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ANNUAL REPORTS for Period Ended December 31, 2018

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ANNUAL REPORTS for Period Ended December 31, 2018 ANNUAL REPORTS For Period Ended December 31, 2018 This booklet contains the CMFG Variable Life Insurance Account’s audited financial statements and the annual reports for the following mutual funds in which the CMFG Variable Life Insurance Account invests: T. Rowe Price International Stock Portfolio, a series of the T.Rowe Price International Series, Inc. Core Bond, Diversified Income, Large Cap Growth, Large Cap Value, and Mid Cap Funds, each a series of the Ultra Series Fund. Vanguard Variable Insurance Fund Money Market Portfolio, a series of the Vanguard Insurance Fund. UltraVers-ALL LIFESM Distributed by: CUNA Brokerage Services, Inc. Office of Supervisory Jurisdiction 2000 Heritage Way Waverly, IA 50677 Member FINRA & SIPC Telephone: (319) 352-4090 (800) 798-5500 This material is for reporting purposes only and shall not be used in connection with a solicitation, offer or any proposed sale or purchase of securities unless preceded or accompanied by a prospectus. Move confidently into the futureTM ANNUAL REPORT To reduce service expenses, CMFG Life Insurance Company may send only one copy of this booklet per household, regardless of the number of policyowners at the household. However, any policyowner may obtain additional copies of this booklet upon request to CMFG Life Insurance Company. If you have questions, please call CMFG Life Insurance Company at (800) 798-5500. As with all variable life insurance policies and mutual funds, the Securities and Exchange Commission (“SEC”) has not approved or disapproved of these securities, nor does the SEC guarantee the accuracy or adequacy of any prospectus. Any statement to the contrary is a criminal offense. Special Note To view information about your contract online, visit http://e service.cunamutual.com Deloitte & Touche LLP 111 S. 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'DWH5HSUHVHQWV&RPPHQFHPHQW2I2SHUDWLRQV CMFG Variable Life Insurance Account Statements of Assets and Liabilities As of December 31, 2018 Templeton MFS® Oppenheimer T. Rowe Price Developing Strategic Global Strategic International Markets VIP Income Portfolio, Income Fund/VA, Stock Fund, Class 2, Initial Class, Non-Service Shares, Portfolio, Subaccount Subaccount Subaccount Subaccount Assets Investments in mutual funds at fair value$ 9,760 $ 216,685 $ 7,943 $ 5,439,891 Total assets 9,760 216,685 7,943 5,439,891 Liabilities - - - - Net assets$ 9,760 $ 216,685 $ 7,943 $ 5,439,891 Net assets Net assets: type 1$ - $ 216,503 $ - $ 5,365,332 Net assets: type 2 9,760 182 7,943 74,559 Total net assets$ 9,760 $ 216,685 $ 7,943 $ 5,439,891 Number of shares outstanding 1,143 23,400 1,705 417,170 Net asset value per share$ 8.54 $ 9.26 $ 4.66 $ 13.04 Cost of mutual fund shares$ 8,413 $ 233,472 $ 9,258 $ 5,898,597 Ultra Series Ultra Series Ultra Series Ultra Series Aggressive Core Bond Conservative Diversified Allocation Fund, Allocation Fund, Income Fund, Class I, Class I, Class I, Fund, Class I, Subaccount Subaccount Subaccount Subaccount Assets Investments in mutual funds at fair value$ 1,046,624 $ 5,574,270 $ 145,114 $ 50,758,408 Total assets 1,046,624 5,574,270 145,114 50,758,408 Liabilities - - - - Net assets$ 1,046,624 $ 5,574,270 $ 145,114 $ 50,758,408 Net assets Net assets: type 1$ - $ 3,621,347 $ - $ 43,351,872 Net assets: type 2 1,046,624 1,952,923 145,114 7,406,536 Total net assets$ 1,046,624 $ 5,574,270 $ 145,114 $ 50,758,408 Number of shares outstanding 131,367 593,620 15,756 2,940,539 Net asset value per share$ 7.97 $ 9.39 $ 9.21 $ 17.26 Cost of mutual fund shares$ 1,251,742 $ 6,065,022 $ 161,405 $ 51,747,316 See accompanying notes to financial statements 1 CMFG Variable Life Insurance Account Statements of Assets and Liabilities (continued) As of December 31, 2018 Ultra Series Ultra Series Ultra Series Ultra Series High Income International Large Cap Large Cap Fund, Stock Fund, Growth Fund, Value Fund, Class I, Class I, Class I, Class I, Subaccount Subaccount Subaccount Subaccount Assets Investments in mutual funds at fair value$ 866,547 $ 2,233,391 $ 38,893,652 $ 63,709,578 Total assets 866,547 2,233,391 38,893,652 63,709,578 Liabilities - - - - Net assets$ 866,547 $ 2,233,391 $ 38,893,652 $ 63,709,578 Net assets Net assets: type 1$ - $ - $ 30,779,140 $ 56,209,454 Net assets: type 2 866,547 2,233,391 8,114,512 7,500,124 Total net assets$ 866,547 $ 2,233,391 $ 38,893,652 $ 63,709,578 Number of shares outstanding 109,497 224,803 2,262,087 2,915,130 Net asset value per share$ 7.91 $ 9.93 $ 17.19 $ 21.85 Cost of mutual fund shares$ 1,012,742 $ 2,470,803 $ 47,089,626 $ 77,200,457 Ultra Series Ultra Series Vanguard Mid Cap Moderate VIF Money Fund, Allocation Market Class I, Fund, Class I, Portfolio, Subaccount Subaccount Subaccount
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