 881843 |  | 116601 | 170600 |
| **Contract transactions** |  |  |  |  |  |
| Payments received from contract owners | 21558 | 62752 |  | 2620 | 19795 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |  |
| fixed accounts), net | 14701 | (194079) |  | 100585 | 66015 |
| Payment for contract benefits and terminations | (1529991) | (2255809) |  | (610476) | (1153309) |
| Contract charges and fees | (6044) | (17102) |  | (4009) | (15418) |
| Net increase (decrease) in net assets from |  |  |  |  |  |
| contract transactions | (1499776) | (2404238) |  | (511280) | (1082917) |
| Total increase (decrease) in net assets | (705502) | (1522395) |  | (394679) | (912317) |
| **Net assets** |  |  |  |  |  |
| Beginning of period | 6641566 | 8163961 |  | 2354573 | 3266890 |
| End of period | $5936064 | $6641566 |  | $1959894 | $2354573 |
|  | **Templeton** | **Templeton** |  | **Templeton** | **Templeton** |
|  | **Foreign VIP Fund**  | **Foreign VIP Fund**  |  | **Global Bond VIP Fund**  | **Global Bond VIP Fund**  |
|  | **Class I, Subaccount** | **Class I, Subaccount** |  | **Class 1, Subaccount** | **Class 1, Subaccount** |
|  | **2025** | **2024** |  | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |  |
| Net investment income (loss) | $2114 | $2349 |  | $(11249) | $(16256) |
| Net realized gain (loss) on investments | 21981 | 4999 |  | (69767) | (62613) |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments | 26941 | (12086) |  | 186596 | (56089) |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | 51036 | (4738) |  | 105580 | (134958) |
| **Contract transactions** |  |  |  |  |  |
| Payments received from contract owners | 540 | 4156 |  | 650 | 4202 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |  |
| fixed accounts), net | (20264) | (8394) |  | 37771 | 86733 |
| Payment for contract benefits and terminations | (41236) | (47091) |  | (439298) | (262155) |
| Contract charges and fees | (70) | (85) |  | (409) | (462) |
| Net increase (decrease) in net assets from |  |  |  |  |  |
| contract transactions | (61030) | (51414) |  | (401286) | (171682) |
| Total increase (decrease) in net assets | (9994) | (56152) |  | (295706) | (306640) |
| **Net assets** |  |  |  |  |  |
| Beginning of period | 211110 | 267262 |  | 893085 | 1199725 |
| End of period | $201116 | $211110 |  | $597379 | $893085 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Changes in Net Assets (continued)**

**For the Years Ended December 31,**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs VIT** | **Goldman Sachs VIT** |  | **Goldman Sachs VIT** | **Goldman Sachs VIT** |
|  | **Core Fixed** | **Core Fixed** |  | **Government**  | **Government**  |
|  | **Income Service Shares,**  | **Income Service Shares,**  |  | **Money Market,**  | **Money Market,**  |
|  | **Subaccount** | **Subaccount** |  | **Subaccount**  | **Subaccount**  |
| | **2025** | **2024** | | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |  |
| Net investment income (loss) | $16410 | $18172 |  | $178968 | $150942 |
| Net realized gain (loss) on investments | (21204) | (11721) |  | (1) | (1) |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments | 47540 | (9649) |  |  |  |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | 42746 | (3198) |  | 178967 | 150941 |
| **Contract transactions** |  |  |  |  |  |
| Payments received from contract owners | 21800 | 17897 |  | 74231 | 607139 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |  |
| fixed accounts), net | (38095) | 178775 |  | 13841879 | 966538 |
| Payment for contract benefits and terminations | (215683) | (95818) |  | (11608436) | (314670) |
| Contract charges and fees | (461) | (152) |  | (1112) | (4291) |
| Net increase (decrease) in net assets from |  |  |  |  |  |
| contract transactions | (232439) | 100702 |  | 2306562 | 1254716 |
| Total increase (decrease) in net assets | (189693) | 97504 |  | 2485529 | 1405657 |
| **Net assets** |  |  |  |  |  |
| Beginning of period | 872682 | 775178 |  | 5145131 | 3739474 |
| End of period | $682989 | $872682 |  | $7630660 | $5145131 |
|  | **Lazard Retirement** | **Lazard Retirement** |  | **MFS® VIT** | **MFS® VIT** |
|  | **Emerging Markets Equity Portfolio**  | **Emerging Markets Equity Portfolio**  |  | **Total Return Bond Series Fund**  | **Total Return Bond Series Fund**  |
|  | **Investor Shares, Subaccount** | **Investor Shares, Subaccount** |  | **Initial Class, Subaccount** | **Initial Class, Subaccount** |
|  | **2025** | **2024** |  | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |  |
| Net investment income (loss) | $29424 | $44738 |  | $115570 | $126752 |
| Net realized gain (loss) on investments | 160679 | 70874 | 5 | (93186) | (186991) |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) on investments | 482061 | 39330 |  | 205754 | 104988 |
| Net increase (decrease) in net assets |  |  |  |  |  |
| resulting from operations | 672164 | 154942 |  | 228138 | 44749 |
| **Contract transactions** |  |  |  |  |  |
| Payments received from contract owners | 5951 | 36386 |  | 12671 | 55520 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |  |
| fixed accounts), net | (188715) | (116917) |  | 854968 | 779359 |
| Payment for contract benefits and terminations | (505689) | (743016) |  | (1426079) | (1833616) |
| Contract charges and fees | (1225) | (1710) |  | (2167) | (5274) |
| Net increase (decrease) in net assets from |  |  |  |  |  |
| contract transactions | (689678) | (825257) |  | (560607) | (1004011) |
| Total increase (decrease) in net assets | (17514) | (670315) |  | (332469) | (959262) |
| **Net assets** |  |  |  |  |  |
| Beginning of period | 1982001 | 2652316 |  | 4544678 | 5503940 |
| End of period | $1964487 | $1982001 |  | $4212209 | $4544678 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Changes in Net Assets (continued)**

**For the Years Ended December 31,**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MFS® VIT**  | **MFS® VIT**  | **MFS® VIT**  | **MFS® VIT**  |
|  | **Utilities Series Fund**  | **Utilities Series Fund**  | **Value Series Fund,**  | **Value Series Fund,**  |
|  | **Initial Class, Subaccount** | **Initial Class, Subaccount** | **Subaccount**  | **Subaccount**  |
| | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |
| Net investment income (loss) | $28362 | $17043 | $1950 | $2539 |
| Net realized gain (loss) on investments | 101784 | 63726 | 181563 | 227134 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | 133590 | 135373 | 47994 | (24852) |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | 263736 | 216142 | 231507 | 204821 |
| **Contract transactions** |  |  |  |  |
| Payments received from contract owners | 16943 | 28118 | 30170 | 278405 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |
| fixed accounts), net | 90053 | (88269) | 371852 | 633828 |
| Payment for contract benefits and terminations | (758743) | (351648) | (716681) | (1079224) |
| Contract charges and fees | (1186) | (1572) | (898) | (1789) |
| Net increase (decrease) in net assets from |  |  |  |  |
| contract transactions | (652933) | (413371) | (315557) | (168780) |
| Total increase (decrease) in net assets | (389197) | (197229) | (84050) | 36041 |
| **Net assets** |  |  |  |  |
| Beginning of period | 2195357 | 2392586 | 2203553 | 2167512 |
| End of period | $1806160 | $2195357 | $2119503 | $2203553 |
|  | **MFS® VIT** | **MFS® VIT** | **Morgan Stanley**  | **Morgan Stanley**  |
|  | **Blended Research® Small** | **Blended Research® Small** | **VIF, Inc. Global Infrastructure**  | **VIF, Inc. Global Infrastructure**  |
|  | **Cap Equity Fund, Subaccount** | **Cap Equity Fund, Subaccount** | **Fund Class I, Subaccount \*** | **Fund Class I, Subaccount \*** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |
| Net investment income (loss) | $(8499) | $(9429) | $— | $24677 |
| Net realized gain (loss) on investments | 138324 | 3231 |  | (145608) |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | (56233) | 65739 |  | 362734 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | 73592 | 59541 |  | 241803 |
| **Contract transactions** |  |  |  |  |
| Payments received from contract owners | 29732 | 268347 |  | 24683 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |
| fixed accounts), net | 514978 | 614760 |  | (1609832) |
| Payment for contract benefits and terminations | (638940) | (968484) |  | (561606) |
| Contract charges and fees | (509) | (2844) |  | (1500) |
| Net increase (decrease) in net assets from |  |  |  |  |
| contract transactions | (94739) | (88221) |  | (2148255) |
| Total increase (decrease) in net assets | (21147) | (28680) |  | (1906452) |
| **Net assets** |  |  |  |  |
| Beginning of period | 1707567 | 1736247 |  | 1906452 |
| End of period | $1686420 | $1707567 | $— | $— |

---

\* The subaccount liquidated effective December 6, 2024

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Changes in Net Assets (continued)**

**For the Years Ended December 31,**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morgan Stanley** | **Morgan Stanley** | **TOPS®** | **TOPS®** |
|  | **VIF, Inc. Growth Portfolio**  | **VIF, Inc. Growth Portfolio**  | **Aggressive Growth ETF Portfolio**  | **Aggressive Growth ETF Portfolio**  |
|  | **Fund Class I, Subaccount** | **Fund Class I, Subaccount** | **Class 1, Subaccount** | **Class 1, Subaccount** |
| | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |
| Net investment income (loss) | $(56076) | $(66675) | $(5308) | $(3880) |
| Net realized gain (loss) on investments | 1029580 | (789394) | 168840 | 100096 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | 58323 | 2173230 | 98971 | 104186 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | 1031827 | 1317161 | 262503 | 200402 |
| **Contract transactions** |  |  |  |  |
| Payments received from contract owners | 6759 | 48864 | 10027 | 11225 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |
| fixed accounts), net | (614981) | (2082101) | 109701 | 216565 |
| Payment for contract benefits and terminations | (1300480) | (822395) | (558288) | (357783) |
| Contract charges and fees | (13553) | (5382) | (84) | (26) |
| Net increase (decrease) in net assets from |  |  |  |  |
| contract transactions | (1922255) | (2861014) | (438644) | (130019) |
| Total increase (decrease) in net assets | (890428) | (1543853) | (176141) | 70383 |
| **Net assets** |  |  |  |  |
| Beginning of period | 4148959 | 5692812 | 1903877 | 1833494 |
| End of period | $3258531 | $4148959 | $1727736 | $1903877 |
|  | **TOPS®** | **TOPS®** | **TOPS®** | **TOPS®** |
|  | **Balanced ETF Portfolio**  | **Balanced ETF Portfolio**  | **Conservative ETF Portfolio**  | **Conservative ETF Portfolio**  |
|  | **Class 1, Subaccount** | **Class 1, Subaccount** | **Class 1, Subaccount** | **Class 1, Subaccount** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |
| Net investment income (loss) | $32136 | $29211 | $130915 | $115739 |
| Net realized gain (loss) on investments | 418113 | 266192 | 440981 | 197897 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | 173747 | 47673 | 444403 | 150729 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | 623996 | 343076 | 1016299 | 464365 |
| **Contract transactions** |  |  |  |  |
| Payments received from contract owners | 25116 | 212606 | 118792 | 48519 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |
| fixed accounts), net | 1997246 | 1228618 | 6901166 | 4076994 |
| Payment for contract benefits and terminations | (3090717) | (2794481) | (7373294) | (3151085) |
| Contract charges and fees | (1812) | (2960) | (860) | (3000) |
| Net increase (decrease) in net assets from |  |  |  |  |
| contract transactions | (1070167) | (1356217) | (354196) | 971428 |
| Total increase (decrease) in net assets | (446171) | (1013141) | 662103 | 1435793 |
| **Net assets** |  |  |  |  |
| Beginning of period | 6071258 | 7084399 | 12402103 | 10966310 |
| End of period | $5625087 | $6071258 | $13064206 | $12402103 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Changes in Net Assets (continued)**

**For the Years Ended December 31,**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TOPS®** | **TOPS®** | **TOPS®** | **TOPS®** |
|  | **Growth ETF Portfolio**  | **Growth ETF Portfolio**  | **Moderate Growth ETF Portfolio**  | **Moderate Growth ETF Portfolio**  |
|  | **Class 1, Subaccount** | **Class 1, Subaccount** | **Class 1, Subaccount** | **Class 1, Subaccount** |
| | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |
| Net investment income (loss) | $(3572) | $(4606) | $12531 | $8062 |
| Net realized gain (loss) on investments | 254322 | 279249 | 293748 | 383741 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | 205982 | 46158 | 189029 | (80425) |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | 456732 | 320801 | 495308 | 311378 |
| **Contract transactions** |  |  |  |  |
| Payments received from contract owners | 33554 | 14158 | 3302 | 104614 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |
| fixed accounts), net | 97775 | 618146 | 606122 | 856778 |
| Payment for contract benefits and terminations | (787081) | (1428555) | (1321845) | (2037318) |
| Contract charges and fees | (1217) | (406) | (1313) | (2675) |
| Net increase (decrease) in net assets from |  |  |  |  |
| contract transactions | (656969) | (796657) | (713734) | (1078601) |
| Total increase (decrease) in net assets | (200237) | (475856) | (218426) | (767223) |
| **Net assets** |  |  |  |  |
| Beginning of period | 3044547 | 3520403 | 4009915 | 4777138 |
| End of period | $2844310 | $3044547 | $3791489 | $4009915 |
|  | **PIMCO Commodity** | **PIMCO Commodity** | **PIMCO VIT** | **PIMCO VIT** |
|  | **RealReturn® Strategy Portfolio,**  | **RealReturn® Strategy Portfolio,**  | **All Asset Portfolio**  | **All Asset Portfolio**  |
|  | **Advisor Class, Subaccount** | **Advisor Class, Subaccount** | **Institutional Class, Subaccount** | **Institutional Class, Subaccount** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |
| Net investment income (loss) | $13244 | $7593 | $56109 | $113348 |
| Net realized gain (loss) on investments | (29406) | (63691) | (42090) | (94190) |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | 159681 | 75443 | 193594 | 38977 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | 143519 | 19345 | 207613 | 58135 |
| **Contract transactions** |  |  |  |  |
| Payments received from contract owners | 2419 | 2546 | 5215 | 29973 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |
| fixed accounts), net | 49918 | 40915 | 216104 | 200913 |
| Payment for contract benefits and terminations | (288193) | (72102) | (644481) | (897240) |
| Contract charges and fees | (1564) | (314) | (327) | (1917) |
| Net increase (decrease) in net assets from |  |  |  |  |
| contract transactions | (237420) | (28955) | (423489) | (668271) |
| Total increase (decrease) in net assets | (93901) | (9610) | (215876) | (610136) |
| **Net assets** |  |  |  |  |
| Beginning of period | 909317 | 918927 | 1932467 | 2542603 |
| End of period | $815416 | $909317 | $1716591 | $1932467 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Changes in Net Assets (continued)**

**For the Years Ended December 31,**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO VIT** | **PIMCO VIT** | **Putnam VT** | **Putnam VT** |
|  | **Real Return Portfolio**  | **Real Return Portfolio**  | **High Yield**  | **High Yield**  |
|  | **Institutional Class, Subaccount** | **Institutional Class, Subaccount** | **Fund, Subaccount** | **Fund, Subaccount** |
| | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |
| Net investment income (loss) | $24645 | $18026 | $96641 | $110583 |
| Net realized gain (loss) on investments | (27475) | (51812) | (26368) | (66556) |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | 87890 | 44995 | 55425 | 101550 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | 85060 | 11209 | 125698 | 145577 |
| **Contract transactions** |  |  |  |  |
| Payments received from contract owners | 467 | 2572 | 6263 | 31566 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |
| fixed accounts), net | 5716 | 81499 | 164209 | 201214 |
| Payment for contract benefits and terminations | (332351) | (341675) | (611203) | (958645) |
| Contract charges and fees | (981) | (890) | (585) | (2134) |
| Net increase (decrease) in net assets from |  |  |  |  |
| contract transactions | (327149) | (258494) | (441316) | (727999) |
| Total increase (decrease) in net assets | (242089) | (247285) | (315618) | (582422) |
| **Net assets** |  |  |  |  |
| Beginning of period | 1417186 | 1664471 | 2044896 | 2627318 |
| End of period | $1175097 | $1417186 | $1729278 | $2044896 |
|  | **T. Rowe Price** | **T. Rowe Price** | **Vanguard** | **Vanguard** |
|  | **Blue Chip Growth**  | **Blue Chip Growth**  | **VIF Capital Growth**  | **VIF Capital Growth**  |
|  | **Fund, Subaccount** | **Fund, Subaccount** | **Portfolio, Subaccount** | **Portfolio, Subaccount** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |
| Net investment income (loss) | $(256216) | $(269388) | $(21396) | $(18328) |
| Net realized gain (loss) on investments | 2926636 | 2262346 | 407511 | 318084 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | (87412) | 2938086 | 616235 | 179648 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | 2583008 | 4931044 | 1002350 | 479404 |
| **Contract transactions** |  |  |  |  |
| Payments received from contract owners | 269982 | 103914 | 13439 | 168369 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |
| fixed accounts), net | 1089570 | (2007080) | 284609 | (553776) |
| Payment for contract benefits and terminations | (3965446) | (3858923) | (906684) | (649903) |
| Contract charges and fees | (6707) | (23248) | (1433) | (2560) |
| Net increase (decrease) in net assets from |  |  |  |  |
| contract transactions | (2612601) | (5785337) | (610069) | (1037870) |
| Total increase (decrease) in net assets | (29593) | (854293) | 392281 | (558466) |
| **Net assets** |  |  |  |  |
| Beginning of period | 16261967 | 17116260 | 4067513 | 4625979 |
| End of period | $16232374 | $16261967 | $4459794 | $4067513 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Changes in Net Assets (continued)**

