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 Liabilities as of	Statements of Operations for the	Statements of Changes in Net Assets for the	Financial Highlights for the
Invesco V.I. Global Real Estate Fund Series I, Subaccount	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 Series I, Subaccount	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, Series I Shares, Subaccount	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 America Series I, Subaccount	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, Subaccount	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- Income Trust Fund Class I, Subaccount	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 Series I, Subaccount	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 Series I, Subaccount	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 Class I, Subaccount	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 Fund Class 1, Subaccount	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, Subaccount	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, Subaccount	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, Subaccount	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, Subaccount	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, Subaccount	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 1, Subaccount	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 Service Shares, Subaccount	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 Market, Subaccount	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 Liabilities as of	Statements of Operations for the	Statements of Changes in Net Assets for the	Financial Highlights for the
Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount	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 Fund Initial Class, Subaccount	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 Class, Subaccount	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, Subaccount	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 Cap Equity Fund, Subaccount	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 Infrastructure Fund Class I, Subaccount ^^	-	-	For the Period January 1 to December 6, 2024	-
Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount	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 Class 1, Subaccount	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, Subaccount	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 1, Subaccount	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, Subaccount	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 Class 1, Subaccount	December 31, 2025	Year Ended December 31, 2025	Two Years Ended December 31, 2025	Five Years Ended December 31, 2025
PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount	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 Institutional Class, Subaccount	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 Institutional Class, Subaccount	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, Subaccount	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, Subaccount	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 Liabilities as of	Statements of Operations for the	Statements of Changes in Net Assets for the	Financial Highlights for the
Vanguard VIF Diversified Value Portfolio, Subaccount	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, Subaccount	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, Subaccount	December 31, 2025	Year Ended December 31, 2025	Two Years Ended December 31, 2025	Five Years Ended December 31, 2025
Vanguard VIF International Portfolio, Subaccount	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, Subaccount	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, Subaccount	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 Portfolio, Subaccount	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 Portfolio, Subaccount	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 Portfolio, Subaccount	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 Portfolio, Subaccount	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

1

MEMBERS Horizon Variable Separate Account

Statements of Assets and Liabilities

As of December 31, 2025

		Invesco V.I.		Invesco V.I.		Invesco V.I.		American Funds
		Global Real Estate		Small Cap		International		IS The Bond Fund
		Fund		Equity Fund		Growth Fund		of America
		Series I,		Series I,		Series I,		Series I,
		Subaccount		Subaccount		Subaccount		Subaccount
Assets
Investments in mutual funds at fair value		$671,429		$760,834		$285,621		$3,048,956
Total assets		671,429		760,834		285,621		3,048,956
Liabilities		—		—		—		—
Net assets		$671,429		$760,834		$285,621		$3,048,956
Net assets
Net assets: B-Shares		$549,448		$731,765		$283,246		$2,638,776
Net assets: C-Shares		121,981		29,069		2,375		410,180
Total net assets		$671,429		$760,834		$285,621		$3,048,956
Number of shares outstanding		47,417		37,928		147,227		320,268
Net asset value per share		$14.16		$20.06		$1.94		$9.52
Cost of mutual fund shares		$712,350		$719,977		$318,155		$3,219,366
		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 fair value		$14,275,398		$1,865,165		$1,786,716		$17,443,108
Total assets		14,275,398		1,865,165		1,786,716		17,443,108
Liabilities		—		—		—		—
Net assets		$14,275,398		$1,865,165		$1,786,716		$17,443,108
Net assets
Net assets: B-Shares		$11,903,713		$1,727,343		$1,589,895		$12,201,106
Net assets: C-Shares		2,371,685		137,822		196,821		5,242,002
Total net assets		$14,275,398		$1,865,165		$1,786,716		$17,443,108
Number of shares outstanding		101,201		199,911		80,014		634,064
Net asset value per share		$141.06		$9.33		$22.33		$27.51
Cost of mutual fund shares		$10,566,249		$1,886,574		$1,527,255		$15,751,304

See accompanying notes to financial statements

2

MEMBERS Horizon Variable Separate Account

Statements of Assets and Liabilities (continued)

As of December 31, 2025

		BlackRock		Columbia VP		DFA VA		DFA VA
		Global Allocation		Emerging Markets		International		International
		V.I. Fund		Bond Fund		Small		Value
		Class I,		Class 1,		Portfolio,		Portfolio,
		Subaccount		Subaccount		Subaccount		Subaccount
Assets
Investments in mutual funds at fair value		$2,342,960		$1,438,437		$400,909		$3,425,246
Total assets		2,342,960		1,438,437		400,909		3,425,246
Liabilities		—		—		—		—
Net assets		$2,342,960		$1,438,437		$400,909		$3,425,246
Net assets
Net assets: B-Shares		$908,921		$1,166,914		$392,172		$2,899,630
Net assets: C-Shares		1,434,039		271,523		8,737		525,616
Total net assets		$2,342,960		$1,438,437		$400,909		$3,425,246
Number of shares outstanding		132,821		169,427		27,125		184,849
Net asset value per share		$17.64		$8.49		$14.78		$18.53
Cost of mutual fund shares		$2,352,988		$1,491,824		$343,774		$2,423,797
		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 fair value		$5,936,064		$1,959,894		$201,116		$597,379
Total assets		5,936,064		1,959,894		201,116		597,379
Liabilities		—		—		—		—
Net assets		$5,936,064		$1,959,894		$201,116		$597,379
Net assets
Net assets: B-Shares		$5,157,943		$1,795,647		$201,116		$539,755
Net assets: C-Shares		778,121		164,247		—		57,624
Total net assets		$5,936,064		$1,959,894		$201,116		$597,379
Number of shares outstanding		170,039		87,967		12,094		42,670
Net asset value per share		$34.91		$22.28		$16.63		$14.00
Cost of mutual fund shares		$4,996,936		$1,786,517		$165,539		$640,781

See accompanying notes to financial statements

3

MEMBERS Horizon Variable Separate Account

Statements of Assets and Liabilities (continued)

As of December 31, 2025

		Goldman Sachs VIT				Lazard Retirement		MFS® VIT
		Core Fixed		Goldman Sachs VIT		Emerging Markets		Total Return
		Income		Government		Equity Portfolio		Bond Series Fund
		Service Shares,		Money Market,		Investor Shares,		Initial Class,
		Subaccount		Subaccount		Subaccount		Subaccount
Assets
Investments in mutual funds at fair value		$682,989		$7,630,660		$1,964,487		$4,212,209
Total assets		682,989		7,630,660		1,964,487		4,212,209
Liabilities		—		—		—		—
Net assets		$682,989		$7,630,660		$1,964,487		$4,212,209
Net assets
Net assets: B-Shares		$266,179		$7,630,660		$1,747,662		$3,186,078
Net assets: C-Shares		416,810		—		216,825		1,026,131
Total net assets		$682,989		$7,630,660		$1,964,487		$4,212,209
Number of shares outstanding		70,122		7,630,660		66,570		357,573
Net asset value per share		$9.74		$1.00		$29.51		$11.78
Cost of mutual fund shares		$712,629		$7,630,660		$1,368,620		$4,443,932
		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 fair value		$1,806,160		$2,119,503		$1,686,420		$3,258,531
Total assets		1,806,160		2,119,503		1,686,420		3,258,531
Liabilities		—		—		—		—
Net assets		$1,806,160		$2,119,503		$1,686,420		$3,258,531
Net assets
Net assets: B-Shares		$1,741,556		$2,058,692		$1,632,026		$2,917,255
Net assets: C-Shares		64,604		60,811		54,394		341,276
Total net assets		$1,806,160		$2,119,503		$1,686,420		$3,258,531
Number of shares outstanding		47,871		95,216		172,612		122,686
Net asset value per share		$37.73		$22.26		$9.77		$26.56
Cost of mutual fund shares		$1,618,315		$2,043,545		$1,730,158		$2,744,679

See accompanying notes to financial statements

4

MEMBERS Horizon Variable Separate Account

Statements of Assets and Liabilities (continued)

As of December 31, 2025

		TOPS®		TOPS®		TOPS®		TOPS®
		Aggressive Growth		Balanced ETF		Conservative ETF		Growth ETF
		ETF Portfolio		Portfolio		Portfolio		Portfolio
		Class 1,		Class 1,		Class 1,		Class 1,
		Subaccount		Subaccount		Subaccount		Subaccount
Assets
Investments in mutual funds at fair value		$1,727,736		$5,625,087		$13,064,206		$2,844,310
Total assets		1,727,736		5,625,087		13,064,206		2,844,310
Liabilities		—		—		—		—
Net assets		$1,727,736		$5,625,087		$13,064,206		$2,844,310
Net assets
Net assets: B-Shares		$955,699		$4,608,901		$5,172,826		$2,666,391
Net assets: C-Shares		772,037		1,016,186		7,891,380		177,919
Total net assets		$1,727,736		$5,625,087		$13,064,206		$2,844,310
Number of shares outstanding		71,013		351,348		950,124		122,021
Net asset value per share		$24.33		$16.01		$13.75		$23.31
Cost of mutual fund shares		$1,205,910		$4,990,087		$12,237,906		$2,110,882
		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 fair value		$3,791,489		$815,416		$1,716,591		$1,175,097
Total assets		3,791,489		815,416		1,716,591		1,175,097
Liabilities		—		—		—		—
Net assets		$3,791,489		$815,416		$1,716,591		$1,175,097
Net assets
Net assets: B-Shares		$2,363,920		$619,450		$1,320,621		$782,668
Net assets: C-Shares		1,427,569		195,966		395,970		392,429
Total net assets		$3,791,489		$815,416		$1,716,591		$1,175,097
Number of shares outstanding		222,114		130,258		175,880		97,843
Net asset value per share		$17.07		$6.26		$9.76		$12.01
Cost of mutual fund shares		$3,129,113		$840,065		$1,747,106		$1,227,985

See accompanying notes to financial statements

5

MEMBERS Horizon Variable Separate Account

Statements of Assets and Liabilities (continued)

As of December 31, 2025

		Putnam VT		T. Rowe Price		Vanguard		Vanguard
		High		Blue Chip		VIF		VIF
		Yield		Growth		Capital Growth		Diversified Value
		Fund,		Fund,		Portfolio,		Portfolio,
		Subaccount		Subaccount		Subaccount		Subaccount
Assets
Investments in mutual funds at fair value		$1,729,278		$16,232,374		$4,459,794		$3,305,647
Total assets		1,729,278		16,232,374		4,459,794		3,305,647
Liabilities		—		—		—		—
Net assets		$1,729,278		$16,232,374		$4,459,794		$3,305,647
Net assets
Net assets: B-Shares		$1,389,322		$10,911,048		$3,257,706		$2,591,984
Net assets: C-Shares		339,956		5,321,326		1,202,088		713,663
Total net assets		$1,729,278		$16,232,374		$4,459,794		$3,305,647
Number of shares outstanding		297,638		248,467		72,142		189,218
Net asset value per share		$5.81		$65.33		$61.82		$17.47
Cost of mutual fund shares		$1,743,483		$11,571,655		$3,050,799		$2,839,607
		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 fair value		$13,165,087		$1,980,456		$4,585,296		$6,211,286
Total assets		13,165,087		1,980,456		4,585,296		6,211,286
Liabilities		—		—		—		—
Net assets		$13,165,087		$1,980,456		$4,585,296		$6,211,286
Net assets
Net assets: B-Shares		$7,027,823		$1,486,164		$3,567,202		$5,162,664
Net assets: C-Shares		6,137,264		494,292		1,018,094		1,048,622
Total net assets		$13,165,087		$1,980,456		$4,585,296		$6,211,286
Number of shares outstanding		160,628		262,312		160,381		222,149
Net asset value per share		$81.96		$7.55		$28.59		$27.96
Cost of mutual fund shares		$8,091,888		$1,979,261		$4,351,724		$5,246,107

