MODERN WOODMEN OF AMERICA VARIABLE ANNUITY … · VAMWMW2002 Page 1 of 10 All pages must be included. ... American Funds IS Capital Income Builder - Class 14 5/1/2015 -12.44 -6.77

Page 1 of 10VAMWMW2002 All pages must be included.

MODERN WOODMEN OF AMERICA VARIABLE ANNUITY SUBACCOUNT PERFORMANCEAverage Annual Returns without Surrender Charges1

Month End 4/30/2020 Quarter Ended 3/31/2020

Objective/Portfolio

Subacct Inception

Date YTD2 1 Year 3 Year 5 Year 10 YearSubacct Inception 1 Year 3 Year 5 Year 10 Year

Subacct Inception

International Options3

American Funds IS Global Small Cap - Class 14 5/1/2015 -18.15 -9.16 0.41 - - -0.72 -18.05 -3.03 - - -3.19

Fidelity VIP Overseas - Initial Class5 5/1/2002 -16.43 -8.69 -1.86 -2.59 0.92 2.57 -11.88 -2.68 -3.23 -0.15 2.16

T. Rowe Price International Stock 5/1/2002 -18.16 -11.47 -2.77 -2.73 0.38 0.65 -15.36 -4.31 -3.60 -0.71 0.21

BNY Mellon VIF International Equity6 5/1/2002 -21.76 -18.07 -6.21 -6.10 -1.25 2.33 -19.00 -6.41 -6.40 -1.99 2.11

American Funds IS New World - Class 14 5/1/2015 -17.35 -9.55 -1.19 - - -0.82 -17.06 -3.62 - - -2.94

American Funds IS Global Growth & Income - Class 14 5/1/2015 -21.52 -12.27 -0.65 - - -0.30 -16.67 -2.67 - - -2.02

Small Cap Options7

BNY Mellon VIF Opportunistic Small Cap6 5/1/2002 -25.15 -23.48 -7.89 -2.98 2.84 -0.63 -32.42 -12.69 -5.98 2.06 -1.48

JPMorgan IT Small Cap Core - Class 18 5/1/2002 -27.33 -24.22 -7.17 -2.94 3.97 4.59 -32.39 -10.95 -6.30 3.21 3.78

Calvert VP Russell 2000 Small Cap Index9 5/1/2002 -23.88 -20.31 -5.29 -1.82 3.21 2.99 -27.53 -8.95 -4.93 2.57 2.28

Mid Cap Options7

Fidelity VIP Real Estate - Initial Class5 5/1/2007 -20.32 -16.31 -4.68 -2.63 3.52 -1.65 -21.78 -6.92 -5.19 3.63 -2.16

Fidelity VIP Mid Cap - Service Class 25 5/1/2002 -22.93 -20.84 -5.89 -2.88 2.67 4.49 -27.93 -9.57 -5.75 1.88 3.76

Calvert VP S&P MidCap 400 Index9 5/1/2002 -22.61 -18.92 -4.56 -1.10 4.61 4.22 -26.14 -8.45 -4.05 3.74 3.48

American Century VP Capital Appreciation 5/1/2002 -10.99 -4.91 5.13 2.78 6.00 3.79 -13.96 0.81 -0.61 4.72 2.96

JPMorgan IT Mid Cap Value8 5/1/2002 -25.36 -21.62 -6.11 -2.80 4.69 4.79 -27.87 -9.82 -5.58 3.95 4.10

American Century VP Mid Cap Value 5/1/2006 -22.70 -16.74 -5.11 -0.43 4.89 3.58 -21.17 -8.37 -2.60 4.23 2.85

T. Rowe Price Mid-Cap Growth 5/1/2002 -14.68 -7.91 4.37 4.22 8.43 8.77 -17.12 0.16 1.17 7.41 7.96

Large Cap OptionsFidelity VIP Energy - Service Class 25 5/1/2015 -41.08 -46.02 -21.62 - - -18.09 -56.79 -29.25 - - -22.39

T. Rowe Price Health Sciences 5/1/2015 -5.05 9.66 8.21 - - 3.16 -7.82 4.50 - - 0.55

Calvert VP Nasdaq - 100 Index9 5/1/2002 -0.30 11.32 13.24 11.47 13.12 7.93 1.92 9.01 8.78 11.79 7.12

