Form N-VPFS CMFG VARIABLE ANNUITY For: Dec 31

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March 22, 2024 8:58 AM EDT

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of

CMFG Life Insurance Company and

Contract Owners of CMFG Variable Annuity 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 CMFG Variable Annuity Account (the "Account") listed in Appendix A, as of December 31, 2023, the related statements of operations, the statements of changes in net assets, the financial highlights for each of the periods presented in Appendix A, and the related notes. In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts comprising the Account as of December 31, 2023, 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 audits 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 all securities owned as of December 31, 2023, by correspondence with the Account’s fund managers and when replies were not received from fund managers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

March 5, 2024

We have served as the auditor of CMFG Variable Annuity Account since 2004.

CMFG Variable Annuity 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

BlackRock Global Allocation V.I. Fund, Class III, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Franklin Income VIP Fund, Class 4, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Franklin Mutual Global Discovery VIP Fund, Class 4, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Invesco Oppenheimer V.I. International Growth Fund, Service Shares, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Invesco V.I. Global Real Estate Fund, Series II Shares, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Invesco V.I. Global Strategic Income Fund, Non-Service Shares, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Invesco V.I. Government Securities Fund, Series II Shares, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Invesco V.I. Growth and Income Fund, Series II Shares, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Invesco V.I. Main Street Fund®, Service Shares, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Invesco V.I. Main Street Small Cap Fund®, Service Shares, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

MFS® Strategic Income Portfolio, Initial Class, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

PIMCO Global Bond Opportunities Portfolio (Unhedged), Advisor Class, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

PIMCO Total Return Portfolio, Advisor Class, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

T. Rowe Price International Stock Portfolio, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Templeton Developing Markets VIP Fund, Class 2, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Aggressive Allocation Fund, Class I, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Aggressive Allocation Fund, Class II, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Conservative Allocation Fund, Class I, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Conservative Allocation Fund, Class II, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Core Bond Fund, Class I, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Core Bond Fund, Class II, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Diversified Income Fund, Class I, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Diversified Income Fund, Class II, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Foundation Account, Class I, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

CMFG Variable Annuity Account

Appendix A

(Continued)

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

Ultra Series Foundation Account, Class II, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series High Income Fund, Class I, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series High Income Fund, Class II, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series International Stock Fund, Class I, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series International Stock Fund, Class II, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Large Cap Growth Fund, Class I, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Large Cap Growth Fund, Class II, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Large Cap Value Fund, Class I, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Large Cap Value Fund, Class II, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Mid Cap Fund, Class I, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Mid Cap Fund, Class II, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Moderate Allocation Fund, Class I, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Ultra Series Moderate Allocation Fund, Class II, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

Vanguard VIF Money Market Portfolio, Subaccount	December 31, 2023	Year Ended December 31, 2023	Two Years Ended December 31, 2023	Five Years Ended December 31, 2023

CMFG Variable Annuity Account

Statements of Assets and Liabilities

As of December 31, 2023

	BlackRock Global Allocation V.I. Fund, Class III, Subaccount		Franklin Income VIP Fund, Class 4, Subaccount		Franklin Mutual Global Discovery VIP Fund, Class 4, Subaccount		Invesco Oppenheimer V.I. International Growth Fund, Service Shares, Subaccount
Assets
Investments in mutual funds at fair value	$	8,212,612	$	6,879,635	$	3,688,996	$	8,580,236
Total assets		8,212,612		6,879,635		3,688,996		8,580,236
Liabilities		-		-		-		-
Net assets	$	8,212,612	$	6,879,635	$	3,688,996	$	8,580,236
Net assets
Contracts in accumulation period	$	8,149,226	$	6,828,652	$	3,666,994	$	8,534,521
Contracts in annuitization period (note 2)		63,386		50,983		22,002		45,715
Total net assets	$	8,212,612	$	6,879,635	$	3,688,996	$	8,580,236
Number of shares outstanding		630,285		468,959		194,362		4,009,456
Net asset value per share	$	13.03	$	14.67	$	18.98	$	2.14
Cost of mutual fund shares	$	9,084,435	$	7,002,346	$	3,590,807	$	8,081,847

	Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares, Subaccount		Invesco V.I. Global Real Estate Fund, Series II Shares, Subaccount		Invesco V.I. Global Strategic Income Fund, Non-Service Shares, Subaccount		Invesco V.I. Government Securities Fund, Series II Shares, Subaccount
Assets
Investments in mutual funds at fair value	$	4,003,119	$	3,077,098	$	189,238	$	7,752,678
Total assets		4,003,119		3,077,098		189,238		7,752,678
Liabilities		-		-		-		-
Net assets	$	4,003,119	$	3,077,098	$	189,238	$	7,752,678
Net assets
Contracts in accumulation period	$	3,978,717	$	3,068,353	$	188,723	$	7,752,678
Contracts in annuitization period (note 2)		24,402		8,745		515		-
Total net assets	$	4,003,119	$	3,077,098	$	189,238	$	7,752,678
Number of shares outstanding		74,118		225,428		44,111		757,838
Net asset value per share	$	54.01	$	13.65	$	4.29	$	10.23
Cost of mutual fund shares	$	4,722,205	$	3,050,447	$	233,895	$	8,838,904

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Assets and Liabilities (continued)
As of December 31, 2023

	Invesco V.I. Growth and Income Fund, Series II Shares, Subaccount		Invesco V.I. Main Street Fund^®, Service Shares, Subaccount		Invesco V.I. Main Street Small Cap Fund^®, Service Shares, Subaccount		MFS^® Strategic Income Portfolio, Initial Class, Subaccount
Assets
Investments in mutual funds at fair value	$	18,160,863	$	9,855,755	$	4,956,651	$	366,071
Total assets		18,160,863		9,855,755		4,956,651		366,071
Liabilities		-		-		-		-
Net assets	$	18,160,863	$	9,855,755	$	4,956,651	$	366,071
Net assets
Contracts in accumulation period	$	18,059,113	$	9,814,791	$	4,924,752	$	364,178
Contracts in annuitization period (note 2)		101,750		40,964		31,899		1,893
Total net assets	$	18,160,863	$	9,855,755	$	4,956,651	$	366,071
Number of shares outstanding		962,420		554,629		188,466		43,736
Net asset value per share	$	18.87	$	17.77	$	26.30	$	8.37
Cost of mutual fund shares	$	17,558,861	$	11,246,427	$	3,989,797	$	429,443

	PIMCO Commodity RealReturn^® Strategy Portfolio, Advisor Class, Subaccount		PIMCO Global Bond Opportunities Portfolio (Unhedged), Advisor Class, Subaccount		PIMCO Total Return Portfolio, Advisor Class, Subaccount		T. Rowe Price International Stock Portfolio, Subaccount
Assets
Investments in mutual funds at fair value	$	3,855,303	$	8,222,720	$	16,551,446	$	3,080,754
Total assets		3,855,303		8,222,720		16,551,446		3,080,754
Liabilities		-		-		-		-
Net assets	$	3,855,303	$	8,222,720	$	16,551,446	$	3,080,754
Net assets
Contracts in accumulation period	$	3,841,818	$	8,203,486	$	16,461,914	$	3,060,506
Contracts in annuitization period (note 2)		13,485		19,234		89,532		20,248
Total net assets	$	3,855,303	$	8,222,720	$	16,551,446	$	3,080,754
Number of shares outstanding		706,099		854,753		1,802,990		205,247
Net asset value per share	$	5.46	$	9.62	$	9.18	$	15.01
Cost of mutual fund shares	$	6,380,666	$	10,479,162	$	19,652,712	$	2,869,036

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Assets and Liabilities (continued)
As of December 31, 2023

	Templeton Developing Markets VIP Fund, Class 2, Subaccount		Ultra Series Aggressive Allocation Fund, Class I, Subaccount		Ultra Series Aggressive Allocation Fund, Class II, Subaccount		Ultra Series Conservative Allocation Fund, Class I, Subaccount
Assets
Investments in mutual funds at fair value	$	359,202	$	4,474,294	$	471,784	$	22,569,543
Total assets		359,202		4,474,294		471,784		22,569,543
Liabilities		-		-		-		-
Net assets	$	359,202	$	4,474,294	$	471,784	$	22,569,543
Net assets
Contracts in accumulation period	$	359,202	$	4,435,806	$	471,784	$	22,472,722
Contracts in annuitization period (note 2)		-		38,488		-		96,821
Total net assets	$	359,202	$	4,474,294	$	471,784	$	22,569,543
Number of shares outstanding		43,645		576,198		60,807		2,487,824
Net asset value per share	$	8.23	$	7.77	$	7.76	$	9.07
Cost of mutual fund shares	$	353,611	$	5,198,788	$	538,591	$	24,736,111

	Ultra Series Conservative Allocation Fund, Class II, Subaccount		Ultra Series Core Bond Fund, Class I, Subaccount		Ultra Series Core Bond Fund, Class II, Subaccount		Ultra Series Diversified Income Fund, Class I, Subaccount
Assets
Investments in mutual funds at fair value	$	10,057,321	$	26,729,392	$	6,389,414	$	67,446,860
Total assets		10,057,321		26,729,392		6,389,414		67,446,860
Liabilities		-		-		-		-
Net assets	$	10,057,321	$	26,729,392	$	6,389,414	$	67,446,860
Net assets
Contracts in accumulation period	$	10,051,034	$	26,392,654	$	6,332,197	$	66,512,417
Contracts in annuitization period (note 2)		6,287		336,738		57,217		934,443
Total net assets	$	10,057,321	$	26,729,392	$	6,389,414	$	67,446,860
Number of shares outstanding		1,102,776		3,176,738		764,147		4,787,778
Net asset value per share	$	9.12	$	8.41	$	8.36	$	14.09
Cost of mutual fund shares	$	10,901,443	$	31,761,764	$	7,605,838	$	84,383,594

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Assets and Liabilities (continued)
As of December 31, 2023

	Ultra Series Diversified Income Fund, Class II, Subaccount		Ultra Series Foundation Account, Class I, Subaccount		Ultra Series Foundation Account, Class II, Subaccount		Ultra Series High Income Fund, Class I, Subaccount
Assets
Investments in mutual funds at fair value	$	21,958,909	$	280,857	$	6,939,424	$	8,512,632
Total assets		21,958,909		280,857		6,939,424		8,512,632
Liabilities		-		-		-		-
Net assets	$	21,958,909	$	280,857	$	6,939,424	$	8,512,632
Net assets
Contracts in accumulation period	$	21,958,909	$	280,857	$	6,939,424	$	8,397,919
Contracts in annuitization period (note 2)		-		-		-		114,713
Total net assets	$	21,958,909	$	280,857	$	6,939,424	$	8,512,632
Number of shares outstanding		1,586,283		33,379		829,926		1,157,064
Net asset value per share	$	13.84	$	8.41	$	8.36	$	7.36
Cost of mutual fund shares	$	27,578,637	$	338,092	$	8,468,703	$	10,233,675

	Ultra Series High Income Fund, Class II, Subaccount		Ultra Series International Stock Fund, Class I, Subaccount		Ultra Series International Stock Fund, Class II, Subaccount		Ultra Series Large Cap Growth Fund, Class I, Subaccount
Assets
Investments in mutual funds at fair value	$	2,278,785	$	12,415,850	$	5,122,586	$	57,690,247
Total assets		2,278,785		12,415,850		5,122,586		57,690,247
Liabilities		-		-		-		-
Net assets	$	2,278,785	$	12,415,850	$	5,122,586	$	57,690,247
Net assets
Contracts in accumulation period	$	2,260,269	$	12,330,542	$	5,103,019	$	57,214,277
Contracts in annuitization period (note 2)		18,516		85,308		19,567		475,970
Total net assets	$	2,278,785	$	12,415,850	$	5,122,586	$	57,690,247
Number of shares outstanding		309,815		1,150,820		478,849		2,667,449
Net asset value per share	$	7.36	$	10.79	$	10.70	$	21.63
Cost of mutual fund shares	$	2,710,252	$	12,512,832	$	4,793,159	$	55,920,431

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Assets and Liabilities (continued)
As of December 31, 2023

	Ultra Series Large Cap Growth Fund, Class II, Subaccount		Ultra Series Large Cap Value Fund, Class I, Subaccount		Ultra Series Large Cap Value Fund, Class II, Subaccount		Ultra Series Mid Cap Fund, Class I, Subaccount
Assets
Investments in mutual funds at fair value	$	9,810,505	$	55,955,957	$	2,010,122	$	54,448,196
Total assets		9,810,505		55,955,957		2,010,122		54,448,196
Liabilities		-		-		-		-
Net assets	$	9,810,505	$	55,955,957	$	2,010,122	$	54,448,196
Net assets
Contracts in accumulation period	$	9,774,068	$	55,054,082	$	2,010,122	$	54,019,290
Contracts in annuitization period (note 2)		36,437		901,875		-		428,906
Total net assets	$	9,810,505	$	55,955,957	$	2,010,122	$	54,448,196
Number of shares outstanding		470,354		2,457,269		90,035		2,948,229
Net asset value per share	$	20.86	$	22.77	$	22.33	$	18.47
Cost of mutual fund shares	$	9,749,479	$	65,080,161	$	2,222,974	$	49,570,363

	Ultra Series Mid Cap Fund, Class II, Subaccount		Ultra Series Moderate Allocation Fund, Class I, Subaccount		Ultra Series Moderate Allocation Fund, Class II, Subaccount		Vanguard VIF Money Market Portfolio, Subaccount
Assets
Investments in mutual funds at fair value	$	4,577,872	$	46,521,321	$	9,958,283	$	13,520,806
Total assets		4,577,872		46,521,321		9,958,283		13,520,806
Liabilities		-		-		-		-
Net assets	$	4,577,872	$	46,521,321	$	9,958,283	$	13,520,806
Net assets
Contracts in accumulation period	$	4,556,628	$	46,118,064	$	9,955,255	$	13,459,796
Contracts in annuitization period (note 2)		21,244		403,257		3,028		61,010
Total net assets	$	4,577,872	$	46,521,321	$	9,958,283	$	13,520,806
Number of shares outstanding		263,904		5,294,094		1,128,724		13,520,806
Net asset value per share	$	17.35	$	8.79	$	8.82	$	1.00
Cost of mutual fund shares	$	4,243,043	$	52,960,582	$	10,912,546	$	13,520,806

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Operations
For the Year Ended December 31, 2023