See accompanying notes to financial statements

6

MEMBERS Horizon Variable Separate Account

Statements of Assets and Liabilities (continued)

As of December 31, 2025

		Vanguard		Vanguard		Vanguard		Vanguard
		VIF		VIF		VIF		VIF
		Money Market		Real Estate Index		Small Company		Total Bond Market
		Portfolio,		Portfolio,		Growth Portfolio,		Index Portfolio,
		Subaccount		Subaccount		Subaccount		Subaccount
Assets
Investments in mutual funds at fair value		$18,867,645		$3,304,611		$1,884,785		$11,186,407
Total assets		18,867,645		3,304,611		1,884,785		11,186,407
Liabilities		—		—		—		—
Net assets		$18,867,645		$3,304,611		$1,884,785		$11,186,407
Net assets
Net assets: B-Shares		$16,329,083		$2,191,995		$1,260,999		$7,900,265
Net assets: C-Shares		2,538,562		1,112,616		623,786		3,286,142
Total net assets		$18,867,645		$3,304,611		$1,884,785		$11,186,407
Number of shares outstanding		18,867,645		285,619		98,835		1,035,778
Net asset value per share		$1.00		$11.57		$19.07		$10.80
Cost of mutual fund shares		$18,867,645		$3,495,724		$1,897,910		$11,632,453
		Vanguard
		VIF
		Total Stock Market
		Index Portfolio,
		Subaccount
Assets
Investments in mutual funds at fair value		$14,071,856
Total assets		14,071,856
Liabilities		—
Net assets		$14,071,856
Net assets
Net assets: B-Shares		$10,330,442
Net assets: C-Shares		3,741,414
Total net assets		$14,071,856
Number of shares outstanding		230,951
Net asset value per share		$60.93
Cost of mutual fund shares		$10,816,597

See accompanying notes to financial statements

7

MEMBERS Horizon Variable Separate Account

Statements of Operations

For the Year Ended December 31, 2025

		Invesco V.I.		Invesco V.I.		Invesco V.I.		American Funds
		Global Real Estate		Small Cap		International		IS The Bond Fund
		Fund		Equity Fund		Growth Fund		of America
		Series I,		Series I,		Series I,		Series I,
		Subaccount		Subaccount		Subaccount		Subaccount
Investment income (loss)
Dividend income		$14,024		$—		$979		$132,894
Mortality and expense charges (note 3)		(11,413)		(12,519)		(4,278)		(46,769)
Net investment income (loss)		2,611		(12,519)		(3,299)		86,125
Realized gain (loss) on investments
Net realized gain (loss) on sale
of fund shares		(34,049)		12,822		(11,588)		(76,900)
Realized gain distributions		—		36,654		26,262		—
Net realized gain (loss) on investments		(34,049)		49,476		14,674		(76,900)
Net change in unrealized appreciation
(depreciation) on investments		76,232		13,519		25,990		163,514
Net increase (decrease) in net assets
resulting from operations		$44,794		$50,476		$37,365		$172,739
		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
Investment income (loss)
Dividend income		$31,387		$125,147		$26,018		$367,623
Mortality and expense charges (note 3)		(224,223)		(33,619)		(25,595)		(273,677)
Net investment income (loss)		(192,836)		91,528		423		93,946
Realized gain (loss) on investments
Net realized gain (loss) on sale
of fund shares		1,638,700		9,973		20,316		471,960
Realized gain distributions		1,002,064		—		—		1,202,825
Net realized gain (loss) on investments		2,640,764		9,973		20,316		1,674,785
Net change in unrealized appreciation
(depreciation) on investments		32,155		45,286		358,752		556,726
Net increase (decrease) in net assets
resulting from operations		$2,480,083		$146,787		$379,491		$2,325,457

See accompanying notes to financial statements

8

MEMBERS Horizon Variable Separate Account

Statements of Operations (continued)

For the Year Ended December 31, 2025

		BlackRock		Columbia VP		DFA VA		DFA VA
		Global Allocation		Emerging Markets		International		International
		V.I. Fund		Bond Fund		Small		Value
		Class I,		Class 1,		Portfolio,		Portfolio,
		Subaccount		Subaccount		Subaccount		Subaccount
Investment income (loss)
Dividend income		$76,420		$78,110		$12,512		$131,766
Mortality and expense charges (note 3)		(38,820)		(22,842)		(6,228)		(53,937)
Net investment income (loss)		37,600		55,268		6,284		77,829
Realized gain (loss) on investments
Net realized gain (loss) on sale
of fund shares		(1,572)		(40,392)		13,482		388,374
Realized gain distributions		176,824		—		15,138		95,915
Net realized gain (loss) on investments		175,252		(40,392)		28,620		484,289
Net change in unrealized appreciation
(depreciation) on investments		177,117		138,916		88,646		702,260
Net increase (decrease) in net assets
resulting from operations		$389,969		$153,792		$123,550		$1,264,378
		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		$108,948		$34,734		$5,320		$—
Mortality and expense charges (note 3)		(94,773)		(31,075)		(3,206)		(11,249)
Net investment income (loss)		14,175		3,659		2,114		(11,249)
Realized gain (loss) on investments
Net realized gain (loss) on sale
of fund shares		296,388		82,174		8,598		(69,767)
Realized gain distributions		340,293		157,143		13,383		—
Net realized gain (loss) on investments		636,681		239,317		21,981		(69,767)
Net change in unrealized appreciation
(depreciation) on investments		143,418		(126,375)		26,941		186,596
Net increase (decrease) in net assets
resulting from operations		$794,274		$116,601		$51,036		$105,580

See accompanying notes to financial statements

9

MEMBERS Horizon Variable Separate Account

Statements of Operations (continued)

For the Year Ended December 31, 2025

		Goldman Sachs VIT				Lazard Retirement		MFS® VIT
		Core Fixed		Goldman Sachs VIT		Emerging Markets		Total Return
		Income		Government		Equity Portfolio		Bond Series Fund
		Service Shares,		Money Market,		Investor Shares,		Initial Class,
		Subaccount		Subaccount		Subaccount		Subaccount
Investment income (loss)
Dividend income		$29,039		$282,469		$59,894		$180,992
Mortality and expense charges (note 3)		(12,629)		(103,501)		(30,470)		(65,422)
Net investment income (loss)		16,410		178,968		29,424		115,570
Realized gain (loss) on investments
Net realized gain (loss) on sale
of fund shares		(21,204)		(1)		160,679		(93,186)
Realized gain distributions		—		—		—		—
Net realized gain (loss) on investments		(21,204)		(1)		160,679		(93,186)
Net change in unrealized appreciation
(depreciation) on investments		47,540		—		482,061		205,754
Net increase (decrease) in net assets
resulting from operations		$42,746		$178,967		$672,164		$228,138
		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
Investment income (loss)
Dividend income		$59,149		$34,382		$16,158		$—
Mortality and expense charges (note 3)		(30,787)		(32,432)		(24,657)		(56,076)
Net investment income (loss)		28,362		1,950		(8,499)		(56,076)
Realized gain (loss) on investments
Net realized gain (loss) on sale
of fund shares		74,733		21,618		(21,291)		1,029,580
Realized gain distributions		27,051		159,945		159,615		—
Net realized gain (loss) on investments		101,784		181,563		138,324		1,029,580
Net change in unrealized appreciation
(depreciation) on investments		133,590		47,994		(56,233)		58,323
Net increase (decrease) in net assets
resulting from operations		$263,736		$231,507		$73,592		$1,031,827

See accompanying notes to financial statements

10

MEMBERS Horizon Variable Separate Account

Statements of Operations (continued)

For the Year Ended December 31, 2025

		TOPS®
		Aggressive		TOPS®		TOPS®		TOPS®
		Growth		Balanced ETF		Conservative ETF		Growth ETF
		ETF Portfolio		Portfolio		Portfolio		Portfolio
		Class 1,		Class 1,		Class 1,		Class 1,
		Subaccount		Subaccount		Subaccount		Subaccount
Investment income (loss)
Dividend income		$22,593		$125,027		$338,469		$42,038
Mortality and expense charges (note 3)		(27,901)		(92,891)		(207,554)		(45,610)
Net investment income (loss)		(5,308)		32,136		130,915		(3,572)
Realized gain (loss) on investments
Net realized gain (loss) on sale
of fund shares		145,066		354,988		355,379		208,395
Realized gain distributions		23,774		63,125		85,602		45,927
Net realized gain (loss) on investments		168,840		418,113		440,981		254,322
Net change in unrealized appreciation
(depreciation) on investments		98,971		173,747		444,403		205,982
Net increase (decrease) in net assets
resulting from operations		$262,503		$623,996		$1,016,299		$456,732
		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		$75,039		$27,220		$83,391		$45,514
Mortality and expense charges (note 3)		(62,508)		(13,976)		(27,282)		(20,869)
Net investment income (loss)		12,531		13,244		56,109		24,645
Realized gain (loss) on investments
Net realized gain (loss) on sale
of fund shares		230,758		(29,406)		(42,090)		(27,475)
Realized gain distributions		62,990		—		—		—
Net realized gain (loss) on investments		293,748		(29,406)		(42,090)		(27,475)
Net change in unrealized appreciation
(depreciation) on investments		189,029		159,681		193,594		87,890
Net increase (decrease) in net assets
resulting from operations		$495,308		$143,519		$207,613		$85,060

See accompanying notes to financial statements

11

MEMBERS Horizon Variable Separate Account

Statements of Operations (continued)

For the Year Ended December 31, 2025

		Putnam VT		T. Rowe Price		Vanguard		Vanguard
		High		Blue Chip		VIF		VIF
		Yield		Growth		Capital Growth		Diversified Value
		Fund,		Fund,		Portfolio,		Portfolio,
		Subaccount		Subaccount		Subaccount		Subaccount
Investment income (loss)
Dividend income		$124,932		$—		$42,564		$53,553
Mortality and expense charges (note 3)		(28,291)		(256,216)		(63,960)		(52,050)
Net investment income (loss)		96,641		(256,216)		(21,396)		1,503
Realized gain (loss) on investments
Net realized gain (loss) on sale
of fund shares		(26,368)		1,565,187		224,621		153,963
Realized gain distributions		—		1,361,449		182,890		280,030
Net realized gain (loss) on investments		(26,368)		2,926,636		407,511		433,993
Net change in unrealized appreciation
(depreciation) on investments		55,425		(87,412)		616,235		38,179
Net increase (decrease) in net assets
resulting from operations		$125,698		$2,583,008		$1,002,350		$473,675
		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		$154,162		$146,657		$42,535		$90,178
Mortality and expense charges (note 3)		(221,571)		(33,902)		(76,147)		(104,906)
Net investment income (loss)		(67,409)		112,755		(33,612)		(14,728)
Realized gain (loss) on investments
Net realized gain (loss) on sale
of fund shares		1,508,684		(21,933)		29,884		363,674
Realized gain distributions		297,042		—		286,674		359,256
Net realized gain (loss) on investments		1,805,726		(21,933)		316,558		722,930
Net change in unrealized appreciation
(depreciation) on investments		318,471		66,261		555,554		(76,126)
Net increase (decrease) in net assets
resulting from operations		$2,056,788		$157,083		$838,500		$632,076

