ck0000906564-20231231

Transactions with Related Persons Promoter and Certain Control Persons (amounts in $1,000’s)

The Company pays fees to SEI under management contracts that cover certain investment, accounting, employee benefit and management services. The Company was charged $61,772, $45,222 and $36,321 in 2023, 2022 and 2021, respectively, related to these contracts.

In 2013, the Company issued guaranteed investment contracts (“GICs”) to SEI for $102,000. In 2016, the Company issued additional GICs of $100,000. During 2020, the contracts were surrendered. In 2021, the Company reissued GICs to SEI for $200,000 that had been surrendered in 2020. These contracts totaling $200,000 in 2023 and 2022, respectively, are included in liabilities for deposit type funds in the statements of admitted assets, liabilities and capital and surplus. In 2022, $101,000 of the contracts were surrendered. The remaining contracts have an account value of $86,115 and $100,687 at December 31, 2023 and 2022, respectively, and are included in liabilities for deposit type funds in the statements of admitted assets, liabilities and capital and surplus. Interest incurred on these contracts was $3,612, $1,689 and $1,386 in 2023, 2022 and 2021, respectively.

The Company pays investment management fees to an affiliate, Guggenheim Partners Investment Management Inc. (“GPIM”). SEI holds an indirect interest in Guggenheim. During 2023, 2022 and 2021, the Company incurred fees of $38,669, $39,252 and $53,321, respectively, for these investment management services.

The Company pays investment fees to SFGAM, an affiliate registered investment advisor. During 2023, and 2022 , the Company incurred $20,597 and $5,141, respectively, for these investment management services. The fee is calculated based on the average fair value of invested assets under management multiplied by a contractual rate.

Guggenheim Commercial Real Estate Finance, LLC, (an indirect subsidiary of Guggenheim) provides commercial mortgage loan origination and servicing services for the Company. The Company incurred expense of $7,219, $8,528 and $7,651 in 2023, 2022 and 2021, respectively, for these commercial mortgage services. The fee is calculated monthly based on the outstanding principal balance of the commercial mortgage loans and real estate owned multiplied by a contractual rate.

In December 2020, the Company originated a commercial mortgage loan for Pathfinder Ranches, LLC, which is an indirect subsidiary of SEI in the amount of $25,000. The loan had an interest rate of 4.35% and was to mature in 2027. During 2022, Pathfinder Ranches, LLC prepaid the entire remaining principal of the loan. A prepayment fee of $4,718 was collected at the time of the payoff. Interest earned on this loan was $0 , $1,147 and $1,088 in 2023 , 2022 and 2021 respectively.

At December 31, 2023, the Company holds an investment security issued by GPIM. The security is reported in bonds in the statements of admitted assets, liabilities, and capital and surplus at December 31, 2023 (8.60% interest, $50,948 par, $50,948 reported value, due 2029). At December 31, 2022, the security was reported in invested assets in the statements of admitted assets, liabilities, and capital and surplus (6.82% interest, $51,406 par, $51,383 reported value, due 2023).

The Company holds $277,657 and $313,388 of investments in debt securities issued by affiliates which are reported in bonds in the statements of admitted assets, liabilities, and capital and surplus at December 31, 2023 and December 31, 2022, respectively. The Company also holds $1,804,865 and $1,316,224 of limited partnership interests in affiliates which are reported in other invested assets in the statements of admitted assets, liabilities, and capital and surplus at December 31, 2023 and 2022, respectively.

The Company provided certain investment, accounting, policy administration and management services to North American. The Company received reimbursements of $181,206, $156,558 and $147,536 in 2023, 2022 and 2021, respectively, for the costs incurred to render such services.

The Company provides certain insurance and noninsurance services to MNL Re. The Company received reimbursements of $100 in each of 2023, 2022 and 2021 for the costs incurred to render such services.

The Company provides certain insurance and noninsurance services to Solberg Re. The Company received reimbursements of $100 in each of 2023, 2022 and 2021 for the costs incurred to render such services.

The Company provides certain insurance and noninsurance services to Canal Re. The Company received reimbursements of $100 in each of 2023, 2022, and 2021 for the costs incurred to render such services.

The Company provided certain investment, accounting, payroll administration and management services to SIG for which it was reimbursed $8,399, $6,019 and $6,305 in 2023, 2022 and 2021, respectively, for costs incurred to render such services.

The Company provides certain investment, accounting, payroll administration and management services to SFN for which it was reimbursed $22,075, $22,781 and $24,945 in 2023, 2022 and 2021, respectively, for costs incurred to render such services.

The Company provides certain accounting, payroll administration and management services to Beacon. The Company received reimbursements of $1,353, $747, and $270 in 2023, 2022 and 2021, respectively, for the costs incurred to render such services.

The Company provides certain accounting, payroll administration and management services to SFGAM. The Company received reimbursements of $979, $454, and $0 in 2023, 2022 and 2021, respectively, for the costs incurred to render such services.

The Company provides certain insurance and noninsurance services to SFG Bermuda. The Company received reimbursements of $2,343, $1,500, and $500 in 2023, 2022 and 2021, respectively, for the costs incurred to render such services.

The Company issued surplus notes payable to SFG. The borrowings were $1,237,000 as of December 31, 2023 and 2022. The Company paid interest to SFG in the amount of $79,550, $72,330, and $65,213 in 2023, 2022 and 2021, respectively.

The Company is party to a coinsurance agreement with North American. In this indemnity agreement, the Company assumes 80% of all policies issued by North American on or after January 1, 2014 of specific annuity plans. The Company recognized $762, $779 and $775 at December 31, 2023, 2022 and 2021, respectively, of premium under this agreement in the statement of operations. The Company retrocedes 100% of this business to a third party reinsurer through a modified coinsurance agreement.

The Company has a coinsurance agreement with MNL Re, an affiliated limited purpose subsidiary life insurance company. The agreement has subsequently been amended to extend the term and increase the life insurance policies covered under the agreement. The Company ceded a defined block of permanent life insurance products to MNL Re. The Company recognized reserve credits of $1,140,561 and $1,299,032 under this agreement on December 31, 2023 and 2022, respectively, which are reflected as a component of liabilities for future policy benefits. The Company recognized $840,810 and $779,076 at December 31, 2023 and 2022, respectively, of funds held under coinsurance under this agreement in the statements of admitted assets, liabilities and capital and surplus. The reserve credit was supported by a contingent note guarantee (“LLC Note”) with a balance of $277,556 and $513,753 for 2023 and 2022, respectively. The LLC Note held by MNL Re, which functions in a manner similar to a standby letter of credit and which Midland National is a beneficiary, is an admitted asset under Iowa prescribed practice and the surplus generated by this prescribed

practice has been retained in the carrying value of MNL Re.

The Company has a coinsurance agreement with Solberg Re, an affiliated limited purpose subsidiary life insurance company. The agreement has subsequently been amended to extend the term and increase the life insurance policies covered under the agreement. The Company ceded a defined block of term life insurance to Solberg Re. The Company received experience refunds related to this agreement of $5,925, $789 and $10,241 during the years ended December 31, 2023, 2022 and 2020, respectively. The Company recognized reserve credits of $502,917, and $524,486 under this agreement on December 31, 2023 and 2022, respectively, which are reflected as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The Company recognized $200,043 and $201,852 at December 31, 2023 and 2022, respectively, of funds held under coinsurance under this agreement which is reported as funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. The reserve credit was supported by an LLC Note with a balance of $302,874 and $322,634 for 2023 and 2022, respectively. The LLC Note held by Solberg Re, which functions in a manner similar to a standby letter of credit and which Midland National is a beneficiary, is an admitted asset under Iowa prescribed practice and the surplus generated by this prescribed practice has been retained in the carrying value of Solberg Re.

The Company entered into a coinsurance agreement with Canal Re, an affiliated limited purpose subsidiary life insurance company. The Company ceded a defined block of term life insurance products to Canal Re. The Company received experience refunds related to this agreement of $20,594, $27,653, and $25,549 during the years ended December 31, 2023, 2022, and 2021 respectively. The Company recognized reserve credits of $435,321 and $395,144 under this agreement on December 31, 2023 and 2022, respectively, which are reflected as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The Company recognized $191,674 and $166,262 at December 31, 2023 and 2022 of funds held under coinsurance under this agreement which is reported as funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. The reserve credit was supported by an LLC Note with a balance of $243,647 and $228,882 for 2023 and 2022, respectively. The LLC Note held by Canal Re, which functions in a manner similar to a standby letter of credit and which Midland National is a beneficiary, is an admitted asset under Iowa prescribed practice and the surplus generated by this prescribed practice has been retained in the carrying value of Canal Re.

The Company also cedes 80% of all fixed index annuity policies issued on or after October 1, 2021. On July 1, 2022 the Company began ceding 80% of all fixed annuity policies issued. The Company ceded premiums of $3,410,246 during 2021, which includes the initial ceding premium on the inforce business ceded. The Company recognized $8,258,985 and $6,963,526 at December 31, 2023 and 2022, respectively, of funds withheld under coinsurance under this agreement as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. Reserve credits of $8,265,651 and $6,952,687 associated with this agreement are reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022, respectively. The treaty also involved the coinsurance of interest maintenance reserves generated by the assets in the funds withheld portfolio. Interest maintenance reserve credits associated with this treaty of $332,649 and $393,146 are reported as a component of interest maintenance reserves in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022.

On April 26, 2023 and June 28, 2023, the Company established investment subsidiaries New Roots M Trust and Stone Roots M Trust, respectively, for the purpose of purchasing and managing residential mortgage loans. The Company held investments of $418,403 and $240,039, for New Roots M Trust and Stone Roots M Trust, respectively, which is being reported as a component of common stock subsidiaries in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2023.

Management’s Discussion and Analysis of Financial Conditions and Results of Operation

FINANCIAL INFORMATION

As an insurance company, we are required by state insurance regulation to hold a specified amount of reserves in order to meet the contractual obligations to our contract holders. Our reserves may be held in our general account, or with respect to certain products in our separate accounts. We monitor our reserves so that we hold sufficient amounts to cover actual or expected contract and claims payments. It is important to note, however, that there is no guarantee that we will always be able to meet our claims-paying obligations, and that there are risks to purchasing any insurance product or contract.

State insurance regulators also require insurance companies to maintain a minimum amount of capital, which acts as a cushion in the event that the insurer suffers a financial impairment, based on the inherent risks in the insurer’s operations. These risks include those associated with losses that we may incur as the result of defaults on the payment of interest or principal on our general account and separate accounts’ assets, as well as the loss in market value of those investments. We may also experience liquidity risk if our general account assets cannot be readily converted into cash to meet obligations to our contract holders or to provide collateral necessary to finance our business operations.

We strive to maintain a solid risk-adjusted capitalization for our current business strategy and related investment risks. Our capital position is supported by our operations and our fixed-income investment portfolio. In addition, we are subject to state insurance regulations based on the risk-based capital (“RBC”) requirements of the National Association of Insurance Commissioners (“NAIC”) and report our RBC based on a formula calculated by applying factors to various asset, premium and statutory reserve items, as well as taking into account our risk characteristics. We currently target a RBC ratio (company action level) of 400%.

Selected Financial Data


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021		2020		2019
Statement of Operations Data:
Premium considerations:
Life	$	807,826	$	1,998,424	$	2,903,919	$	862,658	$	834,451
Annuity	3,696,976		1,995,393		1,173,790		5,587,095		2,421,597
Total premium considerations	4,504,802		3,993,817		4,077,709		6,449,753		3,256,048
Net investment income and other revenues	2,207,200		2,241,413		1,525,509		1,982,908		2,262,883
Total revenues	6,712,002		6,235,230		5,603,218		8,432,661		5,518,931
Total benefits and expenses	6,078,873		5,559,484		4,495,024		7,961,534		5,042,205
Net gain from operations before federal income taxes and before realized capital gains or (losses)	633,129		675,746		1,108,194		471,127		476,726
Net income	$	321,233	$	512,344	$	956,597	$	152,626	$	371,200

	As of December 31,
(dollars in thousands)	2023		2022		2021		2020		2019
Balance Sheet Data:
Cash and invested assets	$	68,225,875	$	68,506,437	$	65,411,142	$	59,094,762	$	53,060,013
Total admitted assets	78,231,381		77,808,910		74,338,746		67,262,504		60,416,251
Aggregate reserves for life and annuity contracts	43,750,545		45,321,010		43,928,249		43,223,475		38,935,399
Other liabilities	29,582,243		27,424,383		25,162,055		19,833,970		17,628,421
Total liabilities	73,332,788		72,745,393		69,090,304		63,057,445		56,563,820
Total capital and surplus	4,898,593		5,063,517		5,248,442		4,205,059		3,852,431

Management’s Discussion and Analysis of Financial Conditions and Results of Operation

The following discussion provides an assessment of the statutory basis financial position and results of operations of Midland National. Statutory accounting practices (“SAP”) financial information is prepared and presented in accordance with accounting practices prescribed or permitted by the NAIC and the Iowa Insurance Division. Certain differences exist between SAP and GAAP. See Note 1 of Midland National’s statutory basis audited financial statements, which are included elsewhere in this document, for a detail discussion of these differences.

Cautionary Statement Regarding Forward-Looking Statements

This prospectus contains forward-looking statements which can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “intends,” “plans,” “estimates,” “anticipates” or other comparable terms. Forward-looking statements are subject to risks and uncertainty. Future events and outcomes may differ materially from those made or suggested by the forward-looking statements contained in this prospectus. We do not assume any responsibility for actual future results that differ from expectations reflected in forward-looking statements. For more information about the risks and uncertainties that may cause actual results to differ materially from forward-looking statements, please see “Risk Factors” in Section 7—Midland National Life Insurance Company.

Overview

Midland National is a life insurance company domiciled in the state of Iowa. The Company offers a variety of financial and retirement products through multiple distribution channels. Its insurance products include life insurance, including bank and credit union-owned life insurance, and fixed and variable annuities.

Our primary sources of earnings are (i) the spread that we earn on our investments (i.e., net investment income less cost of money, which includes interest credited to contract holder accounts and costs of hedging) and (ii) mortality gains (i.e., premiums and other revenues offset by life death benefits and increases in reserves), offset by general and administrative expenses.

Analysis of Results of Operations—Years Ended December 31, 2023 and 2022

The following table presents the statutory results of operations for the periods indicated:


	Year Ended December 31,				% Change
(dollars in thousands)	2023		2022
Revenues:
Life premium	$	807,826	$	1,998,424	-60	%
Annuity considerations	3,696,976		1,995,393		85	%
Net investment income	2,340,965		2,188,896		7	%
Investment income ceded - funds withheld reinsurance	(418,926)		(254,135)		65	%
Other income	285,161		306,652		-7	%
Total revenues	6,712,002		6,235,230		8	%
Benefits and Expenses:
Policyholder benefits	6,715,688		3,151,700		113	%
Change in policyholder reserves	(1,570,465)		1,392,761		-213	%
Operating costs and other items	899,140		876,196		3	%
Transfers to interest maintenance reserve ceded	22,238		39,327		-43	%
Net transfers to (from) separate accounts	12,272		99,500		-88	%
Total Benefits and Expenses	6,078,873		5,559,484		9	%
Operating results before Federal income taxes and realized capital gains (losses)	633,129		675,746		-6	%
Federal income taxes	29,816		130,924		-77	%
Operating results before realized gains (losses)	603,313		544,822		11	%
Realized gains (losses) net of federal income taxes	(282,080)		(32,478)		769	%
Net income	$	321,233	$	512,344	-37	%

policies issued on or after October 1, 2021 as well as 80% of multi-year-guarantee (MYG) fixed annuity policies issued between July 1, 2022 and December 31, 2023. Throughout 2023, the Company continued to ceded 80% of FIA policies issued where living benefit riders were available, but discontinued ceding FIA policies issued on or after April 1, 2023 where living benefit riders were not available. The Company recognized reserve credits of $8,265,651 million under this agreement as of December 31, 2023. The premium ceded in 2023 was $1,573 million.

Net income decreased 37% in 2023 compared to 2022. This decrease was driven by an increase in realized losses incurred, primarily on preferred stocks in 2023 compared to 2022 as described in the previous paragraph.

Revenues

Total revenues increased 8% in the twelve months ended December 31, 2023 compared to the twelve months ended December 31, 2022. Following is a discussion of the primary contributors to this increase.

Life insurance premiums decreased 60%. This decrease was primarily due to a $1.1 billion decrease in sales of bank owned life insurance. Annuity considerations in 2023 were 85% higher than 2022. Direct premiums increased in 2023 due to higher sales of fixed indexed annuities a reduction in ceded annuity premium due to the discontinuation of reinsurance on new sales of fixed indexed annuities without living benefit riders, discontinuation of reinsurance of sales of multi-year guarantee fixed annuities and an increase in Pension Risk Transfer (“PRT”) sales.

Net investment income increased 7% in the 2023 period compared to 2022. The following table provides a summary of the components of net investment income:


	Year Ended December 31,				% Change
(dollars in thousands)	2023		2022
Revenues:
Bonds	$	2,534,053	$	2,351,761	8	%
Preferred stocks	78,691		88,961		-12	%
Common stocks	14,703		15,105		-3	%
Mortgage loans	176,173		183,527		-4	%
Real estate	6,525		6,525		0	%
Policy loans	29,270		23,969		22	%
Cash and short-term investments	79,043		6,106		1195	%
Derivative instruments	(255,426)		(403,530)		-37	%
Other invested assets	166,654		197,483		-16	%
Other investment income	5,344		3,283		63	%
Total gross investment income	2,835,030		2,473,190		15	%
Less: investment expenses	494,065		284,294		74	%
Net investment income	$	2,340,965	$	2,188,896	7	%

The increase in 2023 is primarily attributable to an increase in income from short-term investments and derivative instruments, partially offset by increases in investment expenses, primarily related to securities lending and interest paid on federal home loan bank (FHLB) advances. Derivative instruments primarily consist of derivatives purchased to economically hedge our exposure to fixed indexed annuity and universal life insurance policyholder obligations. Midland National recognizes index options and futures payouts as investment income. This income is also impacted by a corresponding decrease in policyholder reserves. Index option and futures payouts increased in 2023 compared to 2022 due to the relative increase in annual returns on equity market indices during 2023 compared to 2022. Excluding derivative instruments, net investment income was relatively flat, an increase of 0.15% in 2023 compared to 2022. The increase in net investment income, excluding derivative instruments, is attributable to higher earnings on short term investments, higher investment income on floating rate assets due to the increase in interest rates, partially offset by decreased earnings from other invested assets and higher investment expenses associated with securities lending and interest on FHLB advances as a result of the increase in interest rates.

The decrease in other income is attributable to a reduction in commission allowances on reinsurance ceded in 2023 compared to 2022 due to a reduction in annuity premiums ceded to the Company’s affiliate, SFG Bermuda. This was partially offset by a reduction in reserve adjustments on reinsurance ceded in 2023 ($279 million) compared to 2022 (negative $304 million). The reserve adjustments on reinsurance ceded relate to surrender activity on a closed block of annuities reinsured through a modified coinsurance agreement with an unaffiliated party and the decrease in other income related to this item is offset by a corresponding increase in net policy

outflows ceded on the block reinsured. Other income was also impacted by an increase in earnings from MNL’s company owned life insurance (income of $126 million in 2023 compared to $33 million in 2022).

Benefits and Expenses

Policyholder benefits increased 113% ($3.6 billion) in 2023 compared to 2022. This was primarily attributable to an increase in net surrenders on annuities. $2.1 billion of the increase was on surrenders of multi-year-guarantee (MYG) fixed annuity policies due to a large block of policies sold during 2020 with a three year guarantee period. $1.2 billion of the increase was on surrenders bank and credit owned life insurance products which experienced higher surrenders in early 2023. The remainder of the increase in policy benefits was due to general increases in surrender activity due to higher interest rates, partially offset by a decline in life insurance death benefits incurred. Surrender and withdrawal benefits are offset by a corresponding decrease in policyholder reserves. The life death benefits result in an impact to operating earnings by the amount of benefit paid above the amount of policyholder reserve released, net of reinsurance.

Change in policyholder reserves decreased to a decline in reserves of $1,570 million in 2023 compared to an increase in reserves of $1,393 million in 2022. The increase in MYG and bank and credit owned life surrenders in 2023 reference in the previous section resulted in a large decrease in reserves. The decline in sales of bank-owned life insurance in 2023 compared to 2022 also contributed to the lower increase in policyholder reserves. The increase in annuity considerations, net of reinsurance partially offset this decline in change in policyholder reserves.

Operating costs and other items increased 3% in 2023 compared to 2022. This is primarily due to increases in salaries and other costs associated with growth related initiatives of the Company and a slight increase in commissions incurred on sales.

Within the funds withheld coinsurance treaty with an affiliate, SFG Bermuda, the Company recognized realized gains(losses) ceded of $(45) million and $(52) million, respectively in 2023 and 2022 , which was reported as a component of investment income ceded - funds withheld in revenue. The Company also recognized transfers to interest maintenance reserve (“IMR”) ceded of $22 million and $39 million in 2023 and 2022, respectively associated with the coinsurance of any IMR generated from net realized losses/gains generated on the assets in the funds withheld portfolio. The remaining unamortized ceded IMR balance of $333 million associated with this treaty is reported as a component of interest maintenance reserve in the statement of admitted assets, liabilities and capital and surplus as of December 31, 2023.

Net transfers to (from) separate accounts were $12 million in 2023 compared to $100 million in 2022, due to a decrease in bank-owned life insurance premium allocated to the separate account, a decrease in variable annuity premium and an increase in variable annuity surrenders in 2023. Transfers to (from) separate accounts consist of the net transfer of premiums and benefits related to our variable life, variable annuity and bank owned life insurance. This transfer has no impact on the Company’s operations as the transferred premiums and benefits are reported elsewhere in the statement of operations.

Federal Income Taxes

The effective Federal income tax rate applicable to operations in 2023 was (70)% compared to 4% in 2022. The decrease in the effective tax rate is primarily attributable to the relatively low level of pre-tax income due to realized losses combined with the impact of the tax credit bonds held and tax exempt income.

Realized Gains (Losses) Net of Federal Income Taxes

Realized losses net of federal income taxes in 2023 were $(282) million compared to losses of $32 million in 2022. For statutory reporting purposes, realized gains (losses) reported on the statement of operations are net of gains and losses transferred to the Interest Maintenance Reserve (“IMR”). Amounts transferred to IMR, which is a liability reported in the statement of financial position, are gains and losses resulting from changes in interest rates and are amortized into operations over the estimated remaining lives of the securities sold. Gains and losses reported in the statement of operations are credit and non-interest related. The losses reported in 2023 were primarily due to the disposal of preferred stocks, including one significant loss on a preferred stock of a regional bank, disposal of other equity securities and some interest rate swaps. The losses reported in 2022 were primarily due to other that temporary impairments taken during 2022 that were driven by residual impacts in the aircraft sector, emerging market, high yield and privately placed direct lending credit exposure deterioration as well as an intent to sell a specific subset of securities prior to recovery.

Analysis of Results of Operations—Years Ended December 31, 2022 and 2021

Selected Financial Data


	Year Ended December 31,
(dollars in thousands)	2022		2021		2020		2019		2018
Statement of Operations Data:
Premium considerations:
Life	$	1,998,424	$	2,903,919	$	862,658	$	834,451	$	1,154,707
Annuity	1,995,393		1,173,790		5,587,095		2,421,597		2,526,365
Total premium considerations	3,993,817		4,077,709		6,449,753		3,256,048		3,681,072
Net investment income and other revenues	2,241,413		1,525,509		1,982,908		2,262,883		2,350,711
Total revenues	6,235,230		5,603,218		8,432,661		5,518,931		6,031,783
Total benefits and expenses	5,559,484		4,495,024		7,961,534		5,042,205		5,522,022
Net gain from operations before federal income taxes and before realized capital gains or (losses)	675,746		1,108,194		471,127		476,726		509,761
Net income	$	512,344	$	956,597	$	152,626	$	371,200	$	401,605

	As of December 31,
(dollars in thousands)	2022		2021		2020		2019		2018
Balance Sheet Data:
Cash and invested assets	$	68,506,437	$	65,411,142	$	59,094,762	$	53,060,013	$	51,705,164
Total admitted assets	77,808,910		74,338,746		67,262,504		60,416,251		57,914,703
Aggregate reserves for life and annuity contracts	45,321,010		43,928,249		43,223,475		38,935,399		37,541,225
Other liabilities	27,424,383		25,162,055		19,833,970		17,628,421		16,802,270
Total liabilities	72,745,393		69,090,304		63,057,445		56,563,820		54,343,495
Total capital and surplus	5,063,517		5,248,442		4,205,059		3,852,431		3,571,208

Management’s Discussion and Analysis of Financial Conditions and Results of Operation

Cautionary Statement Regarding Forward-Looking Statements

Overview

Analysis of Results of Operations—Years Ended December 31, 2022 and 2021

The following table presents the statutory results of operations for the periods indicated:


	Year Ended December 31,				% Change
(dollars in thousands)	2022		2021
Revenues:
Life premium	$	1,998,424	$	2,903,919	-31	%
Annuity considerations	1,995,393		1,173,790		70	%
Net investment income	2,188,896		3,450,756		-37	%
Other income	52,517		(1,925,247)		-103	%
Total revenues	6,235,230		5,603,218		11	%
Benefits and Expenses:
Policyholder benefits	3,151,700		3,260,079		-3	%
Change in policyholder reserves	1,392,761		704,775		98	%
Operating costs and other items	876,196		786,727		11	%
Transfers to interest maintenance reserve ceded	39,327		(513,281)		-108	%
Net transfers to (from) separate accounts	99,500		256,724		-61	%
Total Benefits and Expenses	5,559,484		4,495,024		24	%
Operating results before Federal income taxes and realized capital gains (losses)	675,746		1,108,194		-39	%
Federal income taxes	130,924		122,814		7	%
Operating results before realized gains (losses)	544,822		985,380		-45	%
Realized gains (losses) net of federal income taxes	(32,478)		(28,783)		13	%
Net income	$	512,344	$	956,597	-46	%

Operating results before Federal income taxes and realized capital gains (losses) decreased 39% for the twelve months ended December 31, 2022 compared to the twelve-month period ended December 31, 2021. This decrease is primarily attributable to lower investment income from alternative investments and a reduction in earnings from company owned life insurance. In addition, earnings were impacted by lower equity markets which resulted in lower hedge proceeds relative to the increase in reserves on index products in 2022 compared to 2021. On October 1, 2021 the Company entered into a funds withheld coinsurance agreement with SFG Bermuda, an affiliated company domiciled in Bermuda. Under this indemnity agreement, the Company ceded 100% of certain fixed index annuity policies issued prior to October 1, 2021. The Company also cedes 80% of fixed index annuity policies issued on or after October 1, 2021 as well as 80% of MYGA policies issued on or after July 1, 2022. The Company recognized reserve credits of $6,953 million under this agreement as of December 31, 2022. The premium ceded in 2022 was $3,789 million.

Net income decreased 46% in 2022 compared to 2021. This decrease was driven by the same factors that impacted operating results in 2022 compared to 2021 as described in the previous paragraph.

Revenues

Total revenues increased 11% in the twelve months ended December 31, 2022 compared to the twelve months ended December 31, 2021. Following is a discussion of the primary contributors to this increase.

Life insurance premiums decreased 31%. This decrease was primarily due to decrease in sales of bank owned life insurance. Annuity considerations in 2022 were 70% higher than 2021. This increase was primarily due to a $2.9 million ceded premium recorded in 2021 associated with the reinsurance of an inforce block of fixed indexed annuities to SFG Bermuda. Direct premiums increased in 2022

due to higher sales of fixed indexed annuities and multi-year guarantee annuities and an increase in issuance of new Pension Risk Transfer (“PRT”) policies.

Net investment income decreased 37% in the 2022 period compared to 2021. The following table provides a summary of the components of net investment income:


	Year Ended December 31,				% Change
(dollars in thousands)	2022		2021
Revenues:
Bonds	$	2,351,761	$	2,313,227	2	%
Preferred stocks	88,961		79,100		12	%
Common stocks	15,105		13,208		14	%
Mortgage loans	183,527		188,120		-2	%
Real estate	6,525		10,074		-35	%
Policy loans	23,969		21,190		13	%
Cash and short-term investments	6,106		2,397		155	%
Derivative instruments	(403,530)		764,920		-153	%
Other invested assets	197,483		289,754		-32	%
Other investment income	3,283		2,318		42	%
Total gross investment income	2,473,190		3,684,308		-33	%
Less: investment expenses	284,294		233,552		22	%
Net investment income	$	2,188,896	$	3,450,756	-37	%

The decrease in 2022 is primarily attributable to an decrease in income from derivative instruments. Derivative instruments primarily consist of derivatives purchased to economically hedge our exposure to fixed indexed annuity and universal life insurance policyholder obligations. Midland National recognizes index options and futures payouts as investment income. This income is also impacted by a corresponding increase in policyholder reserves. Index option and futures payouts decreased in 2022 compared to 2021 due to the relative decrease in annual returns on equity market indices during 2022 compared to 2021. Excluding derivative instruments, net investment income decreased 3% in 2022 compared to 2021. The decrease in net investment income, excluding derivative instruments, is attributable to decreased earnings from other invested assets and from indexed linked securities reported as bonds, partially offset by higher levels of invested assets.

The increase in other income is attributable to a smaller reserve adjustment on reinsurance ceded in 2022 (negative -$304 million) compared to 2021 (negative $1,577 million). The reserve adjustments on reinsurance ceded relate to surrender activity on a closed block of annuities reinsured through a modified coinsurance agreement with an unaffiliated party and the decrease in other income related to this item is offset by a corresponding increase in net policy outflows ceded on the block reinsured. These increases were offset by decrease in earnings from MNL’s company owned life insurance (income of $33 million in 2022 compared to $176 million in 2021).

Benefits and Expenses

Policyholder benefits decreased 3% in 2022 compared to 2021. This was primarily attributable to a decline in net surrenders on annuities and a decline in life insurance death benefits incurred. Surrender and withdrawal benefits are offset by a corresponding decrease in policyholder reserves. The life death benefits result in an impact to operating earnings by the amount of benefit paid above the amount of policyholder reserve released, net of reinsurance.

Change in policyholder reserves increased 98% in 2022 compared to 2021. The increase in FIA, MYG and PRT sales in 2022 resulted in a larger increase in reserves. The $3,789 million of reinsurance premium ceded to SFG Bermuda during 2022 generated a reduction of reserve, and lower bank owned life and corporate owned life insurance sales in 2022 resulted in a lower increase in reserves relative to 2021.

Operating costs and other items increased 11% in 2022 compared to 2021. This is primarily due to increases in salaries and other costs associated with growth related initiatives of the Company and higher commissions due to increases in life and annuity sales.

funds withheld portfolio. The remaining unamortized ceded IMR balance of $393 million associated with this treaty is reported as a component of interest maintenance reserve in the statement of admitted assets, liabilities and capital and surplus as of December 31, 2022.

Net transfers to (from) separate accounts were $100 million in 2022 compared to $257 million in 2021, due to a decrease in variable annuity premium in 2022. Transfers to (from) separate accounts consist of the net transfer of premiums and benefits related to our variable life, variable annuity and bank owned life insurance. This transfer has no impact on the Company’s operations as the transferred premiums and benefits are reported elsewhere in the statement of operations.

Federal Income Taxes

The effective Federal income tax rate applicable to operations in 2022 was 4% compared to 14% in 2021. The decrease in the effective tax rate is primarily attributable to the impact of the tax credit bonds held and tax exempt income.

Realized Gains (Losses) Net of Federal Income Taxes

Realized losses net of federal income taxes in 2022 were $32 million compared to losses of $29 million in 2021. For statutory reporting purposes, realized gains (losses) reported on the statement of operations are net of gains and losses transferred to the Interest Maintenance Reserve (“IMR”). Amounts transferred to IMR, which is a liability reported in the statement of financial position, are gains and losses resulting from changes in interest rates and are amortized into operations over the estimated remaining lives of the securities sold. Gains and losses reported in the statement of operations are credit and non-interest related. The losses reported in 2022 and 2021 were primarily due to other than temporary impairments taken during 2022 that were driven by residual impacts in the aircraft sector, emerging market, high yield and privately placed direct lending credit exposure deterioration as well as an intent to sell a specific subset of securities prior to recovery. The losses reported in 2021 are primarily related to emerging market credit exposure deterioration and residual impacts in the aircraft sector from the post-pandemic era.

Liquidity and Capital Resources

Liquidity

Cash inflows consist primarily of premiums and deposits on insurance and annuity products, investment income and proceeds from sales or maturities of investments. Cash outflows consist primarily of benefits to policyholders and beneficiaries, payments for policy and contract surrenders, dividends to Sammons Financial Group, payments for investments acquired, operating expenses and taxes.

Midland National structures its investment portfolio to provide liquidity for timely payment of policy benefits, operational expenses and other obligations such as dividends. Midland National’s cash and short-term invested assets were $1,709 million and $722 million at December 31, 2023 and December 31, 2022, respectively.

Net cash (used) provided by operating activities was $(1,235) million and $1,451 million for the years ended December 31, 2023 and December 31, 2022, respectively. Net cash flow from operating activities primarily consists of net investment income and premium receipts from insurance contracts less benefit payments, operating expenses and income taxes. The decrease in cash used by operating activities in 2023 is primarily due an increase in surrenders of a block of three year multi-year guarantee (MYG) fixed annuities sold during 2020 that reached the end of their guarantee period in 2023 and increases in surrenders on bank and credit owned life insurance. Cash provided by sales of indexed annuities and other products exceeded cash outflows on those products. Net cash provided by investment income including derivatives used to hedge indexed life and annuity liabilities increased in 2023 compared to 2022 due to higher interest rates and higher derivative cash flow due to higher equity markets associated with indexed life and annuity policyholder allocations.

Cash flow provided (used) by investments was $957 million in 2023 and $(4,903) million in 2022. The increase is driven by the purchase or sales of investments of cash generated or used by operating and financing activities and to increase the balance in cash and short-term investments in 2023 compared to 2022.

Cash flow provided by financing activities was $1,264 million and $2,145 million for the years ended December 31, 2023 and 2022, respectively. The decrease in cash flow in 2023 was primarily due to a smaller increase in the funds withheld balances, primarily on the SFG Bermuda treaty due to a decrease in premiums ceded under that agreement in 2023 compared to 2022. This is offset by ceded premium reported in operating activities.

addition, Midland National is required to purchase activity common stock equal to 5% of outstanding borrowings. As of December 31, 2023, Midland National owned a total of $148 million of membership and activity common stock of the FHLB.

The Company utilizes the FHLB borrowing ability as a source of funding to complement its security lending program. The Company had total outstanding borrowings from the FHLB of $3,073 million at December 31, 2023 and December 31, 2022. These borrowings are fully secured by assets pledged as collateral to the FHLB. The total borrowing capacity available to the Company is dependent on the type and amount of assets eligible to be pledged as collateral. The Company believes it has sufficient assets available to be pledged as collateral to meet any unexpected liquidity need in the foreseeable future.

The Company utilizes a security lending program (primarily repurchase agreements) to enhance investment income. This program could be used as a source of short-term funds if the need arose. As of December 31, 2023 and December 31, 2022, the Company had outstanding repurchase agreements of $4,766 million and $4,806 million, respectively. The repurchase agreements involve the sale of securities and an agreement to repurchase the same securities at a later date at an agreed-upon price. Our policy requires that, at all times during the term of the repurchase agreements, cash or other types of collateral provided is sufficient to allow the counterparty to fund substantially all of the cost of purchasing replacement assets. The cash proceeds received under these repurchase agreements are typically invested in fixed income securities. The Company accounts for these transactions as secured borrowings, where the amount borrowed is tied to the fair value of the underlying collateral securities. The collateral for these agreements is reported in bonds in the balance sheet of the Company.

At December 31, 2023 Midland National had outstanding capital commitments to limited partnerships of $1,146 million.

Insurance Policyholder Liabilities

Liquidity needs vary by product. Factors that affect each product’s need for liquidity include interest rate levels, contract size, competitive products, termination or surrender charges, market value adjustments, federal income taxes, benefit levels and level of underwriting risk. To help assure that obligations will be met when they fall due, the Company uses asset/liability cash flow management techniques that take into consideration current and total investment return requirements, asset and liability durations, risk tolerance, and cash flow requirements. The Company closely monitors the general account to assess asset/liability matching and to modify investment strategies and rebalance investment portfolio durations as necessary. The fair values for liabilities under all insurance contracts are taken into consideration in the overall management of interest rate risk.

The Company’s product features enhance its liquidity position. Virtually all individual deferred annuity products and universal life products contain surrender charges for varying durations, reducing the risk that customers will seek withdrawals during the period surrender charges are in place. Surrender charges allow the Company to better plan the maturities of its invested assets by reducing the risk that future cash outflows will exceed anticipated levels. Also, 85% of the Company’s in-force annuity products (measured by reserves) at December 31, 2023 had a market value adjustment (“MVA”) that protects the Company when surrenders occur as a result of changes in market interest rates.

The following table provides a summary of statutory annuity reserves by withdrawal characteristics:(1)


	December 31, 2023
(dollars in millions)	Annuity Reserve Amount		Percent of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	26,579,668	64	%
At fair value	2,227,994		5	%
At book value less surrender charge of 5% or more	61,634		0	%
Total with adjustment or fair value	28,869,296		69	%
At book value without adjustment	11,243,510		27	%
Not subject to discretionary withdrawal	1,816,733		4	%
Total	41,929,539		100	%
Reinsurance ceded	10,673,187
Total net of reinsurance	$	31,256,352

(1) Annuity contract reserves and deposit fund liabilities are monetary amounts that an insurer must have available to provide for future obligations with respect to annuities and deposit funds. These are liabilities on the balance sheets of financial statements prepared in conformity with statutory accounting practices. These amounts are at least equal to the value to be withdrawn by policyholders.

As indicated in the table above, 4% of policyholder funds at December 31, 2023 were not subject to discretionary withdrawal and another 69% were subject to adjustments and charges that are designed to protect the Company from early withdrawals in the event that they occur. We believe that this structure provides the Company with a relatively stable block of deposit liabilities which helps reduce the risk of unexpected cash withdrawals and the adverse financial effects cash withdrawals could cause.

Certain of our life and annuity products include guaranteed benefits, including guaranteed minimum death benefits, guaranteed minimum withdrawal benefits, guaranteed minimum accumulation benefits, and guaranteed minimum income benefits. These guarantees are designed to protect contract holders against significant downturns in securities markets and interest rates. Any such periods of significant and sustained downturns in securities markets, increased equity volatility, or reduced interest rates could result in an increase in the valuation of our liabilities associated with those products. An increase in these liabilities would result in a decrease in our net income.

Although cash flow testing includes many different scenarios, cash flow requirements are inherently unpredictable, as they are affected by external factors, such as changes in interest rates.

There can be no assurance that future experience regarding benefits and surrenders will be similar to historic experience because withdrawal and surrender levels are influenced by factors such as the interest rate environment and the Company’s claims-paying and financial strength ratings.

Capital Resources

As of December 31, 2023 and 2022, Midland National’s total adjusted capital (“TAC”), as defined by the NAIC, was $5,634 million and $5,655 million, respectively. The TAC is used to calculate the Company’s risk based capital (“RBC”) at the end of each reporting period. As of December 31, 2023 and 2022, Midland National’s company action level RBC was 419% and 404%, respectively. Midland National’s TAC is well in excess of all RBC standards as of both indicated reporting dates. In addition, Midland National monitors its capital levels as determined by each of its rating agencies (AM Best, Standard & Poor’s and Fitch). As of December 31, 2023 and 2022 Midland National’s capital exceeds the amount necessary to maintain its current ratings.

The following table summarizes the components of MNL’s TAC:


	December 31,
(dollars in thousands)	2023		2022
Capital and surplus	$	4,898,593	$	5,063,517
Asset valuation reserve	734,535		590,241
Subsidiaries' asset valuation reserve	1,019		816
Total Adjusted Capital	$	5,634,147	$	5,654,574

The Company is wholly owned by SFG and its ability to pay dividends is limited by the laws of the state of Iowa, its state of domicile. Without prior approval of the commissioner of the Iowa Insurance Division, MNL is limited to pay ordinary dividends to SFG of $603 million in 2024. MNL paid dividends to SFG of $320 million in 2023 and $574 million in 2022.

Midland National has three wholly owned limited purpose captive subsidiaries domiciled in the state of Iowa. The purpose of these captive subsidiaries is to provide statutory relief for redundant statutory required reserves on certain life insurance policies. The statutory relief is in the form of admissibility of qualifying regulatory defined other security assets. The following describes the arrangements applicable to each wholly owned limited purpose captive subsidiary.

Solberg Reinsurance Company (“Solberg Re”), a wholly owned limited purpose subsidiary domiciled in the state of Iowa, secured a contingent note guarantee from an unrelated third party insurance company. The contingent note guarantee supports redundant statutory required reserves on certain term life insurance policies assumed from Midland National and North American Company for Life and Health Insurance (“North American”), an affiliate of Midland National. The contingent note guarantee has a term of 18 years and has a maximum issuance amount of $588 million. The contingent note guarantee can be drawn upon when actual policy benefits

applicable to the specific life insurance term policies exceed specified thresholds. Solberg Re does not anticipate drawing funds against the contingent note guarantee. The amount of the contingent note guarantee is reported as an admitted asset by Solberg Re.

MNL Reinsurance Company (“MNL Re”), another wholly owned limited purpose subsidiary domiciled in the state of Iowa, secured a contingent note guarantee by an unrelated third party for specific risks on certain permanent life insurance policies assumed by MNL Re from Midland National and North American. The contingent note guarantee has a term of 18 years and an aggregate maximum amount of $1,467 million. The contingent note can be drawn upon when actual policy benefits applicable to the specific permanent life insurance policies exceed certain thresholds. MNL Re does not anticipate drawing funds against the contingent note. The amount of the contingent note guarantee is reported as an admitted asset by MNL Re.

Canal Reinsurance Company (“Canal Re”), a wholly owned limited purpose subsidiary domiciled in the state of Iowa, was launched on September 30, 2019 at which time it secured a contingent note guarantee from an unrelated third party insurance company. The contingent note guarantee supports redundant statutory required reserves on certain term life insurance policies assumed from Midland National and North American. The contingent note guarantee has a term of 18 years and has a maximum issuance amount of $458 million. The contingent note guarantee can be drawn upon when actual policy benefits applicable to the specific life insurance term policies exceed specified thresholds. Canal Re does not anticipate drawing funds against the contingent note guarantee. The amount of the contingent note guarantee is reported as an admitted asset by Canal Re.

On December 31, 2020, the Company entered into a coinsurance agreement with a third party reinsurer. The Company has ceded a defined block of permanent life insurance products to the third party reinsurer. The Company recognized funds held under coinsurance under this agreement as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. A reserve credit associated with this agreement is reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022.

Midland National’s parent, SFG, has issued senior notes in 2013, 2017, 2021, 2022 and 2024. The proceeds from these notes were used to purchase surplus notes from SFG’s insurance subsidiaries or contributed to SFG’s insurance subsidiaries to support business growth. SFG has the ability to issue additional debt in order to support future business growth of Midland National and other insurance subsidiaries. SEI also has access a bank line of credit and other sources of capital that can be contributed to SFG and its insurance subsidiaries to support business growth.

Investments

Midland National had total cash and invested assets of $68,226 million and $68,506 million at December 31, 2023 and 2022, respectively, as illustrated below:


	December 31, 2023				December 31, 2022
(dollars in thousands)	Admitted Value		% of Total Admitted Value		Admitted Value		% of Total Admitted Value
Cash and invested assets
Bonds	$	54,716,780	80	%	$	56,710,124	83	%
Stocks
Preferred stocks	986,390		1	%	1,653,807		2	%
Common-subsidiaries	890,229		1	%	264,909		0	%
Common-other	247,960		0	%	309,008		0	%
Mortgage loans	3,790,420		6	%	3,835,425		6	%
Real estate	98,402		0	%	99,050		0	%
Policy loans	528,710		1	%	459,745		1	%
Cash, cash equivalents and short-term investments	1,709,358		3	%	722,450		1	%
Receivable for securities	11,171		0	%	4,686		0	%
Derivative instruments	641,206		1	%	621,508		1	%
Other invested assets	4,605,249		7	%	3,825,725		6	%
Total cash and invested assets	$	68,225,875	100	%	$	68,506,437	100	%

All investments held by the Company are monitored for conformity with the qualitative and quantitative limits prescribed by the Iowa insurance laws and regulations. In addition, the Company’s Board of Directors periodically reviews the investment portfolio, including its credit quality and performance. The Company’s investment strategy is to maintain a predominantly investment-grade, fixed maturity portfolio to provide adequate liquidity for projected insurance and reinsurance obligations, and to generate income while prudently managing the portfolio’s risk.

The following table summarizes the admitted values and estimated fair values of the Company’s bond portfolio for the years ended December 31, 2023 and 2022:


	December 31, 2023						December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total Admitted Value		Estimated Fair Value		Admitted Value		% of Total Admitted Value
Bonds
U.S. government	$	2,768,999	$	3,396,220	6	%	$	2,645,599	$	3,372,011	6	%
All other government	938,903		1,248,653		2	%	961,324		1,303,556		2	%
U.S. special revenue & special assessment obligations, non-guaranteed	10,872,065		12,223,325		22	%	11,104,478		12,642,252		22	%
Industrial and miscellaneous	33,317,841		36,771,743		68	%	32,625,334		37,734,661		67	%
Bank loans	736,747		748,234		1	%	1,249,000		1,292,873		2	%
Parent, subsidiaries and affiliates	331,175		328,605		1	%	344,812		364,771		1	%
Total bonds	$	48,965,730	$	54,716,780	100	%	$	48,930,547	$	56,710,124	100	%
Preferred stock	$	951,265	$	986,390	100	%	$	1,601,753	$	1,653,807	100	%
Common stock
Parent, subsidiaries and affiliates	$	890,229	$	890,229	78	%	$	264,909	$	264,909	46	%
Other	247,960		247,960		22	%	309,008		309,008		54	%
Total common stock	$	1,138,189	$	1,138,189	100	%	$	573,917	$	573,917	100	%

The Company’s rating designations are based on ratings from nationally recognized rating organizations, primarily those assigned by S&P, Moody’s Investor Service, Inc. (“Moody’s”) and Fitch. The Company’s bond portfolio consisted of 95% and 94% of investment grade securities at December 31, 2023 and 2022, respectively. The NAIC Securities Valuation Office (“SVO”) is responsible for the day-to-day credit quality assessment and valuation of securities owned by state-regulated insurance companies. Comparisons between the NAIC ratings and rating agency designations are published by the NAIC. The NAIC assigns securities quality ratings and uniform valuations, which are used by insurers when preparing their annual statements to their state insurance regulators. The NAIC ratings are similar to the rating agency designations of the Nationally Recognized Statistical Rating Organizations (“NRSRO”) for marketable bonds. NAIC ratings 1 and 2 include bonds generally considered investment grade (rated Baa3 or higher by Moody’s, or BBB- or higher by S&P and Fitch), by such ratings organizations. NAIC ratings 3 through 6 include bonds generally considered below

investment grade (rated Ba1 or lower by Moody’s, or rated BB+ or lower by S&P and Fitch). Typically, if a security has been rated by an NRSRO, the SVO utilizes that rating and assigns an NAIC designation based on the following system:


NAIC Rating						NRSRO Equivalent
1						Aaa/Aa/A
2						Baa
3						Ba
4						B
5						Caa and lower
6						In or near default

The following table summarizes Midland National’s bond portfolio by NAIC ratings:


	At December 31, 2023				At December 31, 2022
(dollars in thousands)	Admitted Value		% of Total		Admitted Value		% of Total
NAIC Designation
1	$	33,499,842	61	%	$	33,331,016	59	%
2	18,599,577		34	%	19,544,817		34	%
3	1,562,630		3	%	2,074,143		4	%
4	866,685		2	%	1,377,295		2	%
5	179,069		0	%	364,796		1	%
6	8,977		0	%	18,057		0	%
Total Bonds	$	54,716,780	100	%	$	56,710,124	100	%

The admitted value of investments in bonds, by contractual maturity, are summarized below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties:


	At December 31, 2023				At December 31, 2022
(dollars in thousands)	Admitted Value		% of Total		Admitted Value		% of Total
Contractual maturity
Due in one year or less	$	640,913	1	%	$	647,759	1	%
Due after one year through five years	4,662,846		9	%	4,942,884		9	%
Due after five years through ten years	6,899,048		13	%	6,982,739		12	%
Due after ten years	28,068,287		51	%	29,947,902		53	%
Securities not due at a single maturity date (primarily mortgage-backed securities)	14,445,686		26	%	14,188,840		25	%
Total Bonds	$	54,716,780	100	%	$	56,710,124	100	%

Important factors in the selection of investments include diversification, credit quality, liquidity, yield and call protection. The relative importance of these factors is determined by market conditions and underlying product or portfolio characteristics. The largest asset class in which bonds were invested was Industrial and Miscellaneous, which constituted 68% and 67% of bonds at December 31, 2023 and 2022, respectively.

The following tables summarize the Company’s sector allocation, admitted values, estimated fair values and ratings distribution for Industrial and Miscellaneous bonds at December 31, 2023 and 2022:


	At December 31, 2023						At December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total		Estimated Fair Value		Admitted Value		% of Total
Industrial & Miscellaneous
Insurance	$	2,818,094	$	3,225,632	10	%	$	3,036,691	$	3,569,694	9	%
Banking	2,762,857		2,988,952		9	%	2,981,799		3,347,904		8	%
CLO	2,858,693		2,953,608		8	%	2,455,669		2,609,555		7	%
Military Housing	2,732,340		2,869,078		8	%	2,723,791		3,020,483		8	%
Energy	2,326,544		2,619,592		7	%	2,128,434		2,549,136		7	%
Consumer Non Cyclical	2,016,393		2,308,156		6	%	1,817,306		2,235,984		6	%
Communications	1,437,954		1,647,342		4	%	1,288,655		1,604,980		4	%
Transportation	1,489,958		1,605,148		4	%	1,870,979		2,180,156		6	%
Consumer Cyclical	1,289,116		1,447,532		4	%	1,320,738		1,542,173		4	%
Technology	1,271,907		1,417,595		4	%	1,118,747		1,353,221		4	%
Basic	1,085,753		1,269,544		3	%	1,047,378		1,273,745		3	%
Brokerage/Asset Managers/Exchanges	1,056,310		1,264,557		3	%	997,470		1,261,806		3	%
Whole Business	1,102,647		1,210,984		3	%	1,167,712		1,343,628		4	%
Financial	954,397		1,058,558		3	%	861,736		1,020,492		3	%
CRE-CLO	910,518		941,446		3	%	994,360		1,019,013		3	%
Finance Company	868,442		909,503		2	%	410,798		479,410		1	%
Electric	699,677		765,952		2	%	557,805		648,746		2	%
Other ABS	649,395		674,594		2	%	523,309		566,166		2	%
Other Industrials	535,265		660,110		2	%	591,521		736,819		2	%
Capital Goods	570,861		607,536		2	%	499,349		570,419		2	%
Sovereign	455,351		527,124		1	%	493,319		573,817		2	%
Prime	462,870		522,004		1	%	414,153		484,576		1	%
Other Financials	374,947		442,366		1	%	381,619		449,564		1	%
CTL	385,653		420,707		1	%	399,602		441,869		1	%
Cell Tower	354,124		395,691		1	%	324,145		378,246		1	%
REIT	349,035		377,035		1	%	319,799		360,927		1	%
CDO	311,547		354,615		1	%	357,988		424,116		1	%
Triple Net Lease	255,082		281,544		1	%	314,429		348,500		1	%
Traditional-Conduit	186,267		216,242		1	%	236,327		268,359		1	%
Traditional-Single Borrower	207,096		213,083		1	%	222,719		232,287		1	%
Agency	170,620		204,995		1	%	279,551		326,466		1	%
Alt-A	56,227		57,305		0	%	97,227		100,637		0	%
Diversified Payment Rights	43,618		45,388		0	%	52,659		55,110		0	%
Housing	43,716		45,281		0	%	40,377		42,835		0	%
Utilities	39,628		38,423		0	%	—		—		0	%
Other	30,926		32,300		0	%	30,498		33,041		0	%
Re-Remic	33,233		27,760		0	%	35,739		29,187		0	%
Consumer Unsecured	21,543		21,197		0	%	377		380		0	%


State	16,295		16,661		0	%	11,548		12,718		0	%
University	12,376		13,535		0	%	41,343		44,377		0	%
City	10,352		10,928		0	%	9,905		10,898		0	%
Subprime	9,859		10,341		0	%	47,175		46,160		0	%
County	8,771		9,170		0	%	—		—		0	%
Hospital	7,545		8,668		0	%	47,893		58,103		0	%
Non-Traditional	8,508		8,617		0	%	846		907		0	%
Fixed Income	7,730		7,206		0	%	8,301		8,301		0	%
Water & Sewer	5,482		5,891		0	%	5,352		5,888		0	%
Automotive	5,691		5,534		0	%	13,882		13,916		0	%
Servicing Advance	3,306		3,575		0	%	3,235		3,575		0	%
Recreational	1,758		1,650		0	%	—		—		0	%
School	1,564		1,488		0	%	761		715		0	%
Power	—		—		0	%	40,318		45,656		0	%
Total Industrial & Miscellaneous	$	33,317,841	$	36,771,743	100	%	$	32,625,334	$	37,734,661	100	%


	At December 31, 2023						At December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total		Estimated Fair Value		Admitted Value		% of Total
NAIC Designation
1	$	15,698,624	$	17,124,574	47	%	$	14,679,507	$	16,650,238	44	%
2	16,007,663		17,833,782		48	%	15,904,380		18,650,407		50	%
3	1,172,831		1,333,618		4	%	1,539,497		1,837,259		5	%
4	393,836		442,858		1	%	456,117		545,430		1	%
5	39,923		32,189		0	%	32,221		37,851		0	%
6	4,964		4,722		0	%	13,612		13,476		0	%
Total Industrial & Miscellaneous	$	33,317,841	$	36,771,743	100	%	$	32,625,334	$	37,734,661	100	%

The following table summarizes the Company’s sector allocation, admitted values, estimated fair values and ratings distribution for Bank Loans at December 31, 2023 and 2022:


	At December 31, 2023						At December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total		Estimated Fair Value		Admitted Value		% of Total
Bank Loans
Consumer Non Cyclical	$	254,432	$	266,571	37	%	$	343,241	$	367,419	29	%
Technology	152,872		150,803		20	%	204,476		209,456		16	%
Other Industrials	88,189		91,030		12	%	101,174		105,279		8	%
Capital Goods	61,480		61,155		8	%	96,479		99,257		8	%
Brokerage/Asset Managers/Exchanges	53,094		52,594		7	%	86,197		89,931		7	%
Consumer Cyclical	51,916		51,822		7	%	160,912		165,004		13	%
Transportation	39,510		39,572		5	%	130,192		130,858		10	%
Other Financials	16,480		20,232		3	%	27,923		29,222		2	%
Basic	7,169		7,157		1	%	33,444		33,527		3	%
Communications	3,366		3,350		0	%	27,131		29,515		2	%
Energy	7,577		3,264		0	%	8,544		4,084		0	%
REIT	662		684		0	%	3,618		3,634		0	%
Electric	—		—		0	%	25,669		25,687		2	%
Finance Company	—		—		0	%	—		—		0	%
Total Bank Loans	$	736,747	$	748,234	100	%	$	1,249,000	$	1,292,873	100	%


	At December 31, 2023						At December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total		Estimated Fair Value		Admitted Value		% of Total
NAIC Designation
1	$	4,816	$	4,815	1	%	$	38,605	$	42,155	3	%
2	99,340		99,061		13	%	183,041		184,226		14	%
3	100,797		104,529		14	%	92,910		94,674		7	%
4	389,487		390,385		52	%	768,559		804,795		63	%
5	137,523		145,189		19	%	160,708		162,443		13	%
6	4,784		4,255		1	%	5,177		4,580		0	%
Total Industrial & Miscellaneous	$	736,747	$	748,234	100	%	$	1,249,000	$	1,292,873	100	%

The following tables summarize the security type, admitted values, estimated fair values and ratings distribution for the Company’s investments in Parents, Subsidiaries and Affiliates at December 31, 2023 and 2022:


	At December 31, 2023						At December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total		Estimated Fair Value		Admitted Value		% of Total
Parent, Subsidiaries and Affiliates
Issuer Obligations/Affiliates	$	5,619	$	3,066	1	%	$	5,780	$	3,343	1	%
Structured Securities/Affiliates	274,405		274,591		83	%	288,204		310,045		85	%
Bank Loans/Affiliates	51,151		50,948		16	%	50,828		51,383		14	%
Total Parent, Subsidiaries and Affiliates	$	331,175	$	328,605	100	%	$	344,812	$	364,771	100	%


	At December 31, 2023						At December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total		Estimated Fair Value		Admitted Value		% of Total
NAIC Designation
1	$	253,649	$	251,339	77	%	$	121,314	$	120,321	33	%
2	998		1,060		0	%	944		1,060		0	%
3	64,979		65,434		20	%	66,169		68,116		19	%
4	11,549		10,772		3	%	10,708		10,772		3	%
5	—		—		0	%	145,677		164,502		45	%
6	—		—		0	%	—		—		0	%
Total Parent, Subsidiaries and Affiliates	$	331,175	$	328,605	100	%	$	344,812	$	364,771	100	%

Mortgage Loans

The following tables outline the Company’s mortgage loans by property type:


	At December 31, 2023				At December 31, 2022
(dollars in thousands)	Admitted Value		% of Total		Admitted Value		% of Total
Property Type
Office	$	1,561,302	41	%	$	1,683,399	44	%
Retail	779,294		21	%	770,983		20	%
Hotel	745,283		20	%	646,030		17	%
Industrial	387,114		10	%	302,512		8	%
Multi-family	192,096		5	%	275,721		7	%
Other	122,914		3	%	123,418		3	%
Medical	14,624		0	%	36,818		1	%
Less: Allowance	(12,207)		0	%	(3,456)		0	%
Total Mortgage Loans	$	3,790,420	100	%	$	3,835,425	100	%

The following tables outline the Company’s mortgage loans by geographic location:


	At December 31, 2023				At December 31, 2022
(dollars in thousands)	Admitted Value		% of Total		Admitted Value		% of Total
Geographic Location
Pacific	$	1,160,256	30	%	$	1,065,106	27	%
South Atlantic	924,705		24	%	946,011		25	%
Middle Atlantic	830,001		22	%	914,950		24	%
Mountain	494,743		13	%	364,931		10	%
New England	163,628		4	%	167,405		4	%
West North Central	74,350		2	%	75,909		2	%
East North Central	63,122		2	%	120,789		3	%
East South Central	61,107		2	%	136,932		4	%
West South Central	30,715		1	%	46,848		1	%
Less: Allowance	(12,207)		0	%	(3,456)		0	%
Total Mortgage Loans	$	3,790,420	100	%	$	3,835,425	100	%

The following table summarizes the Company’s mortgage loans by year of origination, current carrying value, average loan-to-value (“LTV”) at date of origination and range of interest rates.


(dollars in thousands)			Admitted Value as of
Year of Origination	Interest Rate Range	Range of LTV at Origination	December 31, 2023		% of Total
2019 and prior	3.55% - 8.00%	42% - 76%	$	2,095,253	54	%
2020	3.39% - 4.85%	44% - 70%	142,486		4	%
2021	3.00% - 4.25%	51% - 68%	330,585		9	%
2022	3.00% - 9.97%	11% - 67%	934,103		25	%
2023	4.58% - 6.70%	30% - 67%	300,200		8	%
Less: Allowance			(12,207)		0	%
			$	3,790,420	100	%

Other Invested Assets

Other invested assets are comprised of limited partnerships, limited liability companies, residual equity interests, collateral loans, surplus notes and reverse mortgages. The following table summarizes the admitted value and unfunded commitments for the categories of other invested assets reported in the Company’s balance sheet.


	At December 31, 2023				At December 31, 2022
(dollars in thousands)	Admitted Value		Unfunded commitments		Admitted Value		Unfunded commitments
Investments that have underlying characteristics of:
Mortgage loans	$	170,896	$	63,606	$	250,637	$	61,563
Fixed income instruments-Unaffiliated	255,232		130,004		67,020		97,475
Fixed income instruments-Affiliated	319,428		—		283,789		6,286
Common stocks-Unaffiliated	1,210,487		494,087		1,023,181		726,073
Common stocks-Affiliated	747,629		237,964		737,479		87,020
Real estate	468,515		227,592		16,531		460,962
Surplus Notes	924,049		—		990,447		—
Collateral loans-Unaffiliated	100,556		—		116,436		—
Collateral loans-Affiliated	377,154		—		305,222		—
Miscellaneous other	31,303		—		34,983		—
Total other invested assets	$	4,605,249	$	1,153,253	$	3,825,725	$	1,439,379

Derivatives

Derivatives consist of options, futures, interest rate swaps and foreign currency forwards. Midland National uses derivative instruments to manage its fixed indexed and policy obligations, interest guarantees and interest rate and credit risks applicable to its investments.

Derivatives are financial instruments whose values are derived from interest rates, financial indices, or other prices of securities. Under Iowa insurance statutes, Midland National may use derivatives to hedge market values or cash flows of assets or liabilities; to replicate cash market instruments; and for limited income generating activities. Midland National is prohibited from using derivatives for speculative purposes.

The following table presents the estimated fair value and admitted value for assets and reported value for liabilities of derivatives:


	At December 31, 2023				At December 31, 2022
(dollars in thousands)	Admitted Value		Estimated Fair Value		Admitted Value		Estimated Fair Value
Derivative instruments:
Assets:
Call options	$	631,051	$	1,734,035	$	599,246	$	546,347
Futures	7,295		7,295		4,342		4,342
Interest rate swaps	—		—		16,085		2,658
Foreign exchange forwards	2,860		2,860		1,835		1,835
Total derivative instruments assets	$	641,206	$	1,744,190	$	621,508	$	555,182

	Admitted Value		Estimated Fair Value		Admitted Value		Estimated Fair Value
Liabilities:
Interest rate swaps	$	8,653	$	8,653	$	12,648	$	12,648
Written options	239,028		841,173		271,812		229,542
Foreign exchange forwards	1,761		1,761		1,678		1,678
Total derivative instruments liabilities	$	249,442	$	851,587	$	286,138	$	243,868

Off Balance Sheet Arrangements

None.

Critical Accounting Estimates

The preparation of financial statements of insurance companies requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. The most significant areas that require the use of management’s estimates relate to the determination of the fair values of financial assets and liabilities, derivatives and derivative instruments, impairments of securities, income taxes and liabilities for future policy benefits. Note 1 of the 2023 Midland National Audited Statutory Financial Statements provides a summary of significant accounting policies.

Qualitative and Quantitative Disclosures about Market Risk

Midland National is primarily exposed to market risk through its investment activities and management of its policyholder insurance account balances. The investment portfolio is managed with the objective of generating returns that meet pricing spread targets and fulfill future policyholder obligations.

Interest rate, liquidity and credit risk related to our investment portfolio are our primary market risk exposures. In addition, we are exposed to interest rate risk and risks associated with hedging our indexed life and annuity policyholder obligations. Midland National’s financial position and earnings are subject to various market risks including changes in interest rates, changes in the yield curve, changes in risk-free and risk-adjusted spreads and movements in equity indices levels. These market risks impact the fair values of our bonds and, to a lesser extent, our other invested assets, the levels of interest credited to our policyholder account balances and the participation and cap rates available on our fixed indexed annuity and life insurance products. Many of our annuity and life insurance products feature surrender charges, market value adjustments and other features to encourage policyholder persistency.

There may be a limited market for certain investments we hold in our investment portfolio. These investments, which may be illiquid under certain circumstances, include privately-placed bonds, mortgage loans, policy loans, real estate and other limited partnerships. Under certain market conditions, some of our very high quality bonds can experience reduced liquidity such as during periods of market volatility or disruption. Under these circumstances market prices may be lower than our carrying value and we could be forced to sell these investments at a loss.

defaults has not exceeded the assumed level built into our product pricing. Our investment manager applies vigorous credit analysis prior to the purchase of a security and during the holding period in order to minimize the negative impact from security defaults.

Midland National manages these markets risks by utilizing a comprehensive asset/liability management process involving the monitoring of asset and liability interest rate sensitivities for our various products. This process includes cash flow testing under various interest rate scenarios, including severe stress tests. The monitoring includes an analysis of rebalancing the assets and liabilities under the various scenarios with respect to interest rate movements, risk profiles and cash flow characteristics. Midland National has established internal guidelines for matching the duration of our assets and liabilities. The duration of our assets and liabilities measures the present value of asset or liability cash flows and is used to measure the sensitivity to changes in interest rates. Maintaining a close relationship between the duration of our assets and liabilities reduces the risk of an adverse impact to our

financial condition or operations as a result of changing interest rates.

Midland National sells life and annuity products that provide for a guarantee base return and a higher return tied to several major equity market indices. In order to mitigate this market risk, Midland National purchases over-the-counter index options and futures contracts that compensate us for any appreciation over the strike price and offsets the corresponding increase in the policyholder obligation. Midland National purchases index call options on applicable indices and enters futures contract during the year to fund the annual index credits on our fixed indexed life and annuity policies. The risk associated with these purchases is the fluctuation of costs from period to period. We manage this risk by adjusting caps and participation rates on the applicable indexed products within contractual limitations. By managing the caps and participation rates we can limit the cost of the options and futures to be within product pricing assumptions subject to contractual limitations. For the past three years, index credits to policyholders were $290 million in 2023, $234 million in 2022 and $1,110 million in 2021. Proceeds from option payouts and futures contracts were $295 million in 2023, $242 million in 2022 and $1,150 million in 2021. The difference between proceeds received and index credits is impacted by levels of surrender, withdrawals, lapses and other policyholder behavior.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

As filed with the Securities and Exchange Commission on April 19, 2024

Registration Nos. 333-262682

811-07772

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM N-4

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933


			Pre-Effective Amendment No. ___			☐
			Post-Effective Amendment No. 3			☒
			And

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940


			Amendment No. 156			☒

Midland National Life Separate Account C

(Exact Name of Registrant)

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(Name of Depositor)

One Sammons Plaza, Sioux Falls, SD 57193

(Address of Depositor’s Principal Executive Offices)

Depositor’s Telephone Number, including Area Code:

(605) 335-5700


Name and Address of Agent for Service:			Copy to:

Brett L. Agnew, Esq.			Dodie C. Kent, Esq.
Vice President, Associate General Counsel			Eversheds-Sutherland (US) LLP
Midland National Life Insurance Company			The Grace Building, 40th Floor
Sammons Financial Group			1114 Avenue of the Americas
8300 Mills Civic Parkway			New York, NY 10036-7703
West Des Moines, IA 50266

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of the Registration Statement.

It is proposed that this filing will become effective:

☒ On May 1, 2024 pursuant to paragraph (b) of Rule 485

Rate Sheet Supplement dated May 1, 2024

to the Prospectus dated May 1, 2024

for the Oak Elite Advisory Registered Index-Linked Variable Annuity

issued by Midland National Life Insurance Company

through the Midland National Life Separate Account C

This Rate Sheet Supplement should be read carefully and retained with the prospectus dated May 1, 2024 for the Oak Elite Advisory Registered Index- Linked Variable Annuity Contract (the “Contract”).

This Rate Sheet Supplement provides the current Lifetime Payment Percentages under the GLWB riders as described in the “Guaranteed Living Withdrawal Benefits” section of the prospectus. This Rate Sheet Supplement is effective until superseded by a subsequent Rate Sheet Supplement. For as long as this Rate Sheet Supplement is in effect, we will apply the Lifetime Payment Percentages in this Rate Sheet Supplement to GLWB riders issued pursuant to an application that was submitted while this Rate Sheet Supplement is in effect. We will file a new Rate Sheet Supplement at least [10] Business Days before the new Lifetime Payment Percentages go into effect.

Before submitting your application for a Contract, please confirm that you have obtained the current Rate Sheet Supplement. To obtain the current Rate Sheet Supplement:

•Contact your Advisor

•Contact us at 833-492-0022

•Go to www.midlandnational.com/midlandadvisory

•Go to www.sec.gov under File No. 333-262682

The Lifetime Payment Percentage is used to determine your Lifetime Payment Amount under your GLWB rider based on the age of the younger Covered Person on the Contract Issue Date. The applicable Lifetime Payment Percentage is increased for each full Contract Year that elapses after the Contract Issue Date but before you elect to begin Lifetime Payments under your GLWB rider. The Lifetime Payment Percentage applicable to you is set forth in the Rate Sheet Supplement in effect when we receive your application and initial premium payment in Good Order. If we receive your application and initial premium payment in Good Order and a different Rate Sheet Supplement is in effect from the one that was in effect when you signed your application:

•If the subsequent Rate Sheet Supplement has lower Lifetime Payment Percentages than the Rate Sheet Supplement that was in effect when you signed your application, we will inform you and your Advisor and request confirmation that you accept the lower Lifetime Payment Percentages then in effect. You or your Advisor may also instruct us to issue the Contract without the GLWB Rider.

•If the subsequent Rate Sheet Supplement has higher Lifetime Payment Percentages than the Rate Sheet Supplement that was in effect when you signed your application, we will issue your Contract with the GLWB Rider at the higher Lifetime Payment Percentages then in effect.

Once your Contract and GLWB Rider are issued, the Lifetime Payment Percentage applicable to you will not change for the life of your Contract. Please refer to Appendix F for historical Lifetime Payment Percentages from superseded Rate Sheet Supplements.

The current Lifetime Payment Percentages are contained in the table below:


Age of Younger Covered Person at Contract Issue	Single Covered Person Lifetime Payment Percentage (as a percentage of Benefit Base)	Joint Covered Person Lifetime Payment Percentage (as a percentage of Benefit Base)	Lifetime Payment Percentage increase for each increase in Attained Age from Contract Issue to GLWB Exercise Date

50	3.500%	3.000%	+0.100%
51	3.575%	3.075%	+0.100%
52	3.650%	3.150%	+0.100%
53	3.725%	3.225%	+0.100%
54	3.800%	3.300%	+0.100%
55	3.875%	3.375%	+0.100%
56	3.950%	3.450%	+0.100%
57	4.025%	3.525%	+0.100%
58	4.100%	3.600%	+0.100%
59	4.175%	3.675%	+0.100%
60	4.250%	3.750%	+0.100%
61	4.400%	3.900%	+0.100%
62	4.550%	4.050%	+0.100%
63	4.700%	4.200%	+0.100%


64	4.850%	4.350%	+0.100%
65	5.000%	4.500%	+0.125%
66	5.150%	4.650%	+0.125%
67	5.300%	4.800%	+0.125%
68	5.450%	4.950%	+0.125%
69	5.600%	5.100%	+0.125%
70	5.750%	5.250%	+0.125%
71	5.900%	5.400%	+0.125%
72	6.050%	5.550%	+0.125%
73	6.200%	5.700%	+0.125%
74	6.350%	5.850%	+0.125%
75	6.500%	6.000%	+0.150%
76	6.650%	6.150%	+0.150%
77	6.800%	6.300%	+0.150%
78	6.950%	6.450%	+0.150%
79	7.100%	6.600%	+0.150%
80	7.250%	6.750%	+0.150%
81	7.400%	6.900%	+0.150%
82	7.550%	7.050%	+0.150%
83	7.700%	7.200%	+0.150%
84	7.850%	7.350%	+0.150%
85	8.000%	7.500%	+0.150%

Oak Elite Advisory Registered Index-Linked Variable Annuity Prospectus

May 1, 2024

A Flexible Premium Deferred Registered Index Linked Variable Annuity issued by: Midland National Life Insurance Company

through the Midland National Life Separate Account C

This prospectus describes the Oak Elite Advisory Registered Index-Linked Variable Annuity (the “Contract”) issued by Midland National Life Insurance Company (the “Company,” “us,” “we,” “our”). This prospectus provides information you should know before purchasing the Contract.

The Contract is designed to aid in long-term financial planning and provides for accumulation of capital on a tax-deferred basis for retirement or other savings needs. The Contract does not provide tax deferral benefits beyond those already provided under the Internal Revenue Code for a Contract purchased as a Qualified Contract through an Individual Retirement Account (“IRA”). Amounts withdrawn from the Contract prior to age 59 1⁄2 may also be subject to taxes, including a 10% federal penalty tax. You should consult with your tax advisor for more information. The Contract is available for purchase through financial intermediaries (“Advisors”) that may charge a fee for their asset management and/or investment advisory services (“Advisory Fee”). The Company is not a party to the Advisory Fee. The Advisory Fee that your Advisor charges you, if any, is solely between you and your Advisor, and is in addition to the fees and expenses for the Contract described in this prospectus. You may elect to have the Advisory Fee deducted from your Contract Value or arrange to pay the Advisory Fee from a separate source. If you invest in the Cycle Investments, it may be better for you to pay Advisory Fees from a separate source because (as discussed further below) withdrawals from Cycle Investments prior to the end of the investment period are subject to a “Fair Value” calculation and the downside protection will not apply until the end of the investment period. You should discuss with your Advisor before deciding to have Advisory Fees paid from your Contract Value. If you choose to pay the Advisory Fee from your Contract Value, this deduction will reduce the standard death benefit and annuity benefits under the Contract and may be subject to federal and state income taxes, including a 10% federal penalty tax if you are under age 591⁄2. The deduction of Advisory Fees from your Contract Value will not reduce the value of any optional benefit riders you may elect. However, all deductions, including deductions for Advisory Fees, will reduce the likelihood of increasing the value of the optional Annual Ratchet Death Benefit or Guaranteed Living Withdrawal Benefit (“GLWB”) riders.

The Contract offers two types of investment options: (i) Cycle Investments, which are linked to the performance of an Index; and (ii) Subaccounts (“Subaccount(s)”), which, in turn, each invest in a mutual fund portfolio (“Investment Portfolio”).

•Each Cycle Investment provides a return based on the performance, positive or negative, of the Index to which it is linked for specified period of time (the “Cycle Term”). All of the Indices we currently offer are price return indices which do not reflect dividends or distributions paid on the components of the Indices. Any positive return will be subject to either a Cap Rate or a Participation Rate (the “Crediting Type”). A Cap Rate is the maximum positive return that you could be credited on the last day of the Cycle Term (the “Cycle End Date”). A Participation Rate is the portion of positive Index performance, if any, that you will be credited on the Cycle End Date, and your potential increase is not subject to a maximum. Any negative return will be subject to a certain level of downside protection in the form of either a Floor Rate or Buffer Rate (the “Cycle Structure”). A Floor Rate is the maximum loss that you will bear on the Cycle End Date. A Buffer Rate is the maximum Index loss that the Company will protect you from on the Cycle End Date, and you will be subject to any Index loss in excess of the Buffer Rate. See “The Cycle Investment Options” section for the Cycle Investments we currently offer.

The value of your Cycle Investment on any day is calculated by multiplying the Cycle Investment Unit Value for that day by the number of Cycle Investment Units credited to your Contract (“Cycle Investment Value”). The Initial Cycle Investment Unit Value on any Cycle Start Date is $10.00, and we determine the number of Cycle Investment Units initially credited to your Contract by dividing your initial Cycle Investment by the Initial Cycle Investment Unit Value. On each Business Day, other than the Cycle Start Date and the Cycle End Date, an independent third party (the “Fair Value Calculation Agent”) determines the Fair Value for each Cycle Investment based on the economic value of hypothetical financial instruments designed to equal the Cycle Investment value at maturity. We calculate the Cycle Investment Unit Value based on the Fair Value, and the Floor Rate and the Buffer Rate do not apply. This means that before the Cycle End Date, if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair Value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. If you take a withdrawal prior to the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if you take a withdrawal prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower. Your Cycle Investment Value is the amount available for withdrawals prior to the Cycle End Date, including Systematic Withdrawals, Required Minimum Distributions, Lifetime Payments under the GLWB riders, transfers to the Subaccounts, full or partial surrenders of your Contract (including exercising your right to cancel the

Contract), withdrawals to pay Advisory Fees, payment of a death benefit or annuitization. You should seek advice from financial and/or tax professionals before investing in the Cycle Investments.

Lifetime Payments under the GLWB riders withdrawn from the Cycle Investments prior to the Cycle End Date are subject to the Fair Value calculation and proportional reduction in Cycle Investment Units described above. You should consider taking Lifetime Payments on the Cycle End Date of your Cycle Investments to avoid the potential for a negative Fair Value calculation and proportional reduction in Cycle Investment Units and maximize potential Contract Value growth. A GLWB rider may not be appropriate for you if you intend or need to (i) take withdrawals before you elect to exercise your GLWB rider benefits, which may reduce your initial Benefit Base when you choose to begin Lifetime Payments under the rider; or (ii) take withdrawals after you elect to exercise your GLWB rider benefits that exceed the Lifetime Payment Amount permitted under the rider (“Excess Gross Partial Withdrawals”), which will reduce your Benefit Base and, consequently, the Lifetime Payment Amount for future Contract Years. A GLWB rider could be appropriate if you want to have the contingent guarantee in place to continue to receive lifetime income if your Contract Value is reduced to zero from poor investment performance and/or withdrawals that are not Excess Gross Partial Withdrawals. It is possible that this will never occur and we will never make Lifetime Payments to you from our assets. You should discuss with your Advisor before electing a GLWB rider.

•Your Accumulation Value in each Subaccount will increase or decrease based on investment performance of the underlying Investment Portfolio. This means that a Subaccount’s Accumulation Unit Value is not based on a Fair Value calculation, unlike a Cycle Investment Unit Value prior to the Cycle End Date.

You should also note that Index-linked variable annuity contracts are complex insurance and investment vehicles, and before you purchase the Contract, you should carefully read this prospectus and speak with your financial professional about the Contract’s features, benefits, risks, and fees, and whether the Contract is appropriate for you based upon your financial situation and objective. You should also consult with a tax professional.

There are risks associated with investing in the Cycle Investments. You may lose money, up to all or a significant amount of your principal investment and earnings from prior Cycle Investment periods that are reinvested. Prior to the Cycle End Date, the Cycle Investment Unit Value is based on the Fair Value, and the Floor Rate and the Buffer Rate do not apply. This means on any day prior to the Cycle End Date if you make a withdrawal (including Lifetime Payments under the GLWB riders, withdrawals to pay Advisory Fees, systematic withdrawals and required minimum distributions), surrender or annuitize the Contract, or if a death benefit becomes payable, your Cycle Investment Value could reflect lower gains and higher losses than on the Cycle End Date and you could lose up to 100% of your principal investment and any earnings. On the Cycle End Date, the Floor Rate and the Buffer Rate do apply, and you could lose up to 10% of your investment in a Cycle Investment with a -10% Floor Rate or up to 90% of your investment in a Cycle Investment with a -10% Buffer Rate.

We reserve the right to remove or substitute the Cycle Investments currently available and to add new Cycle Investment options in the future. If we do so, we guarantee that we will never offer a Cycle Investment with a Floor Rate lower than [-60%] or a Buffer Rate lower than [-2.5%] for the life of your Contract. In such cases, if you invest in a Cycle Investment with a Floor Rate Cycle Structure and hold your Investment through the end of the Cycle Term, you could lose up to [60%] of your investment in the Cycle Investment; and if you invest in a Cycle Investment with a Buffer Rate Cycle Structure and hold your investment through the end of the Cycle Term, you could lose up to [97.5%] of your investment in the Cycle Investment. In addition, we reserve the right not to offer any Cycle Investments in the future. If we do so, you will be limited to investing in the Subaccounts, which are not tied to the performance of an Index. This Contract may not be appropriate for you if you intend to invest solely in the Index-linked Cycle Investments and intend or need to make withdrawals prior to the Cycle End Dates.

There are also risks associated with investing in the Subaccounts, including the risk of loss of up to all or a significant amount of your principal investment and any earnings. You should not buy this Contract if you are not willing to assume these investment risks. The obligations under the Contract other than those related to the Subaccounts are subject to the creditworthiness and claims-paying ability of the Company. See RISK FACTORS on page [58] of this prospectus.

If you are a new investor in the Contract, you may cancel your Contract within 10 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. You should review this prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply. See “Right to Cancel” in this prospectus for more detail.

The Contract described in this Prospectus:

Is not a bank deposit;

Is not an obligation or guarantee of a bank or credit union;

Is not insured or guaranteed by the FDIC or a government agency;

Is subject to loss of principal.

NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Additional Information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.

The principal underwriter of the Contract is Sammons Financial Network, LLC. The offering of the Contract is intended to be continuous. This prospectus does not constitute an offering in any jurisdiction in which such offer may not be lawfully made.

The minimum initial premium payment is $50,000.

Prospectus Date: May 1, 2024

TABLE OF CONTENTS


DEFINITIONS			1

IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT			4

OVERVIEW OF THE MIDLAND ADVISORY REGISTERED INDEX-LINKED AND VARIABLE ANNUITY			9

SUMMARY OF COMMON QUESTIONS RELATED TO THE CYCLE INVESTMENTS			11

FEE TABLE			14

PRINCIPAL RISKS OF INVESTING IN THE CONTRACT			15

Risks of Investing in the Cycle Investments			16
Risk of Loss			16
Liqui dity Risk			16
Changes to the Cycle Investments			16
Limited Participation in Positive Perf ormance			17
Cap Rates and Participation Rates			17
Cycle Investment Unit Value Based Upon Fair Value During Cycle Term			17
Risk Associated with Indices			18
No Rights in the Securities Underlying the Index			18
Replacement of the Index			18
Risks of Investing in the Subaccounts			19
Other General Risks of Investing in the Contract			19

THE MIDLAND ADVISORY REGISTERED INDEX-LINKED AND VARIABLE ANNUITY CONTRACT			22

Purchasing the Contract			22
Right to Cancel			23
Tax-free Section 1035 Exchanges			23

Additional Premium Payments			23
Allocation of Premium Payments			24
Changing Your Premium Payment Allocation Instructions			24

The Cycle Investment Options			25
Features of a Cycle Investment			25
Investing in the Cycle Investments			27
Cycle Investment Unit Value Calculation for Cycle Investments with a Floor Rate			30
Cycle Investment Unit Value Calculation for Cycle Investments with a Buffer Rate			31
Cycle Investment Unit Value Calculation for Cycle Investments with a Buffer Rate and Parti cipation Rate			32
Cycle Investment Unit Value Calculation for Cycle Investments with a Buffer Rate , Capt Rate and Participation Rate			33
Transfers out of a Cycle Investment			34
Withdrawals from Cycle Investments			35
Cycle End Date Payments; Rollovers			36
Additional Information About the Indices			36
Replacement of the Index			36
Valuation of A Cycle Investment			37
Cycle Investment Unit			37
Cycle Investment Unit Value			40

The Subaccount Investment Options			40
Availability of the Investment Portfolios			41


Your Accumulation Value (Contract Value allocated to the Subaccounts)			41
Accumulation Units			41
Transfers of Accumulation Value			42
Transfer Limitations			42
Processing Surrenders and Partial Withdrawals – Cycle Investment & Subaccounts			43

Benefits Under the Contract			44
Systematic Withdrawals			47
Dollar Cost Averaging (DCA)			47
Portfolio Rebalancing			48
Death Benefit			49
Guaranteed Living Withdrawal Benefits			52
CHARGES, FEES AND DEDUCTIONS			57
Transaction Expenses			57
Annual Contract Expenses			57
Investment Portfolio Charges			57
Optional Benefit Rider Charges			57
State Premium Taxes			58
Other Taxes			58

MATURITY DATE			59
Electing an Income Payment Option			59
Fixed Payment Options			60
Income Payment Options			60

FEDERAL TAX STATUS			60
Annuity Contracts in General			61
Qualified and Non-Qualified Contracts			61
Minimum Distribution Rules and Eligible Rollover Distributions			61
Diversification and Distribution Requirements			61
Owner Control			62
Surrenders and Partial Withdrawals			62
Multiple Contracts			62
Withholding			62
Annuity Payments			62
Partial Annuitization			62
Investment Income Surtax			62
Definition of Spouse under Federal Law			63
Annuity Contracts Purchased by Nonresident Aliens and Foreign Corporations			63
Taxation of Death Benefit Proceeds			63
Transfers, Assignments or Exchange of Contracts			63
Possible Tax Law Changes			63
Federal Estate, Gift and Generation-Skipping Transfer Taxes			63
Annuity Purchases by Residents of Puerto Rico			64
Foreign Tax Credits			64

MIDLAND NATIONAL LIFE INSURANCE COMPANY			64

INFORMATION ABOUT MIDLAND NATIONAL			64
Generally			64
Midland National’s Business			64
Competition			64
Financial strength ratings			65


Risk Factors Related to Midland National and Its Business			65
Directors, Executive Officers and Corporate Governance			80
Executive Officers and Directors			80
Executive Compensation			82
Security Ownership of Certain Beneficial Owners and Management			86
Transactions with Related Persons Promoters and Certain Control Persons (amounts in $1,000’s)			87

EXPERTS			90

FINANCIAL INFORMATION			91
Selected Financial Data			91
Management’s Discussion and Analysis of Financial Conditions and Results of Operation			92
Qualitative and Quantitative Disclosures about Market Risk			109
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			110
Audited Financial Statements			111

OTHER INFORMATION			186
The Registered Separate Account			187
The Non-Registered Separate Account			187
Modification to the Contract			203
Administrative Procedures			203
Legal Proceedings			204
Distribution of the Contract			204
Portfolio Voting Rights			204

APPENDIX A – INVESTMENT PORTFOLIOS AVAILABLE UNDER THE CONTRACT			1

APPENDIX B – STATE VARIATIONS			2

APPENDIX C – CYCLE INVESTMENT UNIT VALUE EXAMPLES			2

APPENDIX D – INDEX DISCLAIMERS			11

APPENDIX E – FAIR VALUE FORMULAS			12

APPENDIX F – S UPERSEDED R ATE SHEET SUPPL EMENT I NFORMATION			31

DEFINITIONS

For your convenience, below is a glossary of the special terms we use in this prospectus. These terms are generally capitalized throughout this document.

Accumulation Unit means the units credited to each Subaccount in the Registered Separate Account before the Maturity Date.

Accumulation Unit Value means the value of an Accumulation Unit of a Subaccount for a Valuation Period.

Accumulation Value means the sum of the amounts you have in the Subaccounts.

Advisor means a registered investment advisor providing asset management and/or investment advisory services to you with respect to your Contract Value.

Advisory Fee means the fees paid by you to an Advisor for asset management and/or investment advisory services with respect to your Contract Value. The Company is not a party to the Advisory Fee. The Advisory Fee, if any, is solely between you and your Advisor. You may elect to have the Advisory Fee deducted from your Contract Value or arrange to pay the Advisory Fee from a separate source.

Annual Ratchet Death Benefit Rider means the optional Annual Ratchet Death Benefit available for an additional charge, which pays your beneficiary the greater of (i) your Contract Value, or (ii) your total premium payments, adjusted for Gross Partial Withdrawals, with the potential for annual “step ups” on each Contract Anniversary prior to the oldest Owner’s age 85. For more detailed information, see “Death Benefits.”

Annuitant means the person(s) whose life is used to determine the amount and duration of any annuity payments involving life contingencies. The Annuitant may not be changed during the Annuitant’s lifetime. If you elect the Joint and Survivor Income Payment option, the duration of any annuity payment will depend on the life of the Annuitant and the Joint Annuitant.

Annuitization means an election of an annuity payment option.

Annuitize means an election to receive regular income payments from your Contract under one of the annuity payment options. An election to annuitize your Contract is irrevocable. If you elect to annuitize your Contract, you will no longer be able to exercise any liquidity (e.g., withdrawal or surrender) provision that may have previously been available. In addition, the standard Death Benefit, and any optional death benefits you have elected will terminate without value. If you elected an optional GLWB Rider and Lifetime Payments have begun, your GLWB Rider will not terminate and your benefits under the GLWB Rider will continue until the death(s) of the Covered Person(s). If you elected an optional GLWB Rider and Lifetime Payments have not yet begun, you may choose to begin Lifetime Payments or you may purchase a Single Pay Immediate Annuity (“SPIA”) with your Contract Value.

Beneficiary means the person(s) to whom Death Benefit will be paid in the event of the death of an Owner.

Benefit Base means the base amount that is used to determine your Lifetime Payment Amount each Contract Year under a GLWB rider.

Buffer Rate means the rate used to determine the Cycle End Date Unit Value Buffer as described in “Valuation of a Cycle Investment - On the Cycle End Date” later in this Prospectus. It represents the maximum loss due to negative Index performance from which the Owner is protected on a Cycle End Date. The Buffer Rate does not apply before the Cycle End Date.

Business Day means any day the New York Stock Exchange is open for regular trading. Our Business Day ends when the New York Stock Exchange closes for regular trading, generally 3:00 p.m. Central Time.

Cap Rate means the rate used to determine the Cycle Investment’s Unit Value gain. It represents the maximum potential increase in the Cycle Investment Unit Value for a Cycle Investment on the Cycle End Date for Cycles with a Cap Rate Crediting Type.

Contract Anniversary means the same date in each Contract Year as the Issue Date.

Contract Month means a month that starts on the same date as the Issue Date in each month. For this purpose, if the Issue Date is not a calendar date in every month, then we look forward to the first day of the next calendar month. For example, assume a Contract is issued on January 31st; subsequent Contract months will begin on the first day of each month (February 1, March 31, April 1, May 31, etc.).

Contract Quarter means a three-month period that starts on the same date as the Issue Date in each three-month period. For this purpose, if the Issue Date is not a calendar date in every month, then we look forward to the first day of the next calendar month. For example, assume a Contract is issued on January 31st; Contract quarters will begin on the first day of each quarter (May 1, July 31, and October 31).

Contract Value means the sum of amounts invested in the Cycle Investments and the Subaccounts, plus any amounts in the Default Account.

Contract Value Death Benefit means the standard Death Benefit included under your Contract at no additional charge, which pays your beneficiary your Contract Value. We also refer to this as the standard Death Benefit.

Contract Year means a year that starts on the Issue Date or on each Contract Anniversary thereafter.

Covered Person means the person(s) whose life is used to determine the amount and duration of any Lifetime Payments under a GLWB rider.

Crediting Type means the upside investment exposure type associated with a Cycle Investment. We offer three upside investment exposure types: (i) the Cap Rate, (ii) Participation Rate and (ii) the Cap Rate with Participation Rate.

Customer Service Center means where you must send correspondence, service or transaction requests, and inquiries. Please note: Premium payments must be sent to P.O. Box 9261, Des Moines, IA 50306-9261. The overnight mailing address is Midland National, 8300 Mills Civic Parkway, West Des Moines, IA 50266-3833. This should only be used for mail delivered via a courier.

Cycle Business Day means any Business Day on which the Cycle Investment Unit Value for a Cycle Investment is determined.

Cycle End Date means the Cycle Business Day on which a Cycle Investment is scheduled to end. Any Cycle End Date will be the Business Day prior to the 3rd Thursday of each month, provided the 3rd Thursday is a Business Day. If the 3rd Thursday of the month is not a Business Day, the following Business Day will be used.

Cycle Investment means an index-linked investment under the Contract that has a specific Cycle Type Start Date, and Cycle End Date.

Cycle Investment Unit means the measurement we use to calculate a Cycle Investment Value. Units may only be purchased on the Cycle Start Date.

Cycle Investment Unit Value means the value of a Cycle Investment Unit on a Cycle Investment Business Day. The Initial Cycle Investment Unit Value on any Cycle Start Date is $10.00. Prior to the Cycle End Date, the Cycle Investment Unit Value is determined by the Fair Value, and the Floor and Buffer rates do not apply.

Cycle Investment Value means the sum of the amounts you have invested in the Cycle Investments. The value of a Cycle Investment on any Cycle Business Day is equal to the number of Cycle Investment Units multiplied by that day’s Cycle Investment Unit Value. We also use this term, in context, to define the amount you have invested in a single Cycle Investment.

Cycle Start Date means the Business Day on which a Cycle Investment is established. Any Cycle Start Date will be the 3rd Thursday of each month, provided the 3rd Thursday is a Business Day. If the 3rd Thursday of the month is not a Business Day, the following Business Day will be used.

Cycle Structure means the downside protection type associated with a Cycle Investment. We offer two downside protection types: (i) the Floor Rate, and (ii) the Buffer Rate.

Cycle Term, for any Cycle Investment, means the period from the Cycle Start Date to the Cycle End Date.

Cycle Type means all Cycle Investments having the same Index, Cycle Term, Crediting Type, Cycle Structure, and corresponding Floor Rate or Buffer Rate.

Death Benefit means the amount that we will pay to the Beneficiary in the event of the death of an Owner if the Contract is still in force and in the Accumulation phase. The amount of the Death Benefit is based on which Death Benefit option is elected and determined as of the Business Day that our Customer Service Center receives the required documentation in Good Order.

Default Account means the Fidelity VIP Government Money Market Portfolio - Service Class 2 Subaccount, which is used to hold the following: (i) premium payments designated for a new Cycle Investment(s) upon allocation to the Contract, (ii) transfers of proceeds designated for a new Cycle Investment(s) as of one Business Day prior to the Cycle Start Date, (iii) proceeds from a maturing Cycle Investment(s) before they are reinvested into a new Cycle Investment, and (iv) proceeds from a maturing Cycle Investment for a discontinued Cycle Investment which we have no instructions or for which the Cycle Investment does not launch.

Excess Gross Partial Withdrawal means the aggregate amount of Gross Partial Withdrawals during any Contract Year that exceeds the Lifetime Payment Amount under a GLWB rider. An Excess Gross Partial Withdrawal will reduce the Benefit Base by the same

proportion that the Excess Gross Partial Withdrawal reduced the Contract Value, which may be more, even significantly more, than the amount withdrawn and may terminate the GLWB Rider.

Fair Value means a value used to determine the Cycle Investment Unit Value on each Business Day during the Cycle Term prior to the Cycle End Date. It is the Fair Value of the Cycle based on the current value of the financial instruments used to calculate the Cycle payout on the Cycle End Date as determined by the independent third party Fair Value Calculation Agent.

Fair Value Calculation Agent means an independent third party with whom the Company contracts to determine the Fair Value of a Cycle Investment during the Cycle Term. Currently, the Fair Value Calculation Agent is S&P Global Market Intelligence. We may use different Fair Value Calculation Agents for different Cycle Investments.

Floor Rate means the rate used to determine the Cycle End Date Unit Value Floor as described in “Valuation of a Cycle Investment—On the Cycle End Date” later in this Prospectus. It represents the maximum potential loss in Cycle Investment Unit Value for a Cycle Investment on the Cycle End Date. The Floor Rate does not apply before the Cycle End Date.

General Account means assets we own that are not in a separate account, but rather are held as part of our general assets and are subject to claims of our general creditors.

Good Order means all of the information necessary to process a transaction, as we determine in our discretion. Transaction requests will generally be processed on the Business Day they are received at the Customer Service Center as long as the request is in Good Order. For more detailed information see “Administrative Procedures.”

GLWB Exercise Date means the date you elect to begin Lifetime Payments under a GLWB rider. It is the date on which your Lifetime Payment Percentage and the initial Benefit Base are established.

Gross Partial Withdrawal is the total amount requested as a partial withdrawal (before any reduction for Premium Tax, if applicable).

Guaranteed Living Withdrawal Benefit (“GLWB”) Rider means one of the two optional Guaranteed Living Withdrawal Benefits available for an additional charge, which guarantees you can withdraw the Lifetime Payment Amount each Contract Year regardless of investment performance. If you select the Contract Value GLWB Rider, your initial Benefit Base will equal your Contract Value on the date you first exercise the benefit. If you select the Return of Premium GLWB Rider, your initial Benefit Base will equal the greater of (i) your Contract Value on the date you first exercise the benefit or (ii) your total premium payments, adjusted for Gross Partial Withdrawal, as of the date you first exercise the benefit. For more detailed information, see “Guaranteed Living Withdrawal Benefits.”

Index means the index to which a Cycle Investment is linked.

Index Value means the value of an Index as reported to us by the Index provider.

Indicative Rates means the rates we post and update on our website every Tuesday before any Cycle Start Date. They are the Cap Rate(s) or Participation Rate(s) we would declare if that day was a Cycle Start Date, based on then current market conditions.

Initial Cycle Investment Unit Value means the Cycle Investment Unit Value on any Cycle Start Date. The Initial Cycle Investment Unit Value is set as $10.00 for each Cycle on the Cycle Start Date.

Investment Options means the investments available under the Contract, which are: (i) the Cycle Investments, each of which is linked to the performance of a specified Index; and (ii) the Subaccounts, which are each a division of our Registered Separate Account, each of which, in turn, invests exclusively in one share class of one Investment Portfolio.

Investment Portfolio means a mutual fund portfolio in which a Subaccount invests.

Issue Age means the age of the Owner on the last birthday before the Issue Date. in the case of Joint Owners, Issue Age is based on the age of the oldest Joint Owner. In the case of non-natural owners, Issue Age is based on the age of the Annuitant.

Issue Date means the date the Contract goes into effect.

Lifetime Payment Amount means the maximum amount you can withdraw each Contract Year under a GLWB rider without triggering an Excess Gross Partial Withdrawal and reducing your Benefit Base. If the Contract Value is reduced to zero for any reason other than an Excess Gross Partial Withdrawal, we will pay the Lifetime Payment Amount from our general account assets for the remainder of the Covered Person(s). We refer to individual withdrawals of the Lifetime Payment Amount that you take after the GLWB Exercise Date or payments of the Lifetime Payment Amount that we make to you under a GLWB Rider as "Lifetime Payments.

Lifetime Payment Percentage means the percentage of the Benefit Base that determines your Lifetime Payment Amount under a GLWB rider each Contract Year. The Lifetime Payment Percentage applicable to you is set forth in the Rate Sheet Supplement in effect when we receive your application and initial premium payment for the Contract in Good Order. Please refer to Appendix F for historical Lifetime Payment Percentages from superseded Rate Sheet Supplements.

Maturity Date means either the date, specified in your Contract, on which income payments will begin, or an earlier date that you specify. The earliest possible Maturity Date is the first Contract anniversary, at which time you may annuitize your full Contract Value. The maximum Maturity Date is the Contract anniversary immediately following the Annuitant’s 115th birthday.

Non-Registered Separate Account means the separate account under the Contract that holds amounts allocated to the Cycle Investments. The Non-Registered Separate Account is non-unitized, was established under Iowa law and is not registered under the Investment Company Act of 1940.

Owner means the person(s) or entity that is named in the application or on the latest change filed with us who is entitled to exercise all rights and privileges provided in the Contract.

Participation Rate means the rate used to determine the Cycle Investment’s Unit Value gain. It represents the portion of positive Index performance, if any, for a Cycle Investment that your Cycle Investment Unit Value will participate in on the Cycle End Date for Cycles with a Participation Rate Crediting Type.

Payee means the person who is entitled to receive annuity payments after Annuitization. On or after the Maturity Date, the Owner will be the Payee. The Beneficiary is the Payee of the proceeds at the death of the Owner, if the date of death is prior to the Maturity Date.

Principal Office means Midland National Life Insurance Company’s principal place of business located at 8300 Mills Civic Parkway, West Des Moines, IA 50266. Please note: You must send all correspondence, service or transaction requests, inquiries, and premium payments to our Customer Service Center.

Proof of Death means a certified copy of the death certificate or any other proof satisfactory to us.

Rate Sheet Supplement refers to a periodic supplement to this prospectus that provides the current Lifetime Payment Percentages under a GLWB Rider applicable to new purchases. See “Guaranteed Living Withdrawal Benefits.”

Rate Threshold means (1) the minimum Cap Rate we will declare for any Cycle Type with a Cap Rate Crediting Type, (2) the minimum Participation Rate we will declare for any Cycle Type with a Participation Rate Crediting Type, or (3) the minimum Cap Rate and Participation Rate for any Cycle Type with a Cap with Participation Crediting Type. Each Cycle Type will have a specific Rate Threshold. A Cycle Investment will not be launched on a scheduled Start Date if the resulting Cycle Cap Rate and/or Cycle Participation Rate is lower than its Rate Threshold.

Registered Separate Account means Midland National Life Separate Account C, which receives and invests your premiums that are allocated to, and Contract Value that is transferred to, the Subaccounts. Our Registered Separate Account is divided into Subaccounts. Separate Account C is registered as an investment company under the Investment Company Act of 1940, as amended.

Return of Premium Death Benefit Rider means the optional Return of Premium Death Benefit available for an additional charge, which pays your beneficiary the greater of (i) your Contract Value or (ii) your total premium payments, adjusted for Gross Partial Withdrawal. For more detailed information, see “Death Benefits.”

Subaccount means a division of our Registered Separate Account which invests exclusively in one share class of one Investment Portfolio. We may use this term interchangeably with the term “Investment Division.”

Surrender Value means the Contract Value on the date of surrender less any applicable state premium tax.

Valuation Period means the time beginning at the close of regular trading on the New York Stock Exchange (generally 3:00 p.m., Central Time) on one Business Day and ending at the close of regular trading on the New York Stock Exchange on the next Business Day. Midland National reserves the right to revise the definition of Valuation Period as needed in accordance with applicable federal securities laws and regulations.

Written Notice or Written Request means a notice or request submitted in a written form satisfactory to us, which is signed by the Owner and received by us in Good Order at our Customer Service Center, P.O. Box 9261, Des Moines, IA 50306-9261, or via fax (866) 511-7038. The overnight mailing address is Midland National Customer Service Center, 8300 Mills Civic Parkway, West Des Moines, IA 50266-3833.

IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

FEES AND EXPENSES

LOCATION IN PROSPECTUS

Charges for Early

Withdrawals

The Contract does not include charges for early withdrawal.

If you withdraw money from a Cycle Investment Option prior to the Cycle End Date, you will receive the Cycle Investment Unit Value. We calculate the Cycle Investment Unit Value based on the Fair Value the Floor Rate and the Buffer Rate do not apply. This means you can lose up to 100% of your principal invested in a Cycle Investment upon withdrawal prior to the Cycle End Date.

The Cycle Investment Options - Examples

Transaction Charges

We reserve the right to impose a Transfer Fee of $15.00 per transfer on transfers among Subaccounts and between Subaccounts and Cycle Investments in excess of 15 per Contract Year. We are not currently charging this fee. We will never charge for any transfers of initial or additional premium payments that included allocation instructions to Cycle Investment Options for the next Cycle Start Date.

Charges, Fees and Deductions - Transaction Expenses – Transfer Fee

Ongoing Fees and Expenses (annual charges)

The table below describes the fees and expenses that you may pay each year, if you allocate premiums and/or your Contract Value to the Subaccounts, depending on the Investment Portfolios that you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you elected. Fees and expenses in the table do not reflect any Advisory Fees paid from your Contract Value or other assets of yours. If such charges were reflected, the fees and expenses would be higher

Charges, Fees and Deductions


Annual Fee	Minimum	Maximum
Base Contract Expenses1	0.25%	0.25%
Investment Portfolios2 (Portfolio Company fees and expenses)	0.49%	1.02%
Optional benefits available for an additional charge3 (for a single optional benefit, if elected)	0.15%	1.15%

1 As a percentage of the Accumulation Value. These fees are not applied against the Cycle Investment Value. 2 As a percentage of Investment Portfolio assets. These fees are not applied against the Cycle Investment Value. 3 As a percentage of the rider Benefit Base. These fees are applied pro-rata against all Investment Options, including the Cycle Investment Value and amounts held in the Default Account.			Charges, Fees and Deductions
Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges.

FEES AND EXPENSES

Lowest Annual

Cost: $697

Highest Annual

Cost: $2,145

LOCATION IN PROSPECTUS

Assumes:

•Investment of $100,000 (to the Subaccounts only)

Assumes:

•Investment of $100,000 (to the Subaccounts only)

•5% annual appreciation

•Least expensive investment portfolio fees and expenses

•Most expensive investment portfolio fees and expenses

•No optional benefits

•Both the Annual Ratchet Death Benefit Rider and the Return of Premium GLWB Rider

•Base Contract Expenses of 0.25%

•No Surrender Charges or Advisory Fees

•No additional premium payments, transfers, or withdrawals

RISKS

LOCATION IN PROSPECTUS

Risk of Loss

You can lose money by investing in this Contract, including loss of principal and prior Contract earnings.

Principal Risks

Not a Short-Term Investment

This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash.

The benefit of tax deferral means the Contract is more beneficial to investors with a long time horizon.

Prior to the Cycle End Date, the Cycle Investment Unit Value is based on the Fair Value, and the Floor Rate and the Buffer Rate do not apply. This means, on any day prior to the Cycle End Date, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. In each of these scenarios, if you transfer or take a withdrawal prior to the Cycle End Date, it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower.

Your Cycle Investment Value is the amount available for withdrawals prior to the Cycle End Date, including withdrawals to pay Advisory Fees, Systematic Withdrawals, Required Minimum Distributions, Lifetime Payments under a GLWB Rider, transfers to the Subaccounts, full or partial surrenders of your contract (including exercising your right to cancel the contract), payment of a Death Benefit or Annuitization.

Principal Risks

Risks Associated with Investment Options

•An investment in this Contract is subject to the risk of poor investment performance of the Cycle Investments and the Investment Portfolios that you select.

Principal Risks

•Each Cycle Investment, Subaccount, and the Default Account has its own unique risks.

•You should review this prospectus as well as the prospectuses for available Investment Portfolios.

Insurance Company Risks

Any obligations, guarantees, and benefits of the Contract are subject to our claims-paying ability. If Midland National experiences financial distress, it may not be able to meet its obligations to you. More information about Midland National, including its financial strength ratings, is available upon request. You may make such request by calling 1-833-492-0022 or visiting https://www.midlandnational.com/midlandadvisory.

Principal Risks

RESTRICTIONS

LOCATION IN PROSPECTUS

Investments

•We reserve the right not to offer any Cycle Investments and to reject or limit the amount that may be invested in a Cycle Investment. If we exercise our right not to offer any Cycle Investments, you will be limited to investing in the Subaccounts, which are not tied to the performance of an Index.

The Cycle Investments; Subaccounts;

•You are not permitted to transfer Contract Value into a Cycle Investment on any day other than a Cycle Start Date.

•Currently, we allow unlimited transfers without charge among Subaccounts and between the Subaccounts and Cycle Investments during the Accumulation Phase. However, we reserve the right to impose a charge for transfers in excess of 15 per year.

•Currently, we allow you to invest in an unlimited number of Investment Options at one time. However, we reserve the right to limit the number of Subaccounts and/or Cycle Investments in which you may invest at any one time.

•We reserve the right to limit transfers among Subaccounts in circumstances of frequent or large transfers.

•We reserve the right to remove or substitute the Subaccounts and/or Cycle Investments currently available.

Optional Benefits

•The optional benefit riders may only be elected at the time you purchase the Contract for an additional charge.

Benefits Under the Contract:

•You may elect only one optional Death Benefit rider (the Return of Premium Death Benefit Rider or the Annual Ratchet Death Benefit Rider), with or without a GLWB rider.

Advisory Fees Deducted From Contract Value; Federal Tax Status

•You may elect only one GLWB rider (the Contract Value GLWB Rider or the Return of Premium GLWB Rider), with or without an optional Death Benefit rider.

•Once elected, you cannot voluntarily terminate an optional benefit rider without surrendering or annuitizing your Contract.

•Lifetime Payments withdrawn while the Contract Value is greater than zero will reduce the Contract Value and are withdrawals of your money. We do not make Lifetime Payments to you out of our general account assets unless your Contract Value is reduced to zero for any reason other than an Excess Gross Partial Withdrawal. It is possible that this will never occur and we will never make Lifetime Payments to you from our assets.

•Withdrawals (including Lifetime Payments under a GLWB Rider) may reduce the value of an optional Death Benefit by more, even significantly more, than the amount withdrawn.

•Excess Gross Partial Withdrawals may significantly reduce or eliminate the value of the GLWB rider benefits, and this reduction may be more, even significantly more, than the amount withdrawn and terminate the GLWB Rider.

•Withdrawals after you elect to begin Lifetime Payments under a GLWB Rider, including Excess Gross Partial Withdrawals, are taken pro-rata across all investments, including the Cycle Investments and the Default Account. If you take a withdrawal prior to the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if you take a withdrawal prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower.

•If a GLWB Rider is elected, additional premium payments are only permitted during the first 6 months after the Contract Issue Date.

•If you elect to pay third-party Advisory Fees from your Contract Value, any Death Benefit based on the Contract Value and the annuity benefit will be reduced by the amount of the third-party Advisory Fees paid. The deduction of Advisory Fees will reduce the likelihood of increasing the value of the Annual Ratchet Death Benefit or the Benefit Base of a GLWB Rider through a step up on an eligible Contract Anniversary. In addition, federal and state income taxes, including the 10% federal penalty tax if you are under age 591⁄2, may apply.

TAXES

LOCATION IN PROSPECTUS

Tax Implications

•You should consult with a tax professional to determine the tax implications of an investment in, withdrawals from and payments received under the Contract.

Federal Tax Status

•If you purchase the Contract through a qualified retirement plan or individual retirement account (IRA), you do not receive any additional tax benefit.

•Earnings on your Contract are taxed at ordinary income tax rates when you withdraw them, and you may have to pay a penalty if you take a withdrawal before age 591⁄2.