	BlackRock Global Allocation V.I. Fund, Class III, Subaccount			Franklin Income VIP Fund, Class 4, Subaccount			Franklin Mutual Global Discovery VIP Fund, Class 4, Subaccount			Invesco Oppenheimer V.I. International Growth Fund, Service Shares, Subaccount
Investment income (loss)
Dividend income	$	198,080		$	340,645		$	82,733		$	25,172
Mortality and expense charges (note 3)		(96,937	)		(79,242	)		(43,931	)		(103,251	)
Administrative charges		(14,145	)		(8,930	)		(5,572	)		(15,763	)
Net investment income (loss)		86,998			252,473			33,230			(93,842	)
Realized gain (loss) on sale of investments
Net realized gain (loss) on sale of fund shares		(267,296	)		(29,994	)		(6,060	)		(71,402	)
Realized gain distributions		-			419,718			190,682			-
Net realized gain (loss) on investments		(267,296	)		389,724			184,622			(71,402	)
Net change in unrealized appreciation (depreciation) on investments		1,057,919			(174,234	)		430,295			1,707,824
Net increase (decrease) in net assets resulting from operations	$	877,621		$	467,963		$	648,147		$	1,542,580

	Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares, Subaccount			Invesco V.I. Global Real Estate Fund, Series II Shares, Subaccount			Invesco V.I. Global Strategic Income Fund, Non-Service Shares, Subaccount			Invesco V.I. Government Securities Fund, Series II Shares, Subaccount
Investment income (loss)
Dividend income	$	-		$	36,779		$	-		$	136,636
Mortality and expense charges (note 3)		(46,609	)		(35,002	)		(2,570	)		(90,734	)
Administrative charges		(7,491	)		(5,203	)		(308	)		(15,200	)
Net investment income (loss)		(54,100	)		(3,426	)		(2,878	)		30,702
Realized gain (loss) on sale of investments
Net realized gain (loss) on sale of fund shares		(181,737	)		(29,824	)		(11,950	)		(236,151	)
Realized gain distributions		-			-			-			-
Net realized gain (loss) on investments		(181,737	)		(29,824	)		(11,950	)		(236,151	)
Net change in unrealized appreciation (depreciation) on investments		673,058			242,562			29,452			443,645
Net increase (decrease) in net assets resulting from operations	$	437,221		$	209,312		$	14,624		$	238,196

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Operations (continued)
For the Year Ended December 31, 2023

	Invesco V.I. Growth and Income Fund, Series II Shares, Subaccount			Invesco V.I. Main Street Fund®, Service Shares, Subaccount			Invesco V.I. Main Street Small Cap Fund®, Service Shares, Subaccount			MFS® Strategic Income Portfolio, Initial Class, Subaccount
Investment income (loss)
Dividend income	$	232,438		$	47,337		$	42,822		$	13,625
Mortality and expense charges (note 3)		(211,631	)		(113,659	)		(54,523	)		(4,598	)
Administrative charges		(32,790	)		(17,947	)		(8,113	)		(552	)
Net investment income (loss)		(11,983	)		(84,269	)		(19,814	)		8,475
Realized gain (loss) on sale of investments
Net realized gain (loss) on sale of fund shares		228,383			(334,639	)		107,519			(6,659	)
Realized gain distributions		2,273,360			675,878			-			-
Net realized gain (loss) on investments		2,501,743			341,239			107,519			(6,659	)
Net change in unrealized appreciation (depreciation) on investments		(608,790	)		1,631,292			623,975			19,940
Net increase (decrease) in net assets resulting from operations	$	1,880,970		$	1,888,262		$	711,680		$	21,756

	PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount			PIMCO Global Bond Opportunities Portfolio (Unhedged), Advisor Class, Subaccount			PIMCO Total Return Portfolio, Advisor Class, Subaccount			T. Rowe Price International Stock Portfolio, Subaccount
Investment income (loss)
Dividend income	$	640,908		$	183,290		$	597,812		$	29,706
Mortality and expense charges (note 3)		(46,930	)		(98,160	)		(198,636	)		(38,431	)
Administrative charges		(6,783	)		(14,971	)		(27,621	)		(4,612	)
Net investment income (loss)		587,195			70,159			371,555			(13,337	)
Realized gain (loss) on sale of investments
Net realized gain (loss) on sale of fund shares		(325,651	)		(437,850	)		(633,454	)		6,571
Realized gain distributions		-			93,997			-			-
Net realized gain (loss) on investments		(325,651	)		(343,853	)		(633,454	)		6,571
Net change in unrealized appreciation (depreciation) on investments		(650,547	)		569,496			986,007			430,967
Net increase (decrease) in net assets resulting from operations	$	(389,003	)	$	295,802		$	724,108		$	424,201

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Operations (continued)
For the Year Ended December 31, 2023

	Templeton Developing Markets VIP Fund, Class 2, Subaccount			Ultra Series Aggressive Allocation Fund, Class I, Subaccount			Ultra Series Aggressive Allocation Fund, Class II, Subaccount			Ultra Series Conservative Allocation Fund, Class I, Subaccount
Investment income (loss)
Dividend income	$	7,700		$	99,485		$	8,909		$	627,639
Mortality and expense charges (note 3)		(4,623	)		(51,172	)		(6,267	)		(281,009	)
Administrative charges		(555	)		(3,335	)		(817	)		(34,218	)
Net investment income (loss)		2,522			44,978			1,825			312,412
Realized gain (loss) on sale of investments
Net realized gain (loss) on sale of fund shares		(2,345	)		(123,455	)		(41,021	)		(682,715	)
Realized gain distributions		279			790			111			-
Net realized gain (loss) on investments		(2,066	)		(122,665	)		(40,910	)		(682,715	)
Net change in unrealized appreciation (depreciation) on investments		37,828			563,071			95,465			1,958,453
Net increase (decrease) in net assets resulting from operations	$	38,284		$	485,384		$	56,380		$	1,588,150

	Ultra Series Conservative Allocation Fund, Class II, Subaccount			Ultra Series Core Bond Fund, Class I, Subaccount			Ultra Series Core Bond Fund, Class II, Subaccount			Ultra Series Diversified Income Fund, Class I, Subaccount
Investment income (loss)
Dividend income	$	241,356		$	888,152		$	198,570		$	1,810,541
Mortality and expense charges (note 3)		(127,543	)		(321,186	)		(76,682	)		(827,894	)
Administrative charges		(17,991	)		(26,830	)		(13,460	)		(57,664	)
Net investment income (loss)		95,822			540,136			108,428			924,983
Realized gain (loss) on sale of investments
Net realized gain (loss) on sale of fund shares		(435,760	)		(1,068,142	)		(283,024	)		(1,946,498	)
Realized gain distributions		-			-			-			8,914,328
Net realized gain (loss) on investments		(435,760	)		(1,068,142	)		(283,024	)		6,967,830
Net change in unrealized appreciation (depreciation) on investments		1,039,373			1,810,122			461,175			(6,415,372	)
Net increase (decrease) in net assets resulting from operations	$	699,435		$	1,282,116		$	286,579		$	1,477,441

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Operations (continued)
For the Year Ended December 31, 2023

	Ultra Series Diversified Income Fund, Class II, Subaccount			Ultra Series Foundation Account, Class I, Subaccount			Ultra Series Foundation Account, Class II, Subaccount			Ultra Series High Income Fund, Class I, Subaccount
Investment income (loss)
Dividend income	$	540,916		$	9,203		$	213,853		$	427,620
Mortality and expense charges (note 3)		(261,975	)		(3,103	)		(85,024	)		(102,654	)
Administrative charges		(44,799	)		(405	)		(12,591	)		(7,107	)
Net investment income (loss)		234,142			5,695			116,238			317,859
Realized gain (loss) on sale of investments
Net realized gain (loss) on sale of fund shares		(664,927	)		(874	)		(331,677	)		(414,144	)
Realized gain distributions		2,940,582			-			-			-
Net realized gain (loss) on investments		2,275,655			(874	)		(331,677	)		(414,144	)
Net change in unrealized appreciation (depreciation) on investments		(2,074,978	)		8,020			527,890			768,067
Net increase (decrease) in net assets resulting from operations	$	434,819		$	12,841		$	312,451		$	671,782

	Ultra Series High Income Fund, Class II, Subaccount			Ultra Series International Stock Fund, Class I, Subaccount			Ultra Series International Stock Fund, Class II, Subaccount			Ultra Series Large Cap Growth Fund, Class I, Subaccount
Investment income (loss)
Dividend income	$	109,528		$	90,709		$	27,846		$	191,892
Mortality and expense charges (note 3)		(28,059	)		(147,975	)		(63,430	)		(674,617	)
Administrative charges		(4,729	)		(11,459	)		(10,555	)		(56,095	)
Net investment income (loss)		76,740			(68,725	)		(46,139	)		(538,820	)
Realized gain (loss) on sale of investments
Net realized gain (loss) on sale of fund shares		(116,534	)		(181,361	)		16,826			65,475
Realized gain distributions		-			-			-			4,977,657
Net realized gain (loss) on investments		(116,534	)		(181,361	)		16,826			5,043,132
Net change in unrealized appreciation (depreciation) on investments		214,837			1,974,497			754,636			7,968,672
Net increase (decrease) in net assets resulting from operations	$	175,043		$	1,724,411		$	725,323		$	12,472,984

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Operations (continued)
For the Year Ended December 31, 2023

	Ultra Series Large Cap Growth Fund, Class II, Subaccount			Ultra Series Large Cap Value Fund, Class I, Subaccount			Ultra Series Large Cap Value Fund, Class II, Subaccount			Ultra Series Mid Cap Fund, Class I, Subaccount
Investment income (loss)
Dividend income	$	17,587		$	1,388,784		$	45,526		$	87,014
Mortality and expense charges (note 3)		(118,247	)		(691,353	)		(23,945	)		(613,207	)
Administrative charges		(19,623	)		(59,155	)		(4,255	)		(43,378	)
Net investment income (loss)		(120,283	)		638,276			17,326			(569,571	)
Realized gain (loss) on sale of investments
Net realized gain (loss) on sale of fund shares		(25,522	)		(1,566,104	)		(46,668	)		314,662
Realized gain distributions		884,063			1,403,591			51,467			4,130,637
Net realized gain (loss) on investments		858,541			(162,513	)		4,799			4,445,299
Net change in unrealized appreciation (depreciation) on investments		1,508,648			8,103			(11,085	)		7,852,507
Net increase (decrease) in net assets resulting from operations	$	2,246,906		$	483,866		$	11,040		$	11,728,235

	Ultra Series Mid Cap Fund, Class II, Subaccount			Ultra Series Moderate Allocation Fund, Class I, Subaccount			Ultra Series Moderate Allocation Fund, Class II, Subaccount			Vanguard VIF Money Market Portfolio, Subaccount
Investment income (loss)
Dividend income	$	1,558		$	1,152,166		$	210,307		$	716,933
Mortality and expense charges (note 3)		(52,112	)		(559,284	)		(122,359	)		(169,164	)
Administrative charges		(8,512	)		(67,017	)		(18,963	)		(20,081	)
Net investment income (loss)		(59,066	)		525,865			68,985			527,688
Realized gain (loss) on sale of investments
Net realized gain (loss) on sale of fund shares		30,521			(1,829,172	)		(395,457	)		-
Realized gain distributions		372,735			30,468			6,965			161
Net realized gain (loss) on investments		403,256			(1,798,704	)		(388,492	)		161
Net change in unrealized appreciation (depreciation) on investments		665,095			5,605,550			1,223,871			-
Net increase (decrease) in net assets resulting from operations	$	1,009,285		$	4,332,711		$	904,364		$	527,849

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Changes in Net Assets
For the Years Ended December 31,

	BlackRock Global Allocation V.I. Fund, Class III, Subaccount						Franklin Income VIP Fund, Class 4, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	86,998		$	(132,103	)	$	252,473		$	264,014
Net realized gain (loss) on investments		(267,296	)		(136,347	)		389,724			247,608
Net change in unrealized appreciation (depreciation) on investments		1,057,919			(1,783,859	)		(174,234	)		(1,077,495	)
Net increase (decrease) in net assets resulting from operations		877,621			(2,052,309	)		467,963			(565,873	)
Contract transactions
Payments received from contract owners		87,720			1,750			5,773			204,118
Transfers between subaccounts (including fixed accounts), net		(6,460	)		(90,969	)		148,667			(271,030	)
Payment for contract benefits and terminations		(1,428,168	)		(1,684,307	)		(679,701	)		(1,037,325	)
Contract charges and fees		(124,758	)		(142,065	)		(29,985	)		(33,386	)
Adjustments to net assets allocated to contracts in payout period		(698	)		(848	)		(2,697	)		(825	)
Net increase (decrease) in net assets from contract transactions		(1,472,364	)		(1,916,439	)		(557,943	)		(1,138,448	)
Total increase (decrease) in net assets		(594,743	)		(3,968,748	)		(89,980	)		(1,704,321	)
Net assets
Beginning of period		8,807,355			12,776,103			6,969,615			8,673,936
End of period	$	8,212,612		$	8,807,355		$	6,879,635		$	6,969,615

	Franklin Mutual Global Discovery VIP Fund, Class 4, Subaccount						Invesco Oppenheimer V.I. International Growth Fund, Service Shares, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	33,230		$	(5,915	)	$	(93,842	)	$	(122,912	)
Net realized gain (loss) on investments		184,622			336,888			(71,402	)		1,779,030
Net change in unrealized appreciation (depreciation) on investments		430,295			(624,746	)		1,707,824			(5,050,046	)
Net increase (decrease) in net assets resulting from operations		648,147			(293,773	)		1,542,580			(3,393,928	)
Contract transactions
Payments received from contract owners		5,498			3,051			15,478			50,043
Transfers between subaccounts (including fixed accounts), net		(234,651	)		(251,511	)		(391,156	)		1,426,346
Payment for contract benefits and terminations		(591,957	)		(560,269	)		(1,495,195	)		(1,245,854	)
Contract charges and fees		(25,877	)		(28,353	)		(73,868	)		(73,214	)
Adjustments to net assets allocated to contracts in payout period		(721	)		(284	)		(3,710	)		(463	)
Net increase (decrease) in net assets from contract transactions		(847,708	)		(837,366	)		(1,948,451	)		156,858
Total increase (decrease) in net assets		(199,561	)		(1,131,139	)		(405,871	)		(3,237,070	)
Net assets
Beginning of period		3,888,557			5,019,696			8,986,107			12,223,177
End of period	$	3,688,996		$	3,888,557		$	8,580,236		$	8,986,107

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Changes in Net Assets (continued)
For the Years Ended December 31,

	Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares, Subaccount						Invesco V.I. Global Real Estate Fund, Series II Shares, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	(54,100	)	$	(60,423	)	$	(3,426	)	$	42,756
Net realized gain (loss) on investments		(181,737	)		1,411,096			(29,824	)		58,807
Net change in unrealized appreciation (depreciation) on investments		673,058			(3,310,462	)		242,562			(1,250,515	)
Net increase (decrease) in net assets resulting from operations		437,221			(1,959,789	)		209,312			(1,148,952	)
Contract transactions
Payments received from contract owners		1,296			27,395			8,728			1,986
Transfers between subaccounts (including fixed accounts), net		94,347			451,133			293,074			36,998
Payment for contract benefits and terminations		(611,990	)		(580,684	)		(482,682	)		(466,462	)
Contract charges and fees		(27,353	)		(28,867	)		(25,245	)		(28,052	)
Adjustments to net assets allocated to contracts in payout period		(833	)		(960	)		(819	)		(157	)
Net increase (decrease) in net assets from contract transactions		(544,533	)		(131,983	)		(206,944	)		(455,687	)
Total increase (decrease) in net assets		(107,312	)		(2,091,772	)		2,368			(1,604,639	)
Net assets
Beginning of period		4,110,431			6,202,203			3,074,730			4,679,369
End of period	$	4,003,119		$	4,110,431		$	3,077,098		$	3,074,730

	Invesco V.I. Global Strategic Income Fund, Non-Service Shares, Subaccount						Invesco V.I. Government Securities Fund, Series II Shares, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	(2,878	)	$	(3,215	)	$	30,702		$	30,587
Net realized gain (loss) on investments		(11,950	)		(9,756	)		(236,151	)		(194,205	)
Net change in unrealized appreciation (depreciation) on investments		29,452			(20,754	)		443,645			(1,055,156	)
Net increase (decrease) in net assets resulting from operations		14,624			(33,725	)		238,196			(1,218,774	)
Contract transactions
Payments received from contract owners		-			-			309,652			1,619
Transfers between subaccounts (including fixed accounts), net		536			426			316,338			177,847
Payment for contract benefits and terminations		(39,326	)		(27,369	)		(1,318,499	)		(1,258,588	)
Contract charges and fees		(84	)		(85	)		(93,974	)		(104,733	)
Adjustments to net assets allocated to contracts in payout period		34			(219	)		(239	)		32
Net increase (decrease) in net assets from contract transactions		(38,840	)		(27,247	)		(786,722	)		(1,183,823	)
Total increase (decrease) in net assets		(24,216	)		(60,972	)		(548,526	)		(2,402,597	)
Net assets
Beginning of period		213,454			274,426			8,301,204			10,703,801
End of period	$	189,238		$	213,454		$	7,752,678		$	8,301,204

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Changes in Net Assets (continued)
For the Years Ended December 31,

	Invesco V.I. Growth and Income Fund, Series II Shares, Subaccount						Invesco V.I. Main Street Fund®, Service Shares, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	(11,983	)	$	(23,406	)	$	(84,269	)	$	(27,046	)
Net realized gain (loss) on investments		2,501,743			2,875,515			341,239			4,340,738
Net change in unrealized appreciation (depreciation) on investments		(608,790	)		(4,591,179	)		1,631,292			(7,157,299	)
Net increase (decrease) in net assets resulting from operations		1,880,970			(1,739,070	)		1,888,262			(2,843,607	)
Contract transactions
Payments received from contract owners		35,747			34,970			3,105			48,469
Transfers between subaccounts (including fixed accounts), net		(120,319	)		(1,571,863	)		(271,720	)		(66,016	)
Payment for contract benefits and terminations		(2,906,462	)		(3,017,888	)		(1,224,990	)		(1,632,470	)
Contract charges and fees		(157,247	)		(171,876	)		(65,486	)		(67,837	)
Adjustments to net assets allocated to contracts in payout period		(6,264	)		(743	)		(2,645	)		(449	)
Net increase (decrease) in net assets from contract transactions		(3,154,545	)		(4,727,400	)		(1,561,736	)		(1,718,303	)
Total increase (decrease) in net assets		(1,273,575	)		(6,466,470	)		326,526			(4,561,910	)
Net assets
Beginning of period		19,434,438			25,900,908			9,529,229			14,091,139
End of period	$	18,160,863		$	19,434,438		$	9,855,755		$	9,529,229

	Invesco V.I. Main Street Small Cap Fund®, Service Shares, Subaccount						MFS® Strategic Income Portfolio, Initial Class, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	(19,814	)	$	(57,625	)	$	8,475		$	9,142
Net realized gain (loss) on investments		107,519			791,174			(6,659	)		(6,346	)
Net change in unrealized appreciation (depreciation) on investments		623,975			(1,814,530	)		19,940			(75,162	)
Net increase (decrease) in net assets resulting from operations		711,680			(1,080,981	)		21,756			(72,366	)
Contract transactions
Payments received from contract owners		7,036			40,333			-			-
Transfers between subaccounts (including fixed accounts), net		122,479			155,388			(152	)		(4	)
Payment for contract benefits and terminations		(715,253	)		(696,674	)		(26,284	)		(52,515	)
Contract charges and fees		(33,418	)		(35,660	)		(94	)		(111	)
Adjustments to net assets allocated to contracts in payout period		(3,542	)		(346	)		(18	)		40
Net increase (decrease) in net assets from contract transactions		(622,698	)		(536,959	)		(26,548	)		(52,590	)
Total increase (decrease) in net assets		88,982			(1,617,940	)		(4,792	)		(124,956	)
Net assets
Beginning of period		4,867,669			6,485,609			370,863			495,819
End of period	$	4,956,651		$	4,867,669		$	366,071		$	370,863

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Changes in Net Assets (continued)
For the Years Ended December 31,

	PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount						PIMCO Global Bond Opportunities Portfolio (Unhedged), Advisor Class, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	587,195		$	1,160,040		$	70,159		$	5,803
Net realized gain (loss) on investments		(325,651	)		(541,211	)		(343,853	)		(228,822	)
Net change in unrealized appreciation (depreciation) on investments		(650,547	)		69,055			569,496			(1,150,566	)
Net increase (decrease) in net assets resulting from operations		(389,003	)		687,884			295,802			(1,373,585	)
Contract transactions
Payments received from contract owners		9,477			41,783			18,548			4,278
Transfers between subaccounts (including fixed accounts), net		484,227			(1,662,166	)		189,298			491,854
Payment for contract benefits and terminations		(596,876	)		(816,738	)		(1,266,428	)		(1,405,248	)
Contract charges and fees		(34,496	)		(43,645	)		(79,088	)		(83,752	)
Adjustments to net assets allocated to contracts in payout period		(182	)		54			(1,609	)		(506	)
Net increase (decrease) in net assets from contract transactions		(137,850	)		(2,480,712	)		(1,139,279	)		(993,374	)
Total increase (decrease) in net assets		(526,853	)		(1,792,828	)		(843,477	)		(2,366,959	)
Net assets
Beginning of period		4,382,156			6,174,984			9,066,197			11,433,156
End of period	$	3,855,303		$	4,382,156		$	8,222,720		$	9,066,197

	PIMCO Total Return Portfolio, Advisor Class, Subaccount						T. Rowe Price International Stock Portfolio, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	371,555		$	241,617		$	(13,337	)	$	(21,163	)
Net realized gain (loss) on investments		(633,454	)		(477,934	)		6,571			63,051
Net change in unrealized appreciation (depreciation) on investments		986,007			(3,358,823	)		430,967			(710,720	)
Net increase (decrease) in net assets resulting from operations		724,108			(3,595,140	)		424,201			(668,832	)
Contract transactions
Payments received from contract owners		12,693			164,833			-			-
Transfers between subaccounts (including fixed accounts), net		511,378			802,104			1,036			(4,569	)
Payment for contract benefits and terminations		(2,749,762	)		(3,000,560	)		(375,221	)		(244,133	)
Contract charges and fees		(133,257	)		(143,471	)		(957	)		(999	)
Adjustments to net assets allocated to contracts in payout period		(6,215	)		(4,931	)		(821	)		285
Net increase (decrease) in net assets from contract transactions		(2,365,163	)		(2,182,025	)		(375,963	)		(249,416	)
Total increase (decrease) in net assets		(1,641,055	)		(5,777,165	)		48,238			(918,248	)
Net assets
Beginning of period		18,192,501			23,969,666			3,032,516			3,950,764
End of period	$	16,551,446		$	18,192,501		$	3,080,754		$	3,032,516

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Changes in Net Assets (continued)
For the Years Ended December 31,

	Templeton Developing Markets VIP Fund, Class 2, Subaccount						Ultra Series Aggressive Allocation Fund, Class I, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	2,522		$	4,808		$	44,978		$	23,439
Net realized gain (loss) on investments		(2,066	)		56,464			(122,665	)		223,678
Net change in unrealized appreciation (depreciation) on investments		37,828			(182,151	)		563,071			(1,128,809	)
Net increase (decrease) in net assets resulting from operations		38,284			(120,879	)		485,384			(881,692	)
Contract transactions
Payments received from contract owners		-			-			34,533			2,635
Transfers between subaccounts (including fixed accounts), net		238			(468	)		(12,208	)		87,424
Payment for contract benefits and terminations		(52,871	)		(142,346	)		(500,884	)		(734,800	)
Contract charges and fees		(155	)		(160	)		(2,469	)		(3,005	)
Adjustments to net assets allocated to contracts in payout period		(126	)		20			4,105			4,601
Net increase (decrease) in net assets from contract transactions		(52,914	)		(142,954	)		(476,923	)		(643,145	)
Total increase (decrease) in net assets		(14,630	)		(263,833	)		8,461			(1,524,837	)
Net assets
Beginning of period		373,832			637,665			4,465,833			5,990,670
End of period	$	359,202		$	373,832		$	4,474,294		$	4,465,833

	Ultra Series Aggressive Allocation Fund, Class II, Subaccount						Ultra Series Conservative Allocation Fund, Class I, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	1,825		$	687		$	312,412		$	144,643
Net realized gain (loss) on investments		(40,910	)		43,499			(682,715	)		332,971
Net change in unrealized appreciation (depreciation) on investments		95,465			(165,006	)		1,958,453			(5,251,850	)
Net increase (decrease) in net assets resulting from operations		56,380			(120,820	)		1,588,150			(4,774,236	)
Contract transactions
Payments received from contract owners		-			-			436,150			364,505
Transfers between subaccounts (including fixed accounts), net		86			(38,154	)		(34,313	)		1,133,681
Payment for contract benefits and terminations		(198,623	)		(26,015	)		(5,129,211	)		(6,164,817	)
Contract charges and fees		(142	)		(175	)		(81,203	)		(87,203	)
Adjustments to net assets allocated to contracts in payout period		-			-			(7,279	)		(9,098	)
Net increase (decrease) in net assets from contract transactions		(198,679	)		(64,344	)		(4,815,856	)		(4,762,932	)
Total increase (decrease) in net assets		(142,299	)		(185,164	)		(3,227,706	)		(9,537,168	)
Net assets
Beginning of period		614,083			799,247			25,797,249			35,334,417
End of period	$	471,784		$	614,083		$	22,569,543		$	25,797,249

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Changes in Net Assets (continued)
For the Years Ended December 31,

	Ultra Series Conservative Allocation Fund, Class II, Subaccount						Ultra Series Core Bond Fund, Class I, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	95,822		$	18,605		$	540,136		$	419,822
Net realized gain (loss) on investments		(435,760	)		172,720			(1,068,142	)		(765,958	)
Net change in unrealized appreciation (depreciation) on investments		1,039,373			(2,620,009	)		1,810,122			(5,050,740	)
Net increase (decrease) in net assets resulting from operations		699,435			(2,428,684	)		1,282,116			(5,396,876	)
Contract transactions
Payments received from contract owners		163,637			131,492			74,332			186,199
Transfers between subaccounts (including fixed accounts), net		(261,181	)		123,888			351,507			1,208,792
Payment for contract benefits and terminations		(3,099,136	)		(2,394,443	)		(4,543,491	)		(4,683,906	)
Contract charges and fees		(124,569	)		(125,390	)		(51,423	)		(62,101	)
Adjustments to net assets allocated to contracts in payout period		(283	)		-			(7,257	)		(372	)
Net increase (decrease) in net assets from contract transactions		(3,321,532	)		(2,264,453	)		(4,176,332	)		(3,351,388	)
Total increase (decrease) in net assets		(2,622,097	)		(4,693,137	)		(2,894,216	)		(8,748,264	)
Net assets
Beginning of period		12,679,418			17,372,555			29,623,608			38,371,872
End of period	$	10,057,321		$	12,679,418		$	26,729,392		$	29,623,608

	Ultra Series Core Bond Fund, Class II, Subaccount						Ultra Series Diversified Income Fund, Class I, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	108,428		$	78,715		$	924,983		$	731,381
Net realized gain (loss) on investments		(283,024	)		(112,100	)		6,967,830			6,890,518
Net change in unrealized appreciation (depreciation) on investments		461,175			(1,252,028	)		(6,415,372	)		(15,829,010	)
Net increase (decrease) in net assets resulting from operations		286,579			(1,285,413	)		1,477,441			(8,207,111	)
Contract transactions
Payments received from contract owners		39,599			38,167			482,686			186,547
Transfers between subaccounts (including fixed accounts), net		106,898			301,989			273,518			(580,173	)
Payment for contract benefits and terminations		(1,111,034	)		(931,900	)		(10,911,469	)		(9,430,460	)
Contract charges and fees		(70,948	)		(72,652	)		(65,061	)		(72,233	)
Adjustments to net assets allocated to contracts in payout period		(3,878	)		646			(41,918	)		(73,741	)
Net increase (decrease) in net assets from contract transactions		(1,039,363	)		(663,750	)		(10,262,244	)		(9,970,060	)
Total increase (decrease) in net assets		(752,784	)		(1,949,163	)		(8,784,803	)		(18,177,171	)
Net assets
Beginning of period		7,142,198			9,091,361			76,231,663			94,408,834
End of period	$	6,389,414		$	7,142,198		$	67,446,860		$	76,231,663

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Changes in Net Assets (continued)
For the Years Ended December 31,