**For the Years Ended December 31,**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **VIF Diversified Value**  | **VIF Diversified Value**  | **VIF Equity Index**  | **VIF Equity Index**  |
|  | **Portfolio, Subaccount** | **Portfolio, Subaccount** | **Portfolio, Subaccount** | **Portfolio, Subaccount** |
| | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |
| Net investment income (loss) | $1503 | $4278 | $(67409) | $(37062) |
| Net realized gain (loss) on investments | 433993 | 363352 | 1805726 | 1894302 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | 38179 | 138917 | 318471 | 1185553 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | 473675 | 506547 | 2056788 | 3042793 |
| **Contract transactions** |  |  |  |  |
| Payments received from contract owners | 1146 | 54902 | 71597 | 377024 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |
| fixed accounts), net | 111580 | 314990 | 27483 | 37530 |
| Payment for contract benefits and terminations | (1069019) | (906942) | (3612332) | (3548961) |
| Contract charges and fees | (1338) | (4810) | (5048) | (15100) |
| Net increase (decrease) in net assets from |  |  |  |  |
| contract transactions | (957631) | (541860) | (3518300) | (3149507) |
| Total increase (decrease) in net assets | (483956) | (35313) | (1461512) | (106714) |
| **Net assets** |  |  |  |  |
| Beginning of period | 3789603 | 3824916 | 14626599 | 14733313 |
| End of period | $3305647 | $3789603 | $13165087 | $14626599 |
|  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **VIF High Yield Bond**  | **VIF High Yield Bond**  | **VIF International**  | **VIF International**  |
|  | **Portfolio, Subaccount** | **Portfolio, Subaccount** | **Portfolio, Subaccount** | **Portfolio, Subaccount** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |
| Net investment income (loss) | $112755 | $102635 | $(33612) | $(15365) |
| Net realized gain (loss) on investments | (21933) | (26087) | 316558 | 26196 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | 66261 | 39247 | 555554 | 415557 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | 157083 | 115795 | 838500 | 426388 |
| **Contract transactions** |  |  |  |  |
| Payments received from contract owners | 6868 | 29993 | 11654 | 67823 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |
| fixed accounts), net | 78913 | 158074 | 157560 | 166285 |
| Payment for contract benefits and terminations | (628658) | (483119) | (1429628) | (1795822) |
| Contract charges and fees | (1351) | (1075) | (1720) | (4277) |
| Net increase (decrease) in net assets from |  |  |  |  |
| contract transactions | (544228) | (296127) | (1262134) | (1565991) |
| Total increase (decrease) in net assets | (387145) | (180332) | (423634) | (1139603) |
| **Net assets** |  |  |  |  |
| Beginning of period | 2367601 | 2547933 | 5008930 | 6148533 |
| End of period | $1980456 | $2367601 | $4585296 | $5008930 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Changes in Net Assets (continued)**

**For the Years Ended December 31,**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **VIF Mid-Cap Index**  | **VIF Mid-Cap Index**  | **VIF Money Market**  | **VIF Money Market**  |
|  | **Portfolio, Subaccount** | **Portfolio, Subaccount** | **Portfolio, Subaccount** | **Portfolio, Subaccount** |
| | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |
| Net investment income (loss) | $(14728) | $(8211) | $511298 | $594460 |
| Net realized gain (loss) on investments | 722930 | 376506 |  |  |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | (76126) | 656206 |  |  |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | 632076 | 1024501 | 511298 | 594460 |
| **Contract transactions** |  |  |  |  |
| Payments received from contract owners | 38519 | 327520 | 1127556 | 175612 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |
| fixed accounts), net | 42505 | 489330 | 59430897 | 55833384 |
| Payment for contract benefits and terminations | (2113494) | (2807150) | (60053088) | (55893962) |
| Contract charges and fees | (2808) | (9944) | (13990) | (9366) |
| Net increase (decrease) in net assets from |  |  |  |  |
| contract transactions | (2035278) | (2000244) | 491375 | 105668 |
| Total increase (decrease) in net assets | (1403202) | (975743) | 1002673 | 700128 |
| **Net assets** |  |  |  |  |
| Beginning of period | 7614488 | 8590231 | 17864972 | 17164844 |
| End of period | $6211286 | $7614488 | $18867645 | $17864972 |
|  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **VIF Real Estate Index**  | **VIF Real Estate Index**  | **VIF Small Company**  | **VIF Small Company**  |
|  | **Portfolio, Subaccount** | **Portfolio, Subaccount** | **Growth Portfolio, Subaccount** | **Growth Portfolio, Subaccount** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |
| Net investment income (loss) | $46257 | $79471 | $(21747) | $(25790) |
| Net realized gain (loss) on investments | (7826) | 39654 | 61584 | (60190) |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | 19343 | 45146 | 14076 | 319268 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | 57774 | 164271 | 53913 | 233288 |
| **Contract transactions** |  |  |  |  |
| Payments received from contract owners | 13626 | 27399 | 4907 | 3049 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |
| fixed accounts), net | 208620 | 147196 | 159954 | 53808 |
| Payment for contract benefits and terminations | (1000047) | (1345843) | (753025) | (671451) |
| Contract charges and fees | (1445) | (2215) | (1046) | (481) |
| Net increase (decrease) in net assets from |  |  |  |  |
| contract transactions | (779246) | (1173463) | (589210) | (615075) |
| Total increase (decrease) in net assets | (721472) | (1009192) | (535297) | (381787) |
| **Net assets** |  |  |  |  |
| Beginning of period | 4026083 | 5035275 | 2420082 | 2801869 |
| End of period | $3304611 | $4026083 | $1884785 | $2420082 |

---

*See accompanying notes to financial statements*

**MEMBERS Horizon Variable Separate Account**

**Statements of Changes in Net Assets (continued)**

**For the Years Ended December 31,**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  | **VIF Total Bond Market**  | **VIF Total Bond Market**  | **VIF Total Stock Market**  | **VIF Total Stock Market**  |
|  | **Index Portfolio, Subaccount** | **Index Portfolio, Subaccount** | **Index Portfolio, Subaccount** | **Index Portfolio, Subaccount** |
| | **2025** | **2024** | **2025** | **2024** |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** |  |  |  |
| Net investment income (loss) | $251659 | $179822 | $(52302) | $(36881) |
| Net realized gain (loss) on investments | (347842) | (497974) | 2000756 | 2043667 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on investments | 723973 | 267289 | 14029 | 1025568 |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from operations | 627790 | (50863) | 1962483 | 3032354 |
| **Contract transactions** |  |  |  |  |
| Payments received from contract owners | 132412 | 334061 | 204252 | 444271 |
| Transfers between subaccounts (including | Transfers between subaccounts (including |  |  |  |
| fixed accounts), net | 2837663 | 3096221 | 1232185 | (184768) |
| Payment for contract benefits and terminations | (5173602) | (4782715) | (4421303) | (4043122) |
| Contract charges and fees | (4239) | (10415) | (6135) | (14379) |
| Net increase (decrease) in net assets from |  |  |  |  |
| contract transactions | (2207766) | (1362848) | (2991001) | (3797998) |
| Total increase (decrease) in net assets | (1579976) | (1413711) | (1028518) | (765644) |
| **Net assets** |  |  |  |  |
| Beginning of period | 12766383 | 14180094 | 15100374 | 15866018 |
| End of period | $11186407 | $12766383 | $14071856 | $15100374 |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(1) Organization**

The MEMBERS Horizon Variable Account (the "Account") is a separate account of MEMBERS Life Insurance

Company (the "Company"). The Account is registered with the Securities and Exchange Commission ("SEC")

as a unit investment trust under the Investment Company Act of 1940 ("1940 Act"), as amended.

The Account was established to receive and invest net premiums paid by the contract owners to the Company

under two flexible premium deferred variable and index linked annuity contracts ("contracts") issued by the

Company: MEMBERS® Horizon Flexible Premium Deferred Variable and Index Linked Annuity (Series B and

Series C) and MEMBERS® Horizon II Flexible Premium Deferred Variable and Index Linked Annuity (Series

B). Effective May 1, 2023, the MEMBERS Horizon II Flexible Premium Deferred Variable and Index Linked

Annuity is expected to be renamed TruStage Horizon II Flexible Deferred Variable and Index Linked Annuity.

The Account is divided into a number of subaccounts, each of which is treated as an individual accounting

entity for financial reporting purposes. Each subaccount invests solely in a corresponding portfolio of one of

the following funds, each an open-end management investment company registered with the SEC.

---

| | |
|:---|:---|
| **AIM Variable Insurance Funds** <br>**(Invesco Variable Insurance Funds)** <br>&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Global Real Estate Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Small Cap Equity Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. International Growth Fund <sup>(c)</sup><br>**American Funds Insurance Series®**<br> American Funds IS The Bond Fund of America<br>&nbsp;&nbsp;&nbsp;&nbsp;American Funds IS Growth Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;American Funds IS American High-Income Trust Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;American Funds IS International Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;American Funds IS Asset Allocation Fun**d** <br>**BlackRock Variable Series Funds, Inc.**<br>&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Global Allocation V.I. Fund<br>**Columbia Threadneedle**<br> Columbia VP Emerging Markets Bond Fund<br>**DFA Investment Dimensions Group Inc.**<br> DFA VA International Small Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;DFA VA International Value Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;DFA VA U.S. Large Value Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;DFA VA U.S. Targeted Value Portfolio<br>**Franklin Templeton Variable Insurance Products Trust**<br>&nbsp;&nbsp;&nbsp;&nbsp;Templeton Foreign VIP Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund<br>**Goldman Sachs**<br> Goldman Sachs VIT Core Fixed Income <br>&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs VIT Government Money Market <sup>(a)</sup><br>**Lazard Retirement Series, Inc.**<br> Lazard Retirement Emerging Markets Equity Portfolio<br>**MFS® Variable Insurance Trust** <br>&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT Total Return Bond Series Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT Utilities Series Fund<br>&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT Value Series Fund<br>(a) This subaccount is only available in the Series B product.<br>(b) This subaccount liquidated effective December 6, 2024.<br>(c) Invesco V.I. International Growth Fund was previously named Investco <br>Oppenheimer V.I. International Growth Fund.<br>.<br>| **MFS® Variable Insurance Trust III**<br>&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT Blended Research® Small Cap Equity <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund <br>**Morgan Stanley**<br>VIF, Inc. Global Infrastructure Fund <sup>(b)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;VIF, Inc. Growth Portfolio Fund<br>**Northern Lights Variable Trust** <br>&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Aggressive Growth ETF Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Balanced ETF Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Conservative ETF Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Growth ETF Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Moderate Growth ETF Portfolio<br>**PIMCO Variable Insurance Trust**<br>&nbsp;&nbsp;&nbsp;&nbsp;PIMCO Commodity RealReturn® Strategy <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio<br>PIMCO VIT All Asset Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;PIMCO VIT Real Return Portfolio<br>**Putnam Variable Trust**<br> Putnam VT High Yield Fund <br>**T. Rowe Price Equity Series, Inc.**<br>&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Blue Chip Growth Fund<br>**Vanguard Variable Insurance Fund** <br>&nbsp;&nbsp;&nbsp;&nbsp;Vanguard VIF Capital Growth Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;Vanguard VIF Diversified Value Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;Vanguard VIF Equity Index Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;Vanguard VIF High Yield Bond Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;Vanguard VIF International Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;Vanguard VIF Mid-Cap Index Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;Vanguard VIF Money Market Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;Vanguard VIF Real Estate Index Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;Vanguard VIF Small Company Growth Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;Vanguard VIF Total Bond Market Index Portfolio<br>&nbsp;&nbsp;&nbsp;&nbsp;Vanguard VIF Total Stock Market Index Portfolio<br>|

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(1) Organization (continued)**

The accompanying financial statements include only the contract owner assets, deposits, investment activity,

and the contract transactions applicable to the variable portions of the contracts and exclude assets and

activity for deposits for fixed dollar benefits, which are included in the general account of the Company. The

net investment income and the realized and unrealized gains and losses from the assets for each subaccount

are credited to or charged against that subaccount without regard to income, gains or losses from any other

subaccount.

*Segment Reporting*

The Account is engaged in a single line of business as a registered unit investment trust and is divided into

various subaccounts for variable annuity contracts with the assets owned by the contract owners. Each

subaccount of the Account constitutes a single operating segment and therefore, is a single reportable

segment because the chief operating decision maker ("CODM") manages the activities of the Account using

information of each subaccount. The Accounting policies of the segment are described within Note 2.

The subaccounts have identified the Executive Vice President, Chief Business Officer of the Company, as the

CODM. The Account does not have employees and is not a separate legal entity. The CODM uses Increase

(decrease) in net assets resulting from operations to measure performance in order to make operational

decisions while monitoring the net assets of each of the subaccounts within the Account. The measure of

segment assets is reported on the Statements of Assets and Liabilities as Total Net Assets. Refer to the

Statements of Operations and Changes in Net Assets for each subaccount's performance measure. All assets

and revenue are generated in the US and there is no contract owner with greater than 10% of the results for

all periods presented.

**(2) Significant Accounting Policies**

*Basis of Presentation*

The Account is an investment company and follows the accounting and reporting guidance in the Financial

Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services-

Investment Companies.

*Use of Estimates* 

The preparation of financial statements in conformity with accounting principles generally accepted in the

United States of America ("GAAP") requires management to make certain estimates and assumptions that

affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the

date of the financial statements and the reported amounts of income and expenses during the reporting

period. Actual results could differ from those estimates.

*Investment Valuation* 

Investments are made in shares of a fund and are recorded at fair value, determined by the net asset value

per share of the respective fund. Investment transactions in each fund are recorded on the trade date.

Realized gains and losses on redemptions of the shares of the fund are determined using the average cost

basis. Income from dividends and gains from realized gain distributions from each fund are recorded on the

ex-dividend date and are reinvested in that fund. The difference between cost and fair value of investments

owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(2) Significant Accounting Policies (continued)**

*Federal Income Taxes* 

The operations of the Account are included in the consolidated federal income tax return of CUNA Mutual

Holding Company ("CMHC"), the Company's ultimate parent, and its eligible subsidiaries. The Company is

taxed as a life insurance company under the provisions of the Internal Revenue Code ("IRC"). The Account's

activities are included in the Company's taxable income. Under current provisions of the IRC, the Company

does not expect to incur federal income taxes on recorded earnings or the realized capital gains attributed to

the Account to the extent these earnings are credited to the contract owner's account. Accordingly, no

provision for income tax is currently recorded. If such taxes are incurred by the Company in the future, a tax

provision may be recorded.

**(3) Fees and Charges**

*Contract Charges* 

**Surrender Charges:** Series B and Series C versions of the contract are available. Series C has no

surrender charges. Series B has a five year surrender charge period. All references to surrender charges

apply to Series B version only. A surrender charge is assessed against a contract owner's account upon

surrender or partial withdrawal of purchase payments in excess of the free annual withdrawal amount. For

purchase payments withdrawn or surrendered within the first and second year of the contract, the charge is

9% of the amount of the payment withdrawn or surrendered for Series B. The surrender charge decreases by

1% for each of the following three years that has elapsed since the purchase payment was recorded. No

surrender charge is assessed upon the withdrawal or surrender of the contract value in excess of aggregate

purchase payments or on purchase payments made more than six years prior to the withdrawal or surrender.

Subject to certain restrictions in each contract year, an amount equal to 10% of aggregate purchase

payments (as of the time of withdrawal or surrender) may be surrendered without a surrender charge. The

surrender charge also may be waived in certain circumstances as provided in the contracts.

These charges are deducted by redeeming an appropriate number of units for each contract and are included

in contract charges and fees on the accompanying Statements of Changes in Net Assets of the applicable

subaccount.

For MEMBERS® Horizon II Flexible Premium Deferred Variable and Index Linked Annuity a Return of

Purchase Payment Death Benefit Endorsement is attached to the contact and provides a return of purchase

payment death benefit during the accumulation period. The death benefit is equal to the greater of the

contract value as of the date death benefits are payable or total purchase payments adjusted for withdrawals.

The Account does not apply the surrender charge or market value adjustment in determining the death benefit

payable.

**Transfer Fee:** No charge is generally made for transfers between subaccounts. However, the Company

reserves the right to charge $25 for the 13th and each subsequent transfer during a contract year. These

charges are deducted by redeeming an appropriate number of units for each contract and are included in

contract charges and fees on the accompanying Statements of Changes in Net Assets of the applicable

subaccount.

**Premium Taxes:** If state or other premium taxes are applicable to a contract, they will be deducted either: (a)

from purchase payments as they are received, (b) from contract value upon surrender or partial withdrawal,

(c) upon application of adjusted contract value to an annuity payment option, or (d) upon payment of a death

benefit. The Company, however, reserves the right to deduct premium taxes at the time it pays such taxes.

These charges are deducted by redeeming an appropriate number of units for each contract and are included

in contract charges and fees on the accompanying Statements of Changes in Net Assets of the applicable

subaccount.

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(3) Fees and Charges (continued)**

*Account Charges*

**Mortality and Expense Risk Charge:** The Company deducts a daily administrative fee from the assets of the

Subaccount to compensate it for certain expenses it incurs in administration of the contracts. The charge is

deducted from the assets of the Subaccount at an annual rate of 1.50% for Series B or 1.75% for Series C.

These charges are deducted by redeeming an appropriate number of units for each contract and are included

in contract charges and fees on the accompanying Statements of Operations of the applicable subaccount.

**(4) Fair Value**

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an

orderly transaction between market participants at the measurement date.

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value of assets and

liabilities into three broad levels. The Account has categorized its financial instruments, based on the degree

of subjectivity inherent in the valuation technique, as follows:

• Level 1: Inputs are directly observable and represent quoted prices for identical assets or liabilities in

active markets the Account has the ability to access at the measurement date.

• Level 2: All significant inputs are observable, either directly or indirectly, other than quoted prices

included in Level 1, for the asset or liability. This includes: (i) quoted prices for similar assets or

liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in markets that

are not active, (iii) inputs other than quoted prices that are observable for the asset or liability, and (iv)

inputs that are derived principally from or corroborated by observable market data by correlation or

other means.

• Level 3: One or more significant inputs are unobservable and reflect the Account's estimates of the

assumptions that market participants would use in pricing the asset or liability, including assumptions

about risk.

The hierarchy requires the use of market observable information when available for assessing fair value.