T. Rowe Price New America Growth 5/1/2002 -3.77 6.63 11.96 9.17 10.36 7.60 -4.13 7.72 5.95 8.87 6.76

Fidelity VIP Growth - Initial Class5 5/1/2002 -3.87 5.22 11.29 9.01 10.71 6.24 -4.53 7.49 5.67 9.42 5.46

American Century VP Ultra® 5/1/2002 -2.80 6.52 12.30 9.33 10.54 3.57 -4.29 7.96 6.28 8.90 2.75

American Funds IS Growth - Class 24 5/1/2015 -3.27 7.22 9.82 - - 8.44 -3.97 5.65 - - 5.55

American Funds IS Managed Growth - Class P14 5/1/2015 -1.97 6.61 7.41 - - 4.74 3.23 6.22 - - 3.64

Fidelity VIP Growth & Income - Initial Class5 5/1/2002 -18.91 -11.19 -0.72 0.60 5.79 2.39 -15.56 -3.55 -0.71 5.00 1.88

Fidelity VIP Contrafund® - Initial Class5 5/1/2002 -4.45 4.34 6.24 4.87 7.40 5.40 -4.32 2.30 2.31 6.30 4.69

BNY Mellon VIF Growth & Income6 5/1/2002 -13.69 -7.52 2.98 3.08 7.00 2.07 -15.24 -1.21 0.35 5.83 1.32

T. Rowe Price Equity Income 5/1/2002 -24.26 -18.14 -4.08 -1.57 2.97 1.41 -21.96 -6.87 -2.99 2.41 0.91

Fidelity VIP Index 500 - Initial Class5 5/1/2002 -12.47 -3.64 4.43 4.56 7.72 3.37 -11.15 0.63 2.25 6.60 2.70

BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares 5/1/2002 -8.91 2.32 4.39 3.07 6.67 3.94 -5.84 0.78 0.66 5.47 3.27

American Funds IS Growth & Income - Class 24 5/1/2015 -12.97 -5.93 3.84 - - 3.69 -13.82 0.20 - - 1.35

American Funds IS Managed Growth & Income - Class P14 5/1/2015 -5.55 0.82 4.31 - - 2.29 -1.40 3.05 - - 1.40

BNY Mellon VIF Appreciation6 5/1/2002 -9.64 0.56 6.55 4.74 6.75 4.08 -5.33 3.19 2.78 5.56 3.43

American Funds IS Capital Income Builder - Class 14 5/1/2015 -12.44 -6.77 -2.02 - - -2.34 -11.27 -3.87 - - -3.60

Fixed Income OptionAmerican Funds IS Global Bond - Class 24 5/1/2015 -4.65 -0.65 -1.73 - - -2.59 -2.25 -1.90 - - -2.93

Fidelity VIP High Income - Service Class 25 5/1/2002 -13.16 -9.29 -3.55 -2.29 0.46 3.03 -11.80 -4.51 -2.82 0.27 2.81

Federated Hermes Quality Bond Fund II - Primary Shares 7/18/2011 -2.76 1.26 -0.90 -1.62 - -1.31 -2.34 -1.98 -2.44 - -1.77


MODERN WOODMEN OF AMERICA VARIABLE ANNUITY SUBACCOUNT PERFORMANCEAverage Annual Returns without Surrender Charges1


Objective/Portfolio

Subacct Inception


Subacct Inception

Cash Equivalent OptionFederated Hermes Government Money Fund II - Service Shares 10,11 5/1/2002 -3.25 -3.16 -3.37 -3.96 -4.75 -4.56 -3.02 -3.37 -3.96 -4.75 -4.57

7-Day Current Yield: -1.39%

7-Day SEC Effective Yield: -1.38%

An investment in the Federated Government Money Fund II subaccount is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any government agency. Although the subaccount seeks to preserve the value of your

investment at $1.00 per share, it is possible to lose money by investing in the subaccount

Balanced OptionsFederated Hermes Managed Volatility Fund II - Primary Shares 5/1/2002 -13.27 -7.70 -1.29 -1.97 2.25 2.54 -6.27 -1.56 -2.08 2.29 2.46

T. Rowe Price Moderate Allocation Portfolio 5/1/2002 -11.76 -6.38 0.08 0.05 3.01 2.69 -11.62 -1.94 -1.31 2.40 2.26

Life Cycle OptionsFidelity VIP Freedom 2050 - Initial Class5 5/1/2015 -14.20 -6.72 0.71 - - 0.64 -11.66 -1.52 - - -1.17

Fidelity VIP Freedom 2045 - Initial Class5 5/1/2015 -14.20 -6.68 0.72 - - 0.65 -11.64 -1.51 - - -1.16



Fidelity VIP Freedom 2030 - Initial Class5 5/1/2006 -10.75 -3.65 1.25 0.95 3.78 1.73 -8.00 -0.50 -0.22 3.21 1.20




Performance data shown represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. To obtain performance data current to the most recent month-end, please contact (866) 628-6776.