CONFLICTS OF INTEREST

LOCATION IN PROSPECTUS

Investment Professional Compensation

In order to purchase the Contract, you must engage an Advisor that provides investment advice with respect to the Contract. We do not pay sales commissions to your Advisor in connection with sales of the Contracts.

Your Advisor may charge an Advisory Fee. We do not set your Advisory Fee. We may deduct the Advisory Fee from your Contract Value if you elect to have the Advisory Fee that your Advisor charges deducted from your Contract Value. However, we do not retain any portion of these fees.

Advisors and their managers may be eligible for benefits in connection with the Contract, such as production incentive bonuses, insurance benefits, and non-cash compensation items. Selling firms may also receive marketing support payments for marketing services and costs associated with Contract sales. These compensation arrangements create potential conflicts of interest that may influence your investment professional to recommend this Contract over another investment.

Distribution of the Contract

Exchanges

Some investment professionals may have a financial incentive to offer you a new contract in place of the one you own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract.

Tax-Free Section 1035 Exchanges

OVERVIEW OF THE OAK ELITE ADVISORY REGISTERED INDEX-LINKED AND VARIABLE ANNUITY

Q: What is the Contract, and what is it designed to do?

A: The Oak Elite Advisory Registered Index-Linked Variable Annuity is designed to enable you to accumulate assets through Cycle Investments and Subaccounts of the Registered Separate Account. The Cycle Investments provide returns linked to the performance of a single specified Index. Each Subaccount invests in one share class of an Investment Portfolio.

The Contract can supplement your retirement income by providing a stream of income during the Income Phase. Before you begin income payments, the Contract also provides a standard Contract Value Death Benefit for your designated beneficiaries. The amount of the Death Benefit is based on which death benefit is elected and determined as of the Business Day that our Customer Service

Center receives the required documentation in Good Order. In the case of multiple primary Beneficiaries, the amount received by each primary Beneficiary will be their proportional share of the Death Benefit.

The Contract is available through financial intermediaries (“Advisors”) that may charge an Advisory Fee for their asset management and/or investment advisory services. You may elect to have the Advisory Fee that your Advisor charges, if any, deducted from your Contract Value or arrange to pay the Advisory Fee from a separate source. If you choose to pay the Advisory Fee from your Contract Value, this deduction will reduce the standard Contract Value Death Benefit and annuity benefits under the Contract and may be subject to federal and state income taxes, including a 10% federal penalty tax if you are under age 591⁄2. The deduction of Advisory Fees will also reduce the likelihood of increasing the value of the Annual Ratchet Death Benefit or the Benefit Base of a GLWB rider through a step up on an eligible Contract Anniversary. See “Advisory Fees Deducted From Contract Value” for more information.

The Contract may be appropriate if you have a long term investment horizon. It is not intended for people who need to take early or frequent withdrawals or who intend to engage in frequent trading among the Subaccounts. Because of the possibility of income tax and tax penalties on early withdrawals, the Contract should not be viewed as a short-term investment vehicle. In addition, prior to the Cycle End Date, the Cycle Investment Unit Value will be based on the Fair Value, and the Floor Rate and the Buffer Rate do not apply. This means, on any day prior to the Cycle End Date, if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair Value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. If you take a withdrawal prior to the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if you take a withdrawal prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower.

Lifetime Payments under a GLWB Rider withdrawn from the Cycle Investments prior to the Cycle End Date are subject to the Fair Value calculation and proportional reduction in Cycle Investment Units described above. A GLWB Rider may not be appropriate for you if you intend or need to (i) take withdrawals before you elect to exercise your GLWB Rider benefits, which may reduce your initial Benefit Base when you choose to begin Lifetime Payments under the rider; or (ii) take Excess Gross Partial Withdrawals after you elect to exercise your GLWB Rider benefits, which will reduce your Benefit Base and, consequently, the Lifetime Payment Amounts for future Contract Years. A GLWB Rider could be appropriate if you want to have the contingent guarantee in place to continue to receive Lifetime Payments if your Contract Value is reduced to zero from poor investment performance and/or withdrawals that are not Excess Gross Partial Withdrawals. It is possible that this will never occur and we will never make Lifetime Payments to you from our assets. You should discuss with your Advisor before electing a GLWB Rider.

For these reasons, your financial goal in acquiring the Contract should focus on a long-term insurance product, offering the prospect of investment growth.

Q: How do I accumulate assets in the Contract and receive income from the Contract?

A: The Contract has two phases: the Accumulation Phase and the Income Phase.

1. Accumulation Phase

During the Accumulation Phase, subject to certain restrictions, you may apply premium payments to the Contract and allocate the premium payments among:

• Available Cycle Investments, each which provides a return linked to the performance of a specified Index over a specified Cycle Term. We provide a summary regarding investing in the Cycle Investments immediately following this section in “Summary – Common Questions Related to the Cycle Investments.”

• Available Subaccounts, each of which invests an Investment Portfolio which has its own investment strategy, investment adviser, expense ratio and returns.

See The Cycle Investment Options for additional information about available Cycle Investments. A list of the Investment Portfolios offered through the Subaccounts appears at the back of this Prospectus in APPENDIX A – INVESTMENT PORTFOLIOS AVAILABLE UNDER THE CONTRACT.

2. Income Phase

During the Income Phase, you may receive annuity payments under the Contract by applying your Contract Value to an annuity payment option. Depending on the income payment option you select, payments may continue for the life of the Annuitant (and the Joint Annuitant, if any) or for a specified period between five and twenty years.

When you elect to annuitize the Contract, your Contract Value will be converted into income payments and you will no longer be able to make withdrawals from the Contract. At this time, the Accumulation Phase will end, and the standard Death Benefit and any optional death benefits you have elected will terminate. If you elected an optional GLWB Rider and Lifetime Payments have begun, your GLWB Rider will not terminate and your benefits under the GLWB Rider will continue until the death(s) of the Covered Person(s). If you elected an optional GLWB Rider and Lifetime Payments have not yet begun, you may choose to begin Lifetime Payments or you may purchase a Single Pay Immediate Annuity (“SPIA”) with your Contract Value.

Q: What are the primary features and options of the Contract?

A. Contract Types. The Contract is available for purchase as a Non-Qualified Contract for accounts that do not qualify for special federal tax advantages under the Internal Revenue Code and as a Qualified Contract for retirement accounts that qualify for such tax advantages. The Contract does not offer any additional tax benefits when purchased in a retirement account.

B. Available Investments. You may allocate your Contract Value to one or more Cycle Investments and/or to one or more Subaccounts.

C. Accessing Your Money. You may make a full or partial withdrawal of your Contract Value at any time before the Maturity Date by submitting a written request to our Customer Service Center. You may also submit requests for partial withdrawals by telephone with prior authorization.

D. Tax Treatment. You may transfer your Contract Value among Investment Options without tax implications. Returns credited to your Contract are generally tax-deferred and are taxed only when (1) you make a partial or full withdrawal; (2) you receive an Annuity Payment under the Contract; or (3) upon payment of the Death Benefit.

E. Death Benefit. Your Contract includes a standard Contract Value Death Benefit payable to your designated beneficiaries. The amount of the Death Benefit will be determined as of the Business Day that our Customer Service Center receives the required documentation in Good Order. For an additional charge, you can purchase either the optional Return of Premium Death Benefit Rider or the Annual Ratchet Death Benefit Rider, which may increase the amount of money payable to your designated beneficiaries.

F. Living Benefits. For an additional charge, you can purchase either the optional Contract Value GLWB Rider or the Return of Premium GLWB Rider, which guarantee Lifetime Payments to protect you from outliving your assets if your investments decline in value or underperform your expectations.

G. Additional Features and Services. We make certain optional services available under the Contract at no additional charge:

• The Dollar Cost Averaging Program allows you to systematically transfer a set amount from a Subaccount to any other Subaccount on a regular schedule. This program does not permit Contract Value to be transferred to or from any Cycle Investments.

• The Automatic Rebalancing Program automatically rebalances your Accumulation Value among your selected Subaccounts in order to restore your allocation to the original level. Contract Value allocated to the Cycle Investments cannot participate.

• Systematic Withdrawals enable you to automatically withdraw a portion of your Contract Value at a frequency you select. If you choose to take Systematic Withdrawals from a Cycle Investment prior to the Cycle End Date, if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair Value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. If you take a withdrawal, including a Systematic Withdrawal, prior to the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if you take a withdrawal prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower. You should consult with a financial professional before taking Systematic Withdrawals from the Cycle Investments prior to the Cycle End Date.

SUMMARY QUESTIONS RELATED TO THE CYCLE INVESTMENTS

Q: What are Cycle Investments?

A Cycle Investment provides the opportunity to tie your investment to the performance of an Index. Each time you allocate a premium payment and/or Contract Value to a Cycle Investment, you must make the following investment decisions:

• What Index do I want my investment return to be based on?

• How long do I want to tie investment to that Index’s performance?

• How much and what type of downside investment protection do I want?

• What type of upside investment potential do I want?

• Is the level of upside investment exposure that is available with my chosen Index, investment timeframe and downside protection sufficient in terms of my financial needs and goals?

Q: What are the elements of a Cycle Investment?

The component parts of a Cycle Investment are as follows:

•The Index to which your investment linked.

•The period between the Cycle Start Date and the Cycle End Date, or the Cycle Term;

•The type of downside protection (“Cycle Structure”), which are either: (i) the maximum loss you will incur due to negative Index performance for the Cycle Term, or the Floor Rate, or (ii) the maximum amount of negative Index performance for the Cycle Term from which the Company will protect you, or the Buffer Rate.

•The type of upside investment exposure (“Crediting Type”), in the event of any positive Index performance, which are: (i) the maximum positive rate of return at the end of the Cycle Term, or the Cap Rate, or (ii) the portion of positive Index performance, if any, for the Cycle Term in which you will participate, or the Participation Rate, or (iii) the portion of the positive Index performance, if any, for the Cycle Term subject to the Cap Rate, or the Cap Rate with Participation Rate.

Q: What Indexes are currently available?

• S&P 500® Price Return Index (Bloomberg Ticker: SPX), which is a market-capitalization-weighted index of the 500 largest U.S. publicly-traded companies, which does not include dividends or distributions.

• MSCI EAFE Price Return Index (Bloomberg Ticker: MXEA), which is designed to represent the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada, and is available for a number of regions, market segments/sizes and covers approximately 85% of the free float-adjusted market capitalization in each of the 21 countries, and which does not include dividends or distributions.

Q: What Cycle Investments are currently available?

Index

Cycle Term

(# of years)

Cycle

Structure

Cycle Floor/Buffer Rate

Crediting Type

Rate

Threshold

S&P500

Buffer

-10%

Cap

5% Cap

MSCI EAFE

Buffer

-10%

Cap

5% Cap

S&P500

Buffer

-10%

Cap

5% Cap

S&P500

Buffer

-10%

Cap with Participation

12.5% Cap; 10% Participation

S&P500

Buffer

-20%

Cap with Participation

10% Cap; 10% Participation

S&P500

Buffer

-30%

Cap with Participation

7.5% Cap; 10% Participation

MSCI EAFE

Buffer

-10%

Cap with Participation

12.5% Cap; 10% Participation

MSCI EAFE

Buffer

-10%

Participation

10% Participation

S&P500

Buffer

-10%

Participation

10% Participation

S&P500

Floor

-10%

Cap

2.5% Cap

S&P500

Floor

-10%

Cap

2.5% Cap

Q: What is the Floor Rate?

The Floor Rate is a type of downside protection available under the Contract. It is the maximum loss due to negative Index performance that the Contract Owner will absorb on the Cycle End Date. You will be protected against loss attributable to negative Index performance in excess of the Floor

Rate on the Cycle End Date. Any percentage decline in an Index’s performance reduces the Contract Owner’s Cycle Maturity Value up to a maximum loss of the Floor Rate. For example, if you invest $100,000 in a Cycle Investment with a Floor Rate of 10% and do not take any withdrawals, the most you can lose on the Cycle End Date is $10,000, even if the Index decreases more than 10%. For more detailed examples, see “Appendix C – Cycle Investment Unit Value Examples –on the Cycle End Date.”

The Floor Rate only applies on the Cycle End Date. This means prior to the Cycle End Date, Midland will not protect you from any losses. See “Appendix C – Cycle Investment Unit Value Examples – During the Cycle Term” for examples for how this feature works.

Q: What is the Buffer Rate?

The Buffer Rate is a type of downside protection available under the Contract. It is the amount of the Index’s negative performance from which Midland will protect you on the Cycle End Date. You will be subject to any negative Index performance in excess of the

Buffer Rate on the Cycle End Date. For example, if you invest $100,000 in a Cycle Investment with a Buffer Rate of 20% and do not take any withdrawals, on the Cycle End Date the Company will protect you from Index loss up to 20%, or $20,000. You would bear any Index loss in excess of 20%. This means that if the Index decreases 50%, the Company would protect you from the first $20,000 of loss, and you would bear any loss in excess of that amount, or, in this case, $30,000. For more detailed examples, see “Appendix C – Cycle Investment Unit Value Examples – on the Cycle End Date.”

The Buffer Rate only applies on the Cycle End Date . This means prior to the Cycle End Date, Midland will not protect you from any losses. See “Appendix C – Cycle Investment Unit Value Examples – During the Cycle Term” for examples of how this feature works.

Q: What is the Cap Rate?

The Cap Rate is a Crediting Type, which is a type of upside investment exposure, available under the Contract. It is the maximum potential increase due to positive Index performance, if any, that the Contract Owner may be credited on the Cycle End Date. The return on a Cycle Investment on the Cycle End Date is limited to the Cap Rate even if the Index performance on the Cycle End Date is higher. For example, if you invest in a Cycle Investment with a Cap Rate of 8%, on the Cycle End Date you will be credited with any Index gain up to 8%. This means that if the Index increases 10%, your rate of return would be limited to 8%, which is the Cap Rate. If the Index increases 5%, your rate of return would be the full 5% because it is below the Cap Rate. For more detailed examples, see “Appendix C – Cycle Investment Unit Value Examples – on the Cycle End Date.”

Prior to the Cycle End Date, the Fair Value is used to determine your rate of return. See “Appendix C – Cycle Investment Unit Value Examples –During the Cycle Term” for examples of how this feature works.

Q: What is the Participation Rate?

The Participation Rate is a Crediting Type, which is a type of upside investment exposure, available under the Contract. It is the portion of positive Index performance, if any, that the Contract Owner will participate in on the Cycle End Date. The return on an Investment Cycle is not limited to a maximum amount. For example, if you invest in a Cycle Investment with a Participation Rate of 90%, on the Cycle End Date you will be credited with 90% of any positive Index gain, no matter how high or low the Index gain may be. This means that if the Index increases 10%, your rate of return would be 9%, which is 90% of the Index gain. If the Index increases 5%, your rate of return would be 4.5%, which is 90% of the Index gain. For more detailed examples, see “Appendix C – Cycle Investment Unit Value Examples – on the Cycle End Date.”

Q: What is the Cap Rate with Participation Rate?

The Cap Rate with Participation Rate is a Crediting Type, which is a type of upside investment exposure, available under the Contract. The Cap Rate is the maximum potential increase due to positive Index performance, if any, that the Contract Owner may be credited on the Cycle End Date. The Participation Rate is the percentage of any positive Index performance that the Contract Owner will participate in on the Cycle End Date, subject to the Cap Rate (if any). The return on an Investment Cycle is limited to the Cap Rate even if the Index performance on the Cycle End Date is higher. For example, if you invest in a Cycle Investment with a Cap Rate of 8% and a Participation Rate of 90%, on the Cycle End Date you will be credited with 90% of any positive Index gain up to a maximum of 8%. This means that if the Index increases 10%, your rate of return would be limited to 8%, which is the Cap Rate. If the Index increases 5%, your rate of return would be 4.5%, which is 90% of the Index gain and is below the Cap Rate. We may declare the Cap Rate for a Cycle Term to be unlimited, in which case there is no maximum potential increase. We may declare the Participation Rate to be greater than 100%, in which case the rate of return would be greater than the Index gain, subject to the Cap Rate (if applicable).

Q: What is the value of my Cycle Investment during the Cycle Term?

The value of your Cycle Investment is measured in the value of your Units. The Cycle Investment Unit Value will fluctuate based upon the Fair Value of the Cycle Investment determined by the Fair Value Calculation Agent as described in “Valuation of a Cycle Investment” later in this prospectus. In determining the Fair Value during a Cycle Term, the Fair Value Calculation Agent will take into account a variety of factors, including the change in the Index Value from the Start Date, volatility of the Index, interest rate changes, dividend yield on the index, and the time remaining until the Cycle End Date.

This means that your Cycle Investment Value on any Business Day could be could be less than your initial investment.

During the Cycle Term, the Cycle Investment Unit Value estimates the market value of the risk of loss and possibility of gain if the Cycle Investment is held to the Cycle End Date. Before the Cycle End Date, the value of the Cycle Investment Unit may be lower than the value on the Start Date even when the Index performance is positive due to the possibility that the Index performance could

decrease before the Cycle End Date. Changes in the volatility of the Index price and interest rates also may reduce the Cycle Investment Unit Value before the Cycle End Date.

In addition, the Floor Rate and the Buffer Rate do not apply prior to the Cycle End Date. This means on any day prior to the Cycle End Date, if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair Value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. If you take a withdrawal prior to the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if you take a withdrawal prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower. See “Appendix C – Cycle Investment Unit Value Examples” for examples of how the value of your Cycle Investment is determined during the Cycle Term.

Q: How is my return calculated on the Cycle End Date?

The Cycle Maturity Value is the final Cycle Investment Unit Value for a Cycle investment on the Cycle End Date. The Cycle Maturity Value is calculated based on the Index’s performance over the Cycle Term, which is the difference between the Index value on the Cycle Start Date and the Index value on the Cycle End Date, subject to the Cap Rate (for a Cycle Investment with a Cap Rate Crediting Type) or the Participation Rate (for a Cycle Investment with a Participation Rate Crediting Type) or both (for a Cycle Investment with a Cap Rate and with Participation Rate Crediting Type), and subject to the Floor Rate (for a Cycle Investment with a Floor Rate Cycle Structure) or the Buffer Rate (for a Cycle Investment with a Buffer Rate Cycle Structure).

The following table describes the maximum amount that may be lost in Cycle Investment Options on the Cycle End Date:


Maximum Cycle Investment Loss on Cycle End Date
‘-10% Floor	‘-10% Buffer	‘-20% Buffer	‘-30% Buffer
-10%	-90%	-80%	-70%

FEE TABLE

The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. Fees and expenses in the tables do not reflect any Advisory Fees paid from your Contract Value or other assets of yours. If such charges were reflected, the fees and expenses would be higher.

The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract, or transfer Contract Value between investment options. State premium taxes may also be deducted.

Transaction Expenses


Contract Owner Transaction Expenses						Charge
Sales Load Imposed on Premiums						None
State Premium Tax1						0% to 3.5%
Transfer Fee2						$15
Fair Value Calculation3 (as a percentage of the amount invested in Cycle Investments)						100%

1.State premium tax is based on current resident state and varies by state. If applicable in your state, it is generally payable upon full surrender, death, or the Income Payment Start Date.

2.Currently the charge is $0, but we reserve the right to charge $15 per transfer for transfers in excess of 15 per Contract Year. If applied, the Transfer Fee would apply both to transfers among Subaccounts and between Subaccounts and Cycle Investments. We will not charge for any transfers of initial or additional premium payments that include allocation instructions to Cycle Investment Options for the next Cycle Start Date.

3.If you withdraw money from a Cycle Investment Option prior to the Cycle End Date, you will receive the Cycle Investment Unit Value. We calculate the Cycle Investment Unit Value based on the Fair Value, and the Floor Rate and the Buffer Rate do not apply. In the event of severe market disruption where the value of the financial instruments become worthless, this means you can lose up to 100% of your principal invested in a Cycle Investment upon withdrawal prior to the Cycle End Date. See “Valuation of a Cycle Investment” later in this Prospectus, as well as “Fair Value Formulas” in Appendix E.

The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including Investment Portfolio company fees and expenses).

Annual Contract Expenses


Annual Contract Expenses						Charge
Base Contract Expenses (as a percentage of average Accumulation Value)1						0.25%
Return of Premium Death Benefit Rider2 (as a percentage of Contract Value)						0.15%
Annual Ratchet Death Benefit Rider2 (as a percentage of Contract Value)						0.40%
Contract Value GLWB Rider2 (as a percentage of Contract Value)						0.95%
Return of Premium GLWB Rider2 (as a percentage of Contract Value)						1.15%

1 This charge is a percentage of the Accumulation Value in each Subaccount including the Default Account. It does not apply to Contract Value allocated to the Cycle Investments. This annual charge is deducted daily. Once we issue your Contract, current rates for periodic charges are guaranteed for the life of the Contract. We call this charge the Separate Account Annual Expense charge later in this prospectus.

2 This charge is a percentage of the rider Benefit Base. It applies pro-rata against all Investment Options, including the Cycle Investment Value and amounts held in the Default Account. This annual charge is deducted quarterly.

The next item shows the minimum and maximum total operating expenses charged by the Investment Portfolios that you may pay periodically during the time you own the Contract. A complete list of Investment Portfolios available under the Contract, including the Default Account, as well as their annual expenses, may be found in “APPENDIX A – INVESTMENT PORTFOLIOS AVAILABLE UNDER THE CONTRACT” at the back of this Prospectus.

Annual Investment Portfolio Expenses1

(expenses that are deducted from portfolios assets, including management

fees, distribution, and/or service (12b-1) fees and other expenses)

Minimum

Maximum

Total annual operating expenses

0.49%

1.02%

1 The investment portfolio expenses used to prepare this table were provided to us by the fund company(ies). We have not independently verified such information of unaffiliated investment portfolio options. The expenses are those incurred as of the fiscal year ending December 31, 2023. Current or future expenses may be higher or lower than those shown. These charges do not apply to Contract Value allocated to the Cycle Investments.

Expense Examples

This Example is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include transaction expenses, annual Contract expenses, and Annual Investment Portfolio Expenses.

The Example assumes that you invest $100,000 in the Subaccounts for the time periods indicated. The Example also assumes that your investment has a 5% return each year and assumes the most expensive combination of Annual Investment Portfolio Expenses and optional benefits available for an additional charge. The Example assumes you do not allocate any Contract Value to the Cycle Investments and there is no Contract Value in the Default Account. The Example does not reflect any Advisory Fees paid from your Contract Value or other assets of yours. If such charges were reflected, the fees and expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

(1) If you surrender, annuitize, or continue to own your Contract at the end of the applicable time period:


1 Year	3 Years	5 Years	10 Years
$2,502	$7,696	$13,156	$28,062

PRINCIPAL RISKS OF INVESTING IN THE CONTRACT

General Risk of Loss

Investments in the Contract are subject to the risk of loss of principal and previously credited earnings due the negative performance of the Index to which a Cycle is linked or of the Investment Portfolio in which a Subaccount invests.

General Liquidity Risk

The Contract is designed to help meet long-term financial goals. It is not suitable as a vehicle for short-term savings. If you are not a long-term investor, this Contract may not be appropriate for you.

RISKS OF INVESTING IN THE CYCLE INVESTMENTS

Risk of Loss

Investments in Cycle Investments will fluctuate in value based on the performance of the Index. Such losses may be substantial depending on the performance of the Index and the Cycle Investment to which you allocate Contract Value. You will bear the portion of the loss that exceeds the Buffer Rate or the loss up to the amount of the Floor Rate, as applicable. The Floor Rate and the Buffer Rate provide downside protection from negative Index Performance only on the Cycle End Date. For Cycle Investments with multi-year Cycle Terms, these rates do not apply on an annual basis: any negative Index performance is measured from the Cycle Start Date until the Cycle End Date.

Liquidity Risk

The amount of Cycle Investment Value available for withdrawal on any Business Day is equal to the Cycle Investment Unit Value on that day multiplied by the number of Cycle Investment Units credited to your Contract. Prior to the Cycle End Date, the Cycle Investment Unit Value for each Cycle Investment is based on the Fair Value of the financial instruments that equal the Cycle Investment at maturity. The Fair Value estimates the market value of the risk of loss and possibility of gain if the Cycle Investment is held to the Cycle End Date. The Fair Value determination takes into account a variety of factors, including the change in Index value from the Cycle Start Date, volatility of the Index, interest rate changes, dividend yield on the index, and time remaining to the Cycle End Date. Before the Cycle End Date, the Cycle Investment Value may be lower than the amount allocated to the Cycle Investment on the Start Date even when the Index performance is positive due to the possibility that the Index performance could decrease before the Cycle End Date. Changes in the Index, volatility, and interest rates also may reduce the Cycle Investment Unit Value.

The Floor Rate and the Buffer Rate do not apply prior to the Cycle End Date. This means, on any day prior to the Cycle End Date, if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair Value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. If you take a withdrawal prior to the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if you take a withdrawal prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower. This means on any day prior to the Cycle End Date if you make a withdrawal (including Lifetime Payments under a GLWB Rider, withdrawals to pay Advisory Fees, to pay rider fees, if any, systematic withdrawals and RMDs), surrender or annuitize the Contract, or if a death benefit becomes payable, you could lose up to 100% of your principal investment and any earnings. On the Cycle End Date (when the Floor Rate and the Buffer Rate do apply), you could lose up to 10% of your investment in a Cycle Investment with a -10% Floor Rate or up to 90% of your investment in a Cycle Investment with a -10% Buffer Rate.

Your Cycle Investment Value is the amount available for withdrawals prior to the Cycle End Date, including withdrawals to pay Advisory fees, Systematic Withdrawals, Required Minimum Distributions, Lifetime Payments under a GLWB rider, transfers to the Subaccounts, full or partial surrenders of your contract (including exercising your right to cancel the contract), payment of a death benefit or annuitization.

Transfers, withdrawals, and optional benefit rider charges deducted before the Cycle End Date will reduce your Cycle Investment Value dollar for dollar.

Changes to the Cycle Investments

Availability of the Cycle Investments for future Cycle Types are solely at our discretion, and we can change or remove them without Contract Owner consent. You bear the risk that a Cycle Type in which you initially invest will not continue to be available in the future. We reserve the right not to offer any Cycle Investments, and to reject or limit the amount that can be invested in a Cycle Investment. If we exercise our right not to offer any Cycle Investments, you will be limited to investing in the Subaccounts, which are not tied to the performance of an Index. We set Cap Rates and Participation Rates at our discretion based on a variety of factors. These rates may change from Cycle Term to Cycle Term and may be less than your initial rates. Contract Owners bear the risk that the rates we set will be less favorable than they find acceptable. We will amend the prospectus should we cease offering Cycle Investments.

In the event that the Index for a Cycle Investment is discontinued, or is changed substantially, or if hedging instruments become difficult to acquire or the cost of hedging becomes excessive, for future Cycle Investments, we may replace the Index with an available comparable Index, subject to any necessary regulatory filings. If the Index is discontinued, for Cycle Investments that are ongoing, the Cycle Term will end, i.e., we will “mature” it, on the date the Index is discontinued, and we will calculate the Cycle Investment return, positive or negative, based on the Crediting Type (i.e., Cap Rate, Participation Rate, or Cap Rate with Participation Rate) and the Cycle Structure (i.e. Floor Rate or Buffer Rate), as applicable. See “Replacement of the Index” below for additional information.

Limited Participation in Positive Performance

Any increase in the value of the Contract Owner’s Cycle Investment for any Cycle, on the Cycle End Date, is limited by the Cycle’s Cap Rate and/or Participation Rate, which could cause the Contract Owner’s Cycle Investment on any Cycle Business Day to be lower than they would otherwise be if the Contract Owner invested, for example, in a mutual fund or exchange-traded fund tracking the same Index. The Cap Rates and Participation Rates benefit us because they limit the hedging costs to cover the amount of increase in the Cycle Investment that we may be obligated to pay. We set the Cap Rates and Participation Rates at our discretion. Generally, Cycle Investments that provide greater protection against negative Index performance through the Floor Rate or Buffer Rate have lower Cap Rates and Participation Rates than Cycle Investments with the same Index and Cycle Term that provide less protection.

Cap Rates and Participation Rates

The Cap Rate for a Cycle Investment with a Cap Rate Crediting Type and the Participation Rate for a Cycle Investment with a Participation Rate Crediting Type and the Cap Rate and Participation Rate for a Cycle Investment with a Cap Rate with Participation Rate Crediting Type are declared on the Cycle Start Date and will be disclosed on our website https://www.midlandnational.com/midlandadvisory. Prior to the Cycle Start Date, we will post Indicative Rates every Tuesday. The Cap Rate and/or Participation Rate for a new Cycle Term may be higher, lower, or equal to the Cap Rate and/or Participation Rate for the prior Cycle Term and/or the Indicative Rate. There is a risk that the Cap Rate will be lower than the Index’s rate of return. For Participation Rates lower than 100%, investors will not fully participate in the Index’s positive rate of return.

We have established a minimum Cap Rate for each available Cycle Investment with a Cap Rate Crediting Type and a minimum Participation Rate for each available Cycle Investment with a Participation Rate Crediting Type and a minimum Cap Rate and minimum Participation Rate for each available Cycle Investment with a Cap Rate with Participation Rate Crediting Type, which are the Rate Thresholds disclosed in this prospectus. If we cannot offer the Cycle Investment with a Cap Rate and/or Participation Rate that is equal to or above the applicable Rate Threshold, the Cycle Investment will not launch on the Cycle Start Date for the new Cycle Term. If this occurs, there is a risk that allocation of your Contract Value to a different Cycle Investment will be delayed until the following month because a new Cycle Investment can only be established on a Cycle Start Date (i.e., the third Thursday of each month). There is also a risk that you may not have a Cycle Investment to invest in if we decide not to offer any Cycle Investments in the future. Contract Value that you allocate to a Cycle Investment that does not launch will remain in the Default Account until you provide us with alternative allocation instructions.

The Cap Rates and Participation Rates apply from the Cycle Start Date to the Cycle End Date. The Cap Rate is a limit on the maximum rate of return on a Cycle Investment at the end of the Cycle Term, not the end of each year of the Cycle Term. It is not an annual limit. For Participation Rates with multi-year Cycle Terms, the Participation Rate is the portion of the Index gain on a Cycle Investment at the end of the Cycle Term, not the end of each year of the Cycle Term. Interim changes in the value of the Cycle Investment during a Cycle Term will occur, and may be higher or lower, sometimes significantly higher or lower, than the return on the Cycle Investment on the Cycle End Date.

We will inform you and your Advisor of the final Cap Rate and/or Participation Rate for each new Cycle Investment (whether an initial Cycle Investment or a renewal from a maturing Cycle Investment) to which your Contract Value is allocated. If the Cap Rate and/or Participation Rate is not satisfactory to you, you will be eligible to “bailout” of the new Cycle Investment, regardless of whether it is an initial Cycle Investment or a renewal from a maturing Cycle Investment. In order to exercise your right to bailout of the Cycle Investment, you or your Advisor must notify us within 10 business days from the day we send you and your Advisor notice of the final Cap Rate(s) and/or Participation Rate(s). When you do so, you must instruct us where to reallocate your investment. Your bailout proceeds will be equal to the entire amount you allocated to the new Cycle Investment on the Cycle Start Date, i.e., it will not be subject to any Fair Value calculation and it will not be subject to any transfer charges.Your bailout right permits you to (i) reallocate your proceeds from the Cycle Investment to different investment options under the Contract without being subject to the Fair Value calculation or any transfer charges, or (ii) withdraw your proceeds from the Cycle Investment less any Gross Partial Withdrawals taken from the Cycle Investment, Advisory Fees, and optional rider fees, without being subject to the Fair Value calculation. Amounts withdrawn or surrendered may be subject to applicable surrender charges and taxes, including a 10% federal penalty tax before age 59½. If you or your Advisor do not exercise your right to bailout within 10 business days of the notice, then your Cycle Investment Value allocated to the Cycle Investment will remain invested in the Cycle Investment. This means that if you later decide to transfer or withdraw proceeds from the Cycle Investment prior to the Cycle End Date, the Cycle Investment Unit Value of the amount you allocated to the Cycle Investment will be based on the Fair Value, and the Floor Rate or Buffer Rate will not apply. See “Transfers out of a Cycle Investment” and “Withdrawals from Cycle Investments” for more information about the consequences of transfers and withdrawals from the Cycle Investments prior to the Cycle End Date.

Cycle Investment Unit Value Based Upon Fair Value During Cycle Term

On each Cycle Business Day, other than the Cycle Start Date and Cycle End Date, we determine the Cycle Investment Unit Value for a Cycle Investment by reference to its Fair Value. The Fair Value of a Cycle Investment reflects the current value of financial instruments that would provide a return equal to the change in Index Value at the end of the Cycle Term, but without regard to the Floor Rate or the Buffer Rate, as applicable. We contract with Fair Value Calculation Agents to determine the Fair Value of a Cycle Investment based on a variety of factors such as the change in the Index Value from the Cycle Start Date, implied volatility of the Index, interest rate changes, dividend yield on the index, and the time remaining to the Cycle End Date. The Fair Value is determined using a formula which is determined based on the economic value of a hypothetical financial

investments at the time of the valuation designed to match Cycle Investment value at the Cycle End Date. The formula is based on the value of each of these financial instruments and is determined by a Fair Value Calculation Agent using standard financial industry calculations. This means the Fair Value of a Cycle Investment before the Cycle End Date could be different than the performance of the reference Index during the calculation period. For more information on the formula used to calculate Fair Value, see “Valuation of a Cycle Investment – Cycle Value Unit Value – During the Cycle Term.”

Midland National will publish the Cycle Investment Unit Values each Business Day on its website: https://www.midlandnational.com/midlandadvisory. For more information and to see how Fair Value and Cycle Investment Unit Value are calculated, see “Appendix C – Cycle Investment Unit Value Examples” and “Investing in the Cycle Investments” section below.

Risk Associated with Indices

The value of the Contract Owner’s Cycle Investment is dependent on the performance of the reference Index. The performance of an Index is based on changes in the values of the securities or other investments that comprise or define the Index. The securities comprising or defining the Indices are subject to a variety of investment risks, many of which are complicated and interrelated. These risks may affect capital markets generally, specific market segments, or specific issuers. The performance of the Indices may fluctuate, sometimes rapidly and unpredictably. Negative Index performance may cause the Contract Owner to lose money. The historical performance of an Index does not guarantee future results. It is impossible to predict whether an Index will perform positively or negatively over the course of a Cycle Term.

While it is not possible to invest directly in an Index, if the Contract Owner chooses to allocate amounts to a Cycle Investment, the Contract Owner is indirectly exposed to the investment risks associated with the referenced Index. Because each Index is comprised or defined by a collection of equity securities, each Index is largely exposed to market risk and issuer risk. Market risk is the risk that market fluctuations may cause the value of a security to fluctuate, sometimes rapidly and unpredictably. Issuer risk is the risk that the value of an issuer’s securities may decline for reasons directly related to the issuer, as opposed to the market generally.

Over time, we may also change the Indices to which the Cycle Investments are linked. Below is a summary of important investment risks to which each Index is exposed. For more information, see “Additional Information about the Indices” later in this prospectus.

• S&P 500® Price Return Index (Bloomberg Ticker: SPX). The S&P 500® Price Return Index is comprised of equity securities issued by large-capitalization U.S. companies. In general, large-capitalization companies may be unable to respond quickly to new competitive challenges, and may not be able to attain the high growth rate of successful smaller companies. The S&P 500® Price Return does not include dividends or distributions.

• MSCI EAFE Price Return Index (Bloomberg Ticker: MXEA). The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada. In general, large-capitalization companies may be unable to respond quickly to new competitive challenges and may not be able to attain the high growth rate of successful smaller companies, and the securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. Securities issued by non-U.S. companies (including related depository receipts) are subject to the risks related to investments in foreign markets (e.g., increased price volatility; changing currency exchange rates; and greater political, regulatory, and economic uncertainty). The price return index does not include dividends or distributions.

We reference the S&P 500® Price Return Index (Bloomberg Ticker: SPX), and the MSCI EAFE Price Return Index (Bloomberg Ticker: MXEA), which are price appreciation indices that do not include dividends or distributions, so the indices performances do not reflect dividends or distributions paid on the securities comprising the indices. The calculation of the Index performance for a Cycle Investment, therefore, will not reflect the full investment performance of the underlying securities.

No Rights in the Securities Underlying the Index

A Cycle Investment does not involve investing in the associated Index nor in any securities included in that Index. As a result, Contract Owners will not have voting rights, rights to receive cash dividends or other distributions or other rights that holders of securities comprising the indices would have. We calculate the increase in value of Cycle Investment without taking into account any such distributions or dividends paid.

Replacement of an Index

If an Index is discontinued, we reserve the right to replace it with an alternative index for future Cycle Investments. We will give at least a 30 day notice of the change, unless the Index provider gives us less than 30 days’ notice, in which case we will give you and your Advisor notice as soon as practicable at our discretion. We will attempt to choose a replacement index that has a similar investment objective and risk profile to the discontinued Index. If we replace an Index, any future Cycle Investments will be available with the same Rate Threshold, Floor Rate and Buffer Rate features. In addition, in the event the Index for a Cycle Investment is changed substantially, or if hedging instruments become difficult to acquire or the cost of hedging becomes excessive, we may stop offering and/or replace the Index with an available comparable Index for future Cycle Investments. You bear the risk that the replacement index may not be acceptable to you.

Due to the possibility that an Index may be discontinued, we cannot guarantee that any Index will remain available through the end of a Cycle Term. In the event an Index is discontinued, we will terminate the Cycle Investment, as described below.

If an Index were to be discontinued, we will end, or mature, the Cycle Term before its scheduled Cycle End Date as of the date of the most recently available closing value of the Index before its discontinuance. We will use that closing value to calculate the Cycle Investment return, positive or negative, through that date. We will apply the Index performance as of that date subject to the Crediting Type (i.e., Cap Rate or Participation Rate or Cap Rate with Participation Rate) and the Cycle Structure (i.e., the Floor Rate or Buffer Rate, as applicable). For example, if the Index was up 10% at the time we matured the Cycle for a Cycle with an 8% Cap Rate, we would credit an 8% return to your Cycle Investment Value and for a Cycle with a 90% Participation Rate, we would credit a 9% return to your Cycle Investment Value and for a Cycle with an 8% Cap Rate and a 90% Participation Rate, we would credit an 8% return to your Cycle Investment Value. If the Index was down 30% at the time we matured the Cycle for a Cycle with a -10% Buffer Rate, we would credit a 20% negative return to your Cycle Investment Value and for a Cycle with a -10% Floor Rate, we would credit a -10% negative return to your Cycle Investment Value. We would provide notice about ending the Cycle, as soon as practicable and ask for instructions on where to transfer your Cycle End Date value. If you do not provide us with instructions, your Cycle End Date value will be transferred to the Default Account and will remain there until you provide us with alternative allocation instructions.

In the case of any of the types of early maturities discussed above, you can allocate the Cycle Investment Value to any of the available investment options, such as immediately to a Subaccount or to a Cycle Investment on the next Cycle Start Date, if available. Contract Owners may not transfer from the affected Cycle Investment into another Cycle Investment that has already commenced. Contract Owners are always able to transfer to the Subaccounts.

RISKS OF INVESTING IN THE SUBACCOUNTS

Risk of Loss

You bear the risk of any decline in the Accumulation Value of your Subaccounts resulting from the performance of the Investment Portfolios you have chosen. The Accumulation Value could decline very significantly, and there is a risk of loss of the entire amount invested. This risk varies with each Investment Portfolio. The investment risks are described in the prospectuses for the Investment Portfolios.

OTHER GENERAL RISKS OF INVESTING IN THE CONTRACT

Financial Strength of Midland National

Midland National is solely responsible for all guarantees provided under the Contract, including without limitation values calculated for the Cycle Investments, a Death Benefit, a GLWB Rider, and any annuity payments. Our General Account assets, which support these guarantees and payments are subject to the claims of our creditors. As such, the guarantees and payments are subject to our financial strength and claims paying ability and, therefore, to the risk that we may default on the guarantees and payments. For information on our financial condition, please review our financial statements included in this prospectus. Additional information about our business and operations is set forth in “Midland National Life Insurance Company”, later in this prospectus.

Optional Benefit Risks

Optional Benefit Fees. If you choose to purchase one or more of the optional benefits available for an additional charge, the fees for the optional benefit(s) will be deducted from your Contract Value, including the Cycle Investments.

The fees for the optional benefit(s) you select will be deducted from your Contract Value each Contract Quarter for the life of the Contract. You cannot voluntarily terminate an optional benefit rider without surrendering or annuitizing your Contract. There is a risk that any financial return provided by an optional benefit will ultimately be less than the fees you paid for the benefit.

Prior to the Cycle End Date, the Cycle Investment Unit Value will be based on the Fair Value, and the Floor Rate and the Buffer Rate do not apply. This means, on any day prior to the Cycle End Date, if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair Value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. When charges for optional benefits are deducted from the Cycle Investments, the Cycle Investment Value from which the deduction is taken is based on the Fair Value calculation unless the deduction is made on the Cycle End Date. If a deduction is taken to pay optional benefit charges on any day before the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the deduction reduced the Cycle Investment Value (which is based on the Fair Value).

This means that if a deduction is taken to pay optional benefit charges on any day prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than on the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower.

Effect of Withdrawals on Optional Benefits. Gross Partial Withdrawals (including Lifetime Payments under a GLWB Rider, systematic withdrawals, and RMDs) may reduce the Return of Premium Death Benefit or the Annual Ratchet Death Benefit by more than the amount withdrawn, and it is possible that these optional Death Benefits will be not be greater than the Contract Value Death Benefit for which there is no additional charge.

Any transaction that reduces the Contract Value (including withdrawals, Lifetime Payments under a GLWB Rider, Advisory Fee deductions, and deductions for optional benefit rider charges) reduces the likelihood of increasing the Annual Ratchet Death Benefit and/or a GLWB Benefit Base through a step up on any eligible Contract Anniversary.

Excess Gross Partial Withdrawals will reduce a GLWB Benefit Base and, consequently, the Lifetime Payment Amount for future Contract Years.

Gross Partial Withdrawals after you elect to begin Lifetime Payments under a GLWB Rider, including Excess Gross Partial Withdrawals, are taken pro-rata across all investments, including the Cycle Investments and the Default Account, in the same proportion that each Investment Option bears to the total Contract Value. Lifetime Payments under a GLWB Rider withdrawn from the Cycle Investments prior to the Cycle End Date are subject to the Fair Value calculation and proportional reduction in Cycle Investment Units described above. An Excess Gross Partial Withdrawal will reduce the Benefit Base of your GLWB Rider by the same proportion that the Excess Gross Partial Withdrawal reduced the Contract Value, which may be more, even significantly more, than the amount withdrawn and may terminate the rider. If you take an Excess Gross Partial Withdrawal on any day prior to the Cycle End Date of your Cycle Investments, you could significantly reduce or eliminate your Benefit Base. This is because prior to the Cycle End Date, the Cycle Investment Value is based on the Fair Value, which will fluctuate during the Cycle Term. See “Valuation of a Cycle Investment” for more information about the Fair Value calculation. See “Guaranteed Living Withdrawal Benefits” for more information about Excess Gross Partial Withdrawals.

GLWB Lifetime Payment Amounts. Lifetime Payments withdrawn under a GLWB Rider (when the Contract Value is greater than zero) reduce your Contract Value. We do not make Lifetime Payments to you out of our general account assets unless your Contract Value is reduced to zero for any reason other than an Excess Gross Partial Withdrawal. It is possible that this will never occur and we will never make Lifetime Payments to you from our assets. We will not refund the charges you have paid even if you never choose to begin Lifetime Payments or never receive any Lifetime Payments paid out of our general account assets. Any amounts paid by us under a GLWB Rider in excess of the Contract Value are subject to our financial strength and claims-paying ability.

You should carefully consider when to begin Lifetime Payments. There is a risk that you will not begin taking withdrawals under a GLWB Rider at the most financially beneficial time for you. If you begin taking withdrawals too soon or delay taking withdrawals for too long, you may limit the value of a GLWB Rider. Taking withdrawals early will increase the time in which you will be able to receive Lifetime Payments, but will reduce the Lifetime Payment Amount because the initial Benefit Base is established and the Lifetime Payment Percentage is locked in on the GLWB Exercise Date. Taking withdrawals later will increase the Lifetime Payment Amount because the Lifetime Payment Percentage increases the longer you hold the Contract before beginning Lifetime Payments, but delaying taking withdrawals will shorten the time in which you will be able to receive Lifetime Payments. You should consider taking Lifetime Payments on the Cycle End Date of your Cycle Investments to avoid the potential for a negative Fair Value calculation and proportional reduction in Cycle Investment Units described above and maximize potential Contract Value growth.

GLWB Benefit Base. Your initial Benefit Base when you begin Lifetime Payments will differ depending on which GLWB Rider you elected when you purchased the Contract, and each of the GLWB Riders has its own charge that we assess for the life of the Contract. Even if you do not take any withdrawals prior to the GLWB Exercise Date, it is possible your initial Benefit Base under the Return of Premium GLWB Rider will be not be greater than the initial Benefit Base you would have received under the Contract Value GLWB, for which a lower charge is assessed. If your Contract Value is greater than the Return of Premium GLWB Benefit Base on the GLWB Exercise Date, your initial Benefit Base will equal the Contract Value and you will have paid a higher charge without receiving a higher initial Benefit Base. You will remain subject to the higher charge for the Return of Premium GLWB Rider for the life of the Contract, even if your initial Benefit Base established on the GLWB Exercise Date is no greater than the Contract Value. If you elect the Contract Value GLWB Rider, you will be subject to a lower charge, but your initial Benefit Base could be less than the total premium payments you have made, even if you have not taken any withdrawals, as a result of poor investment performance, charges deducted and Advisory Fees paid from your Contract Value from the Issue Date to the GLWB Exercise Date.

Lifetime Payments under the GLWB Riders withdrawn from the Cycle Investments prior to the Cycle End Date are subject to the Fair Value calculation and proportional reduction in Cycle Investment Units described above. A GLWB Rider may not be appropriate for you if you intend or need to (i) take withdrawals before you elect to exercise your GLWB Rider benefits, which may reduce your initial Benefit Base when you choose to begin Lifetime Payments under the rider; or (ii) take Excess Gross Partial Withdrawals after you elect to exercise your GLWB Rider benefits, which will reduce your Benefit Base and, consequently, the Lifetime Payment Amount for future Contract Years. A GLWB Rider could be appropriate if you want to have the contingent guarantee in place to continue to receive lifetime income if your Contract Value is reduced to zero from poor investment performance and/or withdrawals that are not Excess Gross Partial Withdrawals. It is possible that this will never occur and we will never make Lifetime Payments to you from our assets. You should discuss with your Advisor before electing a GLWB Rider.

GLWB Restrictions on Premium Payments. If you elect a GLWB Rider, additional premium payments are only permitted during the first 6 months after Contract issue. This will limit your ability to increase your Contract Value, the value of the GLWB Rider, and the value of the Death Benefit (including the optional Return of Premium Death Benefit or Annual Ratchet Death Benefit) by making additional premium payments.

Termination on Maturity Date. Upon the Contract’s Maturity Date, the Death Benefits, including any optional Death Benefits you have elected, will terminate with no value. If you elected an optional GLWB Rider and Lifetime Payments have begun, your GLWB Rider will not terminate and your benefits under the GLWB Rider will continue until the death(s) of the Covered Person(s). If you elected an optional GLWB Rider and Lifetime Payments have not yet begun, you may choose to begin Lifetime Payments on the Maturity Date or you may purchase a Single Pay Immediate Annuity (“SPIA”) with your Contract Value.

Advisory Fee Risk

If you choose to pay Advisory Fees from your Contract Value, this deduction will reduce your Contract Value. This will reduce the amount available to be applied to an annuity payout option when you annuitize your Contract. Currently, income payment options are only available if the proceeds applied are $2,000 or more and the annual payment is more than $240. If the deduction of Advisory Fees reduces your Contract Value below these thresholds, your options will be limited to receiving your remaining Contract Value in one lump sum. Because the standard Contract Value Death Benefit under the Contract is equal to your Contract Value, the deduction of the Advisory Fee from your Contract Value will also reduce the standard Contract Value Death Benefit. Advisory Fee deductions reduce your Contract Value and reduces the likelihood of increasing the Annual Ratchet Death Benefit and/or a GLWB Benefit Base through a step up on any eligible Contract Anniversary. You should consider making Advisory Fee payments from a separate source other than your Contract Value in order to avoid incurring these consequences.

Prior to the Cycle End Date, the Cycle Investment Unit Value will be based on the Fair Value, and the Floor Rate and the Buffer Rate do not apply. This means, on any day prior to the Cycle End Date, if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair Value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. This means on any day prior to the Cycle End Date, if you take a withdrawal from a Cycle Investment (including any withdrawals to pay Advisory Fees), it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this would always cause your Cycle Investment Value on the Cycle End Date to be lower. You should consult with your Advisor before authorizing Advisory Fees to be deducted from the Cycle Investments prior to the Cycle End Date.

In a series of recent private letter rulings (“PLRs”), the IRS has recognized that investment advisor fees paid out of Contract Value will, in certain circumstances and subject to conditions, not be treated as taxable distributions from a Non-Qualified Contract, will not be taxable to the Contract Owner, are not reportable to the IRS as distributions from the Contract and are not subject to the 10% tax penalty for Contract Owners who are under age 591⁄2. We have received such a private letter ruling from the IRS and intend to tax report in accordance with that ruling. Accordingly, advisory fees will be treated as non-taxable distributions for reporting purposes by the Company. However, these rulings generally only can be relied upon by the taxpayers who obtained them, and the IRS is not bound by these rulings with respect to your tax treatment under your Contract. Regardless of how we treat the deduction of Advisory Fees for tax reporting purposes, there is a risk that federal and state taxing authorities may determine that these deductions are subject to federal and state income taxes, including a 10% tax penalty if you are under age 591⁄2. See “Advisory Fees Deducted From Contract Value” and “Federal Tax Status – Advisory Fees” for more information.

Adverse Tax Consequences

Certain transactions including, but not limited to, withdrawals (including withdrawals to pay Advisory Fees, systematic withdrawals, required minimum distributions and Lifetime Payments under a GLWB Rider) and surrenders may lead to a taxable event. If you purchase the Contract through a tax advantaged retirement account, distributions received before you attain age 591/2 may be includable in income and subject to a 10% penalty tax. If you take a withdrawal from a Non-Qualified Contract, any earnings before you attain age 591/2 may be included in income and subject to a 10% penalty tax in addition to ordinary income tax. In addition, existing tax laws that benefit this Contract may change at any time.

Premium Payment Risk

Your ability to make subsequent premium payments is subject to restrictions. We reserve the right to refuse any premium payment, to further limit your ability to make subsequent premium payments with advance notice, and require our prior approval before accepting premium payments.

There is no guarantee that you will always be permitted to make premium payments. If you elect a GLWB Rider, additional premium payments are only permitted during the first 6 months after the Contract Issue Date.

If we refuse and/or limit your premium payments:

•your ability to increase your Contract Value will be affected, which in turn will affect the amounts that may be applied to an annuity payout option or toward the Contract Value Death Benefit;

•you will be unable to increase the value of the Return of Premium Death Benefit;

•the likelihood of increasing the value of the Annual Ratchet Death Benefit through a step up on any eligible Contract Anniversary is reduced; and

•the likelihood of increasing the Benefit Base of a GLWB Rider before beginning Lifetime Payments will be limited.

Minimum Contract Value Risk

The minimum amount that can be left in the entire Contract after a withdrawal (except withdrawals after the GLWB Exercise Date under a GLWB Rider) is $1,000.00. The entire Contract will be terminated and the balance will be distributed to the Contract Owner if a withdrawal causes the Contract Value to drop below $1,000.00. If you elected a GLWB Rider, the Contract will not be closed if a withdrawal after the GLWB Exercise Date causes your Contract Value to drop below $1,000.00.

However, if your Contract Value is reduced to zero after the GLWB Exercise Date as a result of an Excess Gross Partial Withdrawal, the Contract will be closed and the GLWB Rider will terminate without value.

Cybersecurity

We rely heavily on interconnected computer systems and digital data to conduct our insurance business activities. Because our insurance business is highly dependent upon the effective operation of our computer systems and those of our business partners, our business is potentially vulnerable to disruptions from utility outages and other problems, and susceptible to operational and information security risks resulting from information systems failure (hardware and software malfunctions) and cyber-attacks. Cyber-attacks may be systemic (affecting the internet, cloud services, or other infrastructure) or targeted (failure in or breach of our systems or those of third parties on whom we rely). There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict. Due to the increasing sophistication of cyber-attacks, such cybersecurity incidents could occur and persist for an extended period of time without detection. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, and unauthorized release of confidential customer information. For instance, cyber-attacks may: interfere with our processing of Contract transactions, including the processing of orders from our website; cause the release and possible destruction of confidential customer or business information; impede order processing; subject us and/or our service providers and intermediaries to regulatory fines and financial losses; and/or cause reputational damage.

Cybersecurity risks may also affect the Indices and the Investment Portfolios in which the Subaccounts invest. Breaches in cybersecurity may cause the performance of an Index or Investment Portfolio to be calculated incorrectly, which could affect the calculation of values under the Contract. We are not responsible for the calculation of any Index or the performance of any Investment Portfolio, Breaches in cybersecurity may also negatively affect the value of the securities or other investments that comprise or define an Index or in which a portfolio invests.

Catastrophic Events

Catastrophic events including, but not limited to, terrorist attacks, floods, severe storms or hurricanes, computer cyber-terrorism, military actions, or a pandemic disease like the novel coronavirus known as COVID-19, could have a material and adverse effect on our business in several respects by:

• causing long-term interruptions in our service and the services provided by our significant vendors;

• creating economic uncertainty, and reducing or halting economic activity;

• disrupting the financial markets and adversely affecting the value, volatility, and liquidity of securities and other instruments;

• increasing mortality or mortality risks that could adversely affect our claims experience, the actuarial assumptions that underlie our insurance products, and the costs of reinsurance.

The extent to which these types of catastrophic events, may impact our business, results of operations, financial condition, liquidity, or prospects will depend on future developments that are highly uncertain and cannot be predicted.

THE OAK ELITE ADVISORY REGISTERED INDEX-LINKED VARIABLE ANNUITY CONTRACT

The Oak Elite Advisory Registered Index-Linked Variable Annuity Contract is a flexible premium deferred registered index variable annuity that is designed to aid in long-term financial planning for retirement or other savings needs. It is available for purchase as a Non-Qualified Contract, as well as through Individual Retirement Accounts (“IRAs”), including Traditional IRAs and Roth IRAs.

The prospectus and the Statement of Additional Information (SAI) describe all material terms and features of the Contract. Certain non-material provisions of your Contract may be different than the general description in this prospectus and the SAI because of legal requirements in the state in which you purchased the Contract. Any such variation will be included in your Contract. All material state variations are described in this prospectus. You may also contact your Advisor or our Customer Service Center for additional information about Contract variations applicable to your state. A summary of such material state specific variations is included in APPENDIX B– STATE VARIATIONS at the back of this prospectus.

PURCHASING THE CONTRACT

Any person wishing to purchase a Contract must submit an application form and an initial premium payment of at least $50,000. The sale must take place through an Advisor who is licensed, registered and authorized to sell the Contract. The maximum Issue Age for the Contract is 85 years.

If your application is complete and in Good Order (see “Administrative Procedures”), we will accept or reject it within two Business Days of receipt. If the application is incomplete, we will attempt to complete it within five Business Days. If it is not complete at the end of this period (or cannot be accepted for some other reason), then we will inform you of the reason for the delay and the premium payment will be returned unless you let us keep the premium until the application is complete. Your initial premium is held in a non-

interest bearing suspense account (which is part of our General Account and is subject to claims of our general creditors) until your Contract is issued or your premium is refunded.

You may allocate your premium payments among the Subaccounts and/or Cycle Investments available in the Contract. Because Cycle Investments only start on the third Thursday of each month, any amount of your initial premium payment and any subsequent premium payments that you wish to allocate to an upcoming Cycle Investment will be held in the Default Account until the Cycle Start Date.

We will allocate your initial premium payment according to your instructions when we receive it or accept your application (whichever is later) at our Customer Service Center before the New York Stock Exchange closes for regular trading (generally, 3:00 p.m. Central Time). If we receive your initial premium payment or accept your application (whichever is later) after the close of regular trading on the New York Stock Exchange, for investments in the Subaccounts, we will credit Accumulation Units at the Accumulation Unit Value determined at the close of the next Valuation Period.

All premium payments that you allocate to any Cycle Investment will be invested in the Default Account until your selected Cycle Start Date. The allocations will move from the Default Account into the corresponding Cycle Investments, if they launch, on the Cycle Start Date. If a Cycle Investment does not launch, the corresponding allocations will remain in the Default Account until you provide us with alternative allocation instructions. Cycle Investments begin on the third Thursday of each month. If the third Thursday of the month is not a Business Day, the Cycle Investments will launch on the next Business Day.

There may be delays in our receipt of applications that are outside of our control because of the failure of the Advisor who recommended this Contract to forward the application to us promptly, or because of delays in their broker dealer determining that the Contract is suitable for you. Any such delays will affect when your Contract can be issued and when your premium payment is allocated among the Subaccounts and the Cycle Investments.

Right to Cancel

You may cancel your Contract within the ten (10) day Right to Cancel period (also called the “Free Look Period”). We deem the Right to Cancel period to expire 10 days after you have received your Contract. Some states and circumstances may provide you with a longer Right to Cancel period. To cancel your Contract, you need to return your Contract and any other documentation that we may require, in Good Order, to the Advisor who recommended it to you or to our Customer Service Center. If you cancel your Contract, regardless of whether it is a Qualified Contract or a Non-Qualified Contract, then we will return:

• The Contract Value (which may be more or less than the premium payments you paid), or

• If greater and required by law, your premiums paid minus any Gross Partial Withdrawals.

If we return the Contract Value, the amount you receive will reflect the investment performance of the Investment Options you allocated your premiums to before you cancelled the Contract. Contract Value that is allocated to the Cycle Investments will be based on the Cycle Investment Unit Value at the time, which, if prior to the Cycle End Date, is based on the Fair Value and does not provide the protection of the Floor Rate or Buffer Rate.

If we return the premiums paid minus any Gross Partial Withdrawals, the amount you receive will not reflect the investment performance of the Investment Options you allocated your premiums to before you cancelled the Contract. If you allocated Contract Value to the Cycle Investments, the amount due to you is not based on the Cycle Investment Unit Value at the time. The amount you receive will only be reduced to the extent you took any Gross Partial Withdrawals before exercising your Right to Cancel.

Tax-free Section 1035 Exchanges

You can generally exchange one non-qualified annuity contract for another in a “tax-free exchange” under Section 1035 of the Internal Revenue Code. Before making an exchange, you should compare both annuity contracts carefully. Remember that if you exchange another annuity contract for the one described in this prospectus, you might have to pay a surrender charge on your old annuity contract and other charges may be higher (or lower) and the benefits may be different. You should not exchange another annuity contract for this one unless you determine, after knowing all the facts, that the exchange is in your best interest and not just better for the person trying to sell you this Contract. If you purchase the Contract in exchange for an existing annuity contract from another company, we may not receive your premium payment from the other company for a substantial period of time after you sign the application and send it to us, and we cannot credit your premium to the Contract until we receive it.

If you are considering a partial exchange of an annuity contract, you should consider the conditions described by Revenue Procedure 2011-38, effective for transfers that are completed on or after October 24, 2011. Under Revenue Procedure 2011-38: (1) the period of time after which cash can be withdrawn from either contract is 180 days beginning on the date of the transfer and (2) annuity payments that satisfy the newly enacted partial annuitization rule under Section 72(a)(2) of the Code will not be treated as a distribution from either the old or new contract.

You should consult with and rely upon a tax adviser if you are considering a contract exchange.

ADDITIONAL PREMIUM PAYMENTS

You may make additional premium payments at any time after the Free Look Period and prior to Annuitization in any amount of $1,000 or more, within certain limits and subject to our right to refuse any premium payments. By current Company practice, we will also accept additional payments via automatic bank draft in amounts of $100 or more per month. Unless you receive approval from us, the maximum amount of premium you may pay into this Contract prior to the Maturity Date is $2,000,000 if any optional benefit riders are elected, or $3,000,000 if no optional benefit riders are elected. In addition, an initial or additional premium that would cause the Contract Value or total value of all annuity contracts that you maintain with Midland National to exceed $5,000,000 requires our prior approval. We calculate this limit for each Annuitant or Owner based on all active annuity contracts.

Additional premium payments to Subaccounts will be credited as of the end of the Valuation Period in which they are received by us, in Good Order. Because Cycle Investments only start every third Thursday, any amount of your additional premium payments that you wish to allocate to an upcoming Cycle Investment will be invested in the Default Account until your selected Cycle Start Date. The allocations will move from the Default Account into the corresponding Cycle Investments, if they launch, on the Cycle Start Date. If a Cycle Investment does not launch, the corresponding allocations will remain in the Default Account until you provide us with alternative allocation instructions.

We may refuse to accept certain forms of premium payments (e.g., third party checks, traveler’s checks, money orders), and we reserve the right to accept or reject any premium payment or form of payment. If you elect a GLWB Rider, additional premium payments are only permitted during the first 6 months after the Contract Issue Date.

If we exercise our right to reject or place limitations on the acceptance and allocation of additional premiums,

•your ability to increase your Contract Value through additional premium payments will be affected, which in turn will affect the amounts that may be applied to an annuity payout option or toward the Contract Value Death Benefit;

•you will be unable to increase the value of the Return of Premium Death Benefit;

•the likelihood of increasing the value of the Annual Ratchet Death Benefit through a step up on any eligible Contract Anniversary is reduced; and

•the likelihood of increasing the value of the Benefit Base of a GLWB Rider before beginning Lifetime Payments is reduced.

You may mail premium payments by regular mail to Midland National Life Insurance Company at P.O. Box 9261 Des Moines, IA 50306-9261 or by overnight delivery service to 8300 Mills Civic Pkwy, West Des Moines, IA 50266-3833.

Allocation of Premium Payments

You will provide premium payment allocation instructions in your application for the Contract. These instructions will dictate how we allocate your additional premium payments. Allocation percentages may be any whole number (from 0 to 100) and the sum must equal 100. The allocation instructions in your application will apply to all additional premium payments, unless you change your allocation instructions by providing us with written instructions. We reserve the right to limit the number of Cycle Investments and Subaccounts to which you may allocate your premium payments or transfer your Contract Value.

Changing Your Premium Payment Allocation Instructions

You may change your allocation instructions by submitting a written request to our Customer Service Center that provides new allocation instruction in whole numbers from 0 to 100, the sum of which must equal 100. We may allow other means to make this type of request with proper authorization and verification. Changes to allocation instructions will apply to premium payments received as of the date we receive your request at our Customer Service Center. Changing your allocation instructions will not affect how your existing Contract Value is allocated among the Investment Options. When the Dollar Cost Averaging (DCA) program is in effect, the DCA allocation percentages will apply to any premium payments received unless you specify otherwise. (See “Dollar Cost Averaging” later in this prospectus.

THE CYCLE INVESTMENT OPTIONS

Available Cycle Investments. We currently offer the following Cycle Investments:

Index

Cycle Term

(# of years)

Cycle

Structure

Cycle Floor/Buffer Rate

Crediting Type

Rate

Threshold

S&P500

Buffer

-10%

Cap

5% Cap

MSCI EAFE

Buffer

-10%

Cap

5% Cap

S&P500

Buffer

-10%

Cap

5% Cap

S&P500

Buffer

-10%

Cap with Participation

12.5% Cap; 10% Participation

S&P500

Buffer

-20%

Cap with Participation

10% Cap; 10% Participation

S&P500

Buffer

-30%

Cap with Participation

7.5% Cap; 10% Participation

MSCI EAFE

Buffer

-10%

Cap with Participation

12.5% Cap; 10% Participation

MSCI EAFE

Buffer

-10%

Participation

10% Participation

S&P500

Buffer

-10%

Participation

10% Participation

S&P500

Floor

-10%

Cap

2.5% Cap

S&P500

Floor

-10%

Cap

2.5% Cap

Over time, we may add and/or remove the Cycle Investments offered for new Cycle Terms. If we do so, we will amend this Prospectus.

Features of a Cycle Investment

The key features of a Cycle Investment are:

• the Index to which it is linked;

• the Cycle Term, which is the period between Cycle Start Date and Cycle End Date;

• The type of downside protection (“Cycle Structure”), which are either: (i) the maximum loss you will incur due to negative Index performance for the Cycle Term, or the Floor Rate, or (ii) the maximum amount of negative Index performance for the Cycle Term from which the Company will protect you, or the Buffer Rate; and

• the type of upside investment exposure (“Crediting Type”), which are either: (i) the maximum positive rate of return at the end of the Cycle Term, which is the Cap Rate (subject to the Rate Threshold set forth in the table above), or (ii) the portion of positive Index performance, if any, for the Cycle Term in which you will participate, which is the Participation Rate (subject to the Rate Threshold set forth in the table above), or (iii) the Cap Rate with Participation Rate (each subject to the Rate Threshold set forth in the table above), which is the percentage of positive Index performance, if any, for the Cycle Term in which you will participate, subject to the Cap Rate (if any).

The Index. We currently offer Cycle Investments linked to the following Indices (each, an “Index”):

• S&P 500® Price Return Index (Bloomberg Ticker: SPX), which is a price return index based on the market-capitalization-weighted index of the 500 largest U.S. publicly-traded companies that does not include dividends or distributions.

Each Index involves risks, including the risk of loss of principal and previous earnings. See “Principal Risks of Investing in the Contract” earlier in this Prospectus for more information.

Cycle Terms. A Cycle Term begins on the Cycle Start Date and ends on the Cycle End Date. We currently offer Cycle Terms of 1 and 3 years for Cycle Investments with a Floor Rate described below and Cycle Terms of 1, 3, and 6 years for Cycle Investments with a Buffer Rate described below.

Floor Rate. The Floor Rate is the maximum loss you will incur due to negative Index performance for the Cycle Term. We currently offer a Floor Rate of -10%, as reflected in the table of available Cycle Investments above.

Example 1: If the performance of an Index at the end of a 1-year Cycle Term is -15%, and the Floor Rate of -10% is selected, the return on the Cycle Investment would be -10%. In this Example, the -10% Floor Rate applies, and Midland National bears the risk of any loss due to negative Index performance below -10%.

Example 2: If the performance of an Index at the end of a 1-year Cycle Term is -5%, and the Floor Rate of -10% is selected, the return on the Cycle Investment would be -5%. In this Example, the -10% Floor Rate does not apply because the return on the Cycle Investment is higher. The Contract Owner bears negative Index performance down to -10%.

We will continue to offer the same Floor Rate for each subsequent Cycle Term of the same Cycle Type, but we may offer the same or different rates in the future for newly offered Cycle Types. We guarantee that we will never offer a Cycle Type with a Floor Rate below -60% for the life of your Contract. In such case, if you invest in a Cycle Type with a Floor Rate Cycle Structure and hold your investment through the end of the Cycle Term, you will never lose more than 60% of your investment in the Cycle Investment

Buffer Rate. The Buffer Rate is the maximum amount of negative Index performance that the Company will protect you from on the Cycle End Date, and you will bear any negative Index performance in excess of the Buffer Rate. We currently offer Buffer Rates of -10%, -20% and -30%, as reflected in the table of available Cycle Investments above.

Example 1: If the Index performance on the Cycle End Date is -15% and a Buffer Rate selected is -20%, the return on the Cycle Investment would be 0%. In this example, the Buffer Rate would apply, and Midland National would protect you from all of the negative Index performance.

Example 2: If the Index performance on the Cycle End Date is -15% and the Buffer Rate selected is -10%, the return on the Cycle Investment would be -5%. The Buffer Rate would apply, and Midland National would absorb negative Index performance of -10%. The Contract Owner bears the loss to the extent negative Index performance –exceeds 10%.

Buffer Rates do not limit the Contract Owner’s loss to a particular amount. A Cycle Investment with a Buffer Rate of -10% could experience a loss equal to -90%, and a Cycle Investment with a Buffer Rate of -20% could experience a loss equal to -80%. This means that selecting a Cycle Investment with a Buffer Rate could result in a large losses during periods of steep declines in the stock market.

We will continue to offer the same Buffer Rate for each subsequent Cycle Term of the same Cycle Type, but we may offer the same or different rates in the future for newly offered Cycle Types. We guarantee that we will never offer a Cycle Investment with a Buffer Rate below -2.5% for the life of your Contract. In such case, if you invest in a Cycle Investment with a Buffer Rate Cycle Structure and hold your investment through the end of the Cycle Term, you will never lose more than 97.5% of your investment in the Cycle Investment

The Floor Rate and the Buffer Rate only apply on the Cycle End Date. For Cycle Investments with multi-year Cycle Terms, these rates do not apply on an annual basis: any negative Index performance is measured from the Cycle Start Date until the Cycle End Date.

Neither the Floor Rate nor the Buffer Rate will apply to any partial or full withdrawals of a Cycle Investment prior to the Cycle End Date, which means that you will not have any guaranteed downside protection on these withdrawals during the Cycle Term.

Example 1: If you invest $100,000, and the Floor Rate -10% is selected, but you withdraw the entire Cycle Investment prior to the Cycle End Date at a time when the Cycle Investment Unit Value is $8, i.e. the Cycle performance to date (based on the Fair Value, which considers various market factors in addition to Index performance) is -20%, the Floor Rate would not apply and you could incur the full loss of -20%, or $20,000. This is because if you take a withdrawal prior to the Cycle End Date, there is no downside protection and you risk the loss of your entire investment.

Example 2: If you invest $100,000, and the Buffer Rate -20% is selected, and you withdraw the entire Cycle Investment prior to the Cycle End Date at a time when the Cycle Investment Unit Value is $9, i.e. the Cycle performance to date (based on the Fair Value, which considers various market factors in addition to Index performance) is -10%, the Buffer Rate would not apply and you could incur the full loss of 10%, or $10,000. In this example, your loss could be equal the full amount of the Cycle Investment Unit Value decline of 10%, or $10,000. This is because if you take a withdrawal prior to the Cycle End Date, there is no downside protection and you risk the loss of your entire investment.

Cap Rate. The Cap Rate is the maximum positive rate of return on a Cycle End Date and it limits participation in positive Index performance. This means that the return on an Cycle Investment is limited to the Cap Rate even if the Index performance on the Cycle Investment End Date is higher.

Example 1. If the performance of an Index at the end of a 3-year Cycle Term is 10%, but the Cap Rate is 8%, the return on your Cycle Investment for that Cycle Term would be limited to 8%, which is the Cap Rate.

Example 2. If the performance of an Index at the end of year of a 3-year Cycle Term is 5%, but the Cap Rate is 8%, the return on your Cycle Investment for that Cycle Term would be the full 5% because it is below the Cap Rate.

We have established a minimum Cap Rate for each available Cycle Investment with a Cap Rate Crediting Type, which are the Rate Thresholds disclosed in this prospectus. If we cannot offer the Cycle Investment with a Cap Rate that is equal to or above the applicable Rate Threshold, the Cycle Investment will not launch on the Cycle Start Date for the new Cycle Term. We guarantee that we will never offer a Cycle Investment with a Cap Rate below 2.0% for the life of your Contract.

Participation Rate. The Participation Rate is the portion of positive Index performance, if any, for a Cycle Investment that your Cycle Investment Unit Value will participate in on the Cycle End Date. We determine the return on an Cycle Investment based on a Participation Rate by multiplying any Index gain over the Cycle Term by the Participation Rate. .

Example 1. If the performance of an Index at the end of a 1-year Cycle Term is 10%, and the Participation Rate is 90%, the return on the Cycle Investment for that Cycle Term would be 9%, which is 90% of the Index gain.

Example 2. If the performance of an Index at the end of a 1-year Cycle Term is 5%, and the Participation Rate is 90%, the return on the Cycle Investment for that Cycle Term would be 4.5%, which is 90% of the Index gain.

Participation Rates do not limit the Contract Owner’s return to a maximum amount. A Cycle Investment with a Participation Rate of 90% will experience returns equal to 90% of the Index gain over the Cycle Term, no matter how high or low the Index gain may be.

We have established a minimum Participation Rate for each available Cycle Investment with a Participation Rate Crediting Type, which are the Rate Thresholds disclosed in this prospectus. If we cannot offer the Cycle Investment with a Participation Rate that is equal to or above the applicable Rate Threshold, the Cycle Investment will not launch on the Cycle Start Date for the new Cycle Term. We guarantee that we will never offer a Cycle Investment with a Participation Rate below 5.0% for the life of your Contract.

Cap Rate with Participation Rate. The Cap Rate is the maximum positive rate of return on a Cycle End Date and it limits participation in positive Index performance. The Participation Rate is the percentage of positive Index performance, if any, for a Cycle Investment that your Cycle Investment Unit Value will participate in on the Cycle End Date, subject to the Cap Rate. We may declare the Cap Rate for a Cycle Term to be unlimited, in which case there is no maximum potential increase. We may declare the Participation Rate to be greater than 100%, in which case the rate of return would be greater than the Index gain, subject to the Cap Rate (if applicable). .

Example 1. If the performance of an Index at the end of a 6-year Cycle Term is 10%, and the Cap Rate is 8% and the Participation Rate is 90%, the return on the Cycle Investment for that Cycle Term would be 8%, which is the Cap Rate.

Example 2. If the performance of an Index at the end of a 6-year Cycle Term is 5%, and the Cap Rate is 8% and the Participation Rate is 90%, the return on the Cycle Investment for that Cycle Term would be 4.5%, which is 90% of the Index gain.

Example 3. If the performance of an Index at the end of a 6-year Cycle Term is 10%, and we declare the Cap Rate to be unlimited and the Participation Rate is 110%, the return on the Cycle Investment for that Cycle Term would be 11%, which is 110% of the Index gain.

We have established a minimum Cap Rate and a minimum Participation Rate for each available Cycle Investment with a Cap Rate with Participation Rate Crediting Type, which are the Rate Thresholds disclosed in this prospectus. If we cannot offer the Cycle Investment with a Cap Rate and a Participation Rate that are equal to or above the applicable Rate Thresholds, the Cycle Investment will not launch on the Cycle Start Date for the new Cycle Term. We guarantee that we will never offer a Cycle Investment with a Cap Rate Below 2.5 % and a Participation Rate below 10% for the life of your Contract.

The Index return for a Cycle Investment is measured as the difference between applicable Index value on the Cycle Start Date and the Cycle End Date. For Cycle Investments with multi-year Cycle Terms, these rates do not apply on an annual basis: any positive Index performance is measured as the difference between applicable Index value on the Cycle Start Date and the Cycle End Date. The Cap Rate is a limit on the maximum rate of return on a Cycle Investment at the end of the Cycle Term, not the end each year of the Cycle Term. For Participation Rates with multi-year Cycle Terms, the Participation Rate is the portion of the Index gain on a Cycle Investment at the end of the Cycle Term, not the end of each year of the Cycle Term. Interim changes in the value of the Cycle Investment during a Cycle Term will occur, and may be higher or lower, sometimes significantly higher or lower, than the return on the Cycle Investment on the Cycle End Date.

Please note, generally the higher the Floor Rate you select, the higher the Cap Rate and/or Participation Rate we will offer. For example if the Floor Rate is increased from -10% to -20%, the Cap Rate and/or Participation Rate would increase. In general, the lower the Buffer Rate you select, the higher the Cap Rate and/or Participation Rate we will offer. For example if the Buffer Rate is decreased from -20% to -10%, the Cap Rate and/or Participation Rate would increase. In other words, selecting less protection from potential losses due to negative Index performance will generally result in a higher Cap Rate and/or Participation Rate, giving you more exposure to upside potential.

Investing in the Cycle Investments

Subject to our right not to offer any Cycle Investments, we will launch new Investment Cycles on the third Thursday of every month. If the third Thursday of the month is not a Business Day, we will launch the new Investment Cycles on the next Business Day.

Thirty Business Days prior to any Cycle Investment Start Date, we will post information on-line about the Cycle Investments scheduled to start next. The notice, which will be posted on the Midland National’s website at https://www.midlandnational.com/midlandadvisory and will include the following information for each available Cycle Investment:

1) Index, Cycle Term, and Floor Rate or Buffer Rate, as applicable;

2) Start Date and Cycle End Date;

3) Indicative Rate(s) and Crediting Type (which will be updated every Tuesday before the Cycle Start Date);

4) Instructions for completing investment allocation instructions for the new Cycle Investments deadline.

The final Cap Rate and/or Participation Rate for a Cycle Investment will be declared on the Cycle Start Date and will be disclosed on our website https://www.midlandnational.com/midlandadvisory as of that day. Prior to the Cycle Start Date, we will post Indicative Rates every Tuesday. The Cap Rate or Participation Rate for a new Cycle Term may be higher, lower, or equal to the Cap Rate or Participation Rate for the prior Cycle Term and/or the Indicative Rate.

Cycle Investment with a Cap Rate with Participation Rate Crediting Type, which are the Rate Thresholds disclosed in this prospectus. If we cannot offer the Cycle Investment with a Cap Rate and/or Participation Rate that is equal to or above the applicable Rate Threshold, the Cycle Investment will not launch on the Cycle Start Date for the new Cycle Term. There is a risk that you may not have a Cycle Investment to invest in if we decide not to offer any Cycle Investments in the future.

We will inform you and your Advisor in writing, or electronically, if applicable, of the final Cap Rate and/or Participation Rate for each new Cycle Investment (whether an initial Cycle Investment or a renewal from a maturing Cycle Investment) to which your Contract Value is allocated. If the Cap Rate and/or Participation Rate is not satisfactory to you, you will be eligible to “bailout” of the new Cycle Investment, regardless of whether it is an initial Cycle Investment or a renewal from a maturing Cycle Investment. In order to exercise your right to bailout of the Cycle Investment, you or your Advisor must notify us within 10 business days from the day we send you and your Advisor notice of the final Cap Rate(s) and/or Participation Rate(s). When you do so, you must instruct us where to reallocate your investment. If you want to exercise your right to bailout you can do so by contacting us by telephone at 833-492-0022 or by e-mail at Securities@SFGMembers.com. Your bailout right permits you to (i) reallocate your proceeds from the Cycle Investment to different investment options under the Contract without being subject to the Fair Value calculation or any transfer charges, or (ii) withdraw your proceeds from the Cycle Investment less any prior Gross Partial Withdrawals taken from the Cycle Investment, Advisor Fees, and optional rider fees, without being subject to the Fair Value calculation. Amounts withdrawn or surrendered may be subject to applicable surrender charges and taxes, including a 10% federal penalty tax before age 59½. If you or your Advisor do not exercise your right to bailout within 10 business days of the notice, then your Contract Value allocated to the Cycle Investment will remain invested in the Cycle Investment. This means that if you later decide to transfer or withdraw your proceeds from the Cycle Investment prior to the Cycle End Date, the Cycle Investment Unit Value of the amount you allocated to the Cycle Investment will be based on the Fair Value, and the Floor Rate or Buffer Rate will not apply. See “Transfers out of a Cycle Investment” and “Withdrawals from Cycle Investments” for more information about the consequences of transfers and withdrawals from the Cycle Investments prior to the Cycle End Date.

Your bailout proceeds will be equal to the entire amount you allocated to the new Cycle Investment on the Cycle Start Date less any prior Gross Partial Withdrawals taken from the Cycle, Advisory Fees, and optional rider fees, i.e., it will not be subject to any Fair Value calculation and it will not be subject to any transfer charges.

If you have a maturing Cycle Investment, we will mail you and your Advisor this notice, or, if applicable, deliver it electronically. For more information, see “Cycle End Date Payments; Rollovers” below in this section.

To invest in a new Cycle Investment, you must submit your allocation instructions no later than the close of the Business Day prior to the Cycle Start Date. Your allocation instructions must specify:

1) the Cycle Investment(s) you select for investment; and

2) the amount and source of Contract Value to be allocated to the Cycle Investment(s), i.e., additional premium payments, amounts allocated to Investment Portfolios Available Under the Contract Investment Options or proceeds from a Cycle Investment maturing prior to the applicable Cycle Start Date,

All transfers of Contract Value to the Cycle Investments will be placed in the Default Account one Business Day prior to the Cycle Start Date. All allocations of premium payments to the Cycle Investments will be placed in the Default Account upon allocation to the Contract and held there until the Cycle Start Date. All proceeds from maturing Cycle Investments that will rollover into a new Cycle Term of the same Cycle Type or will be reallocated to a different Cycle Type will be placed in the Default Account on the Cycle End Date before they are reinvested into a new Cycle Investment. On the Cycle Start Date, we will then reallocate the amounts to the designated Cycle Investment(s) This includes initial premiums, additional premium payments, transferred Contract Value from the Subaccounts and rollovers from maturing Cycle Investments.

Depending on market and business considerations, we may determine not to offer a Cycle Investment on a Cycle Start Date and may reject or limit the amount allocated in a Cycle Investment at our sole discretion at any time until the end of the Business Day on the Cycle Start Date. We may choose not to offer any Cycle Investment for any period or we may decide to cease offering Cycle

Investments. If we decide to cease offering Cycle Types, each outstanding Cycle Investment will continue until its respective Cycle End Date.

If you do not provide us with allocation instructions, or we do not timely receive your allocations instructions, or if the Cycle Investment you have selected is not available on the Cycle Start Date, your Contract Value will be invested in the Default Account until you provide us with alternative allocation instructions in Good Order.

The Default Account. The Default Account is the Fidelity VIP Government Money Market Portfolio - Service Class 2 Subaccount, which is used to hold the following: (i) premium payments designated for a new Cycle Investment(s) upon allocation to the Contract, (ii) transfers of Contract Value designated for a new Cycle Investment(s) as of one Business Day prior to the Cycle Start Date, (iii) proceeds from a maturing Cycle Investment(s) before they are reinvested into a new Cycle Investment, and (iv) proceeds from a maturing Cycle Investment for offered discontinued Cycle Investment which we have no instructions or for which the Cycle Investment does not launch.

The Cycle Start Date. We establish the Cap Rate and/or Participation Rate for a new Cycle Investment on the Cycle Start Date in our sole discretion based on a variety of factors. The Cap Rate or Participation Rate we establish may be different from the Indicative Rate on our website and in the notice, if you are already a Contract owner invested in a Cycle Investment. You will not know the final Cap Rate or Participation Rate until the Cycle Start Date, at which point it will be posted on our website, https://www.midlandnational.com/midlandadvisory. You will also be notified by mail or electronically, as applicable. The following table sets forth the Cycle Investments that are currently available.

Index

Cycle Term

(# of years)

Cycle

Structure

Cycle Floor/Buffer Rate

Crediting Type

Rate

Threshold

S&P500

Buffer

-10%

Cap

5% Cap

MSCI EAFE

Buffer

-10%

Cap

5% Cap

S&P500

Buffer

-10%

Cap

5% Cap

S&P500

Buffer

-10%

Cap with Participation

12.5% Cap; 10% Participation

S&P500

Buffer

-20%

Cap with Participation

10% Cap; 10% Participation

S&P500

Buffer

-30%

Cap with Participation

7.5% Cap; 10% Participation

MSCI EAFE

Buffer

-10%

Cap with Participation

12.5% Cap; 10% Participation

MSCI EAFE

Buffer

-10%

Participation

10% Participation

S&P500

Buffer

-10%

Participation

10% Participation

S&P500

Floor

-10%

Cap

2.5% Cap

S&P500

Floor

-10%

Cap

2.5% Cap

You may invest in a Cycle Investment only on the Cycle Start Date. You may not make any additional investments in a Cycle Investment after it has launched.

Cycle Investment Value

The value of a Cycle Investment is measured in terms of the number of Cycle Investment Units credited to the Contract upon investment in the Cycle Investment and the Cycle Investment Unit Value of such Units. The Cycle Investment Unit Value on the Cycle Start Date of each Cycle Investment will be $10.00. The number of Cycle Investment Units credited to the Cycle Investment is determined by dividing the amount invested in the Cycle Investment divided by the Initial Cycle Investment Unit Value of $10.00.

In determining the Fair Value of a Cycle Investment Unit during a Cycle Term, the Fair Value Calculation Agent will take into account a variety of factors, such as the change in the Index Value from the Start Date, volatility of the Index, interest rate changes, dividend yield on the index, and time remaining to the Cycle End Date. During the Cycle Term, the Floor Rate or Buffer Rate will not apply.

During a Cycle Term, the Cycle Investment Unit Value will fluctuate based upon the Fair Value of the Cycle Investment determined by the Fair Value Calculation Agent as described in “Valuation of a Cycle Investment” later in this prospectus. Before the Cycle End Date, the Cycle Investment Value may be lower than the amount allocated to the Cycle Investment on the Start Date even when the Index performance is positive due to the possibility that the Index performance could decrease before the Cycle End Date. The Cycle Investment Unit Value may also be reduced by changes in Index volatility and interest rates. See “Appendix E – Fair Value Formulas” for the formulas used by the Fair Value Calculation Agent to determine the Fair Value and detailed examples of the Fair Value calculation under different market conditions.

CYCLE INVESTMENT UNIT VALUE CALCULATION FOR CYCLE INVESTMENTS WITH FLOOR RATE AND CAP RATE:

Start Date

The Initial Cycle Investment Unit Value will be set as $10 for each Cycle on the Cycle Start Date.

During the Cycle Term

Each Cycle Business Day prior to Cycle End Date, the Cycle Investment Unit Value will be calculated as the Cycle Investment Unit Value based on the Fair Value. The Fair Value of each Cycle Investment will be determined by the Fair Value Calculation Agent. This is equivalent to the Fair Value / number of Cycle Investment Units.

The hypothetical examples below assume 100,000 Cycle Investment units and the Index Value on the Cycle Start Date of 1,000. The examples of the hypothetical Fair Value were chosen to demonstrate the effects of the Floor not applying before the Cycle End Date on the Cycle Investment Unit Value. See “Appendix E – Fair Value Formulas” for the formulas used by the Fair Value Calculation Agent to determine the Fair Value and detailed examples of the Fair Value calculation under different market conditions.

Example 1 – Index increases 50%: A Cycle with a 3 year Cycle Term and -10% Cycle Floor Rate, and 20% Cap Rate. The Index increases to 1,500 (50% gain) 150 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $1,100,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,100,000 / 100,000 = $11.00. The Cycle Investment Unit Value is $11.00 and is based on the Fair Value. The Cap Rate does not apply prior to the Cycle End Date.

Example 2 – Index decreases 40%: A Cycle with a 3 year Cycle Term and -10% Cycle Floor Rate. The Index decreases to 600 (40% loss) 150 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $900,000.

The fair value per Cycle Units outstanding Unit Value = Fair Value / number of Cycle Investment Units = $900,000 / 100,000 = $9.00

The Cycle Investment Unit Value is $9.00 and is based on the Fair Value. The Floor Rate does not apply prior to the Cycle End Date.

Example 3 – Index decreases 60%: A Cycle with a 3 year (1,095 days) Cycle Term, -10% Cycle Floor Rate, and 20% Cap Rate. The Index decreases to 400 (60% loss) 150 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $880,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $880,000 / 100,000 = $8.80.

The Cycle Investment Unit Value is $8.80 and is based on the Fair Value. The Floor Rate does not apply prior to the Cycle End Date.

Example 4 – Index Increases 50%: A Cycle with a 3 year (1,095 days) Cycle Term, -10% Cycle Floor Rate, and 20% Cap Rate. The Index increases to 1,500 (50% gain) 750 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $1,160,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,160,000 / 100,000 = $11.60.

The Cycle Investment Unit Value is $11.60 and is based on the Fair Value. The Floor Rate does not apply prior to the Cycle End Date.

Example 5 – Index Decreases 40%: A Cycle with a 3 year (1,095 days) Cycle Term, -10% Cycle Floor Rate, and 20% Cap Rate. The Index decreases to 600 (40% loss) 750 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $930,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $930,000 / 100,000 = $9.30.

The Cycle Investment Unit Value is $9.30 and is based on the Fair Value. The Floor Rate does not apply prior to the Cycle End Date.

Example 6 — Index decreases 60%: A Cycle with a 3 year (1,095 days) Cycle Term, -10% Cycle Floor Rate, and 20% Cap Rate. The Index decreases to 400 (60% loss) 750 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $920,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $920,000 / 100,000 = $9.20.

The Cycle Investment Unit Value is $9.20 and is based on the Fair Value. The Floor Rate does not apply prior to the Cycle End Date.

CYCLE INVESTMENT UNIT VALUE CALCULATION FOR CYCLE INVESTMENTS WITH A BUFFER RATE AND A CAP RATE:

Start Date

The Initial Cycle Investment Unit Value will be set as $10 for each Cycle Investment on the Start Date.

During the Cycle Term

The hypothetical examples below assume 100,000 Cycle Investment Units for all of the examples and the Index Value on the Cycle Start Date of 1,000. The examples of the hypothetical Fair Value for different Index levels, different points in the Cycle’s life, and different Cycle Terms were chosen to demonstrate the effects of the Buffer not applying before the Cycle End Date. See “Appendix E – Fair Value Formulas” for the formulas used by the Fair Value Calculation Agent to determine the Fair Value and detailed examples of the Fair Value calculation under different market conditions

Example 1 — Index increases 50%: A Cycle with a 3 year (1,095 days) Cycle Term, -10% Buffer Rate, and 35% Cap Rate. The Index increases to 1,500 (50% gain) 150 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $1,290,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,290,000 / 100,000 = $12.90.

The Cycle Investment Unit Value is $12.90 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 2 — Index decreases 60%: A Cycle with a 3 year (1,095 days) Cycle Term, -10% Buffer Rate, and 35% Cap Rate. The Index decreases to 400 (60% loss) 150 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $490,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $490,000 / 100,000 = $4.90.

The Cycle Investment Unit Value is $4.90 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 3 — Index increases 50%: A Cycle with a 3 year (1,095 days) Cycle Term, -10% Buffer Rate, and 35% Cap Rate. The Index increases to 1,500 (50% gain) 750 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $1,380,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,380,000 / 100,000 = $13.80.

The Cycle Investment Unit Value is $13.80 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 4 — Index decreases 60%: A Cycle with a 3 year (1,095 days) Cycle Term, -10% Buffer Rate, and 35% Cap Rate. The Index decreases to 400 (60% loss) 750 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $510,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $510,000 / 100,000 = $5.10.

The Cycle Investment Unit Value is $5.10 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 5 — Index increases 50%: A Cycle with a 6 year Cycle Term and - 10% Buffer Rate. The Index increases to 1,600 (60% gain) 2,000 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $1,350,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,350,000 / 100,000 = $13.50.

The Cycle Investment Unit Value is $13.50 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 6 — Index decreases 60%: A Cycle with a 6 year Cycle Term and - 10% Buffer Rate. The Index decreases to 500 (60% loss) 2,000 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $650,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $650,000 / 100,000 = $6.50.

The Cycle Investment Unit Value is $6.50 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 7 — Index increases 50%: A Cycle with a 6 year (2,190 days) Cycle Term, -30% Buffer Rate, and 30% Cap Rate. The Index increases to 1,500 (50% gain) 2,000 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $1,320,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,320,000 / 100,000 = $13.20.

The Cycle Investment Unit Value is $13.20 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 8 — Index decreases 60%: A Cycle with a 6 year (2,190 days) Cycle Term, -30% Buffer Rate, and 30% Cap Rate. The Index decreases to 400 (60% loss) 2,000 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $720,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $720,000 / 100,000 = $7.20.

The Cycle Investment Unit Value is $7.20 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

CYCLE INVESTMENT UNIT VALUE CALCULATION FOR CYCLE INVESTMENTS WITH A BUFFER RATE AND A PARTICIPATION RATE:

Start Date

The Initial Cycle Investment Unit Value will be set as $10 for each Cycle Investment on the Start Date.

During the Cycle Term

Example 1 Index increases 50%: A Cycle with a 1 year (365 days) Cycle Term, -10% Buffer Rate, and 70% Participation Rate. The Index increases to 1,500 (50% gain) 60 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $1,335,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,335,000 / 100,000 = $13.35.

The Cycle Investment Unit Value is $13.35 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 2 Index decreases 60%: A Cycle with a 1 year (365 days) Cycle Term, -10% Buffer Rate, and 70% Participation Rate. The Index decreases to 400 (60% loss) 60 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $493,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $493,000 / 100,000 = $4.93.

The Cycle Investment Unit Value is $4.93 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 3 Index increases 50%: A Cycle with a 1 year (365 days) Cycle Term, -10% Buffer Rate, and 70% Participation Rate. The Index increases to 1,500 (50% gain) 300 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $1,346,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,346,000 / 100,000 = $13.46.

The Cycle Investment Unit Value is $13.46 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 4 Index decreases 60%: A Cycle with a 1 year (365 days) Cycle Term, -10% Buffer Rate, and 70% Participation Rate. The Index decreases to 400 (60% loss) 300 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $498,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $498,000 / 100,000 = $4.98.

The Cycle Investment Unit Value is $4.98 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 5 — Index increases 50%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Buffer Rate, and 125% Participation Rate. The Index increases to 1,500 (50% gain) 150 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $1,511,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,511,000 / 100,000 = $15.11.

The Cycle Investment Unit Value is $15.11 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 6 — Index decreases 60%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Buffer Rate, and 125% Participation Rate. The Index decreases to 400 (60% loss) 150 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $450,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $450,000 / 100,000 = $4.50.

The Cycle Investment Unit Value is $4.50 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 7 — Index increases 50%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Buffer Rate, and 125% Participation Rate. The Index increases to 1,500 (50% gain) 2,000 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $1,599,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,599,000 / 100,000 = $15.99.

The Cycle Investment Unit Value is $15.99 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 8 — Index decreases 60%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Buffer Rate, and 125% Participation Rate. The Index decreases to 400 (60% loss) 2,000 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $450,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $450,000 / 100,000 = $4.50.

The Cycle Investment Unit Value is $4.50 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

CYCLE INVESTMENT UNIT VALUE CALCULATION FOR CYCLE INVESTMENTS WITH A BUFFER RATE, A CAP RATE, AND PARTICIPATION RATE:

For these cycles both a Cap Rate and a Par Rate will be declared. Depending on market conditions the Participation Rate will be set at 100% and the Cap Rate will not be unlimited or the Cap Rate will be unlimited and the Participation Rate will be set at a value greater than 100%.

Start Date

The Initial Cycle Investment Unit Value will be set as $10 for each Cycle Investment on the Start Date.

During the Cycle Term

See “Appendix E – Fair Value Formulas” for the formulas used by the Fair Value Calculation Agent to determine the Fair Value and detailed examples of the Fair Value calculation under different market conditions.

Example 1 — Index increases 50%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Buffer Rate, and 100% Participation Rate and 60% Cap Rate. The Index increases to 1,500 (50% gain) 150 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $1,511,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,511,000 / 100,000 = $15.11

The Cycle Investment Unit Value is $15.11 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 2 — Index decreases 60%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Buffer Rate, and 100% Participation Rate and 60% Cap Rate. The Index decreases to 400 (60% loss) 150 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $450,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $450,000 / 100,000 = $4.50

The Cycle Investment Unit Value is $4.50 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 3 — Index increases 50%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Buffer Rate, and 110% Participation Rate and unlimited Cap Rate. The Index increases to 1,500 (50% gain) 2,000 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $1,599,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,599,000 / 100,000 = $15.99

The Cycle Investment Unit Value is $15.99 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

Example 4 — Index decreases 60%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Buffer Rate, and 110% Participation Rate and unlimited Cap Rate. The Index decreases to 400 (60% loss) 2,000 days after the Cycle Start Date. Assume that the Fair Value Agent has determined the Fair Value is $510,000.

The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $510,000 / 100,000 = $5.10

The Cycle Investment Unit Value is $5.10 and is based on the Fair Value. The Buffer Rate does not apply prior to the Cycle End Date.

For more information, see “Valuation of a Cycle Investment”.

Transfers out of a Cycle Investment

You may transfer all or a portion of your Cycle Investment Value out of a Cycle Investment on any Business Day. If you transfer from a Cycle Investment during the Cycle Term prior to the Cycle End Date, the Cycle Investment Unit Value is based on the Fair Value, and the Floor Rate or Buffer Rate will not apply. This means that if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair Value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. If you take a withdrawal prior to the Cycle End Date, including transfers to the Subaccounts, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if you take a withdrawal prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower.

You may transfer into a Subaccount on any Business Day and/or into another Cycle Investment on the Cycle Start Date. If you transfer to another Cycle Investment, we will move your transferred Contract Value into the Default Account one Business Day prior to the Cycle Start Date. You may also request that all or part of any withdrawal amount be reallocated to an upcoming new Cycle Investment or to one or more Subaccounts available under the Contract.

For proceeds from maturing Cycles, if you do not provide transfer instructions in Good Order, we will allocate the Cycle Investment Value to the next new Cycle Investment of the same Cycle Type. If such a new Cycle Investment is not available, we will allocate the Cycle Investment Value to the Default Account.

Withdrawals from Cycle Investments

To withdraw money from a Cycle Investment, you must send us a Written Request containing the pertinent details of the withdrawal request, including the amount of the withdrawal and the Cycle Investment(s) from which to make the withdrawal (“withdrawal request”). Unless we receive specific instructions from you, we will deduct all requested withdrawals (except Lifetime Payments under a GLWB Rider) pro-rata from the Subaccounts until your Accumulation Value is exhausted. If your Accumulation Value is insufficient to fulfill your withdrawal request and your withdrawal request does not specifically instruct us to deduct the withdrawal from the Cycle Investment(s), we will consider the withdrawal request to be not in Good Order and we will not process the withdrawal request. The minimum Gross Partial Withdrawal amount is $1,000. Required Minimum Distributions (“RMDs”) are not subject to this minimum.

Withdrawals after you elect to begin Lifetime Payments under a GLWB Rider are taken pro-rata across all investments, including the Cycle Investments and the Default Account, in the same proportion that each Investment Option bears to the total Contract Value. An Excess Gross Partial Withdrawal will reduce the Benefit Base of your GLWB Rider by the same proportion that the Excess Gross Partial Withdrawal reduced the Contract Value, which may be more, even significantly more, than the amount withdrawn and may terminate the rider. If you take an Excess Gross Partial Withdrawal on any day prior to the Cycle End Date of your Cycle Investments, you could significantly reduce or eliminate your Benefit Base. This is because prior to the Cycle End Date, the Cycle Investment Value is based on the Fair Value, which will fluctuate during the Cycle Term. See “Valuation of a Cycle Investment” for more information about the Fair Value calculation. See “Guaranteed Living Withdrawal Benefits” for more information about Excess Gross Partial Withdrawals

We will process withdrawal requests that we receive by the end of the Cycle Investment Business Day using that day’s Cycle Investment Unit Value. For withdrawal requests we receive after the end of the Cycle Investment Business Day, we will use the Cycle Investment Unit Value for the next Cycle Investment Business Day. The number of Cycle Investment Units withdrawn from the Cycle Investment will equal the withdrawal amount divided by the Cycle Investment Unit Value on the close of the Business Day on which the withdrawal is processed.

We will pay the withdrawal amount to the Contract Owner no later than seven days after the Cycle Investment Business Day on which we received the Written Request, subject to our right to defer payment discussed below.

The Cycle Investment Unit Value is determined from the Cycle’s Fair Value as provided by the Fair Value Calculation Agent, and the Floor Rate and the Buffer Rate do not apply. This means, on any day prior to the Cycle End Date, if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair Value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. If you take a withdrawal prior to the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if you take a withdrawal prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower. See “Valuation of a Cycle Investment” later in this prospectus for more information.

Required Minimum Distributions. Unless we receive instructions from you, we will deduct all RMDs (except Lifetime Payments under a GLWB Rider) pro-rata from the Subaccounts until your Accumulation Value is exhausted, then from the Cycle Investments on a pro-rata basis. You may instruct us to take RMDs from all Investment Options—all Investment Portfolios Available Under the Contract Investment Options and all Cycle Investments – on a pro-rata basis. If you take an RMD from a Cycle Investment during the Cycle Term prior to the Cycle End Date, you will receive the Cycle Investment Unit Value times the number of Cycle Investment Units withdrawn.

RMD withdrawals after you elect to begin Lifetime Payments under a GLWB Rider, are taken pro-rata across all investments, including the Cycle Investments and the Default Account, in the same proportion that each investment option bears to the total Contract Value. An Excess Gross Partial Withdrawal will reduce the Benefit Base of your GLWB Rider by the same proportion that the Excess Gross Partial Withdrawal reduced the Contract Value, which may be more, even significantly more, than the amount withdrawn and may terminate the rider. If you take an Excess Gross Partial Withdrawal on any day prior to the Cycle End Date of your Cycle Investments, you could significantly reduce or eliminate your Benefit Base. This is because prior to the Cycle End Date, the Cycle Investment Value is based on the Fair Value, which will fluctuate during the Cycle Term. See “Valuation of a Cycle Investment” for more information about the Fair Value calculation. See “Guaranteed Living Withdrawal Benefits” for more information about Excess Gross Partial Withdrawals.

The Cycle Investment Unit Value is determined from the Cycle’s Fair Value as provided by the Fair Value Calculation Agent, and the Floor Rate and the Buffer Rate do not apply. This means, on any day prior to the Cycle End Date, if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. If you take a withdrawal, including an RMD, prior to the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if you take a withdrawal prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower. See “Valuation of a Cycle Investment later in this prospectus for more information.

Deferral of Payment. We may defer payment of any withdrawal proceeds or other payment from a Cycle Investment if, due to the closing or other disruption of financial markets or exchanges or other circumstances beyond the Company’s control, the Company is unable to settle the necessary transactions prudently as reasonably determined by the Company. See “Payment of Contract Proceeds”. Payments may be deferred for up to six months if the insurance regulatory authority of the state in which the Contract is issued approves such deferral.

Cycle End Date Payments; Rollovers

Thirty Business Days before the Cycle End Date, we will send you and your Advisor a Cycle Investment Maturity notice that alerts you to the pending Cycle End Date and provides instructions on how to direct us to allocate the proceeds of a maturing Cycle Investment. If you do not provide written instructions directing us to allocate the proceeds of your maturing Cycle Investments to a new Cycle Investment or to the Subaccounts at least one Business Day before the Cycle End Date, either based on the current allocation instructions or new allocation instructions, we will allocate your proceeds as follows:

1) For maturing Cycle Investments, we will invest the proceeds in a new Cycle Investment of the same Cycle Type;

2) If such a new Cycle Investment is not available, we will allocate the proceeds to the Default Account.

We will pay proceeds of the Cycle Investment on the Cycle End Date.

Additional Information About the Indices

S&P 500 Price Return Index (Bloomberg Ticker: SPX). The S&P 500 Price Return Index was established by Standard & Poor’s. The S&P 500 Price Return Index includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. The S&P 500 Price Return Index does not include dividends declared by any of the companies included in this Index.

MSCI EAFE Price Return Index (Bloomberg Ticker: MXEA). The MSCI EAFE Price Return Index was established by Morgan Stanley Capital International. The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada. The Index is available for a number of regions, market segments/sizes and covers approximately 85% of the free float-adjusted market capitalization in each of the 21 countries. The price return index does not include dividends or distributions.

See “Appendix D - Index Disclaimers” for important information regarding the Indices.

Replacement of an Index

In the event an Index for a Cycle Investment is discontinued, we may replace the Index with an available comparable Index for future Cycle Investments.

In addition, in the event an Index for a Cycle Investment is changed substantially, or if hedging instruments become difficult to acquire or the cost of hedging becomes excessive, we may stop offering and/or replace the Index with an available comparable Index for future Cycle Investments.

If an Index is discontinued, for Cycle Terms that are ongoing, we will end, i.e., mature, the Cycle Term on the date the Index is discontinued, and calculate the Cycle Investment return based on the Crediting Type (i.e. Cap Rate, Participation Rate, or Cap Rate with Participation Rate) and the Cycle Structure (i.e. Floor Rate or Buffer Rate), as applicable.

If we stop offering an Index for future Cycle Investments for any reason other than the Index is discontinued, any ongoing applicable Cycle Investments will continue until their Cycle End Date. This means we will not will not mature a Cycle Investment before its Cycle End Date if that Index has not been discontinued.

In replacing an Index for future Cycle Investments, we would attempt to choose a new Index that has a similar investment objective and risk profile to the original Index. The selection criteria for a suitable alternative Index may include the following:

1. There is a sufficiently large market in exchange traded and/or over-the counter options, futures, and similar derivative instruments based on the Index to allow the Company to hedge fluctuations of the Index Value.

2. The Index is recognized as a broad-based Index for the relevant market; and

3. The publisher of the Index allows the Company to use the Index and other materials for a reasonable fee.

For example, if the S&P 500 Price Return index is discontinued, we will mature the Cycle Investments as of the date of the most recently available Index closing value. We will use that closing value to calculate the return through that date. We will apply the return calculated on that date in the same way we apply the return calculated on the Cycle End Date for Cycle Investments that are not terminated early. This means we will apply the Cap Rate and/or Participation Rate and Floor Rate or Buffer Rate, as applicable. For example, if the Index was up 10% at the time we matured the Cycle for a Cycle with an 8% Cap Rate, we would credit an 8% return to your Cycle Investment Value and for a Cycle with a 90% Participation Rate, we would credit a 9% return to your Cycle Investment

Value and for a Cycle with an 8% Cap Rate and a 90% Participation Rate, we would credit an 8% return to your Cycle Investment Value. If the Index was down 30% at the time we matured the Cycle for a Cycle with a -10% Buffer Rate, we would credit a 20% negative return to your Cycle Investment Value and for a Cycle with -10% Floor Rate, we would credit -10%. We would provide notice about maturing the Cycle that is terminated early, as soon as practicable and ask for instructions on where to transfer your Cycle Investment Value.

We will give at least a 30 day notice of any change, unless the Index provider itself gives us less than 30 days’ notice, in which case we will give you and your Advisor notice as soon as practicable.

Contract owners are always permitted to transfer to the Subaccounts and may not invest in Cycles that have already commenced.

Valuation of a Cycle Investment

The amount invested in a Cycle Investment by the Contract Owner is the Cycle Investment Value. As of any Cycle Business Day, the Cycle Investment Value is measured by the number of Cycle Investment Units credited to the Contract multiplied by the Cycle

Cycle Investment Unit

The number of Cycle Investment Units initially credited to the Contract is calculated by dividing the amount allocated to the Cycle Investment on the Start Date by $10.00. The number of Units credited to the Contract will be reduced by withdrawals or deductions for optional benefit rider charges prior to the Cycle End Date based on the amount withdrawn or deducted and the Cycle Investment Unit Value at the time of the withdrawal.

Example 1. A withdrawal of $10,000 is requested from a Cycle Investment prior to the Cycle End Date. At the time of the request, the number of Cycle Investment Units owned by the Contract Owner is 10,000 and the Cycle Investment Unit Value is $10 for a total Cycle Investment Value of $100,000. After the withdrawal the total Cycle Investment Value is $90,000 = $100,000-$10,000 (withdrawal). The number of Cycle Investment Units after the withdrawal is 9,000 = 10,000 - $10,000(withdrawn) / $10(Cycle Investment Unit Value).