See accompanying notes to financial statements

12

MEMBERS Horizon Variable Separate Account

Statements of Operations (continued)

For the Year Ended December 31, 2025

		Vanguard		Vanguard		Vanguard		Vanguard
		VIF		VIF		VIF		VIF
		Money Market		Real Estate Index		Small Company		Total Bond Market
		Portfolio,		Portfolio,		Growth Portfolio,		Index Portfolio,
		Subaccount		Subaccount		Subaccount		Subaccount
Investment income (loss)
Dividend income		$814,747		$103,641		$10,214		$439,226
Mortality and expense charges (note 3)		(303,449)		(57,384)		(31,961)		(187,567)
Net investment income (loss)		511,298		46,257		(21,747)		251,659
Realized gain (loss) on investments
Net realized gain (loss) on sale
of fund shares		—		(74,188)		(83,613)		(347,842)
Realized gain distributions		—		66,362		145,197		—
Net realized gain (loss) on investments		—		(7,826)		61,584		(347,842)
Net change in unrealized appreciation
(depreciation) on investments		—		19,343		14,076		723,973
Net increase (decrease) in net assets
resulting from operations		$511,298		$57,774		$53,913		$627,790
		Vanguard
		VIF
		Total Stock Market
		Index Portfolio,
		Subaccount
Investment income (loss)
Dividend income		$167,529
Mortality and expense charges (note 3)		(219,831)
Net investment income (loss)		(52,302)
Realized gain (loss) on investments
Net realized gain (loss) on sale
of fund shares		1,218,691
Realized gain distributions		782,065
Net realized gain (loss) on investments		2,000,756
Net change in unrealized appreciation
(depreciation) on investments		14,029
Net increase (decrease) in net assets
resulting from operations		$1,962,483

See accompanying notes to financial statements

13

MEMBERS Horizon Variable Separate Account

Statements of Changes in Net Assets

For the Years Ended December 31,

		Invesco V.I.				Invesco V.I.
		Global Real Estate Fund				Small Cap Equity Fund
		Series I, Subaccount				Series I, Subaccount
		2025		2024		2025	2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$2,611		$8,132		$(12,519)	$(13,652)
Net realized gain (loss) on investments		(34,049)		(34,830)	5	49,476	41,533
Net change in unrealized appreciation
(depreciation) on investments		76,232		(2,521)		13,519	121,669
Net increase (decrease) in net assets
resulting from operations		44,794		(29,219)		50,476	149,550
Contract transactions
Payments received from contract owners		3,140		12,752		1,598	8,092
Transfers between subaccounts (including
fixed accounts), net		161,725		112,678		22,525	(3,726)
Payment for contract benefits and terminations		(371,933)		(342,629)		(216,259)	(261,493)
Contract charges and fees		(151)		(682)		(1,018)	(2,884)
Net increase (decrease) in net assets from
contract transactions		(207,219)		(217,881)		(193,154)	(260,011)
Total increase (decrease) in net assets		(162,425)		(247,100)		(142,678)	(110,461)
Net assets
Beginning of period		833,854		1,080,954		903,512	1,013,973
End of period		$671,429		$833,854		$760,834	$903,512
		Invesco V.I.				American Funds
		International Growth Fund				IS The Bond Fund of America
		Series I, Subaccount				Series I, Subaccount
		2025		2024		2025	2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$(3,299)		$(2,974)		$86,125	$84,811
Net realized gain (loss) on investments		14,674		7,237		(76,900)	(147,665)
Net change in unrealized appreciation
(depreciation) on investments		25,990		(12,416)		163,514	50,694
Net increase (decrease) in net assets
resulting from operations		37,365		(8,153)		172,739	(12,160)
Contract transactions
Payments received from contract owners		—		—		58	16,014
Transfers between subaccounts (including
fixed accounts), net		66,067		(590)		903,901	556,668
Payment for contract benefits and terminations		(97,537)		(61,436)		(1,042,557)	(805,691)
Contract charges and fees		(201)		(847)		(4,152)	(9,051)
Net increase (decrease) in net assets from
contract transactions		(31,671)		(62,873)		(142,750)	(242,060)
Total increase (decrease) in net assets		5,694		(71,026)		29,989	(254,220)
Net assets
Beginning of period		279,927		350,953		3,018,967	3,273,187
End of period		$285,621		$279,927		$3,048,956	$3,018,967

See accompanying notes to financial statements

14

MEMBERS Horizon Variable Separate Account

Statements of Changes in Net Assets (continued)

For the Years Ended December 31,

		American Funds				American Funds
		IS Growth Fund				IS American High-Income Trust Fund
		Series I, Subaccount				Class I, Subaccount
		2025		2024		2025	2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$(192,836)		$(137,715)		$91,528	$121,322
Net realized gain (loss) on investments		2,640,764		1,045,523		9,973	(17,415)
Net change in unrealized appreciation
(depreciation) on investments		32,155		2,826,323		45,286	45,054
Net increase (decrease) in net assets
resulting from operations		2,480,083		3,734,131		146,787	148,961
Contract transactions
Payments received from contract owners		215,906		590,005		36,388	225,096
Transfers between subaccounts (including
fixed accounts), net		(793,488)		1,048,617		498,496	1,213,605
Payment for contract benefits and terminations		(3,161,406)		(2,929,851)		(1,155,478)	(1,033,874)
Contract charges and fees		(7,495)		(10,216)		(866)	(2,288)
Net increase (decrease) in net assets from
contract transactions		(3,746,483)		(1,301,445)		(621,460)	402,539
Total increase (decrease) in net assets		(1,266,400)		2,432,686		(474,673)	551,500
Net assets
Beginning of period		15,541,798		13,109,112		2,339,838	1,788,338
End of period		$14,275,398		$15,541,798		$1,865,165	$2,339,838
		American Funds				American Funds
		IS International Fund				IS Asset Allocation Fund
		Series I, Subaccount				Series I, Subaccount
		2025		2024		2025	2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$423		$(2,162)		$93,946	$147,888
Net realized gain (loss) on investments		20,316		(6,634)	5	1,674,785	1,165,549
Net change in unrealized appreciation
(depreciation) on investments		358,752		44,581		556,726	1,309,291
Net increase (decrease) in net assets
resulting from operations		379,491		35,785		2,325,457	2,622,728
Contract transactions
Payments received from contract owners		27,269		169,210		92,709	376,147
Transfers between subaccounts (including
fixed accounts), net		335,843		497,279		2,626,756	3,838,005
Payment for contract benefits and terminations		(573,854)		(794,193)		(6,351,427)	(6,638,061)
Contract charges and fees		(590)		(1,468)		(3,317)	(8,310)
Net increase (decrease) in net assets from
contract transactions		(211,332)		(129,172)		(3,635,279)	(2,432,219)
Total increase (decrease) in net assets		168,159		(93,387)		(1,309,822)	190,509
Net assets
Beginning of period		1,618,557		1,711,944		18,752,930	18,562,421
End of period		$1,786,716		$1,618,557		$17,443,108	$18,752,930

See accompanying notes to financial statements

15

MEMBERS Horizon Variable Separate Account

Statements of Changes in Net Assets (continued)

For the Years Ended December 31,

		BlackRock				Columbia VP
		Global Allocation V.I. Fund				Emerging Markets Bond Fund
		Class I, Subaccount				Class 1, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$37,600		$(8,919)		$55,268		$63,916
Net realized gain (loss) on investments		175,252		152,712	5	(40,392)		(90,638)
Net change in unrealized appreciation
(depreciation) on investments		177,117		46,244		138,916		113,565
Net increase (decrease) in net assets
resulting from operations		389,969		190,037		153,792		86,843
Contract transactions
Payments received from contract owners		3,030		29,937		4,367		29,338
Transfers between subaccounts (including
fixed accounts), net		(263,513)		310,346		137,029		185,764
Payment for contract benefits and terminations		(299,710)		(595,331)		(470,032)		(711,340)
Contract charges and fees		(219)		(363)		(1,181)		(1,737)
Net increase (decrease) in net assets from
contract transactions		(560,412)		(255,411)		(329,817)		(497,975)
Total increase (decrease) in net assets		(170,443)		(65,374)		(176,025)		(411,132)
Net assets
Beginning of period		2,513,403		2,578,777		1,614,462		2,025,594
End of period		$2,342,960		$2,513,403		$1,438,437		$1,614,462
		DFA VA				DFA VA
		International Small				International Value
		Portfolio, Subaccount				Portfolio, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$6,284		$6,858		$77,829		$79,957
Net realized gain (loss) on investments		28,620		4,150	5	484,289		310,225
Net change in unrealized appreciation
(depreciation) on investments		88,646		(838)		702,260		(165,622)
Net increase (decrease) in net assets
resulting from operations		123,550		10,170		1,264,378		224,560
Contract transactions
Payments received from contract owners		191		5,252		9,774		62,648
Transfers between subaccounts (including
fixed accounts), net		(28,535)		(58,209)		(231,515)		103,510
Payment for contract benefits and terminations		(72,515)		(76,761)		(1,041,180)		(1,407,209)
Contract charges and fees		(733)		(74)		(961)		(3,200)
Net increase (decrease) in net assets from
contract transactions		(101,592)		(129,792)		(1,263,882)		(1,244,251)
Total increase (decrease) in net assets		21,958		(119,622)		496		(1,019,691)
Net assets
Beginning of period		378,951		498,573		3,424,750		4,444,441
End of period		$400,909		$378,951		$3,425,246		$3,424,750

See accompanying notes to financial statements

16

MEMBERS Horizon Variable Separate Account

Statements of Changes in Net Assets (continued)

For the Years Ended December 31,

		DFA VA				DFA VA
		U.S. Large Value				U.S. Targeted Value
		Portfolio, Subaccount				Portfolio, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$14,175		$21,628		$3,659		$(9,589)
Net realized gain (loss) on investments		636,681		1,322,299	5	239,317		408,843
Net change in unrealized appreciation
(depreciation) on investments		143,418		(462,084)		(126,375)		(228,654)
Net increase (decrease) in net assets
resulting from operations		794,274		881,843		116,601		170,600
Contract transactions
Payments received from contract owners		21,558		62,752		2,620		19,795
Transfers between subaccounts (including
fixed accounts), net		14,701		(194,079)		100,585		66,015
Payment for contract benefits and terminations		(1,529,991)		(2,255,809)		(610,476)		(1,153,309)
Contract charges and fees		(6,044)		(17,102)		(4,009)		(15,418)
Net increase (decrease) in net assets from
contract transactions		(1,499,776)		(2,404,238)		(511,280)		(1,082,917)
Total increase (decrease) in net assets		(705,502)		(1,522,395)		(394,679)		(912,317)
Net assets
Beginning of period		6,641,566		8,163,961		2,354,573		3,266,890
End of period		$5,936,064		$6,641,566		$1,959,894		$2,354,573
		Templeton				Templeton
		Foreign VIP Fund				Global Bond VIP Fund
		Class I, Subaccount				Class 1, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$2,114		$2,349		$(11,249)		$(16,256)
Net realized gain (loss) on investments		21,981		4,999		(69,767)		(62,613)
Net change in unrealized appreciation
(depreciation) on investments		26,941		(12,086)		186,596		(56,089)
Net increase (decrease) in net assets
resulting from operations		51,036		(4,738)		105,580		(134,958)
Contract transactions
Payments received from contract owners		540		4,156		650		4,202
Transfers between subaccounts (including
fixed accounts), net		(20,264)		(8,394)		37,771		86,733
Payment for contract benefits and terminations		(41,236)		(47,091)		(439,298)		(262,155)
Contract charges and fees		(70)		(85)		(409)		(462)
Net increase (decrease) in net assets from
contract transactions		(61,030)		(51,414)		(401,286)		(171,682)
Total increase (decrease) in net assets		(9,994)		(56,152)		(295,706)		(306,640)
Net assets
Beginning of period		211,110		267,262		893,085		1,199,725
End of period		$201,116		$211,110		$597,379		$893,085