MODERN WOODMEN OF AMERICA VARIABLE ANNUITY SUBACCOUNT PERFORMANCEAverage Annual Returns with Surrender Charges10


Objective/Portfolio

Subacct Inception


Subacct Inception


American Funds IS Global Small Cap - Class 14 5/1/2015 -23.92 -15.65 -1.41 - - -1.44 -23.83 -4.77 - - -3.89


T. Rowe Price International Stock 5/1/2002 -23.93 -17.78 -4.54 -3.43 0.38 0.65 -21.36 -6.03 -4.29 -0.71 0.21


American Funds IS New World - Class 14 5/1/2015 -23.18 -16.01 -2.98 - - -1.54 -22.92 -5.35 - - -3.64

American Funds IS Global Growth & Income - Class 14 5/1/2015 -27.02 -18.51 -2.45 - - -1.02 -22.56 -4.42 - - -2.73

Small Cap Options7

BNY Mellon VIF Opportunistic Small Cap6 5/1/2002 -30.36 -28.83 -9.53 -3.67 2.84 -0.63 -37.05 -14.21 -6.63 2.06 -1.48

JPMorgan IT Small Cap Core - Class 18 5/1/2002 -32.37 -29.50 -8.82 -3.62 3.97 4.59 -37.02 -12.51 -6.95 3.21 3.78


Mid Cap Options7

Fidelity VIP Real Estate - Initial Class5 5/1/2007 -25.92 -22.23 -6.40 -3.33 3.52 -1.65 -27.26 -8.58 -5.87 3.63 -2.16



American Century VP Capital Appreciation 5/1/2002 -17.34 -11.74 3.21 2.03 6.00 3.79 -20.07 -1.01 -1.33 4.72 2.96



T. Rowe Price Mid-Cap Growth 5/1/2002 -20.73 -14.50 2.46 3.47 8.43 8.77 -22.98 -1.64 0.45 7.41 7.96

Large Cap OptionsFidelity VIP Energy - Service Class 25 5/1/2015 -45.02 -49.56 -22.93 - - -18.64 -59.48 -30.37 - - -22.89

T. Rowe Price Health Sciences 5/1/2015 -11.87 1.66 6.20 - - 2.40 -14.42 2.60 - - -0.20

Calvert VP Nasdaq - 100 Index9 5/1/2002 -7.50 3.19 11.14 10.65 13.12 7.93 -5.46 7.00 7.98 11.79 7.12

T. Rowe Price New America Growth 5/1/2002 -10.70 -1.12 9.89 8.36 10.36 7.60 -11.02 5.74 5.18 8.87 6.76

Fidelity VIP Growth - Initial Class5 5/1/2002 -10.78 -2.43 9.24 8.21 10.71 6.24 -11.39 5.52 4.90 9.42 5.46

American Century VP Ultra® 5/1/2002 -9.80 -1.22 10.23 8.53 10.54 3.57 -11.17 5.99 5.51 8.90 2.75

American Funds IS Growth - Class 24 5/1/2015 -10.23 -0.58 7.79 - - 7.64 -10.87 3.72 - - 4.77

American Funds IS Managed Growth - Class P14 5/1/2015 -9.04 -1.14 5.42 - - 3.96 -4.25 4.26 - - 2.87

Fidelity VIP Growth & Income - Initial Class5 5/1/2002 -24.62 -17.52 -2.52 -0.12 5.79 2.39 -21.54 -5.29 -1.43 5.00 1.88

Fidelity VIP Contrafund® - Initial Class5 5/1/2002 -11.32 -3.23 4.27 4.10 7.40 5.40 -11.20 0.43 1.56 6.30 4.69

BNY Mellon VIF Growth & Income6 5/1/2002 -19.82 -14.15 1.10 2.33 7.00 2.07 -21.24 -2.99 -0.37 5.83 1.32