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(4) Fair Value (continued)**

---

| | |
|:---|:---|
| The following table summarizes the Account's assets that are measured at fair value as of December 31, <br>2025. All of the Account's assets consist of Level 2 mutual funds that have daily quoted net asset values at <br>which the Account could transact. | The following table summarizes the Account's assets that are measured at fair value as of December 31, <br>2025. All of the Account's assets consist of Level 2 mutual funds that have daily quoted net asset values at <br>which the Account could transact. |
| **December 31, 2025 Assets, at Fair Value** | **Total** |
| Invesco V.I. Global Real Estate Fund Series I, Subaccount | $671429 |
| Invesco V.I. Small Cap Equity Fund Series I, Subaccount | 760834 |
| Invesco V.I. International Growth Fund Series I, Subaccount | 285621 |
| American Funds IS The Bond Fund of America Series I, Subaccount | 3048956 |
| American Funds IS Growth Fund Series I, Subaccount | 14275398 |
| American Funds IS American High- Income Trust Fund Class I, Subaccount | 1865165 |
| American Funds IS International Fund Series I, Subaccount | 1786716 |
| American Funds IS Asset Allocation Fund Series I, Subaccount | 17443108 |
| BlackRock Global Allocation V.I. Fund Class I, Subaccount | 2342960 |
| Columbia VP Emerging Markets Bond Fund Class 1, Subaccount | 1438437 |
| DFA VA International Small Portfolio, Subaccount | 400909 |
| DFA VA International Value Portfolio, Subaccount | 3425246 |
| DFA VA U.S. Large Value Portfolio, Subaccount | 5936064 |
| DFA VA U.S. Targeted Value Portfolio, Subaccount | 1959894 |
| Templeton Foreign VIP Fund Class I, Subaccount | 201116 |
| Templeton Global Bond VIP Fund Class 1, Subaccount | 597379 |
| Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount | 682989 |
| Goldman Sachs VIT Government Money Market, Subaccount | 7630660 |
| Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount | 1964487 |
| MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount | 4212209 |
| MFS® VIT Utilities Series Fund Initial Class, Subaccount | 1806160 |
| MFS® VIT Value Series Fund, Subaccount | 2119503 |
| MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount | 1686420 |
| Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount | 3258531 |
| TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount | 1727736 |
| TOPS® Balanced ETF Portfolio Class 1, Subaccount | 5625087 |
| TOPS® Conservative ETF Portfolio Class 1, Subaccount | 13064206 |
| TOPS® Growth ETF Portfolio Class 1, Subaccount | 2844310 |
| TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount | 3791489 |
| PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount | 815416 |
| PIMCO VIT All Asset Portfolio Institutional Class, Subaccount | 1716591 |
| PIMCO VIT Real Return Portfolio Institutional Class, Subaccount | 1175097 |
| Putnam VT High Yield Fund, Subaccount | 1729278 |
| T. Rowe Price Blue Chip Growth Fund, Subaccount | 16232374 |
| Vanguard VIF Capital Growth Portfolio, Subaccount | 4459794 |
| Vanguard VIF Diversified Value Portfolio, Subaccount | 3305647 |
| Vanguard VIF Equity Index Portfolio, Subaccount | 13165087 |
| Vanguard VIF High Yield Bond Portfolio, Subaccount | 1980456 |
| Vanguard VIF International Portfolio, Subaccount | 4585296 |
| Vanguard VIF Mid-Cap Index Portfolio, Subaccount | 6211286 |
| Vanguard VIF Money Market Portfolio, Subaccount | 18867645 |
| Vanguard VIF Real Estate Index Portfolio, Subaccount | 3304611 |
| Vanguard VIF Small Company Growth Portfolio, Subaccount | 1884785 |
| Vanguard VIF Total Bond Market Index Portfolio, Subaccount | 11186407 |
| Vanguard VIF Total Stock Market Index Portfolio, Subaccount | 14071856 |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(4) Fair Value (continued)**

---

| | |
|:---|:---|
| The following table summarizes the Account's assets that are measured at fair value as of December 31, <br>2024. All of the Account's assets consist of Level 2 mutual funds that have daily quoted net asset values at <br>which the Account could transact. | The following table summarizes the Account's assets that are measured at fair value as of December 31, <br>2024. All of the Account's assets consist of Level 2 mutual funds that have daily quoted net asset values at <br>which the Account could transact. |
| **December 31, 2024 Assets, at Fair Value** | **Total** |
| Invesco V.I. Global Real Estate Fund Series I, Subaccount | $833854 |
| Invesco V.I. Small Cap Equity Fund Series I, Subaccount | 903512 |
| Invesco V.I. International Growth Fund Series I, Subaccount | 279927 |
| American Funds IS The Bond Fund of America Series I, Subaccount | 3018967 |
| American Funds IS Growth Fund Series I, Subaccount | 15541798 |
| American Funds IS American High- Income Trust Fund Class I, Subaccount | 2339838 |
| American Funds IS International Fund Series I, Subaccount | 1618557 |
| American Funds IS Asset Allocation Fund Series I, Subaccount | 18752930 |
| BlackRock Global Allocation V.I. Fund Class I, Subaccount | 2513403 |
| Columbia VP Emerging Markets Bond Fund Class 1, Subaccount | 1614462 |
| DFA VA International Small Portfolio, Subaccount | 378951 |
| DFA VA International Value Portfolio, Subaccount | 3424750 |
| DFA VA U.S. Large Value Portfolio, Subaccount | 6641566 |
| DFA VA U.S. Targeted Value Portfolio, Subaccount | 2354573 |
| Templeton Foreign VIP Fund Class I, Subaccount | 211110 |
| Templeton Global Bond VIP Fund Class 1, Subaccount | 893085 |
| Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount | 872682 |
| Goldman Sachs VIT Government Money Market, Subaccount | 5145131 |
| Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount | 1982001 |
| MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount | 4544678 |
| MFS® VIT Utilities Series Fund Initial Class, Subaccount | 2195357 |
| MFS® VIT Value Series Fund, Subaccount | 2203553 |
| MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount | 1707567 |
| Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount | 4148959 |
| TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount | 1903877 |
| TOPS® Balanced ETF Portfolio Class 1, Subaccount | 6071258 |
| TOPS® Conservative ETF Portfolio Class 1, Subaccount | 12402103 |
| TOPS® Growth ETF Portfolio Class 1, Subaccount | 3044547 |
| TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount | 4009915 |
| PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount | 909317 |
| PIMCO VIT All Asset Portfolio Institutional Class, Subaccount | 1932467 |
| PIMCO VIT Real Return Portfolio Institutional Class, Subaccount | 1417186 |
| Putnam VT High Yield Fund, Subaccount | 2044896 |
| T. Rowe Price Blue Chip Growth Fund, Subaccount | 16261967 |
| Vanguard VIF Capital Growth Portfolio, Subaccount | 4067513 |
| Vanguard VIF Diversified Value Portfolio, Subaccount | 3789603 |
| Vanguard VIF Equity Index Portfolio, Subaccount | 14626599 |
| Vanguard VIF High Yield Bond Portfolio, Subaccount | 2367601 |
| Vanguard VIF International Portfolio, Subaccount | 5008930 |
| Vanguard VIF Mid-Cap Index Portfolio, Subaccount | 7614488 |
| Vanguard VIF Money Market Portfolio, Subaccount | 17864972 |
| Vanguard VIF Real Estate Index Portfolio, Subaccount | 4026083 |
| Vanguard VIF Small Company Growth Portfolio, Subaccount | 2420082 |
| Vanguard VIF Total Bond Market Index Portfolio, Subaccount | 12766383 |
| Vanguard VIF Total Stock Market Index Portfolio, Subaccount | 15100374 |
| There were no Level 3 investments in the Account, therefore, Level 3 roll-forward tables have not been <br>provided. There were no transfers between levels during the year ended December 31, 2025 and 2024. | There were no Level 3 investments in the Account, therefore, Level 3 roll-forward tables have not been <br>provided. There were no transfers between levels during the year ended December 31, 2025 and 2024. |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(5) Purchases and Sales of Investments**

---

| | | |
|:---|:---|:---|
| The cost of purchases and proceeds from sales of investments in the various subaccounts for the year ended <br>December 31, 2025 are as follows: | The cost of purchases and proceeds from sales of investments in the various subaccounts for the year ended <br>December 31, 2025 are as follows: | The cost of purchases and proceeds from sales of investments in the various subaccounts for the year ended <br>December 31, 2025 are as follows: |
| **Year Ended December 31, 2025** | **Purchases** | **Sales** |
| Invesco V.I. Global Real Estate Fund Series I, Subaccount | $177823 | $382430 |
| Invesco V.I. Small Cap Equity Fund Series I, Subaccount | 121618 | 290637 |
| Invesco V.I. International Growth Fund Series I, Subaccount | 115000 | 123708 |
| American Funds IS The Bond Fund of America Series I, Subaccount | 1211997 | 1268623 |
| American Funds IS Growth Fund Series I, Subaccount | 3762239 | 6699494 |
| American Funds IS American High- Income Trust Fund Class I, Subaccount | 649428 | 1179360 |
| American Funds IS International Fund Series I, Subaccount | 328960 | 539870 |
| American Funds IS Asset Allocation Fund Series I, Subaccount | 3697336 | 6035843 |
| BlackRock Global Allocation V.I. Fund Class I, Subaccount | 339237 | 685227 |
| Columbia VP Emerging Markets Bond Fund Class 1, Subaccount | 258301 | 532851 |
| DFA VA International Small Portfolio, Subaccount | 38181 | 118352 |
| DFA VA International Value Portfolio, Subaccount | 429408 | 1519546 |
| DFA VA U.S. Large Value Portfolio, Subaccount | 787578 | 1932886 |
| DFA VA U.S. Targeted Value Portfolio, Subaccount | 462696 | 813173 |
| Templeton Foreign VIP Fund Class I, Subaccount | 26113 | 71646 |
| Templeton Global Bond VIP Fund Class 1, Subaccount | 52790 | 465326 |
| Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount | 120925 | 336952 |
| Goldman Sachs VIT Government Money Market, Subaccount | 13780503 | 11294974 |
| Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount | 123450 | 783703 |
| MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount | 968270 | 1413306 |
| MFS® VIT Utilities Series Fund Initial Class, Subaccount | 320735 | 918255 |
| MFS® VIT Value Series Fund, Subaccount | 529948 | 683610 |
| MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount | 707501 | 651125 |
| Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount | 2095448 | 4073779 |
| TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount | 233711 | 653889 |
| TOPS® Balanced ETF Portfolio Class 1, Subaccount | 2779886 | 3754793 |
| TOPS® Conservative ETF Portfolio Class 1, Subaccount | 7600184 | 7737864 |
| TOPS® Growth ETF Portfolio Class 1, Subaccount | 293853 | 908467 |
| TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount | 875490 | 1513702 |
| PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount | 99436 | 323612 |
| PIMCO VIT All Asset Portfolio Institutional Class, Subaccount | 307324 | 674704 |
| PIMCO VIT Real Return Portfolio Institutional Class, Subaccount | 177738 | 480241 |
| Putnam VT High Yield Fund, Subaccount | 361514 | 706189 |
| T. Rowe Price Blue Chip Growth Fund, Subaccount | 3656558 | 5163924 |
| Vanguard VIF Capital Growth Portfolio, Subaccount | 646634 | 1095209 |
| Vanguard VIF Diversified Value Portfolio, Subaccount | 976342 | 1652440 |
| Vanguard VIF Equity Index Portfolio, Subaccount | 1275303 | 4563969 |
| Vanguard VIF High Yield Bond Portfolio, Subaccount | 430800 | 862273 |
| Vanguard VIF International Portfolio, Subaccount | 705563 | 1714634 |
| Vanguard VIF Mid-Cap Index Portfolio, Subaccount | 1115636 | 2806386 |
| Vanguard VIF Money Market Portfolio, Subaccount | 58303176 | 57300502 |
| Vanguard VIF Real Estate Index Portfolio, Subaccount | 651962 | 1318589 |
| Vanguard VIF Small Company Growth Portfolio, Subaccount | 788437 | 1254197 |
| Vanguard VIF Total Bond Market Index Portfolio, Subaccount | 3235966 | 5192073 |
| Vanguard VIF Total Stock Market Index Portfolio, Subaccount | 3657391 | 5918630 |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(5) Purchases and Sales of Investments (continued)**

---

| | | |
|:---|:---|:---|
| The cost of purchases and proceeds from sales of investments in the various subaccounts for the year ended <br>December 31, 2024 are as follows: | The cost of purchases and proceeds from sales of investments in the various subaccounts for the year ended <br>December 31, 2024 are as follows: | The cost of purchases and proceeds from sales of investments in the various subaccounts for the year ended <br>December 31, 2024 are as follows: |
| **Year Ended December 31, 2024** | **Purchases** | **Sales** |
| Invesco V.I. Global Real Estate Fund Series I, Subaccount | $130887 | $340636 |
| Invesco V.I. Small Cap Equity Fund Series I, Subaccount | 72448 | 303294 |
| Invesco V.I. International Growth Fund Series I, Subaccount | 66895 | 111194 |
| American Funds IS The Bond Fund of America, Series 1, Subaccount | 1223443 | 1380693 |
| American Funds IS Growth Fund Series I, Subaccount | 3538082 | 4641266 |
| American Funds IS American High-Income Trust Fund Class I, Subaccount | 1461730 | 937869 |
| American Funds IS International Fund Series I, Subaccount | 681194 | 812527 |
| American Funds IS Asset Allocation Fund Series I, Subaccount | 6658303 | 8131324 |
| BlackRock Global Allocation V.I. Fund Class I, Subaccount | 535671 | 640957 |
| Columbia VP Emerging Markets Bond Fund Class 1, Subaccount | 309507 | 743567 |
| DFA VA International Small Portfolio, Subaccount | 38152 | 150699 |
| DFA VA International Value Portfolio, Subaccount | 501507 | 1592818 |
| DFA VA U.S. Large Value Portfolio, Subaccount | 1213790 | 2894409 |
| DFA VA U.S. Targeted Value Portfolio, Subaccount | 442568 | 1372524 |
| Templeton Foreign VIP Fund Class I, Subaccount | 13194 | 62260 |
| Templeton Global Bond VIP Fund Class 1, Subaccount | 153008 | 340945 |
| Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount | 250681 | 131805 |
| Goldman Sachs VIT Government Money Market, Subaccount | 2262837 | 857180 |
| Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount | 191503 | 972021 |
| MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount | 1214250 | 2091508 |
| MFS® VIT Utilities Series Fund Initial Class, Subaccount | 287795 | 619796 |
| MFS® VIT Value Series Fund, Subaccount | 1074899 | 1076278 |
| MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount | 917638 | 1001484 |
| Morgan Stanley VIF, Inc. Global Infrastructure Fund Class I, Subaccount \* | 240816 | 2364392 |
| Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount | 361167 | 3288858 |
| TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount | 278100 | 395149 |
| TOPS® Balanced ETF Portfolio Class 1, Subaccount | 1744808 | 3044565 |
| TOPS® Conservative ETF Portfolio Class 1, Subaccount | 4416620 | 3245211 |
| TOPS® Growth ETF Portfolio Class 1, Subaccount | 879397 | 1674795 |
| TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount | 1341415 | 2358033 |
| PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount | 229490 | 250854 |
| PIMCO VIT All Asset Portfolio Institutional Class, Subaccount | 467328 | 1022251 |
| PIMCO VIT Real Return Portfolio Institutional Class, Subaccount | 285072 | 525540 |
| Putnam VT High Yield Fund, Subaccount | 419577 | 1036994 |
| T. Rowe Price Blue Chip Growth Fund, Subaccount | 1405039 | 6801046 |
| Vanguard VIF Capital Growth Portfolio, Subaccount | 417359 | 1382621 |
| Vanguard VIF Diversified Value Portfolio, Subaccount | 847457 | 1141785 |
| Vanguard VIF Equity Index Portfolio, Subaccount | 2322738 | 4933389 |
| Vanguard VIF High Yield Bond Portfolio, Subaccount | 347185 | 540678 |
| Vanguard VIF International Portfolio, Subaccount | 745613 | 2133383 |
| Vanguard VIF Mid-Cap Index Portfolio, Subaccount | 1182552 | 3092713 |
| Vanguard VIF Money Market Portfolio, Subaccount | 48651663 | 47951535 |
| Vanguard VIF Real Estate Index Portfolio, Subaccount | 701893 | 1667634 |
| Vanguard VIF Small Company Growth Portfolio, Subaccount | 235825 | 876690 |
| Vanguard VIF Total Bond Market Index Portfolio, Subaccount | 3747847 | 4930872 |
| Vanguard VIF Total Stock Market Index Portfolio, Subaccount | 2840553 | 5545797 |