See accompanying notes to financial statements

17

MEMBERS Horizon Variable Separate Account

Statements of Changes in Net Assets (continued)

For the Years Ended December 31,

		Goldman Sachs VIT				Goldman Sachs VIT
		Core Fixed				Government
		Income Service Shares,				Money Market,
		Subaccount				Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$16,410		$18,172		$178,968		$150,942
Net realized gain (loss) on investments		(21,204)		(11,721)		(1)		(1)
Net change in unrealized appreciation
(depreciation) on investments		47,540		(9,649)		—		—
Net increase (decrease) in net assets
resulting from operations		42,746		(3,198)		178,967		150,941
Contract transactions
Payments received from contract owners		21,800		17,897		74,231		607,139
Transfers between subaccounts (including
fixed accounts), net		(38,095)		178,775		13,841,879		966,538
Payment for contract benefits and terminations		(215,683)		(95,818)		(11,608,436)		(314,670)
Contract charges and fees		(461)		(152)		(1,112)		(4,291)
Net increase (decrease) in net assets from
contract transactions		(232,439)		100,702		2,306,562		1,254,716
Total increase (decrease) in net assets		(189,693)		97,504		2,485,529		1,405,657
Net assets
Beginning of period		872,682		775,178		5,145,131		3,739,474
End of period		$682,989		$872,682		$7,630,660		$5,145,131
		Lazard Retirement				MFS® VIT
		Emerging Markets Equity Portfolio				Total Return Bond Series Fund
		Investor Shares, Subaccount				Initial Class, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$29,424		$44,738		$115,570		$126,752
Net realized gain (loss) on investments		160,679		70,874	5	(93,186)		(186,991)
Net change in unrealized appreciation
(depreciation) on investments		482,061		39,330		205,754		104,988
Net increase (decrease) in net assets
resulting from operations		672,164		154,942		228,138		44,749
Contract transactions
Payments received from contract owners		5,951		36,386		12,671		55,520
Transfers between subaccounts (including
fixed accounts), net		(188,715)		(116,917)		854,968		779,359
Payment for contract benefits and terminations		(505,689)		(743,016)		(1,426,079)		(1,833,616)
Contract charges and fees		(1,225)		(1,710)		(2,167)		(5,274)
Net increase (decrease) in net assets from
contract transactions		(689,678)		(825,257)		(560,607)		(1,004,011)
Total increase (decrease) in net assets		(17,514)		(670,315)		(332,469)		(959,262)
Net assets
Beginning of period		1,982,001		2,652,316		4,544,678		5,503,940
End of period		$1,964,487		$1,982,001		$4,212,209		$4,544,678

See accompanying notes to financial statements

18

MEMBERS Horizon Variable Separate Account

Statements of Changes in Net Assets (continued)

For the Years Ended December 31,

		MFS® VIT				MFS® VIT
		Utilities Series Fund				Value Series Fund,
		Initial Class, Subaccount				Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$28,362		$17,043		$1,950		$2,539
Net realized gain (loss) on investments		101,784		63,726		181,563		227,134
Net change in unrealized appreciation
(depreciation) on investments		133,590		135,373		47,994		(24,852)
Net increase (decrease) in net assets
resulting from operations		263,736		216,142		231,507		204,821
Contract transactions
Payments received from contract owners		16,943		28,118		30,170		278,405
Transfers between subaccounts (including
fixed accounts), net		90,053		(88,269)		371,852		633,828
Payment for contract benefits and terminations		(758,743)		(351,648)		(716,681)		(1,079,224)
Contract charges and fees		(1,186)		(1,572)		(898)		(1,789)
Net increase (decrease) in net assets from
contract transactions		(652,933)		(413,371)		(315,557)		(168,780)
Total increase (decrease) in net assets		(389,197)		(197,229)		(84,050)		36,041
Net assets
Beginning of period		2,195,357		2,392,586		2,203,553		2,167,512
End of period		$1,806,160		$2,195,357		$2,119,503		$2,203,553
		MFS® VIT				Morgan Stanley
		Blended Research® Small				VIF, Inc. Global Infrastructure
		Cap Equity Fund, Subaccount				Fund Class I, Subaccount *
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$(8,499)		$(9,429)		$—		$24,677
Net realized gain (loss) on investments		138,324		3,231		—		(145,608)
Net change in unrealized appreciation
(depreciation) on investments		(56,233)		65,739		—		362,734
Net increase (decrease) in net assets
resulting from operations		73,592		59,541		—		241,803
Contract transactions
Payments received from contract owners		29,732		268,347		—		24,683
Transfers between subaccounts (including
fixed accounts), net		514,978		614,760		—		(1,609,832)
Payment for contract benefits and terminations		(638,940)		(968,484)		—		(561,606)
Contract charges and fees		(509)		(2,844)		—		(1,500)
Net increase (decrease) in net assets from
contract transactions		(94,739)		(88,221)		—		(2,148,255)
Total increase (decrease) in net assets		(21,147)		(28,680)		—		(1,906,452)
Net assets
Beginning of period		1,707,567		1,736,247		—		1,906,452
End of period		$1,686,420		$1,707,567		$—		$—

* The subaccount liquidated effective December 6, 2024

See accompanying notes to financial statements

19

MEMBERS Horizon Variable Separate Account

Statements of Changes in Net Assets (continued)

For the Years Ended December 31,

		Morgan Stanley				TOPS®
		VIF, Inc. Growth Portfolio				Aggressive Growth ETF Portfolio
		Fund Class I, Subaccount				Class 1, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$(56,076)		$(66,675)		$(5,308)		$(3,880)
Net realized gain (loss) on investments		1,029,580		(789,394)		168,840		100,096
Net change in unrealized appreciation
(depreciation) on investments		58,323		2,173,230		98,971		104,186
Net increase (decrease) in net assets
resulting from operations		1,031,827		1,317,161		262,503		200,402
Contract transactions
Payments received from contract owners		6,759		48,864		10,027		11,225
Transfers between subaccounts (including
fixed accounts), net		(614,981)		(2,082,101)		109,701		216,565
Payment for contract benefits and terminations		(1,300,480)		(822,395)		(558,288)		(357,783)
Contract charges and fees		(13,553)		(5,382)		(84)		(26)
Net increase (decrease) in net assets from
contract transactions		(1,922,255)		(2,861,014)		(438,644)		(130,019)
Total increase (decrease) in net assets		(890,428)		(1,543,853)		(176,141)		70,383
Net assets
Beginning of period		4,148,959		5,692,812		1,903,877		1,833,494
End of period		$3,258,531		$4,148,959		$1,727,736		$1,903,877
		TOPS®				TOPS®
		Balanced ETF Portfolio				Conservative ETF Portfolio
		Class 1, Subaccount				Class 1, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$32,136		$29,211		$130,915		$115,739
Net realized gain (loss) on investments		418,113		266,192		440,981		197,897
Net change in unrealized appreciation
(depreciation) on investments		173,747		47,673		444,403		150,729
Net increase (decrease) in net assets
resulting from operations		623,996		343,076		1,016,299		464,365
Contract transactions
Payments received from contract owners		25,116		212,606		118,792		48,519
Transfers between subaccounts (including
fixed accounts), net		1,997,246		1,228,618		6,901,166		4,076,994
Payment for contract benefits and terminations		(3,090,717)		(2,794,481)		(7,373,294)		(3,151,085)
Contract charges and fees		(1,812)		(2,960)		(860)		(3,000)
Net increase (decrease) in net assets from
contract transactions		(1,070,167)		(1,356,217)		(354,196)		971,428
Total increase (decrease) in net assets		(446,171)		(1,013,141)		662,103		1,435,793
Net assets
Beginning of period		6,071,258		7,084,399		12,402,103		10,966,310
End of period		$5,625,087		$6,071,258		$13,064,206		$12,402,103

See accompanying notes to financial statements

20

MEMBERS Horizon Variable Separate Account

Statements of Changes in Net Assets (continued)

For the Years Ended December 31,

		TOPS®				TOPS®
		Growth ETF Portfolio				Moderate Growth ETF Portfolio
		Class 1, Subaccount				Class 1, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$(3,572)		$(4,606)		$12,531		$8,062
Net realized gain (loss) on investments		254,322		279,249		293,748		383,741
Net change in unrealized appreciation
(depreciation) on investments		205,982		46,158		189,029		(80,425)
Net increase (decrease) in net assets
resulting from operations		456,732		320,801		495,308		311,378
Contract transactions
Payments received from contract owners		33,554		14,158		3,302		104,614
Transfers between subaccounts (including
fixed accounts), net		97,775		618,146		606,122		856,778
Payment for contract benefits and terminations		(787,081)		(1,428,555)		(1,321,845)		(2,037,318)
Contract charges and fees		(1,217)		(406)		(1,313)		(2,675)
Net increase (decrease) in net assets from
contract transactions		(656,969)		(796,657)		(713,734)		(1,078,601)
Total increase (decrease) in net assets		(200,237)		(475,856)		(218,426)		(767,223)
Net assets
Beginning of period		3,044,547		3,520,403		4,009,915		4,777,138
End of period		$2,844,310		$3,044,547		$3,791,489		$4,009,915
		PIMCO Commodity				PIMCO VIT
		RealReturn® Strategy Portfolio,				All Asset Portfolio
		Advisor Class, Subaccount				Institutional Class, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$13,244		$7,593		$56,109		$113,348
Net realized gain (loss) on investments		(29,406)		(63,691)		(42,090)		(94,190)
Net change in unrealized appreciation
(depreciation) on investments		159,681		75,443		193,594		38,977
Net increase (decrease) in net assets
resulting from operations		143,519		19,345		207,613		58,135
Contract transactions
Payments received from contract owners		2,419		2,546		5,215		29,973
Transfers between subaccounts (including
fixed accounts), net		49,918		40,915		216,104		200,913
Payment for contract benefits and terminations		(288,193)		(72,102)		(644,481)		(897,240)
Contract charges and fees		(1,564)		(314)		(327)		(1,917)
Net increase (decrease) in net assets from
contract transactions		(237,420)		(28,955)		(423,489)		(668,271)
Total increase (decrease) in net assets		(93,901)		(9,610)		(215,876)		(610,136)
Net assets
Beginning of period		909,317		918,927		1,932,467		2,542,603
End of period		$815,416		$909,317		$1,716,591		$1,932,467