Fidelity VIP Index 500 - Initial Class5 5/1/2002 -18.70 -10.57 2.52 3.80 7.72 3.37 -17.48 -1.19 1.51 6.60 2.70

BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares 5/1/2002 -15.42 -5.09 2.46 2.31 6.67 3.94 -12.60 -1.06 -0.08 5.47 3.27

American Funds IS Growth & Income - Class 24 5/1/2015 -19.16 -12.68 1.94 - - 2.94 -19.94 -1.61 - - 0.61

American Funds IS Managed Growth & Income - Class P14 5/1/2015 -12.33 -6.47 2.39 - - 1.53 -8.51 1.16 - - 0.65

BNY Mellon VIF Appreciation6 5/1/2002 -16.09 -6.71 4.59 3.97 6.75 4.08 -12.12 1.30 2.04 5.56 3.43

American Funds IS Capital Income Builder - Class 14 5/1/2015 -18.67 -13.45 -3.81 - - -3.05 -17.59 -5.61 - - -4.31

Fixed Income OptionAmerican Funds IS Global Bond - Class 24 5/1/2015 -11.50 -7.82 -3.54 - - -3.30 -9.29 -3.70 - - -3.65


Federated Hermes Quality Bond Fund II - Primary Shares 7/18/2011 -9.76 -6.06 -2.73 -2.35 - -1.31 -9.38 -3.78 -3.15 - -1.77


MODERN WOODMEN OF AMERICA VARIABLE ANNUITY SUBACCOUNT PERFORMANCEAverage Annual Returns with Surrender Charges10


Objective/Portfolio

Subacct Inception


Subacct Inception





T. Rowe Price Moderate Allocation Portfolio 5/1/2002 -18.04 -13.09 -1.75 -0.68 3.01 2.69 -17.92 -3.72 -2.03 2.40 2.26

Life Cycle OptionsFidelity VIP Freedom 2050 - Initial Class5 5/1/2015 -20.29 -13.41 -1.13 - - -0.10 -17.95 -3.31 - - -1.90

Fidelity VIP Freedom 2045 - Initial Class5 5/1/2015 -20.29 -13.37 -1.12 - - -0.08 -17.93 -3.30 - - -1.88

Fidelity VIP Freedom 2040 - Initial Class5 5/1/2015 -20.25 -13.37 -1.09 - - -0.07 -17.97 -3.29 - - -1.88

Fidelity VIP Freedom 2035 - Initial Class5 5/1/2015 -19.24 -12.37 -0.79 - - 0.11 -16.71 -2.80 - - -1.57

Fidelity VIP Freedom 2030 - Initial Class5 5/1/2006 -17.11 -10.58 -0.61 0.21 3.78 1.73 -14.59 -2.32 -0.95 3.21 1.20

Fidelity VIP Freedom 2025 - Initial Class5 5/1/2006 -15.83 -9.60 -0.87 -0.16 3.39 1.82 -13.35 -2.39 -1.21 2.91 1.36





MODERN WOODMEN OF AMERICA VARIABLE ANNUITY SUBACCOUNT PERFORMANCE

(1) Average Annual Returns without Surrender Charge assumes no surrender charges were applied during the time period.(2) Year-To-Date returns are not annualized.(3) International stock portfolios contain additional risks that are not associated with U.S. domestic issues, such as changes in currency exchange rates and different governmental regulations, economic conditions and accounting standards.(4) IS represents American Funds Insurance Series.(5) Fidelity Investments is a registered trademark of FMR Corp. VIP represents Fidelity Variable Insurance Products Fund.(6) VIF represents BNY Mellon Variable Investment Fund.(7) Aggressive growth portfolios containing medium-sized and small-company stocks may be more volatile or more subject to erratic market movements than those portfolios containing stocks of larger, more established corporations.(8) IT Represents JP Morgan Insurance Trust.(9) VP represents Calvert Variable Products.(10) Average Annual Returns with Surrender Charge assumes a surrender charge was applied for the given time period.

The performance figures shown are net of respective fund investment management fees, mortality and expense risk charges of 1.40% and the $30 annual administrative charge. The Average Annual Returns with surrender charge reflects the variable annuity's maximum surrender charge of 8% of amount withdrawn, not exceeding 9% of the total premiums paid. A 10% Federal penalty tax on certain withdrawals of earnings before age 59 1/2 may be applied. The returns are historical and include the change in unit price and the automatic reinvestment of dividends and capital gains assuming an initial $1,000 investment. If the initial investment is less than $1,000, the returns could be lower.