Example 2. A Contract that includes an optional benefit rider will have a reduced number of Cycle Investment Units on the Cycle End Date as a result of the rider fee assessments. See the following two tables that illustrate the impact of the Return of Premium Death Benefit Rider fees. The example assumes withdrawals of $10,000 are requested from the Cycle Investment at the end of the second quarter and at the end of the year. Fees of 0.15% for the Return of Premium Death Benefit Rider (ROP) are deducted from the Cycle Investment Value quarterly. At the beginning of the Cycle Term, the number of Cycle Investment Units owned by the Contract Owner is 10,000 and the Cycle Investment Unit Value is $10 for a total Cycle Investment Value of $100,000. The following two tables demonstrate the impact on Cycle Investment Value from deducting the ROP fees:


No ROP DB Rider Fee
Year	Cycle Investment Value (CIV)	1) AV Growth	2) Quarterly ROP DB Fee Percentage	ROP DB Fee	Withdrawals	CIV After Fees and Withdrawals	Units	Unit Value	3) Impact of ROP DB Fee
0	$100,000.00	—	—	—	$0.00	$100,000.00	10,000.00	$10.00	—
Q1	$101,250.00	1.25%	—	—	$0.00	$101,250.00	10,000.00	$10.13	—
Q2	$102,515.63	1.25%	—	—	$10,000.00	$92,515.63	9,024.54	$10.25	—
Q3	$93,672.08	1.25%	—	—	$0.00	$93,672.08	9,024.54	$10.38	—
Q4	$94,842.98	1.25%	—	—	$10,000.00	$84,842.98	8,073.01	$10.51	—

Annual ROP DB Fee 0.15%
Year	Cycle Investment Value (CIV)	1) AV Growth	2) Quarterly ROP DB Fee Percentage	ROP DB Fee	Withdrawals	CIV After Fees and Withdrawals	Units	Unit Value	3) Impact of ROP DB Fee
0	$100,000.00	—	—	—	$0.00	$100,000.00	10,000.00	$10.00	—
Q1	$101,250.00	1.25%	0.0375%	$37.97	$0.00	$101,212.03	9,996.25	$10.12	-$37.97
Q2	$102,477.19	1.25%	0.0375%	$38.43	$10,000.00	$92,438.76	9,017.04	$10.25	-$76.87
Q3	$93,594.25	1.25%	0.0375%	$35.10	$0.00	$93,559.15	9,013.66	$10.38	-$112.93
Q4	$94,728.63	1.25%	0.0375%	$35.52	$10,000.00	$84,693.11	8,058.75	$10.51	-$149.87

1) 5% growth, applied quarterly is 1.25%

2) As a percentage of Cycle Investment Value

3) Value with Return Of Premium Death Benefit fee minus value with no Return Of Premium Death Benefit fee

Example 3. The following two tables illustrate the impact of the Annual Ratchet Death Benefit Rider fees. The example assumes withdrawals of $10,000 are requested from the Cycle Investment at the end of the second quarter and at the end of the year. Fees of 0.40% for the Annual Ratchet Death Benefit are deducted from the Cycle Investment Value quarterly. At the beginning of the Cycle Term, the number of Cycle Investment Units owned by the Contract Owner is 10,000 and the Cycle Investment Unit Value is $10 for a total Cycle Investment Value of $100,000. The following two tables demonstrate the impact on Cycle Investment Value from deducting the Annual Ratchet Death Benefit fees:


No ARDB Rider Fee
Year	Cycle Investment Value (CIV)	1) AV Growth	2) Quarterly ARDB Fee Percentage	ARDB Fee	Withdrawals	CIV After Fees and Withdrawals	Units	Unit Value	3) Impact of ARDB Fee
0	$100,000.00	—	—	—	$0.00	$100,000.00	10,000.00	$10.00	—
Q1	$101,250.00	1.25%	—	—	$0.00	$101,250.00	10,000.00	$10.13	—
Q2	$102,515.63	1.25%	—	—	$10,000.00	$92,515.63	9,024.54	$10.25	—
Q3	$93,672.08	1.25%	—	—	$0.00	$93,672.08	9,024.54	$10.38	—
Q4	$94,842.98	1.25%	—	—	$10,000.00	$84,842.98	8,073.01	$10.51	—

Annual ARDB Fee 0.40%
Year	Cycle Investment Value (CIV)	1) AV Growth	2) Quarterly ARDB Fee Percentage	ARDB Fee	Withdrawals	CIV After Fees and Withdrawals	Units	Unit Value	3) Impact of ARDB Fee
0	$100,000.00	—	—	—	$0.00	$100,000.00	10,000.00	$10.00	—
Q1		1.25%	0.100%	$101.25	$0.00	$101,148.75	9,990.00	$10.13	-$101.25
Q2		1.25%	0.100%	$102.41	$10,000.00	$92,310.70	9,004.55	$10.25	-$204.93
Q3		1.25%	0.100%	$93.46	$0.00	$93,371.12	8,995.54	$10.38	-$300.95
Q4		1.25%	0.100%	$94.54	$10,000.00	$84,443.72	8,035.02	$10.51	-$399.26

1) 5% growth, applied quarterly is 1.25%

2) As a percentage of Cycle Investment Value

3) Value with Annual Ratchet Death Benefit Rider fee minus value with no Annual Ratchet Death Benefit Rider fee

Example 4. The following two tables illustrate the impact of the Contract Value GLWB Rider fees. The example assumes withdrawals of $10,000 are requested from the Cycle Investment at the end of the second quarter and at the end of the year. Fees of 0.95% for the Contract Value GLWB Rider are deducted from the Cycle Investment Value quarterly. At the beginning of the Cycle Term, the number of Cycle Investment Units owned by the Contract Owner is 10,000 and the Cycle Investment Unit Value is $10 for a total Cycle Investment Value of $100,000. The following two tables demonstrate the impact on Cycle Investment Value from deducting the Contract Value GLWB Rider fees:


No CV GLWB Rider Fee
Year	Cycle Investment Value (CIV)	1) AV Growth	2) Quarterly CV GLWB Fee Percentage	CV GLWB Fee	Withdrawals	CIV After Fees and Withdrawals	Units	Unit Value	3) Impact of CV GLWB Fee
0	$100,000.00	—	—	—	$0.00	$100,000.00	10,000.00	$10.00	—
Q1	$101,250.00	1.25%	—	—	$0.00	$101,250.00	10,000.00	$10.13	—
Q2	$102,515.63	1.25%	—	—	$10,000.00	$92,515.63	9,024.54	$10.25	—
Q3	$93,672.08	1.25%	—	—	$0.00	$93,672.08	9,024.54	$10.38	—
Q4	$94,842.98	1.25%	—	—	$10,000.00	$84,842.98	8,073.01	$10.51	—

Annual CV GLWB Fee 0.95%
Year	Cycle Investment Value (CIV)	1) AV Growth	2) Quarterly CV GLWB Fee Percentage	CV GLWB Fee	Withdrawals	CIV After Fees and Withdrawals	Units	Unit Value	3) Impact of CV GLWB Fee
0	$100,000.00	—	—	—	$0.00	$100,000.00	10,000.00	$10.00	—
Q1		1.25%	0.2375%	$240.47	$0.00	$101,009.53	9,976.25	$10.13	-$240.47
Q2		1.25%	0.2375%	$242.90	$10,000.00	$92,029.26	8,977.10	$10.25	-$486.37
Q3		1.25%	0.2375%	$221.30	$0.00	$92,958.33	8,955.77	$10.38	-$713.75
Q4		1.25%	0.2375%	$223.54	$10,000.00	$83,896.77	7,982.98	$10.51	-$946.21

1) 5% growth, applied quarterly is 1.25%

2) As a percentage of Cycle Investment Value

3) Value with Contract Value GLWB Rider fee minus value with no Contract Value GLWB Rider fee

Example 5. The following two tables illustrate the impact of the Return of Premium GLWB Rider fees. The example assumes withdrawals of $10,000 are requested from the Cycle Investment at the end of the second quarter and at the end of the year. Fees of 1.20% for the Return of Premium GLWB Rider (ROP) are deducted from the Cycle Investment Value quarterly. At the beginning of the Cycle Term, the number of Cycle Investment Units owned by the Contract Owner is 10,000 and the Cycle Investment Unit Value is $10 for a total Cycle Investment Value of $100,000. The following two tables demonstrate the impact on Cycle Investment Value from deducting the Return Of Premium GLWB Rider fees:


No ROP GLWB Rider Fee
Year	Cycle Investment Value (CIV)	1) AV Growth	2) Quarterly ROP GLWB Fee Percentage	ROP GLWB Fee	Withdrawals	CIV After Fees and Withdrawals	Units	Unit Value	3) Impact of ROP GLWB Fee
0	$100,000.00	—	—	—	$0.00	$100,000.00	10,000.00	$10.00	—
Q1	$101,250.00	1.25%	—	—	$0.00	$101,250.00	10,000.00	$10.13	—
Q2	$102,515.63	1.25%	—	—	$10,000.00	$92,515.63	9,024.54	$10.25	—
Q3	$93,672.08	1.25%	—	—	$0.00	$93,672.08	9,024.54	$10.38	—
Q4	$94,842.98	1.25%	—	—	$10,000.00	$84,842.98	8,073.01	$10.51	—

Annual ROP GLWB Fee 1.15%
Year	Cycle Investment Value (CIV)	1) AV Growth	2) Quarterly ROP GLWB Fee Percentage	ROP GLWB Fee	Withdrawals	CIV After Fees and Withdrawals	Units	Unit Value	3) Impact of ROP GLWB Fee
0	$100,000.00	—	—	—	$0.00	$100,000.00	10,000.00	$10.00	—
Q1		1.25%	0.2875%	$291.09	$0.00	$100,958.91	9,971.25	$10.13	-$291.09
Q2		1.25%	0.2875%	$293.89	$10,000.00	$91,927.01	8,967.12	$10.25	-$588.62
Q3		1.25%	0.2875%	$267.59	$0.00	$92,808.51	8,941.34	$10.38	-$863.57
Q4		1.25%	0.2875%	$270.16	$10,000.00	$83,698.45	7,964.11	$10.51	-$1,144.52

1) 5% growth, applied quarterly is 1.25%

2) As a percentage of Cycle Investment Value

3) Value with Return Of Premium GLWB Rider fee minus value with no Return Of Premium GLWB Rider fee

Cycle Investment Unit Value

For each Cycle Investment, we will establish the Cycle Investment Unit Value on the Start Date, and calculate the Cycle Investment Unit Value on each Cycle Business Day and on the Cycle End Date. The methods used to calculate the Cycle Investment Unit Value on each Cycle Business Day and on the Cycle End Date are different.

On the Start Date. For each Cycle Investment we establish an Initial Cycle Investment Unit Value at $10.00 on the Cycle Start Date.

During the Cycle Term. For each Cycle Investment, we determine the Cycle Investment Unit Value as of each Cycle Business Day based on its Fair Value and the Buffer Rate and Floor Rate do not apply.

We have contracted with S&P Global Market Intelligence, an independent analytics firm, to be the Fair Value Calculation Agent to compute the Fair Value of a Cycle Investment Unit.

The Fair Value of a Cycle Investment is determined by the Fair Value Calculation Agent as of the end of each Cycle Business Day. The Fair Value reflects the current value of certain financial instruments. These financial instruments are intended to provide a return equal to the change in Index Value at the end of the Cycle Term subject to the Cap Rate or Participation Rate and subject to the Floor Rate or Buffer Rate. The Fair Value is based on a variety of factors considered by the Fair Value Calculation Agent, which include the change in the Index Value from the Cycle Start Date, volatility of the Index, changes in prevailing interest rates, dividend yield on the index, changes in index level, and the time remaining to the Cycle End Date. The Fair Value is determined using a formula which is based on the economic value of a hypothetical investments at the time of the valuation designed to match Cycle Investment value at the Cycle End Date. The value of each of these financial instruments is determined by the Fair Value Calculation Agent using standard financial industry calculations.

On each Business Day prior to the Cycle’s End Date, we will use the Fair Value for each Cycle, as provided by the Fair Value Calculation Agent, to calculate the Fair Value per Cycle Investment Unit outstanding.

See “Appendix E – Fair Value Formulas” for more detailed information about how the Fair Value Calculation Agent determines the Fair Value. See “Appendix C– Cycle Investment Unit Value Examples” for illustrations of how Cycle Investment Unit Values are computed.

Cycle Investments do not involve an investment in any underlying portfolio of securities or financial instruments. Individuals should consult their financial professional about the risks, benefits, and other features of the Cycle Investments, and whether the Cycle Investments are appropriate based upon their financial situations and objectives. Please consider carefully the important information contained in this prospectus before investing in a Cycle Investment.

THE SUBACCOUNT INVESTMENT OPTIONS

The Subaccounts are offered through the Midland National Life Separate Account C (the “Registered Separate Account”). The Registered Separate Account is divided into Subaccounts, each of which invests exclusively in shares of one Investment Portfolio. You may allocate part or all of your premium payment to one or more Subaccounts.

A list of the Investment Portfolios currently available through the Subaccounts is set forth at the back of this prospectus in “APPENDIX A – INVESTMENT PORTFOLIOS AVAILABLE UNDER THE CONTRACT”. Appendix A also includes information about the investment types and advisers of each Investment Portfolio.

The Investment Portfolios available under the Contracts are not available for purchase directly by the general public, and are not the same as the mutual funds with very similar or nearly identical names that are sold directly to the public. However, the investment objectives and policies of the Investment Portfolios are very similar to the investment objectives and policies of other (publicly available) mutual funds that have very similar or nearly identical names and that are or may be managed by the same investment adviser or manager. Nevertheless, the investment performance and results of any of the Investment Portfolios that are available under the Contracts may be lower, or higher, than the investment results of such other (publicly available) mutual funds. There can be no assurance, and no representation is made, that the investment results of any of the available Investment Portfolios will be comparable to the investment results of any other portfolio or mutual fund, even if the other portfolio or mutual fund has the same investment adviser or manager and the same investment objectives and policies and a very similar or nearly identical name.

The Investment Portfolios offered through the Contract were selected by Midland National based on several criteria, including asset class coverage, the alignment of investment objectives of a portfolio with our hedging strategy, the strength of the manager’s reputation and tenure, brand recognition, performance, and the capability and qualification of each sponsoring investment firm. Of course, we also consider whether the portfolio’s adviser is an affiliate of ours. We also consider whether the Investment Portfolio, its adviser, sub-adviser, or distributor (or an affiliate) can provide marketing and distribution support for the sale of the policies. Another factor that we consider during the selection process is whether the Investment Portfolio or one of its service providers (e.g., the investment adviser or sub-advisers) will make payments to us or our affiliates in connection with certain administrative, marketing and support services, and the amount of any such payments, or whether affiliates of the Funds can provide marketing and distribution support for sales of the Contracts.

The Investment Portfolios, their managers, or affiliates thereof, may make payments to Midland National and/or its affiliates. These payments may be derived, in whole or in part, from the fees disclosed in the Investment Portfolios’ prospectuses including investment advisory fees, 12b-1 fees and other expenses including service fees (if applicable) charged annually by each Investment Portfolio.

Owners, through their indirect investment in the Investment Portfolios, bear the costs of these fees. The amount of these payments may be substantial, may vary between Investment Portfolios, and generally are based on a percentage of the assets in the Investment Portfolios that are attributable to the Contracts and other variable insurance products issued by Midland National. These percentages currently range up to 0.50% annually. Midland National may use these payments for any corporate purpose, including payment of expenses that Midland National and/or its affiliates incur in promoting, issuing, marketing, and administering the Contracts, and, that we incur in our role as intermediary, in promoting and marketing the Investment Portfolios. Midland National and its affiliates may profit from these payments.

You are responsible for choosing the Subaccounts, and the amounts allocated to each, that are appropriate for your own individual circumstances and by your investment goals, financial situation, and risk tolerance. Since investment risk is borne by your decisions regarding investment allocations should be carefully considered and periodically re-evaluated.

Other Investment Portfolios (or available classes) may have lower fees and better overall investment performance.

In making your investment selections, we encourage you to thoroughly investigate all of the information regarding the Investment Portfolios that are available to you, including each Investment Portfolio’s prospectus, statement of additional information and annual and semi-annual reports. Other sources such as the fund company’s website or newspapers and financial and other magazines provide more current information, including information about any regulatory actions or investigations relating to an Investment Portfolio. You should monitor and periodically re-evaluate your allocations to determine if they are still appropriate.

You bear the entire risk for the allocation of your premiums and Accumulation Value among the Investment Options. We are not responsible for any investment or other advice or services that you may receive, including the advice and services provided by your Advisor.

You bear the risk of any decline in the Accumulation Value of your Contract resulting from the performance of the Investment Options you have chosen.

We do not recommend or endorse any particular Investment Portfolio or Portfolios and we do not provide investment advice.

Availability of the Investment Portfolios

We cannot guarantee that each Investment Portfolio will always be available for investment through the Contracts.

We reserve the right, subject to applicable law, to make additions to, deletions from, or substitutions for the shares of an Investment Portfolio that are held in the Subaccount. New or substitute Investment Portfolios may have different fees and expenses and their availability may be limited to certain classes of purchasers. If the shares of an Investment Portfolio are no longer available for investment or if, in our judgment, further investment in any portfolio should become inappropriate, we may redeem the shares of that Investment Portfolio and substitute shares of another Investment Portfolio. We will not substitute any shares without notice and prior approval of the SEC and state insurance authorities, to the extent required by the Investment Company Act of 1940, as amended, or other applicable law.

Your Accumulation Value (Contract Value allocated to the Subaccounts)

Your Accumulation Value is the sum of the amounts you have invested in the Subaccounts. Your Accumulation Value will vary daily to reflect the investment performance of the Investment Portfolios you select, any premium payments, partial withdrawals, surrenders, and charges assessed in connection with the Contract and any optional benefit riders you select. Transaction charges are made on the effective date of the transaction. Charges against the Subaccounts for the Separate Account Annual Expense charge are reflected daily. Charges against the Subaccounts for any optional benefit riders you select are deducted at the end of each calendar quarter.

There is no guaranteed minimum Accumulation Value for amounts allocated to the Subaccounts. You bear the investment risk. A Subaccount’s performance will cause your Accumulation Value to go up or down each Valuation Period.

Accumulation Units

The amount you invest in each Subaccount is represented by the value of the Accumulation Unit Value times the number of Accumulation Units credited to you. Premium payments allocated to and Accumulation Value transferred to a Subaccount are used to purchase Accumulation Units. Accumulation Units are sold or redeemed when you make a surrender, partial withdrawal or transfer amounts from a Subaccount to a Cycle Investment, and to purchase an Annuity Option or pay the Death Benefit when the Owner dies. If you choose to pay the Advisory Fee from your Contract Value, we will redeem Accumulation Units to effect these deductions. We also redeem units to pay Transaction Expenses. See the “Fee Table” for more information about Transaction Expenses.

We calculate the number of Accumulation Units purchased or redeemed in a Subaccount by dividing the dollar amount of the transaction by the Subaccount’s Accumulation Unit Value at the end of the day, if it is a Business Day. If it is not a Business Day, we will use the Accumulation Unit Value on the next Business Day. The number of Accumulation Units credited to you will not vary because of changes in Accumulation Unit Values.

The Unit Values fluctuate with the investment performance of the corresponding portfolios. Accumulation Unit Values reflect investment income, the Investment Portfolios’ realized and unrealized capital gains and losses, and the Investment Portfolios’

expenses. The Accumulation Unit Values also reflect the daily asset charges we deduct from your Subaccount Accumulation Value currently at an effective annual rate of 0.25% for the Separate Account Annual Expense charge and quarterly asset charges we deduct from your Subaccount Accumulation Value for any optional benefit riders you select. Additional information about the Accumulation Unit Values is contained in the SAI.

Transfers of Accumulation Value

You generally may transfer amounts among the Subaccounts prior to Maturity Date, unless otherwise noted. The minimum amount that may be transferred in a single day is $100 or 100% of the Contract Value allocated to the Subaccount if less than $100. The minimum amount may come from or be transferred to more than one Subaccount. Completed transfer requests received at our Customer Service Center in Good Order before the New York Stock Exchange closes for regular trading (usually 3:00 p.m. Central Time) are priced at the Accumulation Unit Value determined at the close of that Valuation Period. If we receive your completed transfer request in Good Order after the close of a Valuation Period, we will process the transfer request at the Accumulation Unit Value determined at the close of the next Valuation Period.

For information regarding telephone or facsimile requests, see “Administrative Procedures”. Transfers may be delayed under certain circumstances. See “Payment of Contract Proceeds”. We currently do not charge for transfers between Subaccounts, but reserve the right to charge $15 per transfer for transfers in excess of 15 per Contract year. If assessed, this charge will be deducted from the amount that is transferred prior to the allocation to a different Subaccount. The fee is waived for transfers in connection with active Dollar Cost Averaging or automatic rebalancing programs.

To the extent permitted by applicable law, we reserve the right to eliminate and/or restrict the transfer privilege in any manner we deem appropriate for some, all or specific Owners on a non-discriminatory basis.

This transfer discussion applies only to transfers to and from the Subaccounts.

Transfer Limitations

Frequent, large, programmed or short-term transfers among Subaccounts, such as those associated with “market timing” transactions, can adversely affect the Investment Portfolios and the returns achieved by Owners. In particular, such transfers may dilute the value of the Investment Portfolios’ shares, interfere with the efficient management of the Investment Portfolios’ investments, and increase brokerage and administrative costs of the Investment Portfolios. In order to try to protect our Owners and the Investment Portfolios from potentially harmful trading activity, We have implemented certain market timing and excessive trading policies and procedures (the “Market Timing Procedures”). Our Market Timing Procedures are designed to detect and prevent frequent or short-term transfer activity among the Subaccounts that may adversely affect other Owners or Investment Portfolio shareholders.

More specifically, currently our Market Timing Procedures are intended to detect potentially harmful trading or transfer activity by monitoring for excessive trading. We currently define excessive trading as:

• More than one purchase and sale of the same Subaccount within a 60-calendar day period, commonly referred to as a “round trip”. Two or more “round trips” involving the same Subaccount within a 60-calendar day period is considered excessive trading.

• Six round-trips involving the same Subaccount within a twelve month period.

We will review transfer requests, daily blotters, and transaction logs in an attempt to identify transfers that exceed these transfer parameters. We will review those transfers (and other transfers in the same Contract) to determine if, in our judgment, the transfers are part of a market timing strategy or otherwise have the potential to be harmful. We will honor and process the second transfer request, but if we believe that the activity is potentially harmful, we will suspend that Contract’s transfer privileges and we will not accept another transfer request telephonically or electronically (fax, internet, etc.) for 14 Business Days. We will attempt to inform the Owner (or Advisor) by telephone that their transfers have been deemed potentially harmful to others and that their telephone and electronic transfer privilege is suspended for 14 days. If we do not succeed in reaching the Owner or Advisor by phone, we will send a letter by first class mail to the Owner’s address of record.

We reserve the right to apply our market timing procedures to all Subaccounts available under the Contract, including Subaccounts that invest in Investment Portfolios that affirmatively permit frequent and short-term trading in other variable annuity Contracts offered by us or other insurance companies. Therefore, if you allocate premiums or your Accumulation Value to such a Subaccount, you may indirectly bear the effects of market timing or other frequent trading. These Investment Portfolios might not be appropriate for long-term investors. For a complete description of each Investment Portfolios’ trading policies, review each Investment Portfolios’ prospectus.

In addition to our own market timing procedures, managers of the Investment Portfolios might contact us if they believe or suspect that there is market timing or other potentially harmful trading, and if so we will take appropriate action to protect others. In particular, we may, and we reserve the right to, reverse a potentially harmful transfer. We will inform the relevant Owner and/or Advisor and the Owner will bear any investment loss of such reversal.

To the extent permitted by applicable law, we reserve the right to delay or reject a transfer request at any time that we are unable to purchase or redeem shares of any Investment Portfolios available through Separate Account C, because of any refusal or restriction on

purchases or redemptions of Investment Portfolio shares on the part of the Investment Portfolio’s managers pursuant to the Investment Portfolio’s policies and procedures respecting market timing activities or other potentially abusive transfers. If this occurs, we will attempt to contact you by telephone for further instructions. If we are unable to contact you within 5 Business Days after We have been advised that your transfer request has been refused or delayed by the Investment Portfolio manager, the amount intended for transfer will be retained in or returned to the originating Subaccount. You should also be aware that as required by Rule 22c-2 under the 1940 Act, We have entered into information sharing agreements with each of the fund or trust company whose Investment Portfolios are offered through the Contract. We share your trading information under these agreements as necessary for the fund and trust companies to monitor Investment Portfolio trading and this may include personal Contract information, including names and social security numbers or other tax identification numbers. As a result of this information sharing, a fund or trust company may direct us to restrict a Contract Owner’s transactions if the fund or trust company determines that the Contract Owner violated the Investment Portfolio’s excessive/frequent trading policy. This could include the fund or trust company directing us to reject any future allocations of premium payments or transfers from a Subaccount or Cycle Investment to any Subaccount investing Investment Portfolio or all Investment Portfolios within the fund family. We are contractually obligated to comply with all restrictions imposed by the Investment Portfolios. You should read the prospectuses of the Investment Portfolios for more details on their ability to refuse or restrict purchases or redemptions of their shares.

In our sole discretion, we may revise our Market Timing Procedures at any time without prior notice as we deem necessary or appropriate to better detect and deter frequent, programmed, large, or short-term transfers that may adversely affect other Owners or Investment Portfolio shareholders, to comply with state or federal regulatory requirements, or to impose additional or alternate restrictions on market timers (such as dollar or percentage limits on transfers). We may change our parameters to monitor for a different number of transfers with different time periods, and we may include other factors such as the size of transfers made by Owners within given periods of time, as well as the number of “round trip” transfers into and out of particular Subaccounts for purposes of applying the parameters used to detect potential market timing and other potentially harmful activity. We may aggregate transfers made in two or more Contracts that We believe are connected (for example, two Contracts with the same Owner, or owned by spouses, or owned by different partnerships, trusts, or corporations that are under common control, etc.).

We do not include transfers made pursuant to the Dollar Cost Averaging program and Investment Portfolio rebalancing program in these limitations. We may vary our market timing procedures from Subaccount to Subaccount, and may be more restrictive with regard to certain Subaccounts than others. We may choose not to apply these detection methods to Subaccounts investing in Investment Portfolios that, in our judgment, would not be particularly attractive to market timers or otherwise susceptible to harm by frequent transfers.

We reserve the right to place restrictions on the methods of implementing transfers for all Owners that we believe might otherwise engage in trading activity that is harmful to others. For example, we might only accept transfers by original “wet” Owner signature conveyed through the U.S. mail (that is, we can refuse transfer requests submitted by phone, facsimile, e-mail or by any other electronic means, or overnight courier service). We also reserve the right to implement and administer redemption fees imposed by one or more of the Investment Portfolios in the future.

Contract Owners seeking to engage in frequent, programmed, large, or short-term transfer activity may deploy a variety of strategies to avoid detection. Our ability to detect and deter such transfer activity is limited by operational systems and technological limitations. In addition, the terms of the Contract may also limit our ability to restrict or deter harmful transfers. Furthermore, the identification of Owners determined to be engaged in transfer activity that may adversely affect other Owners or Investment Portfolios’ shareholders involves judgments that are inherently subjective. Accordingly, despite our best efforts, we cannot guarantee that our Market Timing Procedures will detect every potential market timer. Some market timers may get through our controls undetected and may cause dilution in Accumulation Unit Values to others. We apply our Market Timing Procedures consistently to all Owners without special arrangement, waiver, or exception. We may vary our Market Timing Procedures among our other variable insurance products to account for differences in various factors, such as operational systems and Contract provisions. In addition, because other insurance companies and/or retirement plans may invest in the Investment Portfolios, we cannot guarantee that the Investment Portfolios will not suffer harm from frequent, programmed large, or short-term transfers among Subaccounts of variable policies issued by other insurance companies or among Subaccounts available to retirement plan participants.

PROCESSING SURRENDERS AND PARTIAL WITHDRAWALS – CYCLE INVESTMENT & SUBACCOUNTS

You may withdraw all or part of your Surrender Value by sending a written request to our Customer Service Center in Good Order. The Surrender Value is the Contract Value minus any applicable state premium tax charge. Partial withdrawals must be made in amounts of $1,000 or more (except for RMDs, systematic withdrawals and Advisory Fee deductions) and cannot reduce your Contract Value to less than $1,000. If a partial withdrawal results in your Contract Value becoming less than $1,000, then the entire Surrender Value must be withdrawn. A full surrender request, regardless of the Contract Value, must be submitted in writing and accompanied by your Contract. We reserve the right to change this process at any time. For a full surrender, you must send in your Contract with your surrender request or sign a lost Contract statement.

You may request partial withdrawals up to $25,000 via telephone, four times a calendar year per Contract, provided prior written authorization has been received by our Customer Service Center. You will be required to verify personally identifiable information at the time you request a partial withdrawal. If there are joint Owners, both Owners must be on the telephone at the time of request.

Telephone authorization will remain in effect until we receive written notification from you to terminate this authorization. If the Contract has joint Owners, both Owners are required to sign the written notification to terminate telephone authorization. We may

discontinue this program at any time at our sole discretion. There are some restrictions on telephone partial withdrawals; please call our Customer Service Center with any questions.

We may record telephone calls and use other procedures to verify information and confirm that instructions are genuine. We will not be liable for losses or expenses arising from telephone instructions reasonably believed to be genuine. We reserve the right to restrict, suspend or eliminate the use of, or modify the requirements for making, telephone partial withdrawals at any time.

Any required tax withholding will be deducted from the amount paid. In addition, upon full surrender a state premium tax charge, if applicable, may also be subtracted.

Completed surrender or partial withdrawal requests received in Good Order at our Customer Service Center before the New York Stock Exchange closes for regular trading (usually 3:00 p.m. Central Time) are priced at the Accumulation Unit Value and Cycle Investment Unit Value determined at the close of that regular trading session of the New York Stock Exchange. If we receive your completed surrender or partial withdrawal request in Good Order after the close of a Valuation Period, we will process the surrender request at the unit value determined at the close of the next Valuation Period.

We will generally pay the surrender or partial withdrawal amount within seven days after we receive a properly completed surrender or partial withdrawal request in Good Order. See “Administrative Procedures” later in this prospectus. We may defer payment for more than seven days when:

• trading on the New York Stock Exchange is restricted as defined by the SEC;

• the New York Stock Exchange is closed (other than customary weekend and holiday closing);

• an emergency exists or if for any reason it is not reasonably practicable to dispose of or fairly value the securities held in an Investment Option;

• for such other periods as the SEC may by order permit for the protection of Owners; or

• your premium check has not cleared your bank.

See “Payment of Contract Proceeds”.

If we defer payment for 30 or more days, then during the period of deferment, we will pay interest at the rate required by the jurisdiction in which this Contract is delivered.

Unless you specify otherwise, your partial withdrawal will be deducted from all Subaccounts in the same proportion as your Contract Value bears to each Subaccount. If your Accumulation Value is insufficient to fulfill your withdrawal request and your withdrawal request does not specifically instruct us to deduct the withdrawal from the Cycle Investment(s), we will consider the withdrawal request to be not in Good Order and we will not process the withdrawal request.

Withdrawals from Cycle Investments prior to the Cycle End Date is determined by Cycle Investment Unit Value, which is based on the Fair Value, and the Floor Rate and the Buffer Rate do not apply. This means, on any day prior to the Cycle End Date, if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair Value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. If you take a withdrawal prior to the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if you take a withdrawal prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower.

Surrenders and partial withdrawals will generally have Federal income tax consequences that can include income tax penalties and tax withholding. Surrenders and partial withdrawals may be restricted under certain qualified Contracts. You should consult with and rely on your tax advisor before making a surrender or partial withdrawal. See “FEDERAL TAX STATUS” later in the prospectus.

In a series of recent private letter rulings (“PLRs”), the IRS has recognized that investment advisor fees paid out of Contract Value will, in certain circumstances and subject to conditions, not be treated as taxable distributions from a Non-Qualified Contract, will not be taxable to the Contract Owner, are not reportable to the IRS as distributions from the Contract and are not subject to the 10% tax penalty for Contract Owners who are under age 591⁄2. We have received such a private letter ruling from the IRS and intend to tax report in accordance with that ruling. Accordingly, advisory fees will be treated as non-taxable distributions for reporting purposes by the Company. However, these rulings generally only can be relied upon by the taxpayers who obtained them, and the IRS is not bound by these rulings with respect to your tax treatment under your Contract. Regardless of how we treat the deduction of Advisory Fees for tax reporting purposes, there is a risk that federal and state taxing authorities may determine that these deductions are subject to federal and state income taxes, including a 10% tax penalty if you are under age 591⁄2. In all events, we will administer the Contract to comply with these PLRs and any other federal tax requirements. Please see “Advisory Fees Deducted from Contract Value” and “Federal Tax Status” later in the prospectus for more information.

BENEFITS UNDER THE CONTRACT

The following table summarizes information about the benefits available under the Contract.

Name of Benefit

Purpose

Is Benefit Standard or Optional

Maximum Fee

Brief Description of Restrictions / Limitations

Systematic Withdrawal Program

Allows you to set up an automatic payment from your Subaccount Investments

Standard

No Charge

•Each payment must be at least $100 (unless we consent otherwise).

•Subject to any applicable income taxes, including a possible 10% federal tax penalty if taken before age 591⁄2.

Dollar Cost Averaging (“DCA”) Program

Allows you to systematically transfer a set amount each month from a Subaccount to other available Subaccounts.

Standard

No Charge

•Your Accumulation Value must be at least $10,000 to initiate the DCA program.

•The minimum amount that you may transfer monthly is $100, quarterly is $300, and semi-annually is $600 and annually is $1,200.

•Not available during the Free Look Period. Not available if you elect Portfolio Rebalancing.

•Transfers only available among Subaccounts – Cycle Investments are not eligible.

Portfolio Rebalancing Program

Allows us to automatically rebalance your Accumulation Value to return to your original percentage allocations.

Standard

No Charge

•Your Accumulation Value must be at least $10,000 to initiate the Portfolio Rebalancing Program.

•We will terminate the program if you direct any subsequent reallocation, contribution or partial withdrawal on other than a pro-rata basis.

•We reserve the right to end the portfolio rebalancing program by sending you and your Advisor one month’s notice. You may not elect Portfolio Rebalancing if you have an active DCA program.

•Not available if you elect DCA.

•Transfers only available among Subaccounts – Cycle Investments are not eligible.

Contract Value Death Benefit

Pays your beneficiary your Contract Value.

Standard

No Charge

•Terminates upon the Maturity Date or change of ownership.

•If you elect to pay Advisory Fees from your Contract Value, this deduction will reduce the Contract Value and therefore the Death Benefit.

Return of Premium Death Benefit Rider

Pays your beneficiary the greater of (i) your Contract Value, or (ii) your total premium payments, adjusted for Gross Partial Withdrawals.

Optional

0.15% (as an annualized percentage Benefit Base)

•Only available at Contract issue.

•Only available at Issue Ages 0-75 (based on the oldest Owner).

•Cannot be voluntarily terminated.

•Terminates upon the Maturity Date or change of ownership.

•Cannot be elected with the Annual Ratchet Death Benefit Rider.

•Withdrawals (including Lifetime Payments under a GLWB Rider) will reduce the value of the benefit in the same proportion that the Gross Partial Withdrawal reduced the Contract Value, which may be more than the amount withdrawn.

•If you elect to pay Advisory Fees from your Contract Value, this deduction will reduce the Contract Value but will not reduce the Return of Premium Death Benefit.

Annual Ratchet Death Benefit Rider

Pays your beneficiary the greater of (i) your Contract Value, or (ii) your total premium payments, adjusted for Gross Partial Withdrawals, with the potential for annual “step ups” on each Contract Anniversary prior to the oldest Owner’s age 85.

Optional

0.40% (as an annualized percentage Benefit Base)

•Only available at Contract issue.

•Only available at Issue Ages 0-75 (based on the oldest Owner).

•Cannot be voluntarily terminated.

•Terminates upon the Maturity Date or change of ownership.

•Cannot be elected with the Return of Premium Death Benefit Rider.

•The value of the benefit is no longer eligible for step ups on or after the oldest Owner’s 85th birthday.

•If you elect to pay Advisory Fees from your Contract Value, this deduction will reduce the Contract Value but will not reduce the Return of Premium Death Benefit.

Contract Value GLWB Rider

Guarantees you can withdraw the Lifetime Payment Amount each Contract Year regardless of investment performance, with an initial Benefit Base equal to your Contract Value on the date you first exercise the benefit.

Optional

0.95% (as an annualized percentage Benefit Base)

•Only available at Contract issue.

•Only available at Issue Ages 50-85 (based on the youngest Owner).

•Cannot be voluntarily terminated.

•Cannot be elected with the Return of Premium GLWB Rider.

•Additional premium payments are not permitted after the first 6 months following Contract issue.

•Excess Gross Partial Withdrawals will reduce the Benefit Base in the same proportion that the Gross Partial Withdrawal reduced the Contract Value, which may be more than the amount withdrawn and may terminate the rider.

Return of Premium GLWB Rider

Guarantees you can withdraw the Lifetime Payment Amount each Contract Year regardless of investment performance, with an initial Benefit Base equal to the greater of (i) your Contract Value on the date you first exercise the benefit or (ii) your total premium payments, adjusted for Gross Partial Withdrawals, as of the date you first exercise the benefit.

Optional

1.15% (as an annualized percentage Benefit Base)

•Only available at Contract issue.

•Only available at Issue Ages 50-85 (based on the youngest Owner).

•Cannot be voluntarily terminated.

•Cannot be elected with the Contract Value GLWB Rider.

•Additional premium payments are not permitted after the first 6 months following Contract issue.

•Any withdrawal prior to beginning Lifetime Payments will reduce the initial Benefit Base in the same proportion that the Gross Partial Withdrawal reduced the Contract Value, which may be more than the amount withdrawn.

Systematic Withdrawals

The systematic withdrawal feature allows you to have a portion of your Contract Value withdrawn automatically. For example, you may elect to have $500 withdrawn from your Contract Value automatically every month.

These withdrawals occur only: (1) while the Owner is living, (2) before the Maturity Date, and (3) after the Free Look Period. You may elect this option by sending a properly completed service form to our Customer Service Center. You may designate the systematic withdrawal amount and the frequency of the systematic withdrawals, which may be monthly, quarterly, semi-annually or annually. See your Contract for details on systematic withdrawal options and when each begins.

Systematic Withdrawals (except Lifetime Payments under a GLWB Rider) will be taken pro-rata from your Subaccounts only. Once the Subaccounts’ Accumulation Value is exhausted, the Systematic Withdrawals will terminate. If the Contract Owner wishes to continue Systematic Withdrawals, he/she will have to contact us to set up a new Systematic Withdrawal program for the Cycle Investments and then will be taken pro-rata from your Cycle Investments.

Systematic Withdrawals after you elect to begin Lifetime Payments under a GLWB Rider are taken pro-rata across all investments, including the Cycle Investments and the Default Account, in the same proportion that each investment option bears to the total Contract Value. An Excess Gross Partial Withdrawal will reduce the Benefit Base of your GLWB Rider by the same proportion that the Excess Gross Partial Withdrawal reduced the Contract Value, which may be more, even significantly more, than the amount withdrawn and may terminate the rider. If you take an Excess Gross Partial Withdrawal on any day prior to the Cycle End Date of your Cycle Investments, you could significantly reduce or eliminate your Benefit Base. This is because prior to the Cycle End Date, the Cycle Investment Value is based on the Fair Value, which will fluctuate during the Cycle Term. See “Valuation of a Cycle Investment” for more information about the Fair Value calculation. See “Guaranteed Living Withdrawal Benefits” for more information about Excess Gross Partial Withdrawals.

The Cycle Investment Unit Value prior to the Cycle End Date is based on the Fair Value of the Cycle.

Prior to the Cycle End Date, the Cycle Investment Unit Value will be based on the Fair Value, and the Floor Rate and the Buffer Rate do not apply. This means, on any day prior to the Cycle End Date, if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair Value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. If you take a withdrawal prior to the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if you take a withdrawal, including Systematic Withdrawals, prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower. You should consult with a financial professional before taking Systematic Withdrawals from the Cycle Investments prior to the Cycle End Date.

If the New York Stock Exchange is closed for regular trading on the day when the withdrawal is to be made, then we will process your withdrawal at the Accumulation Unit Value and/or Cycle Investment Unit Value determined at the close of the next Valuation Period.

You can stop or modify the systematic withdrawals by sending us a Written Notice. A proper Written Notice must include the consent of any effective assignee or irrevocable Beneficiary, if applicable.

Each systematic withdrawal must be at least $100. Each request for withdrawal amounts of less than $100 will be reviewed on a case-by-case basis. We reserve the right to change the frequency of payments or discontinue payments if the payment is less than $100. Upon payment, we reduce your Contract Value by an amount equal to the payment proceeds. In no event will the payment of a systematic withdrawal exceed the Surrender Value. The Contract will automatically terminate if a systematic withdrawal causes the Contract’s Surrender Value to equal zero.

To the extent, if any, that there is gain in the Contract, systematic withdrawals generally are included in the Owner’s gross income for tax purposes (as ordinary income) in the year in which the withdrawal occurs, and may be subject to a penalty tax of 10% before age 591/2. Additional terms and conditions for the systematic withdrawal program are set forth in your Contract and in the application for the program.

Dollar Cost Averaging (DCA)

The Dollar Cost Averaging (DCA) program enables you to make monthly, quarterly, semi-annual or annual transfers of a predetermined dollar amount from the DCA source account into one or more of the Subaccounts.

For example, you can instruct us to transfer $1,000 on the first of each month to an Investment Portfolio that you have selected. Hypothetically, the $1,000 allocation may have bought 50 Accumulation Units of the Investment Portfolio in January, 65 Accumulation Units in February, and 45 Accumulation Units in March. In these three months, you allocated $3,000 to the Investment Portfolio which has resulted in 160 Accumulation Units. The value of each Accumulation Unit is an average of the three values used at the time of allocation. If you had allocated the entire $3,000 at one time, the total value might be higher or lower.

You may elect the DCA program on a monthly, quarterly, semi-annual or annual basis. Your Accumulation Value must be at least $10,000 to initiate the DCA program. The minimum amount that you may transfer monthly using DCA is $100, quarterly is $300, semi-annually is $600 and annually is $1,200.

You may select any Subaccount as the source account. The source account must have a minimum beginning balance of $1,200. The DCA program may reduce the impact of market fluctuations by allocating Accumulation Value to Subaccounts over time. The DCA program does not ensure a profit nor protect against a loss in declining markets.

You may elect only one DCA program at any time. You must complete the proper request form and send it (in Good Order) to our Customer Service Center. The minimum amount of time at set-up is 3 months. There is no maximum set-up time limit. We reserve the right to limit or change the minimum and maximum timeframes for the DCA program. You may qualify to begin a DCA program by paying a premium with the DCA request form, allocating premiums, or transferring amounts to the DCA source account. The DCA request form will specify:

• the DCA source Subaccount from which transfers will be made,

• the total monthly amount to be transferred to the other Subaccount(s), and

• how that monthly amount is to be allocated among the Subaccounts.

Once you elect DCA, you may allocate additional premium payments to the DCA source Subaccount by sending them in with a DCA request form or written instructions. Any premium payments received while the DCA program is in effect will be allocated using the allocation percentages from the DCA request form, unless you specify otherwise. All amounts in the DCA source Subaccount will be available for transfer under the DCA program.

If requested at issue, the DCA will start on the same day of the month as the Issue Date in the second Contract Month. If requested after issue, it will start on the same day of the month as the Issue Date during Contract Month after the request is received. The DCA is not available until the end of the Free Look Period.

You may stop the DCA program at any time by sending us Written Notice. The DCA program will automatically terminate when the source Subaccount does not have sufficient Accumulation Value to fund the DCA transfers. We reserve the right to end the DCA program by sending you and your Advisor one month’s notice. You may not elect a DCA program together with a Portfolio Rebalancing program.

We do not charge any specific fees to participate in a DCA program.

The DCA applies only to the Subaccounts. It is not available for the Cycle Investment Options.

Portfolio Rebalancing

If you elect the Portfolio Rebalancing program, we will automatically reset your Accumulation Value allocated to each Subaccount to percentage levels that you request. If you elect this option, we will transfer amounts among the Subaccounts necessary to “rebalance” the Accumulation Value to your specified percentages. You may direct us to perform the rebalancing on a quarterly, semi-annual, or annual basis.

For example, assume that you want your initial premium payment split between two Investment Portfolios. You want 40% in Investment Portfolio A and 60% in Investment Portfolio B. Hypothetically, over the next 21/2 months “A” does very well while “B” performs poorly. At the end of the first quarter, “A” now represents 50% of your holdings because of its increase in value. If you have chosen to have your holdings rebalanced quarterly, on the first day of the next quarter, we will sell some of your units in “A” to bring its value back to 40% and use the money to buy more units in “B” to increase those holdings to 60%.

Portfolio rebalancing will occur on the same day of the month as the Issue Date. If the rebalance date does not fall on a Business Day, the rebalancing will be processed on the next Business Day. If you do not select a rebalancing period, we will rebalance your Subaccounts on a quarterly basis. Rebalancing will be based on your most recent investment directions.

Portfolio rebalancing may result in transferring amounts from a Subaccount earning a relatively high return to one earning a relatively low return. Your Accumulation Value must be at least $10,000 to initiate a portfolio rebalancing program. Contact us at our Customer Service Center to elect the portfolio rebalancing program.

Portfolio rebalancing will remain in effect until we receive your written termination request. We will also terminate the program if you direct any subsequent reallocation, contribution or partial withdrawal on other than a pro-rata basis. We reserve the right to end the portfolio rebalancing program by sending you and your Advisor one month’s notice. You may not elect portfolio rebalancing if you have an active DCA program.

There is no charge for portfolio rebalancing transfers, and rebalancing transfers do not count towards your transfer limits.

Portfolio rebalancing applies only to the Subaccounts. It is not available or the Cycle Investment options.

Death Benefits

If an Owner dies before the Maturity Date and while the Contract is still in force, we will pay a Death Benefit to your designated Beneficiary. The Death Benefit is payable on receipt in Good Order (at our Customer Service Center) of satisfactory proof of the Owner’s death, an election of how the Death Benefit is to be paid, and any other required documents or forms. The amount of the Death Benefit is based on which death benefit option is elected and determined as of the Business Day that our Customer Service Center receives the required documentation in Good Order.

The Contract offers a standard Death Benefit, the Contract Value Death Benefit, at no additional charge. When you purchase the Contract, you may select either the optional Return of Premium Death Benefit or the optional Annual Ratchet Death Benefit for an additional charge if the oldest Owner is younger than Issue Age 76.

Contract Value Death Benefit. The Contract Value Death Benefit will equal the Contract Value as of the Business Day that the Death Benefit is determined. For example, if your Contract Value is $100,000 on the date of death, September 1st , and declines to $90,000 on September 10th, which is the date that our Customer Service Center receives the required documentation in good order, your Death Benefit will equal $90,000. If you elect to pay Advisory Fees from your Contract Value, this deduction will reduce the Contract Value and therefore the Contract Value Death Benefit on a dollar-for- dollar basis. You should discuss with your Advisor the impact of deducting Advisory Fees from your Contract Value prior to making an election.

For example, assume you purchase the Contract with an initial premium payment of $100,000, you invest all of your money into the Subaccounts and your investment earns a 5% return each year after the deduction of the Separate Account Annual Expense charge and Annual Portfolio Expenses. The following table illustrates your Contract Value and Contract Value Death Benefit at the end of each Contract Year based on these assumptions:


Contract Year	Contract Value / Death Benefit if you elect not to deduct Advisory Fees from Contract Value	Contract Value / Death Benefit if you elect to deduct 1.5% annual Advisory Fees from Contract Value
1	$105,000.00	$103,425.00
2	$110,250.00	$106,967.31
3	$115,762.50	$110,630.94
4	$121,550.63	$114,420.05
5	$127,628.16	$118,338.93
6	$134,009.56	$122,392.04
7	$140,710.04	$126,583.97
8	$147,745.54	$130,919.47
9	$155,132.82	$135,403.46
10	$162,889.46	$140,041.03

Any death benefit payment or optional benefit charge deduction attributable to the Cycle Investments and paid prior to the Cycle End Date will be based on the Cycle Investment Unit Value, which is based on the Fair Value, and the Floor Rate and the Buffer Rate do not apply. This means if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair Value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date.

Return of Premium Death Benefit. The Return of Premium Death Benefit will equal the greater of (i) the Contract Value, or (ii) the sum of your initial premium payment plus any subsequent premium payments, less an adjustment for each Gross Partial Withdrawal. Any Advisory Fees deductions from your Contract Value do not reduce the value of the Return of Premium Death Benefit. Withdrawals, including Lifetime Payments under one of the GLWB Riders, will reduce the value of the Return of Premium Death Benefit, and this reduction may be more, even significantly more, than the amount withdrawn.

The adjustment for Gross Partial Withdrawals will reduce the Death Benefit by the same proportion that the withdrawal reduced the Contract Value, calculated as follows:

Death Benefit after Gross Partial Withdrawal = Death Benefit before Gross Partial Withdrawal * (1 – [Gross Partial Withdrawal Amount] / [Contract Value before Gross Partial Withdrawal])

If the value of the Return of Premium Death Benefit is greater than the Contract Value at the time of the Gross Partial Withdrawal, then the Death Benefit will be reduced by an amount greater than the amount withdrawn.

Value is $130,000, the Return of Premium Death Benefit would be reduced from $110,000 to $97,307.69 or a reduction of the Return of Premium Death Benefit by $12,692.31, which is less than the $15,000 amount withdrawn. In each case, if the Contract Value is greater than the Return of Premium Death Benefit on the date the Death Benefit is determined, your Death Benefit will equal the Contract Value (as described in “Contract Value Death Benefit” above).

We assess a charge for the Return of Premium Death Benefit at the end of each calendar quarter at an annual rate of 0.15% of the Benefit Base. This charge is deducted pro-rata across all investments, including the Cycle Investments and the Default Account. The charge will continue to be deducted for the life of the Contract, and you cannot voluntarily terminate the Return of Premium Death Benefit without surrendering or annuitizing your Contract. It is possible that the Return of Premium Death Benefit will be no greater than the Contract Value Death Benefit. There is a risk that any financial return provided by the Return of Premium Death Benefit will ultimately be less than the fees you paid for the benefit.

Charges deducted from the Cycle Investments prior to the Cycle End Date are based on the Fair Value calculation. Prior to the Cycle End Date, the Cycle Investment Unit Value will be based on the Fair Value, and the Floor Rate and the Buffer Rate do not apply. If a deduction is taken to pay charges on any day prior to the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if a deduction is taken to pay charges on any day prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if the deduction was taken on the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower. These charge deductions will also reduce your Contract Value.

Annual Ratchet Death Benefit. The Annual Ratchet Death Benefit will equal the greater of (i) the Contract Value, or (ii) the sum of your initial premium payment plus any subsequent premium payments, less an adjustment for each Gross Partial Withdrawal, with the potential for annual “step ups” on each eligible Contract Anniversary. Any Advisory Fees from your Contract Value do not reduce the Annual Ratchet Death Benefit. Withdrawals, including Lifetime Payments under one of the GLWB Riders, will reduce the value of the Annual Ratchet Death Benefit, and this reduction may be more, even significantly more, than the amount withdrawn.

The adjustment for withdrawals will reduce the Death Benefit by the same proportion that the Gross Partial Withdrawal reduced the Contract Value, calculated as follows:

Death Benefit after Gross Partial Withdrawal = Death Benefit before Gross Partial Withdrawal * (1 – [Gross Partial Withdrawal Amount] / [Contract Value before Gross Partial Withdrawal])

If the value of the Annual Ratchet Death Benefit is greater than the Contract Value at the time of the Gross Partial Withdrawal, then the Death Benefit will be reduced by an amount greater than the amount withdrawn.

On each Contract Anniversary before the oldest Owner’s 85th birthday, we compare the Annual Ratchet Death Benefit to your Contract Value. If your Contract Value is greater, the Annual Ratchet Death Benefit will be stepped-up to equal the Contract Value on that Contract Anniversary. Afterwards, the Annual Ratchet Death Benefit will continue to be increased by subsequent premium payments and decreased by withdrawals as described above. Withdrawals (including Lifetime Payments under one of the GLWB Riders) and deductions (including Advisory Fee deductions and deductions for optional benefit charges) will reduce the Contract Value dollar-for-dollar, which reduces the likelihood of increasing the Annual Ratchet Death Benefit through a step up on the Contract Anniversary.

On and after the oldest Owner’s 85th birthday, the Annual Ratchet Death Benefit is no longer eligible to be stepped-up, but it will continue to be adjusted for subsequent premium payments and withdrawals.

For example:

•Assume you purchase the Contract with an initial premium payment of $100,000 at Issue Age 75.

•During the first Contract Year, you make a $10,000 additional premium payment. At the time of the premium payment, your Annual Ratchet Death Benefit is $110,000, which is the sum of your purchase payments.

•At the end of the first Contract Year, your Contract Value has declined to $95,000 due to poor investment performance. Because your Contract Value is lower than the Annual Ratchet Death Benefit, the Annual Ratchet Death Benefit does not step up on this Contract Anniversary. Your Annual Ratchet Death Benefit remains $110,000.

•During the second Contract Year, you request a $15,000 withdrawal at a time when the Contract Value is $95,000. At the time of the withdrawal, the Annual Ratchet Death Benefit is reduced from $110,000 to $92,631.58, or a reduction of the Annual Ratchet Death Benefit by $17,368.42, which is more than the $15,000 amount withdrawn. Alternatively, if you requested a $15,000 withdrawal at a time when the Contract Value was $130,000, the Annual Ratchet Death Benefit would be reduced from $110,000 to $97,307.69, or a reduction of the Annual Ratchet Death Benefit by $12,692.31, which is less than the $15,000 amount withdrawn.

•At the end of the second Contract Year, your Contract Value has increased to $100,000 due to positive investment performance. Because your Contract Value is higher than the Annual Ratchet Death Benefit, the Annual Ratchet Death Benefit is stepped up to $100,000 on this Contract Anniversary.

•Your Annual Ratchet Death Benefit will continue to be increased by additional premium payments at the time of the premium payment, decreased by withdrawals at the time of the withdrawal, and may be stepped up on each Contract Anniversary until the date you turn 85 years old. Each Contract Anniversary on or after your 85th birthday, your Annual Ratchet Death Benefit will no longer be stepped up, even if the Contract Value is greater than the Annual Ratchet Death Benefit.

•In all cases, if the Contract Value is greater than the Annual Ratchet Death Benefit on the date the Death Benefit is determined, your Death Benefit will equal the Contract Value (as described in “Contract Value Death Benefit” above).

We assess a charge for the Annual Ratchet Death Benefit at the end of each calendar quarter at an annual rate of 0.40% of the Benefit Base. This charge is deducted pro-rata across all investments, including the Cycle Investments and the Default Account. The charge will continue to be deducted for the life of the Contract, and you cannot voluntarily terminate the Annual Ratchet Death Benefit without surrendering or annuitizing your Contract. It is possible that the Annual Ratchet Death Benefit will be no greater than the Contract Value Death Benefit. There is a risk that any financial return provided by the Annual Ratchet Death Benefit will ultimately be less than the fees you paid for the benefit.

Designation of your Beneficiary. You name one or more Beneficiaries in your Contract application. A Beneficiary is revocable unless otherwise stated in the Beneficiary designation. You may change a revocable Beneficiary during your lifetime. We must receive a Written Notice (signed and dated) informing us of the change. Upon receipt and acceptance at our Customer Service Center, a change takes effect as of the date that the Written Notice is recorded by us. We will not be liable for any payment made before we receive and accept the Written Notice to change your Beneficiary.

If no primary Beneficiary is living when the Owner dies, the Death Benefit will be paid to the contingent Beneficiary, if any. If no Beneficiary is living when the Owner dies, then we will pay the Death Benefit to the Owner’s estate. If the sole Beneficiary is not the spouse, the surviving joint Owner will be the designated primary Beneficiary and any other Beneficiaries on record will be treated as contingent Beneficiaries.

For non-qualified Contracts, if an Owner dies prior to the Maturity Date, then the Death Benefit must be paid within 5 years of the Owner’s death (other than amounts payable to, or for the benefit of, the surviving spouse of the Owner). For joint Owners the Death Benefit is paid upon the first death.

If you name your spouse as the Beneficiary and the spouse (1) was married to the deceased Owner, as recognized by Federal law, as of the date of the deceased Owner’s death, and (2) is the sole primary Beneficiary, your surviving spouse may choose to continue the Contract, which will then be treated as his/her own Contract. If your spouse chooses to continue the Contract under spousal continuance, by current company practice they will receive the Death Benefit. This amount would be allocated among Investment Options in accordance with the current allocations for the Contract and may be, under certain circumstances, considered earnings. If you selected one of the optional Death Benefit riders when you purchased your Contract and your spouse chooses to continue the Contract under spousal continuance, the optional Death Benefit rider will terminate and the charge for the rider will no longer be deducted under the continued Contract. If the applicable Death Benefit is greater than the Contract Value, the Contract Value under the continued Contract will be increased to match the Death Benefit before the rider terminates. The Death Benefit under the continued Contract will be the standard Contract Value Death Benefit.

If you selected one of the optional GLWB Riders when you purchased your Contract and your spouse chooses to continue the Contract under spousal continuance:

•If Lifetime Payments have not yet begun, the GLWB Rider will not terminate and the charge for the rider will continue to be deducted under the continued Contract. The Lifetime Payment Amount will be determined based on your spouse’s age at the time he or she elects to begin Lifetime Payments, and is eligible for any remaining Benefit Base step ups.

•If Lifetime Payments have begun for an individual Covered Person, the GLWB Rider will terminate and the charge for the rider will no longer be deducted under the continued Contract. No further Lifetime Payments will be made.

•If Lifetime Payments have begun for joint Covered Lives, the GLWB Rider will not terminate and the charge for the rider will continue to be deducted under the continued Contract. The Lifetime Payment Amount at the time of spousal continuance will continue to be paid to your spouse in accordance with the terms of the GLWB Rider.

If the sole Beneficiary is not the spouse, the surviving joint Owner, if any, will be the designated primary Beneficiary and any other Beneficiaries on record will be treated as contingent Beneficiaries.

Under a non-qualified Contract, when a Death Benefit is paid on the death of an Owner or a joint Owner and a payment option is selected, the payment option must be an annuity for the life of the Payee or for a period extending no longer than the Payee’s life

expectancy, and payments must begin within one year of the date of death. In certain circumstances, required minimum distribution rules for qualified Contracts may require the Death Benefit to be paid out within ten years. See “Federal Tax Status” for more information later in this prospectus.

In the case of multiple primary Beneficiaries, the amount received by each primary Beneficiary will be their proportional share of the Death Benefit as of each primary Beneficiary’s required documentation is in Good Order. If no optional Death Benefit rider is elected, the Death Benefit is the Contract Value at the time we receive the required documentation in Good Order for each primary Beneficiary. If the Return of Premium Death Benefit Rider is elected, the Death Benefit is the greater of the Contract Value and total premium payments, adjusted for withdrawals, determined at the time the first primary Beneficiary claim is in Good Order. Once the greater of the Contract Value and total premium payments, adjusted for withdrawals, is determined, each remaining primary Beneficiary’s proportion of the Death Benefit is subject to the performance of the elected Investment Options until required documentation for their portion of the Death Benefit is in Good Order. If the Annual Ratchet Death Benefit Rider is elected, the Death Benefit is the greater of the Contract Value, total premium payments, adjusted for withdrawals, and the Annual Ratchet Death Benefit, determined at the time the first primary Beneficiary claim is in Good Order. Once the greater of the Contract Value, total premium payments, adjusted for withdrawals, and the Annual Ratchet Death Benefit, is determined, each remaining primary Beneficiary’s proportion of the Death Benefit is subject to the performance of the elected Investment Options until required documentation for their portion of the Death Benefit is in Good Order.

After the date on which we receive an original death certificate or a copy of the death certificate via facsimile, the Beneficiary has the option of transferring the Accumulation Value to the short term Investment Option(s) before the date on which the first complete Death Benefit claim is received. If there are multiple Beneficiaries then they all must join in such a transfer request or the Company will not be able to honor the request.

If the Owner dies on or after income payments have begun, then any remaining amounts, must be paid at least as rapidly as the benefits were being paid at the time of the Owner’s death. Other rules relating to distributions at death apply to Qualified Contracts.

If any Owner is a non-natural person, the Death Benefit is paid upon the death of the Annuitant.

If joint Owners die within 24 hours of one another, they are considered to have died simultaneously and the eldest is presumed to have died first.

Naming different persons as Owner and Annuitant can affect whether the Death Benefit is payable, the amount of the benefit, and who will receive it. Use care when naming Owners, Annuitants, and Beneficiaries, and consult your Advisor if you have questions. State premium taxes may be deducted from the Death Benefit proceeds.

Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of inactivity of 3 to 5 years from the Contract’s Maturity Date or date the Death Benefit is due and payable. For example, if the payment of a Death Benefit has been triggered, but, if after a thorough search, we are still unable to locate the Beneficiary of the Death Benefit, or the Beneficiary does not come forward to claim the Death Benefit in a timely manner, the Death Benefit will be paid to the abandoned property division or unclaimed property office of the state in which the Beneficiary or the Owner last resided, as shown on our books and records, or to our state of domicile. This “escheatment” is revocable, however, and the state is obligated to pay the Death Benefit (without interest) if your Beneficiary steps forward to claim the Death Benefit with the proper documentation. To prevent such escheatment, it is important that you update your Beneficiary designations, including full names and complete addresses, if and as they change. Such updates should be communicated in writing, by telephone, or other approved electronic means at our Customer Service Center.

Guaranteed Living Withdrawal Benefits

When you purchase the Contract, you may select one of the two optional GLWB Riders for an additional charge if the youngest Owner is at least Issue Age 50 and younger than Issue Age 86. The GLWB Riders guarantee you can withdraw the Lifetime Payment Amount each Contract Year regardless of investment performance. The Lifetime Payment Amount is a percentage (the “Lifetime Payment Percentage”) of the value of the GLWB (the “Benefit Base”), calculated as described below.

Lifetime Payments withdrawn while the Contract Value is greater than zero will reduce the Contract Value and are withdrawals of your money. We do not make Lifetime Payments to you out of our general account assets unless your Contract Value is reduced to zero for any reason other than a Gross Partial Withdrawal that exceeds the Lifetime Payment Amount (an “Excess Gross Partial Withdrawal”). It is possible that this will never occur and we will never make Lifetime Payment As to you from our assets. Any amounts paid by us under a GLWB Rider in excess of the Contract Value are subject to our financial strength and claims-paying ability.

on the Fair Value). This means that if a withdrawal is taken on any day prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower.

Lifetime Payments under the GLWB Riders withdrawn from the Cycle Investments prior to the Cycle End Date are subject to the Fair Value calculation and proportional reduction in Cycle Investment Units described above. A GLWB Rider may not be appropriate for you if you intend or need to (i) take Gross Partial Withdrawals before you elect to exercise your GLWB Rider benefits, which may reduce your initial Benefit Base when you choose to begin Lifetime Payments under the rider; or (ii) take Excess Gross Partial Withdrawals after you elect to exercise your GLWB Rider benefits, which will reduce your Benefit Base. A GLWB Rider could be appropriate if you want to have the contingent guarantee in place to continue to receive lifetime income if your Contract Value is reduced to zero from poor investment performance and/or withdrawals that are not Excess Gross Partial Withdrawals. It is possible that this will never occur and we will never make Lifetime Payments to you from our assets. You should discuss with your Advisor before electing a GLWB Rider.

If you elect a GLWB Rider, additional premium payments are only permitted during the first 6 months after Contract issue. This will limit your ability to increase your Contract Value, the value of the GLWB Rider, and the value of the Death Benefit (including the optional Return of Premium Death Benefit or Annual Ratchet Death Benefit) by making additional premium payments.

There are two GLWB Riders available under the Contract: the Contract Value GLWB Rider and the Return of Premium GLWB Rider. Your initial Benefit Base when you begin Lifetime Payments will differ depending on which of these riders you elected when you purchased the Contract (See “Calculating the Benefit Base” below). Each of the GLWB Riders has its own charge that we assess for the life of your Contract (See “GLWB Rider Charge” below). If you are considering purchasing a GLWB Rider, you should carefully compare the features and charges under the GLWB Riders to determine which GLWB Rider is right for you.

Beginning your Lifetime Payments. You may elect to exercise your GLWB Rider and begin Lifetime Payments by submitting a written request to our Customer Service Center. The initial Benefit Base will be established on the date we receive your request in Good Order (the “GLWB Exercise Date”). You may elect Lifetime Payments for a single Covered Person or jointly for you and your spouse. This election cannot be changed. If you elect joint coverage, the Lifetime Payment Percentage will be based on the age of the younger Covered Person and the Lifetime Payment Percentage will be less than the Lifetime Payment Percentage for a single Covered Person.

Withdrawals after you elect to begin Lifetime Payments are taken pro-rata across all investments, including the Cycle Investments and the Default Account, in the same proportion that each investment option bears to the total Contract Value. An Excess Gross Partial Withdrawal will reduce the Benefit Base of your GLWB Rider by the same proportion that the Excess Gross Partial Withdrawal reduced the Contract Value, which may be more, even significantly more, than the amount withdrawn and may terminate the rider. If you take an Excess Gross Partial Withdrawal on any day prior to the Cycle End Date of your Cycle Investments, you could significantly reduce or eliminate your Benefit Base. This is because prior to the Cycle End Date, the Cycle Investment Value is based on the Fair Value, which will fluctuate during the Cycle Term. See “Valuation of a Cycle Investment” for more information about the Fair Value calculation. See “Excess Gross Partial Withdrawals” below for more information about Excess Gross Partial Withdrawals.

Lifetime Payments may be subject to state and federal income taxes, including a tax penalty before age 59 ½.

You should carefully consider when to begin Lifetime Payments. There is a risk that you will not begin taking withdrawals under the GLWB Rider at the most financially beneficial time for you. If you begin taking withdrawals too soon or delay taking withdrawals for too long, you may limit the value of the GLWB Rider. Taking withdrawals early will increase the time in which you will be able to receive Lifetime Payments, but will reduce the Lifetime Payment Amount because the initial Benefit Base is established and the Lifetime Payment Percentage is locked in on the GLWB Exercise Date. Taking withdrawals later will increase the Lifetime Payment Amount because the Lifetime Payment Percentage increases the longer you hold the Contract before beginning Lifetime Payments, but delaying taking withdrawals will shorten the time in which you will be able to receive Lifetime Payments.

Determining the Lifetime Payment Amount. The Lifetime Payment Amount is the maximum amount you may withdraw each Contract Year without reducing your Benefit Base. If you elect to pay Advisory Fees from your Contract Value, this deduction will not count towards your Lifetime Payment Amount for the Contract Year.

On the GLWB Exercise Date, your Lifetime Payment Amount is determined by multiplying your initial Benefit Base by the applicable Lifetime Payment Percentage. The applicable Lifetime Payment Percentage is based on your Issue Age and the increase in your Attained Age since you purchased your Contract. Once you elect to begin Lifetime Payments, your Lifetime Payment Percentage will not change for the life of the Contract. The Lifetime Payment Percentage is set forth in the Rate Sheet Supplement that was in effect when we received your application and initial premium payment for the Contract in Good Order. See “Rate Sheet Supplement Information.”

On each Contract Anniversary after the GLWB Exercise Date, we will calculate the Lifetime Payment Amount for the next Contract Year by multiplying your Benefit Base on that Contract Anniversary (calculated as described below) by your Lifetime Payment Percentage. The Lifetime Payment Amount for a Contract Year is not cumulative; any portion of your Lifetime Payment Amount that you do not withdraw is not added to the next Contract Year’s Lifetime Payment Amount.

For Qualified Contracts, if your RMD is greater than your Lifetime Payment Amount, the Lifetime Payment Amount will be increased to the RMD.

Under certain circumstances, we may increase your Lifetime Payment Amount for a particular Contract Year. See “Health Activated Income Multiplier.”

Calculating the Benefit Base. The initial Benefit Base is established on the GLWB Exercise Date. Your initial Benefit Base will differ depending on which GLWB Rider you elected when you purchased the Contract.

Contract Value GLWB Benefit Base. The initial Benefit Base will equal the Contract Value on the GLWB Exercise Date.

Your initial Benefit Base under the Contract Value GLWB could be less than the total premium payments you have made, even if you have not taken any Gross Partial Withdrawals, as a result of poor investment performance, charges deducted and Advisory Fees paid from your Contract Value from the Issue Date to the GLWB Exercise Date.

On and after the GLWB Exercise Date, the Benefit Base will be reduced for Excess Gross Partial Withdrawals as described under “Excess Gross Partial Withdrawals” below, and may be increased by step ups on each Contract Anniversary as described under “Benefit Base Step Ups” below.

Return of Premium GLWB Benefit Base. The initial Benefit Base will equal the greater of (i) the Contract Value on the GLWB Exercise Date, or (ii) the sum of your premium payments on the GLWB Exercise Date, less an adjustment for each Gross Partial Withdrawal prior to the GLWB Exercise Date. If you elect to pay Advisory Fees from your Contract Value, this deduction will not impact the Return of Premium GLWB Benefit Base. Gross Partial Withdrawals before the Benefit Base is established will reduce the initial Return of Premium GLWB Benefit Base, and this reduction may be more, even significantly more, than the amount withdrawn.

The adjustment for Gross Partial Withdrawals will reduce the initial Return of Premium GLWB Benefit Base by the same proportion that the Gross Partial Withdrawal reduced the Contract Value, calculated as follows:

Return of Premium GLWB Benefit Base after Gross Partial Withdrawal = Return of Premium GLWB Benefit Base before Gross Partial Withdrawal * (1 – [Gross Partial Withdrawal amount] / [Contract Value before Gross Partial Withdrawal])

If the Return of Premium GLWB Benefit Base is greater than the Contract Value at the time of the Gross Partial Withdrawal, then the Return of Premium GLWB Benefit Base will be reduced by an amount greater than the amount withdrawn.

For example, assume you purchase the Contract with an initial premium payment of $100,000 and make $10,000 in additional premium payments. If you requested a $15,000 withdrawal at a time when the Contract Value is $95,000, the withdrawal would reduce the initial Return of Premium GLWB Benefit Base from $110,000 to $92,631.58 or a reduction of the initial Return of Premium GLWB Benefit Base by $17,368.42, which is more than the $15,000 amount withdrawn. Alternatively, if you requested a $15,000 withdrawal at a time when the Contract Value is $130,000, the withdrawal would reduce the initial Return of Premium GLWB Benefit Base from $110,000 to $97,307.69 or a reduction of the initial Return of Premium GLWB Benefit Base by $12,692.31, which is less than the $15,000 amount withdrawn. In each case, if the Contract Value is greater on the GLWB Exercise Date, your initial Benefit Base will equal the Contract Value.

Even if you do not take any Gross Partial Withdrawals prior to the GLWB Exercise Date, it is possible your initial Benefit Base under the Return of Premium GLWB Rider will be no greater than the initial Benefit Base you would have received under the Contract Value GLWB Rider, for which a lower charge is assessed. If your Contract Value is greater than the Return of Premium GLWB Benefit Base on the GLWB Exercise Date, your initial Benefit Base will equal the Contract Value and you will have paid a higher charge without receiving a higher initial Benefit Base. You will remain subject to the higher charge for the Return of Premium GLWB Rider for the life of the Contract, even if your initial Benefit Base established on the GLWB Exercise Date is no greater than the Contract Value.

Excess Gross Partial Withdrawals. On and after the GLWB Exercise Date, the Benefit Base will not be reduced by Gross Partial Withdrawals, provided your aggregate Gross Partial Withdrawals during the Contract Year do not exceed the Lifetime Payment Amount for that Contract Year. Aggregate Gross Partial Withdrawals during any Contract Year that exceed the Lifetime Payment Amount are “Excess Gross Partial Withdrawals.” An Excess Gross Partial Withdrawal will reduce the Benefit Base by the same proportion that the Excess Gross Partial Withdrawal reduced the Contract Value, which may be more, even significantly more, than the amount withdrawn and may terminate the rider. This reduction is calculated as follows:

Benefit Base after Excess Gross Partial Withdrawal = Benefit Base before Excess Gross Partial Withdrawal * (1 – [Excess Gross Partial Withdrawal amount] / [Contract Value after reduction for any portion of Gross Partial Withdrawal up to the Lifetime Payment Amount but before any Excess Gross Partial Withdrawal amount])

For example, assume the Benefit Base is $110,000 and the Lifetime Payment Amount for the Contract Year is $10,000. You request a $15,000 withdrawal at a time when the Contract Value is $100,000. The first $10,000 of your withdrawal is your Lifetime Payment Amount and is not an Excess Gross Partial Withdrawal. This portion of the withdrawal reduces your Contract Value to $90,000, but does not affect your Benefit Base. The remaining $5,000 of the withdrawal is an Excess Gross Partial Withdrawal. The Excess Gross Partial Withdrawal will reduce your Contract Value to $85,000, a dollar-for-dollar reduction, but it will reduce your Benefit Base from $110,000 to $103,888.89, or a reduction of the Benefit Base by $6,111.11, which is more than the $5,000 Excess Gross Partial

Withdrawal amount. On the next Contract Anniversary when your Lifetime Payment Amount for that Contract Year is determined, your Lifetime Payment Amount will be lower because your Benefit Base is lower.

Benefit Base Step Ups. On each Contract Anniversary after the GLWB Exercise Date, we compare the Benefit Base to your Contract Value. If your Contract Value is greater, the Benefit Base will be stepped up to equal the Contract Value on that Contract Anniversary. Withdrawals (including Lifetime Payments) and deductions (including Advisory Fee deductions and deductions for optional benefit charges) will reduce the Contract Value dollar-for-dollar, which reduces the likelihood of increasing the Benefit Base through a step up on the Contract Anniversary.

Effect of Contract Value falling to Zero. If your Contract Value is reduced to zero for any reason before the GLWB Exercise Date, the GLWB Rider will terminate without value. After the GLWB Exercise Date, if your Contract Value is reduced to zero for any reason other than an Excess Gross Partial Withdrawal (i.e., due to poor investment performance or the deduction of charges, including Advisory Fee deductions), then we will continue to pay the Lifetime Payment Amount from our general account assets each year until the death of the Covered Person(s). At that time, the GLWB Rider Charge will no longer be assessed. If your Contract Value is reduced to zero after the GLWB Exercise Date as a result of an Excess Gross Partial Withdrawal, the GLWB Rider will terminate without value.

Contract Value GLWB Rider Example. You purchase the Contract at age 65 with a $100,000 initial premium payment and elect the Contract Value GLWB Rider. Under the Rate Sheet Supplement in effect at the time we received your application and initial premium payment in Good Order, the Lifetime Payment Percentage for a Single Covered Person based on Issue Age 65 is 5.00%, and the Lifetime Payment Percentage increase for each Attained Age after Contract Issue before Lifetime Payments is 0.125%. At Attained Age 75 (10 Attained Age increases later), you elect to begin withdrawing Lifetime Payments by submitting a written request to our Customer Service Center at a time when your Contract Value is $165,000. Your initial Benefit Base will also be $165,000. Your Lifetime Payment Percentage will be 6.25% (which is 5.00% plus 0.125% for each of the 10 Attained Age increases before you elected to begin Lifetime Payments). Your Lifetime Payment Amount for that Contract Year will be $10,312.50(which is your $165,000 Benefit Base multiplied by your 6.25% Lifetime Payment Percentage). On your next Contract Anniversary, your Contract Value has increased to $173,000. Because your Contract Value is greater than your Benefit Base, your Benefit Base is stepped up to equal your Contract Value. Your Lifetime Payment Amount for the next Contract Year will be $10,812.50 (which is your new $173,000 Benefit Base multiplied by your 6.25% Lifetime Payment Percentage). As long as your cumulative withdrawals during a Contract Year do not exceed your Lifetime Payment Amount for that Contract Year, your Benefit Base will never be reduced. If your Contract Value is reduced to zero for any reason other than an Excess Gross Partial Withdrawal, we will pay the Lifetime Payment Amount from our general account assets each year until your death.

Return of Premium GLWB Rider Example. You purchase the Contract at age 65 with a $100,000 initial premium payment and elect the Return of Premium GLWB Rider. Under the Rate Sheet Supplement in effect at the time we received your application and initial premium payment in Good Order, the Lifetime Payment Percentage for a Single Covered Person based on Issue Age 65 is 5.00%, and the Lifetime Payment Percentage increase for each Attained Age after Contract Issue before Lifetime Payments is 0.125%. At Attained Age 75 (10 Attained Age increases later), you elect to begin withdrawing Lifetime Payments by submitting a written request to our Customer Service Center at a time when your Contract Value is $90,000. Because your Contract Value is lower you’re your total premium payments, your initial Benefit Base will be $100,000. Your Lifetime Payment Percentage will be 6.25% (which is 5.00% plus 0.125% for each of the 10 Attained Age increases before you elected to begin Lifetime Payments). Your Lifetime Payment Amount for that Contract Year will be $6,250 (which is your $100,000 Benefit Base multiplied by your 6.25% Lifetime Payment Percentage). On your next Contract Anniversary, your Contract Value has increased to $110,000. Because your Contract Value is greater than your Benefit Base, your Benefit Base is stepped up to equal your Contract Value. Your Lifetime Payment Amount for the next Contract Year will be $6,875 (which is your new $110,000 Benefit Base multiplied by your 6.25% Lifetime Payment Percentage). As long as your cumulative withdrawals during a Contract Year do not exceed your Lifetime Payment Amount for that Contract Year, your Benefit Base will never be reduced. If your Contract Value is reduced to zero for any reason other than an Excess Gross Partial Withdrawal, we will pay the Lifetime Payment Amount from our general account assets each year until your death.

Effect of Owner Death. If you name your spouse as the Beneficiary and the spouse (1) was married to the deceased Owner, as recognized by Federal law, as of the date of the deceased Owner’s death, and (2) is the sole primary Beneficiary, your surviving spouse may choose to continue the Contract, which will then be treated as his/her own Contract. If your spouse chooses to continue the Contract under spousal continuance:

Rate Sheet Supplement Information. The Rate Sheet Supplement contains the current Lifetime Payment Percentages for the GLWB Riders applicable to Contracts purchased while that Rate Sheet Supplement remains in effect. In order to receive the Lifetime Payment Percentages in any particular Rate Sheet Supplement, we must receive your application and initial premium payment in Good Order during the effective period for that Rate Sheet Supplement. .

You should not purchase a GLWB Rider without first obtaining the applicable Rate Sheet Supplement. The current Rate Sheet Supplement is available (i) through your Advisor, (ii) by contacting us at 833-492-0022, (iii) on our website at https://www.midlandnational.com/midlandadvisory, or (iv) at www.sec.gov under File No. 333-262682. We will file a new Rate Sheet Supplement at least [10] Business Days in advance of the effective date of the new rates. The Lifetime Payment Percentages from all superseded Rate Sheet Supplements can be found in Appendix F. The Lifetime Payment Percentage applicable to you is set forth in the Rate Sheet Supplement in effect when we receive your application and initial premium payment in Good Order. If we receive your application and initial premium payment in Good Order and a different Rate Sheet Supplement is in effect from the one that was in effect when you signed your application:

Once your Contract and GLWB Rider are issued, the Lifetime Payment Percentage applicable to you will not change for the life of your Contract. Please refer to Appendix F for Lifetime Payment Percentages that apply to applications received before the current Rate Sheet Supplement was in effect.

Health Activated Income Multiplier. After the 2nd Contract Anniversary, the Health Activated Income Multiplier feature can increase your Lifetime Payment Amount in a particular Contract Year if one of the Covered Person(s) is unable to perform two of the following six activities of daily living for at least 90 consecutive calendar days: bathing, continence, dressing, eating, toileting, and transferring (moving into or out of a bed, chair or wheelchair). The Covered Person must have been able to perform all six activities on the Contract Issue Date, and you must provide us with proof of eligibility from a qualified physician satisfactory to us, which eligibility must be re-established on applicable Contract Anniversaries. You may elect the Health Activated Income Multiplier by sending Written Notice to our Customer Service Center in Good Order on or after the GLWB Exercise Date.

The Health Activated Income Multiplier may be elected over multiple non-consecutive Contract Years, up to a maximum of five Contract Years. Each time the Health Activated Income Multiplier is elected, all of the eligibility requirements must be met. If the eligibility requirements are no longer met or if you do not elect to use the Health Activated Income Multiplier during the next Contract Year, the Health Activated Income Multiplier will cease.

For any Contract Year in which the Health Activated Income Multiplier is elected, the Lifetime Payment Amount for that Contract Year (calculated as described above) will be multiplied by two. You may take Lifetime Payment Amounts in that Contract Year up to the doubled amount without triggering an Excess Gross Partial Withdrawal and reducing your Benefit Base.

For example, assume that in Contract Year 5, your Lifetime Payment Amount is $10,000. As a result of a health condition, you become unable to bath or dress yourself for 90 consecutive calendar days and elect the Health Activated Income Multiplier. You are then able to take Lifetime Payments up to $20,000 in that Contract Year without triggering an Excess Gross Partial Withdrawal and reducing your Benefit Base. Your health improves and on the next Contract Anniversary, you are able to dress or bath yourself again. At this time, you are no longer eligible for the Health Activated Income Multiplier for the next Contract Year, and you will only be able to take Lifetime Payments up to $10,000 without triggering an Excess Gross Partial Withdrawal and reducing your Benefit Base. If, in the future, your health became impaired for 90 consecutive calendar days again, you could elect the Health Activated Income Multiplier up to four more times, provided you remained eligible.

GLWB Rider Charge. We assess a charge for the GLWB Rider at the end of each calendar quarter. This charge is deducted pro-rata across all investments, including the Cycle Investments and the Default Account. The charge will continue to be deducted for the life of the Contract, even if you never elect to begin receiving Lifetime Payments, and you cannot voluntarily terminate the GLWB rider without surrendering or annuitizing your Contract. We will not refund the charges you have paid even if you never choose to begin Lifetime Payments or never receive any Lifetime Payments paid out of our general account assets. There is a risk that any financial return provided by the GLWB Rider will ultimately be less than the fees you paid for the benefit.

deduction is taken to pay charges on any day prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if the deduction was taken on the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower. These charge deductions will also reduce your Contract Value.

The charge for the Contract Value GLWB Rider is an annual rate of 0.95% of the Benefit Base. The charge is assessed quarterly.

The charge for the Return of Premium GLWB is an annual rate of 1.15% of the Benefit Base. The charge is assessed quarterly. If you elect the Return of Premium GLWB Rider, this charge will be assessed for the life of the Contract, even if your initial Benefit Base established on the GLWB Exercise Date is no greater than the Contract Value.

CHARGES, FEES AND DEDUCTIONS

Transaction Expenses

Transfer Fee. We reserve the right to charge $15 per transfer for transfers among Subaccounts and between Subaccounts and Cycle Investments in excess of 15 per Contract year. We do not currently assess this fee. If assessed, this fee will be deducted from the amount that is transferred prior to the allocation to the new Investment Option. The fee is waived for transfers in connection with active DCA or automatic rebalancing programs. We will not charge for any transfers of initial or additional premium payments that include allocation instructions for the next Cycle Start Date.

Transfer fees deducted from the Cycle Investments prior to the Cycle End Date are based on the Fair Value calculation. If a deduction is taken to pay charges on any day prior to the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if a deduction is taken to pay charges on any day prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if the deduction was taken on the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower. These charge deductions will reduce your Contract Value.

Annual Contract Expenses

Separate Account Annual Expenses. We call this charge the Base Contract Expenses in the “Important Information You Should Consider About the Contract” and the “Fee Table” sections earlier in this prospectus.

The Separate Account Annual Expenses are composed of a mortality and expense risk charge currently assessed at an annual rate of 0.15% and an administrative fee currently assessed at an annual rate of 0.10% of your Accumulation Value. We deduct the charges on a daily basis through the calculation of the Accumulation Unit Value of the Subaccounts including the Default Account. This charge is not applied to Contract Value in the Cycle Investments.

The mortality risk we bear arises, in part, from our obligation to make monthly annuity payments regardless of how long the Annuitant or any individual may live. These payments are guaranteed in accordance with the annuity tables and other provisions contained in your Contract. This assures you that neither the longevity of the Annuitant, nor an unanticipated improvement in general life expectancy, will have any adverse effect on the monthly annuity payments the Annuitant will receive under the Contract. Our obligation, therefore, relieves the Annuitant from the risk that he or she will outlive the funds accumulated for retirement. We also assume the risk that other expense charges may be insufficient to cover the actual expenses we incur. The administration fee covers record keeping and other expenses we incur maintaining the Contracts.

The level of the charges is guaranteed for the life of the Contract and may not be increased after the Contract is issued. We expect to profit from these charges and may use the profit for any purpose including paying distribution expenses.

Investment Portfolio Charges

The Investment Portfolios impose management fees and other charges that are deducted from Investment Portfolio assets. The fees and expenses assessed by each Investment Portfolio will vary. See the Investment Portfolio prospectus for more information.

If an Investment Portfolio imposes liquidity fee or redemption fee on certain transactions (pursuant to SEC rules 2a-7 and 22c-2 under the Investment Company Act of 1940), the fee will be passed through and charged to the applicable Owner.

Optional Benefit Rider Charges

If you select one or more optional benefit riders available for an additional charge, we deduct the charge(s) for the benefit(s) at the end of each calendar quarter. The charge(s) is deducted pro-rata across all investments, including the Cycle Investments and the Default Account. The charge(s) will continue to be deducted for the life of the Contract.

Prior to the Cycle End Date, the Cycle Investment Unit Value will be based on the Fair Value, and the Floor Rate and the Buffer Rate do not apply. If a deduction is taken to pay charges on any day prior to the Cycle End Date, the number of Cycle Investment Units is reduced by the same proportion that the withdrawal reduced the Cycle Investment Value (which is based on the Fair Value). This means that if a deduction is taken to pay charges on any day prior to the Cycle End Date at a time when the Cycle Investment Value is lower than the Cycle Investment Value was on the Cycle Start Date, it will result in a reduction of more Cycle Investment Units than if

the deduction was taken on the Cycle End Date, and this will always cause your Cycle Investment Value on the Cycle End Date to be lower. These charge deductions will also reduce your Contract Value.

It is possible that the Internal Revenue Service may take the position that fees deducted for certain optional benefit riders are deemed to be taxable distributions to you. In particular, the Internal Revenue Service may treat fees deducted for the optional benefits as taxable withdrawals, which might also be subject to a tax penalty if withdrawn prior to age 59½. Although we do not believe that the fees associated or any optional benefit provided under the Contract should be treated as taxable withdrawals, you should consult your tax advisor prior to selecting any optional benefit under the Contract..

State Premium Taxes

The Company reserves the right to deduct on full surrender, death, or the Maturity Date a charge for any state premium taxes levied by a state or any other government entity. State premium taxes vary based on your state of residence and currently range from 0% to 3.5%. State premium taxes are subject to change.

Other Taxes

At the present time, we do not deduct any charges for any federal, state, or local taxes (other than state premium taxes) that we incur which may be attributable to the Registered Separate Account or to the Contracts. We reserve the right to impose a charge for any such tax.

ADVISORY FEES DEDUCTED FROM CONTRACT VALUE

Your Advisor may charge an Advisory Fee for their asset management and/or investment advisory services. The Company is not a party to the Advisory Fee. The Advisory Fee that your Advisor charges you, if any, is solely between you and your Advisor, and is in addition to the fees and expenses described above. However, the Company allows you to have your Advisor’s Advisory Fee deducted from your Contract Value, up to a maximum of 1.5% of your Contract Value annually.

You may choose to pay the Advisory Fee directly from a separate source or from your Contract Value. For the Advisory Fee to be paid from your Contract Value, your Advisor must send a written request to our Customer Service Center in Good Order authorizing the deduction and we will allow such deduction up to a maximum of 1.5% of your Contract Value annually.

Generally, we will not treat the Advisory Fee deducted from your Contract Value as a taxable withdrawal. This is because in a series of recent private letter rulings (“PLRs”), the IRS has recognized that investment advisor fees paid out of Contract Value will, in certain circumstances and subject to conditions, not be treated as taxable distributions from a Non-Qualified Contract, will not be taxable to the Contract Owner, are not be reportable to the IRS as distributions from the Contract and are not subject to the 10% tax penalty for Contract Owners who are under age 591⁄2. We have received such a private letter ruling from the IRS and intend to tax report in accordance with that ruling. Accordingly, advisory fees will be treated as non-taxable distributions for reporting purposes by the Company. However, these rulings generally only can be relied upon by the taxpayers who obtained them, and the IRS is not bound by these rulings with respect to your tax treatment under your Contract. Regardless of how we treat the deduction of Advisory Fees for tax reporting purposes, there is a risk that federal and state taxing authorities may determine that these deductions are subject to federal and state income taxes, including a 10% tax penalty if you are under age 591⁄2. In all events, we will administer the Contract to comply with these PLRs and any other federal tax requirements. Please see “Federal Tax Status – Advisory Fees” for more information about the tax consequences of deducting Advisory Fees from your Contract Value.

In order to comply with the requirements of these PLRs, your Advisory Fee arrangement must meet the following conditions:

• You must provide us with a written authorization that sets forth the amount of the Advisory Fees and the frequency with which the Advisory Fees should be deducted from your Contract Value and paid to your Advisor.

• The Advisory Fees must be determined in an arms-length transaction between you and your Advisor.

• The Advisory Fees may not exceed an amount equal to an annual rate of 1.5% of the Contract Value determined at the time and in the manner provided by the fee authorization, but in all events based on the Contract Value during the period to which the Advisory Fees relate.

• The Advisory Fees must be used to compensate your Advisor only for investment advice provided to you in connection with the Contract and not for any other services or accounts.

• During any period for which the Advisory Fee deduction is authorized, the Advisory Fees subject to such authorization must be paid solely from your Contract Value and you, as the Contract Owner, may not pay such Advisory Fees directly to the Advisor from any other accounts or assets nor can you direct the payment of fees for any other purpose or to any other person.

For more information about the tax consequences of Advisory Fees, please see “Federal Tax Status – Advisory Fees.” You should consult with a tax advisor regarding the tax treatment of paying Advisory Fees from your Contract Value.

Once you authorize Advisory Fees to be deducted from your Contract Value, we will continue to make such payments unless you or your Advisor instruct us to terminate such payment. You may instruct us to terminate the Advisory Fee authorization at any time by sending a written request to our Customer Service Center in Good Order.

You may authorize the deduction of Advisory Fees from (1) all of the Subaccounts on a pro-rata basis, (2) a single Subaccount of your choosing or (3) all investments, including the Cycle Investments, on a pro-rata basis. If you authorize the deduction of Advisory Fees but do not specify a source, the Advisory Fee deductions will be taken pro-rata from the Subaccounts only. If you do not have any investment in the Subaccounts, the Advisory Fee deductions will be taken pro-rata across the Cycle Investments.

Prior to the Cycle End Date, the Cycle Investment Unit Value will be based on the Fair Value, and the Floor Rate and the Buffer Rate do not apply. This means, on any day prior to the Cycle End Date, if the Index is performing positively, your Cycle Investment Unit Value could reflect lower gains (because of the Fair Value calculation), and, if the Index is performing negatively, your Cycle Investment Unit Value could reflect higher losses (because the Floor and Buffer Rates do not apply) than on the Cycle End Date. Under both these scenarios, this means on any day prior to the Cycle End Date, if you take a withdrawal from a Cycle Investment (including a withdrawal to pay Advisory Fees), it will result in a reduction of more Cycle Investment Units than if you waited until the Cycle End Date, and this would always cause your Cycle Investment Value on the Cycle End Date to be lower. You should consult with your Advisor before authorizing Advisory Fees to be deducted from the Cycle Investments prior to the Cycle End Date.

Any reductions in Contract Value, including reduction to the payment of Advisory Fees, will reduce the amount available to be applied to an annuity payout option when you annuitize your Contract. Currently, income payment options are only available if the proceeds applied are $2,000 or more and the annual payment is more than $240. If the deduction of Advisory Fees reduces your Contract Value below these thresholds, your options will be limited to receiving your remaining Contract Value in one lump sum. Because the standard Contract Value Death Benefit under the Contract is equal to your Contract Value, the deduction of the Advisory Fee from your Contract Value will also reduce the Contract Value Death Benefit. The deduction of Advisory Fees is not treated as a withdrawal for purposes of any of the optional benefit riders available under the Contract. This means that Advisory Fee deductions will not reduce the value of the optional Death Benefit riders (the Return of Premium Death Benefit and the Annual Ratchet Death Benefit) or the Benefit Base of the optional GLWB riders (the Contract Value GLWB and the Return of Premium GLWB). However, because the deduction of Advisory Fees reduces the Contract Value, it will reduce the likelihood of increasing the Annual Ratchet Death Benefit or the Benefit Base of a GLWB rider through a step up on the Contract Anniversary.

MATURITY DATE

The Maturity Date is the date on which income payments will begin under the annuity option you have selected. The earliest possible Maturity Date under the Contract is the first Contract Anniversary at which time you may Annuitize your full Contract Value (less any state premium taxes). The maximum Maturity Date is the Contract Anniversary immediately following the Annuitant’s 115th birthday. You may change the Maturity Date to an earlier Contract anniversary by sending Written Notice to our Customer Service Center. We must receive your Written Notice at least 30 days prior to the original Maturity Date. Any optional death benefit you have elected will terminate without value on the Maturity Date. If you elected an optional GLWB Rider and Lifetime Payments have begun, your GLWB Rider will not terminate and your benefits under the GLWB Rider will continue until the death(s) of the Covered Person(s). If you elected an optional GLWB Rider and Lifetime Payments have not yet begun, you may choose to begin Lifetime Payments on the Maturity Date or you may purchase a Single Pay Immediate Annuity (“SPIA”) with your Contract Value. The selection of a Maturity Date at the Annuitant’s advanced age could have tax consequences so you should consult a tax adviser.

If you have not previously specified otherwise and have not elected certain systematic withdrawal options, then on the Maturity Date you may:

1. take the Contract Value, less any state premium tax, in one lump sum, or

2. convert the Contract Value, less any state premium tax, into an annuity payable to the Payee under one of the payment options as described below.

Electing an Income Payment Option

You may apply Contract Value (less any state premium taxes) to an annuity payment option after the 1st Contract Year. During the 1st Contract Year, you may elect to apply the Contract Value (less any state premium taxes) to any annuity payment option. Unless you choose otherwise, on the Maturity Date your Contract Value (less any state premium taxes) will be applied to a 10 year certain and life fixed annuity payment option. The first monthly annuity payment will be made within one month after the Maturity Date.

Only fixed payment options are available. Variable payment options are not available under this Contract. Fixed payment options are obligations of our General Account and are subject to our claims-paying ability.

Currently, income payment options are only available if the proceeds applied are $2,000 or more and the annual payment is more than $240. We reserve the right to change the payment frequency so that payments are at least $100.

The Annuitant’s actual age at the time of Annuitization will affect each Payment Amount for annuity payment options involving life income. The amount of each annuity payment to older Annuitants will be greater than for younger Annuitants because payments to older Annuitants are expected to be fewer in number. For annuity payment options that do not involve life payment, the length of the payment period will affect the amount of each payment. With a shorter period, the amount of each annuity payment will be greater. Payments that occur more frequently will be smaller than those occurring less frequently.

The Payee or any other person who is entitled to receive payments may name a Beneficiary to receive any amount that we would otherwise pay to that person’s estate if that person died. The person who is entitled to receive payment may change the Beneficiary at any time.

Annuity payment options will be subject to our rules at the time of selection. We must approve any arrangements that involve a Payee who is not a natural person (for example, a corporation), or a Payee who is a fiduciary or an assignee. Also, the details of all arrangements will be subject to our rules at the time the arrangements take effect. This includes:

• rules on the minimum amount we will pay under an option;

• minimum amounts for installment payments, surrender or commutation rights (your rights to receive payments over time, for which we may offer you a lump sum payment);

• the naming of people who are entitled to receive payment and their Beneficiaries; and

• our requirements for proof of age, gender, and survival.

You must elect the payment option at least 30 days before the Maturity Date.

If your Contract is a Qualified Contract, not all of the payment options will satisfy required minimum distribution rules, particularly as those rules apply to your beneficiary after your death. Beginning with deaths happening on or after January 1, 2020, subject to certain exceptions, most non-spouse beneficiaries must now complete death benefit distributions within ten years of the owner’s death in order to satisfy required minimum distribution rules. Consult a tax advisor before electing such an option.

Fixed Payment Options

Payments under the fixed options are not affected by the investment experience of any Investment Option. The Contract Value (less any state premium taxes) as of the Maturity Date will be applied to the fixed option selected. We guarantee interest under the fixed options at a rate of 1.00% a year. We may also credit interest under the fixed payment options at a rate that is above the 1.00% guaranteed rate (this is at our complete discretion). Thereafter, interest or payments are fixed according to the annuity option chosen.

Income Payment Options

The following four payout options are available:

1. Income for Specified Period: We pay installments for a specified period of 5 to 20 years. We will pay the amount applied in equal installments plus applicable interest (excess interest may be paid at our discretion). This option may not satisfy required minimum distribution rules for qualified Contracts. Consult a tax advisor before electing this option under a qualified Contract. However, by current Company practice we may offer other options.

2. Income for a Specified Amount: We pay income of the specified amount until the principal and interest are exhausted. The specified amount is subject to the limitation that principal and interest must be payable for at least 5 years and must be exhausted at the end of 20 years.

3. Payment of Life Income: We will pay monthly income for the life of a single Annuitant. Joint Annuitants are permissible only under the Joint and Survivor Income option. Under the Payment of Life Income option, you may choose from 1 of 2 ways to receive the income:

a. Life Annuity: We will pay monthly income for life. With a life annuity payment option, payments will only be made as long as the Annuitant is alive. Therefore, if the Annuitant dies after the first payment, then only one payment will be made and if the Annuitant dies before the first payment then no payments will be made.

b. Life Annuity With Certain Period: We will pay equal monthly payments for either 120 or 240 guaranteed payments, and then for as long as the Annuitant is living thereafter. The period certain options are 10 and 20 years. However, by current company practice we may offer other options.

4. Joint and Survivor Income: We will make monthly payments until the last surviving Payee’s death. Therefore, if both Payees die after the first payment, then only one payment will be made and if the both Payees die before the first payment then no payments will be made.. The Annuitant must be at least 50 years old and the Joint Annuitant/Payee must be at least 45 years old at the time of the first monthly payment.

FEDERAL TAX STATUS

Introduction

NOTE: We have prepared the following information on federal income taxes as a general discussion of the subject. It is not intended as tax advice to any individual. No attempt is made to consider any applicable state or other income tax laws, any state and local estate or inheritance tax, or other tax consequences of Ownership or receipt of distributions under the Contract. You should consult your own tax advisor about your own circumstances. We have included an additional discussion regarding taxes in the SAI.

Annuity Contracts in General

Deferred annuities are a way of setting aside money for future needs like retirement. Congress recognized how important saving for retirement is and provided special rules in the Internal Revenue Code for annuities.

Simply stated, these rules provide that generally you will not be taxed on the Gain, if any, on the money held in your annuity Contract until you take the money out. This is referred to as tax deferral. There are different rules as to how you will be taxed depending on how you take the money out and the type of Contract – qualified or non-qualified (discussed below).

You will generally not be taxed on increases in the value of your Contract until a distribution occurs – either as a surrender or as annuity payments.

When a non-natural person (e.g., corporation or certain other entities other than tax-qualified trusts) owns a Non-Qualified Contract, the Contract will generally not be treated as an annuity for tax purposes and any increase in the excess of the Contract Value over the investment in the Contract during the taxable year must generally be included in income. There are some exceptions to this rule and a prospective Owner that is not a natural person should discuss these with a tax advisor.

Qualified and Non-Qualified Contracts

If you invest in a variable annuity as part of an individual retirement plan, your annuity is called a Qualified Contract. If your annuity is independent of any formal retirement or pension plan, it is termed a Non-Qualified Contract. The tax rules applicable to qualified Contracts vary according to the type of retirement plan and the terms and conditions of the plan.

Qualified Contracts are issued in connection with the plans listed below. There is additional information about qualified Contracts in the SAI.

• Individual Retirement Annuity (IRA): A traditional IRA allows individuals to make contributions, which may be deductible, to the annuity. Distributions from an IRA are generally subject to tax and, if made before age 591/2, may be subject to a 10% penalty tax.

• Roth IRAs, as described in Code section 408A, permit certain eligible individuals to make non-deductible contributions to a Roth IRA in cash or as a rollover or transfer from another Roth IRA or other IRA. A rollover from or conversion of an IRA to a Roth IRA is generally subject to current tax. The Owner may wish to consult a tax adviser before combining any converted amounts with any other Roth IRA contributions, including any other conversion amounts from other tax years. Distributions from a Roth IRA generally are not taxed, except that, once aggregate distributions exceed contributions to the Roth IRA, income tax and a 10% penalty tax may apply to distributions made (1) before age 591/2 (subject to certain exceptions) or (2) during the five taxable years starting with the year in which the first contribution is made to any Roth IRA. A 10% penalty tax may apply to amounts attributable to a conversion from an IRA if they are distributed during the five taxable years beginning with the year in which the conversion was made.

Distributions that are rolled over to another IRA within 60 days are not immediately taxable, however only one such rollover is permitted each year. An individual can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs that are owned. The limit will apply by aggregating all of an individual’s IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit. This limit does not apply to direct trustee-to-trustee transfers or conversions of an IRA to a Roth IRA.

Minimum Distribution Rules and Eligible Rollover Distributions

Qualified Contracts have minimum distribution rules that govern the timing and amount of distributions. Consult with and rely upon your tax advisor. In addition, not all income options will always satisfy minimum required distribution rules. Consult with and rely upon your tax advisor before electing an income option. Please refer to the SAI for detailed information on when distributions must begin from qualified Contracts and how Death Benefit proceeds must be distributed.

Diversification and Distribution Requirements

The Internal Revenue Code provides that the underlying investments for a non-qualified variable annuity must satisfy certain diversification requirements in order to be treated as an annuity. The annuity must also meet certain distribution requirements at the death of the Annuitant or an Owner in order to be treated as an annuity Contract. These diversification and distribution requirements are discussed in the SAI. Midland National may modify the Contract to attempt to maintain favorable tax treatment.

Owner Control

In certain circumstances, a variable Contract Owner may be considered the Owner of the assets of a segregated account, such as the Registered Separate Account, if the IRS deems the Owner to possess “Ownership” in those assets, such as the ability to exercise investment control over the assets. If the Contract Owner is deemed to have “investor control” over the underlying Investment Options, then the Contract Owner will be taxed currently on income and recognized gains under the Contract. The IRS has issued Revenue Ruling 2003-91 providing a safe harbor when the facts of the ruling are present. The ruling goes on to state that whether a Contract Owner has sufficient investor control over the assets depends on the facts and circumstances. Due to the uncertainty in this area, we reserve the right to modify the Contract in an attempt to maintain favorable tax treatment. However, there is no assurance that such modifications would be successful. While we believe that the Contracts do not give Owners investment control over separate account assets, we reserve the right to modify the Contracts as necessary to prevent an Owner from being treated as the Owner of the separate account assets supporting the Contract.

Surrenders and Partial Withdrawals

If you make a partial withdrawal from a Non-Qualified Contract before the annuity commencement date, the Internal Revenue Code treats that surrender as first coming from gain and then from your premium payments. When you make a partial withdrawal, you are taxed on the amount of the surrender that is gain. If you make a full surrender, you are generally taxed on the amount that your surrender proceeds exceed the “investment in the Contract,” which is generally your premiums paid (adjusted for any prior partial withdrawals that came out of the premiums). Withdrawals from Non-Qualified Contracts to pay third party registered investment advisor fees may be treated as taxable withdrawals. Consult a tax advisor. Different rules apply for annuity payments and under Qualified Contracts. See “Annuity Payments” below.

In the case of a withdrawal under a Qualified Contract, a ratable portion of the amount received is taxable, generally based on the ratio of the “investment in the Contract” to the individual’s total account balance or accrued benefit under the retirement plan. The “investment in the Contract” generally equals the amount of your non-deductible premium payments. In many cases, the “investment in the Contract” under a Qualified Contract can be zero.

The Internal Revenue Code also provides that surrendered gain may be subject to a penalty. The amount of the penalty is equal to 10% of the amount that is includable in income. Some surrenders will be exempt from the penalty. In general, in the case of a distribution from a Non-Qualified Contract, this includes any amount:

• paid on or after the taxpayer reaches age 591/2;

• paid after an Owner dies;

• paid if the taxpayer becomes totally disabled (as that term is defined in the Internal Revenue Code);

• paid in a series of substantially equal payments made annually (or more frequently) under a lifetime annuity;

• paid under an immediate maturity; or

• which come from premium payments made prior to August 14, 1982.

Special rules may be applicable in connection with the exceptions enumerated above. Also, additional exceptions apply to distributions from a Qualified Contract. You should consult your tax adviser with regard to exceptions from the penalty tax.

Advisory Fees

Generally, we will not treat Advisory Fees deducted from your Contract Value as taxable withdrawals if certain conditions are met. The IRS has issued a series of private letter rulings (“PLRs”) concluding that the payment of investment advisor fees to an investment advisor out of Contract Value will, in certain circumstances and subject to conditions, not be treated as taxable distributions from Non-Qualified Contracts, will not be taxable to the Contract Owner, are not reportable to the IRS as distributions from the Contract and are not subject to the 10% early withdrawal tax by Contract Owners who are under age 591⁄2. We have received such a private letter ruling from the IRS and intend to tax report in accordance with that ruling. Accordingly, advisory fees will be treated as non-taxable distributions for reporting purposes by the Company. In order to comply with the PLR, all of the following requirements must be met:

• The Contract is designed for Contract Owners who will receive ongoing investment advice from an investment advisor who is appropriately licensed and in the business of providing investment advice;

• The Contract Owner authorizes Advisory Fees to be paid periodically to the investment advisor from the Contract’s cash value;

• The Advisory Fees will be determined based on an arms-length transaction between the Contract Owner and investment advisor;

• The Advisory Fees will not exceed an amount equal to an annual rate of 1.5% of the Contract’s cash value determined at the time and in the manner provided by the fee authorization, but in all events based on the cash value during the period to which the Advisory Fees relate;

• The Advisory Fees will compensate the investment advisor only for investment advice that the investment advisor provides to the Contract Owner with respect to the Contract and not for any other services or accounts;

• While the fee agreement is in place, the Contract will be solely liable for the payment of Advisory Fees directly to the investment advisor;

• The Contract Owner may not pay the Advisory Fees to the investment advisor from any other accounts or assets nor can the Contract Owner direct the payment of fees for any other purpose or to any other person; and

• The investment advisor will not receive a commission for the sale of the Contract.

However, it is important to note that PLRs generally can be relied upon only by the taxpayers who obtained them and the IRS is not bound by this ruling with respect to your tax treatment under the Contract. In addition, it is unclear how an Advisory Fee in excess of the 1.5% limit will be treated by the IRS. We will report the amount of any Advisory Fee in excess of 1.5% to the IRS as a taxable distribution.

You should consult a tax adviser regarding the tax treatment of deducting Advisory Fees from your Contract Value and consider whether paying such Advisory Fees from a separate source is more appropriate for you.

Multiple Contracts

All non-qualified deferred annuity contracts that are issued by Midland National (or its affiliates) to the same Owner during any calendar year are treated as one annuity for purposes of determining the amount includable in the Owner’s income when a taxable distribution occurs.

Withholding

Distributions from Qualified and Non-Qualified Contracts are generally subject to withholding for your federal income tax liability. The withholding rate varies according to the type of distribution and your tax status. You will be provided the opportunity to elect not to have tax withheld from distributions when allowed by law.

Annuity Payments

Although the tax consequences may vary depending on the annuity payment option you select, in general, for Non-Qualified and certain Qualified Contracts, only a portion of the annuity payments you receive will be includable in your gross income.

In general, the excludable portion of each annuity payment you receive will be determined by dividing the “investment in the Contract” on the Maturity Date by the total expected value of the annuity payments for the term of the payments. This is the percentage of each annuity payment that is excludable.

The remainder of each annuity payment is includable in gross income. Once the “investment in the Contract” has been fully recovered, the full amount of any additional annuity payments is includable in gross income.

If, after Annuitization, annuity payments stop because an Annuitant has died, the excess (if any) of the “investment in the Contract” as of the Annuitization over the aggregate amount of annuity payments received that was excluded from gross income is generally allowable as a deduction for your last taxable year.

Partial Annuitization

If part of an annuity Contract’s value is applied to an annuity option that provides payments for one or more lives and for a period of at least ten years, those payments may be taxed as annuity payments instead of withdrawals. None of the payment options under the Contract are intended to qualify for this “partial Annuitization” treatment and, if you apply only part of the value of the Contract to a payment option, we will treat those payments as withdrawals for tax purposes.

Investment Income Surtax

Distributions from non-qualified annuity Contracts will be considered “investment income” for purposes of the investment income tax on investment income. Thus, in certain circumstances, a 3.8% tax may be applied to some or all of the taxable portion of distributions (e.g., earnings) to individuals whose income exceeds certain threshold amounts. Please consult a tax advisor for more information.

Definition of Spouse under Federal Law

The Contract provides that upon your death, a surviving spouse may have certain continuation rights that he or she may elect to exercise for the Contract’s Death Benefit. All Contract provisions relating to spousal continuation are available only to a person who meets the definition of “spouse” under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Domestic partnerships and civil unions that are not recognized as legal marriages under state law, however, will not be treated as marriages under federal law. Consult a tax advisor for more information on this subject.

Annuity Contracts Purchased by Nonresident Aliens and Foreign Corporations

The discussion above provided general information regarding U.S. federal income tax consequences to annuity Owners that are U.S. persons. Taxable distributions made to Owners who are not U.S. persons will generally be subject to U.S. federal income tax withholding at a 30% rate, unless a lower treaty rate applies. In addition, such distributions may be subject to state and/or municipal taxes and taxes that may be imposed by the Owner’s country of citizenship or residence. Additional withholding may occur with respect to entity purchasers (including foreign corporations, partnerships, and trusts) that are not U.S. residents. Prospective foreign Owners are advised to consult with a qualified tax advisor regarding U.S., state, and foreign taxation for any annuity Contract purchase.

Taxation of Death Benefit Proceeds

Amounts may be distributed from the Contract because of the death of the Annuitant (only if the Owner is a non-natural person) or an Owner. Generally, such amounts should be includable in the income of the recipient:

• if distributed in a lump sum, these amounts are taxed in the same manner as a full surrender; or

• if distributed under an annuity payment option, these amounts are taxed in the same manner as annuity payments.

Transfers, Assignments or Exchange of Contracts

A transfer of Ownership or absolute assignment of a Contract, the designation of an Annuitant or Payee or other Beneficiary who is not also the Owner, the selection of certain Maturity Date, or a change of Annuitant, may result in certain income or gift tax consequences to the Owner that are beyond the scope of this discussion. An Owner contemplating any such transfer, assignment, selection, or change should contact a competent tax advisor with respect to the potential tax effects of such a transaction.