See accompanying notes to financial statements

21

MEMBERS Horizon Variable Separate Account

Statements of Changes in Net Assets (continued)

For the Years Ended December 31,

		PIMCO VIT				Putnam VT
		Real Return Portfolio				High Yield
		Institutional Class, Subaccount				Fund, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$24,645		$18,026		$96,641		$110,583
Net realized gain (loss) on investments		(27,475)		(51,812)		(26,368)		(66,556)
Net change in unrealized appreciation
(depreciation) on investments		87,890		44,995		55,425		101,550
Net increase (decrease) in net assets
resulting from operations		85,060		11,209		125,698		145,577
Contract transactions
Payments received from contract owners		467		2,572		6,263		31,566
Transfers between subaccounts (including
fixed accounts), net		5,716		81,499		164,209		201,214
Payment for contract benefits and terminations		(332,351)		(341,675)		(611,203)		(958,645)
Contract charges and fees		(981)		(890)		(585)		(2,134)
Net increase (decrease) in net assets from
contract transactions		(327,149)		(258,494)		(441,316)		(727,999)
Total increase (decrease) in net assets		(242,089)		(247,285)		(315,618)		(582,422)
Net assets
Beginning of period		1,417,186		1,664,471		2,044,896		2,627,318
End of period		$1,175,097		$1,417,186		$1,729,278		$2,044,896
		T. Rowe Price				Vanguard
		Blue Chip Growth				VIF Capital Growth
		Fund, Subaccount				Portfolio, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$(256,216)		$(269,388)		$(21,396)		$(18,328)
Net realized gain (loss) on investments		2,926,636		2,262,346		407,511		318,084
Net change in unrealized appreciation
(depreciation) on investments		(87,412)		2,938,086		616,235		179,648
Net increase (decrease) in net assets
resulting from operations		2,583,008		4,931,044		1,002,350		479,404
Contract transactions
Payments received from contract owners		269,982		103,914		13,439		168,369
Transfers between subaccounts (including
fixed accounts), net		1,089,570		(2,007,080)		284,609		(553,776)
Payment for contract benefits and terminations		(3,965,446)		(3,858,923)		(906,684)		(649,903)
Contract charges and fees		(6,707)		(23,248)		(1,433)		(2,560)
Net increase (decrease) in net assets from
contract transactions		(2,612,601)		(5,785,337)		(610,069)		(1,037,870)
Total increase (decrease) in net assets		(29,593)		(854,293)		392,281		(558,466)
Net assets
Beginning of period		16,261,967		17,116,260		4,067,513		4,625,979
End of period		$16,232,374		$16,261,967		$4,459,794		$4,067,513

See accompanying notes to financial statements

22

MEMBERS Horizon Variable Separate Account

Statements of Changes in Net Assets (continued)

For the Years Ended December 31,

		Vanguard				Vanguard
		VIF Diversified Value				VIF Equity Index
		Portfolio, Subaccount				Portfolio, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$1,503		$4,278		$(67,409)		$(37,062)
Net realized gain (loss) on investments		433,993		363,352		1,805,726		1,894,302
Net change in unrealized appreciation
(depreciation) on investments		38,179		138,917		318,471		1,185,553
Net increase (decrease) in net assets
resulting from operations		473,675		506,547		2,056,788		3,042,793
Contract transactions
Payments received from contract owners		1,146		54,902		71,597		377,024
Transfers between subaccounts (including
fixed accounts), net		111,580		314,990		27,483		37,530
Payment for contract benefits and terminations		(1,069,019)		(906,942)		(3,612,332)		(3,548,961)
Contract charges and fees		(1,338)		(4,810)		(5,048)		(15,100)
Net increase (decrease) in net assets from
contract transactions		(957,631)		(541,860)		(3,518,300)		(3,149,507)
Total increase (decrease) in net assets		(483,956)		(35,313)		(1,461,512)		(106,714)
Net assets
Beginning of period		3,789,603		3,824,916		14,626,599		14,733,313
End of period		$3,305,647		$3,789,603		$13,165,087		$14,626,599
		Vanguard				Vanguard
		VIF High Yield Bond				VIF International
		Portfolio, Subaccount				Portfolio, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$112,755		$102,635		$(33,612)		$(15,365)
Net realized gain (loss) on investments		(21,933)		(26,087)		316,558		26,196
Net change in unrealized appreciation
(depreciation) on investments		66,261		39,247		555,554		415,557
Net increase (decrease) in net assets
resulting from operations		157,083		115,795		838,500		426,388
Contract transactions
Payments received from contract owners		6,868		29,993		11,654		67,823
Transfers between subaccounts (including
fixed accounts), net		78,913		158,074		157,560		166,285
Payment for contract benefits and terminations		(628,658)		(483,119)		(1,429,628)		(1,795,822)
Contract charges and fees		(1,351)		(1,075)		(1,720)		(4,277)
Net increase (decrease) in net assets from
contract transactions		(544,228)		(296,127)		(1,262,134)		(1,565,991)
Total increase (decrease) in net assets		(387,145)		(180,332)		(423,634)		(1,139,603)
Net assets
Beginning of period		2,367,601		2,547,933		5,008,930		6,148,533
End of period		$1,980,456		$2,367,601		$4,585,296		$5,008,930

See accompanying notes to financial statements

23

MEMBERS Horizon Variable Separate Account

Statements of Changes in Net Assets (continued)

For the Years Ended December 31,

		Vanguard				Vanguard
		VIF Mid-Cap Index				VIF Money Market
		Portfolio, Subaccount				Portfolio, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$(14,728)		$(8,211)		$511,298		$594,460
Net realized gain (loss) on investments		722,930		376,506		—		—
Net change in unrealized appreciation
(depreciation) on investments		(76,126)		656,206		—		—
Net increase (decrease) in net assets
resulting from operations		632,076		1,024,501		511,298		594,460
Contract transactions
Payments received from contract owners		38,519		327,520		1,127,556		175,612
Transfers between subaccounts (including
fixed accounts), net		42,505		489,330		59,430,897		55,833,384
Payment for contract benefits and terminations		(2,113,494)		(2,807,150)		(60,053,088)		(55,893,962)
Contract charges and fees		(2,808)	—	(9,944)		(13,990)		(9,366)
Net increase (decrease) in net assets from
contract transactions		(2,035,278)		(2,000,244)		491,375		105,668
Total increase (decrease) in net assets		(1,403,202)		(975,743)		1,002,673		700,128
Net assets
Beginning of period		7,614,488		8,590,231		17,864,972		17,164,844
End of period		$6,211,286		$7,614,488		$18,867,645		$17,864,972
		Vanguard				Vanguard
		VIF Real Estate Index				VIF Small Company
		Portfolio, Subaccount				Growth Portfolio, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$46,257		$79,471		$(21,747)		$(25,790)
Net realized gain (loss) on investments		(7,826)		39,654		61,584		(60,190)
Net change in unrealized appreciation
(depreciation) on investments		19,343		45,146		14,076		319,268
Net increase (decrease) in net assets
resulting from operations		57,774		164,271		53,913		233,288
Contract transactions
Payments received from contract owners		13,626		27,399		4,907		3,049
Transfers between subaccounts (including
fixed accounts), net		208,620		147,196		159,954		53,808
Payment for contract benefits and terminations		(1,000,047)		(1,345,843)		(753,025)		(671,451)
Contract charges and fees		(1,445)		(2,215)		(1,046)		(481)
Net increase (decrease) in net assets from
contract transactions		(779,246)		(1,173,463)		(589,210)		(615,075)
Total increase (decrease) in net assets		(721,472)		(1,009,192)		(535,297)		(381,787)
Net assets
Beginning of period		4,026,083		5,035,275		2,420,082		2,801,869
End of period		$3,304,611		$4,026,083		$1,884,785		$2,420,082

See accompanying notes to financial statements

24

MEMBERS Horizon Variable Separate Account

Statements of Changes in Net Assets (continued)

For the Years Ended December 31,

		Vanguard				Vanguard
		VIF Total Bond Market				VIF Total Stock Market
		Index Portfolio, Subaccount				Index Portfolio, Subaccount
		2025		2024		2025		2024
Increase (decrease) in net assets from operations
Net investment income (loss)		$251,659		$179,822		$(52,302)		$(36,881)
Net realized gain (loss) on investments		(347,842)		(497,974)		2,000,756		2,043,667
Net change in unrealized appreciation
(depreciation) on investments		723,973		267,289		14,029		1,025,568
Net increase (decrease) in net assets
resulting from operations		627,790		(50,863)		1,962,483		3,032,354
Contract transactions
Payments received from contract owners		132,412		334,061		204,252		444,271
Transfers between subaccounts (including
fixed accounts), net		2,837,663		3,096,221		1,232,185		(184,768)
Payment for contract benefits and terminations		(5,173,602)		(4,782,715)		(4,421,303)		(4,043,122)
Contract charges and fees		(4,239)		(10,415)		(6,135)		(14,379)
Net increase (decrease) in net assets from
contract transactions		(2,207,766)		(1,362,848)		(2,991,001)		(3,797,998)
Total increase (decrease) in net assets		(1,579,976)		(1,413,711)		(1,028,518)		(765,644)
Net assets
Beginning of period		12,766,383		14,180,094		15,100,374		15,866,018
End of period		$11,186,407		$12,766,383		$14,071,856		$15,100,374

25

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

26

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.

27

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.

28

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.

29

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, 2025.  All of the Account’s assets consist of Level 2 mutual funds that have daily quoted net asset values at which the Account could transact.
December 31, 2025 Assets, at Fair Value		Total
Invesco V.I. Global Real Estate Fund Series I, Subaccount		$671,429
Invesco V.I. Small Cap Equity Fund Series I, Subaccount		760,834
Invesco V.I. International Growth Fund Series I, Subaccount		285,621
American Funds IS The Bond Fund of America Series I, Subaccount		3,048,956
American Funds IS Growth Fund Series I, Subaccount		14,275,398
American Funds IS American High- Income Trust Fund Class I, Subaccount		1,865,165
American Funds IS International Fund Series I, Subaccount		1,786,716
American Funds IS Asset Allocation Fund Series I, Subaccount		17,443,108
BlackRock Global Allocation V.I. Fund Class I, Subaccount		2,342,960
Columbia VP Emerging Markets Bond Fund Class 1, Subaccount		1,438,437
DFA VA International Small Portfolio, Subaccount		400,909
DFA VA International Value Portfolio, Subaccount		3,425,246
DFA VA U.S. Large Value Portfolio, Subaccount		5,936,064
DFA VA U.S. Targeted Value Portfolio, Subaccount		1,959,894
Templeton Foreign VIP Fund Class I, Subaccount		201,116
Templeton Global Bond VIP Fund Class 1, Subaccount		597,379
Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount		682,989
Goldman Sachs VIT Government Money Market, Subaccount		7,630,660
Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount		1,964,487
MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount		4,212,209
MFS® VIT Utilities Series Fund Initial Class, Subaccount		1,806,160
MFS® VIT Value Series Fund, Subaccount		2,119,503
MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount		1,686,420
Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount		3,258,531
TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount		1,727,736
TOPS® Balanced ETF Portfolio Class 1, Subaccount		5,625,087
TOPS® Conservative ETF Portfolio Class 1, Subaccount		13,064,206
TOPS® Growth ETF Portfolio Class 1, Subaccount		2,844,310
TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount		3,791,489
PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount		815,416
PIMCO VIT All Asset Portfolio Institutional Class, Subaccount		1,716,591
PIMCO VIT Real Return Portfolio Institutional Class, Subaccount		1,175,097
Putnam VT High Yield Fund, Subaccount		1,729,278
T. Rowe Price Blue Chip Growth Fund, Subaccount		16,232,374
Vanguard VIF Capital Growth Portfolio, Subaccount		4,459,794
Vanguard VIF Diversified Value Portfolio, Subaccount		3,305,647
Vanguard VIF Equity Index Portfolio, Subaccount		13,165,087
Vanguard VIF High Yield Bond Portfolio, Subaccount		1,980,456
Vanguard VIF International Portfolio, Subaccount		4,585,296
Vanguard VIF Mid-Cap Index Portfolio, Subaccount		6,211,286
Vanguard VIF Money Market Portfolio, Subaccount		18,867,645
Vanguard VIF Real Estate Index Portfolio, Subaccount		3,304,611
Vanguard VIF Small Company Growth Portfolio, Subaccount		1,884,785
Vanguard VIF Total Bond Market Index Portfolio, Subaccount		11,186,407
Vanguard VIF Total Stock Market Index Portfolio, Subaccount		14,071,856