---

\* The subaccount liquidated effective December 6, 2024

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(6) Changes in Units Outstanding**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| The changes in units outstanding for the years ended December 31, 2025 and 2024 were as follows: | The changes in units outstanding for the years ended December 31, 2025 and 2024 were as follows: | The changes in units outstanding for the years ended December 31, 2025 and 2024 were as follows: | The changes in units outstanding for the years ended December 31, 2025 and 2024 were as follows: | The changes in units outstanding for the years ended December 31, 2025 and 2024 were as follows: | The changes in units outstanding for the years ended December 31, 2025 and 2024 were as follows: | The changes in units outstanding for the years ended December 31, 2025 and 2024 were as follows: | The changes in units outstanding for the years ended December 31, 2025 and 2024 were as follows: |
|  |  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  |  | **Global Real Estate**  | **Global Real Estate**  | **Small Cap**  | **Small Cap**  | **International**  | **International**  |
|  |  | **Fund**  | **Fund**  | **Equity Fund**  | **Equity Fund**  | **Growth Fund**  | **Growth Fund**  |
|  |  | **Series I,**  | **Series I,**  | **Series I,**  | **Series I,**  | **Series I,**  | **Series I,**  |
|  |  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
|  |  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** |  | 95634 | 13517 | 57505 | 2737 | 25152 | 243 |
| Units issued  |  | 18707 | 1337 | 2484 | 29 | 4792 | 15 |
| Units redeemed |  | (38437) | (3671) | (15421) | (1191) | (9286) |  |
| **Units outstanding at December 31, 2024** |  | **75904** | **11183** | **44568** | **1575** | **20658** | **258** |
| Units issued  |  | 18669 | 4369 | 4722 | 59 | 6431 | 15 |
| Units redeemed |  | (40705) | (3311) | (14204) | (207) | (8624) | (115) |
| **Units outstanding at December 31, 2025** |  | **53868** | **12241** | **35086** | **1427** | **18465** | **158** |
|  |  | **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** |
|  |  | **IS The Bond Fund**  | **IS The Bond Fund**  | **IS Growth**  | **IS Growth**  | **IS American High-** | **IS American High-** |
|  |  | **of America**  | **of America**  | **Fund**  | **Fund**  | **Income Trust Fund**  | **Income Trust Fund**  |
|  |  | **Series I,**  | **Series I,**  | **Series I,**  | **Series I,**  | **Class I,**  | **Class I,**  |
|  |  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
|  |  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** |  | 275504 | 52879 | 382427 | 68717 | 125655 | 6354 |
| Units issued  |  | 116066 | 20164 | 126498 | 4447 | 106128 | 4654 |
| Units redeemed |  | (120711) | (41176) | (155996) | (14531) | (80950) | (2281) |
| **Units outstanding at December 31, 2024** | 4<br>4<br>8<br>9<br>4<br>9<br>| **270859** | **31867** | **352929** | **58633** | **150833** | **8727** |
| Units issued  |  | 88210 | 38475 | 80830 | 11543 | 44579 | 6337 |
| Units redeemed |  | (109538) | (30615) | (169082) | (16171) | (85353) | (6072) |
| **Units outstanding at December 31, 2025** |  | **249531** | **39727** | **264677** | **54005** | **110059** | **8992** |
|  |  | **American Funds** | **American Funds** | **American Funds** | **American Funds** | **BlackRock** | **BlackRock** |
|  |  | **IS International**  | **IS International**  | **IS Asset** | **IS Asset** | **Global Allocation** | **Global Allocation** |
|  |  | **Fund**  | **Fund**  | **Allocation Fund**  | **Allocation Fund**  | **V.I. Fund**  | **V.I. Fund**  |
|  |  | **Series I,**  | **Series I,**  | **Series I,**  | **Series I,**  | **Class I,**  | **Class I,**  |
|  |  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
|  |  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** |  | 111701 | 13791 | 908377 | 239043 | 80687 | 104798 |
| Units issued  |  | 56491 | 919 | 335965 | 51052 | 20619 | 8148 |
| Units redeemed |  | (63408) | (2988) | (488360) | (36513) | (36306) | (9510) |
| **Units outstanding at December 31, 2024** |  | **104784** | **11722** | **755982** | **253582** | **65000** | **103436** |
| Units issued  |  | 32552 | 1218 | 166919 | 39370 | 1826 | 4634 |
| Units redeemed |  | (46087) | (1372) | (351903) | (41746) | (15877) | (25757) |
| **Units outstanding at December 31, 2025** |  | **91249** | **11568** | **570998** | **251206** | **50949** | **82313** |
|  |  | **Columbia VP** | **Columbia VP** | **DFA VA** | **DFA VA** | **DFA VA** | **DFA VA** |
|  |  | **Emerging Markets** | **Emerging Markets** | **International**  | **International**  | **International** | **International** |
|  |  | **Bond Fund** | **Bond Fund** | **Small**  | **Small**  | **Value** | **Value** |
|  |  | **Class 1,**  | **Class 1,**  | **Portfolio,**  | **Portfolio,**  | **Portfolio,**  | **Portfolio,**  |
|  |  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
|  |  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** |  | 177094 | 25660 | 34000 | 670 | 244980 | 29757 |
| Units issued  |  | 31494 | 2038 | 1411 | 23 | 30130 | 739 |
| Units redeemed |  | (76721) | (5243) | (10190) | (142) | (97068) | (6867) |
| **Units outstanding at December 31, 2024** |  | **131867** | **22455** | **25221** | **551** | **178042** | **23629** |
| Units issued  |  | 17444 | 8378 | 894 | 5 | 14812 | 4856 |
| Units redeemed |  | (49226) | (6984) | (6360) | (105) | (74133) | (6454) |
| **Units outstanding at December 31, 2025** |  | **100085** | **23849** | **19755** | **451** | **118721** | **22031** |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(6) Changes in Units Outstanding (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **DFA VA** | **DFA VA** | **DFA VA** | **DFA VA** | **Templeton**  | **Templeton**  |
|  |  | **U.S. Large** | **U.S. Large** | **U.S. Targeted** | **U.S. Targeted** | **Foreign VIP**  | **Foreign VIP**  |
|  |  | **Value** | **Value** | **Value** | **Value** | **Fund**  | **Fund**  |
|  |  | **Portfolio,** | **Portfolio,** | **Portfolio,** | **Portfolio,** | **Class I,**  | **Class I,**  |
|  |  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
| | | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** |  | 411942 | 56601 | 152054 | 9640 | 20299 | 903 |
| Units issued  |  | 31139 | 1397 | 19390 | 105 | 859 |  |
| Units redeemed |  | (143777) | (15884) | (69073) | (2679) | (4032) | (903) |
| **Units outstanding at December 31, 2024** |  | **299304** | **42114** | **102371** | **7066** | **17126** | **—** |
| Units issued  |  | 29083 | 6909 | 17362 | 1236 | 652 |  |
| Units redeemed |  | (96610) | (13220) | (42073) | (1031) | (4990) |  |
| **Units outstanding at December 31, 2025** |  | **231777** | **35803** | **77660** | **7271** | **12788** | **—** |
|  |  | **Templeton**  | **Templeton**  | **Goldman Sachs VIT**  | **Goldman Sachs VIT**  |  |  |
|  |  | **Global Bond**  | **Global Bond**  | **Core Fixed**  | **Core Fixed**  | **Goldman Sachs VIT**  | **Goldman Sachs VIT**  |
|  |  | **VIP Fund**  | **VIP Fund**  | **Income**  | **Income**  | **Government**  | **Government**  |
|  |  | **Class 1,**  | **Class 1,**  | **Service Shares,**  | **Service Shares,**  | **Money Market,**  | **Money Market,**  |
|  |  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
|  |  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares^**  |
| **Units outstanding at December 31, 2023** |  | 124828 | 9690 | 40291 | 41292 | 368305 |  |
| Units issued  |  | 22289 | 1289 | 12701 | 14920 | 180113 |  |
| Units redeemed |  | (42249) | (1406) | (11287) | (5619) | (60718) |  |
| **Units outstanding at December 31, 2024** | 4<br>3<br>6<br>0<br>2<br>| **104868** | **9573** | **41705** | **50593** | **487700** | **—** |
| Units issued  |  | 8467 | 548 | 5225 | 10826 | 1749834 |  |
| Units redeemed |  | (52960) | (3521) | (20639) | (19269) | (1530797) |  |
| **Units outstanding at December 31, 2025** |  | **60375** | **6600** | **26291** | **42150** | **706737** | **—** |
|  |  | **Lazard Retirement**  | **Lazard Retirement**  | **MFS® VIT** | **MFS® VIT** | **MFS® VIT** | **MFS® VIT** |
|  |  | **Emerging Markets**  | **Emerging Markets**  | **Total Return**  | **Total Return**  | **Utilities Series**  | **Utilities Series**  |
|  |  | **Equity Portfolio**  | **Equity Portfolio**  | **Bond Series Fund**  | **Bond Series Fund**  | **Fund**  | **Fund**  |
|  |  | **Investor Shares,**  | **Investor Shares,**  | **Initial Class,**  | **Initial Class,**  | **Initial Class,**  | **Initial Class,**  |
|  |  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
|  |  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** |  | 193106 | 16366 | 463845 | 93250 | 153990 | 7219 |
| Units issued  |  | 18338 | 250 | 149459 | 12554 | 17009 | 1048 |
| Units redeemed |  | (76461) | (3964) | (234152) | (29356) | (42593) | (2164) |
| **Units outstanding at December 31, 2024** |  | **134983** | **12652** | **379152** | **76448** | **128406** | **6103** |
| Units issued  |  | 6766 | 1896 | 70538 | 42956 | 20273 | 1067 |
| Units redeemed |  | (48944) | (2743) | (148229) | (19968) | (54588) | (3596) |
| **Units outstanding at December 31, 2025** |  | **92805** | **11805** | **301461** | **99436** | **94091** | **3574** |
|  |  |  |  | **MFS® VIT**  | **MFS® VIT**  | **Morgan Stanley**  | **Morgan Stanley**  |
|  |  | **MFS® VIT**  | **MFS® VIT**  | **Blended Research®**  | **Blended Research®**  | **VIF, Inc. Global**  | **VIF, Inc. Global**  |
|  |  | **Value**  | **Value**  | **Small Cap Equity**  | **Small Cap Equity**  | **Infrastructure**  | **Infrastructure**  |
|  |  | **Series Fund,**  | **Series Fund,**  | **Fund,**  | **Fund,**  | **Fund Class I,**  | **Fund Class I,**  |
|  |  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount \***  | **Subaccount \***  |
|  |  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** |  | 123990 | 3433 | 94702 | 3239 | 129165 | 20910 |
| Units issued  |  | 60817 | 77 | 61288 | 339 | 24679 | 1217 |
| Units redeemed |  | (70310) | (163) | (66022) | (356) | (153844) | (22127) |
| **Units outstanding at December 31, 2024** |  | **114497** | **3347** | **89968** | **3222** | **—** | **—** |
| Units issued  |  | 29831 | 35 | 44258 | 187 |  |  |
| Units redeemed |  | (45495) | (393) | (48796) | (493) |  |  |
| **Units outstanding at December 31, 2025** |  | **98833** | **2989** | **85430** | **2916** | **—** | **—** |

