Message From The President

  David P. Marks, CFA
  President - MEMBERS Capital Advisors
  Chief Investment Officer - CUNA Mutual Group



  
  Dear Investor,

  Thank you for your interest in MEMBERS Capital Advisors (MCA).  We appreciate you visiting
  our website.  MCA is fully dedicated to providing best in class investment options to our
  clients.  These include the Ultra Series Funds (which are available in MEMBERS Variable
  products and retirement offerings), MEMBERS Mutual Funds, MEMBERS Managed Account
  Program (MAP), and our Institutional Managed Account Program (IMAP).  Each offering
  provides investment opportunities across a broad range of asset classes as well as different
  asset allocations for investors with varying degrees of risk tolerance.  Additionally, MCA
  manages the general account assets of CUNA Mutual Insurance Society which back our
  insurance products such as our fixed and indexed annuities.  I encourage you to explore the
  product areas to understand the benefits we are delivering to clients who invest with us.

  The strength of our investment team, both in number and experience, is the backbone of our
  ability to manage through market cycles.  The second half of 2007 was a challenging year in
  the financial markets and these challenges are not likely to dissipate quickly; as evidenced in
  the early months of 2008.  Your long-term success as in investor with MCA and MEMBERS
  products is our top priority.  2008 will continue to be a challenging year in the economy and the
  capital markets and, with an election pending, a volatile one as well.  With that in mind we are
  conscious of trying to preserve value and limit any potential downside versus our benchmarks.

  For our clients, we appreciate the confidence you have placed in us as managers of your
  assets.  For those who are assessing our capabilities, I invite you to challenge us with your
  questions.  I am confident we are positioned to deliver the investment expertise and results
  you would expect from a growing, high caliber investment management firm.
  
  Sincerely,
 

  David Marks, President
  MEMBERS Capital Advisors