30

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, 2024.  All of the Account’s assets consist of Level 2 mutual funds that have daily quoted net asset values at which the Account could transact.
December 31, 2024 Assets, at Fair Value		Total
Invesco V.I. Global Real Estate Fund Series I, Subaccount		$833,854
Invesco V.I. Small Cap Equity Fund Series I, Subaccount		903,512
Invesco V.I. International Growth Fund Series I, Subaccount		279,927
American Funds IS The Bond Fund of America Series I, Subaccount		3,018,967
American Funds IS Growth Fund Series I, Subaccount		15,541,798
American Funds IS American High- Income Trust Fund Class I, Subaccount		2,339,838
American Funds IS International Fund Series I, Subaccount		1,618,557
American Funds IS Asset Allocation Fund Series I, Subaccount		18,752,930
BlackRock Global Allocation V.I. Fund Class I, Subaccount		2,513,403
Columbia VP Emerging Markets Bond Fund Class 1, Subaccount		1,614,462
DFA VA International Small Portfolio, Subaccount		378,951
DFA VA International Value Portfolio, Subaccount		3,424,750
DFA VA U.S. Large Value Portfolio, Subaccount		6,641,566
DFA VA U.S. Targeted Value Portfolio, Subaccount		2,354,573
Templeton Foreign VIP Fund Class I, Subaccount		211,110
Templeton Global Bond VIP Fund Class 1, Subaccount		893,085
Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount		872,682
Goldman Sachs VIT Government Money Market, Subaccount		5,145,131
Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount		1,982,001
MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount		4,544,678
MFS® VIT Utilities Series Fund Initial Class, Subaccount		2,195,357
MFS® VIT Value Series Fund, Subaccount		2,203,553
MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount		1,707,567
Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount		4,148,959
TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount		1,903,877
TOPS® Balanced ETF Portfolio Class 1, Subaccount		6,071,258
TOPS® Conservative ETF Portfolio Class 1, Subaccount		12,402,103
TOPS® Growth ETF Portfolio Class 1, Subaccount		3,044,547
TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount		4,009,915
PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount		909,317
PIMCO VIT All Asset Portfolio Institutional Class, Subaccount		1,932,467
PIMCO VIT Real Return Portfolio Institutional Class, Subaccount		1,417,186
Putnam VT High Yield Fund, Subaccount		2,044,896
T. Rowe Price Blue Chip Growth Fund, Subaccount		16,261,967
Vanguard VIF Capital Growth Portfolio, Subaccount		4,067,513
Vanguard VIF Diversified Value Portfolio, Subaccount		3,789,603
Vanguard VIF Equity Index Portfolio, Subaccount		14,626,599
Vanguard VIF High Yield Bond Portfolio, Subaccount		2,367,601
Vanguard VIF International Portfolio, Subaccount		5,008,930
Vanguard VIF Mid-Cap Index Portfolio, Subaccount		7,614,488
Vanguard VIF Money Market Portfolio, Subaccount		17,864,972
Vanguard VIF Real Estate Index Portfolio, Subaccount		4,026,083
Vanguard VIF Small Company Growth Portfolio, Subaccount		2,420,082
Vanguard VIF Total Bond Market Index Portfolio, Subaccount		12,766,383
Vanguard VIF Total Stock Market Index Portfolio, Subaccount		15,100,374
There were no Level 3 investments in the Account, therefore, Level 3 roll-forward tables have not been provided.  There were no transfers between levels during the year ended December 31, 2025 and 2024.

31

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 December 31, 2025 are as follows:
	Year Ended December 31, 2025	Purchases	Sales
	Invesco V.I. Global Real Estate Fund Series I, Subaccount	$177,823	$382,430
	Invesco V.I. Small Cap Equity Fund Series I, Subaccount	121,618	290,637
	Invesco V.I. International Growth Fund Series I, Subaccount	115,000	123,708
	American Funds IS The Bond Fund of America Series I, Subaccount	1,211,997	1,268,623
	American Funds IS Growth Fund Series I, Subaccount	3,762,239	6,699,494
	American Funds IS American High- Income Trust Fund Class I, Subaccount	649,428	1,179,360
	American Funds IS International Fund Series I, Subaccount	328,960	539,870
	American Funds IS Asset Allocation Fund Series I, Subaccount	3,697,336	6,035,843
	BlackRock Global Allocation V.I. Fund Class I, Subaccount	339,237	685,227
	Columbia VP Emerging Markets Bond Fund Class 1, Subaccount	258,301	532,851
	DFA VA International Small Portfolio, Subaccount	38,181	118,352
	DFA VA International Value Portfolio, Subaccount	429,408	1,519,546
	DFA VA U.S. Large Value Portfolio, Subaccount	787,578	1,932,886
	DFA VA U.S. Targeted Value Portfolio, Subaccount	462,696	813,173
	Templeton Foreign VIP Fund Class I, Subaccount	26,113	71,646
	Templeton Global Bond VIP Fund Class 1, Subaccount	52,790	465,326
	Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount	120,925	336,952
	Goldman Sachs VIT Government Money Market, Subaccount	13,780,503	11,294,974
	Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount	123,450	783,703
	MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount	968,270	1,413,306
	MFS® VIT Utilities Series Fund Initial Class, Subaccount	320,735	918,255
	MFS® VIT Value Series Fund, Subaccount	529,948	683,610
	MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount	707,501	651,125
	Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount	2,095,448	4,073,779
	TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount	233,711	653,889
	TOPS® Balanced ETF Portfolio Class 1, Subaccount	2,779,886	3,754,793
	TOPS® Conservative ETF Portfolio Class 1, Subaccount	7,600,184	7,737,864
	TOPS® Growth ETF Portfolio Class 1, Subaccount	293,853	908,467
	TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount	875,490	1,513,702
	PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount	99,436	323,612
	PIMCO VIT All Asset Portfolio Institutional Class, Subaccount	307,324	674,704
	PIMCO VIT Real Return Portfolio Institutional Class, Subaccount	177,738	480,241
	Putnam VT High Yield Fund, Subaccount	361,514	706,189
	T. Rowe Price Blue Chip Growth Fund, Subaccount	3,656,558	5,163,924
	Vanguard VIF Capital Growth Portfolio, Subaccount	646,634	1,095,209
	Vanguard VIF Diversified Value Portfolio, Subaccount	976,342	1,652,440
	Vanguard VIF Equity Index Portfolio, Subaccount	1,275,303	4,563,969
	Vanguard VIF High Yield Bond Portfolio, Subaccount	430,800	862,273
	Vanguard VIF International Portfolio, Subaccount	705,563	1,714,634
	Vanguard VIF Mid-Cap Index Portfolio, Subaccount	1,115,636	2,806,386
	Vanguard VIF Money Market Portfolio, Subaccount	58,303,176	57,300,502
	Vanguard VIF Real Estate Index Portfolio, Subaccount	651,962	1,318,589
	Vanguard VIF Small Company Growth Portfolio, Subaccount	788,437	1,254,197
	Vanguard VIF Total Bond Market Index Portfolio, Subaccount	3,235,966	5,192,073
	Vanguard VIF Total Stock Market Index Portfolio, Subaccount	3,657,391	5,918,630

32

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 December 31, 2024 are as follows:
	Year Ended December 31, 2024	Purchases	Sales
	Invesco V.I. Global Real Estate Fund Series I, Subaccount	$130,887	$340,636
	Invesco V.I. Small Cap Equity Fund Series I, Subaccount	72,448	303,294
	Invesco V.I. International Growth Fund Series I, Subaccount	66,895	111,194
	American Funds IS The Bond Fund of America, Series 1, Subaccount	1,223,443	1,380,693
	American Funds IS Growth Fund Series I, Subaccount	3,538,082	4,641,266
	American Funds IS American High-Income Trust Fund Class I, Subaccount	1,461,730	937,869
	American Funds IS International Fund Series I, Subaccount	681,194	812,527
	American Funds IS Asset  Allocation Fund Series I, Subaccount	6,658,303	8,131,324
	BlackRock Global Allocation V.I. Fund Class I, Subaccount	535,671	640,957
	Columbia VP Emerging Markets Bond Fund Class 1, Subaccount	309,507	743,567
	DFA VA International Small Portfolio, Subaccount	38,152	150,699
	DFA VA International Value Portfolio, Subaccount	501,507	1,592,818
	DFA VA U.S. Large Value Portfolio, Subaccount	1,213,790	2,894,409
	DFA VA U.S. Targeted Value Portfolio, Subaccount	442,568	1,372,524
	Templeton Foreign VIP Fund Class I, Subaccount	13,194	62,260
	Templeton Global Bond VIP Fund Class 1, Subaccount	153,008	340,945
	Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount	250,681	131,805
	Goldman Sachs VIT Government Money Market, Subaccount	2,262,837	857,180
	Lazard Retirement Emerging Markets Equity Portfolio Investor Shares, Subaccount	191,503	972,021
	MFS® VIT Total Return Bond Series Fund Initial Class, Subaccount	1,214,250	2,091,508
	MFS® VIT Utilities Series Fund Initial Class, Subaccount	287,795	619,796
	MFS® VIT Value Series Fund, Subaccount	1,074,899	1,076,278
	MFS® VIT Blended Research® Small Cap Equity Fund, Subaccount	917,638	1,001,484
	Morgan Stanley VIF, Inc. Global Infrastructure Fund Class I, Subaccount *	240,816	2,364,392
	Morgan Stanley VIF, Inc. Growth Portfolio Fund Class I, Subaccount	361,167	3,288,858
	TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount	278,100	395,149
	TOPS® Balanced ETF Portfolio Class 1, Subaccount	1,744,808	3,044,565
	TOPS® Conservative ETF Portfolio Class 1, Subaccount	4,416,620	3,245,211
	TOPS® Growth ETF Portfolio Class 1, Subaccount	879,397	1,674,795
	TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount	1,341,415	2,358,033
	PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount	229,490	250,854
	PIMCO VIT All Asset Portfolio Institutional Class, Subaccount	467,328	1,022,251
	PIMCO VIT Real Return Portfolio Institutional Class, Subaccount	285,072	525,540
	Putnam VT High Yield Fund, Subaccount	419,577	1,036,994
	T. Rowe Price Blue Chip Growth Fund, Subaccount	1,405,039	6,801,046
	Vanguard VIF Capital Growth Portfolio, Subaccount	417,359	1,382,621
	Vanguard VIF Diversified Value Portfolio, Subaccount	847,457	1,141,785
	Vanguard VIF Equity Index Portfolio, Subaccount	2,322,738	4,933,389
	Vanguard VIF High Yield Bond Portfolio, Subaccount	347,185	540,678
	Vanguard VIF International Portfolio, Subaccount	745,613	2,133,383
	Vanguard VIF Mid-Cap Index Portfolio, Subaccount	1,182,552	3,092,713
	Vanguard VIF Money Market Portfolio, Subaccount	48,651,663	47,951,535
	Vanguard VIF Real Estate Index Portfolio, Subaccount	701,893	1,667,634
	Vanguard VIF Small Company Growth Portfolio, Subaccount	235,825	876,690
	Vanguard VIF Total Bond Market Index Portfolio, Subaccount	3,747,847	4,930,872
	Vanguard VIF Total Stock Market Index Portfolio, Subaccount	2,840,553	5,545,797