---

\* The subaccount liquidated effective December 6, 2024

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(6) Changes in Units Outstanding (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Morgan Stanley** | **Morgan Stanley** | **TOPS®**  | **TOPS®**  | **TOPS®**  | **TOPS®**  |
|  | **VIF, Inc.**  | **VIF, Inc.**  | **Aggressive Growth**  | **Aggressive Growth**  | **Balanced ETF**  | **Balanced ETF**  |
|  | **Growth Portfolio**  | **Growth Portfolio**  | **ETF Portfolio**  | **ETF Portfolio**  | **Portfolio**  | **Portfolio**  |
|  | **Fund Class I,**  | **Fund Class I,**  | **Class 1,**  | **Class 1,**  | **Class 1,**  | **Class 1,**  |
|  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
| | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** | 225494 | 18672 | 71306 | 35063 | 430009 | 106232 |
| Units issued  | 14359 | 3284 | 13185 | 629 | 146179 | 4371 |
| Units redeemed | (131540) | (6890) | (19682) | (437) | (223364) | (27420) |
| **Units outstanding at December 31, 2024** | **108313** | **15066** | **64809** | **35255** | **352824** | **83183** |
| Units issued  | 53895 | 2866 | 7163 | 528 | 185905 | 18290 |
| Units redeemed | (97488) | (10182) | (29501) | (652) | (243029) | (34713) |
| **Units outstanding at December 31, 2025** | **64720** | **7750** | **42471** | **35131** | **295700** | **66760** |
|  | **TOPS®** | **TOPS®** | **TOPS®** | **TOPS®** | **TOPS®** | **TOPS®** |
|  | **Conservative ETF**  | **Conservative ETF**  | **Growth ETF** | **Growth ETF** | **Moderate Growth**  | **Moderate Growth**  |
|  | **Portfolio**  | **Portfolio**  | **Portfolio** | **Portfolio** | **ETF Portfolio**  | **ETF Portfolio**  |
|  | **Class 1,**  | **Class 1,**  | **Class 1,** | **Class 1,** | **Class 1,**  | **Class 1,**  |
|  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
|  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** | 356197 | 557950 | 209922 | 7540 | 212034 | 114987 |
| Units issued  | 287598 | 113742 | 57339 | 3587 | 72798 | 18470 |
| Units redeemed | (245084) | (81063) | (103344) | (3112) | (111946) | (50572) |
| **Units outstanding at December 31, 2024** | **398711** | **590629** | **163917** | **8015** | **172886** | **82885** |
| Units issued  | 515835 | 135501 | 12029 | 1804 | 37663 | 20210 |
| Units redeemed | (539628) | (141030) | (46878) | (1000) | (78925) | (21702) |
| **Units outstanding at December 31, 2025** | **374918** | **585100** | **129068** | **8819** | **131624** | **81393** |
|  | **PIMCO Commodity** | **PIMCO Commodity** | **PIMCO VIT** | **PIMCO VIT** | **PIMCO VIT** | **PIMCO VIT** |
|  | **RealReturn®**  | **RealReturn®**  | **All Asset**  | **All Asset**  | **Real Return**  | **Real Return**  |
|  | **Strategy Portfolio,**  | **Strategy Portfolio,**  | **Portfolio**  | **Portfolio**  | **Portfolio**  | **Portfolio**  |
|  | **Advisor Class,**  | **Advisor Class,**  | **Institutional Class,**  | **Institutional Class,**  | **Institutional Class,**  | **Institutional Class,**  |
|  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
|  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** | 60108 | 15345 | 164036 | 27429 | 112124 | 46760 |
| Units issued  | 18766 | 7761 | 35635 | 1461 | 18840 | 7363 |
| Units redeemed | (22798) | (6458) | (80957) | (5364) | (40784) | (9833) |
| **Units outstanding at December 31, 2024** | **56076** | **16648** | **118714** | **23526** | **90180** | **44290** |
| Units issued  | 5872 | 519 | 20905 | 7800 | 6268 | 15367 |
| Units redeemed | (19905) | (3562) | (53624) | (4918) | (27133) | (24070) |
| **Units outstanding at December 31, 2025** | **42043** | **13605** | **85995** | **26408** | **69315** | **35587** |
|  | **Putnam VT** | **Putnam VT** | **T. Rowe Price** | **T. Rowe Price** | **Vanguard** | **Vanguard** |
|  | **High**  | **High**  | **Blue Chip**  | **Blue Chip**  | **VIF**  | **VIF**  |
|  | **Yield**  | **Yield**  | **Growth**  | **Growth**  | **Capital Growth**  | **Capital Growth**  |
|  | **Fund,**  | **Fund,**  | **Fund,**  | **Fund,**  | **Portfolio,**  | **Portfolio,**  |
|  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
|  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** | 187819 | 26308 | 514076 | 193908 | 145924 | 44086 |
| Units issued  | 35077 | 1171 | 56168 | 16546 | 15199 | 401 |
| Units redeemed | (87764) | (6127) | (225529) | (50433) | (48901) | (7006) |
| **Units outstanding at December 31, 2024** | **135132** | **21352** | **344715** | **160021** | **112222** | **37481** |
| Units issued  | 18824 | 9310 | 106719 | 10959 | 18204 | 2917 |
| Units redeemed | (55098) | (5892) | (163835) | (27353) | (36559) | (4930) |
| **Units outstanding at December 31, 2025** | **98858** | **24770** | **287599** | **143627** | **93867** | **35468** |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(6) Changes in Units Outstanding (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  |  | **VIF**  | **VIF**  | **VIF**  | **VIF**  | **VIF** | **VIF** |
|  |  | **Diversified Value**  | **Diversified Value**  | **Equity Index**  | **Equity Index**  | **High Yield Bond** | **High Yield Bond** |
|  |  | **Portfolio,**  | **Portfolio,**  | **Portfolio,**  | **Portfolio,**  | **Portfolio,** | **Portfolio,** |
|  |  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
| | | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** |  | 170196 | 29583 | 422203 | 234081 | 161683 | 45985 |
| Units issued  |  | 32528 | 3824 | 91151 | 18935 | 20312 | 2539 |
| Units redeemed |  | (57770) | (3298) | (197316) | (38208) | (40393) | (5944) |
| **Units outstanding at December 31, 2024** |  | **144954** | **30109** | **316038** | **214808** | **141602** | **42580** |
| Units issued  |  | 33686 | 2781 | 55936 | 11889 | 20887 | 10898 |
| Units redeemed |  | (74975) | (3663) | (153864) | (31657) | (55530) | (17040) |
| **Units outstanding at December 31, 2025** |  | **103665** | **29227** | **218110** | **195040** | **106959** | **36438** |
|  |  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  |  | **VIF** | **VIF** | **VIF**  | **VIF**  | **VIF**  | **VIF**  |
|  |  | **International** | **International** | **Mid-Cap Index**  | **Mid-Cap Index**  | **Money Market**  | **Money Market**  |
|  |  | **Portfolio,** | **Portfolio,** | **Portfolio,**  | **Portfolio,**  | **Portfolio,**  | **Portfolio,**  |
|  |  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
|  |  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** |  | 269850 | 61710 | 405540 | 63926 | 1525729 | 172976 |
| Units issued  |  | 45131 | 3334 | 85087 | 1216 | 5626998 | 267264 |
| Units redeemed |  | (109993) | (18366) | (177198) | (11233) | (5577334) | (309828) |
| **Units outstanding at December 31, 2024** | 5<br>1<br>4<br>0<br>2<br>6<br>| **204988** | **46678** | **313429** | **53909** | **1575393** | **130412** |
| Units issued  |  | 22282 | 7463 | 46887 | 3337 | 6050315 | 344971 |
| Units redeemed |  | (76205) | (9994) | (134351) | (10249) | (6109011) | (233879) |
| **Units outstanding at December 31, 2025** |  | **151065** | **44147** | **225965** | **46997** | **1516697** | **241504** |
|  |  | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** | **Vanguard** |
|  |  | **VIF**  | **VIF**  | **VIF**  | **VIF**  | **VIF**  | **VIF**  |
|  |  | **Real Estate Index**  | **Real Estate Index**  | **Small Company**  | **Small Company**  | **Total Bond Market**  | **Total Bond Market**  |
|  |  | **Portfolio,**  | **Portfolio,**  | **Growth Portfolio,**  | **Growth Portfolio,**  | **Index Portfolio,**  | **Index Portfolio,**  |
|  |  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  | **Subaccount**  |
|  |  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  | **B-Shares**  | **C-Shares**  |
| **Units outstanding at December 31, 2023** |  | 319975 | 110399 | 124441 | 31453 | 1164484 | 351835 |
| Units issued  |  | 62294 | 8570 | 14878 | 1572 | 386502 | 134925 |
| Units redeemed |  | (142156) | (25159) | (46016) | (3431) | (528783) | (138604) |
| **Units outstanding at December 31, 2024** |  | **240113** | **93810** | **93303** | **29594** | **1022203** | **348156** |
| Units issued  |  | 32731 | 17387 | 24832 | 3934 | 308103 | 103047 |
| Units redeemed |  | (94912) | (18718) | (57180) | (2657) | (529603) | (110159) |
| **Units outstanding at December 31, 2025** |  | **177932** | **92479** | **60955** | **30871** | **800703** | **341044** |
|  |  | **Vanguard** | **Vanguard** |  |  |  |  |
|  |  | **VIF**  | **VIF**  |  |  |  |  |
|  |  | **Total Stock Market**  | **Total Stock Market**  |  |  |  |  |
|  |  | **Index Portfolio,**  | **Index Portfolio,**  |  |  |  |  |
|  |  | **Subaccount**  | **Subaccount**  |  |  |  |  |
|  |  | **B-Shares**  | **C-Shares**  |  |  |  |  |
| **Units outstanding at December 31, 2023** |  | 533805 | 194973 |  |  |  |  |
| Units issued  |  | 89180 | 18946 |  |  |  |  |
| Units redeemed |  | (189270) | (78411) |  |  |  |  |
| **Units outstanding at December 31, 2024** |  | **433715** | **135508** |  |  |  |  |
| Units issued  |  | 130950 | 23227 |  |  |  |  |
| Units redeemed |  | (228297) | (33992) |  |  |  |  |
| **Units outstanding at December 31, 2025** |  | **336368** | **124743** |  |  |  |  |
| ^ This Subaccount is not available in this product type. | ^ This Subaccount is not available in this product type. | ^ This Subaccount is not available in this product type. | ^ This Subaccount is not available in this product type. |  |  |  |  |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(7) Financial Highlights**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| The table below provides financial highlights for each subaccount for the year ended December 31, 2025 and for <br>the four preceding years ended December 31. In certain instances, fewer years are presented because the <br>subaccount was not available for the entire five-year period. | The table below provides financial highlights for each subaccount for the year ended December 31, 2025 and for <br>the four preceding years ended December 31. In certain instances, fewer years are presented because the <br>subaccount was not available for the entire five-year period. | The table below provides financial highlights for each subaccount for the year ended December 31, 2025 and for <br>the four preceding years ended December 31. In certain instances, fewer years are presented because the <br>subaccount was not available for the entire five-year period. | The table below provides financial highlights for each subaccount for the year ended December 31, 2025 and for <br>the four preceding years ended December 31. In certain instances, fewer years are presented because the <br>subaccount was not available for the entire five-year period. | The table below provides financial highlights for each subaccount for the year ended December 31, 2025 and for <br>the four preceding years ended December 31. In certain instances, fewer years are presented because the <br>subaccount was not available for the entire five-year period. | The table below provides financial highlights for each subaccount for the year ended December 31, 2025 and for <br>the four preceding years ended December 31. In certain instances, fewer years are presented because the <br>subaccount was not available for the entire five-year period. | The table below provides financial highlights for each subaccount for the year ended December 31, 2025 and for <br>the four preceding years ended December 31. In certain instances, fewer years are presented because the <br>subaccount was not available for the entire five-year period. | The table below provides financial highlights for each subaccount for the year ended December 31, 2025 and for <br>the four preceding years ended December 31. In certain instances, fewer years are presented because the <br>subaccount was not available for the entire five-year period. | The table below provides financial highlights for each subaccount for the year ended December 31, 2025 and for <br>the four preceding years ended December 31. In certain instances, fewer years are presented because the <br>subaccount was not available for the entire five-year period. | The table below provides financial highlights for each subaccount for the year ended December 31, 2025 and for <br>the four preceding years ended December 31. In certain instances, fewer years are presented because the <br>subaccount was not available for the entire five-year period. | The table below provides financial highlights for each subaccount for the year ended December 31, 2025 and for <br>the four preceding years ended December 31. In certain instances, fewer years are presented because the <br>subaccount was not available for the entire five-year period. |
|  | **Invesco V.I. Global Real Estate Fund Series I, Subaccount**  | **Invesco V.I. Global Real Estate Fund Series I, Subaccount**  | **Invesco V.I. Global Real Estate Fund Series I, Subaccount**  | **Invesco V.I. Global Real Estate Fund Series I, Subaccount**  | **Invesco V.I. Global Real Estate Fund Series I, Subaccount**  | **Invesco V.I. Global Real Estate Fund Series I, Subaccount**  | **Invesco V.I. Global Real Estate Fund Series I, Subaccount**  | **Invesco V.I. Global Real Estate Fund Series I, Subaccount**  | **Invesco V.I. Global Real Estate Fund Series I, Subaccount**  | **Invesco V.I. Global Real Estate Fund Series I, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $9.60  | $9.40  | $9.93  | $9.75  | $9.24  | $9.09  | $12.49  | $12.33  | $10.09  | $9.98  |
| Unit value - End of period | $10.20  | $9.97  | $9.60  | $9.40  | $9.93  | $9.75  | $9.24  | $9.09  | $12.49  | $12.33  |
| Net assets at end of period <br>(000's)<br>| $549  | $122  | $729  | $105  | $949  | $132  | $968  | $132  | $1491  | $195  |
| Units outstanding at end of <br>period (000's)<br>| 54  | 12  | 76  | 11  | 96  | 14  | 105  | 15  | 119  | 16  |
| Total return (1) | 6.24% | 5.98% | -3.28% | -3.52% | 7.43% | 7.16% | -26.05% | -26.24% | 23.84% | 23.53% |
| Investment income ratio (2) | 1.87% | 1.99% | 2.39% | 2.38% | 1.45% | 1.52% | 2.79% | 2.80% | 2.85% | 2.78% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Invesco V.I. Small Cap Equity Fund Series I, Subaccount**  | **Invesco V.I. Small Cap Equity Fund Series I, Subaccount**  | **Invesco V.I. Small Cap Equity Fund Series I, Subaccount**  | **Invesco V.I. Small Cap Equity Fund Series I, Subaccount**  | **Invesco V.I. Small Cap Equity Fund Series I, Subaccount**  | **Invesco V.I. Small Cap Equity Fund Series I, Subaccount**  | **Invesco V.I. Small Cap Equity Fund Series I, Subaccount**  | **Invesco V.I. Small Cap Equity Fund Series I, Subaccount**  | **Invesco V.I. Small Cap Equity Fund Series I, Subaccount**  | **Invesco V.I. Small Cap Equity Fund Series I, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $19.59  | $19.19  | $16.85  | $16.54  | $14.67  | $14.44  | $18.73  | $18.48  | $15.79  | $15.62  |
| Unit value - End of period | $20.86  | $20.37  | $19.59  | $19.19  | $16.85  | $16.54  | $14.67  | $14.44  | $18.73  | $18.48  |
| Net assets at end of period <br>(000's)<br>| $732  | $29  | $873  | $30  | $969  | $45  | $922  | $41  | $1010  | $24  |
| Units outstanding at end of <br>period (000's)<br>| 35  | 1  | 45  | 2  | 58  | 3  | 63  | 3  | 54  | 1  |
| Total return (1) | 6.44% | 6.17% | 16.32% | 16.03% | 14.84% | 14.56% | -21.69% | -21.88% | 18.61% | 18.32% |
| Investment income ratio (2) | 0.00% | 0.00% | 0.12% | 0.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.19% | 0.16% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Invesco V.I. International Growth Fund Series I, Subaccount**  | **Invesco V.I. International Growth Fund Series I, Subaccount**  | **Invesco V.I. International Growth Fund Series I, Subaccount**  | **Invesco V.I. International Growth Fund Series I, Subaccount**  | **Invesco V.I. International Growth Fund Series I, Subaccount**  | **Invesco V.I. International Growth Fund Series I, Subaccount**  | **Invesco V.I. International Growth Fund Series I, Subaccount**  | **Invesco V.I. International Growth Fund Series I, Subaccount**  | **Invesco V.I. International Growth Fund Series I, Subaccount**  | **Invesco V.I. International Growth Fund Series I, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $13.39  | $13.16  | $13.82  | $13.62  | $11.59  | $11.45  | $16.14  | $15.99  | $14.87  | $14.76  |
| Unit value - End of period | $15.34  | $15.04  | $13.39  | $13.16  | $13.82  | $13.62  | $11.59  | $11.45  | $16.14  | $15.99  |
| Net assets at end of period <br>(000's)<br>| $283  | $2  | $277  | $3  | $348  | $3  | $335  | $4  | $422  | $6  |
| Units outstanding at end of <br>period (000's)<br>| 18  | -  | 21  | -  | 25  | -  | 29  | -  | 26  | -  |
| Total return (1) | 14.59% | 14.30% | -3.15% | -3.39% | 19.27% | 18.97% | -28.21% | -28.39% | 8.58% | 8.31% |
| Investment income ratio (2) | 0.34% | 0.37% | 0.63% | 0.65% | 0.57% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **American Funds IS The Bond Fund of America Series I, Subaccount**  | **American Funds IS The Bond Fund of America Series I, Subaccount**  | **American Funds IS The Bond Fund of America Series I, Subaccount**  | **American Funds IS The Bond Fund of America Series I, Subaccount**  | **American Funds IS The Bond Fund of America Series I, Subaccount**  | **American Funds IS The Bond Fund of America Series I, Subaccount**  | **American Funds IS The Bond Fund of America Series I, Subaccount**  | **American Funds IS The Bond Fund of America Series I, Subaccount**  | **American Funds IS The Bond Fund of America Series I, Subaccount**  | **American Funds IS The Bond Fund of America Series I, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $9.99  | $9.78  | $10.00  | $9.81  | $9.65  | $9.49  | $11.16  | $11.01  | $11.34  | $11.22  |
| Unit value - End of period | $10.57  | $10.32  | $9.99  | $9.78  | $10.00  | $9.81  | $9.65  | $9.49  | $11.16  | $11.01  |
| Net assets at end of period <br>(000's)<br>| $2639  | $410  | $2707  | $312  | $2754  | $519  | $2936  | $703  | $2966  | $1000  |
| Units outstanding at end of <br>period (000's)<br>| 250  | 40  | 271  | 32  | 276  | 53  | 304  | 74  | 266  | 91  |
| Total return (1) | 5.80% | 5.54% | -0.03% | -0.28% | 3.64% | 3.38% | -13.56% | -13.78% | -1.59% | -1.91% |
| Investment income ratio (2) | 4.29% | 4.77% | 4.32% | 3.88% | 3.62% | 3.23% | 3.40% | 2.97% | 1.98% | 2.20% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(7) Financial Highlights (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds IS Growth Fund Series I, Subaccount**  | **American Funds IS Growth Fund Series I, Subaccount**  | **American Funds IS Growth Fund Series I, Subaccount**  | **American Funds IS Growth Fund Series I, Subaccount**  | **American Funds IS Growth Fund Series I, Subaccount**  | **American Funds IS Growth Fund Series I, Subaccount**  | **American Funds IS Growth Fund Series I, Subaccount**  | **American Funds IS Growth Fund Series I, Subaccount**  | **American Funds IS Growth Fund Series I, Subaccount**  | **American Funds IS Growth Fund Series I, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
| | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $37.88  | $37.08  | $29.14  | $28.60  | $21.31  | $20.96  | $30.79  | $30.37  | $25.56  | $25.27  |
| Unit value - End of period | $44.97  | $43.92  | $37.88  | $37.08  | $29.14  | $28.60  | $21.31  | $20.96  | $30.79  | $30.37  |
| Net assets at end of period <br>(000's)<br>| $11904  | $2372  | $13368  | $2174  | $11144  | $1965  | $9617  | $1681  | $13825  | $2396  |
| Units outstanding at end of <br>period (000's)<br>| 265  | 54  | 353  | 59  | 382  | 69  | 451  | 80  | 449  | 79  |
| Total return (1) | 18.74% | 18.44% | 29.98% | 29.65% | 36.75% | 36.41% | -30.80% | -30.98% | 20.48% | 20.18% |
| Investment income ratio (2) | 0.21% | 0.24% | 0.59% | 0.57% | 0.58% | 0.59% | 0.58% | 0.59% | 0.49% | 0.49% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **American Funds IS American High-Income Trust Fund Class I, Subaccount**  | **American Funds IS American High-Income Trust Fund Class I, Subaccount**  | **American Funds IS American High-Income Trust Fund Class I, Subaccount**  | **American Funds IS American High-Income Trust Fund Class I, Subaccount**  | **American Funds IS American High-Income Trust Fund Class I, Subaccount**  | **American Funds IS American High-Income Trust Fund Class I, Subaccount**  | **American Funds IS American High-Income Trust Fund Class I, Subaccount**  | **American Funds IS American High-Income Trust Fund Class I, Subaccount**  | **American Funds IS American High-Income Trust Fund Class I, Subaccount**  | **American Funds IS American High-Income Trust Fund Class I, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $14.68  | $14.37  | $13.56  | $13.31  | $12.21  | $12.02  | $13.63  | $13.44  | $12.72  | $12.58  |
| Unit value - End of period | $15.69  | $15.33  | $14.68  | $14.37  | $13.56  | $13.31  | $12.21  | $12.02  | $13.63  | $13.44  |
| Net assets at end of period <br>(000's)<br>| $1727  | $138  | $2214  | $125  | $1704  | $85  | $1659  | $141  | $1980  | $145  |
| Units outstanding at end of <br>period (000's)<br>| 110  | 9  | 151  | 9  | 126  | 6  | 136  | 12  | 145  | 11  |
| Total return (1) | 6.90% | 6.64% | 8.28% | 8.00% | 11.01% | 10.74% | -10.37% | -10.59% | 7.12% | 6.85% |
| Investment income ratio (2) | 5.61% | 6.27% | 7.72% | 8.12% | 7.07% | 6.40% | 7.63% | 7.57% | 5.02% | 4.29% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **American Funds IS International Fund Series I, Subaccount**  | **American Funds IS International Fund Series I, Subaccount**  | **American Funds IS International Fund Series I, Subaccount**  | **American Funds IS International Fund Series I, Subaccount**  | **American Funds IS International Fund Series I, Subaccount**  | **American Funds IS International Fund Series I, Subaccount**  | **American Funds IS International Fund Series I, Subaccount**  | **American Funds IS International Fund Series I, Subaccount**  | **American Funds IS International Fund Series I, Subaccount**  | **American Funds IS International Fund Series I, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $13.92  | $13.63  | $13.67  | $13.42  | $11.95  | $11.76  | $15.27  | $15.06  | $15.70  | $15.52  |
| Unit value - End of period | $17.42  | $17.01  | $13.92  | $13.63  | $13.67  | $13.42  | $11.95  | $11.76  | $15.27  | $15.06  |
| Net assets at end of period <br>(000's)<br>| $1590  | $197  | $1459  | $160  | $1527  | $185  | $1475  | $204  | $1749  | $225  |