Transfers of Non-Qualified Contracts for less than full and adequate consideration by the Owner at the time of such transfer, will trigger taxable income on the Gain in the Contract, with the transferee getting a step-up in basis for the amount included in the Owner’s income. This provision does not apply to transfers between spouses or transfers incident to a divorce.

Possible Tax Law Changes

Although the likelihood of legislative changes is uncertain, there is always the possibility that the tax treatment of the Contract could change by legislation or otherwise. You should consult a tax advisor with respect to legal developments and their effect on the Contract. We have the right to modify the Contract in response to legislative changes that could otherwise diminish the favorable tax treatment that annuity contract owners currently receive. We make no guarantee regarding the tax status of any Contract and do not intend the above discussion as tax advice

Federal Estate, Gift and Generation-Skipping Transfer Taxes

While no attempt is being made to discuss the Federal estate tax implications of the Contract, a purchaser should keep in mind that the value of an annuity Contract owned by a decedent and payable to a Beneficiary by virtue of surviving the decedent is included in the decedent’s gross estate. Depending on the terms of the annuity Contract, the value of the annuity included in the gross estate may be the value of the lump sum payment payable to the designated Beneficiary or the actuarial value of the payments to be received by the Beneficiary. Consult with and rely on an estate planning advisor for more information.

Under certain circumstances, the Code may impose a generation-skipping transfer (“GST”) tax when all or part of an annuity Contract is transferred to, or a Death Benefit is paid to, an individual two or more generations younger than the Owner. Regulations issued under the Code may require us to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS.

The potential application of these taxes underscores the importance of seeking guidance from a qualified adviser to help ensure that your estate plan adequately addresses your needs and those of your beneficiaries under all possible scenarios.

Annuity Purchases by Residents of Puerto Rico

The Internal Revenue Service has announced that income received by residents of Puerto Rico under life insurance or annuity Contracts issued by a Puerto Rico branch of a United States life insurance company is U.S.-source income that is generally subject to United States Federal income tax.

Foreign Tax Credits

We may benefit from any foreign tax credits attributable to taxes paid by certain portfolios to foreign jurisdictions to the extent permitted under Federal tax law.

MIDLAND NATIONAL LIFE INSURANCE COMPANY

INFORMATION ABOUT MIDLAND NATIONAL

Generally

We are Midland National Life Insurance Company, a stock life insurance company. We were organized in 1906, in South Dakota, as a mutual life insurance company at that time named “The Dakota Mutual Life Insurance Company.” We were reincorporated as a stock life insurance company, in 1909. Our name “Midland” was adopted in 1925. We were re-domesticated to Iowa in 1999. We are licensed to do business in 49 states, the District of Columbia, Puerto Rico, the Virgin Islands, Guam and the Mariana Islands.

Midland National is a subsidiary of Sammons Financial Group, which is a wholly-owned subsidiary of Sammons Enterprises, Inc., Dallas, Texas. Sammons Enterprises has controlling or substantial stock interests in a large number of other companies engaged in the areas of insurance, corporate services, and industrial distribution.

Midland National relies on the exemption from filing reports under the Securities Exchange Act of 1934 provided by Rule 12h-7.

Midland National’s Business

Midland National Life Insurance Company and Subsidiaries (“Midland National” or the “Company”) is a wholly owned subsidiary of Sammons Financial Group, Inc. (“SFG”). Midland National has three wholly owned subsidiaries. MNL Reinsurance Company (“MNL Re”), Solberg Reinsurance Company (“Solberg Re”) and Canal Reinsurance Company (“Canal Re”) are captive reinsurance companies domiciled in Iowa. Midland National offers individual life and annuity products in 49 states and the District of Columbia. The Company is affiliated through common ownership with North American Company for Life and Health Insurance (“North American”) and Sammons Institutional Group, Inc. (“SIG”).

We develop innovative products and services in order to provide our distribution partners with a comprehensive suite of insurance products and services. We rely on feedback from customers, employees, registered representatives and agents, supplemented with a variety of industry information and customer databases, to develop new products to meet the demands of an evolving market. As a result, we are typically expanding product offerings in the rapidly growing indexed annuity and life space with emphasis on multiple indexes and crediting methods as well as innovative lifetime withdrawal features. Our suite of products is balanced across the customer spectrum. We believe our products are conservatively designed to achieve appropriate levels of index-based interest crediting through market cycles. Our complementary suite of product lines is designed to allow us to meet profit targets and growth objectives.

We distribute our products through multiple channels including independent agents, broker-dealers, benefit consultants and third-party marketers. In particular, we intend to continue to leverage the independent distribution channel, which has proven to be an effective model and focus on building relationships with a core group of distribution partners that result in persistency of production.

We strive to maintain profitability of our business over varying interest rate environments by monitoring and managing a close asset and liability duration match. We employ an asset liability management program which includes quarterly projections of asset and liability cash flows over a wide range of interest rate scenarios reflecting dynamic contract holder behavior.

Our operating framework includes a focus on operational efficiency, which we believe should allow us to continue to offer competitively priced products and earn attractive returns.

Competition

The markets for insurance products and retirement solutions are highly competitive. We compete for customers and agents with a large number of other insurers as well as noninsurance financial services companies, such as banks, broker-dealers and investment managers, some of which may have greater financial resources and brand recognition than we do. We believe that competition is affected by various factors, including but not limited to, perceived financial strength and claims-paying ability, ratings, investment

performance, size and strength of the agency force, distribution capabilities, commission structure, range of product lines and product quality, price and features, customer service and general reputation.

The level of competition among providers of life insurance, annuities and other retirement solutions products may increase as a result of the continuing consolidation of the financial services industry. Mergers and consolidations could increase, as companies seek to improve their competitive position through increased market share, economies of scale and diversification of products and services.

Financial strength ratings

An insurance company’s claims paying ability and financial strength ratings are an important factor in establishing its competitive position relative to other insurance companies. Ratings are important in maintaining public confidence in us and our ability to market our products. Rating organizations annually review the financial performance and condition of insurers, including Midland National. The current financial strength/claims paying ability ratings for Midland National are set forth in the chart below.

Midland National’s Ratings

Rating Agency

Rating

Outlook

S&P

A+

Stable

A.M. Best

A+

Stable

Fitch

A+

Stable

The ratings are meaningful to current and prospective contract holders and we believe give Midland National a competitive advantage in the Company’s target markets over competitors with lower ratings.

Risk Factors Related to Midland National and Its Business

The operating results of life and annuity insurance companies as reported under statutory accounting principles have historically been subject to significant fluctuations. The financial position and operating results of Midland National are subject to certain risk factors discussed more fully below. You should consider and read carefully all of the risks and uncertainties described below, as well as the other information contained in this prospectus, including our financial statements included elsewhere in this prospectus. This prospectus also contains forward-looking statements and estimates that involve risks and uncertainties. See “Cautionary Statement Regarding Forward-Looking Information.”

The course of the novel coronavirus (COVID-19) pandemic, and responses to it, have been and may continue to be uncertain and difficult to predict, and could materially and adversely affect the Company’s business, results of operations, and financial condition.

Major public health issues, including the novel coronavirus COVID-19 pandemic (the “COVID-19 pandemic”), have caused and may continue to cause a large number of illnesses and deaths. Government authorities and other persons exercising governmental, political, or related authority or influence and other organizations may not effectively respond to the spread and severity of the COVID-19 pandemic, and their actions and the resulting impacts are unpredictable. The ultimate spread, duration, and severity of the COVID-19 pandemic, and of government authorities’ actions to address it, are uncertain, and may persist. Adverse conditions may worsen over time. Actions to respond to the COVID-19 pandemic have reduced and altered economic activity and financial markets. New information about the severity and duration of the COVID-19 pandemic or other public health issues, and government authorities, business, and societal reactions to that information, may increase the severity or duration of the COVID-19 pandemic and its effects.

The COVID-19 pandemic, and its effect on financial markets, could continue to adversely impact the Company’s investment portfolio. Market volatility may slow or prevent the Company from reacting to market events as effectively as it otherwise could. When the Company sells its investment holdings, it may not receive the prices it seeks, and may sell at a price lower than its carrying value, due to market volatility or other disruptions. Borrowers may delay or fail to pay principal and interest when due, tenants and residents may delay or fail to pay rent according to the terms of their lease and government authorities may delay or place a moratorium on foreclosures, evictions or otherwise impair enforcement actions, affecting the value of the Company’s real estate investments, mortgage-backed securities, and other investments, and the cash flows they produce.

A continued slowdown in U.S. or global economic conditions brought on by the COVID-19 pandemic could adversely affect the values and cash flows of assets in the Company’s investment portfolio, especially if prolonged. Certain asset classes in the Company’s investment portfolio related to commercial real estate or companies in industries that could be most severely impacted by the economic disruption, including, but not limited to, oil and gas, gaming and lodging, retail and airlines, or tied to certain commodities, could suffer significant declines in valuation.

Government authorities’ actions, including activity by the U.S. Federal Reserve and other central banks, in response to the COVID-19 pandemic could cause sustained volatility in the interest rate environment, which could adversely affect the Company’s business and financial results.

The COVID-19 pandemic could increase claims under many of the Company’s policies and contracts. The impact of the COVID-19 pandemic on claims in each quarter may be greater than in prior quarters. In addition, an increased number of policyholders and contract holders may have lower income or assets, and may have difficulty paying premiums and fees. Government authorities may require (or suggest) “no lapse” in policy coverage for uncertain or prolonged periods of time, regardless of whether the Company receives premiums or is able to assess fees against policyholder or contract holder account balances. Legal and regulatory responses to the COVID-19 pandemic and related public health issues may also include the extension of insurance coverage beyond the Company’s policy or contract language, and/or changes to insurance policy or annuity contract conditions such as premium grace periods, suspension of cancellations, and extensions of proof of loss deadlines. These changes may cause additional expenses to adjust or override automated notification systems. Government authorities may also purport to change policy coverage, including retroactively, exposing the Company to risks and costs it was unable to foresee or underwrite. The Company may also voluntarily (or in response to requirements, guidance, or pressure) adopt customer accommodations, such as waiving exclusions, forgoing rate increases or implementing lower rate increases than the Company would in the ordinary course of its business, relaxation of claim documentation requirements, premium credit or accommodations for customers experiencing economic or other distress as a result of the COVID-19 pandemic. Policyholders or contract holders seeking sources of liquidity due to COVID-19 pandemic-related economic uncertainty and increased unemployment may withdraw, surrender or take policy loans at greater rates than the Company expected.

As a result of the COVID-19 pandemic, the Company’s cost of reinsurance on future reinsurance agreements could increase, or it may find reinsurance less available.

Policyholders and contract holders may change their behavior in unexpected ways. For example, they may surrender policies or contracts, take withdrawals and policy loans, change their premium payment practices, exercise product options, or take other actions as a result of the COVID-19 pandemic and government authorities’ efforts to respond to it. If policyholder and contract holder lapse and surrender rates significantly exceed the Company’s expectations, it could have a material adverse effect on the Company’s business, financial condition, results of operation, liquidity and cash flows.

We face risks related to recent increases in incidents of social, civil and political unrest, which could disrupt our operations.

Our business, including our investments, could be adversely affected by recent increases in incidents of social, civil and political unrest taking place in the U.S. and elsewhere. There can be no assurance as to when such civil unrest will end or that it will not escalate in the future. Any continuation or future escalation in such civil unrest, or a failure to restore public and social order by the governmental authorities in affected markets, could adversely affect the security and stability of the localities in which we operate, which could disrupt our operations, or the security and stability of the obligors on our investments. Any such impacts could increase the default rate, or negatively affect the carrying value, of such investments, which could have a material adverse effect on our business, financial condition and results of operations.

If difficult conditions in the global capital markets and the economy generally persist, they may materially adversely affect our business and results of operations.

Our business and results of operations are materially affected by conditions in the global capital markets and the economy generally. Stressed conditions, volatility and disruptions in financial asset classes or various markets, including global capital markets, can have an adverse effect on us, in part because we have a large investment portfolio and our insurance liabilities are sensitive to changing market factors. Global market factors, including interest rates, credit spreads, equity prices, equity market volatility, economic uncertainty, the impact of public health crises (e.g. the COVID-19 pandemic) and reactions and responses thereto, real estate markets, consumer spending, business investment, government spending, the volatility and strength of the capital markets, deflation, inflation, counterparty risks, changes in laws or regulations (including laws relating to the financial markets generally or the taxation or regulation of the insurance industry), trade barriers, commodity prices, currency exchange rates and controls and national and international political circumstances (including governmental instability, wars, terrorist acts or security operations) can all affect our financial condition, as well as the volume, profitability and results of our business operations, either directly or by virtue of their impact on the business and economic environment generally and on general levels of economic activity, employment and customer behavior specifically. Disruptions in one market or asset class can also spread to other markets or asset classes. Upheavals in the financial markets can also affect our financial condition (including our liquidity and capital levels) as a result of mismatched impacts on the value of our assets and our liabilities.

At times, throughout the past several years, volatile conditions have characterized financial markets. Significant market volatility, and government actions taken in response thereto, may exacerbate some of the risks we face.

To the extent these uncertain financial market conditions persist, our revenues and net investment income are exposed to these risks and may be adversely affected as a result. Similarly, sustained periods of low interest rates could cause our profit margins to erode. Also, in the event of extreme prolonged market events, such as a global credit crisis, we could incur significant capital and/or operating losses. Even in the absence of a market downturn, we are exposed to substantial risk of loss due to market volatility.

We are also exposed to risks associated with the potential financial instability of our customers, whether individual or institutional, many of whom may be adversely affected by the volatile conditions in the capital markets. Due to the macro-economic challenges currently affecting the economy of the U.S. and other parts of the world, customers may experience serious cash flow problems and other financial difficulties. As a result, they may modify, delay, or cancel plans to purchase our products, or may make changes in the mix of products purchased that are unfavorable to us. Any inability of current and/or potential customers to pay for our products may adversely affect our earnings and cash flow.

In addition, we are susceptible to risks associated with the potential financial instability of the vendors on which we rely to provide services or to whom we delegate certain functions. The same conditions that may affect our customers also could adversely affect our vendors, causing them to significantly and quickly increase their prices or reduce their output. Our business depends on our ability to perform, in an efficient and uninterrupted fashion, our necessary business functions, and any interruption in the services provided by third parties could also adversely affect our cash flow, profitability, and financial condition.

Adverse capital and credit market conditions may significantly affect our ability to meet liquidity needs, our access to capital and our cost of capital.

The capital and credit markets may be subject to periods of extreme volatility and disruption, which could cause our liquidity and credit capacity to be limited.

We need liquidity to pay our operating expenses, maintain our securities lending activities, support our hedging programs, and fund maturing liabilities. Without sufficient liquidity, we could be forced to curtail our operations, and our business and financial results may suffer.

In the event market or other conditions have an adverse impact on our capital and liquidity and our current resources do not satisfy our needs, we may have to seek additional financing. The availability of additional financing will depend on a variety of factors, such as the then current market conditions, regulatory considerations, availability of credit to us and the financial services industry generally, our credit ratings and credit capacity, and the perception of our customers and lenders regarding our long- or short-term financial prospects if we incur large operating or investment losses or if the level of our business activity decreases due to a market downturn. Similarly, our access to funds may be impaired if regulatory authorities or rating agencies take negative actions against us. Our internal sources of liquidity may prove to be insufficient and, in such case, we may not be able to successfully obtain additional financing on favorable terms, or at all.

Our liquidity requirements may change if, among other things, we are required to return significant amounts of cash collateral on short notice under our securities lending requirements.

Disruptions, uncertainty or volatility in the capital and credit markets may also limit our access to capital needed to operate our business, most significantly in our insurance company subsidiaries. Such market conditions may limit our ability to replace, in a timely manner, maturing liabilities; satisfy regulatory capital requirements; and access the capital necessary to grow our business. As a result, we may be forced to delay raising capital, issue different types of securities than we would have otherwise, less effectively deploy such capital, issue shorter tenor securities than we prefer, or bear an unattractive cost of capital, which could decrease our profitability and significantly reduce our financial flexibility. Our results of operations, financial condition, cash flows and statutory capital position could be materially adversely affected by disruptions in the financial markets.

We are exposed to significant financial and capital markets risks that may adversely affect our results of operations, financial condition and liquidity, and may cause our net investment income to vary from period to period.

We are exposed to significant financial and capital markets risks, including changes in interest rates, credit spreads, equity prices, real estate markets, market volatility, global economic performance in general, the performance of specific obligors, including governments, included in our investment portfolio and other factors outside our control.

Interest rate risk. Some of our products, principally life insurance and fixed annuities, expose us to the risk that changes in interest rates will reduce our investment margin or “spread,” or the difference between the amounts that we are obligated to pay under the contracts in our general account and the rate of return we earn on general account investments intended to support obligations under such contracts. Our spread is a key component of our net income.

During periods when interest rates are low, we may be forced to reinvest proceeds from investments that have matured or have been prepaid or sold at lower yields, which will reduce our investment margin. Moreover, during periods when interest rates are low, borrowers may prepay or redeem fixed income securities and mortgage loans in our investment portfolio with greater frequency in order to borrow at lower market rates, thereby exacerbating this risk. Although lowering interest crediting rates can help offset decreases in spreads on some products, our ability to lower these rates could be limited by competition or contractually guaranteed minimum rates and may not match the timing or magnitude of changes in asset yields. As a result, our spread could decrease or potentially become negative.

A decline in market interest rates could also reduce our return on investments that do not support particular policy obligations. During periods of sustained lower interest rates, policy liabilities may not be sufficient to meet future policy obligations and may need to be strengthened. Accordingly, declining and sustained lower interest rates may materially affect our results of operations, financial position and cash flows and significantly reduce our profitability.

Increases in market interest rates could also negatively affect our profitability. In periods of rapidly increasing interest rates, we may not be able to replace, in a timely manner, the investments in our general account with higher yielding investments needed to fund the higher crediting rates necessary to keep interest sensitive products competitive. We, therefore, may have to accept a lower spread and, thus, lower profitability or face a decline in sales and greater loss of existing contracts and related assets. In addition, policy loans, surrenders and withdrawals may tend to increase as contract holders seek investments with higher perceived returns as interest rates rise. This process may result in cash outflows requiring that we sell investments at a time when the prices of those investments are adversely affected by the increase in market interest rates, which may result in realized investment losses. An increase in market interest rates could also have a material adverse effect on the value of our investment portfolio, for example, by decreasing the estimated fair values of the fixed income securities that comprise a substantial portion of our investment portfolio.

We are also affected by the monetary policies of the Federal Reserve. In an attempt to curb rising inflation, the Federal Reserve and other central banks raised interest rates multiple times in 2022 and 2023. As the Federal Reserve changes the target range for the benchmark federal funds rate, this may adversely affect the economy and could generate volatility in debt and equity markets. If the Federal Reserve moves short-term interest rates higher, this could lead to declining values on fixed income investments. The actions of the Federal Reserve may have an impact on the pricing levels of risk-bearing investments, and may adversely impact the level of product sales. It is unclear whether and how interest rates will change in future periods.

Although we take measures to manage the economic risks of investing in a changing interest rate environment, we may not be able to mitigate the interest rate risk of our fixed income investments relative to our liabilities.

Credit Spreads. Our exposure to credit spreads primarily relates to market price volatility and cash flow variability associated with changes in such spreads. Market volatility can make it difficult to value certain of our securities if trading becomes less frequent. In such case, valuations may include assumptions or estimates that may have significant period-to-period changes, which could have a material adverse effect on our results of operations or financial condition. If there is a resumption of significant volatility in the markets, it could cause changes in credit spreads and defaults and a lack of pricing transparency which, individually or in tandem, could have a material adverse effect on our results of operations, financial condition, liquidity or cash flows.

Equity Risk. Our primary exposure to equity risk relates to the potential for lower earnings associated with certain of our businesses where fee income is earned based upon the estimated fair value of the assets under administration. Downturns and volatility in securities markets can have an adverse effect on the revenues and investment returns from our investment products and services.

In addition, we invest a portion of our investments in alternative assets, such as private equity and private debt funds. The amount and timing of net investment income from such funds tends to be uneven as a result of the performance of the underlying investments. The timing of distributions from such funds, which depends on particular events relating to the underlying investments, as well as the funds’ schedules for making distributions and their needs for cash, can be difficult to predict. Significant volatility could adversely impact returns and net investment income on these alternative investment classes. In addition, the estimated fair value of such investments may be impacted by downturns or volatility in securities markets.

Real Estate Risk. Our primary exposure to real estate risk relates to residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and residential and commercial mortgage loans. Our exposure to these risks stems from various factors, including real estate supply and demand, geographic and extreme weather events and conditions, and interest rate fluctuations. General economic conditions and the recovery rate in the real estate sectors will continue to influence the performance of these investments. These factors, which are beyond our control, could have a material adverse effect on our results of operations, financial condition, liquidity or cash flows.

Credit Risk. There is a risk that issuers of our investments may default or that other parties may not be able to pay amounts due to us and our subsidiaries. We manage our investments to limit credit risk by diversifying our portfolio among various security types and industry sectors. In addition, we take into account default risk in our product pricing. Although we believe that we carefully manage these risks, there can be no guarantee that credit risk will be managed successfully in all situations. Any failure to successfully manage credit risk could have a material adverse effect on our results of operations, financial condition, liquidity or cash flows.

Our participation in securities lending programs and a repurchase program subjects us to potential liquidity and other risks.

We participate in a reverse repurchase program, which is considered part of a securities lending program, whereby we sell fixed income securities to third-party repurchase counterparties, primarily major brokerage firms and commercial banks, with a concurrent agreement to repurchase those same securities at a determined future date. The cash proceeds received under the repurchase program are typically invested in fixed income securities and cannot be returned prior to the scheduled repurchase date; however, market conditions on the repurchase date may limit our ability to enter into new agreements. The repurchase of securities or our inability to enter into new repurchase agreements would require us to return the cash collateral proceeds associated with such transactions on the repurchase or maturity date.

For repurchase transactions, the securities held as invested collateral (i.e., securities that we have purchased with cash collateral received) generally have floating rate coupons that match the floating rate liabilities to minimize the impact of interest rate risk. However, in some cases, the maturity of the securities held as invested collateral may exceed the term of the related securities under repurchase agreements and the estimated fair value may fall below the amount of cash received as collateral and invested. If we are required to return significant amounts of cash collateral on short notice and we are forced to sell securities to meet the return obligation, we may have difficulty selling such collateral that is invested in securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than we otherwise would have been able to realize under normal market conditions, or both. In addition, under adverse capital market and economic conditions, liquidity may broadly deteriorate, which would further restrict our ability to sell securities. If we decrease the amount of our securities lending and repurchase activities over time, the amount of net investment income generated by these activities will also likely decline.

We may have difficulty selling certain holdings in our investment portfolio in a timely manner and realizing full value given their illiquid nature.

There may be a limited market for certain investments we hold in our investment portfolio, making them relatively illiquid. These include privately-placed fixed maturity securities, mortgage loans, policy loans, leveraged leases, equity real estate, such as real estate joint ventures and funds, and other limited partnership interests. In recent years, even some of our very high quality investments experienced reduced liquidity during periods of market volatility or disruption. If we were forced to sell certain of our investments

during periods of market volatility or disruption, market prices may be lower than our carrying value in such investments. This could result in realized losses which could have a material adverse effect on our net income and financial position.

The determination of the amount of expected credit losses taken on our investments is highly subjective and could materially impact our business, financial condition and results of operations.

The determination of the amount of expected credit losses vary by investment type and is based on our periodic case-by-case evaluation and assessment of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available. Management updates its evaluations regularly and reflects changes in expected credit losses in operations as such evaluations are revised. Such evaluations and assessments can change significantly from period to period, especially in times of high market volatility. There can be no assurance that management has identified all securities that could ultimately impact the level of impairments taken and allowances reflected in the financial statements. Furthermore, additional credit losses may need to be taken or provided for in the future. Historical trends may not be indicative of future credit losses.

Defaults on commercial mortgage loans and volatility in performance may adversely affect our business, financial condition and results of operations.

Commercial mortgage loans may face heightened delinquency and default risk due to economic conditions which may have a negative impact on the performance of the underlying collateral, resulting in declining values and an adverse impact on the obligors of such instruments. An increase in the default rate of our commercial mortgage loan investments could have an adverse effect on our business, financial condition and results of operations.

In addition, the carrying value of commercial mortgage loans is negatively impacted by such factors. The carrying value of commercial mortgage loans is stated at outstanding principal less any loan loss allowances recognized. Considerations in determining allowances include, but are not limited to, the following: (i) declining debt service coverage ratios and increasing loan to value ratios; (ii) bankruptcy filings of major tenants or affiliates of the borrower on the property; (iii) catastrophic events at the property; and (iv) other subjective events or factors, including whether the terms of the debt will be restructured. There can be no assurance that management’s assessment of loan loss allowances on commercial mortgage loans will not change in future periods, which could lead to investment losses.

Our investment managers select investments that could be substantially below return expectations, below the returns of our competitors investments, or result in losses. Our investment managers select individual investments pursuant to broad authority within their stated guidelines, and we do not approve each investment decision made by these managers.

Our investment portfolio adheres to investment guidelines and policies and risk limits, however our investment managers are allowed considerable discretion within the context of an Enterprise Risk Management (“ERM”) overlay as well as other compliance measures authorized by our Investment Committee. The discretion afforded to our investment managers may result in investment returns that are substantially below expectations or that result in losses, which would materially and adversely affect our business operations and results. Our historical investment performance should not be considered as indicative of future results of our investment portfolio.

Exposure to limited partnerships investments could adversely affect our investment portfolio.

We owned $[3,092] million and $[2,279] million of investments in limited partnerships at December 31, 2023 and December 31, 2022, respectively. As of December 31, 2023 and December 31, 2022, we had future funding commitments relating to limited partnerships of $[1,146] million and $[1,201] million, respectively. These investments consist primarily of domestic and international private equity funds, private debt funds, infrastructure funds and other miscellaneous alternative investments. These investments may produce investment income which fluctuates from period to period and is less predictable and more variable than may be the case with more conventional asset classes. In addition, many of these assets have limitations on redemptions and trading, which may cause them to be substantially less liquid than more conventional asset classes, such as publicly traded fixed income securities and equities.

If we do not appropriately structure our hedges in relation to our anticipated liabilities, our ability to conduct our businesses could be adversely affected.

We actively seek to hedge our securities market exposure, including exposure through the writing of indexed annuity products and indexed universal life products. Our ability to measure and manage risk and to implement our investment strategy and hedging arrangements is crucial to our success. If we do not properly structure such hedges to meet our expected liabilities, we could be forced to liquidate investments in order to pay any difference between the amount paid under the hedges and the amounts due for such liabilities, which could have an adverse impact on our financial condition or results of operations.

The success of our investment strategy and hedging arrangements will also be affected by general economic conditions. These conditions may cause volatile interest rates and securities markets, which in turn could increase the cost of hedging. Volatility or illiquidity in the markets could significantly and negatively affect our ability to appropriately execute our hedging strategies.

A downgrade or a potential downgrade in Midland National’s financial strength ratings could harm our competitive position.

Rating agencies regularly review the financial performance and condition of insurers, including Midland National. The current financial strength/claims paying ability ratings for Midland National as assigned by S&P, A.M. Best and Fitch were A+ (Strong), A+ (Superior) and A+, respectively. These ratings indicate a rating agency’s view of our ability to meet the obligations applicable to our in-force insurance contracts.

The rating agencies assign ratings based upon consideration of several qualitative and quantitative factors, including the rated company’s operating performance and investment results, products, risk profile, and capital resources. The rating agencies may also consider factors that may be outside of the rated company’s control, including changes in general economic conditions or their sentiment towards a particular industry. A downgrade in the ratings of Midland National could have an adverse effect on our business, financial condition and results of operations. In addition, a downgrade in the ratings of Midland National could adversely affect, among other things, (a) its ability to sell certain of its products, (b) the rate of contract surrenders and withdrawals and (c) the return on the insurance and annuity products it issues and, ultimately, the results of its operations. In addition, there can be no assurance that a rating will be maintained for any given period of time or that a rating will not be lowered or withdrawn in its entirety.

We cannot predict what actions rating agencies may take in the future that could adversely affect our business, including changes to their respective capital sufficiency models. As with other companies in the financial services industry, our ratings could be downgraded at any time and without any notice by any rating agency, and any such downgrade could adversely affect our business, financial condition and results of operations.

We may not be able to mitigate the reserve strain associated with Regulation 830 and NAIC Actuarial Guideline 38, potentially resulting in a negative impact on our capital position or in a need to increase prices and/or reduce sales of term or universal life products.

The NAIC Model Regulation entitled “Valuation of Life Insurance Policies,” commonly known as “Regulation 830” or “Model #830,” requires insurers to establish additional statutory reserves for certain term life insurance policies with long-term premium guarantees and for certain universal life policies with secondary guarantees. In addition, NAIC Actuarial Guideline 38 (“AG38”) clarifies the application of Model #830 with respect to certain universal life insurance policies with secondary guarantees. Many of our term insurance products and an increasing number of our universal life insurance products are affected by Model #830 and AG38, respectively. The application of both Model #830 and AG38 involves numerous interpretations. At times, there may be differences of opinion between management and state insurance departments regarding the application of these and other actuarial standards. Such differences of opinion may lead to a state insurance regulator requiring greater reserves to support insurance liabilities than management estimated.

Model # 830 and AG38 require Midland National to establish statutory reserves for applicable term and universal life products at a level that exceeds what the company’s actuarial assumptions for the applicable business would otherwise require. We have implemented, and may implement in the future, reinsurance and capital management actions to mitigate the capital impact of Model #830 and AG38, including the use of letters of credit and the implementation of other transactions that provide acceptable collateral to support the reinsurance of the liabilities to wholly owned reinsurance captives or to third-party reinsurers. These arrangements are subject to review by state insurance regulators.

As of January 1, 2015, our insurance company subsidiaries became subject to a new actuarial guideline, NAIC Actuarial Guideline 48 (“AG48”), that affects the types of assets insurance companies can use in captive reinsurance companies to back the reserves they hold for term and universal life products. Specifically, AG48 prescribes an actuarial method to determine the portion of the assets held to support reserves for certain term and universal life policies that must be “primary securities,” which are defined as cash and securities rated by the Securities Valuation Office of the NAIC (subject to some limited exceptions) or, in limited cases, certain other assets. AG48 provides that reserves in excess of those calculated with the prescribed actuarial method may be supported or financed with a broader range of assets, referred to as “other securities.” AG48 applies to certain term and universal life insurance policies written from and after January 1, 2015, or written prior to January 1, 2015, but not included in a captive reinsurer financing arrangement as of December 31, 2014. The NAIC adopted a revised Credit for Reinsurance Model Law in January 2016 and the Term and Universal Life Insurance Reserve Financing Model Regulation in December 2016 to replace AG48. Effective July 1, 2017, Iowa substantially adopted the revised Credit for Reinsurance Model Law. Effective January 10, 2018, Iowa substantially adopted the Term and Universal Life Insurance Reserve Financing Model Regulation, replacing AG48 for Iowa ceding insurers.

We cannot provide assurance that there will not be regulatory challenges to the reinsurance and capital management actions we have taken to date, or those we may take in the future, or that acceptable collateral obtained through such transactions will continue to be available or available on a cost- effective basis. The result of those potential challenges, as well as the inability to obtain acceptable collateral, could require us to increase statutory reserves, incur higher operating and/or tax costs or reduce sales.

Certain of the reserve financing facilities we have put in place will mature prior to the run off of the liabilities they support. As a result, we cannot provide assurance that we will be able to continue to implement actions either to mitigate the impact of Model #830, AG38 and AG48 on future sales of term and universal life insurance products or maintain collateral support related to our captives or existing third-party reinsurance arrangements to which one of our captive reinsurance subsidiaries is a party. If we are unable to continue to implement those actions or maintain existing collateral support, we may be required to increase statutory reserves or incur higher operating costs than we currently anticipate. Because term and universal life insurance are particularly price-sensitive products, any increase in premiums charged on these products to compensate us for the increased statutory reserve requirements or higher costs of reinsurance may result in a significant loss of volume and materially and adversely affect our life insurance business.

A significant portion of our institutional funding is obtained from a Federal Home Loan Bank, which subjects us to liquidity risks associated with sourcing a large concentration of our funding from one counterparty.

A significant portion of our institutional funding is obtained from the FHLB, which primarily serves as a source of funding to complement our securities lending program. As of December 31, 2023 and December 31, 2022, we had $3.1 billion of FHLB borrowings outstanding. Should the FHLB choose to change its definition of eligible collateral, or if the market value of the pledged collateral decreases in value due to changes in interest rates or credit ratings, we may be required to post additional amounts of

collateral in the form of cash or other eligible collateral. If we do not have assets maturing concurrently with the maturing liability, we could be required to renew maturing agreements at higher costs. Additionally, we may be required to find other sources to replace this funding if we lose access to the FHLB funding. This could occur if our creditworthiness falls below the FHLB’s requirements or if legislative or other political actions cause changes to the FHLB’s mandate or to the eligibility of life insurance companies to be members of the FHLB system.

Our products and services are complex and are frequently sold through intermediaries, and a failure to properly perform services or the misrepresentation of our products or services could have an adverse effect on our revenues and income.

Many of our products and services are complex and are frequently sold through intermediaries. In particular, our insurance businesses are reliant on intermediaries to describe and explain our products to their potential customers, and although we take precautions to avoid this result, such intermediaries may be deemed to have acted on our behalf. The intentional or unintentional misrepresentation of our products and services in advertising materials or other external communications, or inappropriate activities by our personnel or an intermediary, could result in liability for us and have an adverse effect on our reputation and business prospects, as well as lead to potential regulatory actions or litigation.

The insurance business is a heavily regulated industry and changes in state and federal regulation may affect our profitability.

We are subject to regulation under applicable insurance statutes, including insurance holding company statutes, in the various states in which Midland National transacts business. Midland National is domiciled in Iowa and is licensed to transact its insurance business in, and is subject to regulation and supervision by, insurance regulators in all U.S. states and territories, except New York and American Samoa. The ability of Midland National to continue to conduct its business is dependent upon the maintenance of its licenses in these various jurisdictions.

State insurance laws regulate most aspects of Midland National’s insurance business. Insurance regulatory authorities in the United States have broad administrative powers with respect to, among other things:

• licensing companies and agents to transact business;

• calculating the value of assets to determine compliance with statutory requirements;

• mandating certain insurance benefits;

• regulating certain premium rates;

• reviewing and approving policy forms;

• regulating unfair trade and claims practices, including through the imposition of restrictions on marketing and sales practices, distribution arrangements and payment of inducements;

• establishing and revising statutory capital and reserve requirements and solvency standards;

• fixing maximum interest rates on insurance policy loans and minimum rates for guaranteed crediting rates on life insurance policies and annuity contracts;

• approving future rate increases;

• approving changes in control of insurance companies;

• restricting the payment of dividends and other transactions between affiliates; and

• regulating the types, amounts and valuation of investments.

These laws and regulations affecting the insurance industry are complex and subject to change. Moreover, they are administered and enforced by a number of different regulatory authorities, including state insurance regulators, state securities administrators, the SEC, the Financial Industry Regulatory Authority, Inc. (“FINRA”), the U.S. Department of Labor (the “DOL”), the U.S. Department of Justice, and state attorneys general, each of which exercises a degree of interpretive latitude. In some cases, these laws and regulations are designed to protect or benefit the interests of a specific constituency rather than a range of constituencies. For example, state insurance laws and regulations are generally intended to protect or benefit contract holders rather than shareholders or holders of other securities of insurance companies or their holding companies. These laws and regulations may in some respects limit our insurance company subsidiaries’ ability to grow and improve the profitability of their businesses.

State insurance regulators and the NAIC regularly re-examine existing laws and regulations applicable to insurance companies and their products. Changes in these laws and regulations, or in interpretations thereof, can be made for the benefit of the consumer, or for other reasons, at the expense of the insurer, and thus could have an adverse effect on the financial condition and results of operations of our insurance company subsidiaries. Midland National cannot guarantee that the impact of any NAIC recommendations or proposed or future legislation or rule-making in the U.S. or elsewhere will not have an adverse effect on the results of operations or financial condition of our insurance company subsidiaries.

As increased scrutiny has been placed upon the insurance regulatory framework, a number of state legislatures have considered or enacted legislative proposals that alter, and in many cases increase, state authority to regulate insurance companies and holding company systems. In December 2010, the NAIC adopted amendments to the Insurance Holding Company System Regulatory Act and Model Regulation (the “Amended Holding Company Model Act”). The Amended Holding Company Model Act introduced the concept of “enterprise risk” within an insurance holding company system. The Amended Holding Company Model Act imposes more

extensive informational requirements on parents and other affiliates of licensed insurers with the purpose of protecting the licensed companies from enterprise risk, including requiring an annual enterprise risk report by the ultimate controlling person identifying the material risks within the insurance holding company system that could pose enterprise risk to the licensed companies. In September 2012, the NAIC adopted the Risk Management and Own Risk and Solvency Assessment (“ORSA”) Model Act, which requires insurers to maintain a framework for identifying, assessing, monitoring, managing and reporting on the “material and relevant risks” associated with the insurer’s (or insurance group’s) current business plans. Under the ORSA Model Act, certain insurers must undertake an internal risk management review no less often than annually (but also at any time when there are significant changes to the risk profile of the insurer or its insurance group) in accordance with the ORSA Guidance Manual adopted by the NAIC, and prepare a summary report (“ORSA Report”) assessing the adequacy of the insurer’s risk management and capital in light of its current and future business plans. The ORSA Report is filed with a company’s lead state regulator and will be available to other domiciliary regulators within the holding company system. In November 2014, the NAIC adopted the Corporate Governance Annual Disclosure Model Act and Model Regulation (together, the “Corporate Governance Model Act”), which require an insurer to provide an annual disclosure regarding its corporate governance practices to its domestic regulator and lead state regulator. As adopted by the NAIC, the requirements of the Corporate Governance Model Act were effective January 1, 2016, with the first annual disclosure due by June 1, 2016. In December 2014, the NAIC promulgated additional amendments to the Amended Holding Company Model Act (the “Revised Amended Holding Company Model Act”) for consideration by the various states that address the authority of an insurance commissioner to act as the group-wide supervisor for an internationally active insurance group or to acknowledge the authority of another regulatory official, from another jurisdiction, to so act.

Each of the Amended Holding Company Model Act, the ORSA Model Act, the Corporate Governance Model Act and the Revised Amended Holding Company Model Act must be adopted by the individual states for the new requirements to apply to U.S. domestic insurers, and specifically in Iowa for the changes to apply to our insurance company subsidiaries. Iowa has substantially adopted the Amended Holding Company Model Act, the ORSA Model Act, the Corporate Governance Model Act and the Revised Amended Holding Company Model Act. Although the federal government currently does not directly regulate the insurance business, federal legislation and administrative policies in several areas, including pension regulation, financial services regulation, securities regulation, federal taxation, and environmental, social, and governance (“ESG”) considerations, can significantly and adversely affect the insurance business.

In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) was enacted and signed into law. The Dodd-Frank Act made extensive changes to the laws regulating the financial services industry and required various federal agencies to adopt a broad range of new rules and regulations.

Among other things, the Dodd-Frank Act imposed a comprehensive new regulatory regime on the over-the-counter (“OTC”) derivatives marketplace. Title VII of the Dodd-Frank Act (“Title VII”) subjected “swap dealers”, “major swap participants”, “security-based swap dealers” and “major security- based swap participants” (each as defined in the legislation and further clarified by the rulemaking) to registration and substantial supervision and regulation, including capital standards, margin requirements, business conduct standards, recordkeeping and reporting requirements. Title VII also requires central clearing for certain derivatives transactions that the U.S. Commodities Futures Trading Commission (“CFTC”) determines must be cleared and are accepted for clearing by a “derivatives clearing organization” (subject to certain exceptions) and that certain transactions subject to the mandatory clearing requirement be executed on a regulated exchange or swap execution facility. Title VII also provided the CFTC with authority to impose position limits across markets, including the swap market. The ongoing implementation and finalization of the Title VII requirements and its related regulations may adversely affect our ability to hedge risks associated with our business, including our fixed index annuity business, by increasing the costs of, imposing regulatory restrictions on, or reducing liquidity for derivatives transactions that we use to hedge such risks. Further, centralized clearing of derivatives transactions exposes us to concentrated risk of default by a clearinghouse with respect to our cleared derivative transactions.

The Dodd-Frank Act also established the Financial Stability Oversight Council (the “FSOC”) and authorized the FSOC to designate non-bank financial companies as systemically important financial institutions (“SIFIs”), thereby subjecting them to enhanced prudential standards and supervision by the Board of Governors of the Federal Reserve System (“Federal Reserve”). The prudential standards for non-bank SIFIs include enhanced RBC requirements, leverage limits, liquidity requirements, single counterparty exposure limits, governance requirements for risk management, stress test requirements, special debt-to-equity limits for certain companies, early remediation procedures, and recovery and resolution planning. In April 2023, FSOC proposed new guidance to revise the process for designating non-bank financial companies as a SIFI. If the FSOC were to designate SFG as a non-bank SIFI, SFG would become subject to certain of these enhanced prudential standards.

The Dodd-Frank Act also established a Federal Insurance Office (the “FIO”) within the Treasury Department. The Dodd-Frank Act authorizes the FIO to assist the Secretary of the Treasury Department in negotiating covered agreements. A covered agreement is an agreement between the U.S. and one or more foreign governments, authorities or regulatory entities, regarding prudential measures with respect to insurance or reinsurance. The FIO is further charged with determining, in accordance with the procedures and standards established under the Dodd-Frank Act, whether state laws are preempted by a covered agreement.

Pursuant to this authority, in September 2017, the U.S. and the EU signed a covered agreement to address, among other things, reinsurance collateral and insurance group supervision requirements (the “EU Covered Agreement”), and the U.S. released the Policy Statement, providing the U.S.’ interpretation of certain provisions in the EU Covered Agreement. The Policy Statement provides that the U.S. expects that the group capital calculation developed by the NAIC will satisfy the EU Covered Agreement’s group capital assessment requirement. See “Regulation—Capital Requirements.” In addition, on December 18, 2018, a Bilateral Agreement between the U.S. and U.K. on Prudential Measures Regarding Insurance and Reinsurance, or the “UK Covered Agreement,” was signed in anticipation of the United Kingdom’s exit from the EU.

U.S. state regulators had until September 22, 2022 to adopt reinsurance reforms removing reinsurance collateral requirements for EU and UK reinsurers that meet the prescribed minimum conditions set forth in the applicable EU Covered Agreement or UK Covered Agreement or state laws imposing such reinsurance collateral requirements may be subject to federal preemption. The NAIC has adopted revisions to the Credit for Reinsurance Model Law and Model Regulation that would, if adopted into law by state legislatures, implement the reinsurance collateral provisions of the EU Covered Agreement and UK Covered Agreement. Iowa has substantially adopted such amendments to the Credit for Reinsurance Model Law and Regulation. We cannot predict with any certainty what the impact of implementation of the EU Covered Agreement or the UK Covered Agreement will be on our business and whether the interpretation of the provisions of the EU Covered Agreement and the UK Covered Agreement will change.

The Company is required to comply with Statutory Accounting Principles (“SAP”). SAP and various components of SAP (such as actuarial reserving methodologies) are subject to review by the NAIC and its task forces and committees, as well as state insurance departments, in an effort to address emerging issues and otherwise improve or alter financial reporting. Various proposals are currently pending before committees and task forces of the NAIC, some of which, if adopted, would negatively affect our reported financial position or operations. See “Regulation—NAIC—Recent Statutory Accounting Principles Working Group Proposals.”

Compliance with applicable laws and regulations is time consuming and personnel-intensive, and changes in these laws and regulations may materially increase the Company’s direct and indirect compliance efforts and other expenses of doing business.

The regulatory framework at the state and federal level applicable to our insurance company subsidiaries’ products is evolving. The changing regulatory framework could affect the design of such products and our insurance company subsidiaries’ ability to sell certain products. Any changes in these laws and regulations could materially and adversely affect Midland National’s business, financial condition or results of operations. In addition, there is risk that any particular regulator’s or enforcement authority’s interpretation of a legal issue may change over time to Midland National’s detriment, or that changes in the overall legal environment may, even absent any particular regulator’s or enforcement authority’s interpretation of a legal issue changing, cause Midland National to change its views regarding the actions it needs to take from a legal risk management perspective, thus necessitating changes to its practices that may, in some cases, limit its ability to grow and improve the profitability of its business.

We face risks relating to litigation, including the costs of such litigation, management distraction and the potential for damage awards, which may adversely impact our business.

We are occasionally involved in litigation, both as a defendant and as a plaintiff. In addition, state regulatory bodies, such as state insurance departments, the SEC, FINRA, the DOL and other regulatory bodies regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, ERISA, and laws governing the activities of broker-dealers. Such regulatory examinations and investigations may result in fines, recommendations for corrective action or other regulatory actions. Companies in the life insurance and annuity business have faced litigation, including class action lawsuits, alleging improper product design, improper sales practices and similar claims. Plaintiffs in class action and other lawsuits against Midland National may seek very large or indeterminate amounts, including compensatory, liquidated, punitive and/or treble damages, which may remain unknown for substantial periods of time. Civil jury verdicts have been returned against insurers and other financial services companies involving sales, underwriting practices, product design, product disclosure, administration, denial or delay of benefits, charging excessive or impermissible fees, recommending unsuitable products to customers, breaching fiduciary or other duties to customers, refund or claims practices, alleged agent misconduct, failure to properly supervise representatives, relationships with agents or other persons with whom the insurer does business, payment of sales or other contingent commissions and other matters. Such lawsuits can result in substantial judgments that are disproportionate to actual damages, including material amounts of punitive or non-economic compensatory damages. In some states, juries, judges and arbitrators have substantial discretion in awarding punitive, or non-economic, compensatory damages, which creates the potential for unpredictable material adverse judgments or awards in any given lawsuit or arbitration. Arbitration awards are subject to very limited appellate review. In addition, in some class action and other lawsuits, financial services companies have made material settlement payments. In any event, responding to any such inquiries, examinations, investigations and lawsuits, regardless of the ultimate outcome of the proceeding, is time-consuming and expensive and can divert the time and effort of our management from its business. Moreover, even if we ultimately prevail in any such litigation, regulatory action or investigation, we could suffer significant harm to our reputation, which could have a material adverse effect on our business, financial condition and results of operations, including our ability to attract new customers, retain current customers and recruit and retain employees and agents.

Our business may be negatively affected by adverse publicity or increased governmental and regulatory actions with respect to us, other well-known companies or the financial services industry in general.

Governmental scrutiny with respect to matters relating to compensation and other business practices in the financial services industry has increased dramatically in the past several years and has resulted in more aggressive and intense regulatory supervision and the application and enforcement of more stringent standards. The 2008 financial crisis and the current political and public sentiment regarding financial institutions has resulted in a significant amount of adverse press coverage, as well as adverse statements or charges by regulators and elected officials. Press coverage and other public statements that assert some form of wrongdoing, regardless of the factual basis for the assertions being made, could result in some type of inquiry or investigation by regulators, legislators and/or law enforcement officials or in lawsuits. Responding to these inquiries, investigations and lawsuits, regardless of the ultimate outcome of the proceeding, is time-consuming and expensive and can divert the time and effort of our senior management from its business. Adverse publicity, governmental scrutiny, pending or future investigations by regulators or law enforcement agencies and/or legal proceedings involving us can also have a negative impact on our reputation and on the morale and performance of employees, and on business retention and new sales, which could adversely affect our businesses and results of operations.

Changes in U.S. federal and state securities laws and regulations may affect our operations and our profitability.

U.S. federal and state securities laws, and FINRA rules apply to sales of our variable annuity products (which are considered to be both insurance products and securities) as well as to sales of third-party investment products. As a result, some of our subsidiaries and the products they offer are subject to regulation under these federal and state securities laws. Our insurance subsidiaries’ separate accounts are registered as investment companies under the Investment Company Act of 1940. Some variable annuity contracts issued by our insurance company subsidiaries also are registered under the Securities Act of 1933. One of our other subsidiaries is registered as a broker-dealer under the Securities Exchange Act of 1934 with the SEC and is a member of, and subject to, regulation by FINRA, and is also registered as a broker-dealer in various states, as applicable. Securities laws and regulations are primarily intended to ensure the integrity of the financial markets and to protect the securities markets and investment advisory and brokerage clients. Broker-dealers are subject to laws and regulations governing all aspects of the securities business including, but not limited to, sales and trading practices. These laws and regulations generally grant supervisory agencies broad administrative powers, including the power to limit or restrict the conduct of business for failure to comply with those laws and regulations. A number of changes have recently been proposed to the laws and regulations that govern the conduct of our variable insurance products and retirement business and our distributors that could have a material adverse effect on our results of operations and financial condition. Changes to these laws or regulations that restrict the conduct of our business could have an adverse effect on our results of operations and financial condition.

Changes in federal income taxation laws, including any reduction in individual income tax rates, may affect sales of our products and profitability.

The annuity and life insurance products that we market generally provide the contract holder with certain federal income tax advantages. For example, federal income taxation on any increases in non-qualified Insurance Contract values (i.e. the “inside build-up”) is deferred until it is received by the contract holder. With other savings investments, such as certificates of deposit and taxable bonds, the increase in value is generally taxed each year as it is realized. Additionally, life insurance death benefits are generally exempt from income tax.

From time to time, various tax law changes have been proposed that could have an adverse effect on our business, including the elimination of all or a portion of the income tax advantages described above for annuities and life insurance. If legislation were enacted to eliminate all or a portion of the tax deferral for annuities, such a change would have an adverse effect on our ability to sell non-qualified annuities. Non-qualified annuities are annuities that are not sold to a qualified retirement vehicle.

The amount of Midland National’s statutory capital it must hold can vary significantly from time to time and is sensitive to a number of factors outside of our control, including securities market and credit market conditions.

Insurance regulators and the NAIC prescribe accounting standards and statutory capital and reserve requirements for SFG’s insurance company subsidiaries. The NAIC has established regulations that provide minimum capitalization requirements based on RBC formulas for life, health and property and casualty companies. The RBC formula for life companies establishes capital requirements relating to insurance, business, asset and interest rate risks, including equity, interest rate and expense recovery risks associated with variable life, annuities and group annuities that contain death benefits or certain living benefits.

In any particular year, statutory surplus amounts and RBC ratios may increase or decrease depending on a variety of factors, including the amount of statutory income or losses, the amount of additional capital Midland National must hold to support business growth, changes in securities market levels, the value of certain fixed maturity and equity securities in Midland National’s investment portfolio, changes in interest rates, as well as changes to the NAIC RBC formulas. Increases in the amount of required statutory reserves reduce the statutory capital used in calculating Midland National’s RBC ratios.

In addition, there have been recent regulatory changes made by, and continue to be projects underway with various working groups of the NAIC that may impact the classification and capital charges of our investments held by our insurance company subsidiaries. Such changes could lead to a lower RBC ratio for our insurance company subsidiaries. A material decrease in our insurance company subsidiaries’ RBC ratios could adversely affect our business.

Reinsurance may not be available, affordable or adequate to protect us against losses.

As part of our overall risk management strategy, we purchase reinsurance for certain risks underwritten by our various business segments. While reinsurance agreements generally bind the reinsurer for the life of the business reinsured at generally fixed pricing, market conditions beyond our control determine the availability and cost of the reinsurance protection for new business. In certain circumstances, the price of reinsurance for business already reinsured may also increase. Any decrease in the amount of reinsurance will increase our risk of loss and any increase in the cost of reinsurance will, absent a decrease in the amount of reinsurance, reduce our earnings. Accordingly, we may be forced to incur additional expenses for reinsurance or may not be able to obtain sufficient reinsurance on acceptable terms, which could adversely affect our ability to write future business or result in the assumption of more risk with respect to those policies we issue. If the counterparties to our reinsurance or indemnification arrangements or to the derivatives we use to hedge our business risks default or fail to perform, we may be exposed to risks we had sought to mitigate, which could materially adversely affect our financial condition and results of operations.

We use reinsurance, indemnification and derivatives to mitigate our risks in various circumstances. In general, reinsurance does not relieve us of our direct liability to our contract holders, even when the reinsurer is liable to us.

Accordingly, we bear credit risk with respect to our reinsurers and indemnitors. A reinsurer’s or indemnitor’s insolvency, inability or unwillingness to make payments under the terms of reinsurance agreements or indemnity agreements with us could have a material adverse effect on our financial condition and results of operations, including our liquidity.

Differences between actual claims experience and underwriting and reserving assumptions may adversely affect our financial results.

Our earnings significantly depend upon the extent to which our actual claims experience is consistent with the assumptions we use in setting prices for our products and establishing liabilities for future policy benefits and claims. Such amounts are established based on estimates by actuaries of how much we will need to pay for future benefits and claims. To the extent that actual claims experience is less favorable than the underlying assumptions we used in establishing such liabilities, we could be required to increase our liabilities.

Due to the nature of the underlying risks and the high degree of uncertainty associated with the determination of liabilities for future policy benefits and claims, we cannot determine precisely the amounts which we will ultimately pay to settle our liabilities. Such amounts may vary from the estimated amounts, particularly when those payments may not occur until well into the future (including deviations resulting from errors in the calculation of estimated amounts). We evaluate our liabilities periodically based on accounting requirements, which change from time to time, the assumptions used to establish the liabilities, as well as our actual experience. If the liabilities originally established for future benefit payments prove inadequate, we must increase them. Such increases would affect earnings negatively in the period in which the increase is made and have a material adverse effect on our business, results of operations and financial condition.

Our risk management policies and procedures, including hedging programs, may prove inadequate for the risks we face, which could negatively affect our business or result in losses.

We have developed risk management policies and procedures and expect to continue to do so in the future. Nonetheless, our policies and procedures to identify, monitor and manage risks may not be fully effective, particularly during extremely turbulent times. Many of our methods of managing risk and exposures are based upon observed historical market behavior or statistics based on historical models. As a result, these methods may not predict future exposures, which could be significantly greater than historical measures indicate. Other risk management methods depend on the evaluation of information regarding markets, customers, catastrophe occurrence (including public health crises such as the COVID-19 pandemic) or other matters that is publicly available or otherwise accessible to us. This information may not always be accurate, complete, up-to-date or properly evaluated. Management of operational, legal and regulatory risks requires, among other things, policies and procedures to record and verify large numbers of transactions and events. These policies and procedures may not be fully effective.

We employ various strategies, including hedging and reinsurance, with the objective of mitigating risks inherent in our business and operations. These risks include current or future changes in the fair value of our assets and liabilities, current or future changes in cash flows, the effect of interest rates, securities markets and credit spread changes, the occurrence of credit defaults, currency fluctuations and changes in mortality and longevity. We seek to control these risks by, among other things, entering into reinsurance contracts and derivative instruments, such as swaps, options, futures and forward contracts. Developing an effective strategy for dealing with these risks is complex, and no strategy can completely insulate us from such risks. Our hedging strategies also rely on assumptions and projections regarding our assets, liabilities, general market factors and the creditworthiness of our counterparties that may prove to be incorrect or prove to be inadequate. Accordingly, our hedging activities may not have the desired beneficial impact on our results of operations or financial condition. Hedging strategies involve transaction costs and other costs, and if we terminate a hedging arrangement, we may also be required to pay additional costs, such as transaction fees or breakage costs. We may incur losses on transactions after taking into account our hedging strategies. Further, the nature, timing, design or execution of our hedging transactions could actually increase our risks and losses. Our hedging strategies and the derivatives that we use, or may use in the future, may not adequately mitigate or offset the hedged risk and our hedging transactions may result in losses.

We face competition from companies that have greater financial resources, broader arrays of products, higher ratings and stronger financial performance, which may impair our ability to retain existing customers, attract new customers and maintain our profitability and financial strength.

We operate in a highly competitive industry. Many of our competitors are substantially larger and enjoy substantially greater financial resources, higher ratings by rating agencies, broader and more diversified product lines and more widespread agency relationships. Our annuity products compete with index, fixed rate and variable annuities sold by other insurance companies and also with mutual fund products, traditional bank investments and other retirement funding alternatives offered by asset managers, banks and broker-dealers. Our insurance products compete with those of other insurance companies, financial intermediaries and other institutions based on a number of factors, including premium rates, policy terms and conditions, service provided to distribution channels and contract holders, ratings by rating agencies, reputation and commission structures.

Our ability to compete depends in part on returns and other benefits we make available to our contract holders through our life insurance and annuity products. We will not be able to accumulate and retain assets under management for our products if our investment results underperform the market or the competition, since such underperformance likely would result in asset withdrawals and reduced sales.

We compete for distribution sources for our products. We believe that our success in competing for distributors depends on our financial strength, the services we provide to and the relationships we develop with these distributors, as well as offering competitive commission structures. Our distributors are generally free to sell products from whichever providers they wish, which makes it important for us to continually offer distributors products and services they find attractive. If our products or services fall short of distributors’ needs, we may not be able to establish and maintain satisfactory relationships with distributors of our life insurance and annuity products. Our ability to compete in the past has also depended in part on our ability to develop innovative new products and bring them to market more quickly than our competitors. In order for us to compete in the future, we will need to continue to bring innovative products to market in a timely fashion. Otherwise, our revenues and profitability could suffer.

If we are unable to attract and retain national marketing organizations and independent agents, sales of our products may be reduced.

We distribute our life insurance and annuity products through a variable cost distribution network. We must attract and retain such marketers and agents to sell our products. Insurance companies compete vigorously for productive agents. We compete with other life insurance companies for marketers and agents primarily on the basis of our financial position, support services, compensation and product features. Such marketers and agents may promote products offered by other life insurance companies that may offer a larger variety of products than we do. Our competitiveness for such marketers and agents also depends upon the long-term relationships we develop with them. There can be no assurance that such relationships will continue in the future. If we are unable to attract and retain sufficient marketers and agents to sell our products, our ability to compete and our revenues would suffer.

Our profitability may decline if mortality rates or persistency rates or other assumptions differ significantly from pricing expectations.

We set prices for many of our insurance and annuity products based upon expected claims and payment patterns, using assumptions for mortality, persistency (how long a contract stays in force) and interest rates. In addition to the potential effect of natural or man-made disasters and catastrophic occurrences and pandemics, significant changes in mortality could emerge gradually over time, due to changes in the natural environment, the health habits of the insured population, effectiveness of treatment for disease or disability, or other factors. In addition, we could fail to accurately anticipate changes in other pricing assumptions, including changes in interest and inflation rates. Significant negative deviations in actual experience from our pricing assumptions could have a material adverse effect on the profitability of our products. Our earnings are significantly influenced by the claims paid under our insurance contracts and will vary from period to period depending upon the amount of claims incurred. There is only limited predictability of claims experience within any given month or year. Our future experience may not match our pricing assumptions or our past results. As a result, our business, financial condition and results of operations could be materially adversely affected.

Guarantees within certain of our products may decrease our earnings, increase the volatility of our results, result in higher risk costs and expose us to increased counterparty risk.

We use risk management strategies to mitigate the liability exposure and the volatility of net income associated with these liabilities. These strategies involve the use of reinsurance, which may not be completely effective. For example, in the event that reinsurers are unable or unwilling to pay, we remain liable for the guaranteed benefits.

Furthermore, we are subject to the risk that changes in contract holder behavior or mortality, combined with adverse market events, produce economic losses not addressed by the risk management techniques employed. These, individually or collectively, may have a material adverse effect on our results of operations, including net income, financial condition or liquidity.

The loss of key employees could disrupt our operations.

Our success depends in part on the continued service of key executives and our ability to attract and retain additional executives and employees. The loss of key employees, or our inability to recruit and retain additional qualified personnel, could cause disruption in our business and prevent us from fully implementing our business strategies, which could materially and adversely affect our business, growth and profitability. We also rely upon the knowledge and experience of employees involved in functions that require technical expertise in order to provide for sound operational controls for our overall enterprise, including the accurate and timely preparation of required regulatory filings and financial statements and operation of internal controls. A loss of such employees could adversely impact our ability to execute key operational functions and could adversely affect our operational controls.

Any failure to protect the confidentiality of client information could adversely affect our reputation and have a material adverse effect on our business, financial condition and results of operations and other aspects of our business.

Pursuant to U.S. federal and state laws, and laws of other jurisdictions in which we operate, various government agencies have established rules protecting the privacy and security of personal information, including personally identifiable policyholder information. In addition, most U.S. states and a number of jurisdictions outside the U.S., have enacted laws, which vary significantly from jurisdiction to jurisdiction, to safeguard the privacy and security of personal information, including personally identifiable policyholder information. Further, the Gramm-Leach-Bliley Act of 1999, imposes privacy and data security requirements on financial

institutions, including obligations to protect and safeguard consumers’ nonpublic personal information and records, and limits the ability to share and reuse such information with third parties. Many regulators have indicated an intention to take more aggressive enforcement actions regarding cybersecurity and data privacy matters, and private litigation resulting from such matters is increasing and resulting in progressively larger judgments and settlements.

Regulatory activity related to privacy, data protection, and cybersecurity has continued to increase in recent years. In October 2017, the NAIC adopted the Insurance Data Security Model Law. The model law requires that insurance companies establish a cybersecurity program and includes specific technical safeguards as well as requirements regarding governance, incident planning, data management, system testing, vendor oversight and regulator notification. Several states have either implemented the model law or are anticipated to implement it in the near future, or have otherwise adopted similar laws. The NAIC is also considering a new Consumer Privacy Protection Model Law (to replace the corresponding existing model law) that would include stronger provisions related to consumer rights, consent, and notification as well as third-party service agreements, data retention and deletion policies, and data sharing agreements. In addition, the SEC has recently proposed and/or adopted several new regulations related to cybersecurity and privacy, including rules that would require registered investment companies, including our registered separate accounts, to adopt and implement comprehensive cybersecurity policies and procedures and disclose significant cybersecurity incidents in the prospectuses for variable annuities. We are actively monitoring regulatory developments in these areas.

Many of our employees have access to, and routinely process, personal information of clients through a variety of media, including IT systems. We rely on various internal processes and controls to protect the confidentiality of client information that is accessible to, or in the possession of, our company and our employees. It is possible that an employee could, intentionally or unintentionally, disclose or misappropriate confidential client information, including personally identifiable policyholder information, or our data could be the subject of a cybersecurity attack. Publicly-reported cybersecurity threats and incidents have increased in recent years, and financial services companies and their third-party service providers are increasingly the targets of cyberattacks involving encryption and/or threat to disclose personal or confidential information (i.e., ransomware) or disruptions of communications (i.e., denial of service) to extort money or for other malicious purposes. The use of remote or flexible work arrangements, remote access tools, and mobile technology have expanded potential cyberattack surfaces. If we fail to maintain adequate internal controls or if our employees fail to comply with our policies and procedures, misappropriation or intentional or unintentional inappropriate disclosure or misuse of client information, including personally identifiable policyholder information, could occur. Such internal control inadequacies or non-compliance could materially damage our reputation or lead to civil or criminal penalties, which, in turn, could have a material adverse effect on our business, financial condition and results of operations. We could also suffer harm to our business and reputation if attempted cyber-attacks are publicized. The regulatory trend toward broad consumer and general public notification of such incidents could exacerbate the harm. Further, our third-party service providers, including third parties to whom we outsource certain of our functions, are also subject to the risks outlined above, any one of which could result in damage to our reputation, our incurring substantial costs or other negative consequences to us. If we or any of our third-party service providers fail to protect the confidentiality of client information, it could have a material adverse effect on our business, financial condition and results of operations.

In addition, we analyze customer data to better manage our business. There has been increased scrutiny, including from regulators, regarding the use of “big data,” such as using it to set product pricing. Our ability to use data to gain insights into and manage our business may be limited in the future by regulatory scrutiny. We cannot predict what, if any, actions may be taken with regard to “big data,” but any inquiries into such use by regulators or other governmental authorities could cause reputational harm and any limitations could have a material impact on our business, financial condition and results of operations.

Controls and business continuity plans surrounding our Information Technology (“IT”) could fail or security could be compromised, which could damage our business and adversely affect our financial condition and results of operations.

Our business is highly dependent upon the effective operation of our IT. We rely on IT throughout our business for a variety of functions, including processing claims and applications, providing information to contract holders and distributors, performing actuarial analyses and maintaining financial records. We have also begun to offer term life insurance products, and may in the future offer other of our products, through digital distribution platforms. Despite the implementation of security and back-up measures, our IT may be vulnerable to physical or electronic intrusions, computer viruses or other attacks (including ransomware and malware), programming errors and similar disruptive problems. Due to the increasing sophistication of cyberattacks, it is possible a cybersecurity incident may occur and persist for some time without detection. The failure of controls and/or business continuity plans surrounding our IT for any reason could cause significant interruptions to our operations, which could result in a material adverse effect on our business, financial condition or results of operations. We plan to continue to make significant investments in IT to support the growth of our business.

We retain confidential information within our IT, and we rely on sophisticated commercial technologies to maintain the security of those systems. Anyone who is able to circumvent our security measures and penetrate our IT could access, view, misappropriate, alter, or delete any information in the systems, including personally identifiable contract holder information and proprietary business information. Federal regulatory requirements and all fifty states require entities to provide notification to affected state residents and, in certain instances, state and federal regulators in the event of certain security breaches affecting personal information or information systems that contain personal information or confidential information. Any compromise of the security of our computer systems or those of our third- party business partners and service providers, that results in unauthorized access to our data could expose us to a disruption and challenges relating to our daily operations, as well as to data loss, litigation, damages, fines and penalties, significant increases in compliance costs and reputational damage, any of which could have an adverse effect on our business, financial condition and results of operations and other expenses.

Advancements in artificial intelligence, machine learning, and large language models pose risks and challenges to our business.

State regulators and the NAIC are evaluating existing regulatory frameworks for insurance industry wide use of artificial intelligence, machine learning, and large language models (collectively “AI”). Regulators are concerned about the privacy and protection of individual consumer data and about bias and discrimination resulting from the use of AI in algorithms and predictive models that are used by insurance companies, either directly or indirectly through third party service providers. In addition, there has been increased scrutiny regarding the use of AI on large data sets for activities such as price optimization. In December 2023, the NAIC adopted a model bulletin on the use of AI by insurers, which was intended to remind insurance carriers that decisions impacting consumers that are made or supported by advanced analytical and computational technologies, including AI, must comply with all applicable insurance laws and regulations, including unfair trade practices. The bulletin also sets forth state insurance regulators’ expectations on how insurers should govern the use of such technologies by or on behalf of the insurer to make or support such decisions. Our ability to adopt new technologies may be inhibited by the emergence of industry-wide standards, a changing legislative and regulatory environment, an inability to develop appropriate governance and controls, a lack of internal product and engineering expertise, resistance to change from consumers, or lack of appropriate change management processes or the complexity of our systems. In addition, our adoption of new technologies and our introduction of new products and services may expose us to new or enhanced risks, particularly in areas where we have less experience or our existing governance and control systems may be insufficient, which could require us to make substantial expenditures or subject us to legal liability, heightened regulatory scrutiny and brand or reputational harm.

Our potential uses of AI or the use of AI by our third party service providers may be subject to various risks including flaws or limitations in the large language models or training datasets that may result in biased or inaccurate results, ethical considerations, and the ability to safely deploy and implement governance and controls for such systems. Laws and regulations related to AI are evolving, and there is uncertainty as to potential adoption of new laws and regulations and the application of existing laws and regulations to use of AI, which may restrict or impose burdensome and costly requirements on the use of AI. In addition, there has been considerable patent and other intellectual property development activity in the AI industry, which has resulted in litigation based on allegations of infringement or other violations of intellectual property rights. We may receive claims from third parties, including our competitors, alleging that our use of AI technology infringes on or violates such third party's intellectual property rights. Adverse consequences of these risks related to AI could undermine the decisions, predictions or analysis such technologies produce and subject us to competitive harm, legal liability, heightened regulatory scrutiny and brand or reputational harm.

We may not be successful in implementing our business strategy of developing new products and services.

As part of our business strategy, we plan to develop innovative products and services in order to provide our distribution partners with a comprehensive suite of life and annuity products and services. Due to the inherent uncertainties, such new and expanded strategic initiatives expose us to a number of risks and challenges, including the following: new and expanded business activities may require unanticipated capital expenditures and involve additional compliance requirements; new and expanded business activities may result in less growth or profit from what we currently anticipate, and there can be no assurance that such business activities will become profitable at the level we desire or at all; we may fail to identify and enter into new business opportunities in a timely fashion, putting us at a disadvantage vis-à-vis competitors; and we may need to hire or retrain personnel who are able to supervise and conduct the relevant business activities.

We may also seek, evaluate or engage in potential acquisitions, mergers, joint ventures, strategic alliances or other similar opportunities. The prospects of these initiatives are uncertain, and there can be no assurance that we will be able to successfully implement or grow new ventures, and these ventures may prove more difficult or costly than what we originally anticipated. In addition, we regularly review the profitability and growth potential of our existing and new business. As a result of such review, we may decide to exit from or to reduce the resources that we allocate to new ventures in the future. There is a risk that these ventures may not achieve profitability or operational efficiencies to the extent originally anticipated, and we may fail to recover investments or expenditures that we have already made. Any of the foregoing may have a material adverse effect on our business, results of operations, financial condition and cash flows.

Regulatory changes regarding the standard of care or standard of conduct applicable to entities and individuals that recommend or sell our products may have a material and adverse effect on our business.

The financial services industry has seen many instances of regulations implemented at both the state and federal levels, which will and may continue to impact the way retirement advice is provided and products are manufactured, distributed, and sold. In 2016, the Department of Labor (DOL) issued rulemaking redefining the term “fiduciary” and significantly expanding the circumstances under which certain insurance companies may become fiduciaries of employee benefit plans and individual retirement accounts (“IRAs”). This rule was struck down by the Fifth Circuit Court of Appeals on March 15, 2018. In 2020, DOL finalized a new “best interest” prohibited transaction exemption (“PTE”) for investment advice fiduciaries under ERISA. The preamble of the PTE restored the five– part test for determining fiduciary status that existed prior to the 2016 rule, but it also asserted that advice to roll over assets from a qualified plan or an IRA may constitute investment advice. On October 31, 2023, the DOL released a proposed rule that would amend the definition of the term “Fiduciary” as it relates to ERISA plans and IRAs. The DOL’s proposed rule and any subsequent legal

challenges to the rule could require the Company or our distributors to reevaluate or change our current business practices and could incur significant ongoing compliance costs.

The Securities and Exchange Commission (SEC) created an entirely new set of rules revising, and in some cases, interpreting standard of care rules for securities transactions. Since the SEC’s Regulation Best Interest became effective on June 30, 2020, it has been a focus of SEC examination and enforcement activity. In addition, a majority of states have adopted the 2020 revisions to the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. However, some individual states have proposed or adopted individual state fiduciary rules. Although most states have pursued uniformity, the standards in each state can vary in scope, applicability, and timing of implementation.

There remains significant uncertainty surrounding the final form that this regulatory framework may take. Regulatory uncertainty will continue as additional state and federal proposals are introduced and deliberated, and the results could change the way investment advisers, agents, and financial institutions conduct business, how our products are marketed and offered by distributors, impact customer demand, or increase our compliance burdens and expenses. For example, our distributors may choose to limit the products they offer, or we may find it necessary to adjust compensation arrangements, replace or engage additional distributors, or to limit the advice or assistance that we can provide to owners of our insurance products. Inconsistencies among the rules adopted by federal and state regulators could increase this impact.

Catastrophic event risks such as terrorist attacks, floods, severe storms or hurricanes, computer cyber- terrorism, or public health crises (such as the COVID-19 pandemic) could have a material and adverse effect on our business in several respects by:

• causing long-term interruptions in our service and the services provided by our significant vendors;

• creating economic uncertainty, and reducing or halting economic activity;

• disrupting the financial markets and adversely affecting the value, volatility, and liquidity of securities and other instruments;

• increasing mortality or mortality risks that could adversely affect our claims experience, the actuarial assumptions that underlie our insurance products, and the costs of reinsurance.

The extent to which these types of catastrophic events, including the recent COVID-19 pandemic, may impact our business, results of operations, financial condition, liquidity, or prospects will depend on future developments that are highly uncertain and cannot be predicted.

The evolving landscape of environmental, social and governance standards could adversely affect our reputation or business results and could lead to litigation or regulatory proceedings that harm our financial condition.

Customers, regulators, and other market participants may evaluate our business or other practices according to a variety of environmental, social and governance ("ESG") standards, expectations, or metrics, all of which may evolve, may be subjective or underdeveloped in nature, and may reflect contrasting or conflicting values. Standard-setting organizations and regulators including, but not limited to, the NAIC, SEC, and state insurance regulators, have proposed or adopted, or may propose or adopt, ESG rules or standards applicable to us. For example, the NAIC has generally modified the Insurer Climate Risk Disclosure survey to align with aspects of the Financial Stability Board's Task Force on Climate-Related Financial Disclosures (“TCFD”) framework, a recognized framework of recommendations that were developed to enhance climate-related disclosures. The SEC has also adopted new disclosure rules that generally require a wide range of registered companies, including us, to provide extensive disclosures and financial information on climate-related risk in their registration statements and periodic reports filed with the SEC. In October 2023, the Governor of California signed two bills into law that will require significant climate-related disclosures (in some cases beyond the disclosures required by the SEC's new rules) by large entities doing business in that state. In addition, certain organizations that provide information to investors have developed ratings for evaluating companies on their approach to different ESG matters. Due to the sometimes conflicting, uncertain, and subjective ESG regulatory and market environment, we may be seen as acting inconsistently with ESG standards or values from the perspective of certain customers, regulators, or other constituents. As a result, we may face adverse regulatory, customer, media, or public scrutiny related to ESG that potentially could have a negative impact on our business or reputation or lead to legal challenges.

Recent failures in the United States banking system could impact the Company through additional regulatory action, economic impact, and changes to policyholder behavior.

In 2023, the US banking system experienced failures of Silvergate Bank, Silicon Valley Bank, Signature Bank and First Republic Bank and significant liquidity concerns across the banking industry, particularly among regional banks. Regulators have acted and continue to focus on further potential systemic risk. As of December 31, 2023, less than 1% of the Company’s cash was deposited with non-SIBs. The Company is continuing to monitor the risks related to these events and all potential impacts to the Company. Potential impacts may include impacts to the Company’s investment portfolio, which could result in fair value changes and/or credit losses if economic conditions persist or worsen, including contagion to other areas of the US economy not currently experiencing economic stress. The Company may also see changes in policyholder behavior, including banks and/or assumptions including potential increase in policyholder surrenders or withdrawals. We continue to closely monitor these events. If other banks or financial

institutions enter receivership or become insolvent in the future, there could be a material adverse effect on our business and financial condition.

Directors, Executive Officers and Corporate Governance

Set out below are the names and ages, as of April 19, 2024, of the directors and executive officers of Midland National and a description of the business experience of each of the respective individuals.

Name

Age

Position

Esfandyar E. Dinshaw

President, Chairman of the Board & Chief Executive Officer

Gerald R. Blair

President – Sammons Life Insurance Group

William L. Lowe

President – Sammons Institutional Group and Director

Joseph E. Paul

President – Sammons Corporate Markets

Teri L. Ross

President – Shared Services

Robert R. TeKolste

President – Sammons Independent Annuity Group and Director

David C. Attaway

Senior Vice President, Chief Financial Officer & Treasurer

Darron K. Ash

Director

Willard Bunn, III

Director

James Roderick Clark

Director

Thomas Corcoran

Director

Susan T. Deakins

Director

George A. Fisk

Director

William D. Heinz

Director

Michael M. Masterson

Director

Executive Officers and Directors

Esfandyar Dinshaw currently serves as Chief Executive Officer and Chairman of the Board of Sammons Financial Group, Inc. Mr. Dinshaw is also President of Sammons Enterprises, Inc. and serves on the Board of Directors and Executive Committee. He also serves as Chairman of the Board for North American Company for Life and Health Insurance, Sammons Financial Group, Inc., Canal Reinsurance, MNL Reinsurance, and Solberg Reinsurance. Mr. Dinshaw has more than 40 years of experience in the insurance industry with four different companies. Mr. Dinshaw has Bachelor of Science degrees from both the University of Karachi and Drake University. He currently serves on the Board of the American Council of Life Insurers and is a past Chairman of the Board for LL Global (parent organization of LIMRA & LOMA), both insurance industry-related organizations.

Jerry Blair, ChFC, LLIF, is President – Sammons Life Group providing strategic direction for the individual life business of Sammons Financial Group. Mr. Blair is ultimately responsible for individual life insurance results for Midland National Life Insurance Company and North American Company for Life and Health in the personal producing general agent, IMO, MGA, NMO and registered representative channels. His 37 years of experience in the insurance industry have provided a diverse background including personal sales, agent and registered representative recruiting, marketing and distribution management. Mr. Blair previously served as Chief Distribution and Sales Officer for Sammons Financial Group’s Life division. Prior to that, he served as the Chief Distribution Officer for Midland National Life. Mr. Blair joined Sammons Financial Group in 2005 as the Vice President of Life Sales for Midland National.

William Lowe is President – Sammons Institutional Group. Inc., a member company of Sammons Financial Group. SIG provides individual retirement solutions to financial professionals in banks and broker/dealers through its wholesale divisions, Sammons Retirement Solutions and Midland Retirement Distributors. Prior to joining Sammons Financial Group in 2011, Bill spent 17 years at ING in a variety of leadership roles. In his over 37 years in the financial services industry, Bill has managed a broker/dealer, run 401(k), IRA, and annuity businesses, and has a successful track record creating and distributing 401(k)s, variable annuities, fixed annuities, life insurance, mutual fund products, and managed accounts. Bill has a bachelor's degree in Business Administration and Computer Science from Doane University. He has participated in executive programs at Dartmouth and the University of Chicago, and completed the CEDEP General Management Program at Insead in Fountainebleu, France. He is a General Securities Principal, Investment Advisory Representative, Chartered Life Underwriter, Chartered Financial Consultant, and Fellow of the Life Management Institute. He is currently on the boards of the Insured Retirement Institute in Washington, D.C. and Meals from the Heartland in West Des Moines, Iowa.

Joseph Paul is President – Sammons Corporate Markets at the Company. Mr. Paul has more than 30 years in the financial services industry. He is a member of the Society of Actuaries and the American Academy of Actuaries. He joined the Company in 2004, after serving as vice president at Clarica Life Insurance Company. Prior to his position at Clarica, Mr. Paul worked in the individual

actuarial department of Minnesota Mutual Life Insurance Company. He holds a Bachelor of Arts degree in mathematics and a minor in physics from College of St. Thomas.

Teri Ross is President – Shared Services at the Company. As president of this division, Ms. Ross is responsible for the operations of the agency, new business, underwriting, policy administration, and claims departments. She also oversees the information technology functions for the Company. Shared Services is the largest division at the Company, with over 1,200 employees who provide service to more than 1.6 million in-force life and annuity policies. She has over 30 years of experience in the financial services industry. Ms. Ross is a member of the Global Insurance Chief Operating Officer Roundtable (GICOOR). She has received numerous industry designations including Fellow, Life Management Institute (FLMI); LIMRA Leadership Institute Fellow (LLIF); Associate, Secure Retirement Institute (ASRI); Associate, Annuity Products and Administration (AAPA); and Associate, Customer Service (ACS). She has passed the Series 6, 7, 24, and 66 exams administered by FINRA. She serves on the board of Young Women’s Resource Center. Ms. Ross is a graduate of the University of Northern Iowa where she received a B.A. in management.

Robert TeKolste, CLU, LLIF, is President, Sammons Independent Annuity Group at the Company. With more than 30 years of experience in the insurance industry, he has a diverse background including sales, marketing, and operations management, and has served in sales and marketing management roles for industry-leading insurance companies. He previously served as president of the Company’s Shared Services division, and was responsible for the agency, new business, underwriting, policy administration, claims, and information technology business functions. Mr. TeKolste has a Bachelor of Science degree from Drake University in Des Moines, Iowa.

David Attaway is Senior Vice President, Chief Financial Officer & Treasurer of Midland National and North American. Mr. Attaway has over 20 years of financial services experience. Prior to joining Midland National and North American in May 2018, he was the Chief Financial Officer at Athene USA and its subsidiaries from October 2013 to July 2017. Prior to joining Athene, he held the position of Chief Financial Officer and other roles with a predecessor to Athene since 2003. Prior to joining the insurance industry, Mr. Attaway held various financial reporting positions and was an auditor with Ernst & Young. Mr. Attaway has a Bachelor of Science degree in accounting from Clemson University in Clemson, South Carolina.

Darron Ash currently serves on the board of directors for Midland National Life Insurance Company, North American Company for Life and Health Insurance and Sammons Financial Group, Inc. Mr. Ash is the Chief Executive Officer and Executive Committee member for Sammons Enterprises, Inc., and has been with Sammons since 2006. Mr. Ash joined Sammons with 17 years of experience in the public accounting, private equity, consumer products manufacturing, and professional services industries. Mr. Ash has a B.B.A degree in science from Texas A&M University and a Master of Business Administration in finance from the University of Texas.

Willard Bunn, III is an Independent Director of Midland National Life Insurance Company, North American Company for Life and Health Insurance, and Sammons Financial Group, Inc. Mr. Bunn currently is the Senior Advisor of Colonnade Advisors. He has served as chairman, chief executive, and/or director of several commercial banks in the course of his 50-year career. Mr. Bunn’s career in the banking industry began at Chemical Bank in New York before he returned to Springfield, Illinois in 1978 to serve as Executive Vice President, and eventually Chairman and Chief Executive Officer of Marine Corporation, a multibank holding company with $1.2 billion of assets. Following Marine’s merger with Banc One, he was appointed Chairman and Chief Executive Officer of Banc One Illinois Corporation, a position which he held until 1994. Mr. Bunn went on to serve in various management positions with two investment banking firms. He served as a Director of Baytree Bank of Lake Forest, Illinois from its founding in 2000 and as Chairman of the Bank from April 2010 to August 2012. He served on the Board of Directors of CIB Marine Bancshares, Inc. until April 2020, a bank holding company based in Waukesha, Wisconsin. In addition, he served as Chairman of the Board for the Poetry Foundation until June 2020, a literary organization and publisher of Poetry magazine. Mr. Bunn is currently a Trustee Emeritus at Lawrenceville School. He serves as an advisory director of Chicago-based Campus2Career Transition Services, and a member of the valuation committee of The Banc Funds Company. Mr. Bunn holds a BA from Princeton University and an MBA from the University of Virginia. In addition, he holds the Series 79 securities license.

James Roderick Clark is an Independent Director serving on the board of directors for Sammons Enterprises, Inc., Midland National Life Insurance Company, North American Company for Life and Health Insurance, and Sammons Financial Group, Inc. Mr. Clark retired in 2009, after 35 years in the oilfield services business. Prior to retirement, he was President and Chief Operating Officer of Baker Hughes Incorporated, and was responsible for 30,000 employees operating in more than 90 countries. Before Baker Hughes, Mr. Clark was President of Sperry-Sun, a Halliburton company, from 1996 to 1999. He served on the Board of Directors of Ensco plc from 2008 to 2019 when Ensco merged with Rowan Companies plc, forming Valaris plc. Mr. Clark retired from the Board of Directors of Valaris in December 2019. He has served on the Board of Trustees of Dallas Theological Seminary since 2006. Mr. Clark has a Bachelor of Arts degree from the University of Texas and a Master of Business Administration from the University of Texas.

Thomas Corcoran is an Independent Director serving on the board of directors of Midland National Life Insurance Company, North American Company for Life and Health Insurance, and Sammons Financial Group, Inc., and also as Chairman of Sammons Enterprises, Inc. He was a founder of FelCor Lodging Trust in 1991, a publicly-traded real estate investment trust focused exclusively on hotels. He served as Chief Executive Officer of FelCor from its founding until beginning his tenure as non-executive Chairman of its Board in 2006. Mr. Corcoran served as Chairman of FelCor until its merger with RLJ Lodging Trust in 2017. In addition to his role with Sammons, he is the Chairman and CEO of TCOR Hotel Partners, LLC. TCOR owns four hotels in Dallas and Austin, Texas, Jacksonville, Florida, and Baltimore, Maryland and seeks to acquire additional premium select service hotels. Mr. Corcoran’s other board appointments include the American Hotel & Lodging Association (AH&LA) and Dallas College Foundation. He is Past Chairman of AH&LA and Past Chairman of the IHG Owners Association. Mr. Corcoran has a Bachelor of Arts degree from Washburn University and a Juris Doctor degree from Washburn University Law School.

Susan T. Deakins is an Independent Director serving on the board of directors for Sammons Financial Group, Inc., Midland National Life Insurance Company, and North American Company for Life and Health Insurance. Ms. Deakins formerly served as a board member for Vantis Life Insurance Company and Vantis Life Insurance Company of New York and Chair, Director, SVP and CFO of PIA Reinsurance Company of Delaware I. She also previously served as Director, EVP and CFO for The Penn Insurance & Annuity Company, EVP, CFO and Treasurer for The Penn Mutual Life Insurance Company, CFO and Treasurer for Longevity Insurance Company, and as an Audit Committee member for Janney Montgomery Scott, LLC. Ms. Deakins holds a Bachelor of Science degree in economics from Wharton School, University of Pennsylvania and is a member of the Society of Actuaries.

George A. Fisk is an Independent Director serving on the board of directors of Sammons Enterprises, Inc., Midland National Life Insurance Company, North American Company for Life and Health Insurance, and Sammons Financial Group, Inc. Mr. Fisk served as a shareholder of Fisk & Robinson, P.C. for over twenty years until it merged with McGladrey, LLP in 2001. He served as partner with McGladrey, LLP until 2004 when he became Vice Chairman and CEO of Legacy Texas Group. He served in that capacity until 2014 when Legacy Texas Group was acquired by Viewpoint Financial subsequently Legacy Texas Financial. He served as independent director of Legacy Texas Financial and its successor, Prosperity Bancshares Inc until 2022. He has worked in the financial services sector for more than 40 years. In addition to Prosperity Bancshares, Inc., he is a former director of the Federal Reserve Bank of Dallas, Independent Bankers Financial Inc., Freeman Company and the Texas Tech Graduate School of Banking. Mr. Fisk holds an B.A. in government from Texas Tech University and an M.B.A. in banking and Finance from the University of North Texas. Mr. Fisk is a Certified Public Accountant.

William Heinz is a director of Midland National Life Insurance Company and North American Company for Life and Health Insurance. He currently is a partner at the law firm Jenner & Block LLP in Chicago. He previously served on the Board of Directors of Partners Financial Group, a bank holding company, for approximately 10 years, from the time of its founding through its subsequent acquisition. He currently serves as counsel to the board of trustees of a Big Ten university, and has served as counsel on Sarbanes Oxley issues to the Audit Committees of publicly traded companies. Mr. Heinz is a Fellow of the American College of Trial Lawyers. He has served as the past State Chair for Upstate Illinois for the American College of Trial Lawyers, and has served in a variety of leadership roles at the Illinois State Bar Association, the Chicago Bar Association and the Association of Professional Responsibility Mr. Heinz has a Bachelor of Science degree from Millikin University and a Juris Doctor degree from the University of Illinois.

Michael Masterson is a director of Midland National Life Insurance Company and North American Company for Life and Health Insurance. Mr. Masterson was the Company’s past Chairman and CEO prior to his retirement in 2011. Mr. Masterson earned a Bachelor of Arts degree from the University of Minnesota and is a graduate of the University of Minnesota Executive Program, the Harvard Executive Program in Competitive Strategies, and the LIMRA Leadership Institute. He has also earned his CLU, ChFC, and LLIF designations and has been a member of various industry boards, including the LIMRA International Board, the National Endowment for Financial Education and the American Council of Life Insurers (ACLI) Board.

Executive Compensation

This section is a review, summary and overview of our executive compensation program.

Compensation Philosophy and Strategy

The focus when designing Midland National’s Executive Compensation program is on recruitment, retention and to reward talented individuals and we do so by providing fair and competitive total compensation. This is accomplished through structured compensation to avoid excessive risk taking and/or behaviors, but which encourages entrepreneurship and promotes exceptional performance. Our compensation programs are also designed to promote ethical long-term thinking consistent with our objective of creating ever increasing enterprise economic value through solid financial performance. We provide incentives to enhance shareholder value, drive value creation, increase profits and promote the best returns on capital invested. We recognize individuals who make significant contributions to Midland National’s performance.

Total compensation is based on a holistic approach and may include any or all of the following: annual base salary, annual bonus or incentive compensation, long-term bonus or other long-term compensation, deferred compensation, retirement plans such as ESOP, supplemental executive retirement plans and welfare benefits such as life, health and disability insurance.

Compensation will be market driven as determined by periodic independent surveys. We will regularly survey the marketplace to determine how our total compensation compares with similar positions, as well as comparison with peer companies where possible. The mix of compensation elements may vary due to specific market conditions for specialized jobs.

As an ESOP owned enterprise, it may not be possible to be competitive with the stock equity programs of peer publicly held companies or total compensation plans of private equity firms. Executive compensation must be consistent with the principles of employer ownership and long term value creation. While Executives have higher levels of responsibility and accountability, Midland National’s results reflect the efforts of all employees.

Performance-based compensation will be discretionary and not strictly formulaic. Discretion includes consideration of circumstances (positive or negative) beyond the control of the Executive that affect performance. In making decisions on compensation for Executives, both the Executive Committee and Independent Committee (Compensation Committee) will be guided by the fundamental principles of fairness. Both Committees have the discretion to make compensation decisions that reflect the individual contributions of an Executive to perpetuate Midland National’s existence by creating ever increasing enterprise economic value for the benefit of current and future generations of its employees in order to achieve equity, both internally and in the relevant marketplace.

Since the Executive Committee’s principal focus and duties concern perpetuating Midland National’s existence by creating ever increasing enterprise economic value for the benefit of current and future generations of its employees, it is desirable that the design of compensation programs for members support this focus.

Variable compensation elements for members should emphasize a focus on both the overall performance of Midland National, plus the performance of the Controlled Investments over which any member has lead management oversight responsibility. The overall performance of Midland National will generally be determined by the change in value year to year.

The Executive Committee will have oversight responsibility for the compensation of Midland National Senior Executives. As a general rule, this “covered group” will include the senior most leaders of any business unit, and their direct reports. There may be exceptions warranted where more are included in the covered group, however it will be rare to have fewer covered by this oversight. All recommendations for compensation changes, promotions, bonuses and awards will be reviewed on a “one over one” basis. For example, compensation changes requested for a subordinate will require the approval of at least one level above the requestor. The direct superior will have responsibility for making the compensation recommendation for a subordinate. Executive Committee approval will be required for any changes impacting the people and positions they oversee. With the exception of Executive Committee compensation, all recommendations will be reviewed and approved by the next higher level of management.

Annual rewards/incentives for team results should keenly focus leaders on a balance of both short and long term financial results. Individual Leadership Development Plans (LDP’s) and Discretionary Bonus Objectives (DBO’s) will also be reflected in the annual rewards/incentives.

Through this strategy, not only will we be able to attract and retain the top talent needed to achieve our growth and financial performance objectives, we will also incentivize our top talent to achieve the best possible results.

Compensation Principles

Determination of annual and long-term incentive awards is discretionary and will not use indexes or mechanical formulas. When a percentage of base pay is used to calculate a variable compensation award, the base compensation on the last day of the performance period should be used to determine the amount of variable award.

Role of the Executive Committee and Board of Directors

The Board of Directors consists of the Executive Committee members and the Independent Directors. The Executive Committee will have oversight responsibility for the compensation of Midland National Senior Executives. As a general rule, this “covered group” will include the senior most leaders of any business unit, and their direct reports.

Role of the Compensation Committee of the Board of Directors of Midland National

The Independent Directors serve as the Compensation Committee. The Compensation Committee is responsible for reviewing and approving the Compensation Philosophy and Programs as recommended by the Executive Committee. The Compensation Committee is also responsible for creating the compensation incentive programs and plans for the Executive Committee. The Compensation Committee reviews and approves the compensation recommendations for the Executive Committee direct reports. The Compensation Committee is responsible for determining and approving the compensation awards (base, bonus, L-TIP) for the Executive Committee and Key Officers.

Role of Human Resources

The Human Resources Department is responsible for the administrative and support tasks related to compensation review and administration, as assigned by the Executive Committee and Compensation Committee. The Human Resources’ role includes preparing the compensation materials for the review of the Executive Committee and Compensation Committee, evaluating outside data and comparing to our organization, researching and understanding compensation plans in the market and assisting with the design of Company compensation programs and plans, and assisting the Compensation Consultant with relevant information and data.

Role of Compensation Consultant

When needed, the Company has retained Compensation consultants to assist and provide services including serving as an advisor to senior management on various issues relating to executive compensation practices. They also provide relevant market data and analysis and assist us in evaluating the competitiveness of the total compensation program.

Elements of the Total Rewards for our Executive Officers Compensation

• Base Salary

• Annual Executive Incentive Plan

• Employee Stock Ownership Plan (ESOP) (for some)

• Supplemental ESOP Plan (for some)

• Long-Term Incentive Plan (for some)

• Deferred Compensation Plan (for some)

• Executive Perquisites (Club memberships, cars, etc.)

Base Salary

Our base compensation is designed to be competitive with our industry peers for each position. We do not seek to be the highest or the lowest, but strive to maintain a balanced mid-range approach, recognizing the value of all other forms of compensation. Base compensation may vary between individuals in like positions based on comparative job performance and experience. Additionally, we will attempt to promote exceptional performance through forms of variable pay which are intended to recognize and reward both individual and collective performance.

Compensation for Senior Executives is market driven as determined by periodic independent surveys (typically conducted every two to three years) for comparable responsibilities. Time in position, performance and experience will be used to determine positioning in the range.

Base salary is considered to be the least effective compensation tool for driving desired business results.

Annual Executive Incentive Plan (Bonus)

Focus is on variable “at risk” compensation. There are two components, operational performance and accomplishment of Discretionary Bonus Objectives (DBO’s).

We place a significant emphasis on operational performance such as annual financial results, with the balance of focus on personal accomplishments and DBO’s. Awards are not linear and not formulaic. Fairness and equity should be the benchmark rather than mechanical formulas. Awards should be based on what the individual has accomplished. A participant should not be rewarded for results that were due primarily to positive external factors, nor should a participant be significantly penalized for economic conditions that were uncontrollable and unavoidable.

Awards are based on a look back over the previous year’s results.

• Were the business initiatives identified in the prior year implemented in a timely and competent manner?

• Were there any unforeseen obstacles encountered and how well were these managed?

• Were overall business results achieved in a collaborative and sustainable manner?

• What was the degree of stretch in the business plan targets?

Changes to the design and format of this plan are made periodically as market conditions warrant and may occur during a plan year.

ESOP

Currently, the value of the ESOP as a retirement plan far exceeds that of most other retirement plans in existence. It is a long term plan that focuses employees on their contribution to value creation. For the Senior Executives participating in this plan, the portion of the ESOP that exceeds typical retirement plans is considered to be a form of long term compensation. This important component of compensation must be taken into consideration when determining the total rewards associated with a position.

ESOP Supplemental Executive Retirement Plan (SERP)

ESOP SERP A

IRS regulations limit qualified retirement plan contributions for highly compensated employees. This plan provides a “make whole” for qualified retirement benefits lost due to treasury limitations. There is an ESOP SERP A Plan and an ESOP SERP B Plan. Previous participation in the ESOP SERP A plan has been limited to the top leaders in each Business Unit. The ESOP award for each participant will be determined and any “lost benefit” not received from the ESOP due to maximum allocation limitations is calculated for each participant and placed in a phantom share account. The account can only be accessed after separation from service. If an individual is a participant in the ESOP SERP A they should also be a candidate for entry into the Deferred Compensation plan.

Contributions grow in value on the same basis as the qualified plan contributions. Timing and form of payment must be elected in advance. Changes to the design and format of this plan are made periodically as market conditions warrant.

ESOP SERP B

For the ESOP SERP B there is a review each year of potential new participants. The ESOP SERP B plan is not a phantom share account as is the ESOP SERP A plan but is instead a cash account. The cash account will be credited with an annual interest at the

Executive Committee’s discretion. There is also a specific vesting requirement for the ESOP SERP B plan. The account can only be accessed after separation from service and upon attainment of 55 years of age and 10 years of service.

Long-Term Incentive Plan (LTIP)

Focus is on achievement of critical long-term financial goals, with particular emphasis on the creation of shareholder value. When reviewing business unit value we will look at value growth realized at the annual valuation, as well as dividends from the Business Units and cash invested in the Business Units. Not formulaic, to the extent possible performance and awards should be determined based on individual business unit results.

Participation typically includes the top operational leader in the business unit (President or CEO of a business unit) as well as other executives and key employees considered to be high potentials in the business unit.

Currently, LTIP bonus targets are a percentage of a participant’s base salary. The LTIP individual bonus target percentage varies by participant. Performance is measured over a three-year period. Effective for performance cycles commencing on and after January 1, 2022, upon the Board’s determination of a performance award for any performance cycle, 100% of such award will be immediately vested. For performance cycles commencing before January 1, 2022, upon the Board’s determination of the performance award for any performance cycle, 50% of the award vested in the year following the performance period and 25% vested in each of the following two years. Changes to the design and format of this plan are made periodically in order to respond to changes in the operating environment.

Deferred Compensation Plan

This plan provides a limited number of executives an opportunity to defer any form of cash compensation (base salary, annual Incentive or L-TIP).

This core purpose of Deferred Compensation is to increase focus on value creation. Therefore, it is desirable to link the interest credit or growth factor of these deferrals to the value created at SFG. This can be accomplished in a variety of ways such as stock price growth, Return on Investment (ROI), etc.

Limitations on upside potential and downside risk are provided in the current plan.

Taxes are deferred until actual receipt of funds. Timing and form of payments must be elected in advance. Currently, both a lump sum and annual installment option are available. Changes to the design and format of this plan are made periodically as market conditions warrant.

Executive Perquisites

Automobile allowances and club memberships are provided where competitive market conditions warrant.

Other Compensation and Benefits

In addition to the compensation and benefits noted, we also offer our employees, including our Named Executive Officers (defined below), a benefits package that includes group health, dental and vision coverage, group life insurance, short and long-term disability coverage and various deferred compensation and retirement benefits.

The programs are reviewed annually to ensure that the benefits offered are beneficial to our employees, cost-effective and are competitive within our industry.

Tax-Qualified Retirement Plans

The following tax-qualified retirement plans are offered to eligible employees, including our Named Executive Officers:

Sammons Enterprises, Inc. 401(k) Plan

Sammons Enterprises, Inc. sponsors the 401(k) Plan, a tax-qualified plan for its eligible employees, including the Named Executive Officers. Eligible employees may contribute to the 401(k) Plan on a before tax or after tax Roth 401(k) basis (or any combination of the foregoing), up to a percentage of annual eligible compensation as defined in the plan. Before-tax and Roth 401(k) contributions are subject to contribution limits and compensation limits imposed by the Internal Revenue Code of 1986, as amended (the “Code”). There is no company match.

Sammons Enterprises, Inc. Employee Stock Ownership Plan (“ESOP”). The ESOP is a plan designed to allow employees of a Sammons Enterprises, Inc. (“Sammons”) company that has adopted the ESOP, to accumulate a retirement benefit based on the value of Sammons Stock while an individual is actively employed by a Sammons company. The ESOP enables employees to acquire a retirement benefit based on the value of Sammons Stock without cost to the employee. Employees can use this benefit to increase their income in their retirement years.

Security Ownership of Certain Beneficial Owners and Management

SEI indirectly owns 100% of the voting securities of Midland National. SEI’s principal executive offices are located at 5949 Sherry Lane Dallas, Texas 75225. SEI is 100% owned by its Employee Stock Ownership Trust (ESOT).

Summary Compensation Table

The following table is a summary of information regarding the total compensation paid to our Named Executive Officers for the periods indicated.


Name and principal position (a)	Year (b)	Salary ($) (c)		Bonus ($) (d)		Stock awards ($) (e)	Option awards ($) (f)	Non-equity incentive plan compensation ($) (g)	Change in pension value and nonqualified deferred compensation earnings ($) (h)		All other compensation ($) (i)		Total ($) (j)
Esfandyar E. Dinshaw	2023	$	1,175,000	$	4,536,286				$	3,600,079	$	91,558	$	9,402,923
Chairman & CEO	2022	1,033,551		2,569,714					2,070,860		92,435		5,766,560
	2021	946,691		1,907,919					1,581,046		77,942		4,513,598

Robert R. TeKolste	2023	653,627		881,574					1,979,176		80,094		3,594,471
President—Sammons	2022	627,522		855,608					990,404		72,176		2,545,710
Institutional Annuity Group	2021	598,559		907,370					686,120		117,032		2,309,081

William L. Lowe	203	647,775		1,272,235					398,771		80,384		2,399,165
President—Sammons	2022	621,904		1,287,727					462,455		76,381		2,448,467
Institutional Group	2021	593,201		1,173,220					916,116		87,475		2,770,012

John D Melvin	2023	745,033		763,000					—		74,318		1,582,351
Senior Vice President	2022	717,500		330,000					—		403,631		1,451,131
Chief Investment Officer	2021	275,961		—					—		33,732		309,693

David C. Attaway	2023	474,300		457,234					—		74,878		1,006,412
Vice President, Chief	2022	457,500		453,330					—		66,703		977,533
Financial Officer & Treasurer	2021	336,632		176,773					—		52,465		565,870

CEO PAY RATIO

In accordance with SEC rules, we determined the annual total compensation of our median compensated employee and presented a comparison of that annual total compensation to the annual total compensation of our CEO, Esfandyar Dinshaw.

•The 2023 annual total compensation of our CEO was $9,402,923.

•The 2023 annual total compensation of our median compensated employee was $122,070.35.

Accordingly, the ratio of our CEO's annual total compensation to the annual total compensation of our median compensated employee for 2023 was 42 to 1.

Determining the Median Compensated Employee

To determine the median compensated employee, we took the following steps:

•We identified the Company’s employee population (excluding our CEO), consisting of full-time, part-time, and temporary employees, as of December 31, 2023. As of December 31, 2023, our employee population consisted of 1,956 individuals.

•Compensation for full-time employees hired after January 1, 2023, was annualized for the full year 2023.

•We identified our median compensated employee, using total compensation as our compensation measure, which included base salary, bonus compensation, and allocations under the Employee Stock Ownership Plan (“ESOP”). This methodology was consistently applied to all our employees included in the calculation and is consistent with the methodology we use for our NEOs as set forth in the 2023 Summary Compensation Table.

•With respect to the annual total compensation of our CEO, we included the amounts reported in the 2023 Summary Compensation Table included in this prospectus.

Our pay ratio and compensation amount have been calculated using methodologies and assumptions consistent with the SEC rules. The ratio and compensation amount may not be directly comparable to those of other companies because the methodologies and assumptions used to identify the median employee and determine that employee's total compensation may vary significantly among companies.

Transactions with Related Persons Promoter and Certain Control Persons (amounts in $1,000’s)

Company also holds $1,804,865 and $1,316,224 of limited partnership interests in affiliates which are reported in other invested assets in the statements of admitted assets, liabilities, and capital and surplus at December 31, 2023 and 2022, respectively.

The Company provides certain insurance and noninsurance services to MNL Re. The Company received reimbursements of $100 in each of 2023, 2022 and 2021 for the costs incurred to render such services.

The Company provides certain insurance and noninsurance services to SFG Bermuda. The Company received reimbursements of

$2,343, $1,500, and $500 in 2023, 2022 and 2021, respectively, for the costs incurred to render such services.

practice has been retained in the carrying value of MNL Re.

surplus. The reserve credit was supported by an LLC Note with a balance of $302,874 and $322,634 for 2023 and 2022, respectively. The LLC Note held by Solberg Re, which functions in a manner similar to a standby letter of credit and which Midland National is a beneficiary, is an admitted asset under Iowa prescribed practice and the surplus generated by this prescribed practice has been retained in the carrying value of Solberg Re.

On October 31, 2021, the Company entered into a funds withheld coinsurance agreement with SFG Bermuda, an affiliated company domiciled in Bermuda, under which the Company ceded 100% of certain fixed index annuity policies issued prior to October 1, 2021. The Company also cedes 80% of all fixed index annuity policies issued on or after October 1, 2021. On July 1, 2022 the Company began ceding 80% of all fixed annuity policies issued. The Company ceded premiums of $3,410,246 during 2021, which includes the initial ceding premium on the inforce business ceded. The Company recognized $8,258,985 and $6,963,526 at December 31, 2023 and 2022, respectively, of funds withheld under coinsurance under this agreement as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. Reserve credits of $8,265,651 and $6,952,687 associated with this agreement are reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022, respectively. The treaty also involved the coinsurance of interest maintenance reserves generated by the assets in the funds withheld portfolio. Interest maintenance reserve credits associated with this treaty of $332,649 and $393,146 are reported as a component of interest maintenance reserves in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022.

EXPERTS

The financial statements of Midland National Life Insurance Company as of December 31, 2023 and December 31, 2022 and for each of the three years in the period ended December 31, 2023 included in this Prospectus have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The financial statements of Midland National Life Insurance Company Separate Account C are in the SAI. The SAI is part of the registration statement filed on Form N-4.

Management’s Discussion and Analysis of Financial Conditions and Results of Operation

FINANCIAL INFORMATION

Selected Financial Data


	Year Ended December 31,
(dollars in thousands)	2023		2022		2021		2020		2019
Statement of Operations Data:
Premium considerations:
Life	$	807,826	$	1,998,424	$	2,903,919	$	862,658	$	834,451
Annuity	3,696,976		1,995,393		1,173,790		5,587,095		2,421,597
Total premium considerations	4,504,802		3,993,817		4,077,709		6,449,753		3,256,048
Net investment income and other revenues	2,207,200		2,241,413		1,525,509		1,982,908		2,262,883
Total revenues	6,712,002		6,235,230		5,603,218		8,432,661		5,518,931
Total benefits and expenses	6,078,873		5,559,484		4,495,024		7,961,534		5,042,205
Net gain from operations before federal income taxes and before realized capital gains or (losses)	633,129		675,746		1,108,194		471,127		476,726
Net income	$	321,233	$	512,344	$	956,597	$	152,626	$	371,200

	As of December 31,
(dollars in thousands)	2023		2022		2021		2020		2019
Balance Sheet Data:
Cash and invested assets	$	68,225,875	$	68,506,437	$	65,411,142	$	59,094,762	$	53,060,013
Total admitted assets	78,231,381		77,808,910		74,338,746		67,262,504		60,416,251
Aggregate reserves for life and annuity contracts	43,750,545		45,321,010		43,928,249		43,223,475		38,935,399
Other liabilities	29,582,243		27,424,383		25,162,055		19,833,970		17,628,421
Total liabilities	73,332,788		72,745,393		69,090,304		63,057,445		56,563,820
Total capital and surplus	4,898,593		5,063,517		5,248,442		4,205,059		3,852,431

Management’s Discussion and Analysis of Financial Conditions and Results of Operation

Cautionary Statement Regarding Forward-Looking Statements

Overview

Analysis of Results of Operations—Years Ended December 31, 2023 and 2022

The following table presents the statutory results of operations for the periods indicated:


	Year Ended December 31,				% Change
(dollars in thousands)	2023		2022
Revenues:
Life premium	$	807,826	$	1,998,424	-60	%
Annuity considerations	3,696,976		1,995,393		85	%
Net investment income	2,340,965		2,188,896		7	%
Investment income ceded - funds withheld reinsurance	(418,926)		(254,135)		65	%
Other income	285,161		306,652		-7	%
Total revenues	6,712,002		6,235,230		8	%
Benefits and Expenses:
Policyholder benefits	6,715,688		3,151,700		113	%
Change in policyholder reserves	(1,570,465)		1,392,761		-213	%
Operating costs and other items	899,140		876,196		3	%
Transfers to interest maintenance reserve ceded	22,238		39,327		-43	%
Transfers to interest maintenance reserve - market value adjustments	12,221		—		NM
Net transfers to (from) separate accounts	12,272		99,500		-88	%
Total Benefits and Expenses	6,078,873		5,559,484		9	%
Operating results before Federal income taxes and realized capital gains (losses)	633,129		675,746		-6	%
Federal income taxes	29,816		130,924		-77	%
Operating results before realized gains (losses)	603,313		544,822		11	%
Realized gains (losses) net of federal income taxes	(282,080)		(32,478)		769	%
Net income	$	321,233	$	512,344	-37	%

Operating results before Federal income taxes and realized capital gains (losses) decreased 6% for the twelve months ended December 31, 2023 compared to the twelve-month period ended December 31, 2022. This decrease is primarily attributable to lower investment income from alternative investments. In 2022, the Company ceded to an affiliate, SFG Bermuda, 80% of fixed index annuity (FIA) policies issued on or after October 1, 2021 as well as 80% of multi-year-guarantee (MYG) fixed annuity policies issued between July 1, 2022 and December 31, 2023. Throughout 2023, the Company continued to ceded 80% of FIA policies issued where living benefit riders were available, but discontinued ceding FIA policies issued on or after April 1, 2023 where living benefit riders were not available. The Company recognized reserve credits of $8,265,651 million under this agreement as of December 31, 2023. The premium ceded in 2023 was $1,573,412 million.