* The subaccount liquidated effective December 6, 2024

33

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:
		Invesco V.I.			Invesco V.I.			Invesco V.I.
		Global Real Estate			Small Cap			International
		Fund			Equity Fund			Growth Fund
		Series I,			Series I,			Series I,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		95,634	13,517		57,505	2,737		25,152	243
Units issued		18,707	1,337		2,484	29		4,792	15
Units redeemed		(38,437)	(3,671)		(15,421)	(1,191)		(9,286)	—
Units outstanding at December 31, 2024		75,904	11,183		44,568	1,575		20,658	258
Units issued		18,669	4,369		4,722	59		6,431	15
Units redeemed		(40,705)	(3,311)		(14,204)	(207)		(8,624)	(115)
Units outstanding at December 31, 2025		53,868	12,241		35,086	1,427		18,465	158
		American Funds			American Funds			American Funds
		IS The Bond Fund			IS Growth			IS American High-
		of America			Fund			Income Trust Fund
		Series I,			Series I,			Class I,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		275,504	52,879		382,427	68,717		125,655	6,354
Units issued		116,066	20,164		126,498	4,447		106,128	4,654
Units redeemed		(120,711)	(41,176)		(155,996)	(14,531)		(80,950)	(2,281)
Units outstanding at December 31, 2024	4 4 8 9 4 9	270,859	31,867		352,929	58,633		150,833	8,727
Units issued		88,210	38,475		80,830	11,543		44,579	6,337
Units redeemed		(109,538)	(30,615)		(169,082)	(16,171)		(85,353)	(6,072)
Units outstanding at December 31, 2025		249,531	39,727		264,677	54,005		110,059	8,992
		American Funds			American Funds			BlackRock
		IS International			IS Asset			Global Allocation
		Fund			Allocation Fund			V.I. Fund
		Series I,			Series I,			Class I,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		111,701	13,791		908,377	239,043		80,687	104,798
Units issued		56,491	919		335,965	51,052		20,619	8,148
Units redeemed		(63,408)	(2,988)		(488,360)	(36,513)		(36,306)	(9,510)
Units outstanding at December 31, 2024		104,784	11,722		755,982	253,582		65,000	103,436
Units issued		32,552	1,218		166,919	39,370		1,826	4,634
Units redeemed		(46,087)	(1,372)		(351,903)	(41,746)		(15,877)	(25,757)
Units outstanding at December 31, 2025		91,249	11,568		570,998	251,206		50,949	82,313
		Columbia VP			DFA VA			DFA VA
		Emerging Markets			International			International
		Bond Fund			Small			Value
		Class 1,			Portfolio,			Portfolio,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		177,094	25,660		34,000	670		244,980	29,757
Units issued		31,494	2,038		1,411	23		30,130	739
Units redeemed		(76,721)	(5,243)		(10,190)	(142)		(97,068)	(6,867)
Units outstanding at December 31, 2024		131,867	22,455		25,221	551		178,042	23,629
Units issued		17,444	8,378		894	5		14,812	4,856
Units redeemed		(49,226)	(6,984)		(6,360)	(105)		(74,133)	(6,454)
Units outstanding at December 31, 2025		100,085	23,849		19,755	451		118,721	22,031

34

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(6) Changes in Units Outstanding (continued)

		DFA VA			DFA VA			Templeton
		U.S. Large			U.S. Targeted			Foreign VIP
		Value			Value			Fund
		Portfolio,			Portfolio,			Class I,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		411,942	56,601		152,054	9,640		20,299	903
Units issued		31,139	1,397		19,390	105		859	—
Units redeemed		(143,777)	(15,884)		(69,073)	(2,679)		(4,032)	(903)
Units outstanding at December 31, 2024		299,304	42,114		102,371	7,066		17,126	—
Units issued		29,083	6,909		17,362	1,236		652	—
Units redeemed		(96,610)	(13,220)		(42,073)	(1,031)		(4,990)	—
Units outstanding at December 31, 2025		231,777	35,803		77,660	7,271		12,788	—
		Templeton			Goldman Sachs VIT
		Global Bond			Core Fixed			Goldman Sachs VIT
		VIP Fund			Income			Government
		Class 1,			Service Shares,			Money Market,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares^
Units outstanding at December 31, 2023		124,828	9,690		40,291	41,292		368,305	—
Units issued		22,289	1,289		12,701	14,920		180,113	—
Units redeemed		(42,249)	(1,406)		(11,287)	(5,619)		(60,718)	—
Units outstanding at December 31, 2024	4 3 6 0 2	104,868	9,573		41,705	50,593		487,700	—
Units issued		8,467	548		5,225	10,826		1,749,834	—
Units redeemed		(52,960)	(3,521)		(20,639)	(19,269)		(1,530,797)	—
Units outstanding at December 31, 2025		60,375	6,600		26,291	42,150		706,737	—
		Lazard Retirement			MFS® VIT			MFS® VIT
		Emerging Markets			Total Return			Utilities Series
		Equity Portfolio			Bond Series Fund			Fund
		Investor Shares,			Initial Class,			Initial Class,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		193,106	16,366		463,845	93,250		153,990	7,219
Units issued		18,338	250		149,459	12,554		17,009	1,048
Units redeemed		(76,461)	(3,964)		(234,152)	(29,356)		(42,593)	(2,164)
Units outstanding at December 31, 2024		134,983	12,652		379,152	76,448		128,406	6,103
Units issued		6,766	1,896		70,538	42,956		20,273	1,067
Units redeemed		(48,944)	(2,743)		(148,229)	(19,968)		(54,588)	(3,596)
Units outstanding at December 31, 2025		92,805	11,805		301,461	99,436		94,091	3,574
					MFS® VIT			Morgan Stanley
		MFS® VIT			Blended Research®			VIF, Inc. Global
		Value			Small Cap Equity			Infrastructure
		Series Fund,			Fund,			Fund Class I,
		Subaccount			Subaccount			Subaccount *
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		123,990	3,433		94,702	3,239		129,165	20,910
Units issued		60,817	77		61,288	339		24,679	1,217
Units redeemed		(70,310)	(163)		(66,022)	(356)		(153,844)	(22,127)
Units outstanding at December 31, 2024		114,497	3,347		89,968	3,222		—	—
Units issued		29,831	35		44,258	187		—	—
Units redeemed		(45,495)	(393)		(48,796)	(493)		—	—
Units outstanding at December 31, 2025		98,833	2,989		85,430	2,916		—	—

* The subaccount liquidated effective December 6, 2024

35

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(6) Changes in Units Outstanding (continued)

		Morgan Stanley			TOPS®			TOPS®
		VIF, Inc.			Aggressive Growth			Balanced ETF
		Growth Portfolio			ETF Portfolio			Portfolio
		Fund Class I,			Class 1,			Class 1,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		225,494	18,672		71,306	35,063		430,009	106,232
Units issued		14,359	3,284		13,185	629		146,179	4,371
Units redeemed		(131,540)	(6,890)		(19,682)	(437)		(223,364)	(27,420)
Units outstanding at December 31, 2024		108,313	15,066		64,809	35,255		352,824	83,183
Units issued		53,895	2,866		7,163	528		185,905	18,290
Units redeemed		(97,488)	(10,182)		(29,501)	(652)		(243,029)	(34,713)
Units outstanding at December 31, 2025		64,720	7,750		42,471	35,131		295,700	66,760
		TOPS®			TOPS®			TOPS®
		Conservative ETF			Growth ETF			Moderate Growth
		Portfolio			Portfolio			ETF Portfolio
		Class 1,			Class 1,			Class 1,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		356,197	557,950		209,922	7,540		212,034	114,987
Units issued		287,598	113,742		57,339	3,587		72,798	18,470
Units redeemed		(245,084)	(81,063)		(103,344)	(3,112)		(111,946)	(50,572)
Units outstanding at December 31, 2024		398,711	590,629		163,917	8,015		172,886	82,885
Units issued		515,835	135,501		12,029	1,804		37,663	20,210
Units redeemed		(539,628)	(141,030)		(46,878)	(1,000)		(78,925)	(21,702)
Units outstanding at December 31, 2025		374,918	585,100		129,068	8,819		131,624	81,393
		PIMCO Commodity			PIMCO VIT			PIMCO VIT
		RealReturn®			All Asset			Real Return
		Strategy Portfolio,			Portfolio			Portfolio
		Advisor Class,			Institutional Class,			Institutional Class,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		60,108	15,345		164,036	27,429		112,124	46,760
Units issued		18,766	7,761		35,635	1,461		18,840	7,363
Units redeemed		(22,798)	(6,458)		(80,957)	(5,364)		(40,784)	(9,833)
Units outstanding at December 31, 2024		56,076	16,648		118,714	23,526		90,180	44,290
Units issued		5,872	519		20,905	7,800		6,268	15,367
Units redeemed		(19,905)	(3,562)		(53,624)	(4,918)		(27,133)	(24,070)
Units outstanding at December 31, 2025		42,043	13,605		85,995	26,408		69,315	35,587
		Putnam VT			T. Rowe Price			Vanguard
		High			Blue Chip			VIF
		Yield			Growth			Capital Growth
		Fund,			Fund,			Portfolio,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		187,819	26,308		514,076	193,908		145,924	44,086
Units issued		35,077	1,171		56,168	16,546		15,199	401
Units redeemed		(87,764)	(6,127)		(225,529)	(50,433)		(48,901)	(7,006)
Units outstanding at December 31, 2024		135,132	21,352		344,715	160,021		112,222	37,481
Units issued		18,824	9,310		106,719	10,959		18,204	2,917
Units redeemed		(55,098)	(5,892)		(163,835)	(27,353)		(36,559)	(4,930)
Units outstanding at December 31, 2025		98,858	24,770		287,599	143,627		93,867	35,468