Variable product subaccounts are subject to market risk and possible loss of principal. This and other important information is contained in the prospectus, which can be obtained from a Registered Representative and should be read carefully before you invest or pay money. Investors should consider the investment objectives, risks, charges and expenses carefully before investing.

Declared Interest Option: Current DIO Rate Guaranteed DIO Rate

Certificates Issued During Month

Currently Earn Certificates Issued During Month/Year

Are Guaranteed

April 1.00% April 2020 1.00%

May 1.00% May 2020 1.00%

June 1.00% June 2020 1.00%.*The Declared Interest Option guarantees a minimum rate of return for the Variable Annuity backed by the claims-paying ability of Modern Woodmen of America. The current rate of return is declared by the Board of Directors and may change at any time. If a certificate has a Guaranteed DIO rate than is higher than the Current DIO rate shown above, the certificate is credited the Guaranteed DIO rate.The DIO may not be available in all states.

Securities Products and Services Offered By:MWA Financial Services Inc. @, 1701 First Avenue, PO Box 4116, Rock Island, IL 61204 (866) 628-6776

Principal Underwriter:MWA Financial Services Inc. @, 1701 First Avenue, PO Box 4116, Rock Island, IL 61204 (866) 628-6776

Issuing Life Insurance Provider:Modern Woodmen of America, 1701 First Avenue, Rock Island, IL 61201 (800) 447-9811 www.modern-woodmen.org

@ MWA Financial Services Inc. is a wholly owned subsidiary of Modern Woodmen of America.

This report must be preceded or accompanied by a current prospectusPerformance data shown represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. To obtain performance data current to the most recent month-end, please contact (866) 628-6776.


MODERN WOODMEN OF AMERICA VARIABLE ANNUITY SUBACCOUNT HYPOTHETICAL PERFORMANCEAverage Annual Returns without Surrender Charges1


Objective/Portfolio

Fund Inception

Date YTD2 1 Year 3 Year 5 Year 10 YearFund

Inception 1 Year 3 Year 5 Year 10 YearFund

Inception


American Funds IS Global Small Cap - Class 14 4/30/1998 -18.15 -9.16 0.41 -0.51 2.18 5.53 -18.05 -3.03 -2.55 1.18 4.95


T. Rowe Price International Stock 3/31/1994 -18.16 -11.47 -2.77 -2.73 0.38 -0.03 -15.36 -4.31 -3.60 -0.71 -0.21


American Funds IS New World - Class 14 6/17/1999 -17.35 -9.55 -1.19 -0.74 -0.02 3.94 -17.06 -3.62 -2.30 -1.19 3.43

American Funds IS Global Growth & Income - Class 14 5/1/2006 -21.52 -12.27 -0.65 -0.18 3.68 1.31 -16.67 -2.67 -1.41 2.75 0.70

Small Cap Options7

BNY Mellon VIF Opportunistic Small Cap6 8/31/1990 -25.15 -23.48 -7.89 -2.98 2.84 11.37 -32.42 -12.69 -5.98 2.06 10.83

JPMorgan IT Small Cap Core - Class 18 1/3/1995 -27.33 -24.22 -7.17 -2.94 3.97 0.31 -32.39 -10.95 -6.30 3.21 -0.25


Mid Cap Options7

Fidelity VIP Real Estate - Initial Class5 11/6/2002 -20.32 -16.31 -4.68 -2.63 3.52 6.05 -21.78 -6.92 -5.19 3.63 5.67



American Century VP Capital Appreciation 10/5/2001 -10.99 -4.91 5.13 2.78 6.00 3.59 -13.96 0.81 -0.61 4.72 2.78



T. Rowe Price Mid-Cap Growth 12/31/1996 -14.68 -7.91 4.37 4.22 8.43 9.15 -17.12 0.16 1.17 7.41 8.52

Large Cap OptionsFidelity VIP Energy - Service Class 25 7/19/2001 -41.08 -46.02 -21.62 -18.07 -8.40 -1.53 -56.79 -29.25 -20.85 -10.48 -2.84