Revenues

Total revenues increased 8% in the twelve months ended December 31, 2023 compared to the twelve months ended December 31, 2022. Following is a discussion of the primary contributors to this increase.

Net investment income increased 7% in the 2023 period compared to 2022. The following table provides a summary of the components of net investment income:


	Year Ended December 31,				% Change
(dollars in thousands)	2023		2022
Revenues:
Bonds	$	2,534,053	$	2,351,761	8	%
Preferred stocks	78,691		88,961		-12	%
Common stocks	14,703		15,105		-3	%
Mortgage loans	176,173		183,527		-4	%
Real estate	6,525		6,525		—	%
Policy loans	29,270		23,969		22	%
Cash and short-term investments	79,043		6,106		1195	%
Derivative instruments	(255,426)		(403,530)		-37	%
Other invested assets	166,654		197,483		-16	%
Other investment income	5,344		3,283		63	%
Total gross investment income	2,835,030		2,473,190		15	%
Less: investment expenses	494,065		284,294		74	%
Net investment income	$	2,340,965	$	2,188,896	7	%

on reinsurance ceded relate to surrender activity on a closed block of annuities reinsured through a modified coinsurance agreement with an unaffiliated party and the decrease in other income related to this item is offset by a corresponding increase in net policy outflows ceded on the block reinsured. Other income was also impacted by an increase in earnings from MNL’s company owned life insurance (income of $126 million in 2023 compared to $33 million in 2022).

Benefits and Expenses

Policyholder benefits increased 113% in 2023 compared to 2022. This was primarily attributable to an increase in net surrenders on annuities. $2.1 billion of the increase was on surrenders of multi-year-guarantee (MYG) fixed annuity policies due to a large block of policies sold during 2020 with a three year guarantee period. $1.2 billion of the increase was on surrenders bank and credit owned life insurance products which experienced higher surrenders in early 2023. The remainder of the increase in policy benefits was due to general increases in surrender activity due to higher interest rates, partially offset by a decline in life insurance death benefits incurred. Surrender and withdrawal benefits are offset by a corresponding decrease in policyholder reserves. The life death benefits result in an impact to operating earnings by the amount of benefit paid above the amount of policyholder reserve released, net of reinsurance.

Change in policyholder reserves decreased 213% in 2023 compared to an increase in reserves of $1,393 million in 2022. The increase in MYG and bank and credit owned life surrenders in 2023 reference in the previous section resulted in a large decrease in reserves. The decline in sales of bank-owned life insurance in 2023 compared to 2022 also contributed to the lower increase in policyholder reserves. $1,573

Operating costs and other items increased 3% in 2023 compared to 2022. This is primarily due to increases in salaries and other costs associated with growth related initiatives of the Company and higher commissions due to increases in life and annuity sales.

Within the funds withheld coinsurance treaty with an affiliate, SFG Bermuda, the Company recognized realized gains(losses) ceded of $(45) million and $(52) million, respectively in 2023 and 2022 , which was reported as a component of other income in revenue. The Company also recognized transfers to interest maintenance reserve (“IMR”) ceded of $22 million and $39 million in 2023 and 2022, respectively associated with the coinsurance of any IMR generated from net realized losses/gains generated on the assets in the funds withheld portfolio. The remaining unamortized ceded IMR balance of $332,649 million associated with this treaty is reported as a component of interest maintenance reserve in the statement of admitted assets, liabilities and capital and surplus as of December 31, 2023.

Federal Income Taxes

Realized Gains (Losses) Net of Federal Income Taxes

Analysis of Results of Operations—Years Ended December 31, 2022 and 2021

Selected Financial Data


	Year Ended December 31,
(dollars in thousands)	2022		2021		2020		2019		2018
Statement of Operations Data:
Premium considerations:
Life	$	1,998,424	$	2,903,919	$	862,658	$	834,451	$	1,154,707
Annuity	1,995,393		1,173,790		5,587,095		2,421,597		2,526,365
Total premium considerations	3,993,817		4,077,709		6,449,753		3,256,048		3,681,072
Net investment income and other revenues	2,241,413		1,525,509		1,982,908		2,262,883		2,350,711
Total revenues	6,235,230		5,603,218		8,432,661		5,518,931		6,031,783
Total benefits and expenses	5,559,484		4,495,024		7,961,534		5,042,205		5,522,022
Net gain from operations before federal income taxes and before realized capital gains or (losses)	675,746		1,108,194		471,127		476,726		509,761
Net income	$	512,344	$	956,597	$	152,626	$	371,200	$	401,605

	As of December 31,
(dollars in thousands)	2022		2021		2020		2019		2018
Balance Sheet Data:
Cash and invested assets	$	68,506,437	$	65,411,142	$	59,094,762	$	53,060,013	$	51,705,164
Total admitted assets	77,808,910		74,338,746		67,262,504		60,416,251		57,914,703
Aggregate reserves for life and annuity contracts	45,321,010		43,928,249		43,223,475		38,935,399		37,541,225
Other liabilities	27,424,383		25,162,055		19,833,970		17,628,421		16,802,270
Total liabilities	72,745,393		69,090,304		63,057,445		56,563,820		54,343,495
Total capital and surplus	5,063,517		5,248,442		4,205,059		3,852,431		3,571,208

Management’s Discussion and Analysis of Financial Conditions and Results of Operation

Cautionary Statement Regarding Forward-Looking Statements

Overview

Analysis of Results of Operations—Years Ended December 31, 2022 and 2021

The following table presents the statutory results of operations for the periods indicated:


	Year Ended December 31,				% Change
(dollars in thousands)	2022		2021
Revenues:
Life premium	$	1,998,424	$	2,903,919	-31	%
Annuity considerations	1,995,393		1,173,790		70	%
Net investment income	2,188,896		3,450,756		-37	%
Other income	52,517		(1,925,247)		-103	%
Total revenues	6,235,230		5,603,218		11	%
Benefits and Expenses:
Policyholder benefits	3,151,700		3,260,079		-3	%
Change in policyholder reserves	1,392,761		704,775		98	%
Operating costs and other items	876,196		786,727		11	%
Transfers to interest maintenance reserve ceded	39,327		(513,281)		-108	%
Net transfers to (from) separate accounts	99,500		256,724		-61	%
Total Benefits and Expenses	5,559,484		4,495,024		24	%
Operating results before Federal income taxes and realized capital gains (losses)	675,746		1,108,194		-39	%
Federal income taxes	130,924		122,814		7	%
Operating results before realized gains (losses)	544,822		985,380		-45	%
Realized gains (losses) net of federal income taxes	(32,478)		(28,783)		13	%
Net income	$	512,344	$	956,597	-46	%

Net income decreased 46% in 2022 compared to 2021. This decrease was driven by the same factors that impacted operating results in 2022 compared to 2021 as described in the previous paragraph.

Revenues

Net investment income decreased 37% in the 2022 period compared to 2021. The following table provides a summary of the components of net investment income:


	Year Ended December 31,				% Change
(dollars in thousands)	2022		2021
Revenues:
Bonds	$	2,351,761	$	2,313,227	2	%
Preferred stocks	88,961		79,100		12	%
Common stocks	15,105		13,208		14	%
Mortgage loans	183,527		188,120		-2	%
Real estate	6,525		10,074		-35	%
Policy loans	23,969		21,190		13	%
Cash and short-term investments	6,106		2,397		155	%
Derivative instruments	(403,530)		764,920		-153	%
Other invested assets	197,483		289,754		-32	%
Other investment income	3,283		2,318		42	%
Total gross investment income	2,473,190		3,684,308		-33	%
Less: investment expenses	284,294		233,552		22	%
Net investment income	$	2,188,896	$	3,450,756	-37	%

Benefits and Expenses

Within the funds withheld coinsurance treaty with an affiliate, SFG Bermuda, the Company recognized realized gains(losses) ceded of ($52) million and $649 million, respectively in 2022 and 2021 , which was reported as a component of other income in revenue. The Company also recognized transfers to interest maintenance reserve (“IMR”) ceded of $39 million and ($513) million in 2022 and 2021, respectively associated with the coinsurance of any IMR generated from net realized losses/gains generated on the assets in the funds withheld portfolio. The remaining unamortized ceded IMR balance of $393 million associated with this treaty is reported as a component of interest maintenance reserve in the statement of admitted assets, liabilities and capital and surplus as of December 31, 2022.

Federal Income Taxes

Realized Gains (Losses) Net of Federal Income Taxes

Liquidity and Capital Resources

Liquidity

Net cash (used) provided by operating activities was $(1,235) million and $1,451 million for the years ended December 31, 2023 and December 31, 2022, respectively. Net cash flow from operating activities primarily consists of net investment income and premium receipts from insurance contracts less benefit payments, operating expenses and income taxes. The decrease in cash used by operating activities in 2022 is primarily due an increase in surrenders of a block of three year multi-year guarantee (MYG) fixed annuities sold during 2020 that reached the end of their guarantee period in 2023 and increases in surrenders on bank and credit owned life insurance. Cash provided by sales of indexed annuities and other products exceeded cash outflows on those products. Net cash provided by investment income including derivatives used to hedge indexed life and annuity liabilities increased in 2023 compared to 2022 due to higher interest rates and higher derivative cash flow due to higher equity markets associated with indexed life and annuity policyholder allocations.

Midland National is a member of the FHLB of Des Moines. The FHLB membership provides the Company a borrowing facility with access to low cost funding. As members of the FHLB, Midland National is required to purchase and hold the FHLB common stock. In addition, Midland National is required to purchase activity common stock equal to 5% of outstanding borrowings. As of December 31, 2023, Midland National owned a total of $148 million of membership and activity common stock of the FHLB.

At December 31, 2023 Midland National had outstanding capital commitments to limited partnerships of $1,146 million.

Insurance Policyholder Liabilities

The following table provides a summary of statutory annuity reserves by withdrawal characteristics:(1)


	December 31, 2023
(dollars in millions)	Annuity Reserve Amount		Percent of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	26,579,668	64	%
At fair value	2,227,994		5	%
At book value less surrender charge of 5% or more	61,634		0	%
Total with adjustment or fair value	28,869,296		69	%
At book value without adjustment	11,243,510		27	%
Not subject to discretionary withdrawal	1,816,733		4	%
Total	41,929,539		100	%
Reinsurance ceded	10,673,187
Total net of reinsurance	$	31,256,352

Although cash flow testing includes many different scenarios, cash flow requirements are inherently unpredictable, as they are affected by external factors, such as changes in interest rates.

Capital Resources

The following table summarizes the components of MNL’s TAC:


	December 31,
(dollars in thousands)	2023		2022
Capital and surplus	$	4,898,593	$	5,063,517
Asset valuation reserve	734,535		590,241
Subsidiaries' asset valuation reserve	1,019		816
Total Adjusted Capital	$	5,634,147	$	5,654,574

100

Investments

Midland National had total cash and invested assets of $68,226 million and $68,506 million at December 31, 2023 and 2022, respectively, as illustrated below:


	December 31, 2023				December 31, 2022
(dollars in thousands)	Admitted Value		% of Total Admitted Value		Admitted Value		% of Total Admitted Value
Cash and invested assets
Bonds	$	54,716,780	80	%	$	56,710,124	83	%
Stocks
Preferred stocks	986,390		1	%	1,653,807		2	%
Common-subsidiaries	890,229		1	%	264,909		0	%
Common-other	247,960		0	%	309,008		0	%
Mortgage loans	3,790,420		6	%	3,835,425		6	%
Real estate	98,402		0	%	99,050		0	%
Policy loans	528,710		1	%	459,745		1	%
Cash, cash equivalents and short-term investments	1,709,358		3	%	722,450		1	%
Receivable for securities	11,171		0	%	4,686		0	%
Derivative instruments	641,206		1	%	621,508		1	%
Other invested assets	4,605,249		7	%	3,825,725		6	%
Total cash and invested assets	$	68,225,875	100	%	$	68,506,437	100	%

101

The following table summarizes the admitted values and estimated fair values of the Company’s bond portfolio for the years ended December 31, 2023 and 2022:


	December 31, 2023						December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total Admitted Value		Estimated Fair Value		Admitted Value		% of Total Admitted Value
Bonds
U.S. government	$	2,768,999	$	3,396,220	6	%	$	2,645,599	$	3,372,011	6	%
All other government	938,903		1,248,653		2	%	961,324		1,303,556		2	%
U.S. special revenue & special assessment obligations, non-guaranteed	10,872,065		12,223,325		22	%	11,104,478		12,642,252		22	%
Industrial and miscellaneous	33,317,841		36,771,743		68	%	32,625,334		37,734,661		67	%
Bank loans	736,747		748,234		1	%	1,249,000		1,292,873		2	%
Parent, subsidiaries and affiliates	331,175		328,605		1	%	344,812		364,771		1	%
Total bonds	$	48,965,730	$	54,716,780	100	%	$	48,930,547	$	56,710,124	100	%
Preferred stock	$	951,265	$	986,390	100	%	$	1,601,753	$	1,653,807	100	%
Common stock
Parent, subsidiaries and affiliates	$	890,229	$	890,229	78	%	$	264,909	$	264,909	46	%
Other	247,960		247,960		22	%	309,008		309,008		54	%
Total common stock	$	1,138,189	$	1,138,189	100	%	$	573,917	$	573,917	100	%


NAIC Rating						NRSRO Equivalent
1						Aaa/Aa/A
2						Baa
3						Ba
4						B
5						Caa and lower
6						In or near default

102

The following table summarizes Midland National’s bond portfolio by NAIC ratings:


	At December 31, 2023				At December 31, 2022
(dollars in thousands)	Admitted Value		% of Total		Admitted Value		% of Total
NAIC Designation
1	$	33,499,842	61	%	$	33,331,016	59	%
2	18,599,577		34	%	19,544,817		34	%
3	1,562,630		3	%	2,074,143		4	%
4	866,685		2	%	1,377,295		2	%
5	179,069		0	%	364,796		1	%
6	8,977		0	%	18,057		0	%
Total Bonds	$	54,716,780	100	%	$	56,710,124	100	%


	At December 31, 2023				At December 31, 2022
(dollars in thousands)	Admitted Value		% of Total		Admitted Value		% of Total
Contractual maturity
Due in one year or less	$	640,913	1	%	$	647,759	1	%
Due after one year through five years	4,662,846		9	%	4,942,884		9	%
Due after five years through ten years	6,899,048		13	%	6,982,739		12	%
Due after ten years	28,068,287		51	%	29,947,902		53	%
Securities not due at a single maturity date (primarily mortgage-backed securities)	14,445,686		26	%	14,188,840		25	%
Total Bonds	$	54,716,780	100	%	$	56,710,124	100	%

The following tables summarize the Company’s sector allocation, admitted values, estimated fair values and ratings distribution for Industrial and Miscellaneous bonds at December 31, 2023 and 2022:


	At December 31, 2023						At December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total		Estimated Fair Value		Admitted Value		% of Total
Industrial & Miscellaneous
Insurance	$	2,818,094	$	3,225,632	10	%	$	3,036,691	$	3,569,694	9	%
Banking	2,762,857		2,988,952		9	%	2,981,799		3,347,904		8	%
CLO	2,858,693		2,953,608		8	%	2,455,669		2,609,555		7	%
Military Housing	2,732,340		2,869,078		8	%	2,723,791		3,020,483		8	%
Energy	2,326,544		2,619,592		7	%	2,128,434		2,549,136		7	%
Consumer Non Cyclical	2,016,393		2,308,156		6	%	1,817,306		2,235,984		6	%
Communications	1,437,954		1,647,342		4	%	1,288,655		1,604,980		4	%
Transportation	1,489,958		1,605,148		4	%	1,870,979		2,180,156		6	%
Consumer Cyclical	1,289,116		1,447,532		4	%	1,320,738		1,542,173		4	%

103


Technology	1,271,907		1,417,595		4	%	1,118,747		1,353,221		4	%
Basic	1,085,753		1,269,544		3	%	1,047,378		1,273,745		3	%
Brokerage/Asset Managers/Exchanges	1,056,310		1,264,557		3	%	997,470		1,261,806		3	%
Whole Business	1,102,647		1,210,984		3	%	1,167,712		1,343,628		4	%
Financial	954,397		1,058,558		3	%	861,736		1,020,492		3	%
CRE-CLO	910,518		941,446		3	%	994,360		1,019,013		3	%
Finance Company	868,442		909,503		2	%	410,798		479,410		1	%
Electric	699,677		765,952		2	%	557,805		648,746		2	%
Other ABS	649,395		674,594		2	%	523,309		566,166		2	%
Other Industrials	535,265		660,110		2	%	591,521		736,819		2	%
Capital Goods	570,861		607,536		2	%	499,349		570,419		2	%
Sovereign	455,351		527,124		1	%	493,319		573,817		2	%
Prime	462,870		522,004		1	%	414,153		484,576		1	%
Other Financials	374,947		442,366		1	%	381,619		449,564		1	%
CTL	385,653		420,707		1	%	399,602		441,869		1	%
Cell Tower	354,124		395,691		1	%	324,145		378,246		1	%
REIT	349,035		377,035		1	%	319,799		360,927		1	%
CDO	311,547		354,615		1	%	357,988		424,116		1	%
Triple Net Lease	255,082		281,544		1	%	314,429		348,500		1	%
Traditional-Conduit	186,267		216,242		1	%	236,327		268,359		1	%
Traditional-Single Borrower	207,096		213,083		1	%	222,719		232,287		1	%
Agency	170,620		204,995		1	%	279,551		326,466		1	%
Alt-A	56,227		57,305		0	%	97,227		100,637		0	%
Diversified Payment Rights	43,618		45,388		0	%	52,659		55,110		0	%
Housing	43,716		45,281		0	%	40,377		42,835		0	%
Utilities	39,628		38,423		0	%	—		—		0	%
Other	30,926		32,300		0	%	30,498		33,041		0	%
Re-Remic	33,233		27,760		0	%	35,739		29,187		0	%
Consumer Unsecured	21,543		21,197		0	%	377		380		0	%
State	16,295		16,661		0	%	11,548		12,718		0	%
University	12,376		13,535		0	%	41,343		44,377		0	%
City	10,352		10,928		0	%	9,905		10,898		0	%
Subprime	9,859		10,341		0	%	47,175		46,160		0	%
County	8,771		9,170		0	%	—		—		0	%
Hospital	7,545		8,668		0	%	47,893		58,103		0	%
Non-Traditional	8,508		8,617		0	%	846		907		0	%
Fixed Income	7,730		7,206		0	%	8,301		8,301		0	%
Water & Sewer	5,482		5,891		0	%	5,352		5,888		0	%
Automotive	5,691		5,534		0	%	13,882		13,916		0	%
Servicing Advance	3,306		3,575		0	%	3,235		3,575		0	%
Recreational	1,758		1,650		0	%	—		—		0	%
School	1,564		1,488		0	%	761		715		0	%
Power	—		—		0	%	40,318		45,656		0	%
Total Industrial & Miscellaneous	$	33,317,841	$	36,771,743	100	%	$	32,625,334	$	37,734,661	100	%

104


	At December 31, 2023						At December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total		Estimated Fair Value		Admitted Value		% of Total
NAIC Designation
1	$	15,698,624	$	17,124,574	47	%	$	14,679,507	$	16,650,238	44	%
2	16,007,663		17,833,782		48	%	15,904,380		18,650,407		50	%
3	1,172,831		1,333,618		4	%	1,539,497		1,837,259		5	%
4	393,836		442,858		1	%	456,117		545,430		1	%
5	39,923		32,189		0	%	32,221		37,851		0	%
6	4,964		4,722		0	%	13,612		13,476		0	%
Total Industrial & Miscellaneous	$	33,317,841	$	36,771,743	100	%	$	32,625,334	$	37,734,661	100	%

The following table summarizes the Company’s sector allocation, admitted values, estimated fair values and ratings distribution for Bank Loans at December 31, 2023 and 2022:


	At December 31, 2023						At December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total		Estimated Fair Value		Admitted Value		% of Total
Bank Loans
Consumer Non Cyclical	$	254,432	$	266,571	37	%	$	343,241	$	367,419	29	%
Technology	152,872		150,803		20	%	204,476		209,456		16	%
Other Industrials	88,189		91,030		12	%	101,174		105,279		8	%
Capital Goods	61,480		61,155		8	%	96,479		99,257		8	%
Brokerage/Asset Managers/Exchanges	53,094		52,594		7	%	86,197		89,931		7	%
Consumer Cyclical	51,916		51,822		7	%	160,912		165,004		13	%
Transportation	39,510		39,572		5	%	130,192		130,858		10	%
Other Financials	16,480		20,232		3	%	27,923		29,222		2	%
Basic	7,169		7,157		1	%	33,444		33,527		3	%
Communications	3,366		3,350		0	%	27,131		29,515		2	%
Energy	7,577		3,264		0	%	8,544		4,084		0	%
REIT	662		684		0	%	3,618		3,634		0	%
Electric	—		—		0	%	25,669		25,687		2	%

Total Bank Loans	$	736,747	$	748,234	100	%	$	1,249,000	$	1,292,873	100	%


	At December 31, 2023						At December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total		Estimated Fair Value		Admitted Value		% of Total
NAIC Designation
1	$	4,816	$	4,815	1	%	$	38,605	$	42,155	3	%
2	99,340		99,061		13	%	183,041		184,226		14	%
3	100,797		104,529		14	%	92,910		94,674		7	%
4	389,487		390,385		52	%	768,559		804,795		63	%
5	137,523		145,189		19	%	160,708		162,443		13	%
6	4,784		4,255		1	%	5,177		4,580		0	%
Total Industrial & Miscellaneous	$	736,747	$	748,234	100	%	$	1,249,000	$	1,292,873	100	%

105


	At December 31, 2023						At December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total		Estimated Fair Value		Admitted Value		% of Total
Parent, Subsidiaries and Affiliates
Issuer Obligations/Affiliates	$	5,619	$	3,066	1	%	$	5,780	$	3,343	1	%
Structured Securities/Affiliates	274,405		274,591		83	%	288,204		310,045		85	%
Bank Loans/Affiliates	51,151		50,948		16	%	50,828		51,383		14	%
Total Parent, Subsidiaries and Affiliates	$	331,175	$	328,605	100	%	$	344,812	$	364,771	100	%


	At December 31, 2023						At December 31, 2022
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total		Estimated Fair Value		Admitted Value		% of Total
NAIC Designation
1	$	253,649	$	251,339	77	%	$	121,314	$	120,321	33	%
2	998		1,060		0	%	944		1,060		0	%
3	64,979		65,434		20	%	66,169		68,116		19	%
4	11,549		10,772		3	%	10,708		10,772		3	%
5	—		—		0	%	145,677		164,502		45	%
6	—		—		0	%	—		—		0	%
Total Parent, Subsidiaries and Affiliates	$	331,175	$	328,605	100	%	$	344,812	$	364,771	100	%

Mortgage Loans

The following tables outline the Company’s mortgage loans by property type:


	At December 31, 2023				At December 31, 2022
(dollars in thousands)	Admitted Value		% of Total		Admitted Value		% of Total
Property Type
Office	$	1,561,302	41	%	$	1,683,399	44	%
Retail	779,294		21	%	770,983		20	%
Hotel	745,283		20	%	646,030		17	%
Industrial	387,114		10	%	302,512		8	%
Multi-family	192,096		5	%	275,721		7	%
Other	122,914		3	%	123,418		3	%
Medical	14,624		0	%	36,818		1	%

Less: Allowance	(12,207)		0	%	(3,456)		0	%
Total Mortgage Loans	$	3,790,420	100	%	$	3,835,425	100	%

106

The following tables outline the Company’s mortgage loans by geographic location:


	At December 31, 2023				At December 31, 2022
(dollars in thousands)	Admitted Value		% of Total		Admitted Value		% of Total
Geographic Location
Pacific	$	1,160,256	30	%	$	1,065,106	27	%
South Atlantic	924,705		24	%	946,011		25	%
Middle Atlantic	830,001		22	%	914,950		24	%
Mountain	494,743		13	%	364,931		10	%
New England	163,628		4	%	167,405		4	%
West North Central	74,350		2	%	75,909		2	%
East North Central	63,122		2	%	120,789		3	%
East South Central	61,107		2	%	136,932		4	%
West South Central	30,715		1	%	46,848		1	%
Less: Allowance	(12,207)		0	%	(3,456)		0	%
Total Mortgage Loans	$	3,790,420	100	%	$	3,835,425	100	%

The following table summarizes the Company’s mortgage loans by year of origination, current carrying value, average loan-to-value (“LTV”) at date of origination and range of interest rates.


(dollars in thousands)			Admitted Value as of
Year of Origination	Interest Rate Range	Range of LTV at Origination	December 31, 2023		% of Total
2019 and prior	3.55% - 8.00%	42% - 76%	$	2,095,253	54	%
2020	3.39% - 4.85%	44% - 70%	142,486		4	%
2021	3.00% - 4.25%	51% - 68%	330,585		9	%
2022	3.00% - 9.97%	11% - 67%	934,103		25	%
2023	4.58% - 6.70%	30% - 67%	300,200		8	%
Less: Allowance			(12,207)		0	%
			$	3,790,420	100	%

Other Invested Assets

Other invested assets are comprised of limited partnerships, limited liability companies, residual equity interests, collateral loans, surplus notes and reverse mortgages. The following table summarizes the admitted value and unfunded commitments for the categories of other invested assets reported in the Company’s balance sheet.

107


	At December 31, 2023				At December 31, 2022
(dollars in thousands)	Admitted Value		Unfunded commitments		Admitted Value		Unfunded commitments
Investments that have underlying characteristics of:
Mortgage loans	$	170,896	$	63,606	$	250,637	$	61,563
Fixed income instruments-Unaffiliated	255,232		130,004		67,020		97,475
Fixed income instruments-Affiliated	319,428		—		283,789		6,286
Common stocks-Unaffiliated	1,210,487		494,087		1,023,181		726,073
Common stocks-Affiliated	747,629		237,964		737,479		87,020
Real estate	468,515		227,592		16,531		460,962
Surplus Notes	924,049		—		990,447		—
Collateral loans-Unaffiliated	100,556		—		116,436		—
Collateral loans-Affiliated	377,154		—		305,222		—
Miscellaneous other	31,303		—		34,983		—
Total other invested assets	$	4,605,249	$	1,153,253	$	3,825,725	$	1,439,379

Derivatives

The following table presents the estimated fair value and admitted value for assets and reported value for liabilities of derivatives:


	At December 31, 2023				At December 31, 2022
(dollars in thousands)	Admitted Value		Estimated Fair Value		Admitted Value		Estimated Fair Value
Derivative instruments:
Assets:
Call options	$	631,051	$	1,734,035	$	599,246	$	546,347
Futures	7,295		7,295		4,342		4,342

Interest rate swaps	—		—		16,085		2,658
Foreign exchange forwards	2,860		2,860		1,835		1,835
Total derivative instruments assets	$	641,206	$	1,744,190	$	621,508	$	555,182

	Admitted Value		Estimated Fair Value		Admitted Value		Estimated Fair Value
Liabilities:
Interest rate swaps	$	8,653	$	8,653	$	12,648	$	12,648
Written options	239,028		841,173		271,812		229,542
Foreign exchange forwards	1,761		1,761		1,678		1,678
Total derivative instruments liabilities	$	249,442	$	851,587	$	286,138	$	243,868

108

Off Balance Sheet Arrangements

None.

Critical Accounting Estimates

Qualitative and Quantitative Disclosures about Market Risk

The credit risk in our investment portfolio is related to the risk of default by the issuers of fixed income invested assets and mortgages held in our portfolio. Our product pricing incorporates a certain level of defaults within our portfolio. Historically, the actual level of defaults has not exceeded the assumed level built into our product pricing. Our investment manager applies vigorous credit analysis prior to the purchase of a security and during the holding period in order to minimize the negative impact from security defaults.

financial condition or operations as a result of changing interest rates.

109

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

110

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

FINANCIAL STATEMENTS – STATUTORY BASIS AND SUPPLEMENTAL SCHEDULES

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 and 2021

111


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) TABLE OF CONTENTS DECEMBER 31, 2023, 2022 and 2021


			Page(s)
Midland National Life Insurance Company
Financial Statements
Report of Independent Auditors			113
Statements of Admitted Assets, Liabilities and Capital and Surplus- Statutory Basis			115
Statements of Operations- Statutory Basis			116
Statements of Changes in Capital and Surplus- Statutory Basis			117
Statements of Cash Flow- Statutory Basis			118
Notes to Statutory Financial Statements- Statutory Basis			119

112

Report of Independent Auditors

To the Board of Directors and Management of Midland National Life Insurance Company

Opinions

We have audited the accompanying statutory basis financial statements of Midland National Life Insurance Company (the “Company”), which comprise the statements of admitted assets, liabilities and capital and surplus - statutory basis as of December 31, 2023, and 2022, and the related statements of operations – statutory basis, changes in capital and surplus – statutory basis, and of cash flows- statutory basis for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities and capital and surplus – statutory basis of the Company as of December 31, 2023, and 2022, and the results of its operations and its cash flows – statutory basis for each of the three years in the period ended December 31, 2023, in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division described in Note 1.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on

U.S. Generally Accepted Accounting Principles section of our report, the accompanying financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2023 and 2022, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2023.

Basis for Opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 1 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the Iowa Insurance Division, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

113

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the financial statements are available to be issued.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS, we:

•Exercise professional judgment and maintain professional skepticism throughout the audit.

•Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

•Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Des Moines, Iowa

April 15, 2024

114


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS - STATUTORY BASIS AS OF DECEMBER 31, 2023 and 2022 (Dollars in Thousands, except par value)


	2023		2022
ADMITTED ASSETS
Bonds	$	54,716,780	$	56,710,124
Stocks
Preferred	986,390		1,653,807
Common - subsidiaries	890,229		264,909
Common - other	247,960		309,008
Mortgage loans	3,790,420		3,835,425
Real estate	98,402		99,050
Policy loans	528,710		459,745
Cash, cash equivalents and short-term investments	1,709,358		722,450
Receivable for securities	11,171		4,686
Derivative instruments	641,206		621,508
Other invested assets	4,605,249		3,825,725
Total cash and invested assets	68,225,875		68,506,437
Policy premiums due, deferred or uncollected	171,900		169,886
Accrued investment income	534,434		621,057
Current federal income tax receivable	263,886		113,935
Net deferred tax asset	358,793		387,692
Company owned life insurance	1,859,865		1,733,483
Admitted disallowed interest maintenance reserve	74,012		18,231
Other admitted assets	87,163		88,149
Separate account assets	6,655,453		6,170,040
Total admitted assets	$	78,231,381	$	77,808,910
LIABILITIES AND CAPITAL AND SURPLUS
Liabilities for future policy benefits	$	43,750,545	$	45,321,010
Liabilities for deposit-type contracts	443,181		479,550
Policy and contract claims	264,962		251,547
Other policyholder funds	2,973		3,001
Total policyholder liabilities	44,461,661		46,055,108
Amounts payable for reinsurance	30,353		26,065

Asset valuation reserve	734,535		590,241
Repurchase agreements, FHLB advances and collateral on derivatives	8,197,190		8,029,978
Payable for securities	140,165		182,503
Funds held under coinsurance	12,477,074		11,378,268
Derivative instruments	249,442		286,138
Accrued expenses and other liabilities	732,437		387,443

Separate account liabilities	6,309,931		5,809,649
Total liabilities	73,332,788		72,745,393
Capital and surplus
Common stock - $1 par value; 2,549,439 shares authorized, issued, and outstanding	2,549		2,549
Surplus notes	1,237,000		1,237,000
Additional paid-in capital	793,927		793,927
Other surplus funds	74,012		—
Unassigned surplus	2,791,105		3,030,041
Total capital and surplus	4,898,593		5,063,517
Total liabilities and capital and surplus	$	78,231,381	$	77,808,910

115


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) STATEMENTS OF OPERATIONS – STATUTORY BASIS FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)


	2023		2022		2021
REVENUES
Life insurance and annuity premiums and other considerations	$	4,516,010	$	4,001,982	$	4,091,787
Net investment income	2,340,965		2,188,896		3,450,756
Commissions and expense allowances on reinsurance ceded	310,311		447,227		243,438
Amortization of interest maintenance reserve (asset)	(9,005)		(5,181)		23,476
Reserve adjustments on reinsurance ceded	(278,686)		(303,636)		(1,576,570)
Investment income ceded - funds withheld reinsurance	(418,926)		(254,135)		(967,336)
Other income	251,333		160,077		337,667
Total revenues	6,712,002		6,235,230		5,603,218

BENEFITS AND EXPENSES
Life and annuity policy benefits	6,715,688		3,151,700		3,277,665
Increase (decrease) in liabilities for future life and annuity policy benefits	(1,570,465)		1,392,761		704,775
Commissions	504,352		499,681		434,736
General expenses	344,437		314,645		275,720
Insurance taxes, licenses and fees	38,130		61,870		76,271
Transfers to interest maintenance reserve ceded	22,238		39,327		(513,281)
Transfers to interest maintenance reserve - market value adjustments	12,221		—		(17,586)
Net transfers to separate accounts	12,272		99,500		256,724
Total benefits and expenses	6,078,873		5,559,484		4,495,024
Net gain from operations before federal income taxes and net realized capital losses	633,129		675,746		1,108,194
Federal income tax expense	29,816		130,924		122,814
Net gain from operations before net realized capital losses	603,313		544,822		985,380

Net realized capital losses	(282,080)		(32,478)		(28,783)

Net income	$	321,233	$	512,344	$	956,597

116


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS – STATUTORY BASIS FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)


	Common Stock		Surplus Notes		Additional Paid-In Capital		Other Surplus		Unassigned Surplus		Total Capital and Surplus
Balances at December 31, 2020	$	2,549	$	1,037,000	$	793,927	$	—	$	2,371,583	$	4,205,059
Net income	—		—		—		—		956,597		956,597
Change in net unrealized capital gains (losses)	—		—		—		—		(39,962)		(39,962)
Change in net deferred income tax	—		—		—		—		54,769		54,769
Change in nonadmitted assets	—		—		—		—		26,861		26,861
Change in liability for reinsurance in unauthorized and certified companies	—		—		—		—		(25)		(25)

Change in asset valuation reserve	—		—		—		—		(182,835)		(182,835)




Change in surplus as a result of reinsurance	—		—		—		—		464,272		464,272
Dividends to stockholder	—		—		—		—		(299,652)		(299,652)
OPEB SSAP92 adjustment	—		—		—		—		2,708		2,708
Change in accounting principle	—		—		—		—		60,650		60,650

Balances at December 31, 2021	2,549		1,037,000		793,927		—		3,414,966		5,248,442
Net income	—		—		—		—		512,344		512,344
Change in net unrealized capital gains (losses)	—		—		—		—		(299,475)		(299,475)
Change in net deferred income tax	—		—		—		—		80,458		80,458
Change in nonadmitted assets	—		—		—		—		(144,035)		(144,035)
Change in liability for reinsurance in unauthorized and certified companies	—		—		—		—		246		246

Change in asset valuation reserve	—		—		—		—		99,353		99,353
Surplus (contributed to) withdrawn from Separate Accounts during period	—		—		—		—		(10,000)		(10,000)
Other changes in surplus in Separate Accounts statement	—		—		—		—		10,000		10,000
Change in surplus notes	—		200,000		—		—		—		200,000

Change in surplus as a result of reinsurance	—		—		—		—		(66,063)		(66,063)
Dividends to stockholder	—		—		—		—		(574,000)		(574,000)
OPEB SSAP92 adjustment	—		—		—		—		6,247		6,247


Balances at December 31, 2022	2,549		1,237,000		793,927		—		3,030,041		5,063,517
Net income	—		—		—		—		321,233		321,233
Change in net unrealized capital gains (losses)	—		—		—		—		86,504		86,504
Change in net deferred income tax	—		—		—		—		(11,103)		(11,103)
Change in nonadmitted assets	—		—		—		—		(25,026)		(25,026)


Change in asset valuation reserve	—		—		—		—		(144,294)		(144,294)
Surplus (contributed to) withdrawn from Separate Accounts during period	—		—		—		—		80,321		80,321
Other changes in surplus in Separate Accounts statement	—		—		—		—		(70,517)		(70,517)


Change in surplus as a result of reinsurance	—		—		—		—		(65,644)		(65,644)
Dividends to stockholder	—		—		—		—		(320,000)		(320,000)
Change in admitted disallowed interest maintenance reserve	—		—		—		74,012		(74,012)		—
OPEB SSAP92 adjustment	—		—		—		—		20,100		20,100

Correction of error from prior periods	—		—		—		—		(36,498)		(36,498)
Balances at December 31, 2023	$	2,549	$	1,237,000	$	793,927	$	74,012	$	2,791,105	$	4,898,593

117


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) STATEMENTS OF CASH FLOW – STATUTORY BASIS FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)


	2023		2022		2021

OPERATING ACTIVITIES
Life insurance and annuity premiums and other considerations	$	4,517,150	$	3,996,937	$	4,088,513
Net investment income	2,235,897		1,974,329		3,243,915
Other income	357,530		433,394		875,971
Benefits paid	(6,961,809)		(3,421,869)		(4,850,647)
Net transfers to separate account	(11,717)		(95,057)		(257,988)
Insurance expenses paid	(1,313,859)		(1,165,497)		(1,708,220)
Federal income taxes paid	(57,757)		(271,633)		(172,760)
Net cash provided (used) by operating activities	(1,234,565)		1,450,604		1,218,784

INVESTING ACTIVITIES
Proceeds from investments sold, matured or repaid
Bonds	7,456,372		11,537,942		13,845,623
Preferred and common stocks	680,905		386,777		235,378
Mortgage loans	407,525		701,630		1,115,348

Other invested assets	295,808		268,929		705,944
Miscellaneous proceeds	5,476		49,373		99,393
Cost of investments acquired
Bonds	(5,542,615)		(15,668,480)		(18,064,480)
Preferred and common stocks	(711,564)		(225,116)		(862,211)
Mortgage loans	(382,133)		(873,182)		(358,167)
Real estate	(1,974)		(1,510)		(1,717)
Other invested assets	(1,085,829)		(911,304)		(1,303,835)
Miscellaneous applications	(95,602)		(124,756)		(110,536)
Net change in policy loans	(68,906)		(42,879)		(12,695)
Net cash provided (used) in investing activities	957,463		(4,902,576)		(4,711,955)

FINANCING ACTIVITIES
Surplus notes	—		200,000		—
Company owned life insurance	—		(400,000)		—
Capital and paid in surplus	—		—		175,000
Net change in collateral liability	207,158		(199,473)		55,077
Net change in repurchase agreements and FHLB advances	(39,947)		296,992		329,376
Net withdrawals on deposit-type contract	(55,671)		(123,118)		226,724
Dividends paid to stockholder	(320,000)		(574,000)		(299,652)
Net change in funds held under coinsurance	1,096,456		3,471,541		3,363,753
Net change in remittances and items not allocated	351,342		(564,169)		295,258
Other cash provided (used)	24,671		36,912		(70,664)
Net cash provided by financing activity and other sources	1,264,010		2,144,685		4,074,872

RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Net change in cash, cash equivalents and short-term investments	986,908		(1,307,287)		581,701
Cash, cash equivalents and short-term investments:
Beginning of year	722,450		2,029,737		1,448,036
End of year	$	1,709,358	$	722,450	$	2,029,737


SUPPLEMENTAL CASH FLOW
Non-cash transactions:

Capitalized Interest	$	63,298	$	31,370	$	50,111

118


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

1.NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES AND PROCEDURES

Organization

Midland National Life Insurance Company (“Midland National” or the “Company”) is a stock life insurance company domiciled in the state of Iowa. The Company operates predominantly in the individual life and annuity business of the life insurance industry and is licensed to operate in 49 states, the District of Columbia, and several U.S. territories. The Company is a wholly owned subsidiary of Sammons Financial Group, Inc. (“SFG”), which is a wholly owned subsidiary of Sammons Enterprises, Inc. (“SEI”). MNL Reinsurance Company (“MNL Re”), Solberg Reinsurance Company (“Solberg Re”) and Canal Reinsurance Company (“Canal Re”), subsidiaries of Midland National, are captive reinsurance companies domiciled in Iowa, and New Roots M Trust (“NRMT”) and Stone Roots M Trust (“SRMT”), are investment subsidiaries of Midland National. The Company is affiliated through common ownership with North American Company for Life and Health Insurance (“North American”), including its subsidiaries New Roots N Trust ("NRNT") and Stone Roots N Trust ("SRNT"), Sammons Securities, Inc. (“Sammons Securities”), Sammons Institutional Group, Inc. (“SIG”), Sammons Financial Network, LLC (“SFN”), SFG Tenura, LLC (“Tenura”), Heyday Insurance Agency, LLC (“Heyday”), Beacon Capital Management, Inc. (“Beacon”), SFG Bermuda, LTD (“SFG Bermuda”), Property Disposition, Inc. (“PDI”), SFG Asset Management, LLC ("SFGAM"), SFG Fortuna ("Fortuna"), NorthRock Partners Holdco, LLC ("NorthRock"), and Sammons Financial Group Wealth Management Holdings, LLC (“SFGWM”).

Basis of presentation

The Company is domiciled in Iowa and prepares its statutory basis financial statements in accordance with accounting practices prescribed or permitted by the Iowa Insurance Division. Prescribed statutory accounting practices ("SAP") include state laws, regulations and general administrative rules, as well as a variety of publications of the National Association of Insurance Commissioners (“NAIC”), including the NAIC Annual Statement Instructions, and the NAIC Accounting Practices and Procedures Manual (“NAIC SAP”). The NAIC SAP was promulgated within a set of approved and published Statements of Statutory Accounting Principles (“SSAP”). Permitted practices encompass all accounting practices not so prescribed. The Company’s capital and surplus was adequate for regulatory purposes prior to the effect of the prescribed practices described below and would not have been subject to a risk-based capital triggering event. The Company’s financial statements reflect the following prescribed practices in 2023, 2022 and 2021:

a.Iowa Bulletin 07-06 – In 2006 the Commissioner of Insurance of the State of Iowa issued Bulletin 07-06 that allows a prescribed practice for Iowa domiciled companies. This prescribed practice instructs insurance companies to use other than market value for assets held in separate accounts where general account guarantees are present on such separate accounts. Based on this prescribed practice the Company adopted Bulletin 07-06 in 2006 and presents the assets on its Bank-Owned Life Insurance (“BOLI”), Pension Risk Transfer (“PRT”) and Registered Index-Linked Annuity (“RILA”) Separate Accounts at amortized cost except for derivatives in the RILA separate account that are presented at market value. The impact of applying this prescribed practice had no impact on 2023 statutory net income; however, capital and surplus as of December 31, 2023 is increased by $253,580 as a result of this prescribed practice. The impact of applying this prescribed practice had no impact on 2022 statutory net income; however, capital and surplus as of December 31, 2022 is increased by $358,693 as a result of this prescribed practice. The impact of applying this prescribed practice had no impact on 2021 statutory net income; however, capital and surplus as of December 31, 2021 is decreased by $232,837 as a result of this prescribed practice.

119


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

b.Iowa Administrative Code 191 – Chapter 97, “Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve” (“IAC 191-97”). This prescribed practice allows insurance companies domiciled in Iowa to account for eligible derivative assets at amortized cost, if the insurance company can demonstrate it meets the criteria for an economic hedge. Eligible derivative assets include call or put options that are purchased to hedge the growth in interest credited to an indexed product as a direct result of changes in the related external index or indices, or call or put options that are written to offset all or a portion of a purchased call or put option. Other derivative instruments such as index futures, swaps and swaptions that may be used to hedge the growth in interest credited to the policy as a direct result of changes in the related indices would still be accounted for at fair value since an amortized cost for those instruments does not exist. IAC 191-97 also prescribes that insurance companies determine indexed annuity reserve calculations based on the Guideline 35 Reserve assuming the fair value of the call option(s) associated with the current index term is zero, regardless of the observable market for such option(s). At the conclusion of the index term, credited interest is reflected in the reserve as realized, based on actual index performance. This prescribed accounting practice must be applied to both the indexed reserves and the call/put options used to hedge indexed insurance products. The impact of applying this prescribed practice decreased the Company’s statutory net income for the year ended December 31, 2023 by $348,606 and the cumulative effect on capital and surplus at December 31, 2023 was a decrease of $276,991. The impact of applying this prescribed practice increased the Company’s statutory net income for the year ended December 31, 2022 by $306,761 and the cumulative effect on capital and surplus at December 31, 2022 was an increase of $71,615. The impact of applying this prescribed practice increased the Company’s statutory net income for the year ended December 31, 2021 by $16,763 and the cumulative effect on capital and surplus at December 31, 2021 was a decrease of $235,146.

Under either the NAIC basis or the IAC 191-97, the Company elects to establish a voluntary reserve to offset the timing mismatch between the derivative instruments and the hedged liabilities, if that mismatch results in an increase in surplus. Under the IAC 191-97, a timing mismatch occurs related to the emergence of earnings. The impact of equity markets is reflected in investment income from futures during the policyholder’s contract years, but is not reflected in the reserve until the policy anniversary, at which time the index credit is applied to the account value. The voluntary reserve established as of December 31, 2023 is $6,374 which offsets the portion of investment income on futures that has been determined to represent earnings that will be used to fund index credits that have not yet been applied to policy account balances. This eliminates the mismatch of the assets and the liabilities calculated in accordance with IAC 191-97. Under the NAIC basis, a voluntary reserve of $283,365 would have been established as of December 31, 2023 to eliminate the timing mismatch of the assets and liabilities. The impact of applying this prescribed practice, net of the effect of the difference between the above mentioned voluntary reserve and the voluntary reserve that would have been established without the prescribed practice resulted in a decrease to the Company’s statutory net income of $71,615 year ended December 31, 2023 and there was no cumulative impact on the Company’s capital and surplus at December 31, 2023. The voluntary reserve established as of December 31, 2022 was $0 as the timing mismatch between the futures and the hedged liabilities resulted in a $1,370 decrease to the Company’s statutory net income and surplus calculated in accordance with IAC 191-97. Under the NAIC basis, a voluntary reserve of $0 would have been established as of December 31, 2022 as the timing mismatch between futures and hedged liabilities would have resulted in a $72,985 decrease to the Company’s statutory net income and surplus. The impact of applying this prescribed practice, net of the effect of the difference between the above mentioned voluntary reserve and the voluntary reserve that would have been established without the prescribed practice resulted in an increase to the Company’s statutory net income of $71,615 for the year ended December 31, 2022 and increased the Company’s capital and surplus by $71,615 at December 31, 2022. The voluntary reserve established as of December 31, 2021 is $117,560 which offsets the portion of investment income on futures that has been determined to represent earnings that will be

120


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

used to fund index credits that have not yet been applied to policy account balances. This eliminates the timing mismatch of the assets and liabilities calculated in accordance with IAC 191-97. Under the NAIC basis, a voluntary reserve of $352,707 would have been established as of December 31, 2021 to eliminate the timing mismatch of the assets and liabilities. The impact of applying this prescribed practice, net of the effect of the difference between the above mentioned voluntary reserve and the voluntary reserve that would have been established without the prescribed practice resulted in no impact to the Company’s statutory net income for the year ended December 31, 2021 and there was no cumulative impact to the Company’s capital and surplus at December 31, 2021.

c.Iowa Administrative Code 191 – Chapter 43, “Annuity Mortality Tables For Use in Determining Reserve Liabilities For Annuities” (“IAC 191-43”) allows a prescribed practice for Iowa domiciled companies. This prescribed practice allows insurance companies domiciled in Iowa to use the Annuity 2000 Mortality Table for determining the minimum standard of valuation for annuities issued during 2015. SSAP 51 requires the 2012 Individual Annuity Reserving (“IAR”) Mortality Table for determining the minimum standard of valuation for annuities issued on or after January 1, 2015. The impact of applying this prescribed practice increased the Company’s statutory net income for the year ended December 31, 2023 by $150 and the cumulative effect on capital and surplus at December 31, 2023 was an increase of $20,326. The impact of applying this prescribed practice increased the Company’s statutory net income for the year ended December 31, 2022 by $1,247 and the cumulative effect on capital and surplus at December 31, 2022 was an increase of $20,176. The impact of applying this prescribed practice decreased the Company’s statutory net income for the year ended December 31, 2021 by $38,342 and the cumulative effect on capital and surplus at December 31, 2021 was an increase of $18,929.

121


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

The following table compares the Company’s statutory income and capital and surplus according to the NAIC practices to those prescribed by the State of Iowa:


	For the years ended December 31,
	2023		2022		2021
Net Income:
(1) Midland National state basis	$	321,233	$	512,344	$	956,597
(2) State prescribed practice that increase(decrease) NAIC SAP:
(a) Economic hedge of call option derivative assets (IAC 191-97)	(348,606)		306,761		16,763
(b) Deferral of 2012 annuity mortality table (IAC 191-43)	150		1,247		(38,342)
(3) NAIC SAP (1-2=3)	$	669,689	$	204,336	$	978,176

Surplus:
(4) Midland National state basis	$	4,898,593	$	5,063,517	$	5,248,442
(5) State prescribed practices that increase(decrease) NAIC SAP:
(a) Book value of separate account assets (Bulletin 07-06)	253,580		358,693		(232,837)
(b) Economic hedge of call option derivative assets (IAC 191-97)	(276,991)		71,615		(235,146)
(c) Deferral of 2012 annuity mortality table (IAC 191-43)	20,326		20,176		18,929
(6) NAIC SAP (4-5=6)	$	4,901,678	$	4,613,033	$	5,697,496

The Company has coinsurance agreements with MNL Re, Solberg Re and Canal Re, which are affiliated limited purpose subsidiary life insurance companies. The Company recognizes reserve credits under these agreements. The reserve credits at MNL Re, Solberg Re and Canal Re are supported by contingent note guarantees ("LLC Notes"). The LLC Notes held by MNL Re, Solberg Re and Canal Re function in a manner similar to a standby letter of credit and which the Company is a beneficiary, are admitted assets under Iowa prescribed practice and the surplus generated by the prescribed practice has been retained in the carrying value of MNL Re, Solberg Re and Canal Re. Under NAIC Accounting principles, the LLC Notes would be non-admitted assets.

The impact of the Company’s limited purpose subsidiary life insurance companies applying this prescribed practice has no impact the Company’s statutory net income but the cumulative effect on the Company's capital and surplus was an increase of $1,720,567, $2,191,125, and $2,306,047 as of December 31, 2023, 2022, and 2021, respectively.

If the Company’s subsidiaries had not utilized this prescribed practice, the result would not have triggered a regulatory event at the Company.

The Company’s investment in MNL Re, Solberg Re and Canal Re at December 31, 2023 was $99,864, $60,555 and $71,368, respectively. If the Company’s subsidiaries had not used this prescribed practice, the Company’s investment in MNL Re, Solberg Re and Canal Re at December 31, 2023, respectively, would have been negative $636,970, negative $465,266 and negative $386,545.

The Company reports investment income ceded on funds withheld coinsurance as part of revenue in the statements of operations. Under SAP, investment income ceded on funds withheld coinsurance should be reported as an expense. The difference in presentation does not impact the Company’s statutory net income nor the Company’s capital and surplus. The Iowa Insurance Division does not object to the Company’s presentation of investment income ceded on funds withheld coinsurance.

SAP differs in some respects from accounting principles generally accepted in the United States (“GAAP”). The more significant of these differences are as follows:

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MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

•Acquisition costs of acquiring new business are charged to current operations as incurred rather than deferred and amortized over the life of the policies;

•Policy reserves on traditional life products are based on statutory mortality and interest rates which may differ from reserves based on expected mortality, interest and withdrawals which include a provision for possible unfavorable deviation from such assumptions. In addition, SAP requires additional reserves according to actuarial guidelines that are not required for GAAP;

•Policy reserves on universal life and investment products are based on discounting methodologies utilizing statutory interest rates rather than interest rates used to calculate full account values. In addition, SAP requires additional reserves according to actuarial guidelines that are not required by GAAP;

•Changes in deferred tax assets (“DTAs”) are recorded directly to surplus as opposed to being an item of income tax benefit or expenses for GAAP. Admittance testing may result in a charge to surplus for non-admitted portions of DTAs;

•An Interest Maintenance Reserve (“IMR”) liability, prescribed by the NAIC, reflects the net accumulated unamortized realized capital gains and losses, net of tax, attributable to changes in market interest rates. Such gains and losses are deferred into the reserve when incurred, rather than recognized as gains or losses in the statement of operations, then amortized back into operations over the expected remaining period to maturity of the investment that was sold. When cumulative capital losses exceed capital gains, a negative IMR liability occurs in which case admittance is subject to certain restrictions. surplus. There were non-admitted IMR assets of $19,106 and $0 recorded at 2023 and 2022, respectively;

•An Asset Valuation Reserve (“AVR”) liability has been recorded in accordance with the formula prescribed by the NAIC which represents a provision for future impairments of bonds, equity securities, mortgage loans, real estate and other invested assets including temporary declines in the estimated realizable value of such investments. Changes in the AVR reserve are charged directly to unassigned surplus;

•Under SAP, certain assets designated as “non-admitted assets” are excluded from the statements of admitted assets, liabilities and capital and surplus and are charged directly to statutory unassigned surplus as follows:


	2023		2022		Changes in 2023
Policy loans	$	1,442	$	1,501	$	(59)
Other invested assets	—		329		(329)
Agents' balances	13,860		13,040		820
Amounts recoverable from reinsurers	655		7,600		(6,945)
Net deferred tax asset	216,747		242,738		(25,991)
Electronic data processing equipment	58,238		33,128		25,110
Furniture and equipment	945		1,139		(194)
Other assets	90,280		57,666		32,614
Total nonadmitted assets	$	382,167	$	357,141	$	25,026

Under GAAP, such assets would be recorded at their net realizable or book value;

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MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

•For universal life and investment products, revenues consist of premiums received rather than policy charges for the cost of insurance, policy administration charges, amortization of policy initiation fees and surrender charges assessed; benefits consist of amounts incurred rather than the excess of the benefits incurred over the policy account value released;

•Available-for-sale and trading bonds rated by the NAIC as five or higher are reported at amortized cost rather than fair value. Available-for-sale and trading bonds rated by the NAIC as six are reported at the lower of amortized cost or fair value with changes in fair value reported as a change in surplus. Credit impairments directly reduce the amortized cost of the impaired securities. Under GAAP reporting, available-for-sale and trading bonds are reported at fair value. For available-for-sale securities, changes in fair value due to drivers other than credit are presented as a component of other comprehensive income. An allowance for expected credit losses is recognized against potentially credit impaired securities with the change in the allowance recognized as a component of net income. All changes in the fair value of trading securities are recognized as a component of net income;

•Redeemable preferred stocks rated three or higher are reported at amortized cost. Redeemable preferred stocks rated by the NAIC as four or lower are reported at the lower of amortized cost or fair value with changes in fair value reported as a change in surplus. Under GAAP, redeemable preferred stocks are reported at fair value with changes in fair value presented as a component of other comprehensive income. Perpetual preferred stocks are carried at fair value not to exceed the current effective call price, regardless of NAIC designations. Unrealized gains and losses are recognized in surplus. Under GAAP, perpetual preferred stocks are reported at fair value with change in fair value presented as a component of earnings;

•Common stocks, other than common stocks of affiliates, are reported at fair value with changes in fair value reported as a change in surplus. Under GAAP, common stocks, other than common stocks of affiliates, are reported at fair value with changes in fair value presented as a component of net income;

•Common stock of subsidiaries is recorded based on the underlying audited statutory equity of the respective entity’s financial statements. GAAP requires consolidation of subsidiaries;

•The assets and liabilities for reinsurance transactions are generally recorded on a net basis versus a gross basis for GAAP;

•In accordance with IAC 191-97, option derivative instruments that hedge the growth in interest credited to the hedged policy as a direct result of changes in the related indices are carried on the statutory statements of admitted assets, liabilities and capital and surplus at amortized cost and any amortization or proceeds from terminated or expired options is reported in income. Other derivative instruments, such as index futures that are used to hedge the growth in interest credited to the hedged policy as a direct result of changes in the related indices, are carried at fair value since an amortized cost for these instruments does not exist and the change in fair values is reported as income. Other derivative instruments not qualifying for hedge accounting are carried at fair value with changes in the fair value being recorded directly to unassigned surplus. Derivative instruments not qualifying for hedge accounting are carried on the GAAP balance sheet at fair value, with changes in fair value recognized through income. Under GAAP, indexed life and annuity liabilities and funds withheld coinsurance treaties include embedded derivatives and the change in fair value of the embedded derivative is recognized through income;

•Under SAP, the statements of cash flow reconcile to changes in cash, cash equivalents and short-term investments with original maturities of one year or less. Under GAAP, the statements of cash flow reconcile to changes in cash;

124


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

•Recognition of the changes in equity from limited partnership investments is recorded directly to surplus under SAP reporting purposes; whereas for GAAP reporting, the equity method reports the change in the equity value through earnings as a component of net investment income;

•The Company, in accordance with GAAP, performs an analysis related to variable interest entities (“VIE”) on all entities with which it has a financial interest to determine if financial results require consolidation as a primary beneficiary of the VIE. SAP reporting requirements do not require such an analysis;

•Surplus notes issued by the Company are included in capital and surplus under SAP whereas GAAP reporting includes surplus notes in debt.

•Under SAP, when total consideration received on securities called before their maturity is greater than the par value of that security, the excess of consideration received over par value is reported as net investment income, while the excess of par value over book value is report as realized capital gains. Under GAAP reporting there is no such requirement to bifurcate total consideration between net investment income and realized capital gains/(losses). As such, the Company recognizes the excess of total consideration received over book value as part of realized capital gains/(losses) for GAAP reporting purposes.

•Under SAP, all leases are considered to be operating leases and rental expense is recognized over the lease term without recognition of a right-to-use asset or lease liability. GAAP requires recognition of a right-of-use asset and lease liability on the balance sheet for all operating and capital leases.

Other significant accounting policies are as follows:

Use of estimates

The preparation of the financial statements in conformity with SAP requires management to make estimates and assumptions that affect the reported amounts of admitted assets and liabilities and disclosure of contingent assets and liabilities at the dates of the statements of admitted assets, liabilities and capital and surplus, and reported amounts of revenues and benefits and expenses during the reporting periods. Actual results could differ significantly from those estimates.

The most significant areas that require the use of management’s estimates relate to the determination of the fair values of financial assets and liabilities, derivatives and derivative instruments, impairments of securities, income taxes, and liabilities for future policy benefits.

Fair value of financial assets, financial liabilities and financial instruments

Fair value estimates are significantly affected by the assumptions used, including discount rates and estimates of future cash flows. Although fair value estimates are calculated using assumptions that management believes are appropriate, changes in assumptions could cause these estimates to vary materially. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in some cases, could not be realized in the immediate settlement of the instruments. Certain financial liabilities (including non-investment type insurance contracts) and all nonfinancial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented in Note 2 may not represent the underlying value to the Company.

The Company uses the following methods and assumptions in estimating the fair value of its financial instruments:

Investment securities

125


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Fair value for bonds and preferred stocks is obtained primarily from independent pricing sources, broker quotes and fair value/cash flow models. Fair value is based on quoted market prices, where available. For bonds and preferred stocks not actively traded, fair value is estimated using values obtained from independent pricing services or broker quotes. When values are not available from pricing services or broker quotes, such as private placements including corporate securities, asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities, fair value may be estimated by discounting expected future cash flows using a current market rate applicable to the yield, credit quality, and maturity of the investments. The fair value of unaffiliated common stocks is based on quoted market prices, where available, and for those common stocks not actively traded, fair values are obtained from independent pricing services or internal fair value/cash flow models.

Mortgage loans

Fair value for mortgage loans is estimated using a duration-adjusted pricing methodology that reflects changes in market interest rates and the specific interest-rate sensitivity of each mortgage. Price changes derived from the monthly duration-adjustments are applied to the mortgage portfolio. Each modeled mortgage is assigned a spread corresponding to its risk profile. These spreads are adjusted for current market conditions. The discount rates used include internally generated illiquidity and default factors.

Cash, cash equivalents and short-term investments

Cash consists of deposits held by various commercial and custodial banks. Cash equivalents consists of short-term highly liquid investments, which are readily convertible to cash. Short-term investments primarily consist of fixed income securities acquired with less than one year to maturity. The Company has deposits with certain financial institutions which exceed federally insured limits. Fair value approximates amortized cost due to the nature and short-term duration of cash, cash equivalents and short-term investments.

Derivative instruments

Fair value for options is based on internal financial models or counterparty quoted prices. Variation margin accounts, consisting of cash balances applicable to open futures contracts, held by counterparties are reported at the cash balances, which is equal to fair value. Fair value for interest rate swaps, interest rate floors and foreign currency forwards is based on exchange prices, broker quoted prices or fair values provided by the counterparties.

Other invested assets

Other invested assets consist of limited partnerships, limited liability companies, residual equity interests, collateral loans, surplus notes and reverse mortgages. The carrying amounts for other invested assets other than collateral loans, surplus notes, residual equity interests and reverse mortgages, which are carried at amortized cost, represent the Company’s share of each entity’s underlying equity reported to the Company. There is a limited market for these other invested assets and the fair value is determined based on inputs received from the entities. Fair value of residual equity interests, surplus notes and collateral loans are obtained using the same techniques as investment securities. Fair value for reverse mortgages are obtained using the same techniques as mortgage loans.

126


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Company owned life insurance

The Company is the owner and beneficiary of life insurance policies reported at their cash surrender values pursuant to SSAP No. 21R in the statements of admitted assets, liabilities and capital and surplus. The underlying investment characteristics of the investment vehicle are categorized as follows at December 31:


	2023		2022
Bonds	$	482,532	$	520,190
Mutual funds	35,526		30,409
Cash and short-term investments	115,923		165,178
Other invested assets	1,225,884		1,017,706
Total company owned life insurance	$	1,859,865	$	1,733,483

Investment-type insurance contracts

Fair value for the Company’s liabilities under investment-type insurance contracts is estimated using two methods. For those contracts without a defined maturity, the fair value is estimated as the amount payable on demand (cash surrender value). For those contracts with known maturities, fair value is estimated using discounted cash flow calculations using interest rates currently being offered for similar contracts with maturities consistent with the contracts being valued. The reported value of the Company’s investment-type insurance contracts includes the fair value of indexed life and annuity embedded derivatives which are calculated using discounted cash flow valuation techniques based on current interest rates adjusted to reflect credit risk and additional risk margins.

Repurchase agreements, FHLB advances and collateral on derivative instruments

The fair value of the Company’s repurchase agreements is tied to the fair value of the underlying collateral securities. The fair value of FHLB advances is estimated using a discounted cash flow calculation with the current interest rate and maturity of the contract. The fair value of collateral on derivative instruments approximates the carrying value due to the short-term nature of the investment. These investments primarily consist of cash and fixed income securities.

Investments and Investment Income

Bonds

Bonds not backed by other loans, loan-backed bonds, collateralized mortgage obligations (“CMOs”) and other structured securities are carried at amortized cost using the interest method, except for those bonds with an NAIC designation of six or those securities which have an other-than-temporary impairment, which are reported at the lower of amortized cost or fair value.

For CMOs and mortgage-backed securities, the Company recognizes income using a constant effective yield based on anticipated prepayments and the estimated economic life of the securities. When actual prepayments differ from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. When actual prepayments differ from anticipated prepayments, the effective yield is recalculated prospectively to reflect actual payments to date and anticipated future payments for loan backed securities under SSAP 43R. When actual prepayments differ from anticipated prepayments for highly rated CMO’s and mortgage-backed securities, the effective yield is recalculated retrospectively to reflect actual payments to date and anticipated future payments under SSAP 26R. This adjustment is included in net investment income. Included in this category are approximately $10,854 and $46,237 of mortgage-backed securities that are all or partially collateralized by sub-prime mortgages at December 31, 2023 and 2022, respectively. A sub-prime mortgage is defined as a mortgage with one or more of the following attributes: weak credit score, high debt-to-income ratio, high loan-to-

127


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

value ratio or undocumented income. At December 31, 2023 and 2022, 99% and 93%, respectively, of the Company’s securities with sub-prime exposure are rated as investment grade.

Stocks

Perpetual preferred stocks are carried at fair value, not to exceed the current stated call price. Redeemable preferred stocks are stated at cost except for those with an NAIC designation of four or lower which are stated at the lower of cost or fair value. Dividend income is recognized when dividends are declared.

Investments in common stocks are carried at fair value, which is based on NAIC Securities Valuation Office (“SVO”) prices. For common stocks without SVO prices, fair value is estimated using independent pricing services or internally developed pricing models.

Investment in common stocks of the affiliated insurance subsidiaries are valued at audited statutory capital and surplus. The audited statutory capital and surplus of MNL Re, Solberg Re and Canal Re reflects the utilization of prescribed practices allowed by the State of Iowa for reinsurance transactions entered into by MNL Re, Solberg Re and Canal Re with the Company and North American. Refer to Note 9 for further discussion of the reinsurance transactions and prescribed practices for MNL Re, Solberg Re and Canal Re. Undistributed earnings or losses of the subsidiary and unrealized appreciation or depreciation on common stocks are reflected as unrealized capital gains and losses directly in unassigned surplus.

Investments in common stock of affiliated subsidiaries NRNT and SRNT are valued at audited GAAP equity. Undistributed earnings or losses of the subsidiary and unrealized appreciation or depreciation on common stocks are reflected as unrealized capital gains and losses directly in unassigned surplus.

Mortgage loans

Mortgage loans consist principally of commercial mortgage loans and are carried at the adjusted unpaid balances. The Company’s lending policies allow for primarily first-lien mortgages that generally do not exceed 77% of the fair market value of the property allowing for sufficient excess collateral to absorb losses should the Company be required to foreclose and take possession of the collateral. The mortgage portfolio invests primarily in larger metropolitan areas across the U.S. and is diversified by type of property. Property and casualty insurance is required on all properties covered by mortgage loans at least equal to the excess of the loan over the maximum loan which would be permitted by law on the land without the buildings. Interest income on non-performing loans is generally recognized on a cash basis.

Policy loans

Policy loans are carried at the unpaid principal balance to the extent it does not exceed the cash surrender value. Amounts in excess of cash surrender value are non-admitted.

Cash, cash equivalents and short-term investments

Cash and cash equivalents are stated at cost and short-term investments acquired with less than one year to maturity are stated at amortized cost.

Other invested assets

Other invested assets are comprised of limited partnerships, limited liability companies, residual equity interests, collateral loans, surplus notes and reverse mortgages. Limited partnerships and limited liability companies are valued in accordance with SSAP No. 48, Joint Ventures, Partnerships, and Limited Liability Companies and SSAP No. 97, Investments in Subsidiary, Controlled, and Affiliated Entities, a Replacement of SSAP No. 88 that allow the Company to carry these interests based on the underlying tax or GAAP audited equity of the investee. Residual equity interest, surplus notes and collateral loans are

128


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

carried at amortized cost under SSAP No. 43R, SSAP No. 41R and SSAP No. 21R, respectively. The reverse mortgages are first liens on the related residential properties located primarily in California and Florida. These reverse mortgages are valued in accordance with SSAP No. 39, Reverse Mortgages that allow the Company to carry these securities at remaining principal balances. Income on reverse mortgages is recognized using effective yield based on the contractual interest rate and anticipated repayment of the mortgage.

Other-than-temporary impairment losses

The Company reviews its investments to determine if declines in fair value are other-than-temporary. If the fair value of a fixed income security is less than its amortized cost basis or an equity security is less than its original cost basis at the statements of admitted assets, liabilities, and capital and surplus date, the Company must assess whether the impairment is other-than-temporary.

The Company evaluates factors in its assessment of whether a decline in value is other-than-temporary. Some of the factors evaluated include the issuer’s ability to pay the amounts due according to the contractual terms of the investment, the length of time and magnitude by which the fair value is less than amortized cost, adverse conditions specifically related to the security, changes to the rating of the security by a rating agency, changes in the quality of underlying credit enhancements and changes in the fair value of the security subsequent to the statements of admitted assets, liabilities, and capital and surplus date.

When an other-than-temporary impairment (“OTTI”) has occurred, the amount of the impairment charged against earnings depends on whether the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis, the entire impairment is recognized as a charge against earnings. If the Company does not intend to sell the security and it is not more likely than not it will be required to sell the security before recovery of its amortized cost basis, the impairment is bifurcated into an interest related loss and a non-interest related loss for loan-backed and structured securities. The non-interest related loss is measured as the difference between the present value of cash flows expected to be collected from the loan-backed security and the loan-backed security’s amortized cost. The amount of the non-interest related loss is recognized as a charge against earnings. The difference between the fair value of the impaired loan-backed security and the present value of cash flows expected to be collected is the interest related impairment. For stocks, non loan-backed and other than structured securities the impairment is not bifurcated and is charged against earnings.

The Company uses a single best estimate of cash flows approach and uses the effective yield prior to the date of impairment to calculate the present value of cash flows. The Company’s assumptions for residential mortgage-backed securities, commercial mortgage-backed securities, other asset-backed securities and collateralized debt obligations include collateral pledged, scheduled interest payments, default levels, delinquency rates and the level of nonperforming assets for the remainder of the investments’ expected term. The Company’s assumptions for corporate and other fixed maturity securities include scheduled interest payments and an estimated recovery value, generally based on a percentage return of the current market value.

After an other-than-temporary write-down, the new cost basis is the prior amortized cost less the non-interest related loss. The adjusted cost basis is generally not adjusted for subsequent recoveries in fair value. However, if the Company can reasonably estimate future cash flows after a write-down and the expected cash flows indicate some or all of the non-interest related loss will be recovered, the discount or reduced premium recorded is amortized over the remaining life of the security. Amortization in this instance is computed using the prospective method and is determined based on the current estimate of the amount and timing of future cash flows.

129


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

For common and preferred stocks, OTTI has occurred when the Company determines that it does not have the ability or intent to hold the security until a recovery of the original cost or the Company determines that the security will not recover to original cost within a reasonable amount of time. The Company determines what constitutes a reasonable amount of time on a security by security basis by considering all available evidence including the length of time and magnitude by which the fair value of the security is less than original cost.

Investment income

Investment income is recorded when earned and includes interest and dividends received and accrued, amortization of purchased premium and accretion of discounts on securities, certain proceeds from derivatives and equity earnings from limited partnerships. Investment expenses are reported as a reduction in investment income.

Net realized investment gains (losses)

Realized capital gains and losses are determined on the basis of specific identification of the investments and are reported net of related federal income taxes and IMR.

Net unrealized investment gains (losses)

Unrealized capital gains and losses on bonds, preferred stocks, common stocks, derivatives that do not qualify for hedge accounting and other invested assets are reported as a component of surplus net of related income taxes.

See Note 3 for further discussion of the Company’s investments and investment income.

Derivatives and derivative instruments

Derivative instruments consist of options, futures, interest rate floors, interest rate swaps, and foreign currency forwards. Futures are reported at the cash balances held in counterparty variation margin accounts, which equals fair value. Options, interest rate floors, interest rate swaps and foreign currency forwards are reported at fair value, with the exception of call and put options which are carried in accordance with IAC 191-97 as discussed in the prescribed practice footnote. The Company does not sell or settle its options prior to maturity.

The Company primarily uses derivative instruments to manage its fixed indexed and policy obligation interest guarantees and interest rate risks applicable to its investments. To mitigate these risks, the Company enters into interest rate swaps, interest rate floors, futures contracts and equity indexed call and put options. To qualify for hedge accounting, the Company is required to formally document the hedging relationship at the inception of each derivative transaction. This documentation includes the specific derivative instrument, risk management objective, hedging strategy, identification of the hedged item, specific risk being hedged and how effectiveness will be assessed. To be considered an effective hedge, the derivative must be highly effective in offsetting the variability of the cash flows or the changes in fair value of the hedged item. Effectiveness is evaluated on a retrospective and prospective basis. The Company has no derivatives that are accounted for under hedge accounting. The Company also uses foreign currency forwards to protect itself against currency fluctuations on financial instruments denominated in foreign currencies.

The agreements between the Company and its derivatives counterparties require the posting of collateral when the fair value of the derivative instruments exceeds the cost of the instruments. Collateral posted by counterparties is reported in the statements of admitted assets, liabilities, and capital and surplus as a component of cash, cash equivalents, and short-term investments with a corresponding liability reported as a component of repurchase agreements, FHLB advances and collateral on derivative instruments.

130


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Collateral posted by the Company is reported in the statements of admitted assets, liabilities, and capital and surplus as a component of other invested assets.

See Note 4 for further discussion of the Company’s derivatives and derivative instruments.

Accrued investment income

Accrued investment income consists of amounts due on invested assets. It excludes amounts the Company does not expect to receive or is 90 days past due. The aggregate deferred interest at December 31, 2023 was $0. The cumulative amounts of paid-in-kind (“PIK”) interest included in the current principal balance at December 31, 2023 was $132,223. At December 31, 2023, the gross, nonadmitted, and admitted interest income due and accrued was as follows:


	2023
Gross	$	534,434
Nonadmitted	—
Admitted	534,434

Interest maintenance reserve

During 2023, SAPWG adopted INT23-01, allowing admittance of net negative IMR subject to certain exclusions and restrictions. The Company elected to apply this guidance beginning September 30, 2023. The general account had net negative (disallowed) IMR of $93,118. Insulated separate accounts did not have negative IMR as of December 31, 2023. $74,012 of negative IMR was admitted in the general account. Adjusted capital and surplus was $4,461,768. The admitted IMR is 1.7% of adjusted capital and surplus. Admitted IMR is reported in Other surplus funds on the Statements of Admitted Assets.

The Company has $11,481 in unamortized losses in IMR from derivatives that were reported at fair value prior to the termination of the derivative.

Fixed income investments generating IMR losses comply with the reporting entity’s documented investment or liability management policies, without deviation. IMR losses for fixed income related derivatives, although in accordance with prudent and documented risk management procedures in accordance with the Company’s derivative and use plans, are not admitted. Asset sales that generated admitted negative IMR were not compelled by liquidity pressure.

Future policy benefits and policy and contract claims

Life, annuity, and accident and health benefit reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that are intended to provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the Iowa Insurance Division.

The liability for future policy benefits provides amounts adequate to discharge estimated future obligations on policies in force. Reserves for life policies issued through 2019 are computed principally by the Net Level Reserve Method and the Commissioners’ Reserve Valuation Method using interest rates ranging from 2.50% to 6.00% and mortality assumptions (primarily Commissioners' Standard Ordinary mortality tables 1941, 1958, 1980, 2001, 2017) as prescribed by regulatory authorities. Starting in 2020, reserves for life policy issues are calculated as the greatest of the stochastic, deterministic and net premium reserve as defined in VM-20. The stochastic and deterministic reserves are principles based reserves using prudent estimate assumptions for interest, mortality and other assumptions. The net premium reserve is calculated using rates of interest from 3.00% to 4.50% and 2017 Commissioners Standard Ordinary mortality.

131


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

The NAIC adopted revisions to Actuarial Guideline XXXVIII (“AG38”), effective December 31, 2012. AG38 8D applies to policies issued July 1, 2005 to December 31, 2012 containing secondary guarantees with multiple sets of charges. AG38 8D requires that for this business a company needs to calculate the reserve as it had as of December 31, 2011 (“2011 method”), as well as calculate the deterministic reserve as prescribed under the Valuation Manual (“VM method”) adopted by the NAIC on August 17, 2012, with prescribed changes to have projected asset yields and discount rates, and hold the greater of the two. The Company has calculated its gross and net of reinsurance reserves under both methods described above and holds the greater of the two reserves calculated on both a gross and net basis. The impact of performing the VM method calculations resulted in a gross reserve of $153,980 and a net reserve of $133,198 over what would have been calculated if only using the 2011 method as of December 31, 2023. The impact of performing the VM method calculations resulted in a gross reserve of $594,798 and a net reserve of $319,612 over what would have been calculated if only using the 2011 method as of December 31, 2022.

Reserves for deferred annuities are computed on the basis of interest rates ranging from 2.50% to 8.75% and the reserves for immediate annuities range from 1.00% to 11.25%.

The liability for policy and contract claims includes provisions for reported claims and estimates for claims incurred but not reported, based on the terms of the related policies and contracts and on prior experience. Claim liabilities are based on estimates and are subject to future changes in claim severity and frequency. Estimates are periodically reviewed and adjustments to such liabilities are reflected in current operations.

Reinsurance

For annuity coinsurance and life insurance mortality reinsurance arrangements, reinsurance premiums, claims and claim adjustment expenses are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. The Company remains contingently liable for the liabilities ceded in the event the reinsurers are unable to meet their obligations under the reinsurance agreements. To limit the possibility of such losses, the Company evaluates the financial condition of its reinsurers and monitors its concentration of credit risk. The Company generally reinsures with companies rated “A” or better by A.M. Best. The Company monitors these ratings on an on-going basis as a reinsurer may be downgraded after an agreement has been entered.

Premiums and related costs

Premiums are recognized as revenue over the premium-paying period. Annuity considerations are recognized as revenue when received. Commissions and other costs applicable to the acquisition of policies are charged to operations as incurred.

Repurchase agreements

As part of its investment strategy, the Company enters into repurchase agreements to increase the Company’s investment return. The Company accounts for these transactions as secured borrowings, where the amount borrowed is tied to the fair value of the underlying collateral securities. Repurchase agreements involve a sale of securities and an agreement to repurchase the same securities at a later date at an agreed-upon price. These agreements are a bilateral trade agreement.

A majority of the Company’s repurchase agreement arrangements are for contractual terms of greater than one year. As a result, the par value and fair value of the securities sold under agreement to repurchase can change during the term of the repurchase agreement due to amortization, pay downs and changes in fair values. In situations where the underlying collateral subject to repurchase has a fair value greater or less than the contractual requirements under the repurchase agreement, the Company or counterparties are required to post additional collateral. Generally, the amount advanced by the counterparty cannot be less than 95% of the fair value of the underlying collateral sold under the agreement to repurchase.

132


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Income taxes

Under SSAP No. 101, income taxes incurred are charged or credited to net income based upon amounts estimated to be payable or recoverable for the current year. The Company recognizes deferred income tax assets and liabilities for the expected future tax effects attributable to temporary differences between financial statement and tax return bases of assets and liabilities, based on enacted rates and other provisions of the tax laws. All changes in deferred tax assets and liabilities are reported directly in surplus, including the effect of a change in tax laws or rates in the period in which such change is enacted. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or some portion of the deferred tax assets will not be realized. Adjusted deferred income tax assets, after valuation allowance, are further subjected to an admissibility test. Admitted adjusted deferred tax assets are limited to (1) the amount of federal income taxes paid in prior year that can be recovered through loss carrybacks for existing temporary differences that reverse during a timeframe corresponding with IRS tax loss carryback provisions, which currently allow only capital loss carrybacks, plus (2) the lesser of the remaining gross deferred income taxes expected to be realized within three years of the balance sheet date or 15% of adjusted capital and surplus, plus (3) the amount of remaining gross deferred income tax assets that can be offset against existing deferred income tax liabilities. The remaining deferred income tax assets in excess of the above are non-admitted. The Company files a consolidated federal income tax return with its subsidiaries, MNL Re, Solberg Re and Canal Re.

If applicable, the Company’s liability for income taxes would include a liability for uncertain tax positions, interest and penalties which relate to tax years still subject to review by the IRS or other taxing jurisdictions.

The Company made an accounting policy election to disregard CAMT status when evaluating deferred tax assets under the regular corporate tax system associated with the Inflation Reduction Act of 2022 (the Act).

See Note 13 for the Company’s SSAP No. 101 calculation.

Variable life and annuity products

A portion of the separate accounts held by the Company are funds on which investment income and gains or losses accrue directly to certain policyholders. The assets of these accounts are legally separated and are not subject to the claims that may arise out of any other business of the Company. The Company reports these separate account assets at fair value; the underlying investment risks are assumed by the policyholders. The fair value of the variable separate accounts assets are based on market quoted net asset values of the underlying mutual funds. The Company records the related liabilities at amounts equal to the fair value of the underlying assets. The Company reflects these assets and liabilities in the separate account assets and liabilities lines in the statements of admitted assets, liabilities and capital and surplus. The Company records the fees earned for administrative and contract holder services performed for the separate accounts in other income of the statements of operations.

Separate accounts guaranteed by the general account

Another portion of the separate accounts held by the Company relates to individual bank owned life insurance policies that are non-indexed with fixed guarantees, pension risk transfer policies and registered index-linked annuities. The assets in these separate accounts are carried at book value in accordance with the prescribed practice promulgated by the State of Iowa except for derivatives in the RILA separate account that are held at market value. The Company assumes the underlying risk for the performance of the assets in these separate accounts. The Company reflects these assets and liabilities in the separate account assets and liabilities lines in the statements of admitted assets, liabilities and capital and surplus.

133


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Correction of errors

During 2023, the Company recorded an error correction related to an over accrual of net investment income in prior periods on certain investments. As a result of this correction, surplus has been decreased by $36,498 as a correction of an error in the 2023 statements of changes in capital and surplus. The Company does not view this error as a material misrepresentation of its 2022 statutory financial statements.

2.FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying value and estimated fair value of the Company’s financial instruments are as follows:


	December 31, 2023
Type of Financial Instrument	Estimated Fair Value		Carrying Value		(Level 1)		(Level 2)		(Level 3)		Not Practicable (Carrying Value)

Financial assets:
Bonds	$	48,965,730	$	54,716,780	$	—	$	43,823,680	$	5,142,050	$	—
Preferred stocks	951,265		986,390		—		942,881		8,384		—
Common stocks - other	247,960		247,960		95,864		148,276		3,820		—
Mortgage loans	3,646,156		3,790,420		—		3,646,156		—		—
Policy loans	528,710		528,710		—		528,710		—		—
Cash, cash equivalents and short-term investments	1,709,173		1,709,358		339,129		1,370,044		—		—
Derivative instruments	1,744,190		641,206		7,295		1,736,895		—		—
Other invested assets	1,537,311		1,542,032		—		810,107		727,204		11,660
Separate accounts	6,334,467		6,655,453		3,010,291		3,189,136		135,040		—

Financial liabilities:
Liabilities for deposit-type contracts	$	451,762	$	443,181	$	—	$	—	$	451,762	$	—
Repurchase agreements, FHLB advances and collateral on derivative instruments	8,089,458		8,197,190		358,445		7,731,013		—		—
Derivative instruments	851,587		249,442		—		851,587		—		—

134


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)


	December 31, 2022
Type of Financial Instrument	Estimated Fair Value		Carrying Value		(Level 1)		(Level 2)		(Level 3)		Not Practicable (Carrying Value)

Financial assets:
Bonds	$	48,930,547	$	56,710,124	$	—	$	44,114,787	$	4,815,760	$	—
Preferred stocks	1,601,753		1,653,807		—		1,594,819		6,934		—
Common stocks - other	309,008		309,008		172,306		132,912		3,790		—
Mortgage loans	3,666,321		3,835,425		—		3,666,321		—		—
Policy loans	459,745		459,745		—		459,745		—		—
Cash, cash equivalents and short-term investments	720,895		722,450		477,259		243,636		—		—
Derivative instruments	555,182		621,508		4,342		550,840		—		—
Other invested assets	1,478,247		1,585,747		—		774,261		703,986		17,133
Separate accounts	5,715,998		6,170,040		2,755,051		2,822,444		138,503		—

Financial liabilities:
Liabilities for deposit-type contracts	$	486,123	$	479,550	$	—	$	—	$	486,123	$	—
Repurchase agreements, FHLB advances and collateral on derivative instruments	7,838,841		8,029,978		151,286		7,687,555		—		—
Derivative instruments	243,868		286,138		—		243,868		—		—

Included in various investment related line items in the statements of admitted assets, liabilities and capital and surplus are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or for certain bonds and preferred stocks when carried at the lower of cost or fair value.

The Company has certain financial instruments for which it is not practicable to estimate fair value. These instruments are Build America Bond tax credits that have been stripped from the principal portion of the bond. The tax credits are nontransferable. Therefore, there is no active market for the tax credits and the fair value is not readily estimable.

Fair value measurements

Fair value is based on an exit price, which is 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 guidance also establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

The Company determines the fair value of its investments, in the absence of observable market prices, using the valuation methodologies described below applied on a consistent basis. For some investments, market activity may be minimal or nonexistent and management’s determination of fair value is then based on the best information available in the circumstances and may incorporate management’s own assumptions, which involves a significant degree of judgment.

135


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Investments for which market prices are not observable are generally private investments, securities valued using non-binding broker quotes, or securities with very little trading activity. Fair values of private investments are determined by reference to public market or private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. If these are not available, a discounted cash flow analysis using interest spreads adjusted for the maturity/average life differences may be used. Spread adjustments are intended to reflect an illiquidity premium and take into account a variety of factors including but not limited to senior unsecured versus secured, par amount outstanding, number of holders, maturity, average life, composition of lending group, debt rating, credit default spreads, default rates and credit spreads applicable to the security sector. These valuation methodologies involve a significant degree of judgment.

Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 – Quoted prices are available in active markets that the Company has the ability to access for identical financial instruments as of the reporting date. The types of financial instruments included in Level 1 are listed equities, mutual funds, money market funds, non-interest bearing cash, exchange traded futures and separate account assets. As required by the fair value measurements guidance, the Company does not adjust the quoted price for these financial instruments, even in situations where it holds a large position and a sale could reasonably impact the quoted price.

Level 2 – Fair values are based on quoted prices for similar assets or liabilities in active and inactive markets. Inactive markets involve few transactions for similar assets or liabilities and the prices are not current or price quotations vary substantially over time or among market makers, which would include some broker quotes. Level 2 inputs also include corroborated market data such as interest rate spreads, yield curves, volatilities, prepayment speeds, credit risks and default rates. Financial instruments that are generally included in this category include corporate bonds, asset-backed securities, CMOs, short-term investments, less liquid and restricted equity securities and over-the-counter derivatives.

Level 3 – Pricing inputs are unobservable for the financial instrument and include situations where there is little, if any, market activity for the financial instrument. These inputs may reflect the Company’s estimates of the assumptions that market participants would use in valuing the financial instruments. Financial instruments that are included in this category generally include private corporate securities and collateralized debt obligations.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. From time to time there may be movements between levels as inputs become more or less observable, which may depend on several factors including the activity of the market for the specific security, the activity of the market for similar securities, the level of risk spreads and the source of the information from which the Company obtains the information.

The Company relies on third party pricing services and independent broker quotes to value bonds and equity securities. The third party pricing services use discounted cash flow models or the market approach to value the securities when the securities are not traded on an exchange. The following characteristics are considered in the valuation process: benchmark yields, reported trades, issuer spreads, bids, offers, benchmark and comparable securities, estimated cash flows and prepayment speeds.

The Company performs both quantitative and qualitative analysis of the prices. The review includes initial and ongoing review of the third party pricing methodologies, back testing of recent trades, and review of pricing trends and statistics.

136


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

The following tables summarize the valuation of the Company’s financial instruments carried at fair value as presented in the statements of admitted assets, liabilities and capital and surplus, by the fair value hierarchy levels defined in the fair value measurements guidance. Methods and assumptions used to determine the fair values are described in Note 1.


	December 31, 2023
	Level 1			Level 2			Level 3		Net Asset Value		Total
Financial assets (carried at fair value):
Bonds	$	—		$	4,700		$	2,567	$	—	$	7,267
Preferred stocks	—			696,120			8,000		—		704,120
Common stocks - other	95,864			148,276			3,820		—		247,960
Derivative instruments - interest rate swaps	—			2,860			—		—		2,860

Derivative instruments - futures	7,295			—			—		—		7,295
Separate account assets (a)	2,940,919			—			—		—		2,940,919

Financial liabilities (carried at fair value):
Derivative instruments - interest rate floors and swaps	$	—	12,530	$	8,653	—	$	—	$	—	$	8,653
Derivative instruments - foreign exchange forwards	—			1,761			—		—		1,761


	December 31, 2022
	Level 1		Level 2		Level 3		Net Asset Value		Total
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous	$	—	$	4,516	$	11,304	$	—	$	15,820
Preferred stocks	—		1,364,999		—		—		1,364,999
Common stocks - other	172,306		132,912		3,790		—		309,008
Derivative instruments - interest rate floors and swaps	—		14,950		—		—		14,950
Derivative instruments - foreign exchange forwards	—		1,835		—		—		1,835
Derivative instruments - futures	4,342		—		—		—		4,342
Separate account assets (a)	2,684,558		—		—		—		2,684,558

Financial liabilities (carried at fair value):
Derivative instruments - interest rate floors and swaps	$	—	$	12,530	$	—	$	—	$	12,530
Derivative instruments - foreign exchange forwards	—		1,678		—		—		1,678

(a)Fair values and changes in fair values of separate account assets generally accrue directly to policyholders and are not included in the Company’s revenues, benefits, expenses or surplus. The amounts shown in the previous tables include only the assets for the variable life insurance and variable annuity separate accounts; the amounts exclude the assets for the separate accounts guaranteed by the general account.

Included in bonds are those that have been impaired at the reporting date or NAIC 6 and are carried at fair value. SVO valuations are used for some bonds when available. SVO valuations are based upon publicly available prices for identical or similar assets or on valuation models or matrices using observable inputs.

137


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Bonds not valued using SVO valuations are those that have been impaired but not designated as in default by the SVO. Fair values for such securities may be determined utilizing unobservable inputs.

The changes in financial instruments measured at fair value, excluding accrued interest income, for which Level 3 inputs were used to determine fair value are as follows:


	December 31, 2023
	Beginning Balance		Transfers into Level 3		Transfers out of Level 3		Total gains and (losses) included in Net Income		Total gains and (losses) in Surplus		Purchases		Sales		Ending Balance
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous	$	11,304	$	—	$	—	$	—	$	(554)	$	—	$	(8,183)	$	2,567
Preferred stocks	—		8,000		—		—		—		—		—		8,000
Common stocks - other	3,790		—		—		—		30		—		—		3,820
Total assets	$	15,094	$	8,000	$	—	$	—	$	(524)	$	—	$	(8,183)	$	14,387


	December 31, 2022
	Beginning Balance		Transfers into Level 3		Transfers out of Level 3		Total gains and (losses) included in Net Income		Total gains and (losses) in Surplus		Purchases		Sales		Ending Balance
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous	$	—	$	11,304	$	—	$	—	$	—	$	—	$	—	$	11,304

Common stocks - other	6,114		—		—		—		(948)		73		(1,449)		3,790
Total assets	$	6,114	$	11,304	$	—	$	—	$	(948)	$	73	$	(1,449)	$	15,094

138


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

3.INVESTMENTS AND INVESTMENT INCOME

Bond and stock investments

The admitted value, gross unrealized gains, gross unrealized losses and estimated fair value of investments in bonds and preferred stocks are as follows:


	December 31, 2023
	Admitted Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Bonds
U.S. governments	$	3,396,220	$	6,709	$	633,930	$	2,768,999
All other governments	1,248,653		140		309,890		938,903
U.S. special revenue & special assessment obligations, non-guaranteed	12,223,325		134,437		1,485,697		10,872,065
Industrial and miscellaneous	36,771,743		287,338		3,741,240		33,317,841
Bank loans	748,234		9,411		20,898		736,747
Parent, subsidiaries and affiliates	328,605		3,561		991		331,175
Total bonds	$	54,716,780	$	441,596	$	6,192,646	$	48,965,730

Preferred stocks	$	986,390	$	1,423	$	36,548	$	951,265


	December 31, 2022
	Admitted Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Bonds
U.S. governments	$	3,372,011	$	4,027	$	730,439	$	2,645,599
All other governments	1,303,556		1,720		343,952		961,324
U.S. special revenue & special assessment obligations, non-guaranteed	12,642,252		120,823		1,658,597		11,104,478
Industrial and miscellaneous	37,734,661		104,779		5,214,106		32,625,334
Bank loans	1,292,873		8,857		52,730		1,249,000
Parent, subsidiaries and affiliates	364,771		2,469		22,428		344,812
Total bonds	$	56,710,124	$	242,675	$	8,022,252	$	48,930,547

Preferred stocks	$	1,653,807	$	912	$	52,966	$	1,601,753

139


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

The cost, gross unrealized gains, gross unrealized losses, and admitted value of common stocks - subsidiaries and common stocks - other are as follows:


	December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Admitted Value
Subsidiaries	$	782,822	$	107,407	$	—	$	890,229
Other	256,428		47		8,515		247,960
Total	$	1,039,250	$	107,454	$	8,515	$	1,138,189


	December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Admitted Value
Subsidiaries	$	101,422	$	163,487	$	—	$	264,909
Other	340,438		18		31,448		309,008
Total	$	441,860	$	163,505	$	31,448	$	573,917

The admitted value and estimated fair value of investments in bonds, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties:


	2023
	Admitted Value		Estimated Fair Value

Due in one year or less	$	640,913	$	642,857
Due after one year through five years	4,662,846		4,601,919
Due after five years through ten years	6,899,048		6,436,041
Due after ten years	28,068,287		23,948,933
Securities not due at a single maturity date (primarily mortgage-backed securities)	14,445,686		13,335,980
Total bonds	$	54,716,780	$	48,965,730

As of December 31, 2023, the Company had 8 bonds rated 5GI with a book adjusted carrying value of $43,508 and fair value of $45,126. As of December 31, 2022, the Company had 17 bonds rated 5GI with a book adjusted carrying value of $116,435 and fair value of $96,426. There were no preferred stocks rated 5GI as of December 31, 2023 or December 31, 2022.

140


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Gross unrealized losses

The Company’s gross unrealized losses and estimated fair value on its bonds and preferred stocks, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:


	December 31, 2023
	Less than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Bonds
U.S. governments	$	133,567	$	962	$	2,440,915	$	632,968	$	2,574,482	$	633,930
All other governments	6,577		2,205		929,184		307,685		935,761		309,890
U.S. special revenue & special assessment obligations, non-guaranteed	355,913		5,329		7,828,557		1,480,368		8,184,470		1,485,697
Industrial and miscellaneous	1,977,341		87,288		23,450,646		3,653,952		25,427,987		3,741,240
Bank loans	72,611		3,863		243,805		17,035		316,416		20,898
Parent, subsidiaries and affiliates	—		—		58,187		991		58,187		991
Total bonds	2,546,009		99,647		34,951,294		6,092,999		37,497,303		6,192,646



Preferred stocks - redeemable	—		—		147,002		36,548		147,002		36,548
Total bonds and preferred stocks	$	2,546,009	$	99,647	$	35,098,296	$	6,129,547	$	37,644,305	$	6,229,194


	December 31, 2022
	Less than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Bonds
U.S. government	$	1,632,556	$	337,322	$	800,744	$	393,117	$	2,433,300	$	730,439
All other governments	591,550		179,751		346,675		164,201		938,225		343,952
U.S. special revenue & special assessment obligations, non-guaranteed	7,986,743		1,242,951		877,623		415,646		8,864,366		1,658,597
Industrial and miscellaneous	23,298,708		3,559,964		6,319,592		1,654,142		29,618,300		5,214,106
Bank loans	784,235		40,296		158,788		12,434		943,023		52,730
Parent, subsidiaries and affiliates	85,870		20,867		48,004		1,561		133,874		22,428
Total bonds	34,379,662		5,381,151		8,551,426		2,641,101		42,931,088		8,022,252



Preferred stocks - redeemable	184,634		52,966		—		—		184,634		52,966
Total bonds and preferred stocks	$	34,564,296	$	5,434,117	$	8,551,426	$	2,641,101	$	43,115,722	$	8,075,218

141


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

At December 31, 2023, the Company held 15,817 positions in bonds and preferred stocks. The table above includes 11,572 positions of 1,438 issuers as of December 31, 2023. As of December 31, 2023, 90% of the unrealized losses on bonds were securities rated investment grade. Investment grade securities are defined as those securities rated 1 or 2 by the SVO. Preferred stocks in the above table consist primarily of non-redeemable preferred stocks. At December 31, 2023, bonds and preferred stocks in an unrealized loss position had fair value equal to 86% of amortized cost.

The following summarizes the unrealized losses by investment category as of December 31, 2023.

U.S. government

The unrealized losses on U.S. government securities represent 10% of total unrealized losses at December 31, 2023. The total unrealized losses in this category have decreased at December 31, 2023 compared to December 31, 2022. The unrealized losses are due to securities with book yields lower than the market yield available on similar securities at December 31, 2023. Interest rates declined during 2023 due to tightening credit spreads causing increases in the fair values of U.S. government securities held compared to 2022. The previous table indicates less than 1% of the unrealized losses have been in an unrealized loss position for twelve months or less. The Company did not take any OTTI on U.S. government securities in 2023. The Company took impairment losses of $6,653 in 2022 on U.S. government securities due to the intent to sell those securities. The Company does not intend to sell and has the ability to retain all other U.S. government securities until recovery of each security’s amortized cost; therefore, the securities in these categories are not considered to be other-than-temporarily impaired at December 31, 2023.

All other governments

The unrealized losses on all other governments represent 5% of total unrealized losses at December 31, 2023. The total unrealized losses in this category have decreased at December 31, 2023 compared to December 31, 2022. The unrealized losses are applicable to securities with yields lower than the market yield available on similar securities at December 31, 2023. Interest rates declined during 2023 due to tightening credit spreads causing increases in the fair values of all other government securities held compared to 2022. The previous table indicates 1% of the unrealized losses have been in an unrealized loss position for twelve months or less. The Company does not intend to sell and has the ability to retain the investment until recovery of each security’s amortized cost; therefore, the securities in these categories are not considered to be other-than-temporarily impaired at December 31, 2023.

U.S. special revenue and special assessment obligations, non-guaranteed

The unrealized losses on U.S. special revenue and special assessment obligations, non-guaranteed, represent 24% of total unrealized losses at December 31, 2023. The total unrealized losses in this category have decreased at December 31, 2023 compared to December 31, 2022. The unrealized losses are applicable to securities with book yields higher than the market yield available on similar securities at December 31, 2023. Interest rates decreased during 2023 due to tightening of credit spreads causing increases in the fair values of U.S. special revenue and special assessment obligations, non-guaranteed securities held compared to 2022. The table indicates less than 1% of the unrealized losses have been in an unrealized loss position for twelve months or less. The Company recognized $21,554 of OTTI in 2023 on securities that the Company did not have the intent to hold until recover of value. The Company recognized OTTI of $6,098 on these securities in 2022. For loan-backed and structured securities, the analysis includes comparing the present value of future cash flows to the security’s amortized cost. In all other cases, if the Company does not intend to sell the securities prior to recovery and has the ability to retain the investment until recovery of the security’s amortized cost, the security is not considered to be other-than-temporarily impaired.

142


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Industrial and miscellaneous

The unrealized losses on industrial and miscellaneous, represent 60% of unrealized losses at December 31, 2023 and are primarily in corporate bonds, private asset backed securities and collateralized debt obligations backed by various assets. The unrealized losses in this category have decreased at December 31, 2023 compared to December 31, 2022. Interest rates declined during 2023 due to tightening credit spreads causing increases in the fair values of industrial and miscellaneous securities held compared to 2022. The table indicates 2% of the unrealized losses have been in an unrealized loss position for twelve months or less. The Company reviews its security positions with unrealized losses on an on-going basis and recognizes OTTI if evidence indicates a loss will be incurred. The Company recognized OTTI of $78,272 in 2023 on industrial & miscellaneous securities due to the inability or lack of intent to hold the securities until recovery. In 2022, the Company recognized OTTI of $72,502 on industrial and miscellaneous securities. In all other cases, if the Company does not intend to sell the securities prior to recovery and has the intent and ability to retain the investment until recovery of the security’s amortized cost; the security is not considered to be other-than-temporarily impaired.

Bank loans

The unrealized losses on bank loans, represent less than 1% of unrealized losses at December 31, 2023. The unrealized losses in this category have decreased slightly at December 31, 2023 compared to December 31, 2022. The table indicates 18% of the unrealized losses have been in an unrealized loss position for less than twelve months. Interest rates declined during 2023 due to tightening credit spreads causing increases in the fair values of bank loans held compared to 2022. The Company recognized $5,851 of OTTI on bank loans in 2023. The Company recognized OTTI of $5,478 on bank loans in 2022. In all other cases, if the Company does not intend to sell the securities prior to recovery and has the ability to retain the investment until recovery of the security’s amortized cost; the security is not considered to be other-than-temporarily impaired

Parent, subsidiaries and affiliates

The unrealized losses on parent, subsidiaries and affiliates, represent less than 1% of unrealized losses at December 31, 2023. The unrealized losses in this category have decreased at December 31, 2023 compared to December 31, 2022. The table indicates that none of the unrealized losses have been in an unrealized loss position for less than twelve months. The Company does not intend to sell and has the ability to retain the investment until recovery of each security’s amortized cost; therefore, the securities in these categories are not considered to be other-than-temporarily impaired at December 31, 2023.

Preferred stocks

This category, which represents 1% of unrealized losses at December 31, 2023, consists of redeemable preferred stocks in the industrial and miscellaneous sector, primarily financial institutions. The unrealized losses in this category have decreased at December 31, 2023 compared to December 31, 2022. The table indicates that none of the unrealized losses have been in an unrealized loss position for less than twelve months. The Company reviews its security positions with unrealized losses on an on-going basis and recognizes OTTI if evidence indicates a loss will be incurred. The Company recognized OTTI of $147,250 in 2023 related to securities from a financial institution that was taken over by regulators. Other than previously mentioned, the Company does not intend to sell and has the ability to retain the investment until recovery of each security’s amortized cost; therefore, the securities in these categories are not considered to be other-than-temporarily impaired at December 31, 2023.

143


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Other-than-temporary impairments

As a result of the Company’s review of OTTI of investment securities, OTTI recognized on loan-backed and structured securities is summarized in the following table:


CUSIP	Book/Adjusted Carrying Value Amortized Cost Before Current Period OTTI		Recognized OTTI		Amortized Cost After OTTI		Fair Value at time of OTTI		Date of Financial Statement Where Reported
78520EAA4	$	47,721	$	208	$	47,513	$	45,696	3/31/2023
693342AH0	19,351		9		19,342		19,326		3/31/2023
682337AA8	32,500		128		32,372		31,313		3/31/2023
46619XAA1	8,144		179		7,965		7,331		3/31/2023
46619RAA4	14,191		465		13,726		12,841		3/31/2023
46617TAA2	10,827		76		10,751		9,929		3/31/2023
46590UAA0	39,433		386		39,047		35,725		3/31/2023
456606AF9	255		81		174		177		3/31/2023
02149HBR0	680		220		460		440		6/30/2023
05532CAK5	747		234		513		468		6/30/2023
05532EAR6	7,262		2,229		5,033		4,952		6/30/2023
12668A2P9	2,461		479		1,982		1,869		6/30/2023
45660LA25	1,633		48		1,585		1,210		6/30/2023
46616PAA1	17,562		509		17,053		16,168		6/30/2023
46616QAA9	6,954		230		6,724		6,328		6/30/2023
46616VAA8	11,309		869		10,440		9,891		6/30/2023
61748JAE7	2,398		457		1,941		1,112		6/30/2023
74958WAB2	1,626		84		1,542		1,214		6/30/2023
76113NAC7	1,791		126		1,665		1,470		6/30/2023
80306AAA8	19,116		683		18,433		15,630		6/30/2023
12479RAF4	8,331		95		8,236		7,910		6/30/2023
693342AJ6	18,343		65		18,278		11,969		6/30/2023
88240TAB7	22,907		55		22,852		19,367		6/30/2023
00103CAJ8	6,243		518		5,725		5,725		9/30/2023
61748JAE7	1,926		779		1,147		1,057		9/30/2023
038779AB0	48,181		5,527		42,654		42,655		9/30/2023
40166L703	884		328		556		565		9/30/2023
05532VBB2	188		24		164		158		12/31/2023
07388DAC2	928		23		905		804		12/31/2023
12639MFA8	1,565		187		1,378		1,303		12/31/2023
17309KAK3	806		32		774		755		12/31/2023


			$	15,333

Impairments of $9,318 and $6,015 were recognized during the year due to intent to sell and the amortized cost basis of the security exceeding the present value of expected future cash flows from the security, respectively. Additionally, no impairments were recognized during the year due to the inability or lack of intent to retain the investment for a period of time sufficient to recover the amortized cost basis.

144


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Net investment income and net realized capital gains (losses)

The major categories of net investment income reflected in the statements of operations are summarized as follows:


	2023		2022		2021
Bonds	$	2,534,053	$	2,351,761	$	2,313,227
Preferred stocks	78,691		88,961		79,100
Common stocks	14,703		15,105		13,208
Mortgage loans	176,173		183,527		188,120
Real estate	6,525		6,525		10,074
Policy loans	29,270		23,969		21,190
Cash, cash equivalents and short-term investments	79,043		6,106		2,397
Derivative instruments	(255,426)		(403,530)		764,920
Other invested assets	166,654		197,483		289,754
Other investment income	5,344		3,283		2,318
Total gross investment income	2,835,030		2,473,190		3,684,308
Less: Investment expenses	494,065		284,294		233,552
Net investment income	$	2,340,965	$	2,188,896	$	3,450,756

Investment expenses consist primarily of investment advisory fees, interest expense on repurchase agreements, interest expense on FHLB advances, interest on surplus notes, interest related to derivative collateral liabilities and other expenses related to the administration of investments.

The Company recognized $61, $22,546, and $76,125 of net investment income for the years ended December 31, 2023, 2022, and 2021, respectively related to prepayment penalties or acceleration fees on bonds in the general account that were called. The total number of called bonds in the general account were 1, 30, and 83 for the years ended December 31, 2023, 2022, and 2021, respectively.

The Company recognized $0, $678, and $3,225 of net investment income for the years ended December 31, 2023, 2022, and 2021, respectively related to prepayment penalties or acceleration fees on bonds in the separate account that were called. The total number of called bonds in the separate account were 0, 7, and 16 for the years ended December 31, 2023, 2022, and 2021, respectively.

145


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

The major categories of net realized capital gains (losses) reflected in the statements of operations are summarized as follows:


	2023		2022		2021
Bonds	$	(222,049)	$	(232,283)	$	666,002
Preferred stocks	(240,506)		(511)		3,713

Common stocks - other	(25,172)		(1,450)		17,119
Mortgage loans	(12,541)		(70)		13,022

Short-term investments	—		(23)		599
Derivative instruments	(18,165)		13,952		3,604
Other invested assets	4,572		362		27,039
Realized capital gains (losses)	(513,861)		(220,023)		731,098
Income tax effects	122,649		30,414		(180,995)
Amounts transferred to IMR (net of federal income taxes of $(29,010), $(41,769) and $153,881)	109,132		157,131		(578,886)
Net realized capital losses	$	(282,080)	$	(32,478)	$	(28,783)

Proceeds from the sale of investments in bonds and the gross gains and losses realized on these sales (excluding OTTI losses, maturities, calls, exchanges and prepayments) were as follows:


	2023		2022		2021
Proceeds from sales	$	5,304,764	$	7,633,843	$	7,345,316
Gross realized gains	63,968		101,055		742,989
Gross realized losses	(293,228)		(231,403)		(38,326)

The gross realized gains (losses) on the bonds represent the difference between the proceeds from the sale of the bonds and the basis of the bonds, which is primarily amortized cost.

Mortgage loans

The following table summarizes the Company’s mortgage loans by property type:


	2023				2022
	Carrying Value		% of Total		Carrying Value		% of Total
Office	$	1,549,095	41	%	$	1,679,943	44	%
Retail	779,294		21	%	770,983		20	%
Hotel	745,283		20	%	646,030		17	%
Industrial	387,114		10	%	302,512		8	%
Multi-family	192,096		5	%	275,721		7	%
Other	122,914		3	%	123,418		3	%
Medical	14,624		0	%	36,818		1	%

Total	$	3,790,420	100	%	$	3,835,425	100	%

146


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Mortgage loans by United States geographic locations are as follows:


	2023				2022
	Carrying Value		% of Total		Carrying Value		% of Total
Pacific	$	1,148,049	30	%	$	1,061,650	27	%
South Atlantic	924,705		24	%	946,011		25	%
Middle Atlantic	830,001		22	%	914,950		24	%
Mountain	494,743		13	%	364,931		10	%
New England	163,628		4	%	167,405		4	%
West North Central	74,350		2	%	75,909		2	%
East North Central	63,122		2	%	120,789		3	%
East South Central	61,107		2	%	136,932		4	%
West South Central	30,715		1	%	46,848		1	%
	$	3,790,420	100	%	$	3,835,425	100	%

The Company’s mortgage loans by origination year are as follows:


	Carrying Value		% of Total
2023	$	300,200	8	%
2022	934,103		25	%
2021	330,585		9	%
2020	142,486		4	%
2019 and prior	2,083,046		54	%
	$	3,790,420	100	%

The Company has no outstanding commitments on mortgage loans at December 31, 2023.

Any loan delinquent on contractual payments over 90 days past due is considered non-performing. At December 31, 2023, there were two non-performing commercial mortgage loans, with carrying values of $6,769 that were over 90 days past due on contractual payments. At December 31, 2022, there were no non-performing commercial loans that were over 90 days past due on contractual payments.

Mortgage loan equivalent ratings are based on the expected loss of the security rather than the probability of defaults. Ratings are assessed by looking at the financial condition of the borrower to make required payments, including the value of the underlying collateral, the market in which the collateral is operating and the level of associated debt.