	Ultra Series Diversified Income Fund, Class II, Subaccount						Ultra Series Foundation Account, Class I, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	234,142		$	164,459		$	5,695		$	3,833
Net realized gain (loss) on investments		2,275,655			2,345,664			(874	)		516
Net change in unrealized appreciation (depreciation) on investments		(2,074,978	)		(5,165,222	)		8,020			(48,899	)
Net increase (decrease) in net assets resulting from operations		434,819			(2,655,099	)		12,841			(44,550	)
Contract transactions
Payments received from contract owners		478,298			535,918			-			701
Transfers between subaccounts (including fixed accounts), net		(193,570	)		328,579			186			(150	)
Payment for contract benefits and terminations		(3,606,822	)		(2,681,244	)		-			-
Contract charges and fees		(206,578	)		(214,473	)		(12	)		(10	)
Adjustments to net assets allocated to contracts in payout period		-			-			-			-
Net increase (decrease) in net assets from contract transactions		(3,528,672	)		(2,031,220	)		174			541
Total increase (decrease) in net assets		(3,093,853	)		(4,686,319	)		13,015			(44,009	)
Net assets
Beginning of period		25,052,762			29,739,081			267,842			311,851
End of period	$	21,958,909		$	25,052,762		$	280,857		$	267,842

	Ultra Series Foundation Account, Class II, Subaccount						Ultra Series High Income Fund, Class I, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	116,238		$	89,236		$	317,859		$	351,532
Net realized gain (loss) on investments		(331,677	)		(125,970	)		(414,144	)		(336,037	)
Net change in unrealized appreciation (depreciation) on investments		527,890			(1,378,453	)		768,067			(1,257,802	)
Net increase (decrease) in net assets resulting from operations		312,451			(1,415,187	)		671,782			(1,242,307	)
Contract transactions
Payments received from contract owners		2,340			2,341			11,470			125,771
Transfers between subaccounts (including fixed accounts), net		(11,340	)		(105,119	)		5,758			13,362
Payment for contract benefits and terminations		(1,254,414	)		(855,208	)		(1,687,191	)		(1,475,423	)
Contract charges and fees		(10,923	)		(13,204	)		(12,838	)		(15,237	)
Adjustments to net assets allocated to contracts in payout period		-			-			(83	)		(2	)
Net increase (decrease) in net assets from contract transactions		(1,274,337	)		(971,190	)		(1,682,884	)		(1,351,529	)
Total increase (decrease) in net assets		(961,886	)		(2,386,377	)		(1,011,102	)		(2,593,836	)
Net assets
Beginning of period		7,901,310			10,287,687			9,523,734			12,117,570
End of period	$	6,939,424		$	7,901,310		$	8,512,632		$	9,523,734

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Changes in Net Assets (continued)
For the Years Ended December 31,

	Ultra Series High Income Fund, Class II, Subaccount						Ultra Series International Stock Fund, Class I, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	76,740		$	85,767		$	(68,725	)	$	(72,132	)
Net realized gain (loss) on investments		(116,534	)		(87,331	)		(181,361	)		(79,322	)
Net change in unrealized appreciation (depreciation) on investments		214,837			(354,659	)		1,974,497			(2,960,902	)
Net increase (decrease) in net assets resulting from operations		175,043			(356,223	)		1,724,411			(3,112,356	)
Contract transactions
Payments received from contract owners		450			9,239			93,037			85,611
Transfers between subaccounts (including fixed accounts), net		7,752			10,834			(259,659	)		754,334
Payment for contract benefits and terminations		(485,442	)		(424,239	)		(2,029,289	)		(1,448,490	)
Contract charges and fees		(29,421	)		(31,048	)		(20,711	)		(22,876	)
Adjustments to net assets allocated to contracts in payout period		(1,130	)		3			(3,570	)		209
Net increase (decrease) in net assets from contract transactions		(507,791	)		(435,211	)		(2,220,192	)		(631,212	)
Total increase (decrease) in net assets		(332,748	)		(791,434	)		(495,781	)		(3,743,568	)
Net assets
Beginning of period		2,611,533			3,402,967			12,911,631			16,655,199
End of period	$	2,278,785		$	2,611,533		$	12,415,850		$	12,911,631

	Ultra Series International Stock Fund, Class II, Subaccount						Ultra Series Large Cap Growth Fund, Class I, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	(46,139	)	$	(49,924	)	$	(538,820	)	$	(546,005	)
Net realized gain (loss) on investments		16,826			35,626			5,043,132			3,807,388
Net change in unrealized appreciation (depreciation) on investments		754,636			(1,321,255	)		7,968,672			(13,282,926	)
Net increase (decrease) in net assets resulting from operations		725,323			(1,335,553	)		12,472,984			(10,021,543	)
Contract transactions
Payments received from contract owners		19,763			13,072			248,694			274,062
Transfers between subaccounts (including fixed accounts), net		(211,055	)		736,241			(906,966	)		(708,537	)
Payment for contract benefits and terminations		(1,016,733	)		(804,663	)		(8,516,105	)		(5,834,226	)
Contract charges and fees		(63,160	)		(64,676	)		(42,488	)		(46,463	)
Adjustments to net assets allocated to contracts in payout period		(1,903	)		304			(9,558	)		(13,785	)
Net increase (decrease) in net assets from contract transactions		(1,273,088	)		(119,722	)		(9,226,423	)		(6,328,949	)
Total increase (decrease) in net assets		(547,765	)		(1,455,275	)		3,246,561			(16,350,492	)
Net assets
Beginning of period		5,670,351			7,125,626			54,443,686			70,794,178
End of period	$	5,122,586		$	5,670,351		$	57,690,247		$	54,443,686

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Changes in Net Assets (continued)
For the Years Ended December 31,

	Ultra Series Large Cap Growth Fund, Class II, Subaccount						Ultra Series Large Cap Value Fund, Class I, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	(120,283	)	$	(140,857	)	$	638,276		$	629,882
Net realized gain (loss) on investments		858,541			675,415			(162,513	)		4,425,004
Net change in unrealized appreciation (depreciation) on investments		1,508,648			(2,615,035	)		8,103			(9,729,157	)
Net increase (decrease) in net assets resulting from operations		2,246,906			(2,080,477	)		483,866			(4,674,271	)
Contract transactions
Payments received from contract owners		28,572			14,596			210,391			349,697
Transfers between subaccounts (including fixed accounts), net		(679,777	)		(503,712	)		448,029			(1,748,783	)
Payment for contract benefits and terminations		(1,986,596	)		(1,649,445	)		(8,010,145	)		(8,233,433	)
Contract charges and fees		(119,369	)		(124,636	)		(43,964	)		(54,910	)
Adjustments to net assets allocated to contracts in payout period		(2,940	)		540			(34,660	)		(6,653	)
Net increase (decrease) in net assets from contract transactions		(2,760,110	)		(2,262,657	)		(7,430,349	)		(9,694,082	)
Total increase (decrease) in net assets		(513,204	)		(4,343,134	)		(6,946,483	)		(14,368,353	)
Net assets
Beginning of period		10,323,709			14,666,843			62,902,440			77,270,793
End of period	$	9,810,505		$	10,323,709		$	55,955,957		$	62,902,440

	Ultra Series Large Cap Value Fund, Class II, Subaccount						Ultra Series Mid Cap Fund, Class I, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	17,326		$	15,239		$	(569,571	)	$	(710,619	)
Net realized gain (loss) on investments		4,799			200,716			4,445,299			5,178,453
Net change in unrealized appreciation (depreciation) on investments		(11,085	)		(406,318	)		7,852,507			(14,170,742	)
Net increase (decrease) in net assets resulting from operations		11,040			(190,363	)		11,728,235			(9,702,908	)
Contract transactions
Payments received from contract owners		-			18,551			103,673			258,422
Transfers between subaccounts (including fixed accounts), net		84,912			(212,815	)		(746,820	)		(1,119,729	)
Payment for contract benefits and terminations		(358,410	)		(421,509	)		(8,013,980	)		(7,245,906	)
Contract charges and fees		(23,043	)		(26,090	)		(41,556	)		(44,396	)
Adjustments to net assets allocated to contracts in payout period		(35	)		(19	)		(15,132	)		1,572
Net increase (decrease) in net assets from contract transactions		(296,576	)		(641,882	)		(8,713,815	)		(8,150,037	)
Total increase (decrease) in net assets		(285,536	)		(832,245	)		3,014,420			(17,852,945	)
Net assets
Beginning of period		2,295,658			3,127,903			51,433,776			69,286,721
End of period	$	2,010,122		$	2,295,658		$	54,448,196		$	51,433,776

See accompanying notes to financial statements

CMFG Variable Annuity Account
Statements of Changes in Net Assets (continued)
For the Years Ended December 31,

	Ultra Series Mid Cap Fund, Class II, Subaccount						Ultra Series Moderate Allocation Fund, Class I, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	(59,066	)	$	(68,109	)	$	525,865		$	259,405
Net realized gain (loss) on investments		403,256			493,903			(1,798,704	)		2,784,245
Net change in unrealized appreciation (depreciation) on investments		665,095			(1,343,079	)		5,605,550			(12,725,917	)
Net increase (decrease) in net assets resulting from operations		1,009,285			(917,285	)		4,332,711			(9,682,267	)
Contract transactions
Payments received from contract owners		20,044			11,157			203,204			393,518
Transfers between subaccounts (including fixed accounts), net		(247,193	)		(216,024	)		(445,080	)		(814,315	)
Payment for contract benefits and terminations		(748,538	)		(719,241	)		(8,620,244	)		(7,247,520	)
Contract charges and fees		(48,780	)		(51,528	)		(193,443	)		(229,992	)
Adjustments to net assets allocated to contracts in payout period		(1,907	)		410			(38,982	)		(943	)
Net increase (decrease) in net assets from contract transactions		(1,026,374	)		(975,226	)		(9,094,545	)		(7,899,252	)
Total increase (decrease) in net assets		(17,089	)		(1,892,511	)		(4,761,834	)		(17,581,519	)
Net assets
Beginning of period		4,594,961			6,487,472			51,283,155			68,864,674
End of period	$	4,577,872		$	4,594,961		$	46,521,321		$	51,283,155

	Ultra Series Moderate Allocation Fund, Class II, Subaccount						Vanguard VIF Money Market Portfolio, Subaccount
	2023			2022			2023			2022
Increase (decrease) in net assets from operations
Net investment income (loss)	$	68,985		$	6,476		$	527,688		$	24,530
Net realized gain (loss) on investments		(388,492	)		659,547			161			539
Net change in unrealized appreciation (depreciation) on investments		1,223,871			(2,901,805	)		-			-
Net increase (decrease) in net assets resulting from operations		904,364			(2,235,782	)		527,849			25,069
Contract transactions
Payments received from contract owners		390,102			126,437			90,833			558,646
Transfers between subaccounts (including fixed accounts), net		(100,635	)		(568,999	)		2,084,254			1,435,693
Payment for contract benefits and terminations		(2,367,374	)		(2,121,684	)		(4,422,820	)		(4,116,965	)
Contract charges and fees		(108,652	)		(125,209	)		(82,328	)		(83,114	)
Adjustments to net assets allocated to contracts in payout period		(143	)		-			(1,296	)		(1,306	)
Net increase (decrease) in net assets from contract transactions		(2,186,702	)		(2,689,455	)		(2,331,357	)		(2,207,046	)
Total increase (decrease) in net assets		(1,282,338	)		(4,925,237	)		(1,803,508	)		(2,181,977	)
Net assets
Beginning of period		11,240,621			16,165,858			15,324,314			17,506,291
End of period	$	9,958,283		$	11,240,621		$	13,520,806		$	15,324,314

See accompanying notes to financial statements

CMFG Variable Annuity Account

Notes to Financial Statements

(1) Organization

The CMFG Variable Annuity Account (“the Account”) is a separate account of CMFG 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 four variable annuity contracts (“contracts”) issued by the Company: MEMBERS^®Variable Annuity, MEMBERS^® Variable Annuity II, MEMBERS^® Choice Variable Annuity and MEMBERS^® Variable Annuity III.

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.

BlackRock Variable Series Funds, Inc.

BlackRock Global Allocation V.I. Fund ⁽²⁾

Franklin Templeton Variable Insurance Products Trust

Franklin Income VIP Fund

Franklin Mutual Global Discovery VIP Fund

Templeton Developing Markets VIP Fund ⁽¹⁾

AIM Variable Insurance Funds

(Invesco Oppenheimer Variable Insurance Funds)

Invesco Oppenheimer V.I. International Growth Fund

Invesco V.I. Discovery Mid Cap Growth Fund

Invesco V.I. Global Real Estate Fund

Invesco V.I. Global Strategic Income Fund⁽¹⁾

Invesco V.I. Government Securities Fund ⁽²⁾

Invesco V.I. Growth and Income Fund

Invesco V.I. Main Street Small Cap Fund ^®

Invesco V.I. Main Street Fund ^®

MFS^®Variable Insurance Trust II

MFS^®Strategic Income Portfolio ⁽¹⁾

⁽¹⁾This subaccount is only available in the MEMBERS^® Variable Annuity product.

⁽²⁾This subaccount is only available in the MEMBERS^® Variable Annuity III product.

PIMCO Variable Insurance Trust

PIMCO Commodity RealReturn^® Strategy Portfolio

PIMCO Global Bond Opportunities Portfolio (Unhedged)

PIMCO Total Return Portfolio

T. Rowe Price International Series, Inc.

T. Rowe Price International Stock Portfolio ⁽¹⁾

Ultra Series Fund⁽³⁾

Aggressive Allocation Fund

Conservative Allocation Fund

Core Bond Fund

Diversified Income Fund

Foundation Account⁽⁴⁾

High Income Fund

International Stock Fund

Large Cap Growth Fund

Large Cap Value Fund

Mid Cap Fund

Moderate Allocation Fund

Vanguard Variable Insurance Fund

Vanguard VIF Money Market Portfolio

⁽³⁾The Ultra Series Fund offers both Class 1 and 2 shares to contract owners. Class 2 shares are only available in the MEMBERS^® Variable Annuity III product.

⁽⁴⁾The Foundation Subaccount is only available in the MEMBERS^® Variable Annuity III product, and is one of two available subaccounts that invest in the Ultra Series Core Bond Fund.

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.

CMFG Variable Annuity Account

Notes to Financial Statements

(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.

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.

Contracts in Annuitization Period

Net assets allocated to contracts in the payout stage (annuitization period) are computed according to the 2000 Individual Annuity Mortality Table using an assumed investment return of 3.5%. The mortality risk arises because the Company bears the risk from contract riders, as described in Note 3, Fees and Charges, which may result in additional amounts being transferred into the Account by the Company to cover greater than expected longevity of annuitants. Conversely, if reserves exceed amounts required, transfers may be made to the Company.

(3) Fees and Charges

Contract Charges

Surrender Charge. A surrender charge is assessed against a contract owner’s account upon surrender or partial withdrawal of payments received from contract owners within the first seven years of the contract period and, in certain circumstances, surrender charges are waived upon payment of a death benefit or the election of certain annuity payment options.