| Units outstanding at end of <br>period (000's)<br>| 91  | 12  | 105  | 12  | 112  | 14  | 123  | 17  | 115  | 15  |
| Total return (1) | 25.15% | 24.84% | 1.85% | 1.59% | 14.39% | 14.11% | -21.75% | -21.95% | -2.71% | -2.95% |
| Investment income ratio (2) | 1.54% | 1.60% | 1.43% | 1.32% | 1.49% | 1.54% | 2.00% | 2.00% | 3.00% | 2.64% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **American Funds IS Asset Allocation Fund Series I, Subaccount**  | **American Funds IS Asset Allocation Fund Series I, Subaccount**  | **American Funds IS Asset Allocation Fund Series I, Subaccount**  | **American Funds IS Asset Allocation Fund Series I, Subaccount**  | **American Funds IS Asset Allocation Fund Series I, Subaccount**  | **American Funds IS Asset Allocation Fund Series I, Subaccount**  | **American Funds IS Asset Allocation Fund Series I, Subaccount**  | **American Funds IS Asset Allocation Fund Series I, Subaccount**  | **American Funds IS Asset Allocation Fund Series I, Subaccount**  | **American Funds IS Asset Allocation Fund Series I, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $18.67  | $18.28  | $16.24  | $15.94  | $14.39  | $14.16  | $16.83  | $16.60  | $14.80  | $14.64  |
| Unit value - End of period | $21.37  | $20.87  | $18.67  | $18.28  | $16.24  | $15.94  | $14.39  | $14.16  | $16.83  | $16.60  |
| Net assets at end of period <br>(000's)<br>| $12201  | $5242  | $14117  | $4636  | $14752  | $3810  | $12942  | $3609  | $14131  | $4490  |
| Units outstanding at end of <br>period (000's)<br>| 571  | 251  | 756  | 254  | 908  | 239  | 899  | 255  | 840  | 270  |
| Total return (1) | 14.43% | 14.14% | 14.98% | 14.70% | 12.85% | 12.57% | -14.48% | -14.70% | 13.68% | 13.40% |
| Investment income ratio (2) | 2.04% | 2.29% | 2.33% | 2.44% | 2.46% | 2.44% | 2.19% | 2.08% | 1.90% | 1.94% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(7) Financial Highlights (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BlackRock Global Allocation V.I. Fund Class I, Subaccount**  | **BlackRock Global Allocation V.I. Fund Class I, Subaccount**  | **BlackRock Global Allocation V.I. Fund Class I, Subaccount**  | **BlackRock Global Allocation V.I. Fund Class I, Subaccount**  | **BlackRock Global Allocation V.I. Fund Class I, Subaccount**  | **BlackRock Global Allocation V.I. Fund Class I, Subaccount**  | **BlackRock Global Allocation V.I. Fund Class I, Subaccount**  | **BlackRock Global Allocation V.I. Fund Class I, Subaccount**  | **BlackRock Global Allocation V.I. Fund Class I, Subaccount**  | **BlackRock Global Allocation V.I. Fund Class I, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
| | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $15.12  | $14.80  | $14.05  | $13.79  | $12.64  | $12.44  | $15.25  | $15.04  | $14.51  | $14.35  |
| Unit value - End of period | $17.84  | $17.42  | $15.12  | $14.80  | $14.05  | $13.79  | $12.64  | $12.44  | $15.25  | $15.04  |
| Net assets at end of period <br>(000's)<br>| $909  | $1434  | $983  | $1531  | $1134  | $1445  | $1149  | $1413  | $1376  | $1785  |
| Units outstanding at end of <br>period (000's)<br>| 51  | 82  | 65  | 103  | 81  | 105  | 91  | 114  | 90  | 119  |
| Total return (1) | 18.01% | 17.72% | 7.59% | 7.32% | 11.15% | 10.88% | -17.11% | -17.32% | 5.09% | 4.82% |
| Investment income ratio (2) | 3.09% | 3.36% | 1.25% | 1.36% | 2.14% | 2.22% | 0.00% | 0.00% | 1.00% | 1.03% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Columbia VP Emerging Markets Bond Fund Class 1, Subaccount**  | **Columbia VP Emerging Markets Bond Fund Class 1, Subaccount**  | **Columbia VP Emerging Markets Bond Fund Class 1, Subaccount**  | **Columbia VP Emerging Markets Bond Fund Class 1, Subaccount**  | **Columbia VP Emerging Markets Bond Fund Class 1, Subaccount**  | **Columbia VP Emerging Markets Bond Fund Class 1, Subaccount**  | **Columbia VP Emerging Markets Bond Fund Class 1, Subaccount**  | **Columbia VP Emerging Markets Bond Fund Class 1, Subaccount**  | **Columbia VP Emerging Markets Bond Fund Class 1, Subaccount**  | **Columbia VP Emerging Markets Bond Fund Class 1, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $10.49  | $10.27  | $10.01  | $9.83  | $9.20  | $9.06  | $11.13  | $10.98  | $11.55  | $11.42  |
| Unit value - End of period | $11.66  | $11.39  | $10.49  | $10.27  | $10.01  | $9.83  | $9.20  | $9.06  | $11.13  | $10.98  |
| Net assets at end of period <br>(000's)<br>| $1167  | $272  | $1384  | $231  | $1773  | $252  | $1852  | $258  | $2285  | $362  |
| Units outstanding at end of <br>period (000's)<br>| 100  | 24  | 132  | 22  | 177  | 26  | 201  | 29  | 205  | 33  |
| Total return (1) | 11.11% | 10.83% | 4.79% | 4.53% | 8.79% | 8.52% | -17.28% | -17.49% | -3.66% | -3.90% |
| Investment income ratio (2) | 5.20% | 5.59% | 5.05% | 5.12% | 5.44% | 5.47% | 4.35% | 4.32% | 3.94% | 3.98% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **DFA VA International Small Portfolio, Subaccount**  | **DFA VA International Small Portfolio, Subaccount**  | **DFA VA International Small Portfolio, Subaccount**  | **DFA VA International Small Portfolio, Subaccount**  | **DFA VA International Small Portfolio, Subaccount**  | **DFA VA International Small Portfolio, Subaccount**  | **DFA VA International Small Portfolio, Subaccount**  | **DFA VA International Small Portfolio, Subaccount**  | **DFA VA International Small Portfolio, Subaccount**  | **DFA VA International Small Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $14.71  | $14.40  | $14.39  | $14.12  | $12.80  | $12.59  | $15.77  | $15.56  | $13.98  | $13.82  |
| Unit value - End of period | $19.85  | $19.39  | $14.71  | $14.40  | $14.39  | $14.12  | $12.80  | $12.59  | $15.77  | $15.56  |
| Net assets at end of period <br>(000's)<br>| $392  | $9  | $371  | $8  | $489  | $9  | $555  | $9  | $652  | $10  |
| Units outstanding at end of <br>period (000's)<br>| 20  | 0  | 25  | 1  | 34  | 1  | 43  | 1  | 41  | 1  |
| Total return (1) | 34.95% | 34.61% | 2.26% | 2.00% | 12.42% | 12.14% | -18.87% | -19.07% | 12.86% | 12.58% |
| Investment income ratio (2) | 3.02% | 3.10% | 3.15% | 3.15% | 2.73% | 3.05% | 2.58% | 2.22% | 2.76% | 2.47% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **DFA VA International Value Portfolio, Subaccount**  | **DFA VA International Value Portfolio, Subaccount**  | **DFA VA International Value Portfolio, Subaccount**  | **DFA VA International Value Portfolio, Subaccount**  | **DFA VA International Value Portfolio, Subaccount**  | **DFA VA International Value Portfolio, Subaccount**  | **DFA VA International Value Portfolio, Subaccount**  | **DFA VA International Value Portfolio, Subaccount**  | **DFA VA International Value Portfolio, Subaccount**  | **DFA VA International Value Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $17.02  | $16.67  | $16.21  | $15.91  | $13.96  | $13.74  | $14.68  | $14.48  | $12.61  | $12.47  |
| Unit value - End of period | $24.42  | $23.86  | $17.02  | $16.67  | $16.21  | $15.91  | $13.96  | $13.74  | $14.68  | $14.48  |
| Net assets at end of period <br>(000's)<br>| $2900  | $526  | $3031  | $394  | $3971  | $473  | $4474  | $497  | $5522  | $658  |
| Units outstanding at end of <br>period (000's)<br>| 119  | 22  | 178  | 24  | 245  | 30  | 320  | 36  | 376  | 45  |
| Total return (1) | 43.47% | 43.12% | 5.02% | 4.76% | 16.11% | 15.83% | -4.89% | -5.13% | 16.36% | 16.07% |
| Investment income ratio (2) | 3.67% | 4.22% | 3.54% | 3.62% | 4.20% | 4.43% | 3.66% | 3.57% | 4.01% | 3.56% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(7) Financial Highlights (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DFA VA U.S. Large Value Portfolio, Subaccount**  | **DFA VA U.S. Large Value Portfolio, Subaccount**  | **DFA VA U.S. Large Value Portfolio, Subaccount**  | **DFA VA U.S. Large Value Portfolio, Subaccount**  | **DFA VA U.S. Large Value Portfolio, Subaccount**  | **DFA VA U.S. Large Value Portfolio, Subaccount**  | **DFA VA U.S. Large Value Portfolio, Subaccount**  | **DFA VA U.S. Large Value Portfolio, Subaccount**  | **DFA VA U.S. Large Value Portfolio, Subaccount**  | **DFA VA U.S. Large Value Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
| | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $19.50  | $19.09  | $17.46  | $17.14  | $15.98  | $15.72  | $17.05  | $16.82  | $13.63  | $13.47  |
| Unit value - End of period | $22.25  | $21.73  | $19.50  | $19.09  | $17.46  | $17.14  | $15.98  | $15.72  | $17.05  | $16.82  |
| Net assets at end of period <br>(000's)<br>| $5158  | $778  | $5837  | $804  | $7194  | $970  | $7874  | $977  | $9479  | $1074  |
| Units outstanding at end of <br>period (000's)<br>| 232  | 36  | 299  | 42  | 412  | 57  | 493  | 62  | 556  | 64  |
| Total return (1) | 14.10% | 13.82% | 11.68% | 11.40% | 9.27% | 9.00% | -6.29% | -6.52% | 25.15% | 24.84% |
| Investment income ratio (2) | 1.74% | 1.88% | 1.83% | 1.82% | 2.13% | 2.24% | 2.10% | 2.17% | 1.80% | 1.57% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **DFA VA U.S. Targeted Value Portfolio, Subaccount**  | **DFA VA U.S. Targeted Value Portfolio, Subaccount**  | **DFA VA U.S. Targeted Value Portfolio, Subaccount**  | **DFA VA U.S. Targeted Value Portfolio, Subaccount**  | **DFA VA U.S. Targeted Value Portfolio, Subaccount**  | **DFA VA U.S. Targeted Value Portfolio, Subaccount**  | **DFA VA U.S. Targeted Value Portfolio, Subaccount**  | **DFA VA U.S. Targeted Value Portfolio, Subaccount**  | **DFA VA U.S. Targeted Value Portfolio, Subaccount**  | **DFA VA U.S. Targeted Value Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $21.54  | $21.10  | $20.23  | $19.86  | $17.10  | $16.83  | $18.13  | $17.88  | $13.17  | $13.03  |
| Unit value - End of period | $23.12  | $22.59  | $21.54  | $21.10  | $20.23  | $19.86  | $17.10  | $16.83  | $18.13  | $17.88  |
| Net assets at end of period <br>(000's)<br>| $1796  | $164  | $2205  | $149  | $3075  | $191  | $3126  | $222  | $3938  | $297  |
| Units outstanding at end of <br>period (000's)<br>| 78  | 7  | 102  | 7  | 152  | 10  | 183  | 13  | 217  | 17  |
| Total return (1) | 7.32% | 7.06% | 6.52% | 6.25% | 18.25% | 17.96% | -5.64% | -5.87% | 37.60% | 37.26% |
| Investment income ratio (2) | 1.69% | 1.88% | 1.19% | 1.26% | 1.48% | 1.36% | 1.19% | 1.16% | 1.34% | 1.03% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Templeton Foreign VIP Fund Class I, Subaccount**  | **Templeton Foreign VIP Fund Class I, Subaccount**  | **Templeton Foreign VIP Fund Class I, Subaccount**  | **Templeton Foreign VIP Fund Class I, Subaccount**  | **Templeton Foreign VIP Fund Class I, Subaccount**  | **Templeton Foreign VIP Fund Class I, Subaccount**  | **Templeton Foreign VIP Fund Class I, Subaccount**  | **Templeton Foreign VIP Fund Class I, Subaccount**  | **Templeton Foreign VIP Fund Class I, Subaccount**  | **Templeton Foreign VIP Fund Class I, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $12.33  | $12.07  | $12.62  | $12.38  | $10.57  | $0.00  | $11.59  | $0.00  | $11.27  | $11.15  |
| Unit value - End of period | $15.73  | $15.36  | $12.33  | $12.07  | $12.62  | $12.38  | $10.57  | $0.00  | $11.59  | $0.00  |
| Net assets at end of period <br>(000's)<br>| $201  | $0  | $211  | -  | $256  | 11  | $275  | -  | $273  | $0  |
| Units outstanding at end of <br>period (000's)<br>| 13  | -  | 17  | -  | 20  | 1  | 26  | -  | 24  | -  |
| Total return (1) | 27.58% | 27.26% | -2.28% | -2.53% | 19.30% | 0.00% | -8.76% | 0.00% | 2.88% | -100.00% |
| Investment income ratio (2) | 2.49% | 0.00% | 2.54% | 0.00% | 3.60% | 0.00% | 3.16% | 0.00% | 1.97% | 3.13% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Templeton Global Bond VIP Fund Class 1, Subaccount**  | **Templeton Global Bond VIP Fund Class 1, Subaccount**  | **Templeton Global Bond VIP Fund Class 1, Subaccount**  | **Templeton Global Bond VIP Fund Class 1, Subaccount**  | **Templeton Global Bond VIP Fund Class 1, Subaccount**  | **Templeton Global Bond VIP Fund Class 1, Subaccount**  | **Templeton Global Bond VIP Fund Class 1, Subaccount**  | **Templeton Global Bond VIP Fund Class 1, Subaccount**  | **Templeton Global Bond VIP Fund Class 1, Subaccount**  | **Templeton Global Bond VIP Fund Class 1, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $7.82  | $7.65  | $8.93  | $8.77  | $8.78  | $8.64  | $9.37  | $9.24  | $9.97  | $9.86  |
| Unit value - End of period | $8.94  | $8.73  | $7.82  | $7.65  | $8.93  | $8.77  | $8.78  | $8.64  | $9.37  | $9.24  |
| Net assets at end of period <br>(000's)<br>| $540  | $58  | $820  | $73  | $1115  | $85  | $1239  | $102  | $1503  | $160  |
| Units outstanding at end of <br>period (000's)<br>| 60  | 7  | 105  | 10  | 125  | 10  | 141  | 12  | 160  | 17  |
| Total return (1) | 14.36% | 14.07% | -12.46% | -12.68% | 1.66% | 1.41% | -6.26% | -6.50% | -6.04% | -6.28% |
| Investment income ratio (2) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(7) Financial Highlights (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount**  | **Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount**  | **Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount**  | **Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount**  | **Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount**  | **Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount**  | **Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount**  | **Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount**  | **Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount**  | **Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
| | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $9.56  | $9.36  | $9.59  | $9.41  | $9.18  | $9.03  | $10.84  | $10.69  | $11.23  | $11.11  |
| Unit value - End of period | $10.12  | $9.89  | $9.56  | $9.36  | $9.59  | $9.41  | $9.18  | $9.03  | $10.84  | $10.69  |
| Net assets at end of period <br>(000's)<br>| $266  | $417  | $399  | $474  | $386  | $389  | $374  | $378  | $472  | $326  |
| Units outstanding at end of <br>period (000's)<br>| 26  | 42  | 42  | 51  | 40  | 41  | 41  | 42  | 44  | 30  |
| Total return (1) | 5.85% | 5.59% | -0.28% | -0.53% | 4.51% | 4.25% | -15.31% | -15.52% | -3.52% | -3.76% |
| Investment income ratio (2) | 3.78% | 3.77% | 3.89% | 3.95% | 3.06% | 3.05% | 1.66% | 1.67% | 1.26% | 1.28% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Goldman Sachs VIT Government Money Market, Subaccount**  | **Goldman Sachs VIT Government Money Market, Subaccount**  | **Goldman Sachs VIT Government Money Market, Subaccount**  | **Goldman Sachs VIT Government Money Market, Subaccount**  | **Goldman Sachs VIT Government Money Market, Subaccount**  | **Goldman Sachs VIT Government Money Market, Subaccount**  | **Goldman Sachs VIT Government Money Market, Subaccount**  | **Goldman Sachs VIT Government Money Market, Subaccount**  | **Goldman Sachs VIT Government Money Market, Subaccount**  | **Goldman Sachs VIT Government Money Market, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares  | C-<br>Shares^<br>| B-Shares | C-<br>Shares^<br>| B-Shares  | C-<br>Shares^<br>| B-Shares  | C-<br>Shares^<br>| B-Shares | C-<br>Shares^<br>|
| Unit value - Beginning of <br>period<br>| $10.52  | $0.00  | $10.15  | $0.00  | $9.81  | $0.00  | $9.72  | $0.00  | $9.95  | $0.00  |
| Unit value - End of period | $10.80  | $0.00  | $10.52  | $0.00  | $10.15  | $0.00  | $9.81  | $0.00  | $9.72  | $0.00  |
| Net assets at end of period <br>(000's)<br>| $7631  | -  | $5145  | -  | $3739  | -  | $2895  | -  | $1742  | -  |
| Units outstanding at end of <br>period (000's)<br>| 707  | -  | 488  | -  | 368  | -  | 295  | -  | 179  | -  |
| Total return (1) | 2.65% | 0.00% | 3.59% | 0.00% | 3.49% | 0.00% | 0.94% | 0.00% | -2.33% | 0.00% |
| Investment income ratio (2) | 4.07% | 0.00% | 5.02% | 6.44% | 4.94% | 0.00% | 1.69% | 0.00% | 0.01% | 0.00% |
| Expense ratio (3) | 1.50% | 0.00% | 1.50% | 0.00% | 1.50% | 0.00% | 1.50% | 0.00% | 1.50% | 0.00% |
|  | **Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount**  | **Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount**  | **Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount**  | **Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount**  | **Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount**  | **Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount**  | **Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount**  | **Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount**  | **Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount**  | **Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $13.45  | $13.16  | $12.68  | $12.44  | $10.50  | $10.32  | $12.53  | $12.35  | $12.02  | $11.89  |
| Unit value - End of period | $18.83  | $18.37  | $13.45  | $13.16  | $12.68  | $12.44  | $10.50  | $10.32  | $12.53  | $12.35  |
| Net assets at end of period <br>(000's)<br>| $1748  | $217  | $1816  | $166  | $2449  | $204  | $2508  | $257  | $3028  | $313  |
| Units outstanding at end of <br>period (000's)<br>| 93  | 12  | 135  | 13  | 193  | 16  | 239  | 25  | 242  | 25  |
| Total return (1) | 40.01% | 39.62% | 6.07% | 5.78% | 20.79% | 20.47% | -16.22% | -16.44% | 4.22% | 3.95% |
| Investment income ratio (2) | 2.99% | 3.06% | 3.44% | 3.56% | 5.09% | 5.34% | 3.65% | 3.53% | 2.18% | 2.13% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount**  | **MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount**  | **MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount**  | **MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount**  | **MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount**  | **MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount**  | **MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount**  | **MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount**  | **MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount**  | **MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $10.01  | $9.80  | $9.91  | $9.73  | $9.37  | $9.22  | $11.05  | $10.90  | $11.31  | $11.18  |
| Unit value - End of period | $10.57  | $10.32  | $10.01  | $9.80  | $9.91  | $9.73  | $9.37  | $9.22  | $11.05  | $10.90  |
| Net assets at end of period <br>(000's)<br>| $3186  | $1026  | $3796  | $749  | $4597  | $907  | $4708  | $927  | $6058  | $1307  |
| Units outstanding at end of <br>period (000's)<br>| 301  | 99  | 379  | 76  | 464  | 93  | 503  | 101  | 548  | 120  |
| Total return (1) | 5.58% | 5.31% | 1.01% | 0.75% | 5.78% | 5.52% | -15.21% | -15.43% | -2.29% | -2.53% |
| Investment income ratio (2) | 4.28% | 4.25% | 4.07% | 4.30% | 3.14% | 3.12% | 2.77% | 2.66% | 2.80% | 2.75% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(7) Financial Highlights (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS® VIT Utilities Series Fund Initial Class, Subaccount**  | **MFS® VIT Utilities Series Fund Initial Class, Subaccount**  | **MFS® VIT Utilities Series Fund Initial Class, Subaccount**  | **MFS® VIT Utilities Series Fund Initial Class, Subaccount**  | **MFS® VIT Utilities Series Fund Initial Class, Subaccount**  | **MFS® VIT Utilities Series Fund Initial Class, Subaccount**  | **MFS® VIT Utilities Series Fund Initial Class, Subaccount**  | **MFS® VIT Utilities Series Fund Initial Class, Subaccount**  | **MFS® VIT Utilities Series Fund Initial Class, Subaccount**  | **MFS® VIT Utilities Series Fund Initial Class, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
| | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $16.34  | $15.99  | $14.85  | $14.58  | $15.40  | $15.16  | $15.52  | $15.31  | $13.81  | $13.65  |
| Unit value - End of period | $18.51  | $18.08  | $16.34  | $15.99  | $14.85  | $14.58  | $15.40  | $15.16  | $15.52  | $15.31  |
| Net assets at end of period <br>(000's)<br>| $1742  | $65  | $2098  | $98  | $2287  | $105  | $2792  | $212  | $3332  | $194  |
| Units outstanding at end of <br>period (000's)<br>| 94  | 4  | 128  | 6  | 154  | 7  | 181  | 14  | 215  | 13  |
| Total return (1) | 13.30% | 13.01% | 9.98% | 9.71% | -3.56% | -3.80% | -0.74% | -0.99% | 12.39% | 12.11% |
| Investment income ratio (2) | 2.91% | 2.67% | 2.27% | 2.11% | 3.42% | 3.28% | 2.39% | 2.44% | 1.82% | 1.74% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**MFS® VIT Value Series Fund, Subaccount**  | &nbsp;&nbsp;&nbsp;&nbsp;**MFS® VIT Value Series Fund, Subaccount**  | &nbsp;&nbsp;&nbsp;&nbsp;**MFS® VIT Value Series Fund, Subaccount**  | &nbsp;&nbsp;&nbsp;&nbsp;**MFS® VIT Value Series Fund, Subaccount**  | &nbsp;&nbsp;&nbsp;&nbsp;**MFS® VIT Value Series Fund, Subaccount**  | &nbsp;&nbsp;&nbsp;&nbsp;**MFS® VIT Value Series Fund, Subaccount**  | &nbsp;&nbsp;&nbsp;&nbsp;**MFS® VIT Value Series Fund, Subaccount**  | &nbsp;&nbsp;&nbsp;&nbsp;**MFS® VIT Value Series Fund, Subaccount**  | &nbsp;&nbsp;&nbsp;&nbsp;**MFS® VIT Value Series Fund, Subaccount**  | &nbsp;&nbsp;&nbsp;&nbsp;**MFS® VIT Value Series Fund, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $18.71  | $18.32  | $17.02  | $16.70  | $16.01  | $15.75  | $17.27  | $17.03  | $13.97  | $13.82  |
| Unit value - End of period | $20.83  | $20.34  | $18.71  | $18.32  | $17.02  | $16.70  | $16.01  | $15.75  | $17.27  | $17.03  |
| Net assets at end of period <br>(000's)<br>| $2059  | $61  | $2142  | $61  | $2110  | $57  | $2364  | $98  | $2789  | $142  |
| Units outstanding at end of <br>period (000's)<br>| 99  | 3  | 114  | 3  | 124  | 3  | 148  | 6  | 162  | 8  |
| Total return (1) | 11.33% | 11.05% | 9.94% | 9.66% | 6.33% | 6.06% | -7.31% | -7.54% | 23.59% | 23.28% |
| Investment income ratio (2) | 1.60% | 1.60% | 1.63% | 1.64% | 1.55% | 1.50% | 1.41% | 1.39% | 1.34% | 1.40% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount**  | **MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount**  | **MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount**  | **MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount**  | **MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount**  | **MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount**  | **MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount**  | **MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount**  | **MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount**  | **MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares  | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $18.34  | $17.95  | $17.74  | $17.41  | $15.14  | $14.89  | $18.82  | $18.57  | $14.74  | $14.57  |
| Unit value - End of period | $19.10  | $18.65  | $18.34  | $17.95  | $17.74  | $17.41  | $15.14  | $14.89  | $18.82  | $18.57  |