T. Rowe Price Health Sciences 12/29/2000 -5.05 9.66 8.21 3.54 14.24 6.65 -7.82 4.50 0.24 12.58 5.97

Calvert VP Nasdaq - 100 Index9 4/27/2000 -0.30 11.32 13.24 11.47 13.12 -100.00 1.92 9.01 8.78 11.79 -100.00

T. Rowe Price New America Growth 3/31/1994 -3.77 6.63 11.96 9.17 10.36 7.65 -4.13 7.72 5.95 8.87 7.09

Fidelity VIP Growth - Initial Class5 10/9/1986 -3.87 5.22 11.29 9.01 10.71 8.74 -4.53 7.49 5.67 9.42 8.31

American Century VP Ultra® 5/1/2001 -2.80 6.52 12.30 9.33 10.54 1.94 -4.29 7.96 6.28 8.90 1.16

American Funds IS Growth - Class 24 4/30/1997 -3.27 7.22 9.82 8.62 9.26 8.07 -3.97 5.65 5.93 7.91 7.44

American Funds IS Managed Growth - Class P14 5/1/2013 -1.97 6.61 7.41 4.87 - 5.30 3.23 6.22 3.90 - 4.52

Fidelity VIP Growth & Income - Initial Class5 12/31/1996 -18.91 -11.19 -0.72 0.60 5.79 3.29 -15.56 -3.55 -0.71 5.00 2.90

Fidelity VIP Contrafund® - Initial Class5 1/3/1995 -4.45 4.34 6.24 4.87 7.40 8.25 -4.32 2.30 2.31 6.30 7.74

BNY Mellon VIF Growth & Income6 5/2/1994 -13.69 -7.52 2.98 3.08 7.00 5.26 -15.24 -1.21 0.35 5.83 4.74


Fidelity VIP Index 500 - Initial Class5 8/27/1992 -12.47 -3.64 4.43 4.56 7.72 6.30 -11.15 0.63 2.25 6.60 5.86

BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares 12/31/2000 -8.91 2.32 4.39 3.07 6.67 -0.25 -5.84 0.78 0.66 5.47 -0.87

American Funds IS Growth & Income - Class 24 4/30/1997 -12.97 -5.93 3.84 3.93 6.86 4.89 -13.82 0.20 1.90 5.71 4.38

American Funds IS Managed Growth & Income - Class P14 5/1/2013 -5.55 0.82 4.31 2.52 - 3.86 -1.40 3.05 1.83 - 3.24

BNY Mellon VIF Appreciation6 4/5/1993 -9.64 0.56 6.55 4.74 6.75 6.78 -5.33 3.19 2.78 5.56 6.35

American Funds IS Capital Income Builder - Class 14 5/1/2014 -12.44 -6.77 -2.02 -2.31 - -1.98 -11.27 -3.87 -2.99 - -3.03

Fixed Income OptionAmerican Funds IS Global Bond - Class 24 11/6/2006 -4.65 -0.65 -1.73 -2.68 -2.28 -0.93 -2.25 -1.90 -2.81 -2.50 -1.05


Federated Hermes Quality Bond Fund II - Primary Shares 4/28/1999 -2.76 1.26 -0.90 -1.62 -0.88 0.08 -2.34 -1.98 -2.44 -1.10 -0.11


MODERN WOODMEN OF AMERICA VARIABLE ANNUITY SUBACCOUNT HYPOTHETICAL PERFORMANCEAverage Annual Returns without Surrender Charges1


Objective/Portfolio

Fund Inception



Inception


7-Day Current Yield: -1.39%

7-Day SEC Effective Yield: -1.38%




T. Rowe Price Moderate Allocation Portfolio 12/30/1994 -11.76 -6.38 0.08 0.05 3.01 4.94 -11.62 -1.94 -1.31 2.40 4.63

Life Cycle OptionsFidelity VIP Freedom 2050 - Initial Class5 4/8/2009 -14.20 -6.72 0.71 0.78 4.21 8.21 -11.66 -1.52 -0.70 3.47 7.39










MODERN WOODMEN OF AMERICA VARIABLE ANNUITY SUBACCOUNT HYPOTHETICAL PERFORMANCEAverage Annual Returns with Surrender Charges10


Objective/Portfolio

Fund Inception



Inception


American Funds IS Global Small Cap - Class 14 4/30/1998 -23.92 -15.65 -1.41 -1.24 2.18 5.53 -23.83 -4.77 -3.24 1.18 4.95