CMFG Variable Annuity Account

Notes to Financial Statements

(3) Fees and Charges (continued)

For purchase payments withdrawn or surrendered within the first year of the contract, a charge of 7% to 9% of the amount of the payment withdrawn or surrendered is assessed depending on the product version chosen. The surrender charge decreases by 1% (or the noted percentage decrease outlined in the contract) for each full year 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 seven years prior to the withdrawal or surrender. No surrender charge is assessed on purchase payments made more than four years prior to the withdrawal or surrender for one of the contract options of the MEMBERS® Variable Annuity III product. Subject to certain restrictions in each contract year, an amount equal to 10% of aggregate purchase payments subject to a surrender charge (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.

Annual Contract Fee. On each contract anniversary prior to the annuity date, the Company deducts an annual contract fee of $30 from the contract owner’s account. After the annuity date, the Company deducts this fee from variable annuity payments. A pro-rated portion of the fee is deducted upon annuitization of a contract except on a contract anniversary when the full fee is deducted. The Company currently waives this fee for all contracts with $50,000 or more of contract value for the MEMBERS^®Variable Annuity III product and $25,000 or more of contract value for all other products. 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.

Death Benefit Rider Charges. Optional death benefit riders are available on MEMBERS^®Variable Annuity II and MEMBERS^® Choice Variable Annuity contracts. The Maximum Anniversary Value Death Benefit and 5% Annual Guarantee Death Benefit Riders are available for issue ages 0 to 75. The Minimum Death Benefit Guarantee Rider is available for issue ages 76 to 85. All death benefit rider 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.

On each contract anniversary (or upon surrender of the contract) prior to the annuity date, the Company deducts rider fees from the contract value. The annual charge for each of these riders ranges from 0.15% to 0.20% of average assets during the prior contract year.

Optional death benefit riders are also available on MEMBERS^®Variable Annuity III contracts. The Maximum Anniversary Value Death Benefit, 3% Annual Guarantee Death Benefit and Earnings Enhanced Death Benefit Riders are available for issue ages 0 to 75. On each contract anniversary (or upon surrender of the contract) prior to the annuity date, the Company deducts the applicable rider fees from the contract value. The annual charge for each of these riders ranges from 0.15% to 0.35% of average assets during the prior contract year.

Living Benefit Riders. Optional living benefit riders, such as Guaranteed Minimum Withdrawal Benefit, Guaranteed Lifetime Withdrawal Benefit, and Guaranteed Minimum Accumulation Benefit are available. Annual charges for these benefits range from 0.50% to 1.75%. Generally, the charge is assessed on the average benefit basis for the prior 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.

Transfer Fee. No charge is generally made for transfers between subaccounts. However, the Company reserves the right to charge $10 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.

CMFG Variable Annuity Account

Notes to Financial Statements

(3) Fees and Charges (continued)

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.

Account Charges

Mortality and Expense Risk Charge. The Company deducts a daily mortality and expense risk charge from the assets of the subaccount to compensate it for assuming certain mortality and expense risks. The charge is deducted from the assets of the subaccount at an annual rate of 1.15% to 1.65%. These charges are included in mortality and expense charges in the accompanying Statements of Operations of the applicable subaccount.

Administrative Charge. The Company deducts a daily administrative charge from the assets of the subaccount to compensate it for certain expenses it incurs in administration of MEMBERS^®Variable Annuity and MEMBERS^® Variable Annuity III contracts. The charge is deducted from the assets of the subaccount at an annual rate of 0.15%. These charges are included in administrative charges in 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.

CMFG Variable Annuity 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, 2023. 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, 2023 Assets, at Fair Value	Total
BlackRock Global Allocation V.I. Fund, Class III, Subaccount	$	8,212,612
Franklin Income VIP Fund, Class 4, Subaccount		6,879,635
Franklin Mutual Global Discovery VIP Fund, Class 4, Subaccount		3,688,996
Invesco Oppenheimer V.I. International Growth Fund, Service Shares, Subaccount		8,580,236
Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares, Subaccount		4,003,119
Invesco V.I. Global Real Estate Fund, Series II Shares, Subaccount		3,077,098
Invesco V.I. Global Strategic Income Fund, Non-Service Shares, Subaccount		189,238
Invesco V.I. Government Securities Fund, Series II Shares, Subaccount		7,752,678
Invesco V.I. Growth and Income Fund, Series II Shares, Subaccount		18,160,863
Invesco V.I. Main Street Fund®, Service Shares, Subaccount		9,855,755
Invesco V.I. Main Street Small Cap Fund®, Service Shares, Subaccount		4,956,651
MFS® Strategic Income Portfolio, Initial Class, Subaccount		366,071
PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount		3,855,303
PIMCO Global Bond Opportunities Portfolio (Unhedged), Advisor Class, Subaccount		8,222,720
PIMCO Total Return Portfolio, Advisor Class, Subaccount		16,551,446
T. Rowe Price International Stock Portfolio, Subaccount		3,080,754
Templeton Developing Markets VIP Fund, Class 2, Subaccount		359,202
Ultra Series Aggressive Allocation Fund, Class I, Subaccount		4,474,294
Ultra Series Aggressive Allocation Fund, Class II, Subaccount		471,784
Ultra Series Conservative Allocation Fund, Class I, Subaccount		22,569,543
Ultra Series Conservative Allocation Fund, Class II, Subaccount		10,057,321
Ultra Series Core Bond Fund, Class I, Subaccount		26,729,392
Ultra Series Core Bond Fund, Class II, Subaccount		6,389,414
Ultra Series Diversified Income Fund, Class I, Subaccount		67,446,860
Ultra Series Diversified Income Fund, Class II, Subaccount		21,958,909
Ultra Series Foundation Account, Class I, Subaccount		280,857
Ultra Series Foundation Account, Class II, Subaccount		6,939,424
Ultra Series High Income Fund, Class I, Subaccount		8,512,632
Ultra Series High Income Fund, Class II, Subaccount		2,278,785
Ultra Series International Stock Fund, Class I, Subaccount		12,415,850
Ultra Series International Stock Fund, Class II, Subaccount		5,122,586
Ultra Series Large Cap Growth Fund, Class I, Subaccount		57,690,247
Ultra Series Large Cap Growth Fund, Class II, Subaccount		9,810,505
Ultra Series Large Cap Value Fund, Class I, Subaccount		55,955,957
Ultra Series Large Cap Value Fund, Class II, Subaccount		2,010,122
Ultra Series Mid Cap Fund, Class I, Subaccount		54,448,196
Ultra Series Mid Cap Fund, Class II, Subaccount		4,577,872
Ultra Series Moderate Allocation Fund, Class I, Subaccount		46,521,321
Ultra Series Moderate Allocation Fund, Class II, Subaccount		9,958,283
Vanguard VIF Money Market Portfolio, Subaccount		13,520,806

CMFG Variable Annuity 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, 2022. 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, 2022 Assets, at Fair Value	Total
BlackRock Global Allocation V.I. Fund, Class III, Subaccount	$	8,807,355
Franklin Income VIP Fund, Class 4, Subaccount		6,969,615
Franklin Mutual Global Discovery VIP Fund, Class 4, Subaccount		3,888,557
Invesco Oppenheimer V.I. International Growth Fund, Service Shares, Subaccount		8,986,107
Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares, Subaccount		4,110,431
Invesco V.I. Global Real Estate Fund, Series II Shares, Subaccount		3,074,730
Invesco V.I. Global Strategic Income Fund, Non-Service Shares, Subaccount		213,454
Invesco V.I. Government Securities Fund, Series II Shares, Subaccount		8,301,204
Invesco V.I. Growth and Income Fund, Series II Shares, Subaccount		19,434,438
Invesco V.I. Main Street Fund®, Service Shares, Subaccount		9,529,229
Invesco V.I. Main Street Small Cap Fund®, Service Shares, Subaccount		4,867,669
MFS® Strategic Income Portfolio, Initial Class, Subaccount		370,863
PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount		4,382,156
PIMCO Global Bond Opportunities Portfolio (Unhedged), Advisor Class, Subaccount		9,066,197
PIMCO Total Return Portfolio, Advisor Class, Subaccount		18,192,501
T. Rowe Price International Stock Portfolio, Subaccount		3,032,516
Templeton Developing Markets VIP Fund, Class 2, Subaccount		373,832
Ultra Series Aggressive Allocation Fund, Class I, Subaccount		4,465,833
Ultra Series Aggressive Allocation Fund, Class II, Subaccount		614,083
Ultra Series Conservative Allocation Fund, Class I, Subaccount		25,797,249
Ultra Series Conservative Allocation Fund, Class II, Subaccount		12,679,418
Ultra Series Core Bond Fund, Class I, Subaccount		29,623,608
Ultra Series Core Bond Fund, Class II, Subaccount		7,142,196
Ultra Series Diversified Income Fund, Class I, Subaccount		76,231,663
Ultra Series Diversified Income Fund, Class II, Subaccount		25,052,762
Ultra Series Foundation Account, Class I, Subaccount		267,842
Ultra Series Foundation Account, Class II, Subaccount		7,901,310
Ultra Series High Income Fund, Class I, Subaccount		9,523,734
Ultra Series High Income Fund, Class II, Subaccount		2,611,533
Ultra Series International Stock Fund, Class I, Subaccount		12,911,631
Ultra Series International Stock Fund, Class II, Subaccount		5,670,351
Ultra Series Large Cap Growth Fund, Class I, Subaccount		54,443,686
Ultra Series Large Cap Growth Fund, Class II, Subaccount		10,323,709
Ultra Series Large Cap Value Fund, Class I, Subaccount		62,902,440
Ultra Series Large Cap Value Fund, Class II, Subaccount		2,295,658
Ultra Series Mid Cap Fund, Class I, Subaccount		51,433,776
Ultra Series Mid Cap Fund, Class II, Subaccount		4,594,961
Ultra Series Moderate Allocation Fund, Class I, Subaccount		51,283,155
Ultra Series Moderate Allocation Fund, Class II, Subaccount		11,240,621
Vanguard VIF Money Market Portfolio, Subaccount		15,324,314

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 years ended December 31, 2023 and 2022.

CMFG Variable Annuity 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, 2023 are as follows:

Year Ended December 31, 2023	Purchases		Sales
BlackRock Global Allocation V.I. Fund, Class III, Subaccount	$	313,454	$	1,698,820
Franklin Income VIP Fund, Class 4, Subaccount		957,618		843,370
Franklin Mutual Global Discovery VIP Fund, Class 4, Subaccount		284,119		907,915
Invesco Oppenheimer V.I. International Growth Fund, Service Shares, Subaccount		94,970		2,137,263
Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares, Subaccount		93,869		692,502
Invesco V.I. Global Real Estate Fund, Series II Shares, Subaccount		226,394		436,764
Invesco V.I. Global Strategic Income Fund, Non-Service Shares, Subaccount		982		42,700
Invesco V.I. Government Securities Fund, Series II Shares, Subaccount		627,527		1,383,547
Invesco V.I. Growth and Income Fund, Series II Shares, Subaccount		2,611,989		3,505,157
Invesco V.I. Main Street Fund®, Service Shares, Subaccount		810,316		1,780,443
Invesco V.I. Main Street Small Cap Fund®, Service Shares, Subaccount		227,689		870,201
MFS® Strategic Income Portfolio, Initial Class, Subaccount		14,499		32,572
PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount		1,007,642		558,297
PIMCO Global Bond Opportunities Portfolio (Unhedged), Advisor Class, Subaccount		393,297		1,368,420
PIMCO Total Return Portfolio, Advisor Class, Subaccount		886,906		2,880,514
T. Rowe Price International Stock Portfolio, Subaccount		37,588		426,888
Templeton Developing Markets VIP Fund, Class 2, Subaccount		8,470		58,583
Ultra Series Aggressive Allocation Fund, Class I, Subaccount		144,291		575,446
Ultra Series Aggressive Allocation Fund, Class II, Subaccount		9,217		205,960
Ultra Series Conservative Allocation Fund, Class I, Subaccount		1,179,757		5,683,201
Ultra Series Conservative Allocation Fund, Class II, Subaccount		541,897		3,767,607
Ultra Series Core Bond Fund, Class I, Subaccount		1,421,213		5,057,409
Ultra Series Core Bond Fund, Class II, Subaccount		395,550		1,326,485
Ultra Series Diversified Income Fund, Class I, Subaccount		11,566,916		11,989,849
Ultra Series Diversified Income Fund, Class II, Subaccount		3,960,742		4,314,690
Ultra Series Foundation Account, Class I, Subaccount		9,708		3,839
Ultra Series Foundation Account, Class II, Subaccount		224,724		1,382,823
Ultra Series High Income Fund, Class I, Subaccount		488,723		1,853,748
Ultra Series High Income Fund, Class II, Subaccount		137,266		568,317
Ultra Series International Stock Fund, Class I, Subaccount		335,427		2,624,344
Ultra Series International Stock Fund, Class II, Subaccount		65,959		1,385,186
Ultra Series Large Cap Growth Fund, Class I, Subaccount		5,841,737		10,629,323
Ultra Series Large Cap Growth Fund, Class II, Subaccount		936,997		2,933,327
Ultra Series Large Cap Value Fund, Class I, Subaccount		3,511,038		8,899,520
Ultra Series Large Cap Value Fund, Class II, Subaccount		178,821		406,604
Ultra Series Mid Cap Fund, Class I, Subaccount		4,706,937		9,859,686
Ultra Series Mid Cap Fund, Class II, Subaccount		403,823		1,116,528
Ultra Series Moderate Allocation Fund, Class I, Subaccount		1,516,413		10,054,625
Ultra Series Moderate Allocation Fund, Class II, Subaccount		653,080		2,763,832
Vanguard VIF Money Market Portfolio, Subaccount		4,100,009		5,903,517

CMFG Variable Annuity 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, 2022 are as follows:

Year Ended December 31, 2022	Purchases		Sales
BlackRock Global Allocation V.I. Fund, Class III, Subaccount	$	306,515	$	2,201,344
Franklin Income VIP Fund, Class 4, Subaccount		794,674		1,520,856
Franklin Mutual Global Discovery VIP Fund, Class 4, Subaccount		411,468		915,051
Invesco Oppenheimer V.I. International Growth Fund, Service Shares, Subaccount		2,801,621		1,072,370
Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares, Subaccount		1,866,995		667,710
Invesco V.I. Global Real Estate Fund, Series II Shares, Subaccount		185,284		598,214
Invesco V.I. Global Strategic Income Fund, Non-Service Shares, Subaccount		1,279		31,742
Invesco V.I. Government Securities Fund, Series II Shares, Subaccount		325,546		1,478,782
Invesco V.I. Growth and Income Fund, Series II Shares, Subaccount		2,649,249		5,454,254
Invesco V.I. Main Street Fund®, Service Shares, Subaccount		4,362,163		2,016,064
Invesco V.I. Main Street Small Cap Fund®, Service Shares, Subaccount		802,335		773,297
MFS® Strategic Income Portfolio, Initial Class, Subaccount		19,571		58,788
PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount		1,284,637		2,605,309
PIMCO Global Bond Opportunities Portfolio (Unhedged), Advisor Class, Subaccount		589,989		1,432,625
PIMCO Total Return Portfolio, Advisor Class, Subaccount		1,374,359		3,314,768
T. Rowe Price International Stock Portfolio, Subaccount		100,367		296,830
Templeton Developing Markets VIP Fund, Class 2, Subaccount		41,692		148,964
Ultra Series Aggressive Allocation Fund, Class I, Subaccount		637,814		863,870
Ultra Series Aggressive Allocation Fund, Class II, Subaccount		62,482		73,311
Ultra Series Conservative Allocation Fund, Class I, Subaccount		2,927,664		6,765,788
Ultra Series Conservative Allocation Fund, Class II, Subaccount		808,554		2,667,699
Ultra Series Core Bond Fund, Class I, Subaccount		2,868,987		5,655,442
Ultra Series Core Bond Fund, Class II, Subaccount		417,458		967,959
Ultra Series Diversified Income Fund, Class I, Subaccount		10,081,551		12,027,217
Ultra Series Diversified Income Fund, Class II, Subaccount		4,201,725		3,657,884
Ultra Series Foundation Account, Class I, Subaccount		9,698		4,102
Ultra Series Foundation Account, Class II, Subaccount		254,896		1,099,568
Ultra Series High Income Fund, Class I, Subaccount		777,676		1,777,672
Ultra Series High Income Fund, Class II, Subaccount		152,980		502,425
Ultra Series International Stock Fund, Class I, Subaccount		1,035,157		1,619,196
Ultra Series International Stock Fund, Class II, Subaccount		562,424		680,962
Ultra Series Large Cap Growth Fund, Class I, Subaccount		4,575,419		7,555,636
Ultra Series Large Cap Growth Fund, Class II, Subaccount		863,282		2,496,903
Ultra Series Large Cap Value Fund, Class I, Subaccount		7,722,382		11,717,724
Ultra Series Large Cap Value Fund, Class II, Subaccount		252,761		689,946
Ultra Series Mid Cap Fund, Class I, Subaccount		5,449,524		9,419,081
Ultra Series Mid Cap Fund, Class II, Subaccount		493,843		1,076,114
Ultra Series Moderate Allocation Fund, Class I, Subaccount		5,095,070		8,855,480
Ultra Series Moderate Allocation Fund, Class II, Subaccount		1,252,055		3,086,209
Vanguard VIF Money Market Portfolio, Subaccount		2,883,542		5,065,518

CMFG Variable Annuity Account

Notes to Financial Statements

(6) Changes in Units Outstanding

The changes in units outstanding for the years ended December 31, 2023 and 2022 were as follows:

	BlackRock			Franklin			Franklin Mutual
	Global			Income			Global Discovery
	Allocation V.I.			VIP			VIP
	Fund, Class III,			Fund, Class 4,			Fund, Class 4,
	Subaccount			Subaccount			Subaccount
Units outstanding at December 31, 2021		674,742			473,382			272,240
Units issued		29,063			281,602			210,390
Units redeemed		(142,659	)		(347,269	)		(258,393	)
Units outstanding at December 31, 2022		561,146			407,715			224,237
Units issued		12,723			242,580			166,734
Units redeemed		(102,236	)		(274,796	)		(211,628	)
Units outstanding at December 31, 2023		471,633			375,499			179,343

	Invesco Oppenheimer V.I.			Invesco V.I.			Invesco V.I.
	International			Discovery Mid Cap			Global Real
	Growth Fund,			Growth Fund,			Estate Fund,
	Service Shares,			Series II Shares,			Series II Shares,
	Subaccount			Subaccount			Subaccount
Units outstanding at December 31, 2021		683,283			360,976			337,979
Units issued		738,174			369,067			315,542
Units redeemed		(723,134	)		(377,907	)		(353,489	)
Units outstanding at December 31, 2022		698,323			352,136			300,032
Units issued		610,107			336,024			308,409
Units redeemed		(747,889	)		(380,178	)		(328,973	)
Units outstanding at December 31, 2023		560,541			307,982			279,468

	Invesco V.I.			Invesco V.I.			Invesco V.I.
	Global Strategic			Government			Growth and
	Income Fund,			Securities Fund,			Income Fund,
	Non-Service Shares,			Series II Shares,			Series II Shares,
	Subaccount			Subaccount			Subaccount
Units outstanding at December 31, 2021		57,290			985,787			1,033,754
Units issued		29			919,561			849,011
Units redeemed		(6,375	)		(1,038,131	)		(1,046,980	)
Units outstanding at December 31, 2022		50,944			867,217			835,785
Units issued		45			855,723			721,886
Units redeemed		(9,029	)		(938,040	)		(853,128	)
Units outstanding at December 31, 2023		41,960			784,900			704,543

	Invesco V.I.			Invesco V.I.			MFS®
	Main Street			Main Street			Strategic
	Fund®,			Small Cap Fund®,			Income Portfolio,
	Service Shares,			Service Shares,			Initial Class,
	Subaccount			Subaccount			Subaccount
Units outstanding at December 31, 2021		447,745			189,322			18,385
Units issued		377,240			168,299			4
Units redeemed		(440,001	)		(186,085	)		(2,229	)
Units outstanding at December 31, 2022		384,984			171,536			16,160
Units issued		321,453			148,120			31
Units redeemed		(377,913	)		(169,517	)		(1,151	)
Units outstanding at December 31, 2023		328,524			150,139			15,040

CMFG Variable Annuity Account

Notes to Financial Statements

(6) Changes in Units Outstanding (continued)

	PIMCO Commodity			PIMCO Global Bond			PIMCO
	RealReturn®			Opportunities			Total Return
	Strategy Portfolio,			Portfolio (Unhedged),			Portfolio,
	Advisor Class,			Advisor Class,			Advisor Class,
	Subaccount			Subaccount			Subaccount
Units outstanding at December 31, 2021		1,175,936			908,867			1,606,136
Units issued		822,211			896,015			1,438,439
Units redeemed		(1,221,775	)		(983,733	)		(1,602,625	)
Units outstanding at December 31, 2022		776,372			821,149			1,441,950
Units issued		819,317			803,511			1,286,101
Units redeemed		(843,225	)		(906,385	)		(1,472,351	)
Units outstanding at December 31, 2023		752,464			718,275			1,255,700

	T. Rowe Price			Templeton			Ultra Series
	International			Developing			Aggressive
	Stock			Markets VIP			Allocation
	Portfolio,			Fund, Class 2,			Fund, Class I,
	Subaccount			Subaccount			Subaccount
Units outstanding at December 31, 2021		136,609			34,100			320,151
Units issued		89			2			38,998
Units redeemed		(10,290	)		(8,087	)		(76,796	)
Units outstanding at December 31, 2022		126,408			26,015			282,353
Units issued		290			-			30,001
Units redeemed		(14,711	)		(3,523	)		(58,684	)
Units outstanding at December 31, 2023		111,987			22,492			253,670

	Ultra Series			Ultra Series			Ultra Series
	Aggressive			Conservative			Conservative
	Allocation			Allocation Fund,			Allocation Fund,
	Fund, Class II,			Class I,			Class II,
	Subaccount			Subaccount			Subaccount
Units outstanding at December 31, 2021		28,064			2,145,673			919,176
Units issued		-			663,749			342,491
Units redeemed		(2,488	)		(977,191	)		(476,568	)
Units outstanding at December 31, 2022		25,576			1,832,231			785,099
Units issued		-			515,738			275,631
Units redeemed		(7,900	)		(847,653	)		(476,046	)
Units outstanding at December 31, 2023		17,676			1,500,316			584,684

	Ultra Series			Ultra Series			Ultra Series
	Core Bond			Core Bond			Diversified
	Fund,			Fund,			Income
	Class I,			Class II,			Fund, Class I,
	Subaccount			Subaccount			Subaccount
Units outstanding at December 31, 2021		2,341,609			718,382			2,868,681
Units issued		1,974,262			649,454			1,095,970
Units redeemed		(2,201,768	)		(706,497	)		(1,433,689	)
Units outstanding at December 31, 2022		2,114,103			661,339			2,530,962
Units issued		1,964,737			598,884			1,073,054
Units redeemed		(2,266,096	)		(693,790	)		(1,408,627	)
Units outstanding at December 31, 2023		1,812,744			566,433			2,195,389

CMFG Variable Annuity Account

Notes to Financial Statements

(6) Changes in Units Outstanding (continued)

	Ultra Series			Ultra Series			Ultra Series
	Diversified			Foundation			Foundation
	Income			Account,			Account,
	Fund, Class II,			Class I,			Class II,
	Subaccount			Subaccount			Subaccount
Units outstanding at December 31, 2021		1,087,988			25,988			869,981
Units issued		121,680			68			219
Units redeemed		(200,782	)		(1	)		(89,861	)
Units outstanding at December 31, 2022		1,008,886			26,055			780,339
Units issued		70,230			-			228
Units redeemed		(212,654	)		(1	)		(124,559	)
Units outstanding at December 31, 2023		866,462			26,054			656,008

	Ultra Series			Ultra Series			Ultra Series
	High Income			High Income			International
	Fund,			Fund,			Stock Fund,
	Class I,			Class II,			Class I,
	Subaccount			Subaccount			Subaccount
Units outstanding at December 31, 2021		523,189			187,994			819,424
Units issued		461,032			174,374			776,715
Units redeemed		(523,560	)		(200,477	)		(813,386	)
Units outstanding at December 31, 2022		460,661			161,891			782,753
Units issued		411,510			147,716			670,005
Units redeemed		(492,167	)		(178,218	)		(795,222	)
Units outstanding at December 31, 2023		380,004			131,389			657,536

	Ultra Series			Ultra Series			Ultra Series
	International			Large Cap			Large Cap
	Stock Fund,			Growth Fund,			Growth Fund,
	Class II,			Class I,			Class II,
	Subaccount			Subaccount			Subaccount
Units outstanding at December 31, 2021		385,308			1,475,748			324,656
Units issued		416,586			749,563			284,554
Units redeemed		(423,332	)		(902,025	)		(341,056	)
Units outstanding at December 31, 2022		378,562			1,323,286			268,154
Units issued		339,238			698,798			226,594
Units redeemed		(417,392	)		(912,313	)		(289,709	)
Units outstanding at December 31, 2023		300,408			1,109,771			205,039

	Ultra Series			Ultra Series			Ultra Series
	Large Cap			Large Cap			Mid Cap
	Value Fund,			Value Fund,			Fund,
	Class I,			Class II,			Class I,
	Subaccount			Subaccount			Subaccount
Units outstanding at December 31, 2021		2,327,640			98,461			1,193,458
Units issued		1,317,957			79,432			581,059
Units redeemed		(1,656,750	)		(100,519	)		(744,428	)
Units outstanding at December 31, 2022		1,988,847			77,374			1,030,089
Units issued		1,215,452			71,972			521,669
Units redeemed		(1,452,527	)		(82,096	)		(684,427	)
Units outstanding at December 31, 2023		1,751,772			67,250			867,331

CMFG Variable Annuity Account

Notes to Financial Statements

(6) Changes in Units Outstanding (continued)

	Ultra Series			Ultra Series			Ultra Series
	Mid Cap			Moderate			Moderate
	Fund,			Allocation			Allocation
	Class II,			Fund, Class I,			Fund, Class II,
	Subaccount			Subaccount			Subaccount
Units outstanding at December 31, 2021		127,840			3,805,558			672,698
Units issued		106,546			584,984			187,268
Units redeemed		(128,403	)		(1,072,687	)		(309,835	)
Units outstanding at December 31, 2022		105,983			3,317,855			550,131
Units issued		86,616			529,065			158,924
Units redeemed		(107,996	)		(1,090,350	)		(263,222	)
Units outstanding at December 31, 2023		84,603			2,756,570			445,833

	Vanguard
	VIF Money
	Market
	Portfolio,
	Subaccount
Units outstanding at December 31, 2021		1,775,508
Units issued		1,316,045
Units redeemed		(1,538,911	)
Units outstanding at December 31, 2022		1,552,642
Units issued		1,245,508
Units redeemed		(1,476,323	)
Units outstanding at December 31, 2023		1,321,827

CMFG Variable Annuity Account

Notes to Financial Statements

(7) Financial Highlights

The table below provides financial highlights for each subaccount for the year ended December 31, 2023 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. The unit value, the expense ratio and the total returns are presented for the product with the lowest and highest expense ratios. In addition, the lowest unit value and total return can exceed the highest unit value and total return due to timing of when amounts were actually invested in the respective contract by contract owners.