| Net assets at end of period <br>(000's)<br>| $1632  | $54  | $1650  | $58  | $1680  | $56  | $1509  | $80  | $1883  | $131  |
| Units outstanding at end of <br>period (000's)<br>| 85  | 3  | 90  | 3  | 95  | 3  | 100  | 5  | 100  | 7  |
| Total return (1) | 4.18% | 3.92% | 3.37% | 3.11% | 17.19% | 16.90% | -19.59% | -19.79% | 27.71% | 27.39% |
| Investment income ratio (2) | 0.99% | 0.99% | 0.97% | 0.98% | 0.78% | 0.69% | 0.76% | 0.73% | 0.89% | 0.82% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount**  | **Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount**  | **Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount**  | **Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount**  | **Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount**  | **Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount**  | **Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount**  | **Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount**  | **Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount**  | **Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $33.71  | $33.02  | $23.35  | $22.92  | $15.94  | $15.69  | $40.53  | $39.99  | $41.10  | $40.65  |
| Unit value - End of period | $45.07  | $44.03  | $33.71  | $33.02  | $23.35  | $22.92  | $15.94  | $15.69  | $40.53  | $39.99  |
| Net assets at end of period <br>(000's)<br>| $2917  | $341  | $3652  | $497  | $5265  | $428  | $2158  | $374  | $3947  | $990  |
| Units outstanding at end of <br>period (000's)<br>| 65  | 8  | 108  | 15  | 225  | 19  | 135  | 24  | 97  | 25  |
| Total return (1) | 33.70% | 33.37% | 44.39% | 44.03% | 46.46% | 46.10% | -60.66% | -60.76% | -1.39% | -1.63% |
| Investment income ratio (2) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(7) Financial Highlights (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
| | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $19.17  | $18.77  | $17.34  | $17.02  | $14.95  | $14.71  | $18.01  | $17.77  | $15.28  | $15.11  |
| Unit value - End of period | $22.50  | $21.98  | $19.17  | $18.77  | $17.34  | $17.02  | $14.95  | $14.71  | $18.01  | $17.77  |
| Net assets at end of period <br>(000's)<br>| $956  | $772  | $1242  | $662  | $1237  | $597  | $2911  | $571  | $3481  | $721  |
| Units outstanding at end of <br>period (000's)<br>| 42  | 35  | 65  | 35  | 71  | 35  | 195  | 39  | 193  | 41  |
| Total return (1) | 17.39% | 17.10% | 10.53% | 10.25% | 16.02% | 15.73% | -17.00% | -17.20% | 17.88% | 17.59% |
| Investment income ratio (2) | 1.20% | 1.44% | 1.41% | 1.37% | 0.70% | 1.20% | 1.35% | 1.33% | 0.69% | 0.62% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **TOPS® Balanced ETF Portfolio Class 1, Subaccount** | **TOPS® Balanced ETF Portfolio Class 1, Subaccount** | **TOPS® Balanced ETF Portfolio Class 1, Subaccount** | **TOPS® Balanced ETF Portfolio Class 1, Subaccount** | **TOPS® Balanced ETF Portfolio Class 1, Subaccount** | **TOPS® Balanced ETF Portfolio Class 1, Subaccount** | **TOPS® Balanced ETF Portfolio Class 1, Subaccount** | **TOPS® Balanced ETF Portfolio Class 1, Subaccount** | **TOPS® Balanced ETF Portfolio Class 1, Subaccount** | **TOPS® Balanced ETF Portfolio Class 1, Subaccount** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $13.98  | $13.69  | $13.26  | $13.01  | $12.04  | $11.85  | $13.74  | $13.55  | $12.68  | $12.54  |
| Unit value - End of period | $15.59  | $15.22  | $13.98  | $13.69  | $13.26  | $13.01  | $12.04  | $11.85  | $13.74  | $13.55  |
| Net assets at end of period <br>(000's)<br>| $4609  | $1016  | $4933  | $1139  | $5702  | $1383  | $6074  | $1778  | $7659  | $2199  |
| Units outstanding at end of <br>period (000's)<br>| 296  | 67  | 353  | 83  | 430  | 106  | 504  | 150  | 558  | 162  |
| Total return (1) | 11.49% | 11.21% | 5.44% | 5.17% | 10.09% | 9.82% | -12.31% | -12.53% | 8.34% | 8.06% |
| Investment income ratio (2) | 2.06% | 2.16% | 2.03% | 1.95% | 1.82% | 1.60% | 1.64% | 1.60% | 1.04% | 1.00% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **TOPS® Conservative ETF Portfolio Class 1, Subaccount**  | **TOPS® Conservative ETF Portfolio Class 1, Subaccount**  | **TOPS® Conservative ETF Portfolio Class 1, Subaccount**  | **TOPS® Conservative ETF Portfolio Class 1, Subaccount**  | **TOPS® Conservative ETF Portfolio Class 1, Subaccount**  | **TOPS® Conservative ETF Portfolio Class 1, Subaccount**  | **TOPS® Conservative ETF Portfolio Class 1, Subaccount**  | **TOPS® Conservative ETF Portfolio Class 1, Subaccount**  | **TOPS® Conservative ETF Portfolio Class 1, Subaccount**  | **TOPS® Conservative ETF Portfolio Class 1, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $12.69  | $12.43  | $12.13  | $11.91  | $11.24  | $11.07  | $12.49  | $12.33  | $11.87  | $11.75  |
| Unit value - End of period | $13.80  | $13.49  | $12.69  | $12.43  | $12.13  | $11.91  | $11.24  | $11.07  | $12.49  | $12.33  |
| Net assets at end of period <br>(000's)<br>| $5173  | $7891  | $5059  | $7343  | $4319  | $6647  | $4513  | $7251  | $6078  | $8876  |
| Units outstanding at end of <br>period (000's)<br>| 375  | 585  | 399  | 591  | 356  | 558  | 401  | 655  | 487  | 720  |
| Total return (1) | 8.75% | 8.48% | 4.63% | 4.37% | 7.85% | 7.58% | -9.96% | -10.18% | 5.15% | 4.89% |
| Investment income ratio (2) | 2.63% | 2.72% | 2.72% | 2.67% | 2.25% | 2.11% | 1.84% | 1.89% | 0.99% | 1.00% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **TOPS® Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Growth ETF Portfolio Class 1, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $17.73  | $17.35  | $16.20  | $15.90  | $14.13  | $13.90  | $16.78  | $16.55  | $14.57  | $14.41  |
| Unit value - End of period | $20.66  | $20.18  | $17.73  | $17.35  | $16.20  | $15.90  | $14.13  | $13.90  | $16.78  | $16.55  |
| Net assets at end of period <br>(000's)<br>| $2666  | $178  | $2905  | $139  | $3401  | $120  | $3391  | $180  | $4905  | $179  |
| Units outstanding at end of <br>period (000's)<br>| 129  | 9  | 164  | 8  | 210  | 8  | 240  | 13  | 292  | 11  |
| Total return (1) | 16.55% | 16.26% | 9.42% | 9.15% | 14.68% | 14.39% | -15.82% | -16.03% | 15.15% | 14.87% |
| Investment income ratio (2) | 1.39% | 1.45% | 1.38% | 1.69% | 1.39% | 1.16% | 1.39% | 1.48% | 0.89% | 0.91% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(7) Financial Highlights (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount**  | **TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
| | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $15.79  | $15.45  | $14.70  | $14.43  | $13.11  | $12.90  | $15.24  | $15.03  | $13.68  | $13.52  |
| Unit value - End of period | $17.96  | $17.54  | $15.79  | $15.45  | $14.70  | $14.43  | $13.11  | $12.90  | $15.24  | $15.03  |
| Net assets at end of period <br>(000's)<br>| $2364  | $1428  | $2729  | $1281  | $3118  | $1659  | $3802  | $1570  | $6046  | $2123  |
| Units outstanding at end of <br>period (000's)<br>| 132  | 81  | 173  | 83  | 212  | 115  | 290  | 122  | 397  | 141  |
| Total return (1) | 13.78% | 13.49% | 7.35% | 7.08% | 12.12% | 11.84% | -13.96% | -14.17% | 11.44% | 11.16% |
| Investment income ratio (2) | 1.85% | 2.01% | 1.81% | 1.73% | 1.63% | 1.84% | 1.39% | 1.51% | 1.18% | 1.19% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount**  | **PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount**  | **PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount**  | **PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount**  | **PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount**  | **PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount**  | **PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount**  | **PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount**  | **PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount**  | **PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $12.56  | $12.31  | $12.22  | $12.01  | $13.45  | $13.25  | $12.55  | $12.39  | $9.54  | $9.45  |
| Unit value - End of period | $14.73  | $14.40  | $12.56  | $12.31  | $12.22  | $12.01  | $13.45  | $13.25  | $12.55  | $12.39  |
| Net assets at end of period <br>(000's)<br>| $619  | $196  | $704  | $205  | $735  | $184  | $804  | $251  | $778  | $290  |
| Units outstanding at end of <br>period (000's)<br>| 42  | 14  | 56  | 17  | 60  | 15  | 60  | 19  | 62  | 23  |
| Total return (1) | 17.30% | 17.01% | 2.77% | 2.51% | -9.12% | -9.34% | 7.17% | 6.90% | 31.48% | 31.16% |
| Investment income ratio (2) | 3.04% | 3.03% | 2.38% | 2.39% | 16.38% | 16.06% | 21.65% | 21.78% | 4.59% | 4.52% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **PIMCO VIT All Asset Portfolio Institutional Class, Subaccount**  | **PIMCO VIT All Asset Portfolio Institutional Class, Subaccount**  | **PIMCO VIT All Asset Portfolio Institutional Class, Subaccount**  | **PIMCO VIT All Asset Portfolio Institutional Class, Subaccount**  | **PIMCO VIT All Asset Portfolio Institutional Class, Subaccount**  | **PIMCO VIT All Asset Portfolio Institutional Class, Subaccount**  | **PIMCO VIT All Asset Portfolio Institutional Class, Subaccount**  | **PIMCO VIT All Asset Portfolio Institutional Class, Subaccount**  | **PIMCO VIT All Asset Portfolio Institutional Class, Subaccount**  | **PIMCO VIT All Asset Portfolio Institutional Class, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $13.63  | $13.35  | $13.32  | $13.07  | $12.48  | $12.28  | $14.34  | $14.15  | $12.51  | $12.37  |
| Unit value - End of period | $15.36  | $14.99  | $13.63  | $13.35  | $13.32  | $13.07  | $12.48  | $12.28  | $14.34  | $14.15  |
| Net assets at end of period <br>(000's)<br>| $1321  | $396  | $1619  | $314  | $2184  | $358  | $2575  | $363  | $3462  | $533  |
| Units outstanding at end of <br>period (000's)<br>| 86  | 26  | 119  | 24  | 164  | 27  | 206  | 30  | 241  | 38  |
| Total return (1) | 12.64% | 12.36% | 2.39% | 2.13% | 6.67% | 6.41% | -12.97% | -13.19% | 14.68% | 14.40% |
| Investment income ratio (2) | 4.69% | 4.92% | 6.59% | 6.53% | 2.95% | 3.05% | 7.65% | 7.61% | 11.17% | 11.30% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **PIMCO VIT Real Return Portfolio Institutional Class, Subaccount**  | **PIMCO VIT Real Return Portfolio Institutional Class, Subaccount**  | **PIMCO VIT Real Return Portfolio Institutional Class, Subaccount**  | **PIMCO VIT Real Return Portfolio Institutional Class, Subaccount**  | **PIMCO VIT Real Return Portfolio Institutional Class, Subaccount**  | **PIMCO VIT Real Return Portfolio Institutional Class, Subaccount**  | **PIMCO VIT Real Return Portfolio Institutional Class, Subaccount**  | **PIMCO VIT Real Return Portfolio Institutional Class, Subaccount**  | **PIMCO VIT Real Return Portfolio Institutional Class, Subaccount**  | **PIMCO VIT Real Return Portfolio Institutional Class, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $10.61  | $10.39  | $10.53  | $10.34  | $10.30  | $10.13  | $11.85  | $11.69  | $11.37  | $11.25  |
| Unit value - End of period | $11.29  | $11.03  | $10.61  | $10.39  | $10.53  | $10.34  | $10.30  | $10.13  | $11.85  | $11.69  |
| Net assets at end of period <br>(000's)<br>| $783  | $392  | $957  | $460  | $1181  | $483  | $1244  | $505  | $1563  | $591  |
| Units outstanding at end of <br>period (000's)<br>| 69  | 36  | 90  | 44  | 112  | 47  | 121  | 50  | 132  | 51  |
| Total return (1) | 6.40% | 6.13% | 0.75% | 0.50% | 2.28% | 2.03% | -13.08% | -13.30% | 4.17% | 3.91% |
| Investment income ratio (2) | 3.47% | 3.43% | 2.76% | 2.73% | 3.14% | 3.14% | 7.19% | 7.11% | 5.24% | 5.21% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(7) Financial Highlights (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Putnam VT High Yield Fund, Subaccount**  | **Putnam VT High Yield Fund, Subaccount**  | **Putnam VT High Yield Fund, Subaccount**  | **Putnam VT High Yield Fund, Subaccount**  | **Putnam VT High Yield Fund, Subaccount**  | **Putnam VT High Yield Fund, Subaccount**  | **Putnam VT High Yield Fund, Subaccount**  | **Putnam VT High Yield Fund, Subaccount**  | **Putnam VT High Yield Fund, Subaccount**  | **Putnam VT High Yield Fund, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
| | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $13.11  | $12.83  | $12.30  | $12.07  | $11.12  | $10.94  | $12.73  | $12.56  | $12.29  | $12.15  |
| Unit value - End of period | $14.05  | $13.72  | $13.11  | $12.83  | $12.30  | $12.07  | $11.12  | $10.94  | $12.73  | $12.56  |
| Net assets at end of period <br>(000's)<br>| $1389  | $340  | $1771  | $274  | $2310  | $318  | $2498  | $318  | $3226  | $438  |
| Units outstanding at end of <br>period (000's)<br>| 99  | 25  | 135  | 21  | 188  | 26  | 225  | 29  | 253  | 35  |
| Total return (1) | 7.24% | 6.97% | 6.57% | 6.30% | 10.63% | 10.35% | -12.69% | -12.91% | 3.63% | 3.37% |
| Investment income ratio (2) | 6.85% | 6.45% | 6.37% | 6.13% | 5.75% | 5.55% | 5.49% | 5.63% | 4.56% | 4.53% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **T. Rowe Price Blue Chip Growth Fund, Subaccount**  | **T. Rowe Price Blue Chip Growth Fund, Subaccount**  | **T. Rowe Price Blue Chip Growth Fund, Subaccount**  | **T. Rowe Price Blue Chip Growth Fund, Subaccount**  | **T. Rowe Price Blue Chip Growth Fund, Subaccount**  | **T. Rowe Price Blue Chip Growth Fund, Subaccount**  | **T. Rowe Price Blue Chip Growth Fund, Subaccount**  | **T. Rowe Price Blue Chip Growth Fund, Subaccount**  | **T. Rowe Price Blue Chip Growth Fund, Subaccount**  | **T. Rowe Price Blue Chip Growth Fund, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $32.43  | $31.75  | $24.30  | $23.85  | $16.52  | $16.26  | $27.27  | $26.90  | $23.54  | $23.27  |
| Unit value - End of period | $37.94  | $37.05  | $32.43  | $31.75  | $24.30  | $23.85  | $16.52  | $16.26  | $27.27  | $26.90  |
| Net assets at end of period <br>(000's)<br>| $10911  | $5321  | $11181  | $5081  | $12492  | $4625  | $10794  | $3744  | $18413  | $6272  |
| Units outstanding at end of <br>period (000's)<br>| 288  | 144  | 345  | 160  | 514  | 194  | 653  | 230  | 675  | 233  |
| Total return (1) | 16.97% | 16.68% | 33.48% | 33.14% | 47.08% | 46.71% | -39.42% | -39.57% | 15.87% | 15.58% |
| Investment income ratio (2) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Vanguard VIF Capital Growth Portfolio, Subaccount**  | **Vanguard VIF Capital Growth Portfolio, Subaccount**  | **Vanguard VIF Capital Growth Portfolio, Subaccount**  | **Vanguard VIF Capital Growth Portfolio, Subaccount**  | **Vanguard VIF Capital Growth Portfolio, Subaccount**  | **Vanguard VIF Capital Growth Portfolio, Subaccount**  | **Vanguard VIF Capital Growth Portfolio, Subaccount**  | **Vanguard VIF Capital Growth Portfolio, Subaccount**  | **Vanguard VIF Capital Growth Portfolio, Subaccount**  | **Vanguard VIF Capital Growth Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $27.31  | $26.74  | $24.45  | $24.00  | $19.39  | $19.08  | $23.29  | $22.98  | $19.45  | $19.24  |
| Unit value - End of period | $34.71  | $33.89  | $27.31  | $26.74  | $24.45  | $24.00  | $19.39  | $19.08  | $23.29  | $22.98  |
| Net assets at end of period <br>(000's)<br>| $3258  | $1202  | $3065  | $1002  | $3568  | $1058  | $2907  | $927  | $3347  | $1240  |
| Units outstanding at end of <br>period (000's)<br>| 94  | 35  | 112  | 37  | 146  | 44  | 150  | 49  | 144  | 54  |
| Total return (1) | 27.06% | 26.74% | 11.71% | 11.43% | 26.08% | 25.77% | -16.74% | -16.95% | 19.73% | 19.43% |
| Investment income ratio (2) | 1.05% | 1.03% | 1.16% | 1.12% | 1.08% | 1.08% | 0.92% | 0.94% | 0.87% | 0.94% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Vanguard VIF Diversified Value Portfolio, Subaccount**  | **Vanguard VIF Diversified Value Portfolio, Subaccount**  | **Vanguard VIF Diversified Value Portfolio, Subaccount**  | **Vanguard VIF Diversified Value Portfolio, Subaccount**  | **Vanguard VIF Diversified Value Portfolio, Subaccount**  | **Vanguard VIF Diversified Value Portfolio, Subaccount**  | **Vanguard VIF Diversified Value Portfolio, Subaccount**  | **Vanguard VIF Diversified Value Portfolio, Subaccount**  | **Vanguard VIF Diversified Value Portfolio, Subaccount**  | **Vanguard VIF Diversified Value Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $21.73  | $21.27  | $19.20  | $18.84  | $16.22  | $15.96  | $18.60  | $18.35  | $14.48  | $14.31  |
| Unit value - End of period | $25.00  | $24.42  | $21.73  | $21.27  | $19.20  | $18.84  | $16.22  | $15.96  | $18.60  | $18.35  |
| Net assets at end of period <br>(000's)<br>| $2592  | $714  | $3149  | $640  | $3267  | $557  | $3137  | $548  | $3845  | $659  |
| Units outstanding at end of <br>period (000's)<br>| 104  | 29  | 145  | 30  | 170  | 30  | 193  | 34  | 207  | 36  |
| Total return (1) | 15.09% | 14.80% | 13.16% | 12.88% | 18.34% | 18.05% | -12.80% | -13.02% | 28.52% | 28.20% |
| Investment income ratio (2) | 1.62% | 1.51% | 1.66% | 1.65% | 1.43% | 1.48% | 1.19% | 1.28% | 1.00% | 1.02% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(7) Financial Highlights (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Vanguard VIF Equity Index Portfolio, Subaccount**  | **Vanguard VIF Equity Index Portfolio, Subaccount**  | **Vanguard VIF Equity Index Portfolio, Subaccount**  | **Vanguard VIF Equity Index Portfolio, Subaccount**  | **Vanguard VIF Equity Index Portfolio, Subaccount**  | **Vanguard VIF Equity Index Portfolio, Subaccount**  | **Vanguard VIF Equity Index Portfolio, Subaccount**  | **Vanguard VIF Equity Index Portfolio, Subaccount**  | **Vanguard VIF Equity Index Portfolio, Subaccount**  | **Vanguard VIF Equity Index Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
| | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $27.79  | $27.21  | $22.60  | $22.18  | $18.19  | $17.90  | $22.58  | $22.27  | $17.83  | $17.63  |
| Unit value - End of period | $32.22  | $31.47  | $27.79  | $27.21  | $22.60  | $22.18  | $18.19  | $17.90  | $22.58  | $22.27  |
| Net assets at end of period <br>(000's)<br>| $7028  | $6137  | $8782  | $5844  | $9541  | $5192  | $8815  | $4735  | $12256  | $7122  |
| Units outstanding at end of <br>period (000's)<br>| 218  | 195  | 316  | 215  | 422  | 234  | 485  | 265  | 543  | 320  |
| Total return (1) | 15.95% | 15.66% | 22.97% | 22.66% | 24.24% | 23.93% | -19.44% | -19.65% | 26.64% | 26.32% |
| Investment income ratio (2) | 1.14% | 1.09% | 1.39% | 1.31% | 1.47% | 1.45% | 1.36% | 1.47% | 1.18% | 1.23% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Vanguard VIF High Yield Bond Portfolio, Subaccount**  | **Vanguard VIF High Yield Bond Portfolio, Subaccount**  | **Vanguard VIF High Yield Bond Portfolio, Subaccount**  | **Vanguard VIF High Yield Bond Portfolio, Subaccount**  | **Vanguard VIF High Yield Bond Portfolio, Subaccount**  | **Vanguard VIF High Yield Bond Portfolio, Subaccount**  | **Vanguard VIF High Yield Bond Portfolio, Subaccount**  | **Vanguard VIF High Yield Bond Portfolio, Subaccount**  | **Vanguard VIF High Yield Bond Portfolio, Subaccount**  | **Vanguard VIF High Yield Bond Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $12.92  | $12.64  | $12.32  | $12.09  | $11.20  | $11.02  | $12.54  | $12.37  | $12.28  | $12.14  |
| Unit value - End of period | $13.89  | $13.57  | $12.92  | $12.64  | $12.32  | $12.09  | $11.20  | $11.02  | $12.54  | $12.37  |
| Net assets at end of period <br>(000's)<br>| $1486  | $494  | $1829  | $538  | $1992  | $556  | $2067  | $560  | $2662  | $617  |
| Units outstanding at end of <br>period (000's)<br>| 107  | 36  | 142  | 43  | 162  | 46  | 185  | 51  | 212  | 50  |
| Total return (1) | 7.56% | 7.29% | 4.85% | 4.59% | 10.01% | 9.73% | -10.71% | -10.93% | 2.13% | 1.88% |
| Investment income ratio (2) | 6.86% | 6.31% | 5.71% | 5.68% | 5.20% | 5.07% | 5.28% | 4.92% | 3.97% | 4.13% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Vanguard VIF International Portfolio, Subaccount**  | **Vanguard VIF International Portfolio, Subaccount**  | **Vanguard VIF International Portfolio, Subaccount**  | **Vanguard VIF International Portfolio, Subaccount**  | **Vanguard VIF International Portfolio, Subaccount**  | **Vanguard VIF International Portfolio, Subaccount**  | **Vanguard VIF International Portfolio, Subaccount**  | **Vanguard VIF International Portfolio, Subaccount**  | **Vanguard VIF International Portfolio, Subaccount**  | **Vanguard VIF International Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $19.98  | $19.56  | $18.61  | $18.26  | $16.47  | $16.21  | $23.93  | $23.61  | $24.67  | $24.40  |
| Unit value - End of period | $23.61  | $23.06  | $19.98  | $19.56  | $18.61  | $18.26  | $16.47  | $16.21  | $23.93  | $23.61  |
| Net assets at end of period <br>(000's)<br>| $3567  | $1018  | $4096  | $913  | $5021  | $1127  | $5347  | $1112  | $6800  | $1374  |
| Units outstanding at end of <br>period (000's)<br>| 151  | 44  | 205  | 47  | 270  | 62  | 325  | 69  | 284  | 58  |
| Total return (1) | 18.18% | 17.89% | 7.38% | 7.11% | 12.95% | 12.67% | -31.16% | -31.33% | -3.01% | -3.25% |
| Investment income ratio (2) | 0.87% | 0.84% | 1.28% | 1.31% | 1.61% | 1.56% | 1.30% | 1.27% | 0.27% | 0.28% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Vanguard VIF Mid-Cap Index Portfolio, Subaccount**  | **Vanguard VIF Mid-Cap Index Portfolio, Subaccount**  | **Vanguard VIF Mid-Cap Index Portfolio, Subaccount**  | **Vanguard VIF Mid-Cap Index Portfolio, Subaccount**  | **Vanguard VIF Mid-Cap Index Portfolio, Subaccount**  | **Vanguard VIF Mid-Cap Index Portfolio, Subaccount**  | **Vanguard VIF Mid-Cap Index Portfolio, Subaccount**  | **Vanguard VIF Mid-Cap Index Portfolio, Subaccount**  | **Vanguard VIF Mid-Cap Index Portfolio, Subaccount**  | **Vanguard VIF Mid-Cap Index Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares  | C-Shares |
| Unit value - Beginning of <br>period<br>| $20.79  | $20.36  | $18.34  | $18.00  | $16.08  | $15.82  | $20.10  | $19.83  | $16.41  | $16.23  |
| Unit value - End of period | $22.85  | $22.31  | $20.79  | $20.36  | $18.34  | $18.00  | $16.08  | $15.82  | $20.10  | $19.83  |
| Net assets at end of period <br>(000's)<br>| $5163  | $1049  | $6517  | $1097  | $7439  | $1151  | $7649  | $1091  | $10333  | $1405  |
| Units outstanding at end of <br>period (000's)<br>| 226  | 47  | 313  | 54  | 406  | 64  | 476  | 69  | 514  | 71  |
| Total return (1) | 9.88% | 9.61% | 13.35% | 13.06% | 14.11% | 13.83% | -20.03% | -20.23% | 22.51% | 22.20% |
| Investment income ratio (2) | 1.34% | 1.27% | 1.45% | 1.42% | 1.50% | 1.42% | 1.16% | 1.15% | 1.04% | 1.09% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |

---

**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(7) Financial Highlights (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Vanguard VIF Money Market Portfolio, Subaccount**  | **Vanguard VIF Money Market Portfolio, Subaccount**  | **Vanguard VIF Money Market Portfolio, Subaccount**  | **Vanguard VIF Money Market Portfolio, Subaccount**  | **Vanguard VIF Money Market Portfolio, Subaccount**  | **Vanguard VIF Money Market Portfolio, Subaccount**  | **Vanguard VIF Money Market Portfolio, Subaccount**  | **Vanguard VIF Money Market Portfolio, Subaccount**  | **Vanguard VIF Money Market Portfolio, Subaccount**  | **Vanguard VIF Money Market Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
| | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $10.49  | $10.27  | $10.12  | $9.93  | $9.78  | $9.62  | $9.78  | $9.65  | $9.93  | $9.82  |
| Unit value - End of period | $10.77  | $10.51  | $10.49  | $10.27  | $10.12  | $9.93  | $9.78  | $9.62  | $9.78  | $9.65  |
| Net assets at end of period <br>(000's)<br>| $16329  | $2539  | $16526  | $1339  | $15446  | $1718  | $10429  | $1380  | $5199  | $793  |
| Units outstanding at end of <br>period (000's)<br>| 1517  | 242  | 1575  | 130  | 1526  | 173  | 1066  | 143  | 532  | 82  |
| Total return (1) | 2.63% | 2.38% | 3.62% | 3.36% | 3.49% | 3.24% | 0.00% | -0.25% | -1.47% | -1.72% |
| Investment income ratio (2) | 4.09% | 4.05% | 5.05% | 5.10% | 4.96% | 4.94% | 1.78% | 1.65% | 0.01% | 0.01% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Vanguard VIF Real Estate Index Portfolio, Subaccount**  | **Vanguard VIF Real Estate Index Portfolio, Subaccount**  | **Vanguard VIF Real Estate Index Portfolio, Subaccount**  | **Vanguard VIF Real Estate Index Portfolio, Subaccount**  | **Vanguard VIF Real Estate Index Portfolio, Subaccount**  | **Vanguard VIF Real Estate Index Portfolio, Subaccount**  | **Vanguard VIF Real Estate Index Portfolio, Subaccount**  | **Vanguard VIF Real Estate Index Portfolio, Subaccount**  | **Vanguard VIF Real Estate Index Portfolio, Subaccount**  | **Vanguard VIF Real Estate Index Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $12.13  | $11.87  | $11.76  | $11.54  | $10.68  | $10.51  | $14.71  | $14.51  | $10.65  | $10.53  |
| Unit value - End of period | $12.32  | $12.03  | $12.13  | $11.87  | $11.76  | $11.54  | $10.68  | $10.51  | $14.71  | $14.51  |
| Net assets at end of period <br>(000's)<br>| $2192  | $1113  | $2912  | $1114  | $3761  | $1274  | $3730  | $1254  | $5800  | $1932  |
| Units outstanding at end of <br>period (000's)<br>| 178  | 92  | 240  | 94  | 320  | 110  | 349  | 119  | 394  | 133  |
| Total return (1) | 1.57% | 1.32% | 3.17% | 2.91% | 10.04% | 9.77% | -27.39% | -27.57% | 38.12% | 37.78% |
| Investment income ratio (2) | 2.89% | 2.75% | 3.33% | 3.23% | 2.51% | 2.46% | 2.01% | 1.98% | 1.96% | 2.02% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Vanguard VIF Small Company Growth Portfolio, Subaccount**  | **Vanguard VIF Small Company Growth Portfolio, Subaccount**  | **Vanguard VIF Small Company Growth Portfolio, Subaccount**  | **Vanguard VIF Small Company Growth Portfolio, Subaccount**  | **Vanguard VIF Small Company Growth Portfolio, Subaccount**  | **Vanguard VIF Small Company Growth Portfolio, Subaccount**  | **Vanguard VIF Small Company Growth Portfolio, Subaccount**  | **Vanguard VIF Small Company Growth Portfolio, Subaccount**  | **Vanguard VIF Small Company Growth Portfolio, Subaccount**  | **Vanguard VIF Small Company Growth Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $19.79  | $19.38  | $18.04  | $17.71  | $15.30  | $15.06  | $20.81  | $20.53  | $18.50  | $18.29  |
| Unit value - End of period | $20.69  | $20.21  | $19.79  | $19.38  | $18.04  | $17.71  | $15.30  | $15.06  | $20.81  | $20.53  |
| Net assets at end of period <br>(000's)<br>| $1261  | $624  | $1847  | $574  | $2245  | $557  | $2333  | $518  | $3354  | $747  |
| Units outstanding at end of <br>period (000's)<br>| 61  | 31  | 93  | 30  | 124  | 31  | 152  | 34  | 161  | 36  |
| Total return (1) | 4.53% | 4.27% | 9.71% | 9.43% | 17.87% | 17.58% | -26.46% | -26.65% | 12.52% | 12.24% |
| Investment income ratio (2) | 0.52% | 0.46% | 0.57% | 0.53% | 0.43% | 0.41% | 0.27% | 0.28% | 0.38% | 0.39% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |
|  | **Vanguard VIF Total Bond Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Bond Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Bond Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Bond Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Bond Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Bond Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Bond Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Bond Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Bond Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Bond Market Index Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $9.37  | $9.17  | $9.39  | $9.22  | $9.03  | $8.88  | $10.56  | $10.42  | $10.91  | $10.79  |
| Unit value - End of period | $9.87  | $9.64  | $9.37  | $9.17  | $9.39  | $9.22  | $9.03  | $8.88  | $10.56  | $10.42  |
| Net assets at end of period <br>(000's)<br>| $7900  | $3286  | $9574  | $3192  | $10937  | $3243  | $12000  | $3329  | $16360  | $4179  |
| Units outstanding at end of <br>period (000's)<br>| 801  | 341  | 1022  | 348  | 1164  | 352  | 1329  | 375  | 1549  | 401  |
| Total return (1) | 5.35% | 5.08% | -0.28% | -0.53% | 4.01% | 3.75% | -14.50% | -14.72% | -3.18% | -3.42% |
| Investment income ratio (2) | 3.71% | 3.53% | 2.89% | 2.95% | 2.57% | 2.49% | 2.13% | 2.09% | 1.90% | 1.93% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |

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**MEMBERS Horizon Variable Separate Account**

**Notes to Financial Statements**

**(7) Financial Highlights (continued)**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Vanguard VIF Total Stock Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Stock Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Stock Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Stock Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Stock Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Stock Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Stock Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Stock Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Stock Market Index Portfolio, Subaccount**  | **Vanguard VIF Total Stock Market Index Portfolio, Subaccount**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
| | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares | B-Shares | C-Shares |
| Unit value - Beginning of <br>period<br>| $26.66  | $26.10  | $21.88  | $21.47  | $17.63  | $17.35  | $22.26  | $21.96  | $17.99  | $17.79  |
| Unit value - End of period | $30.71  | $29.99  | $26.66  | $26.10  | $21.88  | $21.47  | $17.63  | $17.35  | $22.26  | $21.96  |
| Net assets at end of period <br>(000's)<br>| $10330  | $3741  | $11563  | $3537  | $11679  | $4187  | $11625  | $3873  | $16399  | $5169  |
| Units outstanding at end of <br>period (000's)<br>| 336  | 125  | 434  | 136  | 534  | 195  | 659  | 223  | 737  | 235  |
| Total return (1) | 15.19% | 14.91% | 21.86% | 21.55% | 24.08% | 23.77% | -20.79% | -20.98% | 23.77% | 23.46% |
| Investment income ratio (2) | 1.20% | 1.17% | 1.30% | 1.44% | 1.20% | 1.17% | 1.39% | 1.38% | 1.13% | 1.21% |
| Expense ratio (3) | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% | 1.50% | 1.75% |

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| | |
|:---|:---|
| ^  | This subaccount is not available for this product share type. |
| (1) | The Total Return represents the total return for the periods indicated, including changes in the value of the <br>underlying fund and expenses assessed through the reduction of unit values. These ratios do not include <br>any expenses assessed through the redemption of units. The total return is calculated for each period <br>shown and, accordingly, is not annualized for periods less than one year.  |
| (2) | The Investment Income Ratio represents dividends received by the subaccount, excluding capital gains <br>distributions, divided by the daily average net assets for the period indicated. The recognition of <br>investment income is determined by the timing of the declaration of dividends by the underlying fund in <br>which the subaccount invests.  |
| (3) | The Expense Ratio represents the annualized contract expenses of the respective contract of the Account, <br>consisting primarily of mortality and expense risk charges, as defined in the Account Charges note. The <br>ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to <br>contract owner accounts through the redemption of units and expenses of the underlying fund have been <br>excluded. |
| **(8) Subsequent Events** | **(8) Subsequent Events** |
|  | The Account evaluated subsequent events through the date the financial statements were issued. During <br>this period, there were no significant subsequent events that required adjustment to or disclosure in the <br>accompanying financial statements. |

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