147


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Information regarding the Company’s credit quality indicators for its recorded investment in mortgage loans, gross of valuation allowances is as follows:


	December 31, 2023				December 31, 2022
	Carrying Value		% of Total		Carrying Value		% of Total
Internal credit risk grade:
CM1	$	1,748,099	46	%	1,487,058		39	%
CM2	1,725,213		46	%	2,099,831		54	%
CM3	267,915		7	%	191,230		5	%
CM4	15,829		0	%	37,742		1	%

In or near default	33,364		1	%	19,564		1	%
Total mortgage loans	$	3,790,420	100	%	$	3,835,425	100	%

The Company acquired 6 new commercial mortgage loans in 2023 with interest rates ranging from 4.58% to 6.70%.

Information regarding the Company’s loan to value ratio for its recorded investment in mortgage loans, gross of valuation allowances is as follows:


	December 31, 2023				December 31, 2022
	Carrying Value		% of Total		Carrying Value		% of Total
Less than 50%	$	2,108,878	56	%	$	2,343,810	60	%
50% to 60%	939,488		25	%	1,137,486		30	%
61% to 70%	735,060		19	%	334,565		9	%
71% to 80%	6,994		0	%	—		0	%
81% to 90%	—		0	%	—		0	%
91% to 100%	—		0	%	—		0	%
Over 100%	$	—	0	%	$	19,564	1	%
Total mortgage loans	$	3,790,420	100	%	$	3,835,425	100	%

The loan-to-value ratio is determined using the most recent appraised value. Appraisals are ordered at origination, and updated when and if there is an indication of a possible significant collateral decline or there are loan modifications or refinance requests. A loan-to-value ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral.

The Company reviews its mortgage loans for impairment on an on-going basis. It considers such factors as delinquency of payments, decreases in the value of underlying properties, the financial condition of the mortgagor and the impact of general economic conditions in the geographic areas of the properties collateralizing the mortgages. Once the determination is made that a mortgage loan is impaired, the primary consideration used to determine the amount of the impairment is the fair market value of the underlying property. The Company assumes it would receive the proceeds from the sale of the underlying property less sale expenses. The Company maintains a general allowance for mortgage loan losses. The allowance is determined through an analysis of specific loans that are believed to have a higher risk of credit impairment. The Company held an allowance of $12,207 and $3,456 at December 31, 2023 and 2022, respectively.

148


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Three mortgage loans were impaired during the year ended December 31, 2023, via direct write down of the carrying amount of the loans in the amount of $11,442. The impairments were recognized in net realized capital losses in the statements of operations. There were no mortgage loans impaired during the year ended December 31, 2022. One mortgage loan was impaired during the year ended December 31, 2021, via direct write down of the carrying amount of the loan in the amount of $5,936. The impairment was recognized in net realized capital losses in the statements of operations.

The recorded investment and unpaid principal balance of the impaired mortgage loans are $45,570 and $57,012, respectively, as of December 31, 2023. The average recorded investment in impaired loans was $34,176 and $23,391 for the years ended December 31, 2023 and 2022, respectively.

The Company did not take ownership of real estate in satisfaction of any mortgage loans during 2023 and 2022. Real estate acquired through foreclosure is a component of real estate in the statement of admitted assets, liabilities, and capital and surplus.

Credit risk concentration

The Company generally strives to maintain a diversified invested assets portfolio. Credit risk concentrations to any single issuer or groups of issuers with similar credit profiles are closely monitored. Other than investments in U.S. government or U.S. government agencies, the Company has no significant concentration of credit risk.

Restricted assets

The following assets are subject to applicable restrictions under each of the following areas:


	December 31, 2023
Restricted Asset Category	Total Admitted Restricted		Gross Restricted to Total Assets		Admitted Restricted to Total Admitted Assets
Subject to repurchase agreements	$	6,204,335	8	%	8	%
FHLB capital stock	148,276		0	%	0	%
On deposit with states	3,274		0	%	0	%
Pledged as collateral to FHLB	3,072,795		4	%	4	%
Pledged as collateral not captured in other categories	45,632		0	%	0	%
Total restricted assets	$	9,474,312	12	%	12	%


	December 31, 2022
Restricted Asset Category	Total Admitted Restricted		Gross Restricted to Total Assets		Admitted Restricted to Total Admitted Assets
Subject to repurchase agreements	$	5,580,088	7	%	7	%
FHLB capital stock	132,912		0	%	0	%
On deposit with states	3,295		0	%	0	%
Pledged as collateral to FHLB	3,072,795		4	%	4	%
Pledged as collateral not captured in other categories	48,119		0	%	0	%
Total restricted assets	$	8,837,209	11	%	11	%

149


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Other

FHLB

The Company is a member of FHLB of Des Moines. In order to maintain its membership and borrow funds, the Company is required to purchase FHLB equity securities. As of December 31, 2023 and 2022, the Company owns common stock totaling $148,276 and $132,912, respectively, which is carried at cost. Resale of these securities is restricted only to FHLB. As a member of FHLB, the Company can borrow money provided that FHLB’s collateral and stock ownership requirements are met. The maximum amount a member can borrow is equal to thirty percent of the Company’s asset balance as of the prior quarter end subject to availability of acceptable collateral. The interest rate and repayment terms differ depending on the type of advance and the term selected. At December 31, 2023 and 2022, the Company had outstanding advances of $3,072,795 from FHLB (see Note 7).

Deposits with regulatory authorities

At December 31, 2023 and 2022, securities (primarily bonds) with admitted carrying values of $3,274 and $3,295 respectively, were on deposit with regulatory authorities as required by law.

150


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

4.DERIVATIVES AND DERIVATIVE INSTRUMENTS

The following table presents the notional amounts, estimated fair value and carrying value of derivatives:


	December 31, 2023
	Notional Amount		Estimated Fair Value		Carrying Value
Assets:
Derivative instruments:
Call options	$	24,598,064	$	1,734,035	$	631,051
Futures	44,103		7,295		7,295


Interest rate swaps	82,000		2,860		2,860
			$	1,744,190	$	641,206
Liabilities:
Derivative instruments:
Interest rate swaps	$	400,000	$	8,653	$	8,653
Foreign exchange forwards	73,311		1,761		1,761
Written options	9,187,699		841,173		239,028
			$	851,587	$	249,442


	December 31, 2022
	Notional Amount		Estimated Fair Value		Carrying Value
Assets:
Derivative instruments:
Call options	$	23,095,880	$	546,347	$	599,246
Futures	1,537		4,342		4,342
Interest rate floors	113,000		—		—
Foreign exchange forwards	56,136		1,835		1,835
Interest rate swaps	887,000		2,658		16,085
			$	555,182	$	621,508
Liabilities:
Derivative instruments:
Interest rate swaps	$	950,000	$	12,648	$	12,648
Foreign exchange forwards	52,781		1,678		1,678
Written options	7,618,908		229,542		271,812
			$	243,868	$	286,138

151


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

The following table presents the impact of derivatives on net investment income and change in unrealized capital gains (losses):


	2023		2022		2021
Gain (loss) recognized in net investment income
Options	$	(253,237)	$	(335,498)	$	553,436
Futures	(860)		(72,914)		208,649
Interest rate swaps	(1,143)		3,550		(144)
Interest rate floors	(186)		1,332		2,979
	$	(255,426)	$	(403,530)	$	764,920

Gain (loss) recognized in net unrealized gains (losses):
Interest rate swaps	$	(3,273)	$	(3,813)	$	1,293
Interest rate floors	186		(3,430)		(3,711)

Foreign exchange derivatives	(1,918)		1,877		31
	$	(5,005)	$	(5,366)	$	(2,387)

The Company accounts for its financial options, futures, interest rate swaps, and other derivatives in accordance with SSAP 86, Accounting for Derivative Instruments and Hedging, Income Generation, and Replication (Synthetic Asset) Transactions, except for those options accounted for in accordance with IAC 191-97, as discussed in Note 1. Following is a discussion of the various derivatives used by the Company.

Options and futures

The Company has indexed annuity and indexed universal life products that provide for a guaranteed base return and a higher potential return tied to several major equity market indices. In order to fund these benefits the Company purchases index options that compensate the Company for any appreciation over the strike price and offsets the corresponding increase in the policyholder obligation. The Company also enters futures contracts to compensate it for increases in the same indices. The Company classifies these options and futures as derivative instruments.

In accordance with IAC 191-97, the Company carries financial options at amortized cost and amortizes the cost of the index options against investment income over the term of the option. When the options mature, any value received by the Company is reflected as investment income.

The futures contracts have no initial cost and are marked to market daily. That daily mark-to-market is settled through the Company’s variation margin accounts maintained with the counterparty. The Company reports the change in the futures variation margin accounts as investment income.

The hedged annuity liabilities are reported in the statutory statements of admitted assets, liabilities and capital and surplus as a component of liabilities for future policy benefits in accordance with IAC 191-97 and credited indexed returns are reflected in the reserve as realized based on actual index performance. The hedged life liabilities are reported in the statutory statements of admitted assets, liabilities and capital and surplus as a component of liabilities for future policy benefits equal to the implied fair value appreciation of the index options until the policy anniversary date. At the anniversary date, the annuity and life policyholder account values are revalued with amounts credited to the policyholders recognized as a component of increase in aggregate reserves.

152


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Other derivative instruments

The Company has entered into interest rate floor and interest rate swap agreements to help manage its overall exposure to interest rate changes. These other derivative instruments do not hedge specific assets or liabilities and as such are not accounted for under hedge accounting. In accordance with SSAP 86, these swaps and floors are reported at fair value in the statements of admitted assets, liabilities and capital and surplus and changes in the fair value are reported as a change in unassigned surplus. The Company recognizes income (expense) on interest rate floor and swaps through investment income. This income is received or paid on reset/settlement date and is accrued until the next reset date.

The Company has entered into foreign currency forwards to protect itself against currency fluctuations on foreign currency denominated financial instruments. These forwards are reported at fair value in the statutory statements of admitted assets, liabilities, and capital and surplus and changes in fair value are reported as a component of change in unassigned surplus.

The following relates to interest rate swaps and interest rate floors. The interest rates are measured against SOFR:


	2023	2022
Interest rate swaps:
Fixed rates	0.72% to 3.23%	0.43% to 4.34%
Variable rates	5.61%	4.30% to 4.77%
Interest rate floors, strike rates	0.00%	3.00%

Long-dated corporate bonds with fixed coupons are paired with long dated fixed to float interest rate swaps in replication transactions. This replication asset, together with a shorter term float to fixed interest rate swap, helps match the duration and cash flows of the assets and liabilities. The interest rate swaps that are part of a replicated asset are carried at amortized cost consistent with the cash component of the replicated asset. At December 31, 2023, the Company did not hold any interest rate swaps that were part of replication assets. At December 31, 2022, the Company held interest rate swaps that were part of replication assets with a fair value of $(12,173) and a carrying value of $1,135.

Collateral on derivatives

As a result of market value changes, certain financial institutions involved in the interest rate swap agreements and financial options deposit cash with the Company to collateralize these obligations. The cash collateral and the amount that the Company was permitted to repledge were $358,445 and $151,286 at December 31, 2023 and 2022, respectively. The obligation to repay the collateral is reflected in repurchase agreements, FHLB advances and collateral on derivatives in the statements of admitted assets, liabilities and capital and surplus.

The Company generally limits its selection of counterparties that are obligated under its non-exchange traded derivative contracts to those with investment grade ratings. As of December 31, 2023, no counterparty had more than 2% exposure to the fair value of the Company’s derivative contracts. Entering into such agreements from financial institutions with long-standing performance records minimizes the credit risk. The amounts of such exposure are essentially the net replacement cost or fair value for such agreements with each counterparty, as well as any interest due the Company from the last interest payment period less any collateral posted by the financial institution.

5.OFFSETTING OF ASSETS AND LIABILITIES

Certain of the Company’s derivative instruments are subject to enforceable master netting arrangements that provide for the net settlement of all derivative contracts between the Company and counterparty in the event of default or upon the occurrence of certain termination events. Collateral support agreements are

153


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

also in place requiring the Company or the counterparty to pledge collateral in the event minimum thresholds have been reached, typically related to the fair value of the outstanding derivatives. Additionally, certain of the Company’s repurchase agreements provide for net settlement on termination of the agreement.

The Company reports derivative instruments and repurchase agreements on a gross basis within the statements of admitted assets, liabilities, and capital and surplus.

The tables below present the Company’s gross and net derivative instruments and gross and net repurchase agreements by asset and liabilities:


	December 31, 2023
	Gross Amounts Presented in the Balance Sheet		Collateral- Financial Instruments and/or Cash		Net Amount
Offsetting of financial assets:
Derivatives	$	641,206	$	358,445	$	282,761
Total financial assets	$	641,206	$	358,445	$	282,761

Offsetting of financial liabilities:
Derivatives	$	249,442	$	—	$	249,442
Repurchase agreements	4,765,951		4,765,951		—
Total financial liabilities	$	5,015,392	$	4,765,951	$	249,442


	December 31, 2022
	Gross Amounts Presented in the Balance Sheet		Collateral- Financial Instruments and/or Cash		Net Amount
Offsetting of financial assets:
Derivatives	$	621,508	$	151,286	$	470,222
Total financial assets	$	621,508	$	151,286	$	470,222

Offsetting of financial liabilities:
Derivatives	$	286,138	$	—	$	286,138
Repurchase agreements	4,805,897		4,805,897		—
Total financial liabilities	$	5,092,035	$	4,805,897	$	286,138

6.REAL ESTATE AND EQUIPMENT

The Company purchases and capitalizes various classes of assets in the regular course of its insurance operations. These assets are amortized using the straight-line and accelerated declining balance methodologies over a specified period of years that varies with the class of asset that ranges from 3 years to 39 years. The depreciation expense recorded in 2023, 2022 and 2021 was $25,927, $19,886 and $22,935, respectively. Following is a summary of the capitalized assets (including the Company’s office buildings and real estate acquired in satisfaction of mortgage loans) and the related accumulated depreciation for the major classes of assets:

154


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)


	Range of Useful Lives	2023		2022

Land	N/A	$	10,936	$	10,936
Land improvements	15 years	1,099		1,099
Buildings and improvements	39 years	100,853		98,879
Leasehold improvements	10 years	2,115		2,162
Furniture and fixtures	7 years	6,203		6,335
Computer equipment and software	3 years	292,356		262,931
Other	5 years	38		38
		413,600		382,380
Accumulated depreciation		(250,389)		(242,523)
Nonadmitted		(60,802)		(36,059)
Net admitted value		$	102,409	$	103,798

The net admitted value of these assets is reflected in the following lines in the Company’s statements of admitted assets, liabilities and capital and surplus:


	2023		2022
Real Estate	$	98,402	$	99,050
Other admitted assets	4,007		4,748

At December 31, 2023 and 2022, real estate consists of $98,402 and $99,050, respectively, for the Company’s offices.

7.FHLB ADVANCES

The Company is a member of FHLB of Des Moines. In accordance with the FHLB membership agreement, the Company can be required to purchase FHLB common stock in order to borrow funds. These borrowings are reported as FHLB advances in the statements of admitted assets, liabilities and capital and surplus. The Company purchased $15,364 and $0 of additional common stock in 2023 and 2022, respectively. The Company did not sell any common stock in 2023 or 2022. In addition, the Company has posted mortgage loans and agency MBS/CMO fixed income securities with fair values in excess of the amount of the borrowings as collateral.

The amount of FHLB stock held is as follows:


	2023		2022
Membership stock - class A	$	10,000	$	10,000
Activity stock	138,276		122,912
Total	$	148,276	$	132,912

The Class A Membership Stock is not eligible for redemption.

At December 31, 2023 and 2022, the Company had outstanding advances of $3,072,795. It is not part of the Company’s strategy to utilize these funds for operations, and any funds obtained from the FHLB of Des Moines for use in general operations would be accounted for consistent with SSAP No. 15 as borrowed money. The purpose of the advances is to complement the Company’s repurchase agreement program.

155


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

The advances are reported as a component of repurchase agreements, FHLB advances and collateral on derivatives in the statements of admitted assets, liabilities and capital and surplus. The borrowings outstanding at December 31, 2023 is as follows:


Maturity Date	Advance		Rate
1/11/2024	$	75,000	1.93%
4/1/2024	57,000		0.57%
10/4/2024	70,000		5.51%
10/30/2024	150,000		5.50%
12/18/2024	65,000		5.43%
2/3/2025	2,000		4.63%
2/10/2025	85,000		4.65%
2/11/2025	88,960		0.86%
2/14/2025	50,000		4.64%
3/14/2025	400,000		1.03%
3/17/2025	400,000		4.65%
3/18/2025	200,000		0.90%
5/2/2025	90,000		0.95%
5/19/2025	70,000		4.30%
6/27/2025	155,455		2.55%
2/3/2026	48,000		4.34%
2/10/2026	60,000		4.32%
2/14/2026	80,000		4.31%
6/26/2026	155,455		4.49%
9/9/2026	203,125		1.28%
11/20/2026	150,000		0.88%
11/23/2026	157,800		0.88%
12/18/2026	260,000		0.89%
	$	3,072,795

Interest expense incurred during 2023, 2022 and 2021 was $61,853, $42,178 and $57,009, respectively, and is reported as a component of net investment income in the statements of operations. The Company has determined the actual maximum borrowing capacity as $3,889,653. The Company calculated this amount in accordance with limitations in the FHLB capital plan (e.g., current FHLB capital stock, limitations in the FHLB capital plan, current and potential acquisitions of FHLB capital stock, etc.).

156


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

The amount of collateral pledged to the FHLB is as follows:


Amount pledged as of reporting date	Fair Value	Carrying Value	Aggregate total borrowing
2023	4,727,913	5,389,439	3,072,795
2022	4,797,917	5,339,067	3,072,795

Maximum amount pledged during reporting period	Fair Value	Carrying Value	Amount borrowed at time of maximum collateral
2023	5,010,209	5,576,742	3,072,795
2022	4,881,464	5,383,561	3,072,795

157


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

8.REPURCHASE AGREEMENTS

The following tables summarizes the repurchase agreements accounted for as a secured borrowing for the Company:

Type of Repo Trades Used

2023

First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Bilateral (YES/NO)

YES

Tri-party (YES/NO)

YES

Original (flow) & residual maturity


	2023
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Maximum amount
Open - no maturity	$	141,398	$	121,398	$	121,398	$	1,398
Overnight	160,000		15,000		105,000		494,969
2 days to 1 week	220,000		248,577		178,000		494,969
>1 week to 1 month	220,000		1,054,412		203,400		494,969
>1 month to 3 months	59,000		579,398		344,969		494,969
>3 months to 1 year	1,789,367		1,789,367		1,082,969		1,107,000
>1 year	3,091,133		3,564,153		3,739,553		3,681,553

Ending balance
Open - no maturity	$	121,398	$	121,398	$	1,398	$	1,398
Overnight	—		—		—		—
2 days to 1 week	—		—		—		—
>1 week to 1 month	—		105,000		—		—
>1 month to 3 months	—		248,400		344,969		415,000
>3 months to 1 year	1,789,367		904,969		588,000		837,000
>1 year	2,855,133		3,386,153		3,681,553		3,512,553

158


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Securities sold under repo- secured borrowing


	2023
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Maximum amount
Book adjusted carrying value ("BACV")	XXX		XXX		XXX		$	5,580,088
Nonadmitted - subset of BACV	XXX		XXX		XXX		XXX
Fair value	$	4,915,296	$	5,310,025	$	5,310,025	$	5,310,025

Ending Balance
BACV	XXX		XXX		XXX		$	6,204,335
Nonadmitted - subset of BACV	XXX		XXX		XXX		XXX
Fair value	$	4,915,296	$	5,310,025	$	5,075,045	$	5,244,522

Securities sold under repo- secured borrowing by NAIC designation


	As of December 31, 2023
	NONE		NAIC 1		NAIC 2		NAIC 3
Bonds – BACV	$	—	$	1,209,153	$	1,806,089	$	—
Bonds – FV	—		983,586		1,597,301		—
LB & SS – BACV	—		3,189,093		—		—
LB & SS – FV	—		2,909,734		—		—
Total assets – BACV	$	—	$	4,398,246	$	1,806,089	$	—
Total assets – FV	$	—	$	3,893,320	$	1,597,301	$	—

As of December 31, 2023

NAIC 4

NAIC 5

NAIC 6

Non-Admitted

Bonds – BACV

—

Bonds – FV

—

LB & SS – BACV

—

LB & SS – FV

—

Total assets – BACV

—

Total assets – FV

—

159


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Collateral received- secured borrowing


	2023
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Maximum Amount
Cash	$	5,680,897	$	7,372,303	$	5,775,289	$	6,769,827
Securities (FV)	—		—		—		—

Ending Balance
Cash	$	4,765,897	$	4,765,920	$	4,615,920	$	4,765,951
Securities (FV)	—		—		—		—

Cash and non-cash collateral received- secured borrowing by NAIC designation


	As of December 31, 2023
	NONE		NAIC 1		NAIC 2		NAIC 3
Ending balance
Cash	$	4,765,951	$	—	$	—	$	—
Total collateral assets – FV	$	4,765,951	$	—	$	—	$	—

	As of December 31, 2023
	NAIC 4		NAIC 5		NAIC 6		Does Not Qualify As Admitted
Ending balance
Cash	$	—	$	—	$	—	$	—
Total collateral assets – FV	$	—	$	—	$	—	$	—

Allocation of aggregate collateral by remaining contractual maturity


	As of December 31, 2023
	Fair Value
Overnight and continuous	$	1,398

31 to 90 days	415,000
> 90 days	4,349,553

160


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Allocation of aggregate collateral reinvested by remaining contractual maturity


	As of December 31, 2023
	Amortized Cost		Fair Value

31 to 60 days	$	769	$	769



181 to 365 days	4,522		4,567
1 to 2 years	15,247		15,032
2 to 3 years	70,689		64,308
> 3 years	5,027,910		4,681,991

Liability to return collateral- secured borrowing


	2023
	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum amount
Cash (collateral - all)	$	5,680,897	$	7,372,303	$	5,775,289	$	6,769,827
Securities collateral (FV)	—		—		—		—

Ending balance
Cash (collateral - all)	$	4,765,897	$	4,765,920	$	4,615,920	$	4,765,951
Securities collateral (FV)	—		—		—		—

In addition to the securities summarized in the maturity distribution above, the Company holds short-term investments representing the balance of the repurchase agreement liabilities. The Master Repurchase Agreements with the various counterparties do not require the Company to invest the proceeds in securities with maturities matching the maturities of the repurchase agreement liabilities. As previously stated, a majority of the Company’s repurchase agreements are for terms of greater than one year. The Company has sufficient cash flows from operations and investment maturities, pay downs and calls to meet the repurchase obligations under the outstanding agreements. In addition, the Company has the ability to sell securities to meet future repayment obligations under the agreements.

9.REINSURANCE

The Company is primarily involved in the cession and, to a lesser degree, assumption of life and annuity reinsurance with other companies. Reinsurance premiums and claims ceded and assumed for the years ended December 31 are as follows:


	2023				2022				2021
	Ceded		Assumed		Ceded		Assumed		Ceded		Assumed

Premiums written	$	2,034,325	$	857	$	4,267,463	$	874	$	3,904,711	$	1,666
Claims incurred	470,866		8,767		461,340		12,820		528,126		21,882
Reserve changes	800,289		(85,762)		3,366,335		(74,936)		3,480,002		(354,673)

Premiums and benefits incurred are stated net of the amounts of premiums and claims assumed and ceded. Policy benefit reserves and policy claims and benefits payable are reported net of the related reinsurance

161


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

receivables. These receivables are recognized in a manner consistent with the liabilities related to the underlying reinsured contracts.

The Company is a party to a reinsurance agreement with North American. In this indemnity agreement, the Company assumes 80% of all policies issued by North American on or after January 1, 2014 of specific annuity plans. The Company recognized $762, $779 and $775 at December 31, 2023, 2022 and 2021, respectively, of premium under this agreement in the statements of operations. The Company retrocedes 100% of this business to a third party reinsurer through a modified coinsurance agreement.

The Company is a party to a modified coinsurance agreement with a third-party reinsurer. This indemnity agreement covers 80% of all policies issued by the Company on or after January 1, 2014 of specific annuity plans along with 100% of the business the Company assumes from North American in the coinsurance agreement discussed in the previous paragraph. In this agreement, the Company retains, on behalf of the reinsurer, assets equal to the statutory liabilities associated with the reinsured policies. The Company recognized $623,214 and $877,162 at December 31, 2023 and 2022, respectively, of modified coinsurance reserves under this agreement in the statements of admitted assets, liabilities, and capital and surplus.

The Company is party to a reinsurance agreement providing for the coinsurance of 30% for certain policies that were acquired from an acquisition in 2002. The reinsurer assumes 30% of the net premiums and benefits related to this block of business and reimburses the Company for various expenses related to this business through the expense allowances provided for in the agreement. Reserve credits of $244,157 and $255,315 associated with this agreement are reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2023 and 2022, respectively.

The Company is a party to two funds withheld coinsurance agreements with a third-party reinsurer. These are indemnity agreements that cover 50% of substantially all policies of specific annuity plans issued from January 1, 2002 through March 31, 2005, 60% of substantially all policies of specific annuity plans issued from April 1, 2005 through February 29, 2008 and 50% of substantially all policies of specific annuity plans issued from March 1, 2008 through November 30, 2013 of specific annuity plans. In these agreements, the Company agrees to withhold, on behalf of the assuming company, assets equal to the statutory reserve associated with these policies. A funds withheld liability of $2,156,571 and $2,542,336 is reflected as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022, respectively.

The Company is a party to a coinsurance agreements with a third-party reinsurer. This indemnity agreement covers 100% of all policies issued from January 1, 2008 through September 30, 2009 of specific annuity plans. Reserve credits of $77,241 and $107,993, associated with this agreement are reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2023 and 2022, respectively. In addition, reserve credits of $1,105 and $1,690 associated with this agreement are reported as a component of policy and contract claims in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2023 and 2022, respectively.

The Company is party to a coinsurance and yearly renewable term agreement with a third-party reinsurer that was effective on January 1, 2016. The Company ceded policies issued during 2016 for specific annuity plans. Premiums ceded under this agreement of $28,214, $25,719 and $20,352 are reported as a component of life insurance and annuity premiums and other considerations in the statements of operations for the year ended December 31, 2023, 2022 and 2021, respectively. Reserve credits of $159,599 and $152,896 associated with this agreement are reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022, respectively. A funds withheld liability of $122,541 and $96,129 is reflected as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022, respectively.

162


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

The Company has a coinsurance agreement with MNL Re, an affiliated limited purpose subsidiary life insurance company. The agreement has subsequently been amended to extend the term and increase the life insurance policies covered under the agreement. The Company ceded a defined block of permanent life insurance products to MNL Re. The Company recognized reserve credits of $1,140,561 and $1,299,032 under this agreement on December 31, 2023 and 2022, respectively, which are reflected as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The Company recognized $840,810 and $779,076 at December 31, 2023 and 2022, respectively, of funds held under coinsurance under this agreement in the statements of admitted assets, liabilities and capital and surplus. The reserve credit was supported by a contingent note guarantee (“LLC Note”) with a balance of $277,556 and $513,753 for 2023 and 2022, respectively. The LLC Note held by MNL Re, which functions in a manner similar to a standby letter of credit and which Midland National is a beneficiary, is an admitted asset under Iowa prescribed practice and the surplus generated by this prescribed practice has been retained in the carrying value of MNL Re.

On December 31, 2011, the Company entered into a coinsurance agreement with Solberg Re, an affiliated limited purpose subsidiary life insurance company. The agreement has subsequently been amended to extend the term and increase the life insurance policies covered under the agreement. The Company ceded a defined block of term life insurance to Solberg Re. The Company received experience refunds related to this agreement of $5,925, $789 and $10,241 during the years ended December 31, 2023, 2022 and 2021, respectively. The Company recognized reserve credits of $502,917 and $524,486 under this agreement on December 31, 2023 and 2022, respectively, which are reflected as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The Company recognized $200,043 and $201,852 at December 31, 2023 and 2022, respectively, of funds held under coinsurance under this agreement which is reported as funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. The reserve credit was supported by an LLC Note with a balance of $302,874 and $322,634 for 2023 and 2022, respectively. The LLC Note held by Solberg Re, which functions in a manner similar to a standby letter of credit and which Midland National is a beneficiary, is an admitted asset under Iowa prescribed practice and the surplus generated by this prescribed practice has been retained in the carrying value of Solberg Re.

On September 30, 2019, the Company entered into a coinsurance agreement with Canal Re, an affiliated limited purpose subsidiary life insurance company. The Company ceded a defined block of term life insurance products to Canal Re. The Company received experience refunds related to this agreement of $20,594 and $27,653 during the years ended December 31, 2023 and 2022, respectively. The Company recognized reserve credit of $435,321 and $395,144 under this agreement on December 31, 2023 and 2022, respectively, which is reflected as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The Company recognized $191,674 and $166,262 at December 31, 2023 and 2022, respectively, of funds held under coinsurance under this agreement which is reported as funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. The reserve credit was supported by an LLC Note with a balance of $243,647 and $228,882 for 2023 and 2022, respectively. The LLC Note held by Canal Re, which functions in a manner similar to a standby letter of credit and which Midland National is a beneficiary, is an admitted asset under Iowa prescribed practice and the surplus generated by this prescribed practice has been retained in the carrying value of Canal Re.

On December 31, 2020, the Company entered into a coinsurance agreement with a third party reinsurer. The Company has ceded a defined block of permanent life insurance products to the third party reinsurer. The Company recognized $706,449 and $629,087 at December 31, 2023 and 2022, respectively, of funds held under coinsurance under this agreement as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. A reserve credit of $966,389 and $853,955 associated with this agreement is reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022, respectively.

163


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

On October 31, 2021, the Company entered into a funds withheld coinsurance agreement with SFG Bermuda, an affiliated company domiciled in Bermuda, under which the Company ceded 100% of certain fixed index annuity policies issued prior to October 1, 2021. The Company also cedes 80% of certain new fixed index annuity policies including attached riders issued on or after October 1, 2021. During 2022 the Company ceded 80% of certain multi-year guarantee fixed annuity policies with issued dates of July 1, 2022 through December 31, 2022 to SFG Bermuda. Effective October 1, 2023, for new policies issued on or after October 1, 2023, the 80% quota share is structured as a combination of funds withheld and coinsurance. The Company recognized $8,258,985 and $6,963,526 at December 31, 2023 and 2022, respectively, of funds held under coinsurance under this agreement as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. A reserve credit of $8,265,651 and $6,952,687 associated with this agreement is reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022, respectively. The treaty also involved the coinsurance of interest maintenance reserve generated by the assets in the funds withheld portfolio. An interest maintenance reserve credit associated with this treaty of $332,649 and $393,146 is reported as a component of interest maintenance reserves in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2023 and 2022, respectively.

On March 6, 2019, the Insurance Commissioner of the Delaware Department of Insurance entered into a Rehabilitation and Injunction Order with Scottish Re (U.S.) Inc. (“SRUS”). On May 3, 2023, the Receiver notified the court that it has concluded that SRUS should be liquidated. The Motion for the Entry of a Liquidation and Injunction Order was filed with the court on July 14, 2023. The Order resulted in the cancellation of all reinsurance treaties as of September 30, 2023.

During 2023, due to the cancellation of the reinsurance treaty, the Company wrote off $4,145 in reserve credits, net of previous impairments for reinsurance agreements it had with SRUS. The Company has no remaining reserve credits for future claims related to reinsurance agreements with SRUS. The Company has receivables of $10,333 from SRUS for claims prior to treaty cancellation, net of impairments. Total impairments of $2,275 have been recognized on the receivables, of which $1,315 was recognized in 2023. No amounts are disputed by SRUS or its Receiver. The entire net receivable is admitted. The timing of collection is uncertain given liquidation is in progress.

The estimated amount of the aggregate reduction in surplus (for agreements other than those under which the reinsurer may unilaterally cancel for reasons other than the nonpayment of premiums or other similar credits) for nonperformance or termination of all reinsurance agreements, by either party, is $839,918 as of December 31, 2023.

164


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

10.FUTURE POLICY BENEFITS AND POLICY PREMIUMS DUE, DEFERRED OR UNCOLLECTED

Reserves for life contracts and deposit-type contracts

The Company waives deduction of deferred fractional premiums upon death of the insured. For policies without flexible premiums the Company returns any portion of the final premium beyond the policy month of death. Reserves include the excess of the surrender value over the reserve as otherwise computed. Additional premiums plus the regular gross premium for the true age are charged for substandard lives. Mean reserves are determined by computing the regular mean reserve for the plan at the true age and holding, in addition, one-half (50%) of the extra premium charge for the year for fixed premium plans and one-half of the extra risk charge for the month for flexible premium plans.

At December 31, 2023 and 2022, the Company had $11,708,703 and $12,839,472, respectively, of insurance in force for which the gross premiums are less than the net premiums according to the standard of valuation set by the State of Iowa. At December 31, 2023 and 2022, reserves to cover the above insurance totaled $284,825 and $283,017, respectively, before reinsurance ceded.

The Company fully adopted valuation manual standard 20 (“VM-20”) as of January 1, 2020. The VM-20 reserving methodology is a principles based approach required for life insurance policies which uses prudent estimate assumptions. At December 31, 2023 and 2022, the Company held VM-20 reserves for the applicable life insurance policies in the amount of $4,770,874 and $4,884,171, respectively. These reserves were reflected in the liabilities for future policy benefits and as a decrease to unassigned surplus in the statements of admitted assets, liabilities and capital and surplus.

The Company adopted valuation manual standard 21 (“VM-21”) as of January 1, 2020. The VM-21 reserving methodology is a principles based approach required for variable annuity policies which uses prudent estimate assumptions for interest and other assumptions. The adoption of VM-21 resulted in a reduction of the applicable reserves on variable annuity policies in the amount of $12,573 and was reflected in the liabilities for future policy benefits and as an increase to unassigned surplus in the statements of admitted assets, liabilities and capital and surplus. The Company elected to record the full impact in 2020 rather than electing to grade in the change in valuation basis. At December 31, 2023 and 2022, the Company held VM-21 reserves for the applicable life insurance policies in the amount of $2,508,375 and $2,362,433, respectively. These reserves were reflected in the liabilities for future policy benefits and as a decrease to unassigned surplus in the statements of admitted assets, liabilities and capital and surplus.

165


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Analysis of annuity actuarial reserves and deposit liabilities by withdrawal characteristics

A portion of the Company’s liabilities for future policy benefits relate to liabilities established on a variety of products that are not subject to significant mortality and morbidity risk; however, there may be certain restrictions placed upon the amount of funds that can be withdrawn without penalty. The amount of reserves on these products, by withdrawal characteristics and the related percentage of the total, are summarized as follows at December 31:

Individual Annuities


	2023
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	25,183,274	$	—	$	—	$	25,183,274	70	%
At book value less current surrender charge of 5% or more	58,776		—		—		58,776		0	%
At fair value - separate account non- guaranteed	—		—		2,227,994		2,227,994		6	%
Total with market value adjustment	25,242,050		—		2,227,994		27,470,044		76	%

At book value without adjustment (minimal or no charge or adjustment)	8,344,795		—		—		8,344,795		23	%

Not subject to discretionary withdrawal	264,454		93,956		—		358,410		1	%
Total	33,851,299		93,956		2,227,994		36,173,249		100	%
Reinsurance ceded	9,344,979		—		—		9,344,979
Total (gross - ceded)	$	24,506,320	$	93,956	$	2,227,994	$	26,828,270

Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:	$	18,814

166


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)


	2022
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	25,469,004	$	—	$	—	$	25,469,004	71	%
At book value less current surrender charge of 5% or more	86,203		—		—		86,203		0	%
At fair value - separate account non- guaranteed	—		—		2,060,022		2,060,022		6	%
Total with market value adjustment	25,555,207		—		2,060,022		27,615,229		77	%

At book value without adjustment (minimal or no charge or adjustment)	8,161,713		—		—		8,161,713		22	%

Not subject to discretionary withdrawal	274,838		10,764		—		285,602		1	%
Total	33,991,758		10,764		2,060,022		36,062,544		100	%
Reinsurance ceded	8,247,561		—		—		8,247,561
Total (gross - ceded)	$	25,744,197	$	10,764	$	2,060,022	$	27,814,983

Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:	$	31,280

Group Annuities


	2023
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	1,394,471	$	—	$	—	$	1,394,471	26	%
At book value less current surrender charge of 5% or more	2,858		—		—		2,858		0	%
At fair value - separate account non- guaranteed	—		—		—		—		—	%
Total with market value adjustment	1,397,329		—		—		1,397,329		26	%

At book value without adjustment (minimal or no charge or adjustment)	2,688,618		—		—		2,688,618		51	%

Not subject to discretionary withdrawal	1,095,114		131,423		—		1,226,537		23	%
Total (gross: direct + assumed)	5,181,061		131,423		—		5,312,484		100	%
Reinsurance ceded	1,327,592		—		—		1,327,592
Total (gross - ceded)	$	3,853,469	$	131,423	$	—	$	3,984,892

Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:	$	—

167


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)


	2022
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	1,688,307	$	—	$	—	$	1,688,307	31	%
At book value less current surrender charge of 5% or more	4,681		—		—		4,681		0	%
At fair value - separate account non- guaranteed	—		—		—		—		—	%
Total with market value adjustment	1,692,988		—		—		1,692,988		31	%

At book value without adjustment (minimal or no charge or adjustment)	3,053,456		—		—		3,053,456		56	%

Not subject to discretionary withdrawal	656,666		88,355		—		745,021		13	%
Total (gross: direct + assumed)	5,403,110		88,355		—		5,491,465		100	%
Reinsurance ceded	1,535,335		—		—		1,535,335
Total (gross - ceded)	$	3,867,775	$	88,355	$	—	$	3,956,130

Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:	$	—

Deposit-type Contracts


	2023
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	1,923	$	—	$	—	$	1,923	0	%
At book value less current surrender charge of 5% or more	—		—		—		—		—	%
At fair value - separate account non- guaranteed	—		—		—		—		—	%
Total with market value adjustment	1,923		—		—		1,923		—	%

At book value without adjustment (minimal or no charge or adjustment)	210,097		—		—		210,097		47	%

Not subject to discretionary withdrawal	231,778		8		—		231,786		53	%
Total (gross: direct + assumed	443,798		8		—		443,806		100	%
Reinsurance ceded	616		—		—		616
Total (gross - ceded)	$	443,182	$	8	$	—	$	443,190

Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:	$	—

168


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)


	2022
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	2,835	$	—	$	—	$	2,835	1	%
At book value less current surrender charge of 5% or more	—		—		—		—		—	%
At fair value - separate account non- guaranteed	—		—		—		—		—	%
Total with market value adjustment	2,835		—		—		2,835		1	%

At book value without adjustment (minimal or no charge or adjustment)	230,143		—		—		230,143		48	%

Not subject to discretionary withdrawal	247,214		9		—		247,223		51	%
Total (gross: direct + assumed	480,192		9		—		480,201		100	%
Reinsurance ceded	642		—		—		642
Total (gross - ceded)	$	479,550	$	9	$	—	$	479,559

Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:	$	—

169


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Analysis of life actuarial reserves by withdrawal characteristics


	2023
	General Account
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	9,393,963	$	9,364,331	$	9,315,275
Universal life with secondary guarantees	435,643		347,932		2,172,614
Indexed universal life	4,667,561		4,189,721		4,207,153
Indexed universal life with secondary guarantees	655,277		486,515		1,021,642
Other permanent cash value life insurance	195,531		195,531		319,661
Variable universal life	91,044		90,282		94,285

Not subject to discretionary withdrawal or no cash values:
Term policies without cash value	—		—		1,412,031
Accidental death benefits	—		—		638
Disability - active lives	—		—		6,998
Disability - disabled lives	—		—		41,105
Miscellaneous reserves	—		—		290,550
Total	15,439,019		14,674,312		18,881,952
Reinsurance ceded	659,441		524,627		3,491,214
Total net of reinsurance ceded	$	14,779,578	$	14,149,685	$	15,390,738

	2023
	Separate Account with Guarantees
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	3,124,939	$	3,124,939	$	3,124,190
Universal life with secondary guarantees	—		—		—
Indexed universal life	—		—		—
Indexed universal life with secondary guarantees	—		—		—
Other permanent cash value life insurance	—		—		—
Variable universal life	—		—		—

Not subject to discretionary withdrawal or no cash values:
Term policies without cash value	—		—		—
Accidental death benefits	—		—		—
Disability - active lives	—		—		—
Disability - disabled lives	—		—		—
Miscellaneous reserves	—		—		—
Total	3,124,939		3,124,939		3,124,190
Reinsurance ceded	—		—		—
Total net of reinsurance ceded	$	3,124,939	$	3,124,939	$	3,124,190


	2023
	Separate Account Non-guaranteed
	Account Value		Cash Value		Reserve

170


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)


Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	—	$	—	$	—
Universal life with secondary guarantees	—		—		—
Indexed universal life	—		—		—
Indexed universal life with secondary guarantees	—		—		—
Other permanent cash value life insurance	—		—		—
Variable universal life	687,111		678,769		681,133

Not subject to discretionary withdrawal or no cash values:
Term policies without cash value	—		—		—
Accidental death benefits	—		—		—
Disability - active lives	—		—		—
Disability - disabled lives	—		—		—
Miscellaneous reserves	—		—		—
Total	687,111		678,769		681,133
Reinsurance ceded	—		—		—
Total net of reinsurance ceded	$	687,111	$	678,769	$	681,133

	2022
	General Account
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	9,875,415	$	9,840,206	$	9,736,529
Universal life with secondary guarantees	506,231		389,178		2,339,631
Indexed universal life	4,559,359		4,088,431		4,108,425
Indexed universal life with secondary guarantees	598,568		438,893		961,555
Other permanent cash value life insurance	190,130		190,130		305,570
Variable universal life	89,761		88,881		93,167

Not subject to discretionary withdrawal or no cash values:
Term policies without cash value	—		—		1,401,267
Accidental death benefits	—		—		675
Disability - active lives	—		—		7,369
Disability - disabled lives	—		—		39,504
Miscellaneous reserves	—		—		282,329
Total	15,819,464		15,035,719		19,276,021
Reinsurance ceded	652,819		509,803		3,567,007
Total net of reinsurance ceded	$	15,166,645	$	14,525,916	$	15,709,014




	2022
	Separate Account with Guarantees
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	2,990,787	$	2,990,787	$	2,990,132

171


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)


Universal life with secondary guarantees	—		—		—
Indexed universal life	—		—		—
Indexed universal life with secondary guarantees	—		—		—
Other permanent cash value life insurance	—		—		—
Variable universal life	—		—		—

Not subject to discretionary withdrawal or no cash values:
Term policies without cash value	—		—		—
Accidental death benefits	—		—		—
Disability - active lives	—		—		—
Disability - disabled lives	—		—		—
Miscellaneous reserves	—		—		—
Total	2,990,787		2,990,787		2,990,132
Reinsurance ceded	—		—		—
Total net of reinsurance ceded	$	2,990,787	$	2,990,787	$	2,990,132

	2022
	Separate Account Non-guaranteed
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	—	$	—	$	—
Universal life with secondary guarantees	—		—		—
Indexed universal life	—		—		—
Indexed universal life with secondary guarantees	—		—		—
Other permanent cash value life insurance	—		—		—
Variable universal life	598,793		588,639		591,828

Not subject to discretionary withdrawal or no cash values:
Term policies without cash value	—		—		—
Accidental death benefits	—		—		—
Disability - active lives	—		—		—
Disability - disabled lives	—		—		—
Miscellaneous reserves	—		—		—
Total	598,793		588,639		591,828
Reinsurance ceded	—		—		—
Total net of reinsurance ceded	$	598,793	$	588,639	$	591,828

Policy premium due, deferred and uncollected

Gross premiums are amounts charged to the policyholder and recognized as income when due from policyholders under the terms of the insurance contract. Net premiums are the amount calculated on the basis of the interest and mortality table used to calculate the policy reserves. The difference between gross premium and net premium is referred to as loading and generally includes allowances for acquisition costs and other expenses, but also includes the differences in mortality and interest assumptions utilized for statutory reserving purposes.

172


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

Due, deferred and uncollected life insurance premiums (net of reinsurance ceded) are summarized as follows at December 31:


	2023				2022
	Gross		Net of Loading		Gross		Net of Loading
Ordinary - new business	$	8,416	$	540	$	8,324	$	519
Ordinary - renewal	83,555		171,360		85,613		169,367
	$	91,971	$	171,900	$	93,937	$	169,886

11.SEPARATE ACCOUNTS

The Company has separate accounts for its variable life and annuity business, a portion of its pension risk transfer business, registered index-linked annuity business, and a portion of its bank owned life insurance business. Information regarding the separate accounts of the Company is as follows:


	2023		2022
Reserves at December 31 for accounts with assets at:
Market value	$	2,909,126	$	2,651,850
Amortized cost	3,349,569		3,089,250
Total reserves	$	6,258,695	$	5,741,100
By withdrawal characteristics:

At book value without MV adjustment and with current
surrender charges less than 5%	$	6,033,316	$	5,641,981
Not subject to discretionary withdrawal	225,379		99,119
Total reserves	$	6,258,695	$	5,741,100

Following is a summary reconciliation of amounts reported as transfers to and from separate accounts in the summary of operations of the Company’s NAIC separate account annual statements with the amounts reported as net transfers to separate accounts in the accompanying statements of operations for the years ended December 31:


	2023		2022		2021
Reconciliations of net transfers to (from) separate accounts
Transfers of premiums to separate accounts	$	456,725	$	453,431	$	651,572
Transfers from separate accounts	(444,453)		(353,931)		(394,848)
Net transfers to (from) the separate accounts as reported in the statements of operations	$	12,272	$	99,500	$	256,724

The Company has variable annuities with guaranteed benefits including guaranteed death benefits and guaranteed living benefits. The total maximum guarantee provided to the separate account associated with guaranteed death benefits of $31,842, $125,286, $47,870, $48,759 and $48,744 as of December 31, 2023, 2022, 2021, 2020 and 2019, respectively. The risk charges remitted to the general account associated with these guarantees was $756, $800, $868, $747 and $512 for 2023, 2022, 2021, 2020 and 2019, respectively.

173


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

12.CAPITAL AND SURPLUS AND DIVIDEND RESTRICTIONS

The Company has 2,549 common stock shares authorized, issued and outstanding. The Company has no preferred stock outstanding. Without prior approval of its domiciliary commissioner, dividends to shareholders is limited by the laws of the Company’s state of incorporation, Iowa, to $603,313 in 2024 an amount that is based on restrictions relating to the 2023 net gain from operations and statutory surplus. Within these limitations, there are no restrictions placed on the portion of Company profits that may be paid as ordinary dividends to its stockholder. The unassigned surplus of $2,791,105 is unrestricted and held for the benefit of the Company’s stockholder.

During 2023, the Company paid ordinary cash dividends in the amounts of $100,000 on April 5, $36,000 on September 30, and $184,000 on December 31 to its stockholder, SFG.

On October 25, 2013, the Company issued a surplus note to its parent, SFG, for $142,000. This note is reported as a component of capital and surplus in the statement of admitted assets, liabilities and capital and surplus. The surplus note bears annual interest at 7.5% payable in semi-annual installments. The maturity date of the note is October 31, 2043. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $10,650 in 2023, 2022 and 2021. The Company has recognized life-to-date interest of $110,150.

On December 30, 2014, the Company issued a surplus note to its parent, SFG, for $200,000. This note is reported as a component of capital and surplus in the statement of admitted assets, liabilities and capital and surplus. The surplus note bears annual interest at 7.0% payable in semi-annual installments. The maturity date of the note is December 30, 2044. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $14,000 in 2023, 2022 and 2021. The Company has recognized life-to-date interest of $126,000.

On June 30, 2017, the Company issued a surplus note to its parent, SFG, for $295,000. This note is reported as a component of capital and surplus in the statement of admitted assets, liabilities and capital and surplus. The surplus note bears annual interest at 6.0% payable in semi-annual installments. The maturity date of the note is June 30, 2047. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $17,700 in 2023, 2022, and 2021. The Company has recognized life-to-date interest of $112,747.

On December 30, 2017, the Company issued a surplus note to its parent, SFG, for $200,000. This note is reported as a component of capital and surplus in the statement of admitted assets, liabilities and capital and surplus. The surplus note bears an annual interest rate at 6.0% payable in semi-annual installments. The maturity date of the note is December 30, 2047. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $12,000 in 2023, 2022, and 2021. The Company has recognized life-to-date interest of $72,000.

On December 30, 2020, the Company issued a surplus note to its parent, SFG, for $200,000. This note is reported as a component of capital and surplus in the statement of admitted assets, liabilities and capital and surplus. The surplus note bears an annual interest rate at 6.5% payable in semi-annual installments. The maturity date of the note is December 30, 2050. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $13,000 in 2023 and 2022, respectively, and 10,863 in 2021. The Company has recognized life-to-date interest of $36,863.

On May 4, 2022, the Company issued a surplus note to its parent, SFG, for $200,000. This note is reported as a component of capital and surplus in the statement of admitted assets, liabilities and capital and surplus. The surplus note bears an annual interest rate at 6.1% payable in semi-annual installments. The maturity date of the note is March 31, 2052. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $12,200 and $4,980 in 2023 and 2022, respectively. The Company has recognized life-to-date interest of $17,180.

174


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

13.INCOME TAXES

The components of the net deferred tax asset recognized by the Company at December 31 are as follows:


	2023						2022						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary		Capital		Total
Gross deferred tax asset	$	633,770	$	51,622	$	685,392	$	609,794	$	154,122	$	763,916	$	23,976	$	(102,500)	$	(78,524)
Statutory valuation allowance	—		—		—		—		—		—		—		—		—
Adjusted gross deferred tax assets	633,770		51,622		685,392		609,794		154,122		763,916		23,976		(102,500)		(78,524)
Deferred tax assets nonadmitted	216,747		—		216,747		242,738		—		242,738		(25,991)		—		(25,991)
Subtotal net admitted deferred tax asset	417,023		51,622		468,645		367,056		154,122		521,178		49,967		(102,500)		(52,533)
Deferred tax liabilities	109,852		—		109,852		112,140		21,346		133,486		(2,288)		(21,346)		(23,634)
Net admitted deferred tax assets	$	307,171	$	51,622	$	358,793	$	254,916	$	132,776	$	387,692	$	52,255	$	(81,154)	$	(28,899)

175


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)


	2023						2022						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary		Capital		Total
Admission Calculation
Components SSAP No. 101:
(a) Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	51,622	$	51,622	$	—	$	154,122	$	154,122	$	—	$	(102,500)	$	(102,500)
(b) Adjusted gross deferred tax assets expected to be realized after application of the threshold limitation	307,171		—		$	307,171	254,916		—		$	254,916	52,255		—		$	52,255
Adjusted gross deferred be realized following the balance sheet date	307,171		—		$	307,171	254,916		—		254,916		52,255		—		52,255
Adjusted gross deferred tax assets allowed per limitation threshold	XXX		XXX		680,367		XXX		XXX		700,918		XXX		XXX		(20,551)
(c) Adjusted gross deferred tax assets offset by gross deferred tax liabilities	109,852		—		$	109,852	112,140		—		112,140		(2,288)		—		$	(2,288)
Deferred tax assets admitted as the result of application of SSAP No. 101 (a)+(b)+(c)	$	417,023	$	51,622	$	468,645	$	367,056	$	154,122	$	521,178	$	49,967	$	(102,500)	$	(52,533)

176


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)


	2023			2022
Ratio percentage used to determine recovery period and threshold limitation amount	785		%	753		%
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation	$	4,535,779		$	4,671,065

The impact of tax planning strategies at December 31 is as follows:


	2023						2022						Change
	(1)			(2)			(3)			(4)			(5)			(6)
	Ordinary			Capital			Ordinary			Capital			(Col 1-3) Ordinary			(Col 2-4) Capital
Impact of tax-planning strategies
(a)Determination of adjusted gross deferred tax assets and net admitted deferred tax assets, by tax character as a percentage
1. Adjusted gross DTAs amount from note 9A1(c)	$	633,770		$	51,622		$	609,794		$	154,122		$	23,976		$	(102,500)
2. Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies	2.0		%	7.5		%	1.1		%	17.4		%	0.9		%	(9.9)		%
3. Net admitted adjusted gross DTAs amount from note 9A1(e)	$	417,023		$	51,622		$	367,056		$	154,122		$	49,967		$	(102,500)
4. Percentage of net admitted adjusted gross DTAs by tax character admitted because of the impact of tax planning strategies	3.9		%	14.4		%	2.2		%	34.2		%	1.7		%	(19.8)		%

The Company’s tax-planning strategies do not include the use of reinsurance.

There are no deferred tax liabilities that have not been recognized.

Current income taxes incurred consist of the following major components at December 31:


	2023		2022		2021
Current income tax:
Federal income tax on operations	$	184,622	$	158,428	$	137,652
Federal income tax on net capital gains	(122,649)		(30,414)		180,995
Other	(154,806)		(27,504)		(14,838)
Federal and foreign income taxes incurred	$	(92,833)	$	100,510	$	303,809

177


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

The components of deferred tax assets and deferred tax liabilities are as follows:


	2023		2022		Change
Deferred tax assets:
Ordinary
Policyholder reserves	$	279,718	$	279,341	$	377
Investments	12,785		1,145		11,640
Deferred acquisition costs	270,517		267,781		2,736
Fixed assets	12,428		7,196		5,232
Compensation and benefits accrual	2,911		2,738		173
Pension accrual	31,565		31,114		451
Receivables - nonadmitted	138		1,596		(1,458)
Other (including items <5% of total ordinary tax assets)	23,708		18,883		4,825
Subtotal	633,770		609,794		23,976

Nonadmitted	216,747		242,738		(25,991)

Admitted ordinary deferred tax assets	417,023		367,056		49,967

Capital
Investments	51,622		154,122		(102,500)


Admitted capital deferred tax assets	51,622		154,122		(102,500)
Admitted deferred tax assets	$	468,645	$	521,178	$	(52,533)

Deferred Tax Liabilities:
Ordinary
Investments	$	37,395	$	29,240	$	8,155
Fixed assets	4,604		7,721		(3,117)
Deferred and uncollected premium	36,099		35,676		423
Policyholder reserves	25,206		38,298		(13,092)
Other (including items <5% of total ordinary tax liabilities)	6,548		1,205		5,343
Subtotal	109,852		112,140		(2,288)
Capital
Investments	—		21,346		(21,346)
Deferred tax liabilities	109,852		133,486		(23,634)
Net deferred tax assets	$	358,793	$	387,692	$	(28,899)

178


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

The provision for income taxes incurred is different from that which would be obtained by applying the statutory Federal income tax rate to income before income taxes. The significant items causing this difference for the year ended December 31, 2023, are as follows:


	Tax Effect		Effective Tax Rate
Provision computed at statutory rate	$	25,046	21.0	%
IMR amortization	439		0.4	%
Tax exempt income	(40,278)		(34.4)	%
Tax credits	(38,842)		(33.2)	%
Change in nonadmitted assets	(8,637)		(7.4)	%
Other	(19,458)		(16.6)	%
Total statutory income taxes	$	(81,730)	(70.2)	%

Federal income taxes incurred	$	(92,833)	(79.7)	%
Change in net deferred income taxes	11,103		9.5	%
Total statutory income taxes	$	(81,730)	(70.2)	%

At December 31, 2023, the Company had no operating loss or tax credit carryforwards available and has not made any deposits under Section 6603 of the Internal Revenue Code. The income taxes incurred in the current and prior years that will be available for recoupment in the event of a future capital loss are $0 in 2023, $0 in 2022 and $75,754 in 2021.

On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 (the Act). The Act contained various tax-related provisions, including the establishment of a new 15 percent corporate alternative minimum tax (CAMT) on adjusted financial statement income for certain large corporations effective for tax years beginning on or after January 1, 2023. Uncertainty remains regarding the continued implementation of and potential adjustments to the Act. The Company expects to be an applicable corporation subject to the new CAMT to 2023. However, the Company does not expect the CAMT will have a material impact on either its effective tax rate or cash tax liabilities.

The Company is under IRS examination for the years 2014-2022. Years prior to 2014 are closed. At this time, there have been no proposed adjustments and the Company does not anticipate any adjustments that will have a material effect on the financial statements.

179


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

14.EMPLOYEE BENEFIT PLANS

The Company provides certain postretirement health care and life insurance benefits for eligible active employees through health and welfare benefit plans. Substantially all employees working for the Company are eligible for those benefits at retirement. The type and amount of benefit varies based on the plan in effect for a particular employee group.

As of December 31, 2023, the Company anticipates contributing the following amounts to its health care plan:


2024	$	944
2025	—
2026	—
2027	—
2028	—
Thereafter	—

The following table summarizes the assets, benefit obligations and other information related to these plans as of December 31, 2023 and 2022:


	Underfunded
Change in Postretirement Benefits	2023		2022		2021
Benefit obligation at beginning of year	$	25,915	$	32,841	$	35,149
Service cost	1,048		1,674		1,600
Interest cost	1,174		948		814
Contribution by plan participants	376		447		509
Actuarial gain (loss)	(651)		(8,795)		(4,199)
Benefits paid	(1,478)		(1,200)		(1,032)
Plan amendments	(25,361)		—		—
Benefit obligation at end of year	$	1,023	$	25,915	$	32,841


	Postretirement Benefits
Change in plan assets	2023		2022
Fair value of plan assets at beginning of year	$	—	$	—
Actual return on plan assets	—		—
Foreign currency exchange rate changes	—		—
Reporting entity contribution	1,102		753
Aplan participants' contributions	376		447
Benefits paid	(1,478)		(1,200)
Business combinations, divestitures and settlements	—		—
Fair value of plan assets at end of year	$	—	$	—

180


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)


	Postretirement Benefits
Components of net periodic benefit costs	2023		2022		2021
Service cost	$	1,048	$	1,674	$	1,600
Interest cost	1,174		948		814
Gains and losses	(493)		207		367
Prior service cost or credits	(96)		(96)		(96)
Total net periodic benefit cost	$	1,633	$	2,733	$	2,685


Amounts in unassigned funds (surplus) recognized	Postretirement Benefits
as components of net periodic benefit cost	2023		2022		2021
Net prior service cost or credit arising during the period	$	(25,361)	$	—	$	—
Net prior service cost or credit recognized	96		96		96
Net gain and loss arising during the period	(651)		(8,795)		(4,199)
Net gain and loss recognized	493		(207)		(367)
Items not yet recognized as a component of net periodic cost - current year	$	(25,423)	$	(8,906)	$	(4,470)


Amounts in unassigned funds (surplus) that have not
yet been recognized as components of net periodic	Postretirement Benefits
benefit cost	2023		2022
Net prior service cost or credit	$	(96)	$	—
Net recognized gains and losses	(5,522)		(298)

Weighted-average assumptions used to determine

Postretirement Benefits

net periodic benefit cost as of December 31

2023

2022

Weighted-average discount rate

5.00%

2.75%

Expected long-term rate of return on plan assets

n/a

Rate of compensation increase

n/a

Weighted-average assumptions used to determine

Postretirement Benefits

projected benefit obligation as of December 31

2023

2022

Weighted average discount rate

5.56%

5.00%

Rate of compensation increase

n/a

The Company participates in an Employee Stock Ownership Plan (“ESOP”) sponsored by SEI covering eligible employees of SFG. SFG pays and recognizes as an expense the current year allocation to its employees pursuant to the terms of a service agreement with SEI. SEI is responsible for funding employee distributions from the SEI ESOP to participants as they occur.

Compensation expense is recognized as shares to participants are committed to be released.

The expense for 2023, 2022 and 2021 was $43,268, $27,486 and $33,375, respectively.

181


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

15.OTHER RELATED PARTY TRANSACTIONS

In 2013, the Company issued guaranteed investment contracts (“GICs”) to SEI for $102,000. In 2016, the Company issued additional GICs of $100,000. During 2020, the contracts were surrendered. In 2021, Midland National reissued GICs to SEI for $200,000 that had been surrendered in 2020. In 2022, $101,000 of the contracts were surrendered. The remaining contracts have an account value of $86,115 and $100,687 at December 31, 2023 and 2022, respectively, and are included in liabilities for deposit type funds in the statements of admitted assets, liabilities and capital and surplus. Interest incurred on these contracts was $3,612, $1,689 and $1,386 in 2023, 2022 and 2021, respectively.

The Company pays investment fees to SFGAM, an affiliate registered investment advisor. During 2023 and 2022, the Company incurred $20,597 and $5,141, respectively, for these investment management services. The fee is calculated based on the average fair value of invested assets under management multiplied by a contractual rate.

In December 2020, the Company originated a commercial mortgage loan for Pathfinder Ranches, LLC, which is an indirect subsidiary of SEI in the amount of $25,000. The loan had a rate of 4.35% and was set to mature in 2027. In 2022, Pathfinder Ranches, LLC prepaid the entire remaining principal of the loan. A prepayment fee of $4,718 was collected at the time of the payoff. Interest earned on this loan was $0, $1,147, and $1,088 in 2023, 2022, and 2021, respectively.

On April 26, 2023 and June 28, 2023, the Company established New Roots M Trust and Stone Roots M Trust (collectively, the “Trusts”), respectively, for the purpose of purchasing and managing residential mortgage loans. These entities are considered subsidiary controlled affiliation investments (“SCA”) per

182


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

SSAP No. 97 8b(iii). The following table summarizes the balance sheet value and the NAIC filing response information as of December 31, 2023:

As of December 31, 2023

% of SCA Ownership

Gross Amt

Admitted Amt

Balance Sheet Value

SSAP No. 97 8b(iii) Entities

New Roots M Trust

100.0%

418,403

Stone Roots M Trust

100.0%

240,039

Total

658,442

Type of Filing1

Date of Filing

NAIC Response Received

Resubmission Required

Code2

NAIC Filing Response

SSAP No. 97 8b(iii) Entities

New Roots M Trust

6/21/2023

YES

Stone Roots M Trust

8/10/2023

YES

1 S1 - Sub-1

2 I - Immaterial

No portion of the carrying values of the Trusts was nonadmitted. As the Trusts were established in the current year, there has been no Sub 2 filing with the NAIC containing their valuations.

At December 31, 2023, the Company holds an investment security issued by GPIM. The security is reported in bonds in the statements of admitted assets, liabilities, and capital and surplus at December 31, 2023 (8.60% interest, $50,948 par, $50,948 reported value, due 2029). At December 31, 2022, the security was reported in bonds in the statements of admitted assets, liabilities, and capital and surplus (6.82% interest, $51,406 par, $51,383 reported value, due 2023).

The Company holds $277,657 and $313,388 of investments in debt securities issued by affiliates which are reported in bonds in the statements of admitted assets, liabilities, and capital and surplus at December 31, 2023 and December 31, 2022, respectively. The Company also holds $1,804,865 and $1,316,224 of limited partnership interests in affiliates which are reported in other invested assets in the statement of admitted assets, liabilities, and capital and surplus at December 31, 2023 and 2022, respectively.

The Company provides certain insurance and noninsurance services to MNL Re. The Company received reimbursements of $100 in each of 2023, 2022 and 2021 for the costs incurred to render such services.

The Company provides certain insurance and noninsurance services to Canal Re. The Company received reimbursements of $100 in each of 2023, 2022, and 2021, respectively, for the costs incurred to render such services.

183


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

The Company provided certain investment, accounting, payroll administration and management services to SFN for which it was reimbursed $22,075, $22,781 and $24,945 in 2023, 2022 and 2021, respectively, for costs incurred to render such services.

The Company is party to coinsurance agreements with North American, MNL Re, Solberg Re, Canal Re, and SFG Bermuda. See Note 9 for further discussion of these transactions.

16.COMMITMENTS AND CONTINGENCIES

Limited partnership and reverse mortgage commitments

At December 31, 2023 and 2022, the Company had outstanding capital commitments to limited partnerships of $1,146,262 and $1,509,768, respectively. At December 31, 2023 and 2022, the Company had outstanding capital commitments on reverse mortgages of $6,991 and $5,463, respectively.

Lease commitments

The Company leases certain equipment and office space. Rental expense on operating leases of $1,224, $1,773 and $1,871 were incurred in 2023, 2022 and 2021, respectively. The approximate future minimum lease payments under these non-cancelable leases at December 31, 2023 are as follows:


2024	$	512
2025	446
2026	313
2027	331
2028	331
Thereafter	1,687

Other contingencies

Under insurance guaranty fund laws, in most states insurance companies doing business therein can be assessed up to prescribed limits for policyholder losses incurred by insolvent companies. The Company

184


MIDLAND NATIONAL LIFE INSURANCE COMPANY (a wholly owned subsidiary of Sammons Financial Group, Inc.) NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)

does not believe such assessments will be materially different from amounts already provided for in the financial statements. Most of these laws do provide, however, that an assessment may be excused or deferred if it would threaten an insurer’s own financial strength.

The Company has, in the normal course of business, claims and lawsuits filed against it. In some cases the damages sought are substantially in excess of contractual policy benefits. The Company believes these claims and lawsuits, either individually or in the aggregate, will not materially affect the Company’s financial position or results of operations.

17.SUBSEQUENT EVENTS

The Company evaluated subsequent events through April 15, 2024, the date the financial statements were available to be issued.

On March 28, 2024 SFG made a capital contribution of $100 million to the Company. In addition, SFG issued a loan to the Company for $125 million.

There were no other subsequent event transactions that required disclosure in the financial statements.

185

OTHER INFORMATION

THE REGISTERED SEPARATE ACCOUNT

Registered Separate Account. The Midland National Life Separate Account C invests your premiums that are allocated to, and Contract Value that is transferred to, the Subaccounts. The Registered Separate Account was established under the insurance laws of the State of South Dakota in March 1991 and is now governed by Iowa law. It is registered with the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940.

We are the legal owner of all assets held in the Registered Separate Account and use the assets to support your Contract and other variable annuity Contracts. We may permit charges owed to us to stay in the Registered Separate Account. Thus, we may also participate proportionately in the Registered Separate Account. These accumulated amounts belong to us and we may transfer them from the Registered Separate Account to our General Account. The assets in the Registered Separate Account equal to the reserves and other liabilities of the Registered Separate Account may not be charged with liabilities arising out of our other business. The obligations under the Contracts are our obligations. The income, gains and losses (realized and unrealized) of the Registered Separate Account are credited to or charged against the Registered Separate Account without regard to our other income, gains, or losses. Under certain unlikely circumstances, one Subaccount of the Registered Separate Account may be liable for claims relating to the operations of another Subaccount.

Our Right to Change How We Operate the Registered Separate Account.

We have the right to modify how we operate the Registered Separate Account. In making any changes, we may not seek approval of Owners (unless approval is required by law). We have the right to:

• add Investment Options to, or remove Investment Options from our Registered Separate Account;

• combine two or more Subaccounts;

• withdraw assets relating to our variable annuities from one Subaccount and put them into another. However, if required, we would first seek approval from the Securities and Exchange Commission;

• eliminate an Investment Portfolio’s shares and substitute shares of another Investment Portfolio or another open-end, registered investment company. This may happen if the Investment Portfolio’s shares are no longer available for investment or, if in our judgment, further investment in the Investment Portfolio is inappropriate in view of the Registered Separate Account’s purposes. However, if required, we would first seek approval from the Securities and Exchange Commission and the insurance regulator where the Contract is delivered;

• end the registration of our Registered Separate Account under the Investment Company Act of 1940;

• operate our Registered Separate Account under the direction of a committee or discharge such a committee at any time (the committee may be composed entirely of “interested persons” of Midland under the Investment Company Act of 1940); and

• operate our Registered Separate Account or one or more of the Subaccounts in any other form the law allows, including a form that allows us to make direct investments. In addition, we may disapprove any change in investment advisors or investment policies unless a law or regulation provides differently.

If any changes are made that result in a material change to any Subaccount, then you will be notified. We may, for example, cause the Subaccount to invest in another mutual fund other than or in addition to the current Investment Portfolios.

If you are enrolled in a dollar cost averaging, automatic rebalancing or a comparable program when an underlying Investment Portfolio merger, substitution or liquidation takes place, unless otherwise noted in a communication from us, your Accumulation Value invested in such Subaccounts will be transferred automatically to the designated surviving Subaccount, in the case of mergers; the replacement Subaccount, in the case of substitutions; and in the Default Account in the case of liquidations. Your DCA or automatic rebalancing enrollment instructions will be automatically updated to reflect the surviving Subaccount, the replacement Subaccount or the Default Account, as the case may be, for any continued and future transfers or premium payments.

If you want to transfer the amount in a Subaccount that is changed as a result of a fund merger, substitution or liquidation, you may do so, without charge, by writing to our Customer Service Center.

THE NON-REGISTERED SEPARATE ACCOUNT

To support our obligations under the Cycle Investments we have established under the Iowa Insurance Law, and hold assets in, the “non-unitized” separate account. The income, gains and losses, realized or unrealized, from assets allocated to this separate account will be credited to or charged against the account, without regard to other income, gains or losses of the Company.

We are the sole owner of the assets of the Non-Registered Separate Account. We may invest and trade the assets of the Non-Registered Separate Account in any manner we choose. The only restrictions on our investments of the assets held in the Non-Registered Separate Account are those set forth by Iowa Insurance Laws. While we plan to invest the assets of the separate Account in a manner that generates a return that approximates the change in the applicable Index, subject to the Cap Rate and Participation Rate, the Floor Rate and Buffer Rate, all benefits payable are determined according to the applicable Cycle Investment Unit Value. The

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amounts payable under this Contract are determined by the Cycle Investment Unit Value, regardless of the performance of the assets held in the Non-Registered Separate Account. The Contract Owner does not participate in the performance of the assets held in the separate account.

We may, subject to applicable state law, transfer all assets allocated to the Non-Registered Separate Account to our General Account.

The separate account is not required to be registered, and is not registered, as an investment company under the Investment Company Act of 1940.

Our current plan is to invest Non-Registered Separate Account assets in fixed-income obligations, including but not limited to corporate bonds, mortgage-backed and asset-backed securities, government and agency issues and derivative contracts including but not limited to option contracts. We may also invest in interest rate swaps. Although the above generally describes our plan for investing the assets supporting our obligations under the Cycle Investments, we are not obligated to invest those assets according to any particular plan except as we may be required to by state insurance laws.

No Contract Owner participates in the investment results of any assets we hold in relation to the Cycle Investments.

While we hold assets in the Non-Registered Separate Account we have established under the Iowa Insurance Law to support our obligations under Cycle Investments, the Cycle Investments are General Account obligations.

MODIFICATION TO THE CONTRACT

Upon notice to you, we may modify the Contract to:

(a) permit the Contract or the Separate Accounts to comply with any applicable law or regulation issued by a government agency;

(b) assure continued qualification of the Contract under the Internal Revenue Code or other federal or state laws relating to retirement annuities or variable annuity Contracts;

(d) provide additional Investment Options.

In the event of such modifications, we will make an appropriate endorsement to the Contract.

ADMINISTRATIVE PROCEDURES

If you have any questions about your Contract or need to make changes, then contact your Advisor, or contact us at our Customer Service Center:

P.O. Box 9261

Des Moines, IA 50306-9261 (Regular Mail)

8300 Mills Civic Parkway

West Des Moines, IA 50266-3833 (Overnight Delivery)

Phone : (833) 492-0022 (toll-free)

Fax : (833) 492-0023 (toll-free)

You currently may send correspondence and transaction requests to us at the above Customer Service Center address or by facsimile or telephone at the numbers listed above. Our service representatives are available between the hours of 7:30 a.m. and 5:00 p.m. Monday through Friday (Central Time), excluding holidays and any day the New York Stock Exchange is not open. Any requests for partial withdrawals, transfers, and surrenders sent to another number or address may not be considered received at our Customer Service Center and will not receive that day’s price. The procedures we follow for facsimile requests include a written confirmation sent directly to you and your Advisor following any transaction request. We will employ reasonable procedures to confirm that instructions communicated by telephone or facsimile are genuine. We may revoke facsimile, internet and telephone transaction privileges at any time for some or all Owners.

The procedures we follow for transactions initiated by telephone may include requirements that callers identify themselves and the Owner by name, social security number, date of birth of the Annuitant or an Owner, or other identifying information. We disclaim any liability for losses resulting from unauthorized or allegedly unauthorized facsimile, internet or telephone requests that we believe to be genuine. We may record all telephone requests. There are risks associated with requests made by facsimile (possible falsification of faxed documents by others), internet or telephone (possible falsification of Owner identity) when the original signed request is not sent to our Customer Service Center. You bear those risks.

Facsimile, internet, and telephone correspondence and transaction requests may not always be available. Facsimile, internet, and telephone systems can experience outages or slowdowns for a variety of reasons. These outages or slowdowns may prevent or delay our receipt of your request. If you are experiencing problems, you should mail your correspondence and transaction request to our Customer Service Center.

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Change of Address Notification. To protect you from fraud and theft, we may verify any changes in address you request by sending a confirmation of the change to both your old and new addresses. We may also call you to verify the change of address.

LEGAL PROCEEDINGS

Midland National Life Insurance Company and its subsidiaries, like other life insurance companies, may be involved in lawsuits, including class action lawsuits. In some class action and other lawsuits involving insurers, substantial damages have been sought and/or material settlement payments have been made. Although the outcome of any litigation cannot be predicted with certainty, Midland National believes that, as of the date of this prospectus, there are no pending or threatened lawsuits that will have a materially adverse impact on the Registered Separate Account, on the ability of Sammons Financial Network, LLC (“Sammons Financial Network”) to perform under its distribution agreement, or on the ability of the Company to meet its obligations under the contract.

DISTRIBUTION OF THE CONTRACT

We have entered into a distribution agreement with our affiliate, Sammons Financial Network for the distribution and sale of the Contracts. Sammons Financial Network is a Delaware limited liability company and its principal office is located at 8300 Mills Civic Parkway, West Des Moines, IA 50266. Sammons Financial Network is an indirect wholly owned subsidiary of Sammons Enterprises, Inc., of Dallas, Texas, the ultimate parent company of Midland National Life Insurance Company.

We pay compensation to Sammons Financial Network based on sales of the Contract up to 1.50% of the amount invested. Sammons Financial Network, in turn, may pay up to that full amount to affiliated and/or unaffiliated selling broker-dealers and other financial intermediaries with whom it has selling or other agreements. Sammons Financial Network may pay additional compensation in recognition of certain expenses that may be incurred by them or on their behalf. Sammons Financial Network may also pay certain broker-dealers or other financial intermediaries’ compensation for enhanced marketing opportunities and other services (commonly referred to as “marketing allowances”). Services for which such marketing allowance payments are made may include, but are not limited to, the preferred placement of Midland National, its affiliates services and products, including but not limited to placing the Contract on a company and/or selling broker-dealer product list; sales personnel training; product training; business reporting; technological support; due diligence and related costs; advertising, marketing and related services; conferences; and/or other support services, including some that may benefit the Contract Owners. Marketing allowance payments may be based on the amount of assets or purchase payments attributable to Contracts sold through a selling broker-dealer or such payments may be a fixed amount. Sammons Financial Network may also make fixed marketing allowance payments to selling broker-dealers in connection with the initiation of a new relationship or the introduction of a new product, including training and education. These payments may serve as an incentive for selling broker-dealers to promote the sale of particular products. Additionally, as an incentive for financial professionals of selling broker-dealers to promote the sale of our and our affiliates’ products and services Sammons Financial Network may increase the sales compensation paid to the selling broker-dealer for a period of time (commonly referred to as “compensation enhancements”). Marketing allowances and compensation enhancements are made out of Sammons Financial Network’s assets. Not all selling broker-dealers receive marketing allowance payments or compensation enhancements.

In addition, Sammons Financial Network may offer sales incentive programs to financial professionals who meet specified total production levels for the sale of both affiliated and unaffiliated products which provide cash and non-cash compensation such as expense-paid trips, expense-paid educational seminars and merchandise.

The amount and structure of the foregoing compensation arrangements create potential conflicts of interest for the recipient insofar as they create financial incentives that may influence the recipient selling broker-dealer or financial professional to present this Contract over other investment alternatives. Selling broker-dealers are expected to disclose and eliminate or mitigate such conflicts in accordance with applicable regulatory requirements.

We do not pay commissions to financial intermediaries (i.e., Advisors) who receive Advisory Fees from Contract Owners. Your Advisor receives compensation in connection with the Contract in the form of those Advisory Fees.

Although we take all of our costs into account in establishing the level of fees and expenses in our products, any compensation paid by us to Sammons Financial Network will not result in any separate charge under the Contract. All payments made will be in compliance with all applicable FINRA rules and other laws and regulations.

PORTFOLIO VOTING RIGHTS

We invest the assets of our Registered Separate Account in shares of the Investment Portfolios. Midland National is the legal Owner of the shares and has the right to vote on certain matters. Among other things, we may vote:

• to elect the Funds’ or Trust’s Board of Directors/Trustees,

• to ratify the selection of independent auditors for the Investment Portfolios,

• on any other matters described in the Investment Portfolios’ current prospectuses or requiring a vote by shareholders under the Investment Company Act of 1940, and

• in some cases, to change the investment objectives and Contracts.

Even though we own the shares, we may give you the opportunity to tell us how to vote the number of shares that are allocated to your Contract. If the federal securities laws or regulations or interpretations of them change so that we are permitted to vote shares of the Investment Portfolio in our own right or to restrict Owner voting, then we may do so.

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Fund companies determine if and how often shareholder meetings are held. As we receive notice of these meetings, we will ask for your voting instructions. The Investment Portfolios are not required to and generally do not hold a meeting in any given year.

If we do not receive instructions in time from all Owners, then we currently intend to vote those shares in the same proportion as we vote shares for which we have received instructions in that Investment Portfolio. We currently intend to vote any Investment Portfolio shares that we and our affiliates alone are entitled to vote in the same proportions that Owners vote. The effect of this proportional voting is that a small number of Owners may control the outcome of a vote.

How We Determine Your Voting Shares

You may participate in voting only on matters concerning the Investment Portfolios in which your Accumulation Value has been invested. We determine your voting shares in each Investment Option by dividing the amount of your Accumulation Value allocated to that Subaccount by the net asset value of one share of the corresponding Investment Portfolio. This is determined as of the record date set by the Fund’s/Trust’s Board of Directors/Trustees for the shareholders meeting.

If you have a voting interest, then we will provide you proxy material and a form for giving us voting instructions. In certain cases, we may disregard instructions relating to changes in the Investment Portfolio’s adviser or the investment adviser Contracts of the portfolios.

Voting Privileges of Participants in Other Companies

Other insurance companies own shares in the Investment Portfolios to support their variable life insurance and variable annuity products. We do not foresee any disadvantage to this. Nevertheless, each Fund’s/Trust’s Board of Directors/Trustees will monitor events to identify conflicts that may arise and determine appropriate action. If we disagree with any Investment Portfolio action, then we will see that appropriate action is taken to protect our Owners. If we ever believe that any of the Investment Portfolios are so large as to materially impair its investment performance, then we will consider exercising our right to remove or close the investing Subaccount.

Suitability of the Contract

Because of the fees and expenses and possible loss of principal and earnings from prior periods, the Contracts are not appropriate for short-term investment. In addition, Non-Qualified Contracts may be most appropriate for those who have already made maximum use of other tax favored investment plans such as 401(k) plans. The tax-deferred feature of the Contract is most favorable to those in high tax brackets. The tax-deferred feature is not necessary for a tax-qualified plan. In such instances, purchasers should consider whether other features, such as the lifetime annuity payments make the Contract appropriate for their purposes. Before purchasing a Contract, you should obtain competent tax advice and financial advice both as to the tax treatment of the Contract and the suitability of the investment for your particular situation.

This Contract is not designed for resale or speculation, arbitrage, viatical settlements or any type of collective investment scheme. This Contract may not be traded on any stock exchange or secondary market. By purchasing this Contract, you represent and warrant that you are not purchasing or intending to use this Contract, for resale, speculation, arbitrage, viatical settlements or any type of collective investment scheme.

Other Products

We may offer other variable annuity contracts through our Registered Separate Account that also invest in some of the same portfolios. These annuity contracts may have different charges and may offer different benefits. We encourage you to carefully consider the costs and benefits of the Contract to ensure that it is consistent with your personal investment goals and needs. To obtain more information about these annuity contracts, contact your Advisor, or call us at (866) 747-3421.

Electronic Delivery

You may elect to receive prospectuses, transaction confirmations, reports and other communications in electronic format, instead of receiving paper copies of these documents. The electronic delivery service is subject to various terms and conditions, including a requirement that you promptly notify us of any change in your e-mail address, in order to avoid any disruption of deliveries to you. You may elect to discontinue e-Delivery at any time and may also request paper copies of any documents by contacting our Customer Service Center. You may obtain more information and assistance at https://www.midlandnational.com/midlandadvisory or by writing us at our mailing address P.O. Box 9261, Des Moines, IA 50306-9261 or by telephone at (833) 492-0022.

Reports to Owners

We send you a quarterly report within 31 days after the end of each calendar quarter showing the Contract Value, Surrender Value, and the Death Benefit as of the end of the Calendar Quarter. The report will also show the allocation of your Contract Value and reflects amounts deducted since the last report.

Confirmation notices will be sent to you and your Advisor for premiums, partial withdrawals, surrenders, transfers of amounts between Investment Options and certain other financial transactions within 5 Business Days of processing.

You should promptly notify our Customer Service Center of any errors or discrepancies. We will review and correct any errors.

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Unless you specifically request paper copies, we will make semi-annual reports with financial information on the portfolios available on a website. Each time a report is posted, we will send you a notice that includes a link to the report.

Assigning Your Contract

In general, you may assign your rights in a Non-Qualified Contract, however, we reserve the right, except to the extent prohibited by applicable laws, regulations, or actions of the state insurance commissioner, to refuse assignments or transfers at any time on a non-discriminatory basis. You must send a copy of the assignment to our Customer Service Center. The assignment does not take effect until we accept and approve it. We are not responsible for the validity of the assignment or for any payment we make or any action we take before we record notice of the assignment. An absolute assignment is a change of Ownership. There may be tax consequences.

This Contract is not designed for resale, speculation, arbitrage, viatical settlements or any other type of collective investment scheme. This Contract may not be traded on any stock exchange or secondary market.

Exemption from Exchange Act Reporting

We are relying on the exemption provided by Rule 12h-7 under the 1934 Act. In reliance on that exemption, we do not file periodic and current reports that we would be otherwise required to file pursuant to Section 15(d) of the 1934 Act.

Payment of Contract Proceeds

We will generally pay any Death Benefits, withdrawals, or surrenders within seven days after receiving the required form(s) in Good Order at our Customer Service Center.

We may delay payment or transfers for one or more of the following reasons:

• We cannot determine the amount of the payment,

• the New York Stock Exchange is closed,

• trading in securities has been restricted by the SEC,

• an emergency exists or if for any reason it is not reasonably practicable to dispose of or fairly value the securities held in an Investment Option,

• The SEC by order permits us to delay payment to protect our Owners, or

• Your premium check(s) have not cleared your bank.

If, pursuant to SEC rules, any Investment Portfolio suspends payment of redemption proceeds including, in the case of a money market fund Subaccount (which is the Subaccount used as the Default Account), in connection with liquidation of the underlying portfolio or as a result of portfolio liquidity levels then we will delay payment of any transfer (including a transfer under a DCA program), partial withdrawal, surrender, or Death Benefits from the corresponding Subaccount until the suspension of redemptions is lifted or the portfolio pays redemption proceeds.

Federal laws designed to counter terrorism and prevent money laundering by criminals might in certain circumstances require us to reject a premium payment and/or “freeze” an Owner’s account. If these laws apply in a particular situation, we would not be allowed to process any request for withdrawals (including Lifetime Payments under a GLWB Rider), surrenders, or Death Benefits, make transfers, or continue making annuity payments. If a Contract or Investment Option is frozen, the applicable Contract Value would be moved to a special segregated interest bearing account and held in that account until we receive instructions from the appropriate federal regulator. We may also be required to provide information about you and your Contract to the government agencies and departments.

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APPENDIX A –INVESTMENT PORTFOLIOS AVAILABLE UNDER THE CONTRACT

The following is a list of the portfolios currently available under the Contract. More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which can be amended from time to time and can be found online at https://www.midlandnational.com/midlandadvisory. You can also request this information at no cost by calling 866-747-3421 or sending an email request to SecuritiesPI@sfgmembers.com.

The current expenses and performance information below reflects fees and expenses of the Investment Portfolios, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. Each investment portfolio’s past performance is not necessarily an indication of future performance.


		Average Annual Total Returns (as of 12/31/2023)
Type / Investment Objective	Portfolio Company and Advisor / Subadvisor	Current Expenses	1-Year Return	5-Year Return	10-Year Return
US Insurance Moderate Allocation	American Funds IS® Asset Allocation 4	0.80	14.02	8.93	6.98
	Capital Research and Management Company
US Insurance Global Large-Stock Growth	American Funds IS® Global Growth 4	0.91	22.29	13.36	9.30
	Capital Research and Management Company
US Insurance Large Growth	Fidelity® VIP Growth Opportunities Svc 2	0.88	45.30	18.79	15.44
	Fidelity Management & Research Company LLC / FMR Investment Management (U.K.) LimitedFidelity Management & Research (Japan) Limited;Fidelity Management & Research (HK) Ltd;
US Insurance Short-Term Bond	Lord Abbett Series Short Duration Inc VC	0.84	5.05	1.69
	Lord, Abbett & Co LLC
US Insurance Inflation-Protected Bond	PIMCO VIT Real Return Adv	0.87	3.57	3.05	2.15
	Pacific Investment Management Company, LLC
US Insurance Ultrashort Bond	PIMCO VIT Short-Term Adv	0.71	5.80	2.02	1.77
	Pacific Investment Management Company, LLC
US Fund Money Market - Taxable	Fidelity® VIP Government Money Mkt Svc 21	0.49	4.67	1.58	0.97
	Fidelity Management & Research Company LLC / FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd

1 The Fidelity VIP Government Money Market Portfolio - Service Class 2 Money Market Subaccount operates as the Default Account and is not available for direct investment.

APPENDIX B – STATE VARIATIONS

The prospectus provides a general description of the Contract, but your state of issue may provide different features from those described in the body of the prospectus. As of the date of this prospectus, there are no material state variations. Several states are still pending approval.

APPENDIX C – CYCLE INVESTMENT UNIT VALUE EXAMPLES

For each active Cycle Investment, the Cycle Investment Unit Value will be calculated on each Cycle Business Day based on Cycle Investment’s Fair Value as determined by the Fair Value Calculation Agent and the number of Cycle Investment units held.

Start Date

The Initial Cycle Investment Unit Value will be set as $10 for each Cycle on the Start Date.

During the Cycle Term

Each Cycle Business Day prior to Cycle End Date, the Cycle Investment Unit Value will be calculated as:

The Cycle Investment Unit Value based on the Fair Value

Each Business Day the Fair Value of each Cycle Investment will be determined by a Fair Value Calculation Agent.

The Fair Value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units

Example 1: A Cycle Investment that is 150 days since the Cycle Start Date, has a 3 year Cycle Term, a 20% Cap Rate, a Fair Value of $1,250,000, and current number of Cycle Investment Units of 100,000.

The Fair Value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,250,000 / 100,000 = $12.50

The Cycle Investment Unit Value = $12.50,

Example 2: A Cycle Investment that is 150 days since the Start Date, has a 3 year Cycle Term, a 20% Cap Rate, a Fair Value of $900,000, and current number of Cycle Investment Units of 100,000.

The Fair Value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $900,000 / 100,000 = $9.00

The Cycle Investment Unit Value = $9.00

During the Cycle Term prior to the Cycle End Date, no Floor Rate or Buffer Rate applies. Thus, during the Cycle Term, the decrease in the Cycle Investment Unit Value is not protected by Floor Rate or Buffer Rate protection. This means that you could lose all of your principal invested in a Cycle, if you take a withdrawal prior to the Cycle End Date.

Withdrawals from the Cycle Investment prior to the Cycle End Date are permitted and the impact of the withdrawal on the amount of investment remaining in the Cycle Investment is based on the dollar amount withdrawn and the Cycle Investment Unit Value at the time of the Withdrawal.

(A) The dollar amount of the Withdrawal is translated into number of Cycle Investment Units withdrawn as (dollar amount of the Withdrawal) / (Cycle Investment Unit Value at the time of the Withdrawal) = number of Cycle Investment Units withdrawn.

(B) The number of Cycle Investment Units remaining after the Withdrawal = (number of Cycle Investment Units prior to Withdrawal) – (number of Cycle Investment Units withdrawn [as calculated in (A) above]).

(C) Value of the remaining investment in the Cycle Investment = (number of Cycle Investment Units remaining after the Withdrawal [as calculated in (B) above]) × (Cycle Investment Unit Value at the time of the Withdrawal).

Example 1: A Cycle Investment prior to the Cycle End Date has a current Cycle Investment Unit Value of $10 and current number of Cycle Investment Units of 10,000 has withdrawals of $10,000.

(A) The number of Cycle Investment Units withdrawn = (dollar amount of the Withdrawal) / (Cycle Investment Unit Value at the time of the Withdrawal) = $10,000 / $10 = 1,000.

(B) The number of Cycle Investment Units remaining after the withdrawal = (number of Cycle Investment Units prior to the Withdrawal) – (number of Cycle Investment Units withdrawn) = 10,000 – 1,000 = 9,000.

(C) The value of the remaining investment in the Cycle Investment = (number of Cycle Investment Units remaining after the Withdrawal) × (Cycle Investment Unit Value at the time of the Withdrawal) = 9,000 × $10 = $90,000.

Example 2: A -10% Floor Cycle that had an initial Cycle Investment of $100,000, takes a withdrawal prior to the Cycle End Date. The current Cycle Investment Unit Value is $7.00 (note: if the Floor Rate applied prior to the Cycle End Date, the Cycle Investment Unit Value would be $9.00 = $10 * (1 + Cycle Floor Rate)) and current number of Cycle Investment Units of 10,000 has a withdrawal of $7,000.

(A) The number of Cycle Investment Units withdrawn = (dollar amount of the Withdrawal) / (Cycle Investment Unit Value at the time of the Withdrawal) = $7,000 / $7.00 = 1,000.

Example 3: A -10% Buffer Cycle that had an initial Cycle Investment of $100,000, takes a withdrawal prior to the Cycle End Date. The current Cycle Investment Unit Value is $7.00 (note: if the Buffer Rate applied prior to the Cycle End Date, the Cycle Investment Unit Value would be $8.00 = $10 * (30% + Buffer Rate)) and current number of Cycle Investment Units of 10,000 has a withdrawal of $7,000.

(A) The number of Cycle Investment Units withdrawn = (dollar amount of the Withdrawal) / (Cycle Investment Unit Value at the time of the Withdrawal) = $7,000 / $7.00 = 1,000.

On the Cycle End Date for Cycle Investments with a Floor Rate and a Cap Rate

The Cycle End Date Unit Value will equal the Cycle Investment Unit Value on the Cycle End Date subject to being no greater than the Cycle End Date Unit Value Cap (See D below) and being no less than the Cycle End Date Unit Value Floor (see E below).

(A) Initial Cycle Investment Unit Value:

1. The Initial Cycle Investment Unit Value = $10

(B) Change in the Index Value

The Change in the Index Value equals:

1. The last reported value of the Index on the Cycle End Date, minus the last reported value of the Index on the Start Date, divided by.

2. The last reported Value of the Index on the Start Date.

The Cycle End Date’s initial Unit Value equals:

1. The Initial Cycle Investment Unit Value multiplied by

2. One plus the Change in Index Value, computed as set forth in (B) above.

(D) Cycle End Date Unit Value Cap

The Cycle End Date’s Unit Value Cap equals the Initial Cycle Investment Unit Value multiplied by (one plus the Cap Rate.)

(E) Cycle End Date unit value Floor

The Cycle End Date’s unit value Floor equals the Initial Cycle Investment Unit Value multiplied by (one plus the Floor Rate (which is a negative number)).

(F) Maturity unit value

Cycle Investment Unit Cycle Investment Value is the greater of (i) (E) ; or (ii) the lesser of (C) and (D).

Example 1: A Cycle Investment matures, the Cap Rate is 20%, Index Value on the Cycle End Date is 1,500, Index Value on the Cycle Start Date is 1,000, and the Floor Rate is -10%.

(A) Initial Cycle Investment Unit Value = $10.00

(B) Change in Index Value = (1,500 – 1,000)/1,000 = 50%

(D) Cycle End Date Unit Value Cap = $10 × (1+20%) = $12.00

(E) Cycle End Date Unit Value Floor = $10 × (1+ -10%) = $9.00

Cycle Investment Unit Value = (C) subject to being no greater than (D) and no less than (E) = Max {$9.00 and Min($15.00, $12.00)} = $12.00

Example 2: A Cycle Investment matures, the Cap Rate is 20%, Index Value on the Cycle End Date is 800, Index Value on the Start Date is 1,000, and the Floor Rate is -10%.

(A) Initial Cycle Investment Unit Value = $10.00

(B) Change in Index Value = (800 – 1,000)/1,000 = -20%

(D) Cycle End Date Unit Value Cap = $10 × (1+20%) = $12.00

(E) Cycle End Date Unit Value Floor = $10 × (1+ -10%) = $9.00

Cycle Investment Unit Value = (C) subject to being no greater than (D) and no less than (E) = Max{$9.00 and Min($8.00, $12.00)} = $9.00

Example 3: A Cycle Investment matures, the Cap Rate is 20%, Index Value on the Cycle End Date is 1,100, Index Value on the Start Date is 1,000, and the Floor Rate is -10%.

(A) Initial Cycle Investment Unit Value = $10.00

(B) Change in Index Value = (1,100 – 1,000)/1,000 = 10%

(D) Cycle End Date Unit Value Cap = $10 × (1+20%) = $12.00

(E) Cycle End Date Unit Value Floor = $10 × (1+ -10%) = $9.00

Cycle Investment Unit Value = (C) subject to being no greater than (D) and no less than (E) = Max{$9.00 and Min($11.00 , $12.00)} = $11.00

The value of investment in a Cycle Investment on the Cycle End Date is equal to the (number of Cycle Investment Units at the Cycle End Date) × (Cycle Investment Unit Value on the Cycle End Date).

Example 1: A Cycle on the Cycle End Date has a current Cycle Investment Unit Value of $12.31 and current number of Units of 10,000. The value of the investments in the Cycle on the Cycle End Date is $12.31 × 10,000 = $123,100.

On the Cycle End Date for Cycle Investments with a Buffer Rate and a Cap Rate

The Cycle End Date Unit Value will equal the Cycle End Date Initial Unit Value subject to being no greater than the Cycle End Date Unit Value Cap (See D below) and for losses that occur in excess of the Cycle End Date Unit Value Buffer (see E below).

(A) Initial Cycle Investment Unit Value:

1. The Initial Cycle Investment Unit Value = $10

(B) Change in the Index Value:

The Change in the Index Value equals:

1. The last reported value of the Index on the Cycle End Date, minus the last reported value of the Index on the Cycle Start Date, divided by.

2. The last reported Value of the Index on the Cycle Start Date.

The Cycle End Date’s initial Unit Value equals:

1. The Initial Unit Value multiplied by

2. One plus the Change in Index Value, computed as set forth in (B) above.

(D) Cycle End Date Unit Value Cap

The Cycle End Date’s Unit Value Cap equals the Initial Cycle Investment Unit Value multiplied by one plus the Cap Rate.

(E) Cycle End Date Unit Value Buffer

If the Change in Index Value, as computed in (B) above, is greater than or equal to the Buffer Rate (i.e., is not a loss greater than the Buffer Rate) then the Cycle’s End Date Unit Value Buffer equals the Initial Unit Value. If the Change in the Index Value, as computed in (B) above, is less than the Buffer Rate (i.e., is a loss greater than the Buffer Rate) then the Cycle’s End Date Unit Value Buffer equals the Initial Unit Value multiplied by one plus the quantity of the Change in Index Value minus the Buffer Rate.

(F) Maturity unit value

Cycle Investment Unit Value is the greater of (i) (E); or (ii) the lesser of (C) and (D).

Example 1: A Cycle Investment matures, the Cap Rate is 20%, Index Value on the Cycle End Date is 950, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Cycle Investment Unit Value = $10.00

(B) Change in Index Value = (950 – 1,000)/1,000 = -5.0%

(D) Cycle End Date Unit Value Cap = $10 × (1+20%) = $12.00

(E) Cycle End Date Unit Value Buffer = $10.00; since the Change in Index Value of -5.0% is greater than Buffer Rate of -10%, the Cycle End Date Unit Value Buffer is the Initial Unit Value of $10.00.

Cycle Investment Unit Value = Greater of $10.00 versus Min{$9.50, $12.00}, which is $10.00.

Example 2: A Cycle Investment matures, the Cap Rate is 20%, Index Value on the Cycle End Date is 800, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Unit Value = $10.00

(B) Change in Index Value = (800 – 1,000)/1,000 = -20.0%

(D) Cycle End Date Unit Value Cap = $10 × (1+20%) = $12.00

(E) Cycle End Date Unit Value Buffer = $9.00; since the Change in Index Value of -20.0% is less than the Buffer Rate of -10%, the Cycle End Date Unit Value Buffer is $10 * (1 + -20% --10%) = $9.00.

Cycle Investment Unit Value = Greater of $9.00 versus Min{$8.00 , $12.00}, which is $9.00.

Example 3: A Cycle Investment matures, the Cap Rate is 20%, Index Value on the Cycle End Date is 1,100, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Cycle Investment Unit Value = $10.00

(B) Change in Index Value = (1,100 – 1,000)/1,000 = 10.0%

(D) Cycle End Date Unit Value Cap = $10 × (1+20%) = $12.00

(E) Cycle End Date Unit Value Buffer = $10.00; since the Change in Index Value of 10% is greater than the Buffer Rate of -10%, the Cycle End Date Unit Value Buffer is $10.00.

Cycle Investment Unit Value = Greater of $10.00 versus Min{$11.00 , $12.00}, which is $11.00.

Example 4: A Cycle Investment matures, the Cap Rate is 20%, Index Value on the Cycle End Date is 1,500, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Unit Value = $10.00

(B) Change in Index Value = (1,500 – 1,000)/1,000 = 50.0%

(D) Cycle End Date Unit Value Cap = $10 × (1+20%) = $12.00

(E) Cycle End Date Unit Value Buffer = $10.00; since the Change in Index Value of 50% is greater than the Buffer Rate of -10%, the Cycle End Date Unit Value Buffer is $10.00.

Cycle Investment Unit Value = Greater of $10.00 versus Min{$15.00, $12.00}, which is $12.00.

The value of investment in a Cycle Investment on the Cycle End Date is equal to the (number of Cycle Investment Units at the Cycle End Date) * (Cycle Investment Unit Value on the Cycle End Date).

Example 1: A Cycle Investment on the Cycle End Date has a current Cycle Investment Unit Value of $12.31 and current number of Cycle Investment Units of 10,000 the value of the investments in the Cycle Investment on the Cycle End Date is $12.31 * 10,000 = $123,100.

On the Cycle End Date for Cycle Investments with a Buffer Rate and a Participation Rate

The Cycle End Date Unit Value will be determined with reference to the Participation Rate (See C below) if there is Index gain and will equal the Initial Unit Value subject to losses that occur in excess of the Cycle End Date Unit Value Buffer (see D below) if there is Index loss.

(A) Initial Cycle Investment Unit Value:

1. The Initial Cycle Investment Unit Value = $10

(B) Change in the Index Value:

The Change in the Index Value equals:

1. The last reported value of the Index on the Cycle End Date, minus the last reported value of the Index on the Cycle Start Date, divided by.

2. The last reported Value of the Index on the Cycle Start Date.

If the Change in Index Value, computed as set forth in (B) above is greater than or equal to zero, the Cycle End Date’s Unit Value equals:

1. The Initial Unit Value multiplied by

2. One plus the Change in Index Value, computed as set forth in (B) above, multiplied by the Participation Rate.

(D) Cycle End Date Unit Value Buffer

(E) Maturity unit value – Index Loss

If the Change in Index Value is less than zero, the Cycle End Date’s Unit Value is subject to (D).

Example 1: A Cycle Investment matures, the Participation Rate is 80%, Index Value on the Cycle End Date is 950, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Cycle Investment Unit Value = $10.00

(B) Change in Index Value = (950 – 1,000)/1,000 = -5.0%

(D) Cycle End Date Unit Value Buffer = $10.00; since the Change in Index Value of -5.0% is greater than Buffer Rate of -10%, the Cycle End Date Unit Value Buffer is the Initial Unit Value of $10.00

Cycle Investment Unit Value = Cycle End Date Unit Value Buffer computed as set forth in (D) above, which is $10.00.

Example 2: A Cycle Investment matures, the Participation Rate is 80%, Index Value on the Cycle End Date is 800, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Unit Value = $10.00

(B) Change in Index Value = (800 – 1,000)/1,000 = -20.0%

(D) Cycle End Date Unit Value Buffer = $9.00; since the Change in Index Value of -20.0% is less than the Buffer Rate of -10%, the Cycle End Date Unit Value Buffer is $10 * (1 + -20% – 10%) = $9.00.

Cycle Investment Unit Value = Cycle End Date Unit Value Buffer computed as set forth in (D) above, which is $9.00.

Example 3: A Cycle Investment matures, the Participation Rate is 80%, Index Value on the Cycle End Date is 1,100, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Cycle Investment Unit Value = $10.00

(B) Change in Index Value = (1,100 – 1,000)/1,000 = 10.0%

(D) Is not applicable in this example because the Change in Index Value computed in (B) above is greater than 0

Cycle Investment Unit Value =$10.80 as computed in (C), since the Change in Index Value, as computed in (B) above, is greater than 0.

The value of investment in a Cycle on the Cycle End Date is equal to the (number of Cycle Investment Units at the Cycle End Date) * (Cycle Investment Unit Value on the Cycle End Date).

On the Cycle End Date for Cycle Investments with a Buffer Rate, a Cap Rate, and a Participation Rate

Participation Rate is 100% and the Cap Rate is not unlimited

(A) Initial Cycle Investment Unit Value:

1. The Initial Cycle Investment Unit Value = $10

(B) Change in the Index Value:

The Change in the Index Value equals:

1. The last reported value of the Index on the Cycle End Date, minus the last reported value of the Index on the Cycle Start Date, divided by.

2. The last reported Value of the Index on the Cycle Start Date.

The Cycle End Date’s initial Unit Value equals:

1. The Initial Unit Value multiplied by

2. One plus the Change in Index Value, computed as set forth in (B) above.

(D) Cycle End Date Unit Value Cap

The Cycle End Date’s Unit Value Cap equals the Initial Cycle Investment Unit Value multiplied by one plus the Cap Rate.

(E) Cycle End Date Unit Value Buffer

(F) Maturity unit value

Cycle Investment Unit Value is the greater of (i) (E); or (ii) the lesser of (C) and (D).

Example 1: A Cycle Investment matures, the Cap Rate is 20% and the Participation Rate is 100%, Index Value on the Cycle End Date is 950, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Cycle Investment Unit Value = $10.00

(B) Change in Index Value = (950 – 1,000)/1,000 = -5.0%

(D) Cycle End Date Unit Value Cap = $10 × (1+20%) = $12.00

(E) Cycle End Date Unit Value Buffer = $10.00; since the Change in Index Value of -5.0% is greater than Buffer Rate of -10%, the Cycle End Date Unit Value Buffer is the Initial Unit Value of $10.00.

Cycle Investment Unit Value = Greater of $10.00 versus Min{$9.50, $12.00}, which is $10.00.

Example 2: A Cycle Investment matures, the Cap Rate is 20% and the Participation Rate is 100%, Index Value on the Cycle End Date is 800, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Unit Value = $10.00

(B) Change in Index Value = (800 – 1,000)/1,000 = -20.0%

(D) Cycle End Date Unit Value Cap = $10 × (1+20%) = $12.00

(E) Cycle End Date Unit Value Buffer = $9.00; since the Change in Index Value of -20.0% is less than the Buffer Rate of -10%, the Cycle End Date Unit Value Buffer is $10 * (1 + -20% --10%) = $9.00.

Cycle Investment Unit Value = Greater of $9.00 versus Min{$8.00 , $12.00}, which is $9.00.

Example 3: A Cycle Investment matures, the Cap Rate is 20% and the Participation Rate is 100%, Index Value on the Cycle End Date is 1,100, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Cycle Investment Unit Value = $10.00

(B) Change in Index Value = (1,100 – 1,000)/1,000 = 10.0%

(D) Cycle End Date Unit Value Cap = $10 × (1+20%) = $12.00

(E) Cycle End Date Unit Value Buffer = $10.00; since the Change in Index Value of 10% is greater than the Buffer Rate of -10%, the Cycle End Date Unit Value Buffer is $10.00.

Cycle Investment Unit Value = Greater of $10.00 versus Min{$11.00 , $12.00}, which is $11.00.

Example 4: A Cycle Investment matures, the Cap Rate is 20% and the Participation Rate is 100%, Index Value on the Cycle End Date is 1,500, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Unit Value = $10.00

(B) Change in Index Value = (1,500 – 1,000)/1,000 = 50.0%

(D) Cycle End Date Unit Value Cap = $10 × (1+20%) = $12.00

(E) Cycle End Date Unit Value Buffer = $10.00; since the Change in Index Value of 50% is greater than the Buffer Rate of -10%, the Cycle End Date Unit Value Buffer is $10.00.

Cycle Investment Unit Value = Greater of $10.00 versus Min{$15.00, $12.00}, which is $12.00.

The value of investment in a Cycle Investment on the Cycle End Date is equal to the (number of Cycle Investment Units at the Cycle End Date) * (Cycle Investment Unit Value on the Cycle End Date).

Cap Rate is unlimited and Participation Rate is greater than 100%

(A) Initial Cycle Investment Unit Value:

1. The Initial Cycle Investment Unit Value = $10

(B) Change in the Index Value:

The Change in the Index Value equals:

1. The last reported value of the Index on the Cycle End Date, minus the last reported value of the Index on the Cycle Start Date, divided by.

2. The last reported Value of the Index on the Cycle Start Date.

If the Change in Index Value, computed as set forth in (B) above is greater than or equal to zero, the Cycle End Date’s Unit Value equals:

1. The Initial Unit Value multiplied by

2. One plus the Change in Index Value, computed as set forth in (B) above, multiplied by the Participation Rate.

(D) Cycle End Date Unit Value Buffer

(E) Maturity unit value – Index Loss

If the Change in Index Value is less than zero, the Cycle End Date’s Unit Value is subject to (D).

Example 1: A Cycle Investment matures, the Participation Rate is 110% and the Cap Rate is unlimited, Index Value on the Cycle End Date is 950, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Cycle Investment Unit Value = $10.00

(B) Change in Index Value = (950 – 1,000)/1,000 = -5.0%

(D) Cycle End Date Unit Value Buffer = $10.00; since the Change in Index Value of -5.0% is greater than Buffer Rate of -10%, the Cycle End Date Unit Value Buffer is the Initial Unit Value of $10.00

Cycle Investment Unit Value = Cycle End Date Unit Value Buffer computed as set forth in (D) above, which is $10.00.

Example 2: A Cycle Investment matures, the Participation Rate is 110% and the Cap Rate is unlimited, Index Value on the Cycle End Date is 800, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Unit Value = $10.00

(B) Change in Index Value = (800 – 1,000)/1,000 = -20.0%

(D) Cycle End Date Unit Value Buffer = $9.00; since the Change in Index Value of -20.0% is less than the Buffer Rate of -10%, the Cycle End Date Unit Value Buffer is $10 * (1 + -20% – 10%) = $9.00.

Cycle Investment Unit Value = Cycle End Date Unit Value Buffer computed as set forth in (D) above, which is $9.00.

Example 3: A Cycle Investment matures, the Participation Rate is 110% and the Cap Rate is unlimited, Index Value on the Cycle End Date is 1,100, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Cycle Investment Unit Value = $10.00

(B) Change in Index Value = (1,100 – 1,000)/1,000 = 10.0%

(D) Is not applicable in this example because the Change in Index Value computed in (B) above is greater than 0

Cycle Investment Unit Value =$11.10 as computed in (C), since the Change in Index Value, as computed in (B) above, is greater than 0.

The value of investment in a Cycle on the Cycle End Date is equal to the (number of Cycle Investment Units at the Cycle End Date) * (Cycle Investment Unit Value on the Cycle End Date).

CYCLE INVESTMENT

The Contract Holder’s Cycle Investment on any Cycle Business Day is the number of Cycle Investment Units credited to the Contract Holder multiplied by the day’s Cycle Investment Unit Value.

Example 1: On a Cycle Start Date a Contract Holder invests $100,000 in a Cycle Investment. The Initial Cycle Investment Unit Value is $10. After 6 months, the Cycle Investment Unit Value of the Cycle Investment is $13.00.

(A) Number of Cycle Investment Units = $100,000/10 = 10,000 Cycle Investment Units

(B) Cycle Investment after 6 months = 10,000 × $13.00 = $130,000

Example 2: On a Cycle Start Date a Contract Holder invests $90,000 in a Cycle Investment. The Initial Cycle Investment Unit Value is $10. After 3 months, the Cycle Investment Unit Value of the Cycle Investment is $8.50.