	As of								For the year ended
	Units (000's)	Unit Value for Lowest to Highest Expense Ratio					Net Assets (000's)		(1) Investment Income Ratio	(2) Expense Ratio Lowest to Highest	(3) Total Return for Lowest to Highest Expense Ratio
BlackRock Global Allocation V.I. Fund, Class III, Subaccount
12/31/2023	472	$	17.44	to	$	16.59	$	8,213	2.35%	1.30% to 1.80%	10.94%	to	10.45%
12/31/2022	561		15.72	to		15.02		8,807	0.00%	1.30% to 1.80%	-17.09%	to	-17.56%
12/31/2021	675		18.96	to		18.22		12,776	0.74%	1.30% to 1.80%	4.98%	to	4.47%
12/31/2020	819		18.06	to		17.44		14,778	1.21%	1.30% to 1.80%	19.13%	to	18.48%
12/31/2019	995		15.16	to		14.72		15,076	1.14%	1.30% to 1.80%	16.35%	to	15.81%
Franklin Income VIP Fund, Class 4, Subaccount
12/31/2023	375	$	18.78	to	$	18.40	$	6,880	4.94%	1.15% to 1.80%	7.31%	to	6.60%
12/31/2022	408		17.50	to		17.26		6,970	4.72%	1.15% to 1.80%	-6.62%	to	-7.30%
12/31/2021	473		18.74	to		18.62		8,674	4.41%	1.15% to 1.80%	15.32%	to	14.44%
12/31/2020	537		16.25	to		16.27		8,537	5.54%	1.15% to 1.80%	-0.55%	to	-1.27%
12/31/2019	627		16.34	to		16.48		10,050	5.02%	1.15% to 1.80%	14.83%	to	14.05%
Franklin Mutual Global Discovery VIP Fund, Class 4, Subaccount
12/31/2023	179	$	21.15	to	$	20.97	$	3,689	2.16%	1.15% to 1.80%	18.75%	to	17.94%
12/31/2022	224		17.81	to		17.78		3,889	1.16%	1.15% to 1.80%	-5.97%	to	-6.57%
12/31/2021	272		18.94	to		19.03		5,020	2.26%	1.15% to 1.80%	17.64%	to	16.75%
12/31/2020	343		16.10	to		16.30		5,374	2.18%	1.15% to 1.80%	-5.63%	to	-6.27%
12/31/2019	383		17.06	to		17.39		6,375	1.34%	1.15% to 1.80%	22.82%	to	22.04%
Invesco Oppenheimer V.I. International Growth Fund, Service Shares, Subaccount
12/31/2023	561	$	15.95	to	$	15.56	$	8,580	0.28%	1.15% to 1.80%	19.30%	to	18.42%
12/31/2022	698		13.37	to		13.14		8,986	0.00%	1.15% to 1.80%	-28.08%	to	-28.39%
12/31/2021	683		18.59	to		18.35		12,223	0.00%	1.15% to 1.80%	8.78%	to	8.20%
12/31/2020	844		17.09	to		16.96		13,873	0.64%	1.15% to 1.80%	19.68%	to	18.93%
12/31/2019	1,055		14.28	to		14.26		14,523	0.72%	1.15% to 1.80%	26.60%	to	25.64%
Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares, Subaccount
12/31/2023	308	$	13.09	to	$	12.80	$	4,003	0.00%	1.15% to 1.80%	11.50%	to	10.92%
12/31/2022	352		11.74	to		11.54		4,110	0.00%	1.15% to 1.80%	-31.86%	to	-32.36%
12/31/2021	361		17.23	to		17.06		6,202	0.00%	1.15% to 1.80%	17.45%	to	16.69%
12/31/2020	465		14.67	to		14.62		6,818	0.00%	1.15% to 1.80%	-31.51%	to	-33.48%
12/31/2019	310		21.42	to		21.98		6,630	0.00%	1.15% to 1.80%	32.39%	to	31.70%

CMFG Variable Annuity Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	As of								For the year ended
	Units (000's)	Unit Value for Lowest to Highest Expense Ratio					Net Assets (000's)		(1) Investment Income Ratio	(2) Expense Ratio Lowest to Highest	(3) Total Return for Lowest to Highest Expense Ratio
Invesco V.I. Global Real Estate Fund, Series II Shares, Subaccount
12/31/2023	279	$	11.54	to	$	12.50	$	3,077	1.21%	1.15% to 1.80%	7.75%	to	7.11%
12/31/2022	300		10.71	to		11.67		3,075	2.51%	1.15% to 1.80%	-25.93%	to	-26.42%
12/31/2021	338		14.46	to		15.86		4,679	2.55%	1.15% to 1.80%	24.23%	to	23.14%
12/31/2020	394		11.64	to		12.88		4,391	4.69%	1.15% to 1.80%	-13.59%	to	-14.13%
12/31/2019	407		13.47	to		15.00		5,257	3.25%	1.15% to 1.80%	21.24%	to	20.39%
Invesco V.I. Global Strategic Income Fund, Non-Service Shares, Subaccount
12/31/2023	42	$	4.51	to		(a)	$	189	0.00%	1.40%	7.64%	to	(a)
12/31/2022	51		4.19	to		(a)		213	0.00%	1.40%	-12.53%	to	(a)
12/31/2021	57		4.79	to		(a)		274	4.46%	1.40%	-4.96%	to	(a)
12/31/2020	61		5.04	to		(a)		307	5.83%	1.40%	1.61%	to	(a)
12/31/2019	66		4.96	to		(a)		329	3.71%	1.40%	8.30%	to	(a)
Invesco V.I. Government Securities Fund, Series II Shares, Subaccount
12/31/2023	785	$	9.93	to	$	9.21	$	7,753	1.73%	1.15% to 1.80%	3.22%	to	2.56%
12/31/2022	867		9.62	to		8.98		8,301	1.67%	1.30% to 1.80%	-11.82%	to	-12.13%
12/31/2021	986		10.91	to		10.22		10,704	2.26%	1.30% to 1.80%	-3.71%	to	-4.04%
12/31/2020	963		11.33	to		10.65		10,868	2.06%	1.30% to 1.80%	4.62%	to	4.11%
12/31/2019	1,116		10.83	to		10.23		12,037	2.09%	1.30% to 1.80%	4.44%	to	3.86%
Invesco V.I. Growth and Income Fund, Series II Shares, Subaccount
12/31/2023	705	$	26.30	to	$	26.30	$	18,161	1.26%	1.15% to 1.80%	11.02%	to	10.41%
12/31/2022	836		23.69	to	$	23.82		19,434	1.22%	1.15% to 1.80%	-7.10%	to	-7.71%
12/31/2021	1,034		25.50	to	$	25.81		25,901	1.19%	1.15% to 1.80%	26.68%	to	25.84%
12/31/2020	1,397		20.13	to	$	20.51		27,609	2.07%	1.15% to 1.80%	0.55%	to	0.05%
12/31/2019	1,494		20.02	to	$	20.50		29,403	1.49%	1.15% to 1.80%	23.43%	to	22.53%
Invesco V.I. Main Street Fund®, Service Shares, Subaccount
12/31/2023	329	$	30.88	to	$	30.76	$	9,856	0.48%	1.15% to 1.80%	21.48%	to	20.67%
12/31/2022	385		25.42	to		25.49		9,529	1.08%	1.15% to 1.80%	-21.18%	to	-21.74%
12/31/2021	448		32.25	to		32.57		14,091	0.49%	1.15% to 1.80%	25.68%	to	25.03%
12/31/2020	558		25.66	to		26.05		13,975	1.15%	1.15% to 1.80%	12.35%	to	11.71%
12/31/2019	680		22.84	to		23.32		15,163	0.81%	1.15% to 1.80%	30.44%	to	29.41%
Invesco V.I. Main Street Small Cap Fund®, Service Shares, Subaccount
12/31/2023	150	$	34.00	to	$	32.31	$	4,957	0.90%	1.15% to 1.80%	16.52%	to	15.68%
12/31/2022	172		29.18	to		27.93		4,868	0.25%	1.15% to 1.80%	-16.98%	to	-17.54%
12/31/2021	189		35.15	to		33.87		6,486	0.16%	1.15% to 1.80%	20.87%	to	20.11%
12/31/2020	260		29.08	to		28.20		7,381	0.38%	1.15% to 1.80%	18.21%	to	17.50%
12/31/2019	302		24.60	to		24.00		7,247	0.00%	1.15% to 1.80%	24.68%	to	23.90%

CMFG Variable Annuity Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	As of								For the year ended
	Units (000's)	Unit Value for Lowest to Highest Expense Ratio					Net Assets (000's)		(1) Investment Income Ratio	(2) Expense Ratio Lowest to Highest	(3) Total Return for Lowest to Highest Expense Ratio
MFS® Strategic Income Portfolio, Initial Class, Subaccount
12/31/2023	15	$	24.34	to		(a)	$	366	3.70%	1.40%	6.06%	to	(a)
12/31/2022	16		22.95	to		(a)		371	3.56%	1.40%	-14.91%	to	(a)
12/31/2021	18		26.97	to		(a)		496	2.99%	1.40%	-0.88%	to	(a)
12/31/2020	20		27.21	to		(a)		539	3.53%	1.40%	7.85%	to	(a)
12/31/2019	23		25.23	to		(a)		580	3.39%	1.40%	10.08%	to	(a)
PIMCO Commodity RealReturn® Strategy Portfolio, Advisor Class, Subaccount
12/31/2023	752	$	5.26	to	$	4.51	$	3,855	15.69%	1.15% to 1.80%	-9.15%	to	-9.80%
12/31/2022	776		5.79	to	$	5.00		4,382	21.31%	1.15% to 1.80%	7.82%	to	7.53%
12/31/2021	1,176		5.37	to	$	4.65		6,175	3.89%	1.15% to 1.80%	31.62%	to	31.36%
12/31/2020	1,595		4.08	to	$	3.54		6,380	6.51%	1.15% to 1.80%	0.25%	to	-0.56%
12/31/2019	1,667		4.07	to	$	3.56		6,699	4.23%	1.15% to 1.80%	10.00%	to	9.20%
PIMCO Global Bond Opportunities Portfolio (Unhedged), Advisor Class, Subaccount
12/31/2023	718	$	11.81	to	$	10.72	$	8,223	2.14%	1.15% to 1.80%	3.96%	to	3.28%
12/31/2022	821		11.36	to		10.38		9,066	1.38%	1.15% to 1.80%	-12.14%	to	-12.63%
12/31/2021	909		12.93	to		11.88		11,433	4.77%	1.15% to 1.80%	-5.21%	to	-5.86%
12/31/2020	970		13.64	to		12.62		12,903	2.38%	1.15% to 1.80%	8.77%	to	7.96%
12/31/2019	1,151		12.54	to		11.69		14,107	2.28%	1.15% to 1.80%	4.67%	to	4.19%
PIMCO Total Return Portfolio, Advisor Class, Subaccount
12/31/2023	1,256	$	13.45	to	$	12.44	$	16,551	3.46%	1.15% to 1.80%	4.67%	to	4.01%
12/31/2022	1,442		12.85	to		11.96		18,193	2.50%	1.15% to 1.80%	-15.40%	to	-15.95%
12/31/2021	1,606		15.19	to		14.23		23,970	1.71%	1.15% to 1.80%	-2.50%	to	-3.07%
12/31/2020	1,665		15.58	to		14.68		25,504	1.97%	1.15% to 1.80%	7.30%	to	6.61%
12/31/2019	2,037		14.52	to		13.77		29,110	2.83%	1.15% to 1.80%	7.08%	to	6.33%
T. Rowe Price International Stock Portfolio, Subaccount
12/31/2023	112	$	27.51	to		(a)	$	3,081	0.96%	1.40%	14.67%	to	(a)
12/31/2022	126		23.99	to		(a)		3,033	0.75%	1.40%	-17.05%	to	(a)
12/31/2021	137		28.92	to		(a)		3,951	0.54%	1.40%	-0.07%	to	(a)
12/31/2020	153		28.94	to		(a)		4,428	0.59%	1.40%	12.83%	to	(a)
12/31/2019	168		25.65	to		(a)		4,321	2.30%	1.40%	26.04%	to	(a)
Templeton Developing Markets VIP Fund, Class 2, Subaccount
12/31/2023	22	$	15.97	to		(a)	$	359	2.08%	1.40%	11.13%	to	(a)
12/31/2022	26		14.37	to		(a)		374	2.55%	1.40%	-23.16%	to	(a)
12/31/2021	34		18.70	to		(a)		638	0.84%	1.40%	-7.10%	to	(a)
12/31/2020	36		20.13	to		(a)		727	4.44%	1.40%	15.62%	to	(a)
12/31/2019	38		17.41	to		(a)		658	1.01%	1.40%	24.98%	to	(a)

CMFG Variable Annuity Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	As of								For the year ended
	Units (000's)	Unit Value for Lowest to Highest Expense Ratio					Net Assets (000's)		(1) Investment Income Ratio	(2) Expense Ratio Lowest to Highest	(3) Total Return for Lowest to Highest Expense Ratio
Ultra Series Aggressive Allocation Fund, Class I, Subaccount
12/31/2023	254	$	17.29	to	$	16.56	$	4,474	2.26%	1.15% to 1.40%	11.62%	to	11.29%
12/31/2022	282		15.49	to		14.88		4,466	1.71%	1.15% to 1.40%	-15.40%	to	-15.65%
12/31/2021	320		18.31	to		17.64		5,991	2.52%	1.15% to 1.40%	8.92%	to	8.49%
12/31/2020	372		16.81	to		17.43		6,416	1.25%	1.15% to 1.80%	8.80%	to	8.13%
12/31/2019	489		15.45	to		16.12		7,758	1.48%	1.15% to 1.80%	18.21%	to	17.66%
Ultra Series Aggressive Allocation Fund, Class II, Subaccount
12/31/2023	18	$	26.69	to		(b)	$	472	1.64%	1.30%	11.16%	to	(b)
12/31/2022	26		24.01	to		(b)		614	1.40%	1.30%	-15.70%	to	(b)
12/31/2021	28		28.48	to		(b)		799	2.17%	1.30%	8.45%	to	(b)
12/31/2020	42		26.26	to		(b)		1,095	0.93%	1.30%	8.42%	to	(b)
12/31/2019	53		24.22	to		(b)		1,272	1.11%	1.30%	17.86%	to	(b)
Ultra Series Conservative Allocation Fund, Class I, Subaccount
12/31/2023	1,500	$	15.12	to	$	13.59	$	22,570	2.58%	1.15% to 1.80%	7.08%	to	6.42%
12/31/2022	1,832		14.12	to		12.77		25,797	1.79%	1.15% to 1.80%	-14.11%	to	-14.64%
12/31/2021	2,146		16.44	to		14.96		35,334	1.83%	1.15% to 1.80%	2.30%	to	1.63%
12/31/2020	2,476		16.07	to		14.72		39,865	1.97%	1.15% to 1.80%	8.29%	to	7.52%
12/31/2019	2,902		14.84	to		13.69		43,182	1.75%	1.15% to 1.80%	11.83%	to	10.85%
Ultra Series Conservative Allocation Fund, Class II, Subaccount
12/31/2023	585	$	17.25	to	$	15.50	$	10,057	2.18%	1.30% to 1.80%	6.55%	to	6.09%
12/31/2022	785		16.19	to		14.61		12,679	1.44%	1.30% to 1.80%	-14.56%	to	-14.91%
12/31/2021	919		18.95	to		17.17		17,373	1.58%	1.30% to 1.80%	1.99%	to	1.48%
12/31/2020	1,048		18.58	to		16.92		19,406	1.57%	1.30% to 1.80%	7.71%	to	7.16%
12/31/2019	1,277		17.25	to		15.79		21,984	1.56%	1.30% to 1.80%	11.22%	to	10.73%
Ultra Series Core Bond Fund, Class I, Subaccount
12/31/2023	1,813	$	16.39	to	$	11.20	$	26,729	3.21%	1.15% to 1.80%	5.00%	to	4.28%
12/31/2022	2,114		15.61	to		10.74		29,624	2.53%	1.15% to 1.80%	-14.28%	to	-14.69%
12/31/2021	2,342		18.21	to		12.59		38,372	2.23%	1.15% to 1.80%	-2.67%	to	-3.38%
12/31/2020	2,488		18.71	to		13.03		42,185	2.43%	1.15% to 1.80%	7.65%	to	6.98%
12/31/2019	2,950		17.38	to		12.18		46,422	2.55%	1.15% to 1.80%	7.02%	to	6.47%
Ultra Series Core Bond Fund, Class II, Subaccount
12/31/2023	566	$	11.38	to	$	10.51	$	6,389	2.97%	1.30% to 1.80%	4.60%	to	4.06%
12/31/2022	661		10.88	to		10.10		7,142	2.36%	1.30% to 1.80%	-14.60%	to	-15.05%
12/31/2021	718		12.74	to		11.89		9,091	2.13%	1.30% to 1.80%	-2.90%	to	-3.57%
12/31/2020	780		13.12	to		12.33		10,170	2.14%	1.30% to 1.80%	7.28%	to	6.75%
12/31/2019	999		12.23	to		11.55		12,122	1.07%	1.30% to 1.80%	6.63%	to	6.35%