36

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(6) Changes in Units Outstanding (continued)

		Vanguard			Vanguard			Vanguard
		VIF			VIF			VIF
		Diversified Value			Equity Index			High Yield Bond
		Portfolio,			Portfolio,			Portfolio,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		170,196	29,583		422,203	234,081		161,683	45,985
Units issued		32,528	3,824		91,151	18,935		20,312	2,539
Units redeemed		(57,770)	(3,298)		(197,316)	(38,208)		(40,393)	(5,944)
Units outstanding at December 31, 2024		144,954	30,109		316,038	214,808		141,602	42,580
Units issued		33,686	2,781		55,936	11,889		20,887	10,898
Units redeemed		(74,975)	(3,663)		(153,864)	(31,657)		(55,530)	(17,040)
Units outstanding at December 31, 2025		103,665	29,227		218,110	195,040		106,959	36,438
		Vanguard			Vanguard			Vanguard
		VIF			VIF			VIF
		International			Mid-Cap Index			Money Market
		Portfolio,			Portfolio,			Portfolio,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		269,850	61,710		405,540	63,926		1,525,729	172,976
Units issued		45,131	3,334		85,087	1,216		5,626,998	267,264
Units redeemed		(109,993)	(18,366)		(177,198)	(11,233)		(5,577,334)	(309,828)
Units outstanding at December 31, 2024	5 1 4 0 2 6	204,988	46,678		313,429	53,909		1,575,393	130,412
Units issued		22,282	7,463		46,887	3,337		6,050,315	344,971
Units redeemed		(76,205)	(9,994)		(134,351)	(10,249)		(6,109,011)	(233,879)
Units outstanding at December 31, 2025		151,065	44,147		225,965	46,997		1,516,697	241,504
		Vanguard			Vanguard			Vanguard
		VIF			VIF			VIF
		Real Estate Index			Small Company			Total Bond Market
		Portfolio,			Growth Portfolio,			Index Portfolio,
		Subaccount			Subaccount			Subaccount
		B-Shares	C-Shares		B-Shares	C-Shares		B-Shares	C-Shares
Units outstanding at December 31, 2023		319,975	110,399		124,441	31,453		1,164,484	351,835
Units issued		62,294	8,570		14,878	1,572		386,502	134,925
Units redeemed		(142,156)	(25,159)		(46,016)	(3,431)		(528,783)	(138,604)
Units outstanding at December 31, 2024		240,113	93,810		93,303	29,594		1,022,203	348,156
Units issued		32,731	17,387		24,832	3,934		308,103	103,047
Units redeemed		(94,912)	(18,718)		(57,180)	(2,657)		(529,603)	(110,159)
Units outstanding at December 31, 2025		177,932	92,479		60,955	30,871		800,703	341,044
		Vanguard
		VIF
		Total Stock Market
		Index Portfolio,
		Subaccount
		B-Shares	C-Shares
Units outstanding at December 31, 2023		533,805	194,973
Units issued		89,180	18,946
Units redeemed		(189,270)	(78,411)
Units outstanding at December 31, 2024		433,715	135,508
Units issued		130,950	23,227
Units redeemed		(228,297)	(33,992)
Units outstanding at December 31, 2025		336,368	124,743
^ This Subaccount is not available in this product type.

37

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 the four preceding years ended December 31. In certain instances, fewer years are presented because the subaccount was not available for the entire five-year period.
	Invesco V.I. Global Real Estate Fund Series I, Subaccount
	2025		2024		2023		2022		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 period	$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 (000's)	$549	$122	$729	$105	$949	$132	$968	$132	$1,491	$195
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$732	$29	$873	$30	$969	$45	$922	$41	$1,010	$24
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$283	$2	$277	$3	$348	$3	$335	$4	$422	$6
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$2,639	$410	$2,707	$312	$2,754	$519	$2,936	$703	$2,966	$1,000
Units outstanding at end of period (000's)	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%

38

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	American Funds IS Growth Fund Series I, Subaccount
	2025		2024		2023		2022		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 period	$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 (000's)	$11,904	$2,372	$13,368	$2,174	$11,144	$1,965	$9,617	$1,681	$13,825	$2,396
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$1,727	$138	$2,214	$125	$1,704	$85	$1,659	$141	$1,980	$145
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$1,590	$197	$1,459	$160	$1,527	$185	$1,475	$204	$1,749	$225
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$12,201	$5,242	$14,117	$4,636	$14,752	$3,810	$12,942	$3,609	$14,131	$4,490
Units outstanding at end of period (000's)	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%

39

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	BlackRock Global Allocation V.I. Fund Class I, Subaccount
	2025		2024		2023		2022		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 period	$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 (000's)	$909	$1,434	$983	$1,531	$1,134	$1,445	$1,149	$1,413	$1,376	$1,785
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$1,167	$272	$1,384	$231	$1,773	$252	$1,852	$258	$2,285	$362
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$392	$9	$371	$8	$489	$9	$555	$9	$652	$10
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$2,900	$526	$3,031	$394	$3,971	$473	$4,474	$497	$5,522	$658
Units outstanding at end of period (000's)	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%

40

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	DFA VA U.S. Large Value Portfolio, Subaccount
	2025		2024		2023		2022		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 period	$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 (000's)	$5,158	$778	$5,837	$804	$7,194	$970	$7,874	$977	$9,479	$1,074
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$1,796	$164	$2,205	$149	$3,075	$191	$3,126	$222	$3,938	$297
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$201	$0	$211	-	$256	11	$275	-	$273	$0
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$540	$58	$820	$73	$1,115	$85	$1,239	$102	$1,503	$160
Units outstanding at end of period (000's)	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%

41

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	Goldman Sachs VIT Core Fixed Income Service Shares, Subaccount
	2025		2024		2023		2022		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 period	$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 (000's)	$266	$417	$399	$474	$386	$389	$374	$378	$472	$326
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$7,631	-	$5,145	-	$3,739	-	$2,895	-	$1,742	-
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$1,748	$217	$1,816	$166	$2,449	$204	$2,508	$257	$3,028	$313
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$3,186	$1,026	$3,796	$749	$4,597	$907	$4,708	$927	$6,058	$1,307
Units outstanding at end of period (000's)	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%

42

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	MFS® VIT Utilities Series Fund Initial Class, Subaccount
	2025		2024		2023		2022		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 period	$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 (000's)	$1,742	$65	$2,098	$98	$2,287	$105	$2,792	$212	$3,332	$194
Units outstanding at end of period (000's)	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%
	MFS® VIT Value Series Fund, Subaccount
	2025		2024		2023		2022		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 period	$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 (000's)	$2,059	$61	$2,142	$61	$2,110	$57	$2,364	$98	$2,789	$142
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$1,632	$54	$1,650	$58	$1,680	$56	$1,509	$80	$1,883	$131
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$2,917	$341	$3,652	$497	$5,265	$428	$2,158	$374	$3,947	$990
Units outstanding at end of period (000's)	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%

43

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	TOPS® Aggressive Growth ETF Portfolio Class 1, Subaccount
	2025		2024		2023		2022		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 period	$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 (000's)	$956	$772	$1,242	$662	$1,237	$597	$2,911	$571	$3,481	$721
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$4,609	$1,016	$4,933	$1,139	$5,702	$1,383	$6,074	$1,778	$7,659	$2,199
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$5,173	$7,891	$5,059	$7,343	$4,319	$6,647	$4,513	$7,251	$6,078	$8,876
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$2,666	$178	$2,905	$139	$3,401	$120	$3,391	$180	$4,905	$179
Units outstanding at end of period (000's)	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%

44

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	TOPS® Moderate Growth ETF Portfolio Class 1, Subaccount
	2025		2024		2023		2022		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 period	$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 (000's)	$2,364	$1,428	$2,729	$1,281	$3,118	$1,659	$3,802	$1,570	$6,046	$2,123
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$619	$196	$704	$205	$735	$184	$804	$251	$778	$290
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$1,321	$396	$1,619	$314	$2,184	$358	$2,575	$363	$3,462	$533
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$783	$392	$957	$460	$1,181	$483	$1,244	$505	$1,563	$591
Units outstanding at end of period (000's)	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%

45

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	Putnam VT High Yield Fund, Subaccount
	2025		2024		2023		2022		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 period	$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 (000's)	$1,389	$340	$1,771	$274	$2,310	$318	$2,498	$318	$3,226	$438
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$10,911	$5,321	$11,181	$5,081	$12,492	$4,625	$10,794	$3,744	$18,413	$6,272
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$3,258	$1,202	$3,065	$1,002	$3,568	$1,058	$2,907	$927	$3,347	$1,240
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$2,592	$714	$3,149	$640	$3,267	$557	$3,137	$548	$3,845	$659
Units outstanding at end of period (000's)	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%

46

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	Vanguard VIF Equity Index Portfolio, Subaccount
	2025		2024		2023		2022		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 period	$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 (000's)	$7,028	$6,137	$8,782	$5,844	$9,541	$5,192	$8,815	$4,735	$12,256	$7,122
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$1,486	$494	$1,829	$538	$1,992	$556	$2,067	$560	$2,662	$617
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$3,567	$1,018	$4,096	$913	$5,021	$1,127	$5,347	$1,112	$6,800	$1,374
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$5,163	$1,049	$6,517	$1,097	$7,439	$1,151	$7,649	$1,091	$10,333	$1,405
Units outstanding at end of period (000's)	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%

47

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	Vanguard VIF Money Market Portfolio, Subaccount
	2025		2024		2023		2022		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 period	$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 (000's)	$16,329	$2,539	$16,526	$1,339	$15,446	$1,718	$10,429	$1,380	$5,199	$793
Units outstanding at end of period (000's)	1,517	242	1,575	130	1,526	173	1,066	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
	2025		2024		2023		2022		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 period	$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 (000's)	$2,192	$1,113	$2,912	$1,114	$3,761	$1,274	$3,730	$1,254	$5,800	$1,932
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$1,261	$624	$1,847	$574	$2,245	$557	$2,333	$518	$3,354	$747
Units outstanding at end of period (000's)	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
	2025		2024		2023		2022		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 period	$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 (000's)	$7,900	$3,286	$9,574	$3,192	$10,937	$3,243	$12,000	$3,329	$16,360	$4,179
Units outstanding at end of period (000's)	801	341	1,022	348	1,164	352	1,329	375	1,549	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%

48

MEMBERS Horizon Variable Separate Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	Vanguard VIF Total Stock Market Index Portfolio, Subaccount
	2025		2024		2023		2022		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 period	$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 (000's)	$10,330	$3,741	$11,563	$3,537	$11,679	$4,187	$11,625	$3,873	$16,399	$5,169
Units outstanding at end of period (000's)	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%

^

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 underlying fund and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units.  The total return is calculated for each period 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 distributions, divided by the daily average net assets for the period indicated.  The recognition of investment income is determined by the timing of the declaration of dividends by the underlying fund in which the subaccount invests.

(3)

The Expense Ratio represents the annualized contract expenses of the respective contract of the Account, consisting primarily of mortality and expense risk charges, as defined in the Account Charges note. The ratios include only those expenses that result in a direct reduction to unit values.  Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded.

(8) Subsequent Events

The Account evaluated subsequent events through the date the financial statements were issued.  During this period, there were no significant subsequent events that required adjustment to or disclosure in the accompanying financial statements.