(A) Number of Cycle Investment Units = $90,000/10 = 9,000 Cycle Investment Units

(B) Cycle Investment after 3 months = 9,000 × $8.50 = $76,500

Example 3: On a Cycle Start Date a Contract Holder invests $250,000 in a Cycle Investment. The Initial Cycle Investment Unit Value is $10. After 10 months, the Cycle Investment Unit Value of the Cycle Investment is $12.00.

(A) Number of Cycle Investment Units = $250,000/10 = 25,000 Cycle Investment Units

(B) Cycle Investment after 10 months = 25,000 × $12.00 = $300,000

APPENDIX D – INDEX DISCLAIMERS

The Cycle Investments track certain Securities Indices that are published by third parties. Midland National uses these Securities Indices under license from the Indices’ respective publishers. The following information about the Indices is included in this Prospectus in accordance with Midland National’s license agreements with the publishers of the Indices:

THE STANDARD & POOR’S 500® COMPOSITE STOCK PRICE INDEX

This Index does not include dividends paid by the underlying companies.

The “S&P 500®” is a product of S&P Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Midland National Life Insurance Company (“Midland National” or “the Company”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”). The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by the Company. The Product is not sponsored, endorsed, sold or promoted by SPDJI, S&P, or any of their respective affiliates (collectively, “S&P Indices”). S&P Indices does not make any representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in this Product particularly or the ability of these Indices to track general market performance. S&P Indices only relationship to Midland National with respect to these Indices is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Indices and/or its licensors. The Indices are determined, composed and calculated by S&P Indices without regard to Midland National or the Product. S&P Indices has no obligation to take the needs of the Company or the owners of this Product into consideration in determining, composing or calculating these Indices. S&P Indices is not responsible for and have not participated in the determination of the prices, and amount of the Product or the timing of the issuance or sale of this Product or in the determination or calculation of the equation by which the Product is to be converted into cash, surrendered or redeemed, as the case may be. S&P Indices has no obligation or liability in connection with the administration, marketing or trading of the Product. There is no assurance that investment products based on these Indices will accurately track index performance or provide positive investment returns. S&P Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THESE INDICES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY MIDLAND NATIONAL, OWNERS OF THE PRODUCT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR AGREEMENTS BETWEEN S&P INDICES AND THE COMPANY, OTHER THAN THE LICENSORS OF S&P INDICES

MSCI EAFE Price Return Index

MSCI EAFE Price Return Index is an unmanaged index that measures the equity market performance of 22 developed market country indices located in Europe, Australasia, and the Far East. It is not available for direct investment. The Product referred to herein is not sponsored, endorsed or promoted by MSCI, and MSCI bears no liability with respect to any such Product or any index on which such Product is based. The Prospectus contains a more detailed description of the limited relationship MSCI has with Midland National Life Insurance Company and any related funds.

APPENDIX E – FAIR VALUE FORMULAS

We compute the Cycle Investment Unit Value using the Fair Value.

For Cycle Investments with a Cap Rate Crediting Type. The Cycle Business Day’s Cycle Investment Unit Value will equal the Fair Value per Cycle Values outstanding.

The Cycle Business Day Fair Value per Cycle Units outstanding equals the Cycle’s Fair Value divided by the total number of Cycle Investment Units outstanding, each as of that day.

The Floor Rate and the Buffer Rate do not apply during the Cycle Term prior to the Cycle End Date. Thus, there is no protection against any decrease in value of the Cycle Investment for withdrawals during the Cycle Term prior to the Cycle End Date.

Reporting. For each Cycle Investment in which you invest, we will make electronically available to you on each Cycle Business Day (i) the number of Cycle Investment Units credited to your Cycle Investment(s) and (ii) the Cycle Investment Unit Value on the Business Day preceding the Cycle Business Day.

At least once each year, we will send you a report containing information required by applicable state law and the following:

1) The beginning date and end date for the reporting period;

2) For each Cycle Investment in which you invested during the reporting period;

a) The Start Date, Cycle Term, Floor Rate or Buffer Rate, Cap Rate or Participation Rate, and the value of the Index on the Start Date, and if there was a Cycle End Date, the value of the Index on the Cycle End Date;

b) The number of Cycle Investment Units credited to the Contract (i) at the beginning of the reporting period, and (ii) on the Cycle Business Day immediately prior to the date of the report;

c) The number of Cycle Investment Units redeemed and the Cycle Investment Unit Value in connection with each withdrawal made during the current reporting period;

d) The Cycle Investment Unit Value (i) at the beginning of the reporting period, and (ii) on the Cycle Business Day immediately prior to the date of the report;

3) The Index price for each Cycle Investment on the Start Date and, at the end of the current report period.

We have contracted with S&P Global Market Intelligence, an independent analytics firm, to be the Fair Value Calculation Agent to compute the Fair Value of a Cycle Investment Unit each Business Day during a Cycle Term. The Fair Value reflects the current value of financial instruments that would provide a return equal to the change in Index Value at the end of the Cycle Term subject to the Cap Rate/Participation Rate and subject to the Floor Rate /Buffer Rate. The Fair Value is based on a variety of factors considered by the Fair Value Calculation Agent, which include the change in the Index Value from the Cycle Start Date, volatility of the Index, changes in prevailing interest rates, dividend yield on the index, changes in index level, and the time remaining until the Cycle End Date. The Fair Value is determined using a formula which is based on the economic value of a hypothetical investments at the time of the valuation designed to match the Cycle Investment Value at the Cycle End Date.

The value of each of these financial instruments is determined by the Fair Value Calculation Agent using standard financial industry calculations. The call and put options are all valued using the Black-Scholes option valuation formula. The value of the zero-coupon bond is determined by a present value of the maturity value at a bond discount rate proxy for the appropriate credit rate (currently SOFR plus a spread). For the derivatives valuation we use a proxy risk-free interest rate (currently SOFR Rates).

Calculation of Fair Value for Cycle Investments with a Floor Rate and a Cap Rate:

The Fair Value Calculation Agent uses five hypothetical financial instruments to determine the Fair Value of a Cycle Investment during the Cycle Term. These hypothetical financial instruments are constructed to produce a return equal to the proceeds payable on a Cycle Investment on its Cycle End Date.

These financial instruments are:

1) A zero-coupon bond with a maturity date equal to the Cycle End Date, plus;

2) An at-the-money call option. This is an option to buy a position in the Index on the Cycle End Date at a strike price equal to the price of the Index on the Cycle Start Date, less;

3) An at-the-money put option. This is an option to sell a position in the Index on the Cycle End Date at a strike price equal to the price of the Index on the Cycle Start Date, less;

4) An out-of-the-money call option. This is an option to buy a position in the Index on the Cycle End Date at a strike price equal to the price of the Index on the Cycle Start Date times (1 + Cap Rate), plus;

5) An out-of-the-money put option. This is an option to sell a position in the Index on the Cycle End Date at a strike price equal to the price of the Index on the Cycle Start Date times (1 + Floor Rate (which is a negative number)).

The formulas for the above components are:

1) Zero coupon bond = (Maturity Value) / [(1 + d)^T]

Whereas; d = the discount rate for the term T (prevailing risk free rate, SOFR rate plus a spread, for term T) and T = time until Cycle End Date

2) Black-Scholes formula for a call option = Ste-yTN(d1) – Ke-rTN(d2);

where d1 = [ln(St/K) + (r - y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the at-the-money call option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield for the Index

y = dividend yield

T = time until Cycle End Date

σ = volatility of an at-the-money call option on the Index that reflects the moneyness and term T at the time of the valuation

3) Black-Scholes formula for a put option = Ke-rTN(-d2) – Ste-yTN(-d1);

where d1 = [ln(St/K) + (r - y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the at-the-money put option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield for the Index

y = dividend yield

T = time until Cycle End Date

σ = volatility of an at-the-money put option on the Index that reflects the moneyness and term T at the time of the valuation

4) Black-Scholes formula for a call option = Ste-yTN(d1) – Ke-rTN(d2);

where d1 = [ln(St/K) + (r - y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the out-of-the-money call option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0(1 + Cap Rate)

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield for the Index

y = dividend yield

T = time until Cycle End Date

σ = volatility of an out-the-money call option by the amount of the Cap Rate on the Index that reflects the moneyness and term T at the time of the valuation

5) Black-Scholes formula for a put option = Ke-rTN(-d2) – Ste-yTN(-d1);

where d1 = [ln(St/K) + (r - y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the out-of-the-money put option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0(1- Floor Rate)

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield on the Index

y = dividend yield

T = time until Cycle End Date

σ = volatility of an out-the-money put option by the amount of the Floor Rate on the Index that reflects the moneyness and term T at the time of the valuation

Calculation of Fair Value for Cycle Investments with a Buffer Rate and a Cap Rate:

The Fair Value Calculation Agent uses four hypothetical financial instruments to determine the Fair Value of a Cycle Investment during the Cycle Term. These hypothetical financial instruments are constructed to produce a return equal to the proceeds payable on a Cycle Investment on its Cycle End Date. These financial instruments are:

1) A zero-coupon bond with a maturity date equal to the Cycle End Date, plus;

2) An at-the-money call option. This is an option to buy a position in the Index on the Cycle End Date at a strike price equal to the price of the Index on the Cycle Start Date, less;

3) An out-of-the-money call option. This is an option to buy a position in the Index on the Cycle End Date at a strike price equal to the price of the Index on the Cycle Start Date times (1 + Cap Rate), less;

4) An out-of-the-money put option. This is an option to sell a position in the Index on the Cycle End Date at a strike price equal to the price of the Index on the Cycle Start Date times (1 + Buffer Rate (which is a negative number)).

The formulas for the above components are:

1) Zero coupon bond = (Maturity Value) / [(1 + d)^T]

Whereas; d = the discount rate for term T (prevailing risk free rate, SOFR rate plus a spread, for term T) and T = time until Cycle End Date

2) Black-Scholes formula for a call option = Ste-yTN(d1) – Ke-rTN(d2);

where d1 = [ln(St/k) + (r - y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the at-the-money call option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield for the Index

y = dividend yield

T = time until Cycle End Date

σ = volatility of an at-the-money call option on the Index that reflects the moneyness and term T at the time of the valuation

3) Black-Scholes formula for a call option = Ste-yTN(d1) – Ke-rTN(d2);

where d1 = [ln(St/k) + (r - y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the out-of-the-money call option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0(1 + Cap Rate)

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield on the Index

y = dividend yield

T = time until Cycle End Date

σ = volatility of an out-the-money call option by the amount of the Cap Rate on the Index that reflects the moneyness and term T at the time of the valuation

4) Black-Scholes formula for a put option = Ke-rTN(-d2) – Ste-yTN(-d1); where

d1 = [ln(St/k) + (r - y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the out-of-the-money put option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0(1 – Buffer Rate)

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield on the Index

y = dividend yield

T = time until Cycle End Date

σ = volatility of an out-the-money put option by the amount of the Buffer Rate on the Index that reflects the moneyness and term T at the time of the valuation

Calculation of Fair Value for Cycle Investments with a Buffer Rate and a Participation Rate:

The Fair Value Calculation Agent uses three hypothetical financial instruments to determine the Fair Value of a Cycle Investment during the Cycle Term. These hypothetical financial instruments are constructed to produce a return equal to the proceeds payable on a Cycle Investment on its Cycle End Date. These financial instruments are:

1) A zero-coupon bond with a maturity date equal to the Cycle End Date, plus;

2) An at-the-money call option for an amount equal to the Participation Rate. This is an option to buy a position in the Index on the Cycle End Date at a strike price equal to the price of the Index on the Cycle Start Date, less;

3) An out-of-the-money put option. This is an option to sell a position in the Index on the Cycle End Date at a strike price equal to the price of the Index on the Cycle Start Date times (1 + Buffer Rate (which is a negative number)).

The formulas for the above components are:

1) Zero coupon bond = (Maturity Value) / [(1 + d)^T]

Whereas; d = the discount rate for term T (prevailing risk free rate, SOFR rate plus spread, for term T) and T = time until Cycle End Date

2) Black-Scholes formula for a call option times the Participation Rate = (Ste-yTN(d1) – Ke-rTN(d2)) * Participation Rate;

where d1 = [ln(St/k) + (r - y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the at-the-money call option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield for the Index

y = dividen yield

T = time until Cycle End Date

σ = volatility of an at-the-money call option on the Index that reflects the moneyness and term T at the time of the valuation

3) Black-Scholes formula for a put option = Ke-rTN(-d2) – Ste-yTN(-d1);

where d1 = [ln(St/k) + (r - y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the out-of-the-money put option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0(1 – Buffer Rate)

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield on the Index

y = dividend yield

T = time until Cycle End Date

σ = volatility of an out-the-money put option by the amount of the Buffer Rate on the Index that reflects the moneyness and term T at the time of the valuation

Calculation of Fair Value for Cycle Investments with a Buffer Rate, a Cap Rate, and a Participation Rate:

Cap Rate is unlimited and Participation Rate is greater than 100%

1) A zero-coupon bond with a maturity date equal to the Cycle End Date, plus;

The formulas for the above components are:

1) Zero coupon bond = (Maturity Value) / [(1 + d)^T]

Whereas; d = the discount rate for term T (prevailing risk free rate, SOFR rate, for term T) and T = time until Cycle End Date

2) Black-Scholes formula for a call option times the Participation Rate = (Ste-yTN(d1) – Ke-rTN(d2)) * Participation Rate; where

d1 = [ln(St/k) + (r - y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the at-the-money call option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield for the Index

y = dividend yield

T = time until Cycle End Date

σ = volatility of an at-the-money call option on the Index that reflects the moneyness and term T at the time of the valuation

3) Black-Scholes formula for a put option = Ke-rTN(-d2) – Ste-yTN(-d1);

where d1 = [ln(St/k) + (r- y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the out-of-the-money put option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0(1 – Buffer Rate)

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield on the Index

y = dividend yield

T = time until Cycle End Date

σ = volatility of an out-the-money put option by the amount of the Buffer Rate on the Index that reflects the moneyness and term T at the time of the valuation

Participation Rate is 100% and the Cap Rate is not unlimited

1) A zero-coupon bond with a maturity date equal to the Cycle End Date, plus;

2) An at-the-money call option. This is an option to buy a position in the Index on the Cycle End Date at a strike price equal to the price of the Index on the Cycle Start Date, less;

The formulas for the above components are:

1) Zero coupon bond = (Maturity Value) / [(1 + d)^T]

Whereas; d = the discount rate for term T (prevailing risk free rate, SOFR rate, for term T) and T = time until Cycle End Date

2) Black-Scholes formula for a call option = Ste-yTN(d1) – Ke-rTN(d2);

where d1 = [ln(St/k) + (r - y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the at-of-the-money put option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield on the Index

y = dividend yield

T = time until Cycle End Date

σ = volatility of an out-the-money call option by the amount of the Buffer Rate on the Index that reflects the moneyness and term T at the time of the valuation

3) Black-Scholes formula for a call option = (Ste-yTN(d1) – Ke-rTN(d2)); where

d1 = [ln(St/k) + (r- y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the out-of-the-money call option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0(1 + Cap Rate)

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield on the Index

y = dividend yield

T = time until Cycle End Date

σ = volatility of an out-the-money call option by the amount of the Cap Rate on the Index that reflects the moneyness and term T at the time of the valuation

4) Black-Scholes formula for a put option = Ke-rTN(-d2) – Ste-yTN(-d1);

where d1 = [ln(St/k) + (r- y + σ2/2)T] / σ√T

d2 = d1 – σ√T

Below are the inputs to calculate the out-of-the-money put option:

St = the Index level at the time of the valuation

S0 = the starting Index level

K= strike price which is equal to S0(1 – Buffer Rate)

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield on the Index

y = dividend yield

T = time until Cycle End Date

σ = volatility of an out-the-money put option by the amount of the Buffer Rate on the Index that reflects the moneyness and term T at the time of the valuation

Examples Fair Value Per Cycle Investment Unit: 6-Year Cycle; -10% Floor, Cap Rate Crediting Type.


Component	6-Year Cycle; -10% Floor	6-Year Cycle; -10% Floor
Cycle Term (in months)	72	72
Valuation Date (months since Cycle Start Date)	12	66
Cap Rate	70%	70%
Time to End Date (in months)	60	6

Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.49	$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$0.33	$0.00
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$3.14	$3.87
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$2.49	$2.89
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$8.17	$8.86

Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.49	$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$1.54	$0.22
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$1.56	$1.11
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.08	$0.00
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$1.17	$0.51
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$9.57	$9.45

Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.49	$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$2.79	$1.31
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$0.95	$0.21
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.31	$0.00
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.70	$0.06
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$10.72	$10.99

Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.49	$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$5.09	$4.08
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$0.44	$0.01
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$1.21	$0.02
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.32	$0.00
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$12.24	$13.89
Input Values used above as follows
Bond discount rate	3.33%	3.33%
Annual dividend yield	1.43%	1.43%
Risk free rate	3.55%	3.55%
ATM Call volatility	20.86%	20.86%
ATM Put volatility	20.86%	20.86%
OTM Call volatility	14.55%	14.55%
OTM Put volatility	22.04%	22.04%

Examples Fair Value Per Cycle Investment Unit: 3-Year Cycle; -10% Floor, Cap Rate Crediting Type.


Component	3-Year Cycle; -10% Floor	3-Year Cycle; -10% Floor
Cycle Term (in months)	36	36
Valuation Date (months since Cycle Start Date)	12	30
Cap Rate	30%	30%
Time to End Date (in months)	24	6

Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.36	$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$0.03	$0.00
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$3.48	$3.86
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$2.62	$2.88
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$8.53	$8.86

Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.36	$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$0.69	$0.17
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$1.23	$1.05
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.04	$0.00
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.79	$0.46
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$9.57	$9.41

Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.36	$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$1.88	$1.26
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$0.48	$0.16
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.36	$0.03
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.29	$0.04
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$10.70	$10.96

Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.36	$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$4.41	$4.09
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$0.09	$0.00
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$1.95	$1.28
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.05	$0.00
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$11.79	$12.65

Input Values used above as follows
Bond discount rate	3.36%	3.36%
Annual dividend yield	1.43%	1.43%
Risk free rate	3.78%	3.78%
ATM Call volatility	18.38%	18.38%
ATM Put volatility	18.38%	18.38%
OTM Call volatility	13.77%	13.77%
OTM Put volatility	20.17%	20.17%

Examples Fair Value Per Cycle Investment Unit: 1-Year Cycle; -10% Floor, Cap Rate Crediting Type.


Component	1-Year Cycle; -10% Floor	1-Year Cycle; -10% Floor
Cycle Term (in months)	12	12
Valuation Date (months since Cycle Start Date)	2	10
Cap Rate	12%	12%
Time to End Date (in months)	10	2

Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.71	$9.94
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$0.00	$0.00
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$3.69	$3.94
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$2.74	$2.95
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$8.76	$8.95

Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.71	$9.94
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$0.25	$0.02
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$0.98	$0.96
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.03	$0.00
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.50	$0.26
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$9.46	$9.25

Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.71	$9.94
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$1.41	$1.07
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$0.17	$0.02
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.56	$0.17
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.08	$0.00
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$10.48	$10.82

Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.71	$9.94
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$4.22	$4.04
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$3.07	$2.85
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.00	$0.00
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$10.86	$11.13

Input Values used above as follows
Bond discount rate	3.55%	3.55%
Annual dividend yield	1.43%	1.43%
Risk free rate	4.73%	4.73%
ATM Call volatility	15.87%	15.87%
ATM Put volatility	15.87%	15.87%
OTM Call volatility	12.95%	12.95%
OTM Put volatility	19.23%	19.23%

Examples Fair Value Per Cycle Investment Unit: 6-Year Cycle; -10% Buffer, Cap Rate with Participation Crediting Type.


Component	6-Year Cycle; -10% Buffer	6-Year Cycle; -10% Buffer
Cycle Term (in months)	72	72
Valuation Date (months since Cycle Start Date)	12	66
Participation Rate	110%	110%
Cap Rate	Unlimited	Unlimited
Time to End Date (in months)	60	6

Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.65	$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate	$0.36	$0.00
3) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$2.49	$2.89
4) Fair Value {1) + 2) - 3)}	$6.52	$6.97

Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.65	$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate	$1.69	$0.24
3) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$1.17	$0.51
4) Fair Value {1) + 2) - 3)}	$9.17	$9.59

Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.65	$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate	$3.07	$1.44
3) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.70	$0.06
4) Fair Value {1) + 2) - 3)}	$11.02	$11.23

Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.65	$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate	$5.60	$4.49
3) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.32	$0.00
4) Fair Value {1) + 2) - 3)}	$13.92	$14.34

Input Values used above as follows
Bond discount rate	2.95%	2.95%
Annual dividend yield	1.43%	1.43%
Risk free rate	3.55%	3.55%
ATM Call volatility	20.86%	20.86%
OTM Put volatility	22.04%	22.04%

Examples Fair Value Per Cycle Investment Unit: 6-Year Cycle; -10% Buffer, Cap Rate with Participation Rate Crediting Type.


Component	6-Year Cycle; -10% Buffer	6-Year Cycle; -10% Buffer
Cycle Term (in months)	72	72
Valuation Date (months since Cycle Start Date)	12	66
Participation Rate	100%	100%
Cap Rate	250%	250%
Time to End Date (in months)	60	6

Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.85	$9.88
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$0.33	$0.00
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$2.49	$2.89
5) Fair Value {1) + 2) - 3) - 4)}	$6.69	$6.99

Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.85	$9.88
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$1.54	$0.22
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$1.17	$0.51
5) Fair Value {1) + 2) - 3) - 4)}	$9.21	$9.59

Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.85	$9.88
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$2.79	$1.31
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.70	$0.06
5) Fair Value {1) + 2) - 3) - 4)}	$10.94	$11.12

Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.85	$9.88
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$5.09	$4.08
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.32	$0.00
5) Fair Value {1) + 2) - 3) - 4)}	$13.61	$13.96

Input Values used above as follows
Bond discount rate	2.48%	2.48%
Annual dividend yield	1.43%	1.43%
Risk free rate	3.55%	3.55%
ATM Call volatility	20.86%	20.86%
OTM Call volatility	6.00%	6.00%
OTM Put volatility	22.04%	22.04%

Examples Fair Value Per Cycle Investment Unit: 6-Year Cycle; -20% Buffer, Cap Rate with Participation Rate Crediting Type.


Component	6-Year Cycle; -20% Buffer	6-Year Cycle; -20% Buffer
Cycle Term (in months)	72	72
Valuation Date (months since Cycle Start Date)	12	66
Participation Rate	100%	100%
Cap Rate	200%	200%
Time to End Date (in months)	60	6

Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.64	$9.85
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$0.33	$0.00
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$1.91	$1.93
5) Fair Value {1) + 2) - 3) - 4)}	$7.06	$7.93

Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.64	$9.85
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$1.54	$0.22
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.86	$0.17
5) Fair Value {1) + 2) - 3) - 4)}	$9.32	$9.90

Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.64	$9.85
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$2.79	$1.31
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.50	$0.01
5) Fair Value {1) + 2) - 3) - 4)}	$10.93	$11.15

Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.64	$9.85
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$5.09	$4.08
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.23	$0.00
5) Fair Value {1) + 2) - 3) - 4)}	$13.49	$13.93

Input Values used above as follows
Bond discount rate	2.97%	2.97%
Annual dividend yield	1.43%	1.43%
Risk free rate	3.55%	3.55%
ATM Call volatility	20.86%	20.86%
OTM Call volatility	7.68%	7.68%
OTM Put volatility	23.32%	23.32%

Examples Fair Value Per Cycle Investment Unit: 6-Year Cycle; -30% Buffer, Cap Rate with Participation Crediting Type.


Component	6-Year Cycle; -30% Buffer	6-Year Cycle; -30% Buffer
Cycle Term (in months)	72	72
Valuation Date (months since Cycle Start Date)	12	66
Participation Rate	100%	100%
Cap Rate	80%	80%
Time to End Date (in months)	60	6

Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.60	$9.85
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$0.33	$0.00
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$1.40	$1.05
5) Fair Value {1) + 2) - 3) - 4)}	$7.53	$8.80

Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.60	$9.85
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$1.54	$0.22
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.04	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.60	$0.04
5) Fair Value {1) + 2) - 3) - 4)}	$9.50	$10.03

Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.60	$9.85
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$2.79	$1.31
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.19	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.35	$0.00
5) Fair Value {1) + 2) - 3) - 4)}	$10.85	$11.16

Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.60	$9.85
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$5.09	$4.08
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.89	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.16	$0.00
5) Fair Value {1) + 2) - 3) - 4)}	$12.64	$13.93

Input Values used above as follows
Bond discount rate	3.07%	3.07%
Annual dividend yield	1.43%	1.43%
Risk free rate	3.55%	3.55%
ATM Call volatility	20.86%	20.86%
OTM Call volatility	13.86%	13.86%
OTM Put volatility	24.73%	24.73%

Examples Fair Value Per Cycle Investment Unit: 3-Year Cycle; -10% Buffer; Cap Rate Crediting Type.


Component	3-Year Cycle; -10% Buffer	3-Year Cycle; -10% Buffer
Cycle Term (in months)	36	36
Valuation Date (months since Cycle Start Date)	12	30
Participation Rate	100%	100%
Time to End Date (in months)	24	6

Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.38	$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$0.03	$0.00
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$2.62	$2.88
5) Fair Value {1) + 2) - 3) - 4)}	$6.79	$6.96

Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.38	$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$0.69	$0.17
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.79	$0.46
5) Fair Value {1) + 2) - 3) - 4)}	$9.28	$9.55

Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.38	$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$1.88	$1.26
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.29	$0.04
5) Fair Value {1) + 2) - 3) - 4)}	$10.98	$11.06

Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.38	$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$4.41	$4.09
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.03	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.05	$0.00
5) Fair Value {1) + 2) - 3) - 4)}	$13.71	$13.93

Input Values used above as follows
Bond discount rate	3.24%	3.24%
Annual dividend yield	1.43%	1.43%
Risk free rate	3.78%	3.78%
ATM Call volatility	18.38%	18.38%
OTM Call volatility	11.69%	11.69%
OTM Put volatility	20.17%	20.17%

Examples Fair Value Per Cycle Investment Unit: 1-Year Cycle; -10% Buffer, Cap Rate Crediting Type.


Component	1-Year Cycle; -10% Buffer	1-Year Cycle; -10% Buffer
Cycle Term (in months)	12	12
Valuation Date (months since Cycle Start Date)	2	10
Cap Rate	16%	16%
Time to End Date (in months)	10	2

Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.64	$9.93
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$0.00	$0.00
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.00	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$2.74	$2.95
5) Fair Value {1) + 2) - 3) - 4)}	$6.91	$6.98

Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.64	$9.93
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$0.25	$0.02
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.01	$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.50	$0.26
5) Fair Value {1) + 2) - 3) - 4)}	$9.38	$9.69

Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.64	$9.93
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$1.41	$1.07
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.35	$0.05
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.08	$0.00
5) Fair Value {1) + 2) - 3) - 4)}	$10.63	$10.95

Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.64	$9.93
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$4.22	$4.04
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$2.69	$2.46
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.00	$0.00
5) Fair Value {1) + 2) - 3) - 4)}	$11.17	$11.52

Input Values used above as follows
Bond discount rate	4.45%	4.45%
Annual dividend yield	1.43%	1.43%
Risk free rate	4.73%	4.73%
ATM Call volatility	15.87%	15.87%
OTM Call volatility	11.96%	11.96%
OTM Put volatility	19.23%	19.23%

Examples Fair Value Per Cycle Investment Unit: 1-Year Cycle; -10% Buffer, Participation Rate Crediting Type.


Component	1-Year Cycle; -10% Buffer	1-Year Cycle; -10% Buffer
Cycle Term (in months)	12	12
Valuation Date (months since Cycle Start Date)	2	10
Participation Rate	65%	65%
Time to End Date (in months)	10	2

Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.78	$9.96
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate	$0.00	$0.00
3) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$2.74	$2.95
4) Fair Value {1) + 2) - 3)}	$7.04	$7.01




Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.78	$9.96
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate	$0.16	$0.01
3) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.50	$0.26
4) Fair Value {1) + 2) - 3)}	$9.44	$9.71




Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.78	$9.96
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate	$0.92	$0.69
3) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.08	$0.00
4) Fair Value {1) + 2) - 3)}	$10.62	$10.65




Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.78	$9.96
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate	$2.74	$2.63
3) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.00	$0.00
4) Fair Value {1) + 2) - 3)}	$12.52	$12.58




Input Values used above as follows
Bond discount rate	2.69%	2.69%
Annual dividend yield	1.43%	1.43%
Risk free rate	4.73%	4.73%
ATM Call volatility	15.87%	15.87%

OTM Put volatility	19.23%	19.23%

Examples: Fair Value when market inputs change after issue versus if market inputs are the same as from issue.

Examples Fair Value Per Cycle Investment Unit: 6-Year Cycle; -10% Floor, Cap Rate Crediting Type.


Component	6-Year Cycle; -10% Floor	6-Year Cycle; -10% Floor
Cycle Term (in months)	72	72
Valuation Date (months since Cycle Start Date)	6	24
Cap Rate	70%	70%
Time to End Date (in months)	66	48

Assuming Change in Index Value +5% (for example from 1,000 to 1,050)
1) Fair Value hypothetical zero coupon bond (Bond)	$8.35	$7.97
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$2.56	$2.22
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$1.10	$1.00
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.28	$0.14
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.83	$0.72
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$10.36	$9.77

Input Values used above as follows
Bond discount rate	3.33%	5.83%
Annual dividend yield	1.43%	1.43%
Risk free rate	3.55%	3.55%
ATM Call volatility	20.86%	20.86%
ATM Put volatility	20.86%	20.86%
OTM Call volatility	14.55%	14.55%
OTM Put volatility	22.04%	22.04%

Examples Fair Value Per Cycle Investment Unit: 3-Year Cycle; -10% Floor, Cap Rate Crediting Type.


Component	3-Year Cycle; -10% Floor	3-Year Cycle; -10% Floor
Cycle Term (in months)	36	36
Valuation Date (months since Cycle Start Date)	6	12
Cap Rate	30%	30%
Time to End Date (in months)	30	24

Assuming Change in Index Value +2% (for example from 1,000 to 1,020)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.21	$8.92
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$1.50	$1.34
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$0.77	$0.71
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.26	$0.17
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.50	$0.44
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$10.18	$9.81

Input Values used above as follows
Bond discount rate	3.36%	5.86%
Annual dividend yield	1.43%	1.43%
Risk free rate	3.78%	3.78%
ATM Call volatility	18.38%	18.38%
ATM Put volatility	18.38%	18.38%
OTM Call volatility	13.77%	13.77%
OTM Put volatility	20.17%	20.17%

Examples Fair Value Per Cycle Investment Unit: 1-Year Cycle; -10% Floor, Cap Rate Crediting Type.


Component	1-Year Cycle; -10% Floor	1-Year Cycle; -10% Floor
Cycle Term (in months)	12	12
Valuation Date (months since Cycle Start Date)	2	6
Cap Rate	12%	12%
Time to End Date (in months)	10	6

Assuming Change in Index Value +1% (for example from 1,000 to 1,010)
1) Fair Value hypothetical zero coupon bond (Bond)	$9.71	$9.70
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$0.76	$0.58
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$0.40	$0.33
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$0.19	$0.09
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$0.19	$0.11
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$10.07	$9.98

Input Values used above as follows
Bond discount rate	3.55%	6.30%
Annual dividend yield	1.43%	1.43%
Risk free rate	4.73%	4.73%
ATM Call volatility	15.87%	15.87%
ATM Put volatility	15.87%	15.87%
OTM Call volatility	12.95%	12.95%
OTM Put volatility	19.23%	19.23%

APPENDIX F – SUPERSEDED RATE SHEET SUPPLEMENT INFORMATION

There are currently no superseded Rate Sheet Supplements.

The Statement of Additional Information (SAI) can provide you with more detailed information about the Contract, Midland National Life Insurance Company and the Midland National Life Separate Account C, including more information about commissions and distribution expenses. For more information about the Contract and/or a free copy of the SAI or prospectus, contact your Advisor or our Customer Service Center at:

Sammons Retirement Solutions

P.O. Box 9261

Des Moines, IA 50306-9261 (Regular Mail)

Sammons Retirement Solutions

8300 Mills Civic Parkway

West Des Moines, IA 50266-3833 (Overnight Mail)

Phone: (866) 747-3421

Facsimile: (866) 511-7038

Reports and other information about Midland National Life Insurance Company and Midland National Life Separate Account C are available on the Securities and Exchange Commission’s website at http://www.sec.gov. You may obtain copies of this information, upon your payment of a duplicating fee, by electronic request at this e-mail address: publicinfo@sec.gov.

Dealer Prospectus Delivery Obligations:

All dealers that effect transactions in these securities are required to deliver a prospectus.

EDGAR Contract Identifier No. C000235591

STATEMENT OF ADDITIONAL INFORMATION FOR THE

MIDLAND ADVISORY REGISTERED INDEX-LINKED AND VARIABLE ANNUITY CONTRACT

Flexible Premium Deferred Index-Linked Variable Annuity Contract

Issued by

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(Through Midland National Life Separate Account C)

Our Customer Service Center:

P.O. Box 9261

Des Moines, IA 50306-9261

(866) 747-3421

This Statement of Additional Information expands upon subjects discussed in the current Prospectus for the Midland Advisory Flexible Premium Index-Linked and Variable Annuity Contract (“Contract”) issued by Midland National Life Insurance Company. You may obtain a free copy of the Prospectus dated May 1, 2024 by contacting us at our Customer Service Center using the above address and phone number. Terms used in the current Prospectus for the contract are incorporated in this document.

This statement of additional information is not a prospectus and should be read only in conjunction with the prospectus for the contract and the prospectuses for all of the Investment Portfolios currently available in the contract.

Dated May 1, 2024

TABLE OF CONTENTS


SEPARATE ACCOUNT AND THE COMPANY			3
SERVICES			3
THE CONTRACT			3
ENTIRE CONTRACT			3
CHANGES TO THE CONTRACT			3
INCONTESTABILITY			3
MISSTATEMENT OF AGE OR SEX			3
NON-PARTICIPATING			3
CLAIMS OF CREDITORS			3
MINIMUM BENEFITS			4
OWNERSHIP			4
ACCUMULATION UNIT VALUE			4
ANNUITY PAYMENTS			4
ADJUSTED HISTORICAL PERFORMANCE DATA			4
FEDERAL TAX MATTERS			5
TAX-FREE EXCHANGES (SECTION 1035)			5
REQUIRED DISTRIBUTIONS			5
NON-NATURAL PERSON OWNERS			5
DIVERSIFICATION REQUIREMENTS			5
OWNER CONTROL			5
TAXATION OF QUALIFIED CONTRACTS			5
DISTRIBUTION OF THE CONTRACTS			6
SAFEKEEPING OF ACCOUNT ASSETS			6
STATE REGULATION			6
RECORDS AND REPORTS			7
EXPERTS			7
OTHER INFORMATION			7
AUDITED FINANCIAL STATEMENTS			7

SEPARATE ACCOUNT AND THE COMPANY

The Depositor, Midland National Life Insurance Company, is a stock life insurance company. It was organized in 1906, in South Dakota, as a mutual life insurance company at that time named “The Dakota Mutual Life Insurance Company.” We were reincorporated as a stock life insurance company, in 1909. Our name “Midland” was adopted in 1925. We were redomesticated to Iowa in 1999. We are licensed to do business in 49 states, the District of Columbia, Puerto Rico, the Virgin Islands, Guam and the Mariana Islands.

We are regulated and supervised by the Iowa Insurance Department. We are subject to the insurance laws and regulations in every jurisdiction where we sell insurance and annuity contracts. We are engaged in a broad range of insurance and insurance-related activities.

Midland National is a subsidiary of Sammons Enterprises, Inc., Dallas, Texas. Sammons Enterprises has controlling or substantial stock interests in a large number of other companies engaged in the areas of insurance, corporate services, and industrial distribution.

The Registrant, Separate Account C, was established under the insurance laws of the State of South Dakota in March 1991 and is now governed by Iowa law. It is registered with the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940 as a unit investment trust.

SERVICES

Midland National keeps the assets of the Midland National Life Separate Accounts and holds all funds of the Separate Account. Midland National maintains the proceeds of shares of the underlying Investment Options purchased and sold through the Midland National Life Separate Accounts. Financial statements of each Investment Option within Midland National Life Separate Account C and Midland National Life Insurance Company are prepared by PricewaterhouseCoopers LLP, 699 Walnut Street, Suite 1300, Des Moines, IA 50309.

THE CONTRACT

ENTIRE CONTRACT

The entire contract between you and us consists of the contract, the attached written application and any attached endorsements, riders, and amendments.

CHANGES TO THE CONTRACT

No one has the right to change any part of the contract or to waive any of its provisions unless the change is approved in writing by one of our officers. Only our President or Secretary may modify the contract.

We may change the contract without your consent to conform to state or federal laws or regulations. A change will be made by attaching an endorsement to the contract.

INCONTESTABILITY

We will not contest the contract.

MISSTATEMENT OF AGE OR SEX

If the age or sex of the annuitant has been misstated, we will adjust the amount of each annuity payment to whatever the applied value would have purchased at the correct age and sex.

Any underpayments made by us will be paid to the payee. Any overpayments made by us will be charged against benefits falling due after adjustment. All underpayments and overpayments will include interest at the rate required by the jurisdiction in which the contract is delivered.

NON-PARTICIPATING

The contract does not participate in the surplus or profits of the Company and the Company does not pay any dividends on it.

CLAIMS OF CREDITORS

To the extent permitted by law, no benefits payable based on the assets in the Separate Account under the contract to a beneficiary or payee are subject to the claims of creditors.

MINIMUM BENEFITS

The annuity payments, Surrender Value and Death Benefit under the contract are not less than the minimum required by the laws of the state in which the contract is delivered.

OWNERSHIP

The contract belongs to you. You have all rights granted by the contract, including the right to change owners and beneficiaries, subject to the rights of:

1) Any assignee of record with us;

2) Any irrevocable beneficiary; and

3) Any restricted ownership.

We must receive written notice informing us of any change, designation or revocation. Once recorded, a change, designation or revocation takes effect as of the date the written notice was signed. However, we are not liable for payments made by us before we record the written notice. A change of owner may have adverse tax consequences.

ACCUMULATION UNIT VALUE

We determine Accumulation Unit Values for each Subaccount of our Separate Account at the end of each Valuation Period. The Accumulation Unit Value for each Subaccount was initially set at $10.00. The Accumulation Unit Value for any Business Day is equal to the Accumulation Unit Value for the preceding Business Day multiplied by the net investment factor for that Subaccount on that Business Day.

We determine the net investment factor for each Subaccount every Valuation Period by taking a) divided by b) minus c) where:

a) Is the total of:

1) The net asset value per share at the end of the current Valuation Period; plus

2) Any dividend or capital gains per share reinvested during the current Valuation Period; plus

3) Total accrued, but not yet reinvested, capital gains per share as of the current Valuation Period.

b) Is the net asset value plus the total accrued but not yet reinvested capital gains per share as of the preceding Valuation Period.

c) Is the Mortality and Expense Risk Charge plus the Asset Based Administration Charge for each day in the current Valuation Period.

We reserve the right to subtract any other daily charge for taxes or amounts set aside as a reserve for taxes. Generally, this means that we would adjust unit values to reflect what happens to the Investment Portfolios, and also for any charges.

ANNUITY PAYMENTS

The amount of each fixed annuity payment will be set on the Maturity Date and will not subsequently be affected by the investment performance of the Investment Options.

ADJUSTED HISTORICAL PERFORMANCE DATA

Midland National may also disclose adjusted historical performance data for an Subaccount for periods before the Subaccount commenced operations, based on the assumption that the Subaccount was in existence before it actually was, and that the Subaccount had been invested in a particular Investment Portfolio that was in existence prior to the Subaccount’s commencement of operations. The Investment Portfolio used for these calculations will be the actual Investment Portfolio that the Subaccount will invest in.

Adjusted historical performance data of this type will be calculated as follows. First, the value of an assumed $1,000 investment in the applicable Investment Portfolio is calculated on a monthly basis by comparing the net asset value per share at the beginning of the month with the net asset value per share at the end of the month (adjusted for any dividend distributions during the month), and the resulting ratio is applied to the value of the investment at the beginning of the month to get the gross value of the investment at the end of the month. Second, that gross value is then reduced by a “contract charges” factor to reflect the charges imposed under the contract. The contract charges factor is calculated by taking the daily Separate Account asset charge. The total is then divided by 12 to get the monthly contract charges factor, which is then applied to the value of the hypothetical initial payment in the applicable Investment Portfolio to get the value in the Subaccount. The contract charges factor is assumed to be deducted at the beginning of each month. In this manner, the Ending Redeemable Value (“ERV”) of a hypothetical $1,000 initial payment in the Subaccount is calculated each month during the applicable period, to get the ERV at the end of the period. Third, that ERV is then utilized in the formulas above.

This type of performance data may be disclosed on both an average annual total return and a cumulative total return basis. Moreover, it may be disclosed assuming that the contract is not surrendered (i.e., with no deduction for the contingent deferred sales charge) and assuming that the contract is surrendered at the end of the applicable period (i.e., reflecting a deduction for any applicable contingent deferred sales charge).

FEDERAL TAX MATTERS

TAX-FREE EXCHANGES (SECTION 1035)

Midland National accepts premiums which are the proceeds of a contract in a transaction qualifying for a tax-free exchange under Section 1035 of the Internal Revenue Code (“Code”).

We also accept “rollovers” from contracts qualifying as individual retirement annuities or accounts (IRAs), or any other qualified contract which is eligible to “roll-over” into an IRA. The Company differentiates between non-qualified contracts and IRAs to the extent necessary to comply with federal tax laws. In all events, a tax adviser should be consulted with and relied upon before you effect an exchange or a rollover.

REQUIRED DISTRIBUTIONS

In order to be treated as an annuity contract for federal income tax purposes, section 72(s) of the Code requires any non-qualified contract to provide that (a) if any owner dies on or after the annuity date but prior to the time the entire interest in the contract has been distributed, the remaining portion of such interest will be distributed at least as rapidly as under the method of distribution being used as of the date of that owner’s death; and (b) if any owner dies prior to the annuity starting date, the entire interest in the contract will be distributed (1) within five years after the date of that owner’s death, or (2) as Annuity payments which will begin within one year of that owner’s death and which will be made over the life of the owner’s “designated beneficiary” or over a period not extending beyond the life expectancy of that beneficiary. The owner’s “designated beneficiary” is the person to whom ownership of the contract passes by reason of death and must be a natural person. However, if the owner’s designated beneficiary is the surviving spouse of the owner, the contract may be continued with the surviving spouse as the new owner.

The non-qualified contracts contain provisions which are intended to comply with the requirements of section 72(s) of the Code, although no regulations interpreting these requirements have yet been issued. We intend to review such provisions and modify them if necessary to assure that they comply with the requirements of Code section 72(s) when clarified by regulation or otherwise.

Other rules may apply to qualified contracts.

NON-NATURAL PERSON OWNERS

If a non-natural person (e.g., a corporation or a trust) owns a non-qualified contract, the taxpayer generally must include in income any increase in the excess of the account value over the investment in the contract (generally, the premiums or other consideration paid for the contract) during the taxable year.

There are some exceptions to this rule and a prospective owner that is not a natural person should discuss these with a tax adviser.

The tax discussion in the prospectus and herein generally applies to contracts owned by natural persons.

DIVERSIFICATION REQUIREMENTS

The Code requires that the investments of each Subaccount of the Separate Account underlying the contracts be “adequately diversified” in order for the contracts to be treated as annuity contracts for Federal income tax purposes. It is intended that each Subaccount, through the fund company in which it invests, will satisfy these diversification requirements.

OWNER CONTROL

In some circumstances, owners of variable contracts who retain control over the investment of the underlying Separate Account assets may be treated as owners of those assets and may be subject to tax on income produced by those assets. Although published guidance in this area does not address certain aspects of the contracts, we believe that the owner of a contract should not be treated as the owner of the Separate Account assets. We reserve the right to modify the contracts to bring them into conformity with applicable standards should such modification be necessary to prevent owners of the contracts from being treated as the owners of the underlying Separate Account assets.

TAXATION OF QUALIFIED CONTRACTS

The tax rules applicable to qualified contracts vary according to the type of retirement plan and the terms and conditions of the plan. Your rights under a qualified contract may be subject to the terms of the retirement plan itself, regardless of the terms of the qualified contract. Adverse tax consequences may result if you do not ensure that contributions, distributions and other transactions with respect to the contract comply with the law.

Individual Retirement Accounts and Annuities (IRAs), as defined in Section 408 of the Code, permit individuals to make annual contributions of up to the lesser of a specific dollar amount or the amount of compensation includible in the individual’s gross income for the year. The contributions may be deductible in whole or in part, depending on the individual’s income and whether the individual is a participant in a qualified plan. Distributions from certain retirement plans may be “rolled over” into an IRA on a tax-deferred basis without regard to these limits. Amounts in the IRA (other than nondeductible contributions) are taxed when distributed from the IRA. A 10% penalty tax generally applies to distributions made before age 591/2, unless certain exceptions apply.

Roth IRAs, as described in Code section 408A, permit certain eligible individuals to make non-deductible contributions to a Roth IRA in cash or as a rollover or transfer from another Roth IRA or other IRA. The owner may wish to consult a tax adviser before combining any converted amounts with any other Roth IRA contributions, including any other converted amounts from other tax years. Distributions from a Roth IRA generally are not taxed, except that, once aggregate distributions exceed contributions to the Roth IRA, income tax and a 10% penalty tax may apply to distributions made (1) before age 591/2 (subject to certain exceptions) or (2) during the five taxable years starting with the year in which the first contribution is made to any Roth IRA. A 10% penalty tax may apply to amounts attributable to a conversion from an IRA if they are distributed during the five taxable years beginning with the year in which the conversion was made.

The Setting Every Community Up for Retirement Enhancement Act of 2019 and 2022 (collectively, the “Secure Act”) made changes to the required minimum distribution rules. Under the Secure Act, the age on which required minimum distributions generally must begin is based on the individual’s applicable age. If the individual attains (1) age 701/2 before 2020, the applicable age is 701/2; (2) age 72 during or after 2020 but before 2023, the applicable age is 72; (3) age 72 during or after 2023 and age 73 before 2033, the applicable age is 73; or (4) age 74 after 2032, the applicable age is 75.

The Secure Act also provides that for qualified contract owners who die after January 1, 2020 that any designated beneficiary who is not an “eligible designated beneficiary” must withdraw the entire account value by the end of the tenth year following the year of death. This rule applies regardless of whether required minimum distributions have begun.

DISTRIBUTION OF THE CONTRACTS

The contracts will be offered on a continuous basis. We anticipate continuing to offer the contracts, but reserve the right to discontinue the offering.

Sammons Financial Network, LLC. (“Sammons Financial Network”) serves as principal underwriter for the contracts. Sammons Financial Network is a Delaware limited liability company and its principal office is located at 8300 Mills Civic Parkway, West Des Moines, IA 50266. Sammons Financial Network is an indirect, wholly owned subsidiary of Sammons Enterprises, Inc. of Dallas, Texas, which in turn is the ultimate parent company of Midland National Life Insurance Company. Sammons Financial Network is registered as a broker-dealer with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as well as with the securities commissions in the states in which it operates, and is a member of FINRA, Inc. Sammons Financial Network offers the contracts through its registered representatives. Sammons Financial Network also may enter into selling agreements with other broker-dealers (“selling firms”) and compensates them for their services. Registered representatives, who offer contracts, are appointed as insurance agents for Midland National Life Insurance Company.

We intend to pay a distribution allowance to Sammons Financial Network of 1.50% of total premiums received on Midland Advisory RILA.

Sammons Financial Network or its affiliates via expense sharing agreements will pay the advertising and sales expenses related to the distribution of the contracts.

We and/or Sammons Financial Network may pay certain selling firms additional amounts for:

• participation in their marketing programs, which may include marketing services and increased access to their sales representatives;

• sales promotions relating to the contracts;

• costs associated with sales conferences and educational seminars for their sales representatives; and

• other sales expenses incurred by them.

We may pay flat dollar amounts to certain selling firms. Our sales and marketing personnel may be permitted to attend selling firm’s annual, sales, and other conferences and/or may be given booth time, speaking time, or access to lists of the selling firm’s registered representatives.

We and/or Sammons Financial Network may make bonus payments to certain selling firms based on aggregate sales or persistency standards. These additional payments are not offered to all selling firms, and the terms of any particular agreement governing the payments may vary among selling firms.

SAFEKEEPING OF ACCOUNT ASSETS

Title to assets of the Separate Account is held by Midland National. The assets are held separate and apart from our Fixed Account assets. Records are maintained of all premiums and redemptions of Investment Portfolio shares held by each of the Subaccounts.

STATE REGULATION

Midland National is subject to the insurance laws and regulations of all the states where it is licensed to operate. The availability of certain contract rights and provisions depends on state approval and/or filing and review processes. Where required by state law or regulation, the contracts will be modified accordingly.

RECORDS AND REPORTS

All records and accounts relating to the Separate Account will be maintained by Midland National. As presently required by the Investment Company Act of 1940 and regulations promulgated thereunder, reports containing such information as may be required under that Act or by any other applicable law or regulation will be sent to owners semi-annually at their last known address of record.

EXPERTS

The financial statements of Midland National Life Insurance Company Separate Account C as of December 31, 2023 and for the year then ended included in this Statement of Additional Information have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

OTHER INFORMATION

A Registration Statement has been filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, with respect to the contracts discussed in this Statement of Additional Information. Not all of the information set forth in the Registration Statement, amendments and exhibits thereto has been included in this Statement of Additional Information. Statements contained in this Statement of Additional Information concerning the content of the contracts and other legal instruments are intended to be summaries. For a complete statement of the terms of these documents, reference should be made to the instruments filed with the Securities and Exchange Commission.

AUDITED FINANCIALS

Financial Statements of Midland National Life Insurance Company

The financial statements of Midland National Life Insurance Company for the period ending December 31, 2023 are included in the

prospectus and are incorporated by reference herein.

Financial Statements of Midland National Life Insurance Company Separate Account C

Midland National Life Insurance Company

Separate Account C

Financial Statements

December 31, 2023 and 2022

Midland National Life Insurance Company

Separate Account C

Index

Page(s)

Report of Independent Registered Public Accounting Firm 10-18

Financial Statements

Statements of Net Assets 19–26

Statements of Operations 27–34

Statements of Changes in Net Assets 35–49

Notes to Financial Statements 50–116

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Midland National Life Insurance Company and the Policyowners of Midland

National Life Insurance Company Separate Account C

Opinions on the Financial Statements

We have audited the accompanying statements of net assets of each of the subaccounts of Midland

National Life Insurance Company Separate Account C indicated in the table below as of December 31,

2023, and the related statements of operations and of changes in net assets for each of the periods

indicated in the table below (other than the funds within footnotes (4), (5) and (6) in the table below,

which only includes a statement of changes in net assets for the noted period (date of liquidation)),

including the related notes (collectively referred to as the “financial statements”). In our opinion, the

financial statements present fairly, in all material respects, the financial position of each of the

subaccounts of Midland National Life Insurance Company Separate Account C (other than the noted

funds) as of December 31, 2023, and the results of each of their operations and the changes in each of

their net assets for the periods indicated in the table below, in conformity with accounting principles

generally accepted in the United States of America.


Fidelity Variable Insurance Products - Government Money Market Portfolio (1)			VanEck Worldwide Insurance Trust - Emerging Markets Bond Fund (1)
Fidelity Variable Insurance Products - High Income Portfolio (1)			Janus Henderson Series - Global Technology and Innovation Portfolio (1)
Fidelity Variable Insurance Products - Equity- Income Portfolio (1)			Janus Henderson Series - Overseas Portfolio (1)
Fidelity Variable Insurance Products - Growth Portfolio (1)			Janus Henderson Series - Research Portfolio (1)
Fidelity Variable Insurance Products - Overseas Portfolio (1)			Janus Henderson Series - Enterprise Services Portfolio (1)
Fidelity Variable Insurance Products - Mid Cap Portfolio (1)			Janus Henderson Series - Global Research Portfolio (1)
Fidelity Variable Insurance Products - Asset Manager Portfolio (1)			Janus Henderson Series - Mid Cap Value Portfolio (1)
Fidelity Variable Insurance Products - Investment Grade Bond Portfolio (1)			Janus Henderson Series - Balanced Portfolio (1)
Fidelity Variable Insurance Products – Index 500 Portfolio (1)			Janus Henderson Series - Flexible Bond Portfolio (1)
Fidelity Variable Insurance Products - Contrafund Portfolio (1)			PIMCO Variable Insurance Trust - Total Return Portfolio (1)
Fidelity Variable Insurance Products - Asset Manager: Growth Portfolio (1)			PIMCO Variable Insurance Trust - Low Duration Portfolio (1)
Fidelity Variable Insurance Products - Balanced Portfolio (1)			PIMCO Variable Insurance Trust - High Yield Portfolio (1)


Fidelity Variable Insurance Products - Growth & Income Portfolio (1)			PIMCO Variable Insurance Trust - Real Return Portfolio (1)
Fidelity Variable Insurance Products - Growth Opportunities Portfolio (1)			PIMCO Variable Insurance Trust - All Asset Portfolio (1)
Fidelity Variable Insurance Products - Value Strategies Portfolio (1)			PIMCO Variable Insurance Trust - Global Managed Asset Allocation Portfolio (1)
Fidelity Variable Insurance Products - Strategic Income Portfolio (1)			PIMCO Variable Insurance Trust - Short-Term Portfolio (1)
Fidelity Variable Insurance Products - Emerging Markets Portfolio (1)			PIMCO Variable Insurance Trust - Emerging Markets Bond Portfolio (1)
Fidelity Variable Insurance Products - Real Estate Portfolio (1)			PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (1)
Fidelity Variable Insurance Products - Funds Manager 50% Portfolio (1)			PIMCO Variable Insurance Trust - Commodity Real Return Strategy Portfolio (1)
Fidelity Variable Insurance Products - Funds Manager 70% Portfolio (1)			PIMCO Variable Insurance Trust - International Bond (USD-Hedged) Portfolio (1)
Fidelity Variable Insurance Products - Funds Manager 85% Portfolio (1)			PIMCO Variable Insurance Trust - Dynamic Bond Adv Portfolio (1)
Fidelity Variable Insurance Products - Government Money Market Portfolio Service Class 2 (1)			PIMCO Variable Insurance Trust - Income Advisor Portfolio (1)
Fidelity Variable Insurance Products - International Capital Appreciation Portfolio (1)			Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund (1)
Fidelity Variable Insurance Products - Energy Portfolio (2)			Goldman Sachs Variable Insurance Trust - Large Cap Value Fund (1)
American Century Variable Portfolios, Inc. - Balanced Fund (1)			Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund (1)
American Century Variable Portfolios, Inc. - Capital Appreciation Fund (1)			Neuberger Berman Advisors Management Trust - Mid-Cap Growth Portfolio (1)
American Century Variable Portfolios, Inc. - International Fund (1)			Neuberger Berman Advisors Management Trust - AMT Mid Cap Intrinsic Value Portfolio (1)
American Century Variable Portfolios, Inc. - Value Fund (1)			BNY Mellon Variable Investment Fund - Appreciation Portfolio (1)
American Century Variable Portfolios, Inc. - Disciplined Core Value Fund (1)			BNY Mellon Variable Investment Fund - Sustainable U.S. Equity Portfolio (1)
American Century Variable Portfolios, Inc. - Inflation Protection Fund (1)			Morgan Stanley Variable Institutional Funds - Emerging Markets Debt Portfolio (1)
American Century Variable Portfolios, Inc. - Large Company Value Fund (1)			Morgan Stanley Variable Institutional Funds - Emerging Markets Equity Portfolio (1)


American Century Variable Portfolios, Inc. - Mid Cap Value Fund (1)			Morgan Stanley Variable Institutional Funds - Discovery Portfolio (1)
American Century Variable Portfolios, Inc. - Ultra Fund (1)			Morgan Stanley Variable Institutional Funds - U.S. Real Estate Portfolio (1)
MFS Variable Insurance Trust - Research Series (1)			Northern Lights Variable Trust - Power Dividend Index Fund (1)
MFS Variable Insurance Trust - Growth Series (1)			AB Variable Products Series - Dynamic Asset Allocation Portfolio (1)
MFS Variable Insurance Trust - Investors Trust Series (1)			AB Variable Products Series - Small Cap Growth Portfolio (1)
MFS Variable Insurance Trust - New Discovery Series (1)			AB Variable Products Series - Discovery Value Portfolio (1)
MFS Variable Insurance Trust - Corporate Bond Portfolio (1)			BlackRock Variable Series Fund, Inc. - Basic Value Fund (1)
MFS Variable Insurance Trust - Emerging Markets Equity Portfolio (1)			BlackRock Variable Series Fund, Inc. - Capital Appreciation Fund (1)
MFS Variable Insurance Trust - Technology Portfolio (1)			BlackRock Variable Series Fund, Inc. - Equity Dividend Fund (1)
MFS Variable Insurance Trust - Global Tactical Allocation Portfolio (1)			BlackRock Variable Series Fund, Inc. - Global Allocation Fund (1)
MFS Variable Insurance Trust - International Intrinsic Value Portfolio (1)			BlackRock Variable Series Fund, Inc. - Advantage Large Cap Core Fund (1)
MFS Variable Insurance Trust - Utilities Series Portfolio (1)			BlackRock Variable Series Fund, Inc. - Large Cap Focus Growth Fund (1)
MFS Variable Insurance Trust - Blended Research Core Equity Portfolio (1)			BlackRock Variable Series Fund, Inc. - 60/40 Target Allocation ETF Fund (1)
MFS Variable Insurance Trust - Global Real Estate Portfolio (1)			BlackRock Variable Series Fund, Inc. - Total Return Fund (1)
Lord Abbett Series Fund, Inc. - Growth & Income Portfolio (1)			BlackRock Variable Series Fund, Inc. - S&P 500 Fund (1)
Lord Abbett Series Fund, Inc. - Mid-Cap Stock Portfolio (1)			Columbia Variable Portfolio - Contrarian Core 2 Portfolio (1)
Lord Abbett Series Fund, Inc. - Bond-Debenture Portfolio (1)			Columbia Variable Portfolio - Dividend Opportunity Portfolio (1)
Lord Abbett Series Fund, Inc. - Fundamental Equity Portfolio (1)			Columbia Variable Portfolio - Emerging Markets Bond Portfolio (1)
Lord Abbett Series Fund, Inc. - Developing Growth Portfolio (1)			Columbia Variable Portfolio - High Yield Portfolio (1)


Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio (1)			Columbia Variable Portfolio - Select Large-Cap Value Portfolio (1)
Alger Fund - LargeCap Growth Portfolio (1)			Columbia Variable Portfolio - Seligman Global Tech Portfolio (1)
Alger Fund - MidCap Growth Portfolio (1)			Columbia Variable Portfolio - US Government Mortgage Portfolio (1)
Alger Fund - Capital Appreciation Portfolio (1)			Columbia Variable Portfolio - Strategic Income Portfolio (1)
Alger Fund - SmallCap Growth Portfolio (1)			Columbia Variable Portfolio - Emerging Markets Portfolio (1)
Alger Fund - Capital Appreciation Portfolio Class S (1)			Columbia Variable Portfolio - Select Mid Cap Value Portfolio (2)
Calvert Variable Series, Inc. - Mid Cap Growth Portfolio (1)			Columbia Variable Portfolio - Small Cap Value Portfolio (2)
Calvert Variable Series, Inc. - S&P 500 Index Portfolio (1)			DWS Variable Insurance Portfolios - Equity 500 Index Portfolio (1)
Calvert Variable Series, Inc . - SRI Balanced Portfolio (1)			DWS Variable Insurance Portfolios - Small Cap Index Portfolio (1)
Invesco Variable Insurance Funds - Technology Fund (1)			DWS Variable Insurance Portfolios - Alternative Asset Allocation Portfolio (1)
Invesco Variable Insurance Funds - Diversified Dividend Fund (1)			DWS Variable Insurance Portfolios - Global Small Cap Portfolio (1)
Invesco Variable Insurance Funds - Health Care Fund (1)			DWS Variable Insurance Portfolios - Small Mid Cap Value Portfolio (1)
Invesco Variable Insurance Funds - Global Real Estate Fund (1)			DWS Variable Insurance Portfolios - CROCI US Portfolio (1)
Invesco Variable Insurance Funds - International Equity Fund (1)			DWS Variable Insurance Portfolios - High Income Portfolio (1)
Invesco Variable Insurance Funds - Main Street Mid Cap Fund (1)			Eaton Vance Variable Trust - Floating Rate Income Portfolio (1)
Invesco Variable Insurance Funds - Discovery Mid Cap Growth Fund (1)			Delaware Variable Insurance Portfolios - Total Return Portfolio (1)
Invesco Variable Insurance Funds - Global Fund (1)			Delaware Variable Insurance Portfolios - International Portfolio (1)
Invesco Variable Insurance Funds - Main Street Fund (1)			Delaware Variable Insurance Portfolios - Opportunity Portfolio (1)
Invesco Variable Insurance Funds - Main Street Small Cap Fund (1)			Franklin Templeton Variable Insurance Products Trust - Mutual Shares Fund (1)


Invesco Variable Insurance Funds - Balanced-Risk Allocation Fund (1)			Franklin Templeton Variable Insurance Products Trust - Income Fund (1)
Invesco Variable Insurance Funds - Core Plus Bond Fund (1)			Franklin Templeton Variable Insurance Products Trust - Global Bond Fund (1)
Invesco Variable Insurance Funds - Equity and Income Fund (1)			Franklin Templeton Variable Insurance Products Trust - Foreign Fund (1)
Invesco Variable Insurance Funds - Small Cap Equity Fund (1)			Franklin Templeton Variable Insurance Products Trust - Developing Markets Fund (1)
Invesco Variable Insurance Funds - Equally Weighted S&P 500 Fund (1)			Franklin Templeton Variable Insurance Products Trust - Mutual Global Discovery Fund (1)
Invesco Variable Insurance Funds - Growth and Income Fund (1)			Franklin Templeton Variable Insurance Products Trust - Rising Dividends Fund (1)
Invesco Variable Insurance Funds - American Value Fund (1)			Franklin Templeton Variable Insurance Products Trust - DynaTech 2 Fund (1)
Lincoln Financial Variable Insurance Portfolio - Core Bond Portfolio (1)			Franklin Templeton Variable Insurance Products Trust - Multi-Asset Dynamic Multi-Strategy Portfolio (5)
Lincoln Financial Variable Insurance Portfolio- Small Cap Core Portfolio (1)			Franklin Templeton Variable Insurance Products Trust - Global Real Estate Fund (2)
Rydex Variable Trust - Nova Fund (1)			Franklin Templeton Variable Insurance Products Trust - VolSmart Allocation Fund (2)
Rydex Variable Trust - NASDAQ-100 Fund (1)			Delaware Ivy Variable Insurance Portfolios - Asset Strategy Portfolio (1)
Rydex Variable Trust - U.S. Government Money Market Fund (1)			Delaware Ivy Variable Insurance Portfolios - Balanced Portfolio (1)
Rydex Variable Trust - Inverse S&P 500 Strategy Fund (1)			Delaware Ivy Variable Insurance Portfolios - Global Equity Portfolio (1)
Rydex Variable Trust - Inverse NASDAQ-100 Strategy Fund (1)			Delaware Ivy Variable Insurance Portfolios - Energy Portfolio (1)
Rydex Variable Trust - Inverse Government Long Bond Strategy Fund (1)			Delaware Ivy Variable Insurance Portfolios - Global Bond Portfolio (4)
Rydex Variable Trust - Government Long Bond 1.2x Strategy (1)			Delaware Ivy Variable Insurance Portfolios - Natural Resources Portfolio (1)
Rydex Variable Trust - NASDAQ-100 2x Strategy Fund (1)			Delaware Ivy Variable Insurance Portfolios - Growth Portfolio (1)
Rydex Variable Trust - Inverse Dow 2x Strategy Fund (1)			Delaware Ivy Variable Insurance Portfolios - High Income Portfolio (1)
Rydex Variable Insurance Funds – Biotechnology Fund (1)			Delaware Ivy Variable Insurance Portfolios - International Core Equity Portfolio (1)


Rydex Variable Insurance Funds – S&P 500 Pure Growth Fund (1)			Delaware Ivy Variable Insurance Portfolios - Global Growth Portfolio (1)
Rydex Variable Insurance Funds - S&P MidCap 400 Pure Growth Fund (1)			Delaware Ivy Variable Insurance Portfolios - Mid Cap Growth Portfolio (1)
Guggenheim Variable Insurance Funds - Long Short Equity Fund (1)			Delaware Ivy Variable Insurance Portfolios - Science and Technology Portfolio (1)
Guggenheim Variable Insurance Funds - Multi- Hedge Strategies Fund (1)			Delaware Ivy Variable Insurance Portfolios - Small Cap Growth Portfolio (1)
Guggenheim Variable Insurance Funds - Global Managed Futures Strategy Fund (1)			Delaware Ivy Variable Insurance Portfolios - SMID Cap Core Portfolio (1)
Guggenheim Variable Insurance Funds - Small Cap Value Fund (1)			Lazard Retirement Series, Inc. - International Equity Portfolio (1)
ProFunds VP - Profund Access VP High Yield Fund (1)			Lazard Retirement Series, Inc. - Global Dynamic Multi Asset Portfolio (1)
ProFunds VP - Asia 30 (1)			Legg Mason Partners Variable Equity Trust - Western Asset Variable Global High Yield Bond Portfolio (1)
ProFunds VP - Banks (1)			Legg Mason Partners Variable Equity Trust - ClearBridge Variable Mid Cap Portfolio (1)
ProFunds VP - Materials (1)			Legg Mason Partners Variable Equity Trust - ClearBridge Variable Dividend Strategy Portfolio (1)
ProFunds VP - Bear (1)			Legg Mason Partners Variable Equity Trust - ClearBridge Variable Small Cap Growth Portfolio (1)
ProFunds VP - Biotechnology (1)			Legg Mason Partners Variable Equity Trust - ClearBridge Variable Aggressive Growth Portfolio (1)
ProFunds VP - Bull (1)			Legg Mason Partners Variable Equity Trust - Western Asset Variable Core Bond Plus Portfolio (1)
ProFunds VP - Consumer Staples (1)			Legg Mason Partners Variable Equity Trust - ClearBridge Variable Large Cap Growth Portfolio (1)
ProFunds VP - Consumer Discretionary (1)			Pioneer Variable Contracts Trust - Fund Portfolio (1)
ProFunds VP - Dow 30 (1)			Pioneer Variable Contracts Trust - Bond Portfolio (1)
ProFunds VP - Emerging Markets (1)			Pioneer Variable Contracts Trust - Strategic Income Portfolio (1)
ProFunds VP - Europe 30 (1)			Pioneer Variable Contracts Trust - Equity Income Portfolio (1)
ProFunds VP - Falling U.S. Dollar (1)			Pioneer Variable Contracts Trust - High Yield Portfolio (1)


ProFunds VP - Financials (1)			Prudential Series Funds - Natural Resources Portfolio (1)
ProFunds VP - Health Care (1)			Prudential Series Funds - Mid-Cap Growth Portfolio (1)
ProFunds VP - Industrials (1)			Prudential Series Funds - PGIM Jennison Blend Portfolio (3)
ProFunds VP - International (1)			Prudential Series Funds - PGIM Jennison Focused Blend Portfolio (6)
ProFunds VP - Internet (1)			Royce Capital Fund - Micro-Cap Portfolio (1)
ProFunds VP - Japan (1)			Royce Capital Fund - Small Cap Portfolio (1)
ProFunds VP - Large-Cap Growth (1)			Alps Fund - Alerian Energy Infrastructure Portfolio (1)
ProFunds VP - Large-Cap Value (1)			Alps Fund - Global Opportunity Portfolio (1)
ProFunds VP - Mid-Cap (1)			American Funds IS - Asset Allocation Fund (1)
ProFunds VP - Mid-Cap Growth (1)			American Funds IS - Washington Mutual Investors Fund (1)
ProFunds VP - Mid-Cap Value (1)			American Funds IS - Ultra-Short Bond Fund (1)
ProFunds VP - Government Money Market (1)			American Funds IS - Capital Income Builder Fund (1)
ProFunds VP - Energy (1)			American Funds IS - Global Growth Fund (1)
ProFunds VP - NASDAQ-100 (1)			American Funds IS - Capital World Growth and Income Fund (1)
ProFunds VP - Pharmaceuticals (1)			American Funds IS - Global Small Capitalization Fund (1)
ProFunds VP - Precious Metals (1)			American Funds IS - Growth Fund (1)
ProFunds VP - Real Estate (1)			American Funds IS - Growth-Income Fund (1)
ProFunds VP - Rising Rates Opportunity (1)			American Funds IS - International Fund (1)
ProFunds VP - Semiconductor (1)			American Funds IS - International Growth and Income Fund (1)


ProFunds VP - Short Dow 30 (1)			American Funds IS - New World Fund (1)
ProFunds VP - Short Emerging Markets (1)			American Funds IS - U.S. Government Securities Fund (1)
ProFunds VP - Short International (1)			American Funds IS - Global Balanced Fund (2)
ProFunds VP - Short Mid-Cap (1)			American Funds IS - The Bond Fd of America Fund (2)
ProFunds VP - Short NASDAQ-100 (1)			Invesco Oppenheimer - International Growth Fund (1)
ProFunds VP - Short Small-Cap (1)			T. Rowe Price - Blue Chip Growth Portfolio (1)
ProFunds VP - Small-Cap (1)			T. Rowe Price - Health Sciences Portfolio (1)
ProFunds VP - Small-Cap Growth (1)			T. Rowe Price - Equity Income Portfolio (2)
ProFunds VP - Small-Cap Value (1)			T. Rowe Price - Mid-Cap Growth Portfolio (2)
ProFunds VP - Technology (1)			John Hancock Variable Insurance Trust - Financial Industries Portfolio (1)
ProFunds VP - Communication Services (1)			John Hancock Variable Insurance Trust - Fundamental All Cap Core Portfolio (1)
ProFunds VP - U.S. Government Plus (1)			John Hancock Variable Insurance Trust - Select Bond Portfolio (1)
ProFunds VP - UltraBull (1)			John Hancock Variable Insurance Trust - Strategic Income Opportunities Portfolio (1)
ProFunds VP - UltraMid-Cap (1)			Federated Hermes - High Income Bond Portfolio (1)
ProFunds VP - UltraNASDAQ-100 (1)			Federated Hermes - Kaufmann Portfolio (1)
ProFunds VP - UltraShort Dow 30 (1)			Federated Hermes - Managed Volatility Portfolio (1)
ProFunds VP - UltraShort NASDAQ-100 (1)			Principal Variable Contracts - Blue Chip Fund (1)
ProFunds VP - UltraSmall-Cap (1)			Principal Variable Contracts - Equity Income Fund (1)
ProFunds VP - Utilities (1)			Principal Variable Contracts - Diversified Balance Fund (1)


VanEck Worldwide Insurance Trust - Global Resources Fund (1)			Principal Variable Contracts - Diversified Growth Fund (1)
VanEck Worldwide Insurance Trust – Emerging Markets Fund (1)			Principal Variable Contracts - Diversified Income Fund (1)

(1) Statements of operations for the year ended December 31, 2023, and statements of changes in net assets for the years ended December 31, 2023 and 2022.

(2) Statement of operations and statement of changes in net assets for the period November 1, 2023 (commencement of operations) through December 31, 2023.

(3) Statement of operations and statement of changes in net assets for the period December 11, 2023 (commencement of operations) through December 31, 2023.

(4) Statements of changes in net assets for the period January 1, 2022, through April 27, 2022 (date of

liquidation).

(5) Statements of changes in net assets for the period January 1, 2022, through August 19, 2022 (date of

liquidation).

(6) Statement of operations and statement of changes in net assets for the period January 1, 2023 through

December 11, 2023 (date of liquidation) and statement of changes in net assets for the year ended

December 31, 2022.

Basis for Opinions

These financial statements are the responsibility of the Midland National Life Insurance Company

management. Our responsibility is to express an opinion on the financial statements of each of the

subaccounts of Midland National Life Insurance Company Separate Account C 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 each of the subaccounts of Midland

National Life Insurance Company Separate Account C 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 of these financial statements in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about

whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial

statements, 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. 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.

Our procedures included confirmation of investments owned as of December 31, 2023, by correspondence

with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable

basis for our opinions.

Des Moines, IA

April 17, 2024

We have served as the auditor of one or more of the subaccounts of Midland National Life Insurance Company Separate Account C since 1993.

Midland National Life Insurance Company

Separate Account C

Statement of Net Assets

December 31, 2023




Assets:
	Investments in portfolio shares, at fair value (Note 1):			Shares	Cost		Net Assets
		Fidelity Variable Insurance Products
			Government Money Market Portfolio	8,371,840	$	8,371,840	$	8,371,840
			High Income Portfolio	895,248	4,420,019		3,945,999
			Equity-Income Portfolio	254,066	5,720,182		6,185,295
			Growth Portfolio	93,842	7,510,286		8,692,355
			Overseas Portfolio	217,558	5,074,307		5,558,646
			Mid Cap Portfolio	480,534	16,924,955		16,736,415
			Asset Manager Portfolio	51,310	762,063		790,245
			Investment Grade Bond Portfolio	534,356	6,019,995		5,806,652
			Index 500 Portfolio	47,419	13,098,605		21,699,324
			Contrafund Portfolio	874,613	36,576,786		41,188,567
			Asset Manager: Growth Portfolio	41,185	785,965		877,080
			Balanced Portfolio	152,311	3,024,744		3,323,261
			Growth & Income Portfolio	62,687	1,386,455		1,679,924
			Growth Opportunities Portfolio	700,596	39,341,496		40,676,621
			Value Strategies Portfolio	155,797	2,222,220		2,609,602
			Strategic Income Portfolio	1,327,397	14,788,474		13,738,557
			Emerging Markets Portfolio	480,274	6,146,140		5,081,295
			Real Estate Portfolio	957,072	17,429,584		16,155,368
			Funds Manager 50% Portfolio	631,818	7,685,181		7,145,857
			Funds Manager 70% Portfolio	414,445	5,184,174		5,018,927
			Funds Manager 85% Portfolio	142,200	1,715,184		1,713,506
			Government Money Market Portfolio Service Class 2	60,886,111	60,886,111		60,886,111
			International Capital Appreciation Portfolio	252,341	4,867,124		5,284,010
			Energy Portfolio	137	3,402		3,359
		American Century Variable Portfolios, Inc.
			Balanced Fund	673,488	5,266,063		5,152,180
			Capital Appreciation Fund	131,247	1,864,783		1,866,327
			International Fund	230,554	2,484,296		2,435,497
			Value Fund	6,254,811	72,083,926		76,369,729
			Disciplined Core Value Fund	720,112	6,321,936		5,523,255
			Inflation Protection Fund	843,982	8,516,990		7,908,115
			Large Company Value Fund	39,226	706,412		709,993
			Mid Cap Value Fund	1,825,006	37,253,336		35,532,883
			Ultra Fund	444,293	9,933,961		10,956,265
		MFS Variable Insurance Trust
			Research Series	11,172	392,899		355,343
			Growth Series	26,002	1,591,227		1,542,845
			Investors Trust Series	7,705	257,523		275,592
			New Discovery Series	669,553	8,686,314		6,943,912
			Corporate Bond Portfolio	513,950	5,350,242		4,815,715
			Emerging Markets Equity Portfolio	381,935	5,468,361		4,674,879
			Technology Portfolio	318,852	8,190,948		8,931,034
			Global Tactical Allocation Portfolio	69,823	997,647		931,440
			International Intrinsic Value Portfolio	500,237	14,749,530		14,421,836

Midland National Life Insurance Company

Separate Account C

Statement of Net Assets

December 31, 2023




Assets:
	Investments in portfolio shares, at fair value (Note 1):			Shares	Cost	Net Assets
			Utilities Series Portfolio	400,958	13,875,320	12,646,204
			Blended Research Core Equity Portfolio	91,904	5,165,604	5,023,472
			Global Real Estate Portfolio	58,144	1,031,741	926,239
		Lord Abbett Series Fund, Inc.
			Growth & Income Portfolio	35,747	1,273,144	1,289,035
			Mid-Cap Stock Portfolio	57,592	1,402,367	1,485,304
			Bond-Debenture Portfolio	2,407,063	28,682,995	24,840,890
			Fundamental Equity Portfolio	121,174	2,123,378	2,034,514
			Developing Growth Portfolio	154,412	6,071,981	3,699,711
			Short Duration Income Portfolio	1,206,064	16,472,991	15,715,007
		Alger Fund
			LargeCap Growth Portfolio	75,713	5,134,415	4,725,998
			MidCap Growth Portfolio	212,287	4,736,939	3,577,041
			Capital Appreciation Portfolio	40,567	3,222,132	3,173,207
			SmallCap Growth Portfolio	34,314	793,828	567,214
			Capital Appreciation Portfolio Class S	530,452	40,491,442	36,877,026
		Calvert Variable Series, Inc.
			Mid Cap Growth Portfolio	96,060	2,785,229	2,446,653
			S&P 500 Index Portfolio	9,289	1,476,659	1,606,799
			SRI Balanced Portfolio	2,651,440	6,401,277	6,230,883
		Invesco Variable Insurance Funds
			Technology Fund	61,871	1,073,433	1,144,620
			Diversified Dividend Fund	106,727	2,731,730	2,566,874
			Health Care Fund	30,495	838,461	790,134
			Global Real Estate Fund	5,871	86,493	80,136
			International Equity Fund	6,479	207,783	216,868
			Main Street Mid Cap Fund	19,898	196,845	186,845
			Discovery Mid Cap Growth Fund	95,769	6,798,023	5,172,491
			Global Fund	201,143	7,866,089	7,140,575
			Main Street Fund	469,771	9,509,505	8,347,830
			Main Street Small Cap Fund	392,002	9,535,211	10,309,660
			Balanced-Risk Allocation Fund	50,021	448,342	424,176
			Core Plus Bond Fund	733,148	4,199,477	4,156,950
			Equity and Income Fund	312,337	5,272,197	5,114,419
			Small Cap Equity Fund	223,156	3,546,580	3,456,686
			Equally Weighted S&P 500 Fund	220,988	5,531,865	5,562,260
			Growth and Income Fund	21,169	398,590	399,455
			American Value Fund	7,819	117,708	107,360
		Lincoln Financial Variable Insurance Portfolios
			Core Bond Portfolio	129,610	1,437,954	1,279,895
			Small Cap Core Portfolio	98,111	2,005,257	1,947,402
		Rydex Variable Trust
			Nova Fund	5,068	622,381	812,771
			NASDAQ-100 Fund	25,231	1,443,692	1,789,152
			U.S. Government Money Market Fund	361,607	361,607	361,607

Midland National Life Insurance Company

Separate Account C

Statement of Net Assets

December 31, 2023




Assets:
	Investments in portfolio shares, at fair value (Note 1):			Shares	Cost	Net Assets
			Inverse S&P 500 Strategy Fund	570	32,232	17,120
			Inverse NASDAQ-100 Strategy Fund	1,341	28,870	23,070
			Inverse Government Long Bond Strategy Fund	52	4,504	5,385
			Government Long Bond 1.2x Strategy	4,129	167,555	88,481
			NASDAQ-100 2x Strategy Fund	—	—	—
			Inverse Dow 2x Strategy Fund	—	—	—
		Rydex Variable Insurance Funds
			Biotechnology Fund	36,418	3,470,750	3,017,964
			S&P 500 Pure Growth Fund	103,842	4,703,578	4,599,182
			S&P MidCap 400 Pure Growth Fund	35,617	1,269,488	1,171,441
		Guggenheim Variable Insurance Funds
			Long Short Equity Fund	56,825	838,301	964,325
			Multi-Hedge Strategies Fund	44,163	1,139,200	1,143,390
			Global Managed Futures Strategy Fund	22,614	394,986	388,277
			Small Cap Value Fund	112,097	4,863,890	4,839,229
		ProFunds VP
			Profund Access VP High Yield Fund	1,239	32,581	30,669
			Asia 30	1,479	86,454	52,468
			Banks	3,121	83,940	85,401
			Materials	443	31,468	37,853
			Bear	384	8,702	5,520
			Biotechnology	3,328	226,598	222,189
			Bull	10,791	614,061	545,269
			Consumer Staples	1,527	76,959	67,389
			Consumer Discretionary	1,502	100,190	99,109
			Dow 30	9,404	198,874	193,713
			Emerging Markets	2,285	60,687	64,656
			Europe 30	1,405	33,568	36,379
			Falling U.S. Dollar	1,271	19,959	19,808
			Financials	388	17,567	17,826
			Health Care	3,817	277,267	254,638
			Industrials	1,413	119,279	125,307
			International	1,574	33,694	32,395
			Internet	9,624	205,334	202,582
			Japan	617	31,702	40,244
			Large-Cap Growth	15,363	894,907	792,864
			Large-Cap Value	10,803	489,059	544,238
			Mid-Cap	5,438	100,620	90,874
			Mid-Cap Growth	7,325	297,336	267,375
			Mid-Cap Value	2,197	93,018	92,446
			Government Money Market	2,419,732	2,419,732	2,419,732
			Energy	6,550	247,207	276,332
			NASDAQ-100	4,309	211,135	249,370
			Pharmaceuticals	1,641	60,237	56,420
			Precious Metals	10,820	289,540	274,828

Midland National Life Insurance Company

Separate Account C

Statement of Net Assets

December 31, 2023




Assets:
	Investments in portfolio shares, at fair value (Note 1):			Shares	Cost	Net Assets
			Real Estate	1,207	66,819	57,222
			Rising Rates Opportunity	330	15,995	14,763
			Semiconductor	1,442	129,439	182,312
			Short Dow 30	63	1,482	1,366
			Short Emerging Markets	—	—	—
			Short International	196	6,414	4,889
			Short Mid-Cap	177	1,436	1,322
			Short NASDAQ-100	—	—	—
			Short Small-Cap	79	2,975	1,750
			Small-Cap	4,182	150,318	143,445
			Small-Cap Growth	4,786	153,143	143,687
			Small-Cap Value	2,081	95,947	89,421
			Technology	3,084	197,797	213,317
			Communication Services	10	353	366
			U.S. Government Plus	5,027	116,260	63,949
			UltraBull	28,147	853,715	844,963
			UltraMid-Cap	10,381	375,945	363,859
			UltraNASDAQ-100	19,253	411,472	595,697
			UltraShort Dow 30	70	300	226
			UltraShort NASDAQ-100	3	240	95
			UltraSmall-Cap	7,944	125,379	109,708
			Utilities	3,488	153,205	130,571
		VanEck Worldwide Insurance Trust
			Global Resources Fund	212,404	5,371,783	5,514,553
			Emerging Markets Fund	79,575	958,789	732,890
			Emerging Markets Bond Fund	51,650	400,189	393,569
		Janus Henderson Series
			Global Technology and Innovation Portfolio	985,506	14,245,286	15,827,232
			Overseas Portfolio	36,753	1,407,215	1,473,078
			Research Portfolio	2,362	80,345	101,725
			Enterprise Services Portfolio	545,333	38,976,266	37,284,426
			Global Research Portfolio	26,305	1,493,728	1,552,536
			Mid Cap Value Portfolio	271,845	4,282,715	4,545,243
			Balanced Portfolio	1,638,310	75,157,178	78,720,780
			Flexible Bond Portfolio	637,752	8,294,586	7,117,312
		PIMCO Variable Insurance Trust
			Total Return Portfolio	3,143,706	33,556,782	28,859,224
			Low Duration Portfolio	2,924,989	29,320,081	28,079,889
			High Yield Portfolio	1,585,446	11,270,116	11,383,503
			Real Return Portfolio	1,779,511	22,964,797	20,588,946
			All Asset Portfolio	302,534	3,195,821	2,783,311
			Global Managed Asset Allocation Portfolio	107,832	1,218,005	1,013,616
			Short-Term Portfolio	4,408,510	44,743,432	45,099,059
			Emerging Markets Bond Portfolio	146,436	1,800,621	1,544,898
			Global Bond Opportunities Portfolio	8,001	90,175	76,974

Midland National Life Insurance Company

Separate Account C

Statement of Net Assets

December 31, 2023




Assets:
	Investments in portfolio shares, at fair value (Note 1):			Shares	Cost	Net Assets
			Commodity Real Return Strategy Portfolio	1,180,480	8,740,207	6,445,420
			International Bond (USD-Hedged) Portfolio	274,264	2,903,633	2,696,013
			Dynamic Bond Adv Portfolio	231,070	2,172,156	2,005,684
			Income Advisor Portfolio	3,179,025	33,299,672	31,631,301
		Goldman Sachs Variable Insurance Trust
			Small Cap Equity Insights Fund	114,208	1,388,257	1,402,481
			Large Cap Value Fund	18,481	164,426	155,791
			Mid Cap Value Fund	176,599	2,832,150	2,827,344
		Neuberger Berman Advisors Management Trust
			Mid-Cap Growth Portfolio	21,640	522,777	495,985
			AMT Mid Cap Intrinsic Value Portfolio	7,529	121,912	118,652
		BNY Mellon Variable Investment Fund
			Appreciation Portfolio	7,240	247,035	248,194
			Sustainable U.S. Equity Portfolio	365	13,787	16,103
		Morgan Stanley Variable Institutional Funds
			Emerging Markets Debt Portfolio	3,350	22,012	18,225
			Emerging Markets Equity Portfolio	8,821	118,409	113,354
			Discovery Portfolio	9,412	65,968	38,118
			U.S. Real Estate Portfolio	2,783	44,924	40,180
		Northern Lights Variable Trust
			Power Dividend Index Fund	47,713	621,590	682,293
		AB Variable Products Series
			Dynamic Asset Allocation Portfolio	285,319	3,131,001	2,539,338
			Small Cap Growth Portfolio	2,685	37,450	21,398
			Discovery Value Portfolio	396,165	7,309,110	6,909,113
		BlackRock Variable Series Fund, Inc.
			Basic Value Fund	293,836	3,905,009	3,752,288
			Capital Appreciation Fund	56,971	516,025	462,038
			Equity Dividend Fund	2,053,810	23,710,521	21,770,381
			Global Allocation Fund	910,586	13,223,816	11,864,939
			Advantage Large Cap Core Fund	19,017	418,674	417,983
			Large Cap Focus Growth Fund	723,508	13,252,090	13,290,839
			60/40 Target Allocation ETF Fund	557,163	7,410,369	7,326,689
			Total Return Fund	161,929	1,909,902	1,635,480
			S&P 500 Fund	61,876	1,546,448	1,808,621
		Columbia Variable Portfolio
			Contrarian Core 2 Portfolio	257,977	9,314,590	10,969,197
			Dividend Opportunity Portfolio	220,546	7,618,122	8,358,698
			Emerging Markets Bond Portfolio	495,314	4,606,646	3,888,217
			High Yield Portfolio	1,074,490	6,677,159	6,479,175
			Select Large-Cap Value Portfolio	341,776	12,180,338	12,796,106
			Seligman Global Tech Portfolio	651,878	14,692,596	15,762,403
			US Government Mortgage Portfolio	91,698	897,071	817,028
			Strategic Income Portfolio	481,900	1,805,282	1,758,934
			Emerging Markets Portfolio	36,266	501,141	348,875

Midland National Life Insurance Company

Separate Account C

Statement of Net Assets

December 31, 2023




Assets:
	Investments in portfolio shares, at fair value (Note 1):			Shares	Cost	Net Assets
			Select Mid Cap Value Portfolio	3,219	103,697	114,935
			Small Cap Value Portfolio	6,477	75,065	82,965
		DWS Variable Insurance Portfolios
			Equity 500 Index Portfolio	1,806,137	44,409,566	48,711,506
			Small Cap Index Portfolio	554,505	8,350,340	7,552,361
			Alternative Asset Allocation Portfolio	80,999	1,078,884	1,030,313
			Global Small Cap Portfolio	16,910	166,365	167,751
			Small Mid Cap Value Portfolio	278,230	3,294,686	3,856,271
			CROCI US Portfolio	11,256	158,099	176,159
			High Income Portfolio	98,242	533,733	555,066
		Eaton Vance Variable Trust
			Floating Rate Income Portfolio	2,385,344	20,901,804	20,633,222
		Delaware Variable Insurance Portfolios
			Total Return Portfolio	7,050	81,678	88,059
			International Portfolio	56,918	1,037,779	953,379
			Opportunity Portfolio	417,048	6,166,236	7,269,145
		Franklin Templeton Variable Insurance Products Trust
			Mutual Shares Fund	272,353	4,305,894	4,175,178
			Income Fund	1,760,039	25,964,826	24,992,559
			Global Bond Fund	1,679,742	24,347,067	21,567,883
			Foreign Fund	2,508,845	33,468,206	35,725,950
			Developing Markets Fund	290,232	2,694,582	2,388,608
			Mutual Global Discovery Fund	247,038	4,054,350	4,540,560
			Rising Dividends Fund	1,035,196	28,050,240	27,877,839
			DynaTech 2 Fund	940,056	3,687,828	4,014,041
			Global Real Estate Fund	—	—	—
			VolSmart Allocation Fund	6,179	74,885	77,047
		Delaware Ivy Variable Insurance Portfolios
			Asset Strategy Portfolio	255,683	2,357,984	2,239,781
			Balanced Portfolio	1,120,501	6,940,674	6,050,704
			Global Equity Portfolio	202,343	1,051,813	985,409
			Energy Portfolio	264,973	1,017,756	1,351,364
			Natural Resources Portfolio	122,544	466,570	578,408
			Growth Portfolio	280,999	2,779,020	2,787,512
			High Income Portfolio	3,131,515	9,955,186	9,237,969
			International Core Equity Portfolio	339,909	5,091,212	5,489,534
			Global Growth Portfolio	194,792	642,383	617,489
			Mid Cap Growth Portfolio	860,017	11,255,312	8,600,166
			Science and Technology Portfolio	593,173	16,271,203	13,625,194
			Small Cap Growth Portfolio	646,355	5,057,320	3,716,539
			SMID Cap Core Portfolio	785,609	9,538,551	9,050,218
		Lazard Retirement Series, Inc.
			International Equity Portfolio	124,377	1,153,412	1,130,591
			Global Dynamic Multi Asset Portfolio	71,848	958,373	860,737

Midland National Life Insurance Company

Separate Account C

Statement of Net Assets

December 31, 2023




Assets:
	Investments in portfolio shares, at fair value (Note 1):			Shares	Cost	Net Assets
		Legg Mason Partners Variable Equity Trust
			Western Asset Variable Global High Yield Bond Portfolio	392,567	2,545,349	2,457,468
			ClearBridge Variable Mid Cap Portfolio	686,176	16,497,424	15,486,987
			ClearBridge Variable Dividend Strategy Portfolio	1,760,517	38,348,402	36,178,614
			ClearBridge Variable Small Cap Growth Portfolio	345,418	9,416,628	8,735,629
			ClearBridge Variable Aggressive Growth Portfolio	48,975	1,159,611	811,020
			Western Asset Variable Core Bond Plus Portfolio	13,196,071	74,285,978	65,452,511
			ClearBridge Variable Large Cap Growth Portfolio	683,904	23,330,604	26,036,211
		Pioneer Variable Contracts Trust
			Fund Portfolio	108,071	1,606,342	1,749,674
			Bond Portfolio	4,635,142	49,378,231	44,080,200
			Strategic Income Portfolio	1,154,822	11,272,084	10,220,175
			Equity Income Portfolio	711,770	11,174,514	10,733,485
			High Yield Portfolio	67,895	611,929	555,385
		Prudential Series Funds
			Natural Resources Portfolio	16,196	575,524	655,298
			Mid-Cap Growth Portfolio	5,387	91,714	137,198
			PGIM Jennison Blend Portfolio	5,375	498,257	506,159
		Royce Capital Fund
			Micro-Cap Portfolio	23,184	220,653	205,872
			Small Cap Portfolio	780,116	6,291,388	7,309,686
		Alps Fund
			Alerian Energy Infrastructure Portfolio	474,408	4,909,986	5,133,095
			Global Opportunity Portfolio	139,276	1,807,934	1,700,555
		American Funds IS
			Asset Allocation Fund	3,858,881	94,376,568	90,066,273
			Washington Mutual Investors Fund	3,753,682	50,679,233	52,776,768
			Ultra-Short Bond Fund	1,698,624	18,752,321	18,769,795
			Capital Income Builder Fund	1,772,563	19,098,260	20,561,730
			Global Growth Fund	890,875	31,797,614	29,470,156
			Capital World Growth and Income Fund	1,385,421	19,211,151	18,647,769
			Global Small Capitalization Fund	380,012	8,321,367	6,635,005
			Growth Fund	655,835	62,713,681	62,763,441
			Growth-Income Fund	1,171,199	64,232,478	67,156,552
			International Fund	567,609	10,605,186	9,723,149
			International Growth and Income Fund	873,600	9,669,027	8,447,711
			New World Fund	1,326,623	33,629,583	33,099,253
			U.S. Government Securities Fund	1,579,333	16,167,489	15,430,082
			Global Balanced Fund	6,335	73,590	76,659
			The Bond Fd of America Fund	2,814	26,046	26,308
		Invesco Oppenheimer
			International Growth Fund	10,514,656	24,825,543	22,501,364
		T. Rowe Price
			Blue Chip Growth Portfolio	1,534,313	62,551,823	66,803,968
			Health Sciences Portfolio	612,717	32,489,971	31,769,367

Midland National Life Insurance Company

Separate Account C

Statement of Net Assets

December 31, 2023




Assets:
	Investments in portfolio shares, at fair value (Note 1):			Shares	Cost	Net Assets
			Equity Income Portfolio	2,004	55,130	55,279
			Mid-Cap Growth Portfolio	1,687	45,598	45,586
		John Hancock Variable Insurance Trust
			Financial Industries Portfolio	251,951	3,191,848	2,736,183
			Fundamental All Cap Core Portfolio	7,867	256,263	225,619
			Select Bond Portfolio	28,413	388,877	334,421
			Strategic Income Opportunities Portfolio	55,782	746,016	706,194
		Federated Hermes
			High Income Bond Portfolio	349,827	2,012,226	1,969,525
			Kaufmann Portfolio	357,316	5,770,302	5,634,869
			Managed Volatility Portfolio	44,507	496,060	409,461
		Principal Variable Contracts
			Blue Chip Fund	72,387	775,812	886,019
			Equity Income Fund	15,671	434,353	426,884
			Diversified Balance Fund	146,567	2,077,468	2,059,266
			Diversified Growth Fund	15,695	301,478	269,644
			Diversified Income Fund	6,764	93,917	87,458

Midland National Life Insurance Company

Separate Account C

Statement of Operations

Year Ended December 31, 2023






								Administrative										Change in Net		Realized and Change		Net Increase (Decrease)
						Investment		Expense and		Contract				Net Investment		Net Realized		Unrealized Appreciation		in Unrealized Gains		in Net Assets
		Dividend		Capital Gains		Income		Mortality and		Maintenance		Expenses		Income (Loss)		Gain (Loss) on		(Depreciation) on		(Losses) on Investments		Resulting from Operations
		Income (a)		Distributions (b)		(c)=(a+b)		Expense Risk (d)		Charge (e)		(f)=(d+e)		(g)=(c-f)		Investments (h)		Investments (i)		(j)=(h+i)		(k)=(g+j)
Fidelity Variable Insurance Products
	Government Money Market Portfolio	$	428,606	$	—	$	428,606	$	111,302	$	497	$	111,799	$	316,807	$	—	$	—	$	—	$	316,807
	High Income Portfolio	220,531		—		220,531		52,065		339		52,404		168,127		(170,511)		342,234		171,723		339,850
	Equity-Income Portfolio	109,879		176,785		286,664		84,226		1,537		85,763		200,901		104,720		215,897		320,617		521,518
	Growth Portfolio	8,743		368,016		376,759		106,603		3,613		110,216		266,543		298,883		1,729,220		2,028,103		2,294,646
	Overseas Portfolio	44,535		14,332		58,867		72,101		566		72,667		(13,800)		156,695		757,654		914,349		900,549
	Mid Cap Portfolio	63,078		449,383		512,461		204,107		1,309		205,416		307,045		(17,769)		1,686,935		1,669,166		1,976,211
	Asset Manager Portfolio	17,900		9,707		27,607		13,016		332		13,348		14,259		(11,533)		79,778		68,245		82,504
	Investment Grade Bond Portfolio	132,199		—		132,199		58,668		504		59,172		73,027		(342,482)		500,365		157,883		230,910
	Index 500 Portfolio	270,485		192,544		463,029		272,881		2,913		275,794		187,235		1,292,615		3,009,257		4,301,872		4,489,107
	Contrafund Portfolio	111,414		1,380,758		1,492,172		501,443		3,744		505,187		986,985		1,533,885		7,773,099		9,306,984		10,293,969
	Asset Manager: Growth Portfolio	14,879		—		14,879		11,742		306		12,048		2,831		7,218		102,130		109,348		112,179
	Balanced Portfolio	50,025		113,564		163,589		41,368		290		41,658		121,931		60,654		374,510		435,164		557,095
	Growth & Income Portfolio	25,917		62,417		88,334		25,574		705		26,279		62,055		40,387		176,214		216,601		278,656
	Growth Opportunities Portfolio	—		—		—		432,228		2,357		434,585		(434,585)		(3,403,579)		15,479,275		12,075,696		11,641,111
	Value Strategies Portfolio	21,810		94,036		115,846		36,399		85		36,484		79,362		98,910		266,732		365,642		445,004
	Strategic Income Portfolio	579,543		—		579,543		172,412		712		173,124		406,419		(320,098)		915,351		595,253		1,001,672
	Emerging Markets Portfolio	98,590		—		98,590		66,593		182		66,775		31,815		(138,916)		467,459		328,543		360,358
	Real Estate Portfolio	358,757		691,663		1,050,420		202,695		966		203,661		846,759		(486,806)		1,040,208		553,402		1,400,161
	Funds Manager 50% Portfolio	167,113		—		167,113		89,261		234		89,495		77,618		(72,660)		733,999		661,339		738,957
	Funds Manager 70% Portfolio	89,740		—		89,740		59,384		314		59,698		30,042		(12,959)		603,649		590,690		620,732
	Funds Manager 85% Portfolio	23,841		—		23,841		22,384		101		22,485		1,356		(37,659)		292,538		254,879		256,235
	Government Money Market Portfolio Service Class 2	1,764,088		—		1,764,088		489,228		584		489,812		1,274,276		—		—		—		1,274,276
	International Capital Appreciation Portfolio	7,628		—		7,628		56,520		225		56,745		(49,117)		(211,806)		1,268,347		1,056,541		1,007,424
	Energy Portfolio	61		—		61		5		—		5		56		—		(43)		(43)		13
American Century Variable Portfolios, Inc.
	Balanced Fund	82,597		—		82,597		60,474		144		60,618		21,979		(111,632)		735,126		623,494		645,473
	Capital Appreciation Fund	—		2,497		2,497		25,129		498		25,627		(23,130)		(43,298)		367,343		324,045		300,915
	International Fund	34,244		—		34,244		39,476		306		39,782		(5,538)		(114,935)		370,608		255,673		250,135
	Value Fund	1,673,838		5,964,136		7,637,974		965,506		4,414		969,920		6,668,054		545,247		(1,844,950)		(1,299,703)		5,368,351
	Disciplined Core Value Fund	71,176		—		71,176		74,777		263		75,040		(3,864)		(438,564)		798,927		360,363		356,499
	Inflation Protection Fund	258,088		—		258,088		104,036		254		104,290		153,798		(529,444)		566,812		37,368		191,166
	Large Company Value Fund	18,394		23,039		41,433		16,745		—		16,745		24,688		(32,949)		3,969		(28,980)		(4,292)
	Mid Cap Value Fund	788,667		4,208,445		4,997,112		472,158		1,687		473,845		4,523,267		(1,130,120)		(1,902,530)		(3,032,650)		1,490,617
	Ultra Fund	—		499,240		499,240		119,883		225		120,108		379,132		(490,488)		2,832,153		2,341,665		2,720,797
MFS Variable Insurance Trust
	Research Series	1,555		18,854		20,409		4,736		286		5,022		15,387		(13,011)		62,577		49,566		64,953
	Growth Series	—		115,242		115,242		20,213		604		20,817		94,425		2,526		312,633		315,159		409,584
	Investors Trust Series	1,911		16,865		18,776		4,739		74		4,813		13,963		580		35,182		35,762		49,725
	New Discovery Series	—		—		—		87,224		710		87,934		(87,934)		(1,561,102)		2,469,328		908,226		820,292
	Corporate Bond Portfolio	178,162		—		178,162		60,599		174		60,773		117,389		(644,069)		867,344		223,275		340,664
	Emerging Markets Equity Portfolio	54,259		—		54,259		57,847		197		58,044		(3,785)		(253,602)		651,066		397,464		393,679
	Technology Portfolio	—		—		—		91,487		416		91,903		(91,903)		(79,260)		3,185,217		3,105,957		3,014,054
	Global Tactical Allocation Portfolio	1,443		37,399		38,842		13,046		35		13,081		25,761		(69,541)		117,782		48,241		74,002
	International Intrinsic Value Portfolio	65,311		1,045,589		1,110,900		176,818		388		177,206		933,694		146,363		970,455		1,116,818		2,050,512
	Utilities Series Portfolio	420,417		705,189		1,125,606		175,223		702		175,925		949,681		81,161		(1,593,274)		(1,512,113)		(562,432)
	Blended Research Core Equity Portfolio	43,261		321,074		364,335		51,631		143		51,774		312,561		10,302		644,603		654,905		967,466

Midland National Life Insurance Company

Separate Account C

Statement of Operations

Year Ended December 31, 2023






					Administrative					Change in Net	Realized and Change	Net Increase (Decrease)
				Investment	Expense and	Contract		Net Investment	Net Realized	Unrealized Appreciation	in Unrealized Gains	in Net Assets
		Dividend	Capital Gains	Income	Mortality and	Maintenance	Expenses	Income (Loss)	Gain (Loss) on	(Depreciation) on	(Losses) on Investments	Resulting from Operations
		Income (a)	Distributions (b)	(c)=(a+b)	Expense Risk (d)	Charge (e)	(f)=(d+e)	(g)=(c-f)	Investments (h)	Investments (i)	(j)=(h+i)	(k)=(g+j)
	Global Real Estate Portfolio	4,194	53,378	57,572	11,087	62	11,149	46,423	(74,169)	107,580	33,411	79,834
Lord Abbett Series Fund, Inc.
	Growth & Income Portfolio	11,623	25,516	37,139	19,018	481	19,499	17,640	(4,868)	126,097	121,229	138,869
	Mid-Cap Stock Portfolio	6,258	38,869	45,127	18,680	391	19,071	26,056	(6,075)	162,513	156,438	182,494
	Bond-Debenture Portfolio	1,247,506	—	1,247,506	322,595	1,132	323,727	923,779	(740,914)	1,075,215	334,301	1,258,080
	Fundamental Equity Portfolio	11,181	56,598	67,779	24,803	81	24,884	42,895	(370)	202,464	202,094	244,989
	Developing Growth Portfolio	—	—	—	49,594	152	49,746	(49,746)	(586,554)	888,838	302,284	252,538
	Short Duration Income Portfolio	708,397	—	708,397	224,447	808	225,255	483,142	(502,663)	630,113	127,450	610,592
Alger Fund
	LargeCap Growth Portfolio	—	—	—	59,860	210	60,070	(60,070)	(151,072)	1,356,877	1,205,805	1,145,735
	MidCap Growth Portfolio	—	—	—	50,271	291	50,562	(50,562)	(608,670)	1,348,347	739,677	689,115
	Capital Appreciation Portfolio	—	—	—	37,413	491	37,904	(37,904)	(115,799)	1,063,708	947,909	910,005
	SmallCap Growth Portfolio	—	—	—	7,361	132	7,493	(7,493)	(20,287)	104,242	83,955	76,462
	Capital Appreciation Portfolio Class S	—	—	—	446,757	1,956	448,713	(448,713)	(1,883,776)	14,214,527	12,330,751	11,882,038
Calvert Variable Series, Inc.
	Mid Cap Growth Portfolio	4,494	—	4,494	29,979	74	30,053	(25,559)	(134,595)	395,156	260,561	235,002
	S&P 500 Index Portfolio	20,580	75,990	96,570	18,919	58	18,977	77,593	(6,628)	241,041	234,413	312,006
	SRI Balanced Portfolio	100,631	24,107	124,738	77,991	249	78,240	46,498	(107,950)	899,314	791,364	837,862
Invesco Variable Insurance Funds
	Technology Fund	—	—	—	13,037	—	13,037	(13,037)	(166,589)	479,447	312,858	299,821
	Diversified Dividend Fund	43,321	197,900	241,221	32,476	58	32,534	208,687	(247,322)	207,463	(39,859)	168,828
	Health Care Fund	—	—	—	9,964	14	9,978	(9,978)	(38,010)	56,208	18,198	8,220
	Global Real Estate Fund	938	—	938	2,202	—	2,202	(1,264)	(2,772)	8,291	5,519	4,255
	International Equity Fund	—	156	156	9,227	—	9,227	(9,071)	(29,871)	53,752	23,881	14,810
	Main Street Mid Cap Fund	74	—	74	5,165	—	5,165	(5,091)	(10,983)	36,893	25,910	20,819
	Discovery Mid Cap Growth Fund	—	—	—	63,250	213	63,463	(63,463)	(841,467)	1,441,424	599,957	536,494
	Global Fund	—	788,393	788,393	84,580	218	84,798	703,595	(269,086)	1,372,797	1,103,711	1,807,306
	Main Street Fund	39,871	569,281	609,152	104,016	224	104,240	504,912	(1,691,804)	2,794,748	1,102,944	1,607,856
	Main Street Small Cap Fund	88,630	—	88,630	119,390	236	119,626	(30,996)	(744,661)	2,000,633	1,255,972	1,224,976
	Balanced-Risk Allocation Fund	—	—	—	5,165	22	5,187	(5,187)	(14,704)	40,829	26,125	20,938
	Core Plus Bond Fund	111,686	—	111,686	56,393	109	56,502	55,184	(57,984)	180,119	122,135	177,319
	Equity and Income Fund	83,255	247,612	330,867	68,720	172	68,892	261,975	(477,583)	608,233	130,650	392,625
	Small Cap Equity Fund	—	58,862	58,862	34,937	117	35,054	23,808	(288,993)	639,267	350,274	374,082
	Equally Weighted S&P 500 Fund	63,425	407,659	471,084	63,347	127	63,474	407,610	(197,970)	312,747	114,777	522,387
	Growth and Income Fund	5,617	54,935	60,552	11,599	—	11,599	48,953	(7,387)	(4,717)	(12,104)	36,849
	American Value Fund	382	21,288	21,670	2,569	—	2,569	19,101	(1,723)	(5,297)	(7,020)	12,081
Lincoln Financial Variable Insurance Portfolios
	Core Bond Portfolio	48,338	—	48,338	18,235	—	18,235	30,103	(36,999)	64,326	27,327	57,430
	Small Cap Core Portfolio	25,606	16,732	42,338	25,810	—	25,810	16,528	(107,777)	305,391	197,614	214,142