T. Rowe Price International Stock 3/31/1994 -23.93 -17.78 -4.54 -3.43 0.38 -0.03 -21.36 -6.03 -4.29 -0.71 -0.21


American Funds IS New World - Class 14 6/17/1999 -23.18 -16.01 -2.98 -1.46 -0.02 3.94 -22.92 -5.35 -3.00 -1.19 3.43

American Funds IS Global Growth & Income - Class 14 5/1/2006 -27.02 -18.51 -2.45 -0.90 3.68 1.31 -22.56 -4.42 -2.12 2.75 0.70

Small Cap Options7

BNY Mellon VIF Opportunistic Small Cap6 8/31/1990 -30.36 -28.83 -9.53 -3.67 2.84 11.37 -37.05 -14.21 -6.63 2.06 10.83

JPMorgan IT Small Cap Core - Class 18 1/3/1995 -32.37 -29.50 -8.82 -3.62 3.97 0.31 -37.02 -12.51 -6.95 3.21 -0.25


Mid Cap Options7

Fidelity VIP Real Estate - Initial Class5 11/6/2002 -25.92 -22.23 -6.40 -3.33 3.52 6.05 -27.26 -8.58 -5.87 3.63 5.67



American Century VP Capital Appreciation 10/5/2001 -17.34 -11.74 3.21 2.03 6.00 3.59 -20.07 -1.01 -1.33 4.72 2.78



T. Rowe Price Mid-Cap Growth 12/31/1996 -20.73 -14.50 2.46 3.47 8.43 9.15 -22.98 -1.64 0.45 7.41 8.52

Large Cap OptionsFidelity VIP Energy - Service Class 25 7/19/2001 -45.02 -49.56 -22.93 -18.62 -8.40 -1.53 -59.48 -30.37 -21.35 -10.48 -2.84

T. Rowe Price Health Sciences 12/29/2000 -11.87 1.66 6.20 2.78 14.24 6.65 -14.42 2.60 -0.48 12.58 5.97

Calvert VP Nasdaq - 100 Index9 4/27/2000 -7.50 3.19 11.14 10.65 13.12 -100.00 -5.46 7.00 7.98 11.79 -100.00

T. Rowe Price New America Growth 3/31/1994 -10.70 -1.12 9.89 8.36 10.36 7.65 -11.02 5.74 5.18 8.87 7.09

Fidelity VIP Growth - Initial Class5 10/9/1986 -10.78 -2.43 9.24 8.21 10.71 8.74 -11.39 5.52 4.90 9.42 8.31

American Century VP Ultra® 5/1/2001 -9.80 -1.22 10.23 8.53 10.54 1.94 -11.17 5.99 5.51 8.90 1.16

American Funds IS Growth - Class 24 4/30/1997 -10.23 -0.58 7.79 7.82 9.26 8.07 -10.87 3.72 5.16 7.91 7.44

American Funds IS Managed Growth - Class P14 5/1/2013 -9.04 -1.14 5.42 4.10 - 5.02 -4.25 4.26 3.14 - 4.25

Fidelity VIP Growth & Income - Initial Class5 12/31/1996 -24.62 -17.52 -2.52 -0.12 5.79 3.29 -21.54 -5.29 -1.43 5.00 2.90

Fidelity VIP Contrafund® - Initial Class5 1/3/1995 -11.32 -3.23 4.27 4.10 7.40 8.25 -11.20 0.43 1.56 6.30 7.74

BNY Mellon VIF Growth & Income6 5/2/1994 -19.82 -14.15 1.10 2.33 7.00 5.26 -21.24 -2.99 -0.37 5.83 4.74


Fidelity VIP Index 500 - Initial Class5 8/27/1992 -18.70 -10.57 2.52 3.80 7.72 6.30 -17.48 -1.19 1.51 6.60 5.86

BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares 12/31/2000 -15.42 -5.09 2.46 2.31 6.67 -0.25 -12.60 -1.06 -0.08 5.47 -0.87

American Funds IS Growth & Income - Class 24 4/30/1997 -19.16 -12.68 1.94 3.17 6.86 4.89 -19.94 -1.61 1.17 5.71 4.38

American Funds IS Managed Growth & Income - Class P14 5/1/2013 -12.33 -6.47 2.39 1.77 - 3.59 -8.51 1.16 1.09 - 2.97