CMFG Variable Annuity Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	As of								For the year ended
	Units (000's)	Unit Value for Lowest to Highest Expense Ratio					Net Assets (000's)		(1) Investment Income Ratio	(2) Expense Ratio Lowest to Highest	(3) Total Return for Lowest to Highest Expense Ratio
Ultra Series Diversified Income Fund, Class I, Subaccount
12/31/2023	2,195	$	26.52	to	$	21.13	$	67,447	2.58%	1.15% to 1.80%	2.55%	to	1.88%
12/31/2022	2,531		25.86	to		20.74		76,232	2.14%	1.15% to 1.80%	-8.75%	to	-9.27%
12/31/2021	2,869		28.34	to		22.86		94,409	1.79%	1.15% to 1.80%	13.59%	to	12.94%
12/31/2020	3,164		24.95	to		20.24		92,061	2.11%	1.15% to 1.80%	6.53%	to	5.80%
12/31/2019	3,632		23.42	to		19.13		99,600	1.95%	1.15% to 1.80%	18.40%	to	17.58%
Ultra Series Diversified Income Fund, Class II, Subaccount
12/31/2023	866	$	25.52	to	$	23.82	$	21,959	2.37%	1.30% to 1.80%	2.16%	to	1.66%
12/31/2022	1,009		24.98	to		23.43		25,053	1.96%	1.30% to 1.80%	-9.13%	to	-9.47%
12/31/2021	1,088		27.49	to		25.88		29,739	1.68%	1.30% to 1.80%	13.13%	to	12.62%
12/31/2020	1,204		24.30	to		22.98		29,102	1.79%	1.30% to 1.80%	6.11%	to	5.51%
12/31/2019	1,483		22.90	to		21.78		33,801	1.82%	1.30% to 1.80%	17.80%	to	17.22%
Ultra Series Foundation Account, Class I, Subaccount
12/31/2023	26	$	10.78	to		(a)	$	281	3.40%	1.30%	4.86%	to	(a)
12/31/2022	26		10.28	to		(a)		268	2.67%	1.30%	-14.33%	to	(a)
12/31/2021	26		12.00	to		(a)		312	2.32%	1.30%	-2.91%	to	(a)
12/31/2020	26		12.36	to		(a)		325	2.74%	1.30%	7.48%	to	(a)
12/31/2019	26		11.50	to		(a)		301	2.95%	1.30%	6.78%	to	(a)
Ultra Series Foundation Account, Class II, Subaccount
12/31/2023	656	$	10.61	to	$	9.90	$	6,939	2.89%	1.30% to 1.80%	4.53%	to	3.88%
12/31/2022	780		10.15	to		9.53		7,901	2.36%	1.30% to 1.80%	-14.35%	to	-14.99%
12/31/2021	870		11.85	to		11.21		10,288	1.88%	1.30% to 1.80%	-3.19%	to	-3.61%
12/31/2020	1,110		12.24	to		11.63		13,551	2.27%	1.30% to 1.80%	7.18%	to	6.80%
12/31/2019	1,293		11.42	to		10.89		14,733	2.21%	1.30% to 1.80%	6.73%	to	6.45%
Ultra Series High Income Fund, Class I, Subaccount
12/31/2023	380	$	25.94	to	$	16.19	$	8,513	4.81%	1.15% to 1.80%	8.04%	to	7.50%
12/31/2022	461		24.01	to		15.06		9,524	4.60%	1.15% to 1.80%	-10.48%	to	-11.05%
12/31/2021	523		26.82	to		16.93		12,118	4.08%	1.15% to 1.80%	3.07%	to	2.42%
12/31/2020	583		26.02	to		16.53		13,086	4.73%	1.15% to 1.80%	4.71%	to	4.29%
12/31/2019	687		24.85	to		15.85		14,719	4.37%	1.15% to 1.80%	7.44%	to	6.73%
Ultra Series High Income Fund, Class II, Subaccount
12/31/2023	131	$	17.55	to	$	15.89	$	2,279	4.48%	1.30% to 1.80%	7.67%	to	7.15%
12/31/2022	162		16.30	to		14.83		2,612	4.31%	1.30% to 1.80%	-10.83%	to	-11.30%
12/31/2021	188		18.28	to		16.72		3,403	3.95%	1.30% to 1.80%	2.58%	to	2.14%
12/31/2020	209		17.82	to		16.37		3,693	4.52%	1.30% to 1.80%	4.33%	to	3.80%
12/31/2019	248		17.08	to		15.77		4,181	4.21%	1.30% to 1.80%	7.02%	to	6.41%

CMFG Variable Annuity Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	As of								For the year ended
	Units (000's)	Unit Value for Lowest to Highest Expense Ratio					Net Assets (000's)		(1) Investment Income Ratio	(2) Expense Ratio Lowest to Highest	(3) Total Return for Lowest to Highest Expense Ratio
Ultra Series International Stock Fund, Class I, Subaccount
12/31/2023	658	$	18.81	to	$	9.42	$	12,416	0.71%	1.15% to 1.80%	14.42%	to	13.77%
12/31/2022	783		16.44	to		8.28		12,912	0.73%	1.15% to 1.80%	-18.57%	to	-19.30%
12/31/2021	819		20.19	to		10.26		16,655	0.87%	1.15% to 1.80%	-2.42%	to	-3.21%
12/31/2020	919		20.69	to		10.60		19,140	1.01%	1.15% to 1.80%	7.09%	to	6.32%
12/31/2019	1,033		19.32	to		9.97		20,131	1.71%	1.15% to 1.80%	19.41%	to	18.69%
Ultra Series International Stock Fund, Class II, Subaccount
12/31/2023	300	$	17.40	to	$	14.83	$	5,123	0.50%	1.30% to 1.80%	14.02%	to	13.47%
12/31/2022	379		15.26	to		13.07		5,670	0.50%	1.30% to 1.80%	-18.96%	to	-19.37%
12/31/2021	385		18.83	to		16.21		7,126	0.72%	1.30% to 1.80%	-2.84%	to	-3.45%
12/31/2020	469		19.38	to		16.79		8,919	0.74%	1.30% to 1.80%	6.72%	to	6.13%
12/31/2019	544		18.16	to		15.82		9,691	1.48%	1.30% to 1.80%	18.93%	to	18.59%
Ultra Series Large Cap Growth Fund, Class I, Subaccount
12/31/2023	1,110	$	32.93	to	$	30.50	$	57,690	0.34%	1.15% to 1.80%	24.92%	to	24.08%
12/31/2022	1,323		26.36	to		24.58		54,444	0.37%	1.15% to 1.80%	-14.42%	to	-15.01%
12/31/2021	1,476		30.80	to		28.92		70,794	0.35%	1.15% to 1.80%	21.55%	to	20.80%
12/31/2020	1,680		25.34	to		23.94		66,123	0.45%	1.15% to 1.80%	12.62%	to	12.03%
12/31/2019	1,951		22.50	to		21.37		67,720	0.57%	1.15% to 1.80%	29.61%	to	28.73%
Ultra Series Large Cap Growth Fund, Class II, Subaccount
12/31/2023	205	$	48.56	to	$	43.33	$	9,811	0.17%	1.30% to 1.80%	24.45%	to	23.84%
12/31/2022	268		39.02	to		34.99		10,324	0.13%	1.30% to 1.80%	-14.78%	to	-15.18%
12/31/2021	325		45.79	to		41.25		14,667	0.20%	1.30% to 1.80%	21.04%	to	20.47%
12/31/2020	426		37.83	to		34.24		15,900	0.25%	1.30% to 1.80%	12.16%	to	11.60%
12/31/2019	528		33.73	to		30.68		17,569	0.33%	1.30% to 1.80%	29.09%	to	28.48%
Ultra Series Large Cap Value Fund, Class I, Subaccount
12/31/2023	1,752	$	21.66	to	$	16.38	$	55,956	2.41%	1.15% to 1.80%	1.40%	to	0.86%
12/31/2022	1,989		21.36	to		16.24		62,902	2.23%	1.15% to 1.80%	-6.07%	to	-6.72%
12/31/2021	2,328		22.74	to		17.41		77,271	1.80%	1.15% to 1.80%	20.96%	to	20.07%
12/31/2020	2,611		18.80	to		14.50		71,882	1.66%	1.15% to 1.80%	-5.05%	to	-5.97%
12/31/2019	2,908		19.80	to		15.42		84,501	1.37%	1.15% to 1.80%	23.60%	to	22.67%
Ultra Series Large Cap Value Fund, Class II, Subaccount
12/31/2023	67	$	30.58	to	$	27.42	$	2,010	2.19%	1.30% to 1.80%	1.02%	to	0.48%
12/31/2022	77		30.27	to		27.29		2,296	1.95%	1.30% to 1.80%	-6.43%	to	-6.83%
12/31/2021	98		32.35	to		29.29		3,128	1.54%	1.30% to 1.80%	20.44%	to	19.89%
12/31/2020	128		26.86	to		24.43		3,388	1.42%	1.30% to 1.80%	-5.42%	to	-5.89%
12/31/2019	154		28.40	to		25.96		4,284	1.18%	1.30% to 1.80%	22.94%	to	22.34%

CMFG Variable Annuity Account

Notes to Financial Statements

(7) Financial Highlights (continued)

	As of								For the year ended
	Units (000's)	Unit Value for Lowest to Highest Expense Ratio					Net Assets (000's)		(1) Investment Income Ratio	(2) Expense Ratio Lowest to Highest	(3) Total Return for Lowest to Highest Expense Ratio
Ultra Series Mid Cap Fund, Class I, Subaccount
12/31/2023	867	$	62.23	to	$	31.78	$	54,448	0.17%	1.15% to 1.80%	25.41%	to	24.63%
12/31/2022	1,030		49.62	to		25.50		51,434	0.00%	1.15% to 1.80%	-14.17%	to	-14.74%
12/31/2021	1,193		57.81	to		29.91		69,287	0.00%	1.15% to 1.80%	24.91%	to	24.21%
12/31/2020	1,354		46.28	to		24.08		62,690	0.00%	1.15% to 1.80%	8.43%	to	7.89%
12/31/2019	1,542		42.68	to		22.32		65,495	0.00%	1.15% to 1.80%	32.75%	to	31.84%
Ultra Series Mid Cap Fund, Class II, Subaccount
12/31/2023	85	$	54.68	to	$	50.10	$	4,578	0.03%	1.30% to 1.80%	24.93%	to	24.29%
12/31/2022	106		43.77	to		40.31		4,595	0.00%	1.30% to 1.80%	-14.53%	to	-14.94%
12/31/2021	128		51.21	to		47.39		6,487	0.00%	1.30% to 1.80%	24.45%	to	23.83%
12/31/2020	173		41.15	to		38.27		7,069	0.00%	1.30% to 1.80%	7.98%	to	7.47%
12/31/2019	214		38.11	to		35.61		8,070	0.00%	1.30% to 1.80%	32.28%	to	31.55%
Ultra Series Moderate Allocation Fund, Class I, Subaccount
12/31/2023	2,757	$	16.67	to	$	14.41	$	46,521	2.38%	1.15% to 1.80%	9.46%	to	8.75%
12/31/2022	3,318		15.23	to		13.25		51,283	1.74%	1.15% to 1.80%	-14.53%	to	-15.12%
12/31/2021	3,806		17.82	to		15.61		68,865	2.14%	1.15% to 1.80%	6.20%	to	5.54%
12/31/2020	4,525		16.78	to		14.79		77,402	1.53%	1.15% to 1.80%	8.75%	to	8.19%
12/31/2019	5,282		15.43	to		13.67		83,217	2.08%	1.15% to 1.80%	15.41%	to	14.59%
Ultra Series Moderate Allocation Fund, Class II, Subaccount
12/31/2023	446	$	22.46	to	$	20.37	$	9,958	1.97%	1.30% to 1.80%	9.19%	to	8.64%
12/31/2022	550		20.57	to		18.75		11,241	1.38%	1.30% to 1.80%	-14.89%	to	-15.27%
12/31/2021	673		24.17	to		22.13		16,166	2.00%	1.30% to 1.80%	5.68%	to	5.23%
12/31/2020	793		22.87	to		21.03		18,046	1.20%	1.30% to 1.80%	8.44%	to	7.85%
12/31/2019	895		21.09	to		19.50		18,790	1.65%	1.30% to 1.80%	14.74%	to	14.17%
Vanguard VIF Money Market Portfolio, Subaccount
12/31/2023	1,322	$	10.34	to	$	9.81	$	13,521	4.93%	1.15% to 1.80%	3.92%	to	3.26%
12/31/2022	1,553		9.95	to		9.50		15,324	1.45%	1.15% to 1.80%	0.20%	to	-0.21%
12/31/2021	1,776		9.93	to		9.52		17,506	0.01%	1.15% to 1.80%	-1.19%	to	-1.65%
12/31/2020	2,220		10.05	to		9.68		22,144	0.51%	1.15% to 1.80%	-0.79%	to	-1.43%
12/31/2019	2,159		10.13	to		9.82		21,730	2.17%	1.15% to 1.80%	1.20%	to	0.51%

CMFG Variable Annuity Account

Notes to Financial Statements

(7) Financial Highlights (continued)

(1)

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.

(2)

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.

(3)

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. As the total return for each of the periods is presented as a range of lowest to highest percentages based on the product grouping representing the lowest and highest expense ratio amounts, some individual contract total returns are not within the ranges presented.

^(a)

This subaccount is only available in the MEMBERS Variable Annuity product that offers one class and expense ratio, therefore a range of lowest to highest is not presented.

^(b)

This subaccount is only available in the MEMBERS Variable Annuity III product that offers multiple classes and expense ratios, therefore a range of lowest to highest is presented if contract owners have invested in multiple classes for the respective subaccount.

(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.

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