BNY Mellon VIF Appreciation6 4/5/1993 -16.09 -6.71 4.59 3.97 6.75 6.78 -12.12 1.30 2.04 5.56 6.35

American Funds IS Capital Income Builder - Class 14 5/1/2014 -18.67 -13.45 -3.81 -3.02 - -2.43 -17.59 -5.61 -3.69 - -3.47

Fixed Income OptionAmerican Funds IS Global Bond - Class 24 11/6/2006 -11.50 -7.82 -3.54 -3.39 -2.28 -0.93 -9.29 -3.70 -3.52 -2.50 -1.05


Federated Hermes Quality Bond Fund II - Primary Shares 4/28/1999 -9.76 -6.06 -2.73 -2.35 -0.88 0.08 -9.38 -3.78 -3.15 -1.10 -0.11


MODERN WOODMEN OF AMERICA VARIABLE ANNUITY SUBACCOUNT HYPOTHETICAL PERFORMANCEAverage Annual Returns with Surrender Charges10


Objective/Portfolio

Fund Inception



Inception

Cash Equivalent OptionsFederated Hermes Government Money Fund II - Service Shares 10,11 2/20/1990 -10.21 -10.13 -5.15 -4.66 -4.75 -4.28 -10.00 -5.14 -4.67 -4.75 -4.29




T. Rowe Price Moderate Allocation Portfolio 12/30/1994 -18.04 -13.09 -1.75 -0.68 3.01 4.94 -17.92 -3.72 -2.03 2.40 4.63

Life Cycle OptionsFidelity VIP Freedom 2050 - Initial Class5 4/8/2009 -20.29 -13.41 -1.13 0.05 4.21 8.21 -17.95 -3.31 -1.42 3.47 7.39










MODERN WOODMEN OF AMERICA VARIABLE ANNUITY SUBACCOUNT PERFORMANCE

(1) Average Annual Returns without Surrender Charge assumes no surrender charges were applied during the time period.(2) Year-To-Date returns are not annualized.(3) International stock portfolios contain additional risks that are not associated with U.S. domestic issues, such as changes in currency exchange rates and different governmental regulations, economic conditions and accounting standards.(4) IS represents American Funds Insurance Series.(5) Fidelity Investments is a registered trademark of FMR Corp. VIP represents Fidelity Variable Insurance Products Fund.(6) VIF represents BNY Mellon Variable Investment Fund.(7) Aggressive growth portfolios containing medium-sized and small-company stocks may be more volatile or more subject to erratic market movements than those portfolios containing stocks of larger, more established corporations.(8) IT Represents JP Morgan Insurance Trust.(9) VP represents Calvert Variable Products.(10) Average Annual Returns with Surrender Charge assumes a surrender charge was applied for the given time period.

The performance figures shown are net of respective fund investment management fees, mortality and expense risk charges of 1.40% and the $30 annual administrative charge. The Average Annual Returns with surrender charge reflects the variable annuity's maximum surrender charge of 8% of amount withdrawn, not exceeding 9% of the total premiums paid. A 10% Federal penalty tax on certain withdrawals of earnings before age 59 1/2 may be applied. The returns are historical and include the change in unit price and the automatic reinvestment of dividends and capital gains assuming an initial $1,000 investment. If the initial investment is less than $1,000, the returns could be lower.

Variable product subaccounts are subject to market risk and possible loss of principal. This and other important information is contained in the prospectus, which can be obtained from a Registered Representative and should be read carefully before you invest or pay money. Investors should consider the investment objectives, risks, charges and expenses carefully before investing.

Securities Products and Services Offered By:MWA Financial Services Inc. @, 1701 First Avenue, PO Box 4116, Rock Island, IL 61204 (866) 628-6776

Principal Underwriter:MWA Financial Services Inc. @, 1701 First Avenue, PO Box 4116, Rock Island, IL 61204 (866) 628-6776

Issuing Life Insurance Provider:Modern Woodmen of America, 1701 First Avenue, Rock Island, IL 61201 (800) 447-9811 www.modern-woodmen.org

@ MWA Financial Services Inc. is a wholly owned subsidiary of Modern Woodmen of America.

This report must be preceded or accompanied by a current prospectus


Documents

MODERN WOODMEN OF AMERICA VARIABLE ANNUITY … · VAMWMW2002 Page 1 of 10 All pages must be included. ... American Funds IS Capital Income Builder - Class 14 5/1/2015 -12.44 -6.77