Midland National Life Insurance Company

Separate Account C

Statement of Operations

Year Ended December 31, 2023






					Administrative					Change in Net	Realized and Change	Net Increase (Decrease)
				Investment	Expense and	Contract		Net Investment	Net Realized	Unrealized Appreciation	in Unrealized Gains	in Net Assets
		Dividend	Capital Gains	Income	Mortality and	Maintenance	Expenses	Income (Loss)	Gain (Loss) on	(Depreciation) on	(Losses) on Investments	Resulting from Operations
		Income (a)	Distributions (b)	(c)=(a+b)	Expense Risk (d)	Charge (e)	(f)=(d+e)	(g)=(c-f)	Investments (h)	Investments (i)	(j)=(h+i)	(k)=(g+j)
Rydex Variable Trust
	Nova Fund	—	—	—	12,108	—	12,108	(12,108)	43,871	160,275	204,146	192,038
	NASDAQ-100 Fund	—	—	—	22,461	—	22,461	(22,461)	14,648	526,870	541,518	519,057
	U.S. Government Money Market Fund	12,877	6	12,883	5,605	—	5,605	7,278	—	—	—	7,278
	Inverse S&P 500 Strategy Fund	452	—	452	681	—	681	(229)	(9,459)	2,595	(6,864)	(7,093)
	Inverse NASDAQ-100 Strategy Fund	148	—	148	534	—	534	(386)	(1,808)	(10,085)	(11,893)	(12,279)
	Inverse Government Long Bond Strategy Fund	—	—	—	127	—	127	(127)	824	(669)	155	28
	Government Long Bond 1.2x Strategy	2,546	—	2,546	969	—	969	1,577	(1,809)	(1,543)	(3,352)	(1,775)
	NASDAQ-100 2x Strategy Fund	—	—	—	—	—	—	—	—	—	—	—
	Inverse Dow 2x Strategy Fund	—	—	—	—	—	—	—	—	—	—	—
Rydex Variable Insurance Funds
	Biotechnology Fund	—	29,720	29,720	36,759	236	36,995	(7,275)	(52,070)	177,090	125,020	117,745
	S&P 500 Pure Growth Fund	—	—	—	62,343	235	62,578	(62,578)	(978,355)	1,267,676	289,321	226,743
	S&P MidCap 400 Pure Growth Fund	—	—	—	14,460	27	14,487	(14,487)	(75,624)	236,085	160,461	145,974
Guggenheim Variable Insurance Funds
	Long Short Equity Fund	1,969	—	1,969	10,185	19	10,204	(8,235)	14,928	79,095	94,023	85,788
	Multi-Hedge Strategies Fund	36,426	—	36,426	16,526	94	16,620	19,806	24,434	(4,866)	19,568	39,374
	Global Managed Futures Strategy Fund	18,444	11,734	30,178	7,675	25	7,700	22,478	(63,303)	51,147	(12,156)	10,322
	Small Cap Value Fund	60,166	293,483	353,649	59,932	220	60,152	293,497	140,661	(53,930)	86,731	380,228
ProFunds VP
	Profund Access VP High Yield Fund	1,521	—	1,521	1,013	—	1,013	508	(269)	1,852	1,583	2,091
	Asia 30	60	2,275	2,335	1,366	—	1,366	969	(3,818)	3,649	(169)	800
	Banks	973	—	973	1,731	—	1,731	(758)	(793)	4,570	3,777	3,019
	Materials	172	—	172	904	—	904	(732)	1,370	2,806	4,176	3,444
	Bear	19	—	19	171	—	171	(152)	(489)	(575)	(1,064)	(1,216)
	Biotechnology	—	29,390	29,390	5,056	—	5,056	24,334	(5,337)	(3,318)	(8,655)	15,679
	Bull	—	82,529	82,529	10,117	—	10,117	72,412	(21,479)	29,517	8,038	80,450
	Consumer Staples	154	11,779	11,933	2,514	—	2,514	9,419	(14,177)	5,256	(8,921)	498
	Consumer Discretionary	—	4,823	4,823	2,094	—	2,094	2,729	(475)	18,720	18,245	20,974
	Dow 30	75	—	75	3,732	—	3,732	(3,657)	(9,454)	32,105	22,651	18,994
	Emerging Markets	1,303	—	1,303	1,660	—	1,660	(357)	(1,878)	4,744	2,866	2,509
	Europe 30	737	—	737	733	—	733	4	735	4,208	4,943	4,947
	Falling U.S. Dollar	—	—	—	613	—	613	(613)	(1,675)	934	(741)	(1,354)
	Financials	78	708	786	440	—	440	346	(346)	1,777	1,431	1,777
	Health Care	—	29,943	29,943	7,414	—	7,414	22,529	(7,467)	(22,103)	(29,570)	(7,041)
	Industrials	—	11,505	11,505	2,844	—	2,844	8,661	(2,077)	6,506	4,429	13,090
	International	—	—	—	673	—	673	(673)	(177)	4,821	4,644	3,971
	Internet	—	27,262	27,262	4,950	—	4,950	22,312	(97,113)	144,192	47,079	69,391
	Japan	—	—	—	856	—	856	(856)	1,717	10,576	12,293	11,437
	Large-Cap Growth	—	119,892	119,892	15,668	—	15,668	104,224	(51,242)	91,450	40,208	144,432
	Large-Cap Value	2,528	35,791	38,319	13,126	—	13,126	25,193	11,124	46,887	58,011	83,204
	Mid-Cap	—	—	—	2,676	—	2,676	(2,676)	(5,727)	17,446	11,719	9,043
	Mid-Cap Growth	—	1,389	1,389	6,481	—	6,481	(5,092)	(8,101)	45,187	37,086	31,994
	Mid-Cap Value	262	5,425	5,687	2,355	—	2,355	3,332	299	5,545	5,844	9,176
	Government Money Market	106,129	—	106,129	62,622	—	62,622	43,507	—	—	—	43,507
	Energy	6,298	—	6,298	7,733	—	7,733	(1,435)	10,319	(24,236)	(13,917)	(15,352)
	NASDAQ-100	—	1,276	1,276	6,794	—	6,794	(5,518)	(12,253)	110,893	98,640	93,122
	Pharmaceuticals	289	1,073	1,362	1,149	—	1,149	213	(102)	(4,043)	(4,145)	(3,932)

Midland National Life Insurance Company

Separate Account C

Statement of Operations

Year Ended December 31, 2023






					Administrative					Change in Net	Realized and Change	Net Increase (Decrease)
				Investment	Expense and	Contract		Net Investment	Net Realized	Unrealized Appreciation	in Unrealized Gains	in Net Assets
		Dividend	Capital Gains	Income	Mortality and	Maintenance	Expenses	Income (Loss)	Gain (Loss) on	(Depreciation) on	(Losses) on Investments	Resulting from Operations
		Income (a)	Distributions (b)	(c)=(a+b)	Expense Risk (d)	Charge (e)	(f)=(d+e)	(g)=(c-f)	Investments (h)	Investments (i)	(j)=(h+i)	(k)=(g+j)
	Precious Metals	—	—	—	8,967	—	8,967	(8,967)	(29,183)	19,725	(9,458)	(18,425)
	Real Estate	642	10,794	11,436	1,542	—	1,542	9,894	(5,214)	(1,093)	(6,307)	3,587
	Rising Rates Opportunity	20	—	20	352	—	352	(332)	(760)	862	102	(230)
	Semiconductor	—	1,369	1,369	4,446	—	4,446	(3,077)	35,302	55,504	90,806	87,729
	Short Dow 30	—	—	—	37	—	37	(37)	(41)	(75)	(116)	(153)
	Short Emerging Markets	—	—	—	—	—	—	—	—	—	—	—
	Short International	94	—	94	132	—	132	(38)	(63)	(602)	(665)	(703)
	Short Mid-Cap	12	—	12	34	—	34	(22)	(1)	(149)	(150)	(172)
	Short NASDAQ-100	—	—	—	—	—	—	—	—	—	—	—
	Short Small-Cap	5	101	106	55	—	55	51	(72)	(252)	(324)	(273)
	Small-Cap	—	—	—	3,457	—	3,457	(3,457)	(2,375)	21,276	18,901	15,444
	Small-Cap Growth	—	3,987	3,987	3,681	—	3,681	306	(9,262)	23,727	14,465	14,771
	Small-Cap Value	16	3,972	3,988	2,321	—	2,321	1,667	145	5,299	5,444	7,111
	Technology	—	20,233	20,233	4,921	—	4,921	15,312	(13,556)	85,373	71,817	87,129
	Communication Services	3	—	3	19	—	19	(16)	(29)	167	138	122
	U.S. Government Plus	2,548	—	2,548	1,174	—	1,174	1,374	(1,966)	(244)	(2,210)	(836)
	UltraBull	—	—	—	15,465	—	15,465	(15,465)	(12,440)	277,527	265,087	249,622
	UltraMid-Cap	—	—	—	9,103	—	9,103	(9,103)	(23,187)	89,777	66,590	57,487
	UltraNASDAQ-100	—	—	—	13,125	—	13,125	(13,125)	(55,731)	391,788	336,057	322,932
	UltraShort Dow 30	—	—	—	67	—	67	(67)	(6)	(47)	(53)	(120)
	UltraShort NASDAQ-100	—	—	—	35	—	35	(35)	(1,023)	870	(153)	(188)
	UltraSmall-Cap	—	—	—	2,557	—	2,557	(2,557)	(5,169)	24,667	19,498	16,941
	Utilities	2,023	—	2,023	4,409	—	4,409	(2,386)	(5,555)	(11,623)	(17,178)	(19,564)
VanEck Worldwide Insurance Trust
	Global Resources Fund	160,674	—	160,674	87,894	248	88,142	72,532	104,597	(552,813)	(448,216)	(375,684)
	Emerging Markets Fund	26,575	—	26,575	8,846	—	8,846	17,729	(156,093)	190,388	34,295	52,024
	Emerging Markets Bond Fund	14,490	—	14,490	5,184	—	5,184	9,306	(23,469)	42,978	19,509	28,815
Janus Henderson Series
	Global Technology and Innovation Portfolio	—	—	—	159,553	543	160,096	(160,096)	(1,409,282)	6,518,934	5,109,652	4,949,556
	Overseas Portfolio	18,287	—	18,287	15,361	47	15,408	2,879	22,275	76,216	98,491	101,370
	Research Portfolio	75	—	75	1,601	25	1,626	(1,551)	(24,600)	68,413	43,813	42,262
	Enterprise Services Portfolio	32,579	2,650,395	2,682,974	451,312	1,393	452,705	2,230,269	(743,652)	3,693,891	2,950,239	5,180,508
	Global Research Portfolio	10,791	39,991	50,782	18,549	98	18,647	32,135	(75,575)	365,958	290,383	322,518
	Mid Cap Value Portfolio	40,374	117,793	158,167	54,035	245	54,280	103,887	(19,495)	314,998	295,503	399,390
	Balanced Portfolio	1,358,344	—	1,358,344	1,001,697	3,100	1,004,797	353,547	1,748,319	7,710,606	9,458,925	9,812,472
	Flexible Bond Portfolio	256,684	—	256,684	91,885	316	92,201	164,483	(207,306)	313,801	106,495	270,978
PIMCO Variable Insurance Trust
	Total Return Portfolio	1,021,002	—	1,021,002	394,121	1,696	395,817	625,185	(1,558,026)	2,213,315	655,289	1,280,474
	Low Duration Portfolio	1,008,090	—	1,008,090	378,000	1,621	379,621	628,469	(527,510)	870,781	343,271	971,740
	High Yield Portfolio	629,010	—	629,010	156,630	433	157,063	471,947	(236,954)	767,216	530,262	1,002,209
	Real Return Portfolio	636,626	—	636,626	287,648	1,471	289,119	347,507	(562,235)	664,903	102,668	450,175
	All Asset Portfolio	81,166	—	81,166	39,069	177	39,246	41,920	(115,096)	249,284	134,188	176,108
	Global Managed Asset Allocation Portfolio	20,959	—	20,959	12,420	28	12,448	8,511	(16,774)	110,218	93,444	101,955
	Short-Term Portfolio	2,125,271	—	2,125,271	637,495	3,225	640,720	1,484,551	(418,290)	1,035,978	617,688	2,102,239
	Emerging Markets Bond Portfolio	86,291	—	86,291	20,117	39	20,156	66,135	(73,828)	148,119	74,291	140,426
	Global Bond Opportunities Portfolio	1,938	1,155	3,093	1,191	—	1,191	1,902	(2,075)	2,711	636	2,538
	Commodity Real Return Strategy Portfolio	1,087,574	—	1,087,574	90,184	499	90,683	996,891	(491,028)	(1,203,608)	(1,694,636)	(697,745)
	International Bond (USD-Hedged) Portfolio	63,927	68,323	132,250	33,424	82	33,506	98,744	(54,417)	143,057	88,640	187,384

Midland National Life Insurance Company

Separate Account C

Statement of Operations

Year Ended December 31, 2023






					Administrative					Change in Net	Realized and Change	Net Increase (Decrease)
				Investment	Expense and	Contract		Net Investment	Net Realized	Unrealized Appreciation	in Unrealized Gains	in Net Assets
		Dividend	Capital Gains	Income	Mortality and	Maintenance	Expenses	Income (Loss)	Gain (Loss) on	(Depreciation) on	(Losses) on Investments	Resulting from Operations
		Income (a)	Distributions (b)	(c)=(a+b)	Expense Risk (d)	Charge (e)	(f)=(d+e)	(g)=(c-f)	Investments (h)	Investments (i)	(j)=(h+i)	(k)=(g+j)
	Dynamic Bond Adv Portfolio	69,602	—	69,602	25,061	121	25,182	44,420	(162,842)	222,599	59,757	104,177
	Income Advisor Portfolio	1,629,589	—	1,629,589	414,675	1,144	415,819	1,213,770	(643,992)	1,476,311	832,319	2,046,089
Goldman Sachs Variable Insurance Trust
	Small Cap Equity Insights Fund	12,920	—	12,920	23,135	22	23,157	(10,237)	2,654	233,306	235,960	225,723
	Large Cap Value Fund	2,772	13,994	16,766	3,628	—	3,628	13,138	(59,977)	63,093	3,116	16,254
	Mid Cap Value Fund	28,013	68,996	97,009	38,110	—	38,110	58,899	(38,188)	252,500	214,312	273,211
Neuberger Berman Advisors Management Trust
	Mid-Cap Growth Portfolio	—	—	—	7,742	—	7,742	(7,742)	(116,560)	208,153	91,593	83,851
	AMT Mid Cap Intrinsic Value Portfolio	1,254	6,329	7,583	2,698	—	2,698	4,885	(50,920)	52,882	1,962	6,847
BNY Mellon Variable Investment Fund
	Appreciation Portfolio	1,721	28,225	29,946	9,756	—	9,756	20,190	(36,304)	57,785	21,481	41,671
	Sustainable U.S. Equity Portfolio	82	1,834	1,916	305	—	305	1,611	267	1,059	1,326	2,937
Morgan Stanley Variable Institutional Funds
	Emerging Markets Debt Portfolio	1,759	—	1,759	580	—	580	1,179	(696)	1,194	498	1,677
	Emerging Markets Equity Portfolio	1,737	1,946	3,683	2,607	—	2,607	1,076	(5,455)	14,354	8,899	9,975
	Discovery Portfolio	—	—	—	980	—	980	(980)	(32,227)	46,576	14,349	13,369
	U.S. Real Estate Portfolio	797	—	797	1,201	—	1,201	(404)	(6,320)	11,068	4,748	4,344
Northern Lights Variable Trust
	Power Dividend Index Fund	11,246	—	11,246	8,475	29	8,504	2,742	(2,286)	(19,737)	(22,023)	(19,281)
AB Variable Products Series
	Dynamic Asset Allocation Portfolio	14,650	—	14,650	32,240	83	32,323	(17,673)	(139,586)	440,258	300,672	282,999
	Small Cap Growth Portfolio	—	—	—	360	1	361	(361)	(3,737)	4,725	988	627
	Discovery Value Portfolio	54,410	572,054	626,464	85,767	251	86,018	540,446	(456,740)	858,140	401,400	941,846
BlackRock Variable Series Fund, Inc.
	Basic Value Fund	54,613	145,873	200,486	49,581	150	49,731	150,755	(83,917)	463,973	380,056	530,811
	Capital Appreciation Fund	—	25,822	25,822	5,668	10	5,678	20,144	(7,215)	163,566	156,351	176,495
	Equity Dividend Fund	402,519	1,052,645	1,455,164	307,274	943	308,217	1,146,947	(566,332)	1,742,830	1,176,498	2,323,445
	Global Allocation Fund	287,243	—	287,243	153,161	617	153,778	133,465	(506,190)	1,621,395	1,115,205	1,248,670
	Advantage Large Cap Core Fund	2,137	—	2,137	5,683	33	5,716	(3,579)	(44,566)	138,320	93,754	90,175
	Large Cap Focus Growth Fund	—	198,036	198,036	140,916	411	141,327	56,709	(335,748)	4,501,996	4,166,248	4,222,957
	60/40 Target Allocation ETF Fund	130,575	—	130,575	89,810	181	89,991	40,584	(38,382)	894,221	855,839	896,423
	Total Return Fund	54,528	—	54,528	19,194	—	19,194	35,334	(13,749)	41,201	27,452	62,786
	S&P 500 Fund	18,717	67,542	86,259	20,606	—	20,606	65,653	34,917	263,240	298,157	363,810
Columbia Variable Portfolio
	Contrarian Core 2 Portfolio	—	—	—	114,714	260	114,974	(114,974)	693,685	1,684,904	2,378,589	2,263,615
	Dividend Opportunity Portfolio	—	—	—	117,261	302	117,563	(117,563)	467,525	(152,169)	315,356	197,793
	Emerging Markets Bond Portfolio	204,085	—	204,085	50,754	370	51,124	152,961	(243,817)	407,984	164,167	317,128
	High Yield Portfolio	308,443	—	308,443	71,436	330	71,766	236,677	(151,059)	458,903	307,844	544,521
	Select Large-Cap Value Portfolio	—	—	—	144,350	346	144,696	(144,696)	(5,538)	562,225	556,687	411,991
	Seligman Global Tech Portfolio	—	695,804	695,804	163,700	445	164,145	531,659	(1,541,320)	5,284,586	3,743,266	4,274,925
	US Government Mortgage Portfolio	22,275	—	22,275	11,610	18	11,628	10,647	(58,165)	78,987	20,822	31,469
	Strategic Income Portfolio	49,136	—	49,136	17,825	47	17,872	31,264	(76,250)	162,639	86,389	117,653
	Emerging Markets Portfolio	—	—	—	3,716	6	3,722	(3,722)	(7,393)	33,167	25,774	22,052
	Select Mid Cap Value Portfolio	—	—	—	174	—	174	(174)	12	11,238	11,250	11,076
	Small Cap Value Portfolio	—	—	—	77	—	77	(77)	8	7,900	7,908	7,831

Midland National Life Insurance Company

Separate Account C

Statement of Operations

Year Ended December 31, 2023






					Administrative					Change in Net	Realized and Change	Net Increase (Decrease)
				Investment	Expense and	Contract		Net Investment	Net Realized	Unrealized Appreciation	in Unrealized Gains	in Net Assets
		Dividend	Capital Gains	Income	Mortality and	Maintenance	Expenses	Income (Loss)	Gain (Loss) on	(Depreciation) on	(Losses) on Investments	Resulting from Operations
		Income (a)	Distributions (b)	(c)=(a+b)	Expense Risk (d)	Charge (e)	(f)=(d+e)	(g)=(c-f)	Investments (h)	Investments (i)	(j)=(h+i)	(k)=(g+j)
DWS Variable Insurance Portfolios
	Equity 500 Index Portfolio	435,377	2,254,725	2,690,102	566,298	1,496	567,794	2,122,308	1,108,293	6,145,812	7,254,105	9,376,413
	Small Cap Index Portfolio	62,267	176,929	239,196	94,107	269	94,376	144,820	(108,597)	989,816	881,219	1,026,039
	Alternative Asset Allocation Portfolio	68,445	9,703	78,148	13,744	33	13,777	64,371	(9,383)	(10,245)	(19,628)	44,743
	Global Small Cap Portfolio	1,249	1,275	2,524	2,514	12	2,526	(2)	4,832	31,957	36,789	36,787
	Small Mid Cap Value Portfolio	30,877	151,096	181,973	48,927	232	49,159	132,814	(70,452)	408,377	337,925	470,739
	CROCI US Portfolio	2,206	—	2,206	2,096	7	2,103	103	(275)	28,386	28,111	28,214
	High Income Portfolio	31,580	—	31,580	6,541	20	6,561	25,019	(5,807)	28,878	23,071	48,090
Eaton Vance Variable Trust
	Floating Rate Income Portfolio	1,613,786	—	1,613,786	255,119	1,326	256,445	1,357,341	(160,708)	639,556	478,848	1,836,189
Delaware Variable Insurance Portfolios
	Total Return Portfolio	2,588	518	3,106	1,359	12	1,371	1,735	(1,465)	9,986	8,521	10,256
	International Portfolio	14,750	—	14,750	13,350	5	13,355	1,395	(29,451)	149,734	120,283	121,678
	Opportunity Portfolio	48,833	593,898	642,731	94,784	546	95,330	547,401	(72,842)	552,609	479,767	1,027,168
Franklin Templeton Variable Insurance Products Trust
	Mutual Shares Fund	78,989	363,562	442,551	56,313	262	56,575	385,976	(229,970)	325,167	95,197	481,173
	Income Fund	1,243,134	1,507,076	2,750,210	313,849	1,115	314,964	2,435,246	(783,795)	65,651	(718,144)	1,717,102
	Global Bond Fund	—	—	—	289,006	1,474	290,480	(290,480)	(1,739,802)	2,276,542	536,740	246,260
	Foreign Fund	1,110,342	—	1,110,342	452,567	2,311	454,878	655,464	(135,127)	5,642,107	5,506,980	6,162,444
	Developing Markets Fund	50,063	1,816	51,879	31,564	200	31,764	20,115	(21,436)	260,898	239,462	259,577
	Mutual Global Discovery Fund	107,715	234,414	342,129	58,850	161	59,011	283,118	(40,823)	545,239	504,416	787,534
	Rising Dividends Fund	248,823	2,855,686	3,104,509	344,049	907	344,956	2,759,553	(256,900)	154,455	(102,445)	2,657,108
	DynaTech 2 Fund	—	—	—	37,266	277	37,543	(37,543)	(96,744)	1,078,309	981,565	944,022
	Global Real Estate Fund	—	—	—	—	—	—	—	—	—	—	—
	VolSmart Allocation Fund	—	—	—	51	—	51	(51)	1	2,162	2,163	2,112
Delaware Ivy Variable Insurance Portfolios
	Asset Strategy Portfolio	45,726	—	45,726	31,066	201	31,267	14,459	9,408	249,123	258,531	272,990
	Balanced Portfolio	45,916	—	45,916	77,314	489	77,803	(31,887)	(397,244)	1,228,369	831,125	799,238
	Global Equity Portfolio	17,037	15,820	32,857	12,430	70	12,500	20,357	(78,310)	170,294	91,984	112,341
	Energy Portfolio	44,849	—	44,849	18,645	74	18,719	26,130	253,898	(242,149)	11,749	37,879
	Natural Resources Portfolio	14,118	—	14,118	7,451	12	7,463	6,655	36,287	(35,466)	821	7,476
	Growth Portfolio	—	290,623	290,623	35,907	116	36,023	254,600	(221,569)	849,072	627,503	882,103
	High Income Portfolio	561,269	—	561,269	115,523	625	116,148	445,121	(142,766)	594,240	451,474	896,595
	International Core Equity Portfolio	94,373	—	94,373	72,163	343	72,506	21,867	(235,453)	984,146	748,693	770,560
	Global Growth Portfolio	515	126,070	126,585	7,731	10	7,741	118,844	(171)	(12,299)	(12,470)	106,374
	Mid Cap Growth Portfolio	—	1,013,276	1,013,276	110,347	271	110,618	902,658	(748,044)	1,315,324	567,280	1,469,938
	Science and Technology Portfolio	—	695,542	695,542	159,198	514	159,712	535,830	(1,143,489)	4,606,927	3,463,438	3,999,268
	Small Cap Growth Portfolio	—	623,369	623,369	49,492	235	49,727	573,642	(423,917)	279,645	(144,272)	429,370
	SMID Cap Core Portfolio	18,419	906,357	924,776	113,347	440	113,787	810,989	(575,925)	973,110	397,185	1,208,174

Midland National Life Insurance Company

Separate Account C

Statement of Operations

Year Ended December 31, 2023






					Administrative					Change in Net	Realized and Change	Net Increase (Decrease)
				Investment	Expense and	Contract		Net Investment	Net Realized	Unrealized Appreciation	in Unrealized Gains	in Net Assets
		Dividend	Capital Gains	Income	Mortality and	Maintenance	Expenses	Income (Loss)	Gain (Loss) on	(Depreciation) on	(Losses) on Investments	Resulting from Operations
		Income (a)	Distributions (b)	(c)=(a+b)	Expense Risk (d)	Charge (e)	(f)=(d+e)	(g)=(c-f)	Investments (h)	Investments (i)	(j)=(h+i)	(k)=(g+j)
Lazard Retirement Series, Inc.
	International Equity Portfolio	13,682	—	13,682	13,780	27	13,807	(125)	(28,837)	169,561	140,724	140,599
	Global Dynamic Multi Asset Portfolio	—	49,548	49,548	11,850	56	11,906	37,642	(38,325)	80,227	41,902	79,544
Legg Mason Partners Variable Equity Trust
	Western Asset Variable Global High Yield Bond Portfolio	119,769	—	119,769	28,141	162	28,303	91,466	(207,870)	302,087	94,217	185,683
	ClearBridge Variable Mid Cap Portfolio	2,974	85,589	88,563	175,850	580	176,430	(87,867)	37,210	1,584,786	1,621,996	1,534,129
	ClearBridge Variable Dividend Strategy Portfolio	690,221	5,032,514	5,722,735	477,825	1,232	479,057	5,243,678	119,042	(1,114,502)	(995,460)	4,248,218
	ClearBridge Variable Small Cap Growth Portfolio	—	—	—	95,132	314	95,446	(95,446)	(484,610)	1,041,402	556,792	461,346
	ClearBridge Variable Aggressive Growth Portfolio	484	78,166	78,650	9,663	18	9,681	68,969	(55,306)	138,287	82,981	151,950
	Western Asset Variable Core Bond Plus Portfolio	2,249,065	—	2,249,065	857,886	3,718	861,604	1,387,461	(2,663,248)	4,427,429	1,764,181	3,151,642
	ClearBridge Variable Large Cap Growth Portfolio	—	207,776	207,776	304,090	1,237	305,327	(97,551)	847,760	7,407,656	8,255,416	8,157,865
Pioneer Variable Contracts Trust
	Fund Portfolio	9,120	62,147	71,267	19,836	65	19,901	51,366	(169,424)	476,183	306,759	358,125
	Bond Portfolio	1,630,318	—	1,630,318	568,003	2,588	570,591	1,059,727	(1,982,765)	3,153,821	1,171,056	2,230,783
	Strategic Income Portfolio	384,123	—	384,123	138,889	615	139,504	244,619	(485,443)	939,039	453,596	698,215
	Equity Income Portfolio	175,496	801,356	976,852	138,355	513	138,868	837,984	(81,847)	(123,564)	(205,411)	632,573
	High Yield Portfolio	30,475	—	30,475	7,642	54	7,696	22,779	(26,912)	56,097	29,185	51,964
Prudential Series Funds
	Natural Resources Portfolio	—	—	—	9,386	14	9,400	(9,400)	39,273	(27,009)	12,264	2,864
	Mid-Cap Growth Portfolio	—	—	—	1,641	7	1,648	(1,648)	5,841	21,100	26,941	25,293
	PGIM Jennison Focused Blend Portfolio	—	—	—	5,649	—	5,649	(5,649)	9,499	(162,871)	(153,372)	(159,021)
	PGIM Jennison Blend Portfolio	—	—	—	341	—	341	(341)	6,399	7,902	14,301	13,960
Royce Capital Fund
	Micro-Cap Portfolio	—	—	—	3,245	15	3,260	(3,260)	(68,482)	104,882	36,400	33,140
	Small Cap Portfolio	44,794	586,698	631,492	86,672	463	87,135	544,357	93,949	842,053	936,002	1,480,359
Alps Fund
	Alerian Energy Infrastructure Portfolio	162,673	58,271	220,944	73,144	146	73,290	147,654	271,809	198,952	470,761	618,415
	Global Opportunity Portfolio	—	—	—	20,203	52	20,255	(20,255)	(94,116)	498,002	403,886	383,631
American Funds IS
	Asset Allocation Fund	1,772,762	3,500,371	5,273,133	1,161,165	2,159	1,163,324	4,109,809	(962,816)	7,264,372	6,301,556	10,411,365
	Washington Mutual Investors Fund	823,032	440,598	1,263,630	606,814	1,167	607,981	655,649	(449,349)	6,770,746	6,321,397	6,977,046
	Ultra-Short Bond Fund	902,706	—	902,706	298,101	1,145	299,246	603,460	185,877	(91,533)	94,344	697,804
	Capital Income Builder Fund	526,977	—	526,977	250,304	498	250,802	276,175	204,134	925,887	1,130,021	1,406,196
	Global Growth Fund	190,097	2,021,416	2,211,513	339,581	764	340,345	1,871,168	(169,857)	3,099,358	2,929,501	4,800,669
	Capital World Growth and Income Fund	305,261	—	305,261	231,542	307	231,849	73,412	(537,430)	3,561,243	3,023,813	3,097,225
	Global Small Capitalization Fund	1,647	77,012	78,659	78,104	135	78,239	420	(483,900)	1,299,894	815,994	816,414
	Growth Fund	98,223	3,275,730	3,373,953	723,726	1,457	725,183	2,648,770	1,031,263	13,641,728	14,672,991	17,321,761
	Growth-Income Fund	725,946	3,212,649	3,938,595	770,908	1,802	772,710	3,165,885	1,187,992	8,844,528	10,032,520	13,198,405
	International Fund	108,032	—	108,032	126,865	203	127,068	(19,036)	(977,009)	2,227,405	1,250,396	1,231,360
	International Growth and Income Fund	188,980	—	188,980	104,676	298	104,974	84,006	(1,535,620)	2,533,277	997,657	1,081,663
	New World Fund	393,177	—	393,177	414,306	1,631	415,937	(22,760)	(245,392)	4,579,646	4,334,254	4,311,494
	U.S. Government Securities Fund	571,608	—	571,608	218,588	651	219,239	352,369	(1,687,318)	1,612,373	(74,945)	277,424
	Global Balanced Fund	184	—	184	60	—	60	124	1	3,069	3,070	3,194
	The Bond Fd of America Fund	708	—	708	30	—	30	678	—	262	262	940
Invesco Oppenheimer
	International Growth Fund	63,683	—	63,683	267,579	1,022	268,601	(204,918)	(1,281,842)	5,135,561	3,853,719	3,648,801
T. Rowe Price
	Blue Chip Growth Portfolio	—	—	—	745,598	2,551	748,149	(748,149)	490,108	22,165,805	22,655,913	21,907,764

Midland National Life Insurance Company

Separate Account C

Statement of Operations

Year Ended December 31, 2023






					Administrative					Change in Net	Realized and Change	Net Increase (Decrease)
				Investment	Expense and	Contract		Net Investment	Net Realized	Unrealized Appreciation	in Unrealized Gains	in Net Assets
		Dividend	Capital Gains	Income	Mortality and	Maintenance	Expenses	Income (Loss)	Gain (Loss) on	(Depreciation) on	(Losses) on Investments	Resulting from Operations
		Income (a)	Distributions (b)	(c)=(a+b)	Expense Risk (d)	Charge (e)	(f)=(d+e)	(g)=(c-f)	Investments (h)	Investments (i)	(j)=(h+i)	(k)=(g+j)
	Health Sciences Portfolio	—	1,175,039	1,175,039	369,956	1,112	371,068	803,971	351,076	(741,931)	(390,855)	413,116
	Equity Income Portfolio	102	958	1,060	20	—	20	1,040	—	149	149	1,189
	Mid-Cap Growth Portfolio	—	2,659	2,659	40	—	40	2,619	2	(12)	(10)	2,609
John Hancock Variable Insurance Trust
	Financial Industries Portfolio	39,674	110,389	150,063	33,261	142	33,403	116,660	(345,274)	304,566	(40,708)	75,952
	Fundamental All Cap Core Portfolio	403	26,122	26,525	2,644	9	2,653	23,872	(2,263)	36,587	34,324	58,196
	Select Bond Portfolio	9,677	—	9,677	3,964	9	3,973	5,704	(6,170)	13,934	7,764	13,468
	Strategic Income Opportunities Portfolio	21,811	—	21,811	8,405	46	8,451	13,360	(11,097)	35,463	24,366	37,726
Federated Hermes
	High Income Bond Portfolio	76,582	—	76,582	19,688	57	19,745	56,837	(50,988)	168,704	117,716	174,553
	Kaufmann Portfolio	—	—	—	68,368	253	68,621	(68,621)	(1,089,558)	2,007,914	918,356	849,735
	Managed Volatility Portfolio	5,972	—	5,972	5,073	26	5,099	873	(2,923)	28,412	25,489	26,362
Principal Variable Contracts
	Blue Chip Fund	—	—	—	7,332	6	7,338	(7,338)	4,953	178,236	183,189	175,851
	Equity Income Fund	7,282	17,620	24,902	3,937	24	3,961	20,941	(20,574)	36,715	16,141	37,082
	Diversified Balance Fund	14,719	51,140	65,859	9,362	25	9,387	56,472	(61,933)	91,102	29,169	85,641
	Diversified Growth Fund	4,038	16,892	20,930	3,028	1	3,029	17,901	(2,404)	18,084	15,680	33,581
	Diversified Income Fund	561	3,255	3,816	946	—	946	2,870	(146)	3,920	3,774	6,644

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2023





				Net Increase														Net Increase (Decrease)		Total Increase		Net Assets
		Net Assets		(Decrease) in Net										Transfers		Interfund and Net		in Net Assets from		(Decrease) in		End of
		Beginning		Assets Resulting		Net		Transfers of		Transfers of		Transfers of		of Other		Transfers (to) from		Capital Share Transactions		Net Assets		Year
		of Year (a)		from Operations (b)		Premiums (c)		Policy Loans (d)		Surrenders (e)		Death Benefits (f)		Terminations (g)		General Account (h)		(i)=(c+d+e+f+g+h)		(j)=(b+i)		(k)=(a+j)
Fidelity Variable Insurance Products
	Government Money Market Portfolio	$	9,601,795	$	316,807	$	35,021	$	952	$	(475,677)	$	(455,118)	$	(552,651)	$	(99,289)	$	(1,546,762)	$	(1,229,955)	$	8,371,840
	High Income Portfolio	4,226,913		339,850		38,301		140		(241,751)		(133,834)		(116,805)		(166,815)		(620,764)		(280,914)		3,945,999
	Equity-Income Portfolio	6,621,979		521,518		26,894		933		(403,101)		(73,744)		(153,082)		(356,102)		(958,202)		(436,684)		6,185,295
	Growth Portfolio	7,258,377		2,294,646		34,107		—		(706,214)		(106,263)		(252,635)		170,337		(860,668)		1,433,978		8,692,355
	Overseas Portfolio	4,973,491		900,549		66,364		1,409		(342,496)		(118,448)		(98,596)		176,373		(315,394)		585,155		5,558,646
	Mid Cap Portfolio	15,717,066		1,976,211		646,848		269		(574,890)		(608,760)		(377,964)		(42,365)		(956,862)		1,019,349		16,736,415
	Asset Manager Portfolio	859,857		82,504		946		—		(137,064)		(2,273)		(8,203)		(5,522)		(152,116)		(69,612)		790,245
	Investment Grade Bond Portfolio	3,823,171		230,910		270,927		1,029		(697,582)		(270,830)		355,519		2,093,508		1,752,571		1,983,481		5,806,652
	Index 500 Portfolio	19,650,780		4,489,107		32,942		2,172		(1,209,553)		(402,906)		(497,123)		(366,095)		(2,440,563)		2,048,544		21,699,324
	Contrafund Portfolio	34,343,886		10,293,969		1,517,615		—		(1,701,878)		(1,386,730)		(968,348)		(909,947)		(3,449,288)		6,844,681		41,188,567
	Asset Manager: Growth Portfolio	782,749		112,179		25,427		—		(29,777)		(2,222)		(11,079)		(197)		(17,848)		94,331		877,080
	Balanced Portfolio	2,909,180		557,095		56,073		119		(232,729)		(76,715)		(108,668)		218,906		(143,014)		414,081		3,323,261
	Growth & Income Portfolio	2,221,263		278,656		12,898		365		(205,897)		(24,195)		(36,768)		(566,398)		(819,995)		(541,339)		1,679,924
	Growth Opportunities Portfolio	25,629,581		11,641,111		3,996,024		—		(1,374,202)		(701,464)		(573,283)		2,058,854		3,405,929		15,047,040		40,676,621
	Value Strategies Portfolio	3,313,053		445,004		22,631		(428)		(218,498)		(236,153)		(126,404)		(589,603)		(1,148,455)		(703,451)		2,609,602
	Strategic Income Portfolio	13,518,369		1,001,672		760,470		—		(700,518)		(336,625)		(838,710)		333,899		(781,484)		220,188		13,738,557
	Emerging Markets Portfolio	4,847,182		360,358		122,984		—		(223,159)		(92,594)		(73,674)		140,198		(126,245)		234,113		5,081,295
	Real Estate Portfolio	16,300,362		1,400,161		690,123		—		(601,577)		(1,101,211)		(565,384)		32,894		(1,545,155)		(144,994)		16,155,368
	Funds Manager 50% Portfolio	6,685,802		738,957		284,410		—		(257,097)		(75,823)		(102,360)		(128,032)		(278,902)		460,055		7,145,857
	Funds Manager 70% Portfolio	4,533,866		620,732		294,589		—		(195,028)		(240,602)		(76,277)		81,647		(135,671)		485,061		5,018,927
	Funds Manager 85% Portfolio	1,698,499		256,235		23,324		—		(89,002)		(146,399)		(82,682)		53,531		(241,228)		15,007		1,713,506
	Government Money Market Portfolio Service Class 2	10,859,494		1,274,276		105,927,803		—		(8,786,407)		(3,115,292)		(11,576,160)		(33,697,603)		48,752,341		50,026,617		60,886,111
	International Capital Appreciation Portfolio	3,744,480		1,007,424		460,501		—		(104,725)		(117,287)		(113,871)		407,488		532,106		1,539,530		5,284,010
	Energy Portfolio	—		13		—		—		—		—		—		3,346		3,346		3,359		3,359
American Century Variable Portfolios, Inc.
	Balanced Fund	4,370,046		645,473		261,019		119		(192,411)		(98,209)		(122,886)		289,029		136,661		782,134		5,152,180
	Capital Appreciation Fund	1,554,367		300,915		13,352		150		(131,912)		(15,156)		(30,909)		175,520		11,045		311,960		1,866,327
	International Fund	2,513,047		250,135		14,626		603		(224,464)		(5,204)		(75,224)		(38,022)		(327,685)		(77,550)		2,435,497
	Value Fund	78,502,176		5,368,351		4,365,922		1,359		(3,422,878)		(4,802,872)		(1,756,936)		(1,885,393)		(7,500,798)		(2,132,447)		76,369,729
	Disciplined Core Value Fund	5,581,814		356,499		190,344		—		(104,397)		(158,627)		(129,944)		(212,434)		(415,058)		(58,559)		5,523,255
	Inflation Protection Fund	8,589,219		191,166		139,208		503		(675,576)		(148,032)		(499,472)		311,099		(872,270)		(681,104)		7,908,115
	Large Company Value Fund	1,449,982		(4,292)		476		—		(22,468)		(9,142)		(42,857)		(661,706)		(735,697)		(739,989)		709,993
	Mid Cap Value Fund	38,660,896		1,490,617		2,177,779		—		(1,783,266)		(2,135,995)		(984,468)		(1,892,680)		(4,618,630)		(3,128,013)		35,532,883
	Ultra Fund	5,798,287		2,720,797		1,170,096		—		(773,971)		(87,291)		(150,708)		2,279,055		2,437,181		5,157,978		10,956,265
MFS Variable Insurance Trust
	Research Series	345,456		64,953		181		—		(17,531)		(6,110)		(4,378)		(27,228)		(55,066)		9,887		355,343
	Growth Series	1,263,463		409,584		3,864		119		(58,704)		(41,128)		(21,854)		(12,499)		(130,202)		279,382		1,542,845
	Investors Trust Series	424,738		49,725		407		—		(38,160)		(20,500)		(8,533)		(132,085)		(198,871)		(149,146)		275,592
	New Discovery Series	6,468,801		820,292		302,844		—		(492,805)		(206,172)		(200,587)		251,539		(345,181)		475,111		6,943,912
	Corporate Bond Portfolio	4,641,603		340,664		736,974		—		(310,307)		(253,679)		(187,157)		(152,383)		(166,552)		174,112		4,815,715
	Emerging Markets Equity Portfolio	4,333,857		393,679		360,322		—		(107,960)		(102,915)		(100,406)		(101,698)		(52,657)		341,022		4,674,879
	Technology Portfolio	5,976,160		3,014,054		425,607		—		(351,116)		(270,720)		(108,199)		245,248		(59,180)		2,954,874		8,931,034
	Global Tactical Allocation Portfolio	1,120,198		74,002		25,719		—		(79,451)		(70,344)		(32,136)		(106,548)		(262,760)		(188,758)		931,440
	International Intrinsic Value Portfolio	12,895,443		2,050,512		196,784		—		(521,317)		(961,944)		(276,504)		1,038,862		(524,119)		1,526,393		14,421,836
	Utilities Series Portfolio	15,660,116		(562,432)		785,769		—		(398,738)		(344,621)		(578,129)		(1,915,761)		(2,451,480)		(3,013,912)		12,646,204
	Blended Research Core Equity Portfolio	3,459,958		967,466		312,540		—		(124,820)		(131,181)		(39,106)		578,615		596,048		1,563,514		5,023,472

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2023





			Net Increase							Net Increase (Decrease)	Total Increase	Net Assets
		Net Assets	(Decrease) in Net					Transfers	Interfund and Net	in Net Assets from	(Decrease) in	End of
		Beginning	Assets Resulting	Net	Transfers of	Transfers of	Transfers of	of Other	Transfers (to) from	Capital Share Transactions	Net Assets	Year
		of Year (a)	from Operations (b)	Premiums (c)	Policy Loans (d)	Surrenders (e)	Death Benefits (f)	Terminations (g)	General Account (h)	(i)=(c+d+e+f+g+h)	(j)=(b+i)	(k)=(a+j)
	Global Real Estate Portfolio	873,404	79,834	61,839	—	(19,861)	(35,035)	(60,359)	26,417	(26,999)	52,835	926,239
Lord Abbett Series Fund, Inc.
	Growth & Income Portfolio	1,588,535	138,869	543	—	(240,416)	(5,708)	(89,237)	(103,551)	(438,369)	(299,500)	1,289,035
	Mid-Cap Stock Portfolio	1,406,074	182,494	77,575	183	(109,699)	(17,457)	(32,658)	(21,208)	(103,264)	79,230	1,485,304
	Bond-Debenture Portfolio	26,358,622	1,258,080	538,900	—	(1,173,980)	(1,276,830)	(791,799)	(72,103)	(2,775,812)	(1,517,732)	24,840,890
	Fundamental Equity Portfolio	2,027,903	244,989	102,497	—	(123,373)	(96,974)	(54,795)	(65,733)	(238,378)	6,611	2,034,514
	Developing Growth Portfolio	3,934,395	252,538	23,993	—	(165,490)	(118,381)	(94,615)	(132,729)	(487,222)	(234,684)	3,699,711
	Short Duration Income Portfolio	17,956,408	610,592	362,272	—	(801,695)	(1,442,711)	(503,321)	(466,538)	(2,851,993)	(2,241,401)	15,715,007
Alger Fund
	LargeCap Growth Portfolio	3,604,009	1,145,735	31,152	1,604	(256,431)	(41,537)	(106,444)	347,910	(23,746)	1,121,989	4,725,998
	MidCap Growth Portfolio	3,329,477	689,115	23,778	935	(379,114)	(90,683)	(86,761)	90,294	(441,551)	247,564	3,577,041
	Capital Appreciation Portfolio	2,095,083	910,005	49,924	—	(118,675)	(30,180)	(80,372)	347,422	168,119	1,078,124	3,173,207
	SmallCap Growth Portfolio	530,498	76,462	1,197	—	(18,099)	(19,235)	(6,290)	2,681	(39,746)	36,716	567,214
	Capital Appreciation Portfolio Class S	31,891,779	11,882,038	256,462	—	(1,822,449)	(1,565,055)	(932,799)	(2,832,950)	(6,896,791)	4,985,247	36,877,026
Calvert Variable Series, Inc.
	Mid Cap Growth Portfolio	2,501,167	235,002	92,140	—	(33,234)	(319,464)	(48,334)	19,376	(289,516)	(54,514)	2,446,653
	S&P 500 Index Portfolio	1,221,541	312,006	8,767	—	(58,274)	(85,596)	(37,248)	245,603	73,252	385,258	1,606,799
	SRI Balanced Portfolio	5,599,365	837,862	285,319	—	(196,663)	(33,953)	(186,168)	(74,879)	(206,344)	631,518	6,230,883
Invesco Variable Insurance Funds
	Technology Fund	590,218	299,821	159,882	991	(216,062)	—	(30,909)	340,679	254,581	554,402	1,144,620
	Diversified Dividend Fund	3,273,278	168,828	386,923	658	(67,755)	(24,533)	(31,218)	(1,139,307)	(875,232)	(706,404)	2,566,874
	Health Care Fund	999,125	8,220	7,236	119	(103,685)	(21,987)	(42,053)	(56,841)	(217,211)	(208,991)	790,134
	Global Real Estate Fund	84,692	4,255	2,350	—	(2,536)	(1,025)	(4,536)	(3,064)	(8,811)	(4,556)	80,136
	International Equity Fund	179,775	14,810	298	—	(123,020)	(4,013)	(12,106)	161,124	22,283	37,093	216,868
	Main Street Mid Cap Fund	201,986	20,819	403	—	(16,968)	(439)	(10,715)	(8,241)	(35,960)	(15,141)	186,845
	Discovery Mid Cap Growth Fund	4,962,407	536,494	225,497	—	(238,639)	(85,611)	(110,853)	(116,804)	(326,410)	210,084	5,172,491
	Global Fund	5,761,990	1,807,306	468,777	—	(133,151)	(684,792)	(181,563)	102,008	(428,721)	1,378,585	7,140,575
	Main Street Fund	8,517,650	1,607,856	139,754	—	(390,244)	(457,679)	(164,548)	(904,959)	(1,777,676)	(169,820)	8,347,830
	Main Street Small Cap Fund	7,063,355	1,224,976	691,216	—	(254,602)	(380,698)	(240,736)	2,206,149	2,021,329	3,246,305	10,309,660
	Balanced-Risk Allocation Fund	431,417	20,938	7,813	—	(8,490)	1,990	(7,741)	(21,751)	(28,179)	(7,241)	424,176
	Core Plus Bond Fund	4,339,505	177,319	117,319	—	(180,747)	(396,506)	(92,994)	193,054	(359,874)	(182,555)	4,156,950
	Equity and Income Fund	5,273,689	392,625	556,313	150	(269,094)	(119,531)	(115,515)	(604,218)	(551,895)	(159,270)	5,114,419
	Small Cap Equity Fund	2,212,976	374,082	857,967	—	(39,046)	(67,544)	(33,591)	151,842	869,628	1,243,710	3,456,686
	Equally Weighted S&P 500 Fund	3,924,433	522,387	989,035	—	(296,401)	18,231	(96,431)	501,006	1,115,440	1,637,827	5,562,260
	Growth and Income Fund	454,958	36,849	9,988	—	(34,170)	(227)	(15,883)	(52,060)	(92,352)	(55,503)	399,455
	American Value Fund	112,569	12,081	78	—	(1,287)	(5,072)	(11,009)	—	(17,290)	(5,209)	107,360
Lincoln Financial Variable Insurance Portfolios
	Core Bond Portfolio	1,367,281	57,430	20,485	668	(118,388)	(29,098)	(44,660)	26,177	(144,816)	(87,386)	1,279,895
	Small Cap Core Portfolio	1,946,867	214,142	26,480	793	(89,239)	(39,790)	(47,758)	(64,093)	(213,607)	535	1,947,402

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2023





			Net Increase							Net Increase (Decrease)	Total Increase	Net Assets
		Net Assets	(Decrease) in Net					Transfers	Interfund and Net	in Net Assets from	(Decrease) in	End of
		Beginning	Assets Resulting	Net	Transfers of	Transfers of	Transfers of	of Other	Transfers (to) from	Capital Share Transactions	Net Assets	Year
		of Year (a)	from Operations (b)	Premiums (c)	Policy Loans (d)	Surrenders (e)	Death Benefits (f)	Terminations (g)	General Account (h)	(i)=(c+d+e+f+g+h)	(j)=(b+i)	(k)=(a+j)
Rydex Variable Trust
	Nova Fund	560,713	192,038	131,511	—	(233,622)	—	(27,241)	189,372	60,020	252,058	812,771
	NASDAQ-100 Fund	758,701	519,057	327,186	539	(226,923)	—	(47,409)	458,001	511,394	1,030,451	1,789,152
	U.S. Government Money Market Fund	255,615	7,278	1	—	(4,120)	—	(35,406)	138,239	98,714	105,992	361,607
	Inverse S&P 500 Strategy Fund	96,789	(7,093)	255	—	(11,995)	—	(172)	(60,664)	(72,576)	(79,669)	17,120
	Inverse NASDAQ-100 Strategy Fund	44,147	(12,279)	403	—	(2,105)	—	(1,001)	(6,095)	(8,798)	(21,077)	23,070
	Inverse Government Long Bond Strategy Fund	12,170	28	15	—	(2,123)	—	(77)	(4,628)	(6,813)	(6,785)	5,385
	Government Long Bond 1.2x Strategy	89,929	(1,775)	582	—	(53)	—	(596)	394	327	(1,448)	88,481
	NASDAQ-100 2x Strategy Fund	—	—	—	—	—	—	—	—	—	—	—
	Inverse Dow 2x Strategy Fund	—	—	—	—	—	—	—	—	—	—	—
Rydex Variable Insurance Funds
	Biotechnology Fund	3,230,976	117,745	17,641	—	(132,656)	(256,255)	(94,456)	134,969	(330,757)	(213,012)	3,017,964
	S&P 500 Pure Growth Fund	5,147,948	226,743	904,609	—	(128,035)	(78,745)	(128,338)	(1,345,000)	(775,509)	(548,766)	4,599,182
	S&P MidCap 400 Pure Growth Fund	1,217,030	145,974	6,068	—	(155,726)	(17,662)	(19,521)	(4,722)	(191,563)	(45,589)	1,171,441
Guggenheim Variable Insurance Funds
	Long Short Equity Fund	704,791	85,788	101,395	—	(24,016)	(19,091)	(7,533)	122,991	173,746	259,534	964,325
	Multi-Hedge Strategies Fund	1,394,523	39,374	16,017	—	(87,846)	(127,151)	(24,864)	(66,663)	(290,507)	(251,133)	1,143,390
	Global Managed Futures Strategy Fund	1,302,644	10,322	18,761	—	(3,792)	(110,167)	31,342	(860,833)	(924,689)	(914,367)	388,277
	Small Cap Value Fund	4,979,366	380,228	245,269	—	(323,037)	(216,630)	(122,036)	(103,931)	(520,365)	(140,137)	4,839,229
ProFunds VP
	Profund Access VP High Yield Fund	30,492	2,091	2	—	(557)	—	(3,030)	1,671	(1,914)	177	30,669
	Asia 30	53,404	800	181	—	(473)	—	(1,198)	(246)	(1,736)	(936)	52,468
	Banks	24,342	3,019	297	—	(68)	—	(1,034)	58,845	58,040	61,059	85,401
	Materials	36,813	3,444	215	—	(197)	—	(2,156)	(266)	(2,404)	1,040	37,853
	Bear	7,558	(1,216)	—	—	(495)	—	(27)	(300)	(822)	(2,038)	5,520
	Biotechnology	225,765	15,679	287	—	(1,842)	—	(8,371)	(9,329)	(19,255)	(3,576)	222,189
	Bull	375,561	80,450	82,139	—	(60,762)	—	(41,249)	109,130	89,258	169,708	545,269
	Consumer Staples	128,880	498	27,050	—	(27,212)	—	(2,838)	(58,989)	(61,989)	(61,491)	67,389
	Consumer Discretionary	73,842	20,974	243	—	(1,430)	—	(4,355)	9,835	4,293	25,267	99,109
	Dow 30	140,786	18,994	142	—	(8,983)	—	(16,530)	59,304	33,933	52,927	193,713
	Emerging Markets	31,482	2,509	532	—	(1,987)	—	(4,458)	36,578	30,665	33,174	64,656
	Europe 30	34,588	4,947	100	—	(173)	—	(3,083)	—	(3,156)	1,791	36,379
	Falling U.S. Dollar	21,315	(1,354)	1	—	(1,526)	—	(185)	1,557	(153)	(1,507)	19,808
	Financials	18,271	1,777	104	—	(95)	(91)	(2,261)	121	(2,222)	(445)	17,826
	Health Care	294,366	(7,041)	398	—	(6,028)	(77)	(28,840)	1,860	(32,687)	(39,728)	254,638
	Industrials	66,410	13,090	—	—	(10,316)	(245)	(4,065)	60,433	45,807	58,897	125,307
	International	31,847	3,971	3	—	(1,805)	—	(1,621)	—	(3,423)	548	32,395
	Internet	189,769	69,391	3,293	—	(1,141)	(53)	(4,679)	(53,998)	(56,578)	12,813	202,582
	Japan	37,037	11,437	—	—	(24)	—	(1,010)	(7,196)	(8,230)	3,207	40,244
	Large-Cap Growth	621,851	144,432	11,820	—	(50,628)	—	(25,571)	90,960	26,581	171,013	792,864
	Large-Cap Value	531,311	83,204	10,332	—	(31,805)	(40)	(45,434)	(3,330)	(70,277)	12,927	544,238
	Mid-Cap	103,630	9,043	4,920	—	(24,172)	—	(2,547)	—	(21,799)	(12,756)	90,874
	Mid-Cap Growth	269,330	31,994	3,271	—	(13,531)	—	(6,332)	(17,357)	(33,949)	(1,955)	267,375
	Mid-Cap Value	106,204	9,176	1,584	—	(1,110)	—	(7,302)	(16,106)	(22,934)	(13,758)	92,446
	Government Money Market	3,107,312	43,507	10,131	—	(249,279)	(476)	(187,758)	(303,705)	(731,087)	(687,580)	2,419,732
	Energy	229,703	(15,352)	44,899	—	(7,486)	—	(10,996)	35,564	61,981	46,629	276,332
	NASDAQ-100	217,490	93,122	3,062	—	(43,296)	—	(15,333)	(5,675)	(61,242)	31,880	249,370
	Pharmaceuticals	55,552	(3,932)	420	—	(524)	—	—	4,904	4,800	868	56,420

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2023





			Net Increase							Net Increase (Decrease)	Total Increase	Net Assets
		Net Assets	(Decrease) in Net					Transfers	Interfund and Net	in Net Assets from	(Decrease) in	End of
		Beginning	Assets Resulting	Net	Transfers of	Transfers of	Transfers of	of Other	Transfers (to) from	Capital Share Transactions	Net Assets	Year
		of Year (a)	from Operations (b)	Premiums (c)	Policy Loans (d)	Surrenders (e)	Death Benefits (f)	Terminations (g)	General Account (h)	(i)=(c+d+e+f+g+h)	(j)=(b+i)	(k)=(a+j)
	Precious Metals	280,844	(18,425)	56,641	—	(12,730)	—	(10,388)	(21,114)	12,409	(6,016)	274,828
	Real Estate	57,791	3,587	19	—	(2,324)	(68)	(1,784)	1	(4,156)	(569)	57,222
	Rising Rates Opportunity	17,427	(230)	4	—	(481)	—	(1,958)	1	(2,434)	(2,664)	14,763
	Semiconductor	108,566	87,729	761	—	(16,915)	—	(6,918)	9,089	(13,983)	73,746	182,312
	Short Dow 30	1,638	(153)	1	—	(119)	—	—	(1)	(119)	(272)	1,366
	Short Emerging Markets	—	—	—	—	—	—	—	—	—	—	—
	Short International	5,620	(703)	—	—	—	—	(28)	—	(28)	(731)	4,889
	Short Mid-Cap	1,494	(172)	—	—	—	—	—	—	—	(172)	1,322
	Short NASDAQ-100	—	—	—	—	—	—	—	—	—	—	—
	Short Small-Cap	2,105	(273)	—	—	(54)	—	(27)	(1)	(82)	(355)	1,750
	Small-Cap	141,401	15,444	256	—	(7,769)	—	(6,558)	671	(13,400)	2,044	143,445
	Small-Cap Growth	135,053	14,771	3,717	—	(5,950)	—	(5,061)	1,157	(6,137)	8,634	143,687
	Small-Cap Value	87,148	7,111	303	—	(534)	(78)	(6,613)	2,084	(4,838)	2,273	89,421
	Technology	218,789	87,129	210	—	(38,974)	(892)	(17,788)	(35,157)	(92,601)	(5,472)	213,317
	Communication Services	2,455	122	1	—	(1,762)	(35)	(415)	—	(2,211)	(2,089)	366
	U.S. Government Plus	61,920	(836)	64	—	(396)	—	(1,108)	4,305	2,865	2,029	63,949
	UltraBull	592,893	249,622	3,822	—	(1,176)	(338)	(8,355)	8,495	2,448	252,070	844,963
	UltraMid-Cap	304,760	57,487	264	—	(2,574)	(133)	(10,372)	14,427	1,612	59,099	363,859
	UltraNASDAQ-100	301,598	322,932	4,094	—	(7,798)	—	(17,766)	(7,363)	(28,833)	294,099	595,697
	UltraShort Dow 30	346	(120)	—	—	—	—	—	—	—	(120)	226
	UltraShort NASDAQ-100	306	(188)	—	—	(23)	—	—	—	(23)	(211)	95
	UltraSmall-Cap	86,384	16,941	3,469	—	(556)	—	(2,893)	6,363	6,383	23,324	109,708
	Utilities	197,910	(19,564)	5	—	(5,206)	(290)	(24,738)	(17,546)	(47,775)	(67,339)	130,571
VanEck Worldwide Insurance Trust
	Global Resources Fund	7,704,996	(375,684)	364,955	733	(232,326)	(380,602)	(197,327)	(1,370,192)	(1,814,759)	(2,190,443)	5,514,553
	Emerging Markets Fund	807,421	52,024	18,524	(848)	(63,495)	(7,478)	(13,106)	(60,152)	(126,555)	(74,531)	732,890
	Emerging Markets Bond Fund	341,850	28,815	36,415	—	(836)	(6,750)	(4,021)	(1,904)	22,904	51,719	393,569
Janus Henderson Series
	Global Technology and Innovation Portfolio	8,773,284	4,949,556	1,529,230	—	(505,457)	(481,266)	(78,189)	1,640,074	2,104,392	7,053,948	15,827,232
	Overseas Portfolio	1,087,968	101,370	199,422	—	(168,895)	(59,770)	245,895	67,088	283,740	385,110	1,473,078
	Research Portfolio	149,236	42,262	—	—	(1,409)	(57,821)	(3,686)	(26,857)	(89,773)	(47,511)	101,725
	Enterprise Services Portfolio	31,661,580	5,180,508	2,181,632	—	(1,445,654)	(1,359,063)	(1,025,457)	2,090,880	442,338	5,622,846	37,284,426
	Global Research Portfolio	1,469,892	322,518	232,002	—	(6,823)	(11,849)	(40,171)	(413,033)	(239,874)	82,644	1,552,536
	Mid Cap Value Portfolio	4,266,745	399,390	263,755	—	(165,610)	(111,967)	(134,199)	27,129	(120,892)	278,498	4,545,243
	Balanced Portfolio	76,782,262	9,812,472	4,177,197	—	(2,541,799)	(3,715,025)	(2,996,901)	(2,797,426)	(7,873,954)	1,938,518	78,720,780
	Flexible Bond Portfolio	7,446,718	270,978	53,612	—	(222,050)	(260,931)	(187,648)	16,633	(600,384)	(329,406)	7,117,312

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2023





			Net Increase							Net Increase (Decrease)	Total Increase	Net Assets
		Net Assets	(Decrease) in Net					Transfers	Interfund and Net	in Net Assets from	(Decrease) in	End of
		Beginning	Assets Resulting	Net	Transfers of	Transfers of	Transfers of	of Other	Transfers (to) from	Capital Share Transactions	Net Assets	Year
		of Year (a)	from Operations (b)	Premiums (c)	Policy Loans (d)	Surrenders (e)	Death Benefits (f)	Terminations (g)	General Account (h)	(i)=(c+d+e+f+g+h)	(j)=(b+i)	(k)=(a+j)
PIMCO Variable Insurance Trust
	Total Return Portfolio	30,907,266	1,280,474	596,008	2,713	(1,403,007)	(2,158,076)	(1,034,099)	667,945	(3,328,516)	(2,048,042)	28,859,224
	Low Duration Portfolio	30,036,870	971,740	1,185,553	—	(1,631,017)	(2,711,541)	(1,028,442)	1,256,726	(2,928,721)	(1,956,981)	28,079,889
	High Yield Portfolio	8,632,214	1,002,209	1,697,122	197	(831,626)	(233,508)	(436,155)	1,553,050	1,749,080	2,751,289	11,383,503
	Real Return Portfolio	23,530,989	450,175	734,809	—	(920,460)	(1,633,759)	(908,806)	(664,002)	(3,392,218)	(2,942,043)	20,588,946
	All Asset Portfolio	2,965,503	176,108	45,982	—	(181,897)	(87,951)	(106,813)	(27,621)	(358,300)	(182,192)	2,783,311
	Global Managed Asset Allocation Portfolio	890,660	101,955	55,043	—	(12,559)	(9,871)	(12,586)	974	21,001	122,956	1,013,616
	Short-Term Portfolio	56,661,671	2,102,239	4,117,581	—	(5,331,899)	(2,573,319)	(4,048,927)	(5,828,287)	(13,664,851)	(11,562,612)	45,099,059
	Emerging Markets Bond Portfolio	1,655,280	140,426	14,609	—	(76,815)	(75,266)	(47,814)	(65,522)	(250,808)	(110,382)	1,544,898
	Global Bond Opportunities Portfolio	106,448	2,538	630	—	(11)	—	(35)	(32,596)	(32,012)	(29,474)	76,974
	Commodity Real Return Strategy Portfolio	7,817,404	(697,745)	66,793	—	(292,642)	(286,281)	(283,240)	121,131	(674,239)	(1,371,984)	6,445,420
	International Bond (USD-Hedged) Portfolio	2,505,641	187,384	3,459	—	(51,146)	(62,276)	(30,568)	143,519	2,988	190,372	2,696,013
	Dynamic Bond Adv Portfolio	2,094,573	104,177	375,017	—	(76,963)	(184,069)	(42,931)	(264,120)	(193,066)	(88,889)	2,005,684
	Income Advisor Portfolio	31,220,196	2,046,089	1,126,330	—	(1,090,615)	(935,570)	(1,813,338)	1,078,209	(1,634,984)	411,105	31,631,301
Goldman Sachs Variable Insurance Trust
	Small Cap Equity Insights Fund	1,269,059	225,723	52,274	661	(75,422)	(6,319)	(64,134)	639	(92,301)	133,422	1,402,481
	Large Cap Value Fund	554,027	16,254	1,157	—	(11,720)	(2,120)	(78,341)	(323,466)	(414,490)	(398,236)	155,791
	Mid Cap Value Fund	3,110,709	273,211	22,663	1,704	(150,792)	(96,742)	(71,616)	(261,793)	(556,576)	(283,365)	2,827,344
Neuberger Berman Advisors Management Trust
	Mid-Cap Growth Portfolio	536,207	83,851	2,422	—	(202,626)	(8,710)	(19,199)	104,040	(124,073)	(40,222)	495,985
	AMT Mid Cap Intrinsic Value Portfolio	305,694	6,847	2,902	—	(6,206)	—	(8,736)	(181,849)	(193,889)	(187,042)	118,652
BNY Mellon Variable Investment Fund
	Appreciation Portfolio	307,878	41,671	735	—	(122,659)	(25,030)	(18,989)	64,588	(101,355)	(59,684)	248,194
	Sustainable U.S. Equity Portfolio	14,050	2,937	422	—	(319)	—	(1,021)	34	(884)	2,053	16,103
Morgan Stanley Variable Institutional Funds
	Emerging Markets Debt Portfolio	21,233	1,677	29	—	(490)	(3,144)	(1,118)	38	(4,685)	(3,008)	18,225
	Emerging Markets Equity Portfolio	115,114	9,975	1,782	—	(4,031)	(1,167)	(5,342)	(2,977)	(11,735)	(1,760)	113,354
	Discovery Portfolio	36,101	13,369	132	—	(278)	—	(2,704)	(8,502)	(11,352)	2,017	38,118
	U.S. Real Estate Portfolio	48,527	4,344	83	—	(5,975)	(146)	(3,347)	(3,306)	(12,691)	(8,347)	40,180
Northern Lights Variable Trust
	Power Dividend Index Fund	710,822	(19,281)	1,372	—	(53,824)	—	(3,389)	46,593	(9,248)	(28,529)	682,293
AB Variable Products Series
	Dynamic Asset Allocation Portfolio	2,424,823	282,999	53,265	—	(88,256)	(29,759)	(102,881)	(853)	(168,484)	114,515	2,539,338
	Small Cap Growth Portfolio	18,765	627	1	—	—	—	(66)	2,071	2,006	2,633	21,398
	Discovery Value Portfolio	6,142,464	941,846	601,924	—	(221,992)	(244,847)	(151,057)	(159,225)	(175,197)	766,649	6,909,113
BlackRock Variable Series Fund, Inc.
	Basic Value Fund	3,890,440	530,811	248,643	—	(217,704)	(425,609)	(67,874)	(206,419)	(668,963)	(138,152)	3,752,288
	Capital Appreciation Fund	400,206	176,495	650	—	(14,217)	(85,993)	(8,409)	(6,694)	(114,663)	61,832	462,038
	Equity Dividend Fund	27,039,392	2,323,445	1,229,999	—	(800,477)	(387,753)	(700,523)	(6,933,702)	(7,592,456)	(5,269,011)	21,770,381
	Global Allocation Fund	12,171,555	1,248,670	306,878	—	(887,641)	(609,990)	(347,247)	(17,286)	(1,555,286)	(306,616)	11,864,939
	Advantage Large Cap Core Fund	405,050	90,175	3,894	—	(1,226)	—	(8,605)	(71,305)	(77,242)	12,933	417,983
	Large Cap Focus Growth Fund	8,526,239	4,222,957	773,358	—	(641,774)	(535,704)	501,912	443,851	541,643	4,764,600	13,290,839
	60/40 Target Allocation ETF Fund	7,596,065	896,423	481,735	—	(101,459)	(1,177,322)	150,280	(519,033)	(1,165,799)	(269,376)	7,326,689
	Total Return Fund	1,457,503	62,786	10,803	—	(5,183)	—	(26,878)	136,449	115,191	177,977	1,635,480
	S&P 500 Fund	1,535,810	363,810	76	—	(2,106)	(25,561)	(39,958)	(23,450)	(90,999)	272,811	1,808,621

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2023





			Net Increase							Net Increase (Decrease)	Total Increase	Net Assets
		Net Assets	(Decrease) in Net					Transfers	Interfund and Net	in Net Assets from	(Decrease) in	End of
		Beginning	Assets Resulting	Net	Transfers of	Transfers of	Transfers of	of Other	Transfers (to) from	Capital Share Transactions	Net Assets	Year
		of Year (a)	from Operations (b)	Premiums (c)	Policy Loans (d)	Surrenders (e)	Death Benefits (f)	Terminations (g)	General Account (h)	(i)=(c+d+e+f+g+h)	(j)=(b+i)	(k)=(a+j)
Columbia Variable Portfolio
	Contrarian Core 2 Portfolio	7,037,375	2,263,615	1,554,417	—	(866,091)	(447,828)	(36,469)	1,464,178	1,668,207	3,931,822	10,969,197
	Dividend Opportunity Portfolio	9,903,002	197,793	634,537	—	(303,540)	(393,845)	(368,541)	(1,310,708)	(1,742,097)	(1,544,304)	8,358,698
	Emerging Markets Bond Portfolio	4,219,308	317,128	62,756	—	(230,457)	(240,221)	(121,640)	(118,657)	(648,219)	(331,091)	3,888,217
	High Yield Portfolio	4,435,748	544,521	544,752	—	(277,480)	(195,607)	(161,741)	1,588,982	1,498,906	2,043,427	6,479,175
	Select Large-Cap Value Portfolio	6,954,925	411,991	248,431	—	(192,259)	(129,248)	(474,775)	5,977,041	5,429,190	5,841,181	12,796,106
	Seligman Global Tech Portfolio	9,038,981	4,274,925	1,656,417	—	(345,685)	(360,973)	(249,685)	1,748,423	2,448,497	6,723,422	15,762,403
	US Government Mortgage Portfolio	941,623	31,469	36,342	—	(92,930)	(2,901)	(31,683)	(64,892)	(156,064)	(124,595)	817,028
	Strategic Income Portfolio	1,313,268	117,653	146,655	—	(33,220)	(12,593)	(16,635)	243,806	328,013	445,666	1,758,934
	Emerging Markets Portfolio	247,339	22,052	34,745	—	(90)	—	(867)	45,696	79,484	101,536	348,875
	Select Mid Cap Value Portfolio	—	11,076	15,402	—	—	—	—	88,457	103,859	114,935	114,935
	Small Cap Value Portfolio	—	7,831	19,402	—	—	—	—	55,732	75,134	82,965	82,965
DWS Variable Insurance Portfolios
	Equity 500 Index Portfolio	39,215,391	9,376,413	2,801,585	—	(1,767,111)	(2,254,688)	540,434	799,482	119,702	9,496,115	48,711,506
	Small Cap Index Portfolio	7,115,261	1,026,039	770,839	—	(247,313)	(624,354)	(214,461)	(273,650)	(588,939)	437,100	7,552,361
	Alternative Asset Allocation Portfolio	1,138,480	44,743	29,726	—	(38,756)	(73,560)	(11,490)	(58,830)	(152,910)	(108,167)	1,030,313
	Global Small Cap Portfolio	198,267	36,787	475	—	(37,707)	(1,505)	(9,046)	(19,520)	(67,303)	(30,516)	167,751
	Small Mid Cap Value Portfolio	3,889,214	470,739	8,572	—	(219,755)	(151,021)	(81,417)	(60,061)	(503,682)	(32,943)	3,856,271
	CROCI US Portfolio	151,484	28,214	300	—	(129)	—	(3,211)	(499)	(3,539)	24,675	176,159
	High Income Portfolio	333,640	48,090	34,471	—	(20,480)	(4,510)	(32,125)	195,980	173,336	221,426	555,066
Eaton Vance Variable Trust
	Floating Rate Income Portfolio	19,096,634	1,836,189	1,784,867	—	(907,453)	(688,523)	(939,066)	450,574	(299,601)	1,536,588	20,633,222
Delaware Variable Insurance Portfolios
	Total Return Portfolio	121,815	10,256	—	—	(1,338)	(38,183)	(2,076)	(2,415)	(44,012)	(33,756)	88,059
	International Portfolio	993,062	121,678	1,344	—	(7,426)	—	(3,682)	(151,597)	(161,361)	(39,683)	953,379
	Opportunity Portfolio	8,087,611	1,027,168	1,439	—	(362,811)	(692,456)	(173,321)	(618,485)	(1,845,634)	(818,466)	7,269,145
Franklin Templeton Variable Insurance Products Trust
	Mutual Shares Fund	4,526,155	481,173	13,225	—	(276,383)	(349,600)	(155,301)	(64,091)	(832,150)	(350,977)	4,175,178
	Income Fund	25,070,503	1,717,102	2,023,617	—	(1,190,681)	(1,626,294)	(1,399,793)	398,105	(1,795,046)	(77,944)	24,992,559
	Global Bond Fund	24,704,524	246,260	1,023,753	—	(1,166,694)	(2,277,134)	(662,935)	(299,891)	(3,382,901)	(3,136,641)	21,567,883
	Foreign Fund	34,488,163	6,162,444	1,977,447	—	(1,666,113)	(2,270,090)	(910,547)	(2,055,354)	(4,924,657)	1,237,787	35,725,950
	Developing Markets Fund	2,422,020	259,577	32,891	—	(123,350)	(74,307)	(65,690)	(62,533)	(292,989)	(33,412)	2,388,608
	Mutual Global Discovery Fund	4,657,252	787,534	11,980	—	(99,465)	(550,952)	(87,554)	(178,235)	(904,226)	(116,692)	4,540,560
	Rising Dividends Fund	25,895,128	2,657,108	2,031,373	—	(1,126,757)	(1,327,103)	(886,325)	634,415	(674,397)	1,982,711	27,877,839
	DynaTech 2 Fund	1,980,410	944,022	764,725	—	(77,216)	(57,658)	(85,577)	545,335	1,089,609	2,033,631	4,014,041
	Global Real Estate Fund	—	—	—	—	—	—	—	—	—	—	—
	VolSmart Allocation Fund	—	2,112	74,911	—	—	—	—	24	74,935	77,047	77,047
Delaware Ivy Variable Insurance Portfolios
	Asset Strategy Portfolio	2,530,912	272,990	18,450	—	(145,962)	(212,920)	(142,140)	(81,549)	(564,121)	(291,131)	2,239,781
	Balanced Portfolio	5,904,604	799,238	16,489	—	(236,694)	(210,989)	(223,151)	1,207	(653,138)	146,100	6,050,704
	Global Equity Portfolio	902,366	112,341	52,120	—	(10,006)	(26,559)	(22,584)	(22,269)	(29,298)	83,043	985,409
	Energy Portfolio	1,692,405	37,879	13,239	—	(40,709)	(21,264)	(199,019)	(131,167)	(378,920)	(341,041)	1,351,364
	Natural Resources Portfolio	643,386	7,476	12,851	—	(4,417)	(79,101)	(12,635)	10,848	(72,454)	(64,978)	578,408
	Growth Portfolio	2,839,211	882,103	776	—	(212,659)	(273,663)	(95,633)	(352,623)	(933,802)	(51,699)	2,787,512
	High Income Portfolio	9,191,008	896,595	138,894	—	(459,358)	(626,773)	(304,089)	401,692	(849,634)	46,961	9,237,969
	International Core Equity Portfolio	5,979,593	770,560	11,903	—	(307,965)	(453,884)	(84,217)	(426,456)	(1,260,619)	(490,059)	5,489,534
	Global Growth Portfolio	675,775	106,374	—	—	(8,768)	(107,640)	(15,677)	(32,575)	(164,660)	(58,286)	617,489
	Mid Cap Growth Portfolio	8,838,626	1,469,938	18,007	—	(656,100)	(262,953)	(434,017)	(373,335)	(1,708,398)	(238,460)	8,600,166

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2023





			Net Increase							Net Increase (Decrease)	Total Increase	Net Assets
		Net Assets	(Decrease) in Net					Transfers	Interfund and Net	in Net Assets from	(Decrease) in	End of
		Beginning	Assets Resulting	Net	Transfers of	Transfers of	Transfers of	of Other	Transfers (to) from	Capital Share Transactions	Net Assets	Year
		of Year (a)	from Operations (b)	Premiums (c)	Policy Loans (d)	Surrenders (e)	Death Benefits (f)	Terminations (g)	General Account (h)	(i)=(c+d+e+f+g+h)	(j)=(b+i)	(k)=(a+j)
	Science and Technology Portfolio	11,649,955	3,999,268	73,292	—	(425,110)	(759,486)	(338,966)	(573,759)	(2,024,029)	1,975,239	13,625,194
	Small Cap Growth Portfolio	3,832,297	429,370	38,983	—	(202,034)	(313,625)	(92,937)	24,485	(545,128)	(115,758)	3,716,539
	SMID Cap Core Portfolio	9,460,115	1,208,174	—	—	(580,535)	(555,717)	(216,445)	(265,374)	(1,618,071)	(409,897)	9,050,218
Lazard Retirement Series, Inc.
	International Equity Portfolio	978,957	140,599	13,063	—	(28,922)	(9,480)	(21,629)	58,003	11,035	151,634	1,130,591
	Global Dynamic Multi Asset Portfolio	1,045,022	79,544	4,818	—	(52,228)	(155,152)	(12,411)	(48,856)	(263,829)	(184,285)	860,737
Legg Mason Partners Variable Equity Trust
	Western Asset Variable Global High Yield Bond Portfolio	1,825,701	185,683	674,542	—	(47,025)	(304,176)	(83,536)	206,279	446,084	631,767	2,457,468
	ClearBridge Variable Mid Cap Portfolio	13,354,399	1,534,129	999,999	—	(351,634)	(458,601)	(330,014)	738,709	598,459	2,132,588	15,486,987
	ClearBridge Variable Dividend Strategy Portfolio	37,656,434	4,248,218	900,228	—	(1,329,794)	(1,111,588)	(1,784,660)	(2,400,224)	(5,726,038)	(1,477,820)	36,178,614
	ClearBridge Variable Small Cap Growth Portfolio	6,078,639	461,346	986,729	—	(289,125)	(104,387)	(189,175)	1,791,602	2,195,644	2,656,990	8,735,629
	ClearBridge Variable Aggressive Growth Portfolio	694,061	151,950	17,478	—	(3,160)	(37,821)	(15,025)	3,537	(34,991)	116,959	811,020
	Western Asset Variable Core Bond Plus Portfolio	69,205,540	3,151,642	3,828,856	—	(3,761,115)	(5,651,988)	(1,787,226)	466,802	(6,904,671)	(3,753,029)	65,452,511
	ClearBridge Variable Large Cap Growth Portfolio	20,483,212	8,157,865	1,560,110	—	(1,098,799)	(1,600,555)	(557,699)	(907,923)	(2,604,866)	5,552,999	26,036,211
Pioneer Variable Contracts Trust
	Fund Portfolio	1,369,738	358,125	235,755	—	(211,790)	(99,396)	(24,103)	121,345	21,811	379,936	1,749,674
	Bond Portfolio	45,533,637	2,230,783	2,388,672	—	(2,389,074)	(3,418,673)	(1,231,413)	966,268	(3,684,220)	(1,453,437)	44,080,200
	Strategic Income Portfolio	11,915,805	698,215	149,896	—	(309,402)	(553,767)	(321,322)	(1,359,250)	(2,393,845)	(1,695,630)	10,220,175
	Equity Income Portfolio	11,893,373	632,573	447,560	—	(767,342)	(348,873)	(352,983)	(770,823)	(1,792,461)	(1,159,888)	10,733,485
	High Yield Portfolio	637,612	51,964	1,962	—	(20,344)	(88,680)	(12,477)	(14,652)	(134,191)	(82,227)	555,385
Prudential Series Funds
	Natural Resources Portfolio	981,876	2,864	6,540	—	(29,934)	—	(6,831)	(299,217)	(329,442)	(326,578)	655,298
	Mid-Cap Growth Portfolio	122,800	25,293	8	—	(2,242)	(6,269)	(2,823)	431	(10,895)	14,398	137,198
	PGIM Jennison Focused Blend Portfolio	400,670	(159,021)	(971)	—	—	—	(7,214)	(233,464)	(241,649)	(400,670)	—
	PGIM Jennison Blend Portfolio	—	13,960	261,882	—	(158)	—	—	230,475	492,199	506,159	506,159
Royce Capital Fund
	Micro-Cap Portfolio	305,792	33,140	518	—	(32,376)	(51,100)	(119)	(49,983)	(133,060)	(99,920)	205,872
	Small Cap Portfolio	6,989,474	1,480,359	28,763	—	(266,959)	(471,702)	(170,942)	(279,307)	(1,160,147)	320,212	7,309,686

Alps Fund
	Alerian Energy Infrastructure Portfolio	5,380,535	618,415	951,555	—	(195,558)	(47,632)	(304,127)	(1,270,093)	(865,855)	(247,440)	5,133,095
	Global Opportunity Portfolio	1,509,929	383,631	52,561	—	(61,677)	(91,906)	(21,694)	(70,289)	(193,005)	190,626	1,700,555
American Funds IS
	Asset Allocation Fund	96,708,599	10,411,365	3,380,213	—	(2,202,822)	(3,869,743)	(3,395,930)	(10,965,409)	(17,053,691)	(6,642,326)	90,066,273
	Washington Mutual Investors Fund	47,176,162	6,977,046	3,181,680	—	(1,223,542)	(1,891,775)	(1,220,978)	(221,825)	(1,376,440)	5,600,606	52,776,768
	Ultra-Short Bond Fund	28,199,374	697,804	224,711	—	(2,246,731)	(500,294)	(1,488,220)	(6,116,849)	(10,127,383)	(9,429,579)	18,769,795
	Capital Income Builder Fund	18,486,524	1,406,196	743,922	—	(507,184)	(413,302)	(310,646)	1,156,220	669,010	2,075,206	20,561,730
	Global Growth Fund	22,791,648	4,800,669	1,311,579	—	(844,985)	(633,268)	(686,305)	2,730,818	1,877,839	6,678,508	29,470,156
	Capital World Growth and Income Fund	17,143,652	3,097,225	482,982	—	(334,211)	(664,819)	(540,484)	(536,576)	(1,593,108)	1,504,117	18,647,769
	Global Small Capitalization Fund	5,710,606	816,414	263,460	—	(284,530)	(107,125)	(75,200)	311,380	107,985	924,399	6,635,005
	Growth Fund	49,719,774	17,321,761	1,590,243	—	(1,637,807)	(2,231,333)	(1,190,921)	(808,276)	(4,278,094)	13,043,667	62,763,441
	Growth-Income Fund	56,244,801	13,198,405	4,872,688	—	(1,916,027)	(2,005,777)	(1,404,685)	(1,832,853)	(2,286,654)	10,911,751	67,156,552
	International Fund	9,553,337	1,231,360	697,846	—	(180,538)	(358,776)	(199,707)	(1,020,373)	(1,061,548)	169,812	9,723,149
	International Growth and Income Fund	7,820,063	1,081,663	730,247	—	(199,282)	(376,472)	(246,090)	(362,418)	(454,015)	627,648	8,447,711
	New World Fund	32,320,958	4,311,494	1,610,409	—	(1,402,424)	(1,974,811)	(707,682)	(1,058,691)	(3,533,199)	778,295	33,099,253
	U.S. Government Securities Fund	22,468,698	277,424	616,121	—	(762,984)	(1,256,019)	(945,445)	(4,967,713)	(7,316,040)	(7,038,616)	15,430,082
	Global Balanced Fund	—	3,194	49,612	—	—	—	—	23,853	73,465	76,659	76,659

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2023





			Net Increase							Net Increase (Decrease)	Total Increase	Net Assets
		Net Assets	(Decrease) in Net					Transfers	Interfund and Net	in Net Assets from	(Decrease) in	End of
		Beginning	Assets Resulting	Net	Transfers of	Transfers of	Transfers of	of Other	Transfers (to) from	Capital Share Transactions	Net Assets	Year
		of Year (a)	from Operations (b)	Premiums (c)	Policy Loans (d)	Surrenders (e)	Death Benefits (f)	Terminations (g)	General Account (h)	(i)=(c+d+e+f+g+h)	(j)=(b+i)	(k)=(a+j)
	The Bond Fd of America Fund	—	940	25,155	—	—	—	—	213	25,368	26,308	26,308
Invesco Oppenheimer
	International Growth Fund	19,669,076	3,648,801	2,081,683	—	(778,332)	(1,372,967)	(435,366)	(311,531)	(816,513)	2,832,288	22,501,364
T. Rowe Price
	Blue Chip Growth Portfolio	47,156,557	21,907,764	3,864,425	—	(2,202,281)	(1,439,101)	(1,448,886)	(1,034,510)	(2,260,353)	19,647,411	66,803,968
	Health Sciences Portfolio	29,195,820	413,116	2,534,407	—	(1,087,021)	(724,872)	(628,901)	2,066,818	2,160,431	2,573,547	31,769,367
	Equity Income Portfolio	—	1,189	22,206	—	—	—	—	31,884	54,090	55,279	55,279
	Mid-Cap Growth Portfolio	—	2,609	8,000	—	—	—	—	34,977	42,977	45,586	45,586
John Hancock Variable Insurance Trust
	Financial Industries Portfolio	2,695,933	75,952	245,739	—	(27,488)	(6,442)	(74,665)	(172,846)	(35,702)	40,250	2,736,183
	Fundamental All Cap Core Portfolio	178,944	58,196	550	—	(249)	—	(889)	(10,933)	(11,521)	46,675	225,619
	Select Bond Portfolio	297,416	13,468	27,147	—	(775)	—	(6,649)	3,814	23,537	37,005	334,421
	Strategic Income Opportunities Portfolio	629,756	37,726	54,473	—	(34,249)	—	(2,986)	21,474	38,712	76,438	706,194
Federated Hermes
	High Income Bond Portfolio	1,533,867	174,553	88,980	—	(2,683)	—	(36,741)	211,549	261,105	435,658	1,969,525
	Kaufmann Portfolio	5,022,734	849,735	430,902	—	(228,390)	(2,204,926)	(93,668)	1,858,482	(237,600)	612,135	5,634,869
	Managed Volatility Portfolio	375,564	26,362	4,323	—	(1,088)	—	(2,472)	6,772	7,535	33,897	409,461
Principal Variable Contracts
	Blue Chip Fund	374,973	175,851	59,580	—	(676)	—	(5,857)	282,148	335,195	511,046	886,019
	Equity Income Fund	296,215	37,082	101,992	—	(42,665)	—	(3,921)	38,181	93,587	130,669	426,884
	Diversified Balance Fund	553,425	85,641	105,309	—	(2,902)	—	(26,410)	1,344,203	1,420,200	1,505,841	2,059,266
	Diversified Growth Fund	198,654	33,581	25,852	—	(2)	—	(1,289)	12,848	37,409	70,990	269,644
	Diversified Income Fund	54,133	6,644	1,303	—	—	—	—	25,378	26,681	33,325	87,458

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2022


				Net Increase														Net Increase (Decrease)		Total Increase		Net Assets
		Net Assets		(Decrease) in Net										Transfers		Interfund and Net		in Net Assets from		(Decrease) in		End of
		Beginning		Assets Resulting		Net		Transfers of		Transfers of		Transfers of		of Other		Transfers (to) from		Capital Share Transactions		Net Assets		Year
		of Year (a)		from Operations (b)		Premiums (c)		Policy Loans (d)		Surrenders (e)		Death Benefits (f)		Terminations (g)		General Account (h)		(i)=(c+d+e+f+g+h)		(j)=(b+i)		(k)=(a+j)
Fidelity Variable Insurance Products
	Government Money Market Portfolio	$	11,180,275	$	15,953	$	17,709	$	(5,155)	$	(3,331,712)	$	(177,140)	$	(785,530)	$	2,687,395	$	(1,594,433)	$	(1,578,480)	$	9,601,795
	High Income Portfolio	5,927,974		(727,887)		61,219		145		(73,023)		(71,332)		(112,514)		(777,669)		(973,174)		(1,701,061)		4,226,913
	Equity-Income Portfolio	7,336,927		(482,130)		45,085		(4,277)		(257,378)		(95,319)		(176,376)		255,447		(232,818)		(714,948)		6,621,979
	Growth Portfolio	10,655,095		(2,635,854)		1,079		(62)		(210,177)		(147,834)		(189,813)		(214,057)		(760,864)		(3,396,718)		7,258,377
	Overseas Portfolio	7,023,296		(1,780,660)		52,261		(5,162)		(247,618)		(148,563)		(138,580)		218,517		(269,145)		(2,049,805)		4,973,491
	Mid Cap Portfolio	20,066,480		(3,128,425)		1,297,619		235		(466,782)		(257,103)		(410,658)		(1,384,300)		(1,220,989)		(4,349,414)		15,717,066
	Asset Manager Portfolio	1,031,943		(167,942)		19,030		(60)		—		(18,247)		(4,694)		(173)		(4,144)		(172,086)		859,857
	Investment Grade Bond Portfolio	4,023,759		(585,365)		408,834		(1,265)		(58,470)		(26,387)		(105,930)		167,995		384,777		(200,588)		3,823,171
	Index 500 Portfolio	26,774,969		(5,037,646)		73,316		(6,759)		(984,095)		(165,010)		(529,658)		(474,337)		(2,086,543)		(7,124,189)		19,650,780
	Contrafund Portfolio	50,817,963		(13,553,124)		2,744,708		(109)		(1,440,021)		(1,553,343)		(1,141,229)		(1,530,959)		(2,920,953)		(16,474,077)		34,343,886
	Asset Manager: Growth Portfolio	969,478		(174,345)		42,397		(470)		(9,029)		(23,663)		(22,627)		1,008		(12,384)		(186,729)		782,749
	Balanced Portfolio	3,990,135		(724,655)		23,370		(77)		(47,419)		—		(74,384)		(257,790)		(356,300)		(1,080,955)		2,909,180
	Growth & Income Portfolio	1,912,317		(162,177)		8,632		(114)		(59,383)		(18,033)		(46,075)		586,096		471,123		308,946		2,221,263
	Growth Opportunities Portfolio	36,217,102		(15,119,034)		7,015,744		—		(746,192)		(941,717)		(715,920)		(80,402)		4,531,513		(10,587,521)		25,629,581
	Value Strategies Portfolio	4,164,179		(344,039)		24,519		406		(221,473)		(266,627)		(90,707)		46,795		(507,087)		(851,126)		3,313,053
	Strategic Income Portfolio	16,820,518		(2,142,384)		1,359,657		—		(465,219)		(317,313)		(390,894)		(1,345,996)		(1,159,765)		(3,302,149)		13,518,369
	Emerging Markets Portfolio	6,271,407		(1,349,569)		341,515		—		(281,073)		(47,677)		(133,050)		45,629		(74,656)		(1,424,225)		4,847,182
	Real Estate Portfolio	25,046,160		(7,076,396)		1,876,155		—		(803,216)		(874,102)		(498,603)		(1,369,636)		(1,669,402)		(8,745,798)		16,300,362
	Funds Manager 50% Portfolio	8,578,042		(1,266,377)		574,001		—		(725,988)		(478,135)		(282,717)		286,976		(625,863)		(1,892,240)		6,685,802
	Funds Manager 70% Portfolio	5,517,097		(935,431)		246,480		—		(99,097)		(161,223)		(70,049)		36,089		(47,800)		(983,231)		4,533,866
	Funds Manager 85% Portfolio	1,580,166		(361,300)		589,838		—		(70,979)		—		(105,971)		66,745		479,633		118,333		1,698,499
	Government Money Market Portfolio Service Class 2	3,739,334		19,999		14,575,854		—		(923,132)		(125,990)		(748,997)		(5,677,574)		7,100,161		7,120,160		10,859,494
	International Capital Appreciation Portfolio	3,047,690		(971,914)		849,236		—		(107,040)		(135,179)		(103,983)		1,165,670		1,668,704		696,790		3,744,480
American Century Variable Portfolios, Inc.
	Balanced Fund	4,445,373		(855,655)		1,325,085		—		(63,528)		(202,102)		(168,291)		(110,836)		780,328		(75,327)		4,370,046
	Capital Appreciation Fund	2,743,993		(771,419)		5,999		297		(96,270)		(52,826)		(52,411)		(222,996)		(418,207)		(1,189,626)		1,554,367
	International Fund	3,687,149		(939,494)		12,660		637		(181,503)		(34,047)		(82,822)		50,467		(234,608)		(1,174,102)		2,513,047
	Value Fund	83,459,581		(943,914)		7,761,986		(3,457)		(2,869,047)		(4,127,740)		(1,821,035)		(2,954,198)		(4,013,491)		(4,957,405)		78,502,176
	Disciplined Core Value Fund	6,796,119		(1,016,301)		674,540		—		(243,890)		(256,432)		(149,938)		(222,284)		(198,004)		(1,214,305)		5,581,814
	Inflation Protection Fund	10,982,251		(1,719,008)		1,345,701		(2,751)		(1,217,288)		(127,369)		(482,196)		(190,121)		(674,024)		(2,393,032)		8,589,219
	Large Company Value Fund	581,814		(33,154)		17,007		—		(20,000)		(2,683)		(39,187)		946,185		901,322		868,168		1,449,982
	Mid Cap Value Fund	40,422,702		(1,085,997)		4,119,002		—		(1,349,915)		(1,444,806)		(949,435)		(1,050,655)		(675,809)		(1,761,806)		38,660,896
	Ultra Fund	8,190,316		(2,726,294)		943,283		—		(269,305)		(359,464)		(231,614)		251,365		334,265		(2,392,029)		5,798,287
MFS Variable Insurance Trust
	Research Series	522,728		(98,271)		50,092		—		(6,745)		(27,833)		(20,471)		(74,044)		(79,001)		(177,272)		345,456
	Growth Series	2,249,571		(697,435)		3,256		—		(44,555)		(43,792)		(31,660)		(171,922)		(288,673)		(986,108)		1,263,463
	Investors Trust Series	629,438		(100,394)		452		—		(8,862)		(34,826)		(16,765)		(44,305)		(104,306)		(204,700)		424,738
	New Discovery Series	8,911,462		(2,859,748)		682,434		—		(348,123)		(246,119)		(257,494)		586,389		417,087		(2,442,661)		6,468,801
	Corporate Bond Portfolio	6,786,809		(1,161,748)		254,259		—		(281,957)		(105,708)		(249,613)		(600,439)		(983,458)		(2,145,206)		4,641,603
	Emerging Markets Equity Portfolio	4,978,993		(1,088,946)		622,659		—		(56,439)		(146,018)		(53,244)		76,852		443,810		(645,136)		4,333,857
	Technology Portfolio	10,190,011		(3,603,704)		768,188		—		(159,116)		(370,589)		(181,138)		(667,492)		(610,147)		(4,213,851)		5,976,160
	Global Tactical Allocation Portfolio	1,431,242		(132,074)		22,508		—		(55,708)		(30,522)		(38,949)		(76,299)		(178,970)		(311,044)		1,120,198
	International Intrinsic Value Portfolio	18,677,437		(4,555,425)		669,857		—		(745,551)		(672,487)		(298,001)		(180,387)		(1,226,569)		(5,781,994)		12,895,443
	Utilities Series Portfolio	11,760,574		(57,716)		2,082,377		—		(500,149)		(246,277)		(392,573)		3,013,880		3,957,258		3,899,542		15,660,116
	Blended Research Core Equity Portfolio	2,979,636		(640,287)		171,083		—		(40,511)		(24,608)		(41,313)		1,055,958		1,120,609		480,322		3,459,958
	Global Real Estate Portfolio	570,615		(277,408)		432,667		—		(41,424)		(7,004)		(114,911)		310,869		580,197		302,789		873,404

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2022


			Net Increase							Net Increase (Decrease)	Total Increase	Net Assets
		Net Assets	(Decrease) in Net					Transfers	Interfund and Net	in Net Assets from	(Decrease) in	End of
		Beginning	Assets Resulting	Net	Transfers of	Transfers of	Transfers of	of Other	Transfers (to) from	Capital Share Transactions	Net Assets	Year
		of Year (a)	from Operations (b)	Premiums (c)	Policy Loans (d)	Surrenders (e)	Death Benefits (f)	Terminations (g)	General Account (h)	(i)=(c+d+e+f+g+h)	(j)=(b+i)	(k)=(a+j)
Lord Abbett Series Fund, Inc.
	Growth & Income Portfolio	2,048,656	(235,549)	9,533	—	(62,528)	(126,067)	(36,010)	(9,500)	(224,572)	(460,121)	1,588,535
	Mid-Cap Stock Portfolio	2,037,574	(237,634)	1,549	195	(111,168)	41,043	(54,738)	(270,747)	(393,866)	(631,500)	1,406,074
	Bond-Debenture Portfolio	31,636,001	(4,532,167)	3,600,622	—	(936,018)	(718,118)	(970,194)	(1,721,504)	(745,212)	(5,277,379)	26,358,622
	Fundamental Equity Portfolio	2,490,443	(339,974)	223,889	—	(94,323)	(14,289)	(84,671)	(153,172)	(122,566)	(462,540)	2,027,903
	Developing Growth Portfolio	7,369,944	(2,650,435)	50,128	—	(115,153)	(371,659)	(86,908)	(261,522)	(785,114)	(3,435,549)	3,934,395
	Short Duration Income Portfolio	22,270,009	(1,277,317)	2,785,374	—	(1,858,950)	(2,107,699)	(615,188)	(1,239,821)	(3,036,284)	(4,313,601)	17,956,408
Alger Fund
	LargeCap Growth Portfolio	6,353,515	(2,455,248)	15,068	(2,544)	(338,147)	(53,419)	(116,653)	201,437	(294,258)	(2,749,506)	3,604,009
	MidCap Growth Portfolio	5,462,834	(2,013,074)	10,663	(3,348)	(202,695)	(39,301)	(98,774)	213,172	(120,283)	(2,133,357)	3,329,477
	Capital Appreciation Portfolio	4,377,840	(1,531,183)	12,539	—	(159,454)	(49,959)	(61,584)	(493,116)	(751,574)	(2,282,757)	2,095,083
	SmallCap Growth Portfolio	906,085	(349,448)	5,756	—	(18,196)	(6,616)	(8,716)	1,633	(26,139)	(375,587)	530,498
	Capital Appreciation Portfolio Class S	53,315,224	(19,737,110)	2,144,572	—	(1,722,109)	(1,749,077)	(1,000,104)	640,383	(1,686,335)	(21,423,445)	31,891,779
Calvert Variable Series, Inc.
	Mid Cap Growth Portfolio	3,630,609	(751,623)	164,311	—	(33,382)	(217,643)	(50,454)	(240,651)	(377,819)	(1,129,442)	2,501,167
	S&P 500 Index Portfolio	2,415,998	(388,664)	4,591	—	(17,289)	(88,077)	(44,862)	(660,156)	(805,793)	(1,194,457)	1,221,541
	SRI Balanced Portfolio	5,971,931	(1,015,323)	919,047	—	(235,312)	(64,001)	(213,188)	236,211	642,757	(372,566)	5,599,365
Invesco Variable Insurance Funds
	Technology Fund	1,368,074	(515,466)	2,906	(2,096)	(35,978)	(36,655)	(38,156)	(152,411)	(262,390)	(777,856)	590,218
	Diversified Dividend Fund	998,265	(40,361)	586,642	534	(213,862)	(18,896)	(29,192)	1,990,148	2,315,374	2,275,013	3,273,278
	Health Care Fund	1,219,513	(172,329)	4,320	—	(30,848)	(19,709)	(26,489)	24,667	(48,059)	(220,388)	999,125
	Global Real Estate Fund	132,519	(34,192)	3,008	—	—	—	(6,963)	(9,680)	(13,635)	(47,827)	84,692
	International Equity Fund	197,995	(41,424)	4	—	—	(126)	(10,335)	33,661	23,204	(18,220)	179,775
	Main Street Mid Cap Fund	256,318	(42,127)	7,762	—	(1,844)	(1,465)	(8,721)	(7,937)	(12,205)	(54,332)	201,986
	Core Bond Fund	4,303,595	(475,314)	632,746	—	(270,467)	(2,037)	(38,282)	(4,150,241)	(3,828,281)	(4,303,595)	—
	Discovery Mid Cap Growth Fund	7,275,896	(2,319,548)	859,396	—	(118,606)	(180,672)	(147,503)	(406,556)	6,059	(2,313,489)	4,962,407
	Global Fund	7,192,700	(2,521,924)	1,294,634	—	(218,468)	(272,617)	(172,212)	459,877	1,091,214	(1,430,710)	5,761,990
	Main Street Fund	10,955,312	(2,330,757)	947,544	—	(68,780)	(133,797)	(215,691)	(636,181)	(106,905)	(2,437,662)	8,517,650
	Main Street Small Cap Fund	7,917,219	(1,439,495)	1,150,496	—	(186,889)	(154,078)	(164,331)	(59,567)	585,631	(853,864)	7,063,355
	Balanced-Risk Allocation Fund	229,058	(58,691)	235,438	—	(34,128)	—	(19,854)	79,594	261,050	202,359	431,417
	Core Plus Bond Fund	328,678	(288,577)	191,482	—	(42,181)	(19,162)	(68,764)	4,238,029	4,299,404	4,010,827	4,339,505
	Equity and Income Fund	3,629,645	(401,143)	656,082	297	(345,147)	(64,353)	(127,670)	1,925,978	2,045,187	1,644,044	5,273,689
	Small Cap Equity Fund	1,484,271	(401,016)	920,488	—	(75,902)	(1,434)	(70,880)	357,449	1,129,721	728,705	2,212,976
	Equally Weighted S&P 500 Fund	1,497,330	(402,780)	2,465,150	—	(188,216)	(114,266)	(24,262)	691,477	2,829,883	2,427,103	3,924,433
	Growth and Income Fund	561,551	(45,664)	76	—	(957)	(28)	(16,617)	(43,403)	(60,929)	(106,593)	454,958
	American Value Fund	118,886	(7,266)	3,487	—	—	(7,865)	(16,330)	21,657	949	(6,317)	112,569
Lincoln Financial Variable Insurance Portfolios
	Core Bond Portfolio	1,784,669	(240,221)	8,442	(1,781)	(48,237)	(19,985)	(49,686)	(65,920)	(177,167)	(417,388)	1,367,281
	Small Cap Core Portfolio	2,934,365	(562,889)	2,456	(3,434)	(114,767)	(43,974)	(82,787)	(182,103)	(424,609)	(987,498)	1,946,867
Rydex Variable Trust
	Nova Fund	1,293,247	(329,021)	975	—	(8,874)	(51,578)	(36,154)	(307,882)	(403,513)	(732,534)	560,713
	NASDAQ-100 Fund	2,230,090	(574,781)	2,139	534	(5,994)	(44,829)	(30,639)	(817,819)	(896,608)	(1,471,389)	758,701
	U.S. Government Money Market Fund	127,182	(1,433)	750	—	(226,916)	—	(43,596)	399,628	129,866	128,433	255,615
	Inverse S&P 500 Strategy Fund	825,814	99,287	2,394	—	(4,724)	(1,385)	(323)	(824,274)	(828,312)	(729,025)	96,789
	Inverse NASDAQ-100 Strategy Fund	18,377	21,099	2,431	—	(4,590)	—	(929)	7,759	4,671	25,770	44,147
	Inverse Government Long Bond Strategy Fund	5,186	4,004	2,425	—	(138)	—	(98)	791	2,980	6,984	12,170
	Government Long Bond 1.2x Strategy	154,236	(63,691)	—	—	—	—	(950)	334	(616)	(64,307)	89,929
	NASDAQ-100 2x Strategy Fund	—	—	—	—	—	—	—	—	—	—	—

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2022


			Net Increase							Net Increase (Decrease)	Total Increase	Net Assets
		Net Assets	(Decrease) in Net					Transfers	Interfund and Net	in Net Assets from	(Decrease) in	End of
		Beginning	Assets Resulting	Net	Transfers of	Transfers of	Transfers of	of Other	Transfers (to) from	Capital Share Transactions	Net Assets	Year
		of Year (a)	from Operations (b)	Premiums (c)	Policy Loans (d)	Surrenders (e)	Death Benefits (f)	Terminations (g)	General Account (h)	(i)=(c+d+e+f+g+h)	(j)=(b+i)	(k)=(a+j)
	Inverse Dow 2x Strategy Fund	—	—	—	—	—	—	—	—	—	—	—
Rydex Variable Insurance Funds
	Biotechnology Fund	4,793,871	(724,581)	79,828	—	(278,664)	(159,302)	(99,042)	(381,134)	(838,314)	(1,562,895)	3,230,976
	S&P 500 Pure Growth Fund	5,017,447	(1,681,716)	678,559	—	(321,991)	(75,590)	(165,811)	1,697,050	1,812,217	130,501	5,147,948
	S&P MidCap 400 Pure Growth Fund	1,675,612	(391,191)	58,542	—	(41,582)	(54,162)	(24,562)	(5,627)	(67,391)	(458,582)	1,217,030
Guggenheim Variable Insurance Funds
	Long Short Equity Fund	981,206	(142,704)	5,199	—	(48,740)	(17,311)	(24,597)	(48,262)	(133,711)	(276,415)	704,791
	Multi-Hedge Strategies Fund	1,560,693	(72,345)	14,472	—	(85,658)	(140,830)	(37,664)	155,855	(93,825)	(166,170)	1,394,523
	Global Managed Futures Strategy Fund	276,221	(47,204)	552,205	—	(51,989)	(6,456)	(26,080)	605,947	1,073,627	1,026,423	1,302,644
	Small Cap Value Fund	4,701,156	(229,635)	859,036	—	(239,144)	(179,408)	(163,788)	231,149	507,845	278,210	4,979,366
ProFunds VP
	Profund Access VP High Yield Fund	36,416	(5,449)	1	—	—	—	(2,612)	2,136	(475)	(5,924)	30,492
	Asia 30	81,968	(20,628)	194	—	(1,816)	(433)	(1,987)	(3,894)	(7,936)	(28,564)	53,404
	Banks	73,496	(7,520)	290	—	(15,284)	—	(1,323)	(25,317)	(41,634)	(49,154)	24,342
	Materials	45,430	(5,252)	98	—	(1,016)	—	(2,188)	(259)	(3,365)	(8,617)	36,813
	Bear	6,363	913	1	—	—	—	(27)	308	282	1,195	7,558
	Biotechnology	286,221	(30,635)	247	—	(3,378)	—	(7,671)	(19,019)	(29,821)	(60,456)	225,765
	Bull	681,633	(136,811)	369	—	(4,998)	(1,851)	(41,580)	(121,201)	(169,261)	(306,072)	375,561
	Consumer Staples	183,489	(46,100)	439	—	(19,402)	(242)	(4,785)	15,481	(8,509)	(54,609)	128,880
	Consumer Discretionary	143,440	(45,057)	160	—	—	(1,123)	(3,809)	(19,769)	(24,541)	(69,598)	73,842
	Dow 30	84,542	(15,457)	—	—	—	—	(14,702)	86,403	71,701	56,244	140,786
	Emerging Markets	43,271	(7,592)	1,720	—	(242)	(598)	(3,697)	(1,380)	(4,197)	(11,789)	31,482
	Europe 30	41,130	(4,399)	6,249	—	—	—	(2,733)	(5,659)	(2,143)	(6,542)	34,588
	Falling U.S. Dollar	24,053	(2,620)	—	—	—	—	(119)	1	(118)	(2,738)	21,315
	Financials	32,504	(5,583)	48	—	(4,876)	—	(3,678)	(144)	(8,650)	(14,233)	18,271
	Health Care	186,097	(16,929)	389	—	(9,945)	(11,886)	(26,852)	173,492	125,198	108,269	294,366
	Industrials	107,192	(18,842)	—	—	(1,008)	(1,065)	(3,133)	(16,734)	(21,940)	(40,782)	66,410
	International	43,566	(7,890)	—	—	(2,018)	(151)	(1,656)	(4)	(3,829)	(11,719)	31,847
	Internet	371,127	(175,563)	437	—	(4,113)	(6,433)	(6,495)	10,809	(5,795)	(181,358)	189,769
	Japan	46,278	(5,202)	3,585	—	—	—	(741)	(6,883)	(4,039)	(9,241)	37,037
	Large-Cap Growth	1,399,490	(358,363)	1,121	—	(34,398)	(6,456)	(28,371)	(351,172)	(419,276)	(777,639)	621,851
	Large-Cap Value	432,135	(47,177)	329	—	(4,264)	(6,768)	(38,380)	195,436	146,353	99,176	531,311
	Mid-Cap	132,550	(22,346)	1	—	(2,417)	—	(3,945)	(213)	(6,574)	(28,920)	103,630
	Mid-Cap Growth	347,684	(76,350)	173	—	(8,757)	—	(7,723)	14,303	(2,004)	(78,354)	269,330
	Mid-Cap Value	110,789	(12,355)	996	—	(2,121)	—	(7,748)	16,643	7,770	(4,585)	106,204
	Government Money Market	2,299,091	(48,588)	7,634	—	(305,222)	(9,952)	(276,542)	1,440,891	856,809	808,221	3,107,312
	Energy	246,480	107,659	106	—	(14,381)	(6,065)	(17,764)	(86,332)	(124,436)	(16,777)	229,703
	NASDAQ-100	565,844	(155,604)	10	—	(31,387)	—	(22,460)	(138,913)	(192,750)	(348,354)	217,490
	Pharmaceuticals	68,568	(5,244)	441	—	(3,534)	—	(728)	(3,951)	(7,772)	(13,016)	55,552
	Precious Metals	370,892	(64,112)	24	—	(810)	(3,308)	(17,588)	(4,254)	(25,936)	(90,048)	280,844
	Real Estate	161,457	(33,328)	7	—	(12,163)	—	(5,336)	(52,846)	(70,338)	(103,666)	57,791
	Rising Rates Opportunity	12,488	6,314	1	—	—	—	(1,377)	1	(1,375)	4,939	17,427
	Semiconductor	195,084	(74,867)	—	—	—	(1,620)	(7,854)	(2,177)	(11,651)	(86,518)	108,566
	Short Dow 30	1,587	54	1	—	—	—	—	(4)	(3)	51	1,638
	Short Emerging Markets	—	—	—	—	—	—	—	—	—	—	—
	Short International	5,154	497	1	—	—	—	(29)	(3)	(31)	466	5,620
	Short Mid-Cap	1,398	96	—	—	—	—	—	—	—	96	1,494
	Short NASDAQ-100	—	—	—	—	—	—	—	—	—	—	—

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2022


			Net Increase							Net Increase (Decrease)	Total Increase	Net Assets
		Net Assets	(Decrease) in Net					Transfers	Interfund and Net	in Net Assets from	(Decrease) in	End of
		Beginning	Assets Resulting	Net	Transfers of	Transfers of	Transfers of	of Other	Transfers (to) from	Capital Share Transactions	Net Assets	Year
		of Year (a)	from Operations (b)	Premiums (c)	Policy Loans (d)	Surrenders (e)	Death Benefits (f)	Terminations (g)	General Account (h)	(i)=(c+d+e+f+g+h)	(j)=(b+i)	(k)=(a+j)
	Short Small-Cap	1,865	269	1	—	—	—	(30)	—	(29)	240	2,105
	Small-Cap	198,511	(46,772)	10,561	—	(3,894)	—	(8,562)	(8,443)	(10,338)	(57,110)	141,401
	Small-Cap Growth	206,794	(46,919)	—	—	—	—	(6,613)	(18,209)	(24,822)	(71,741)	135,053
	Small-Cap Value	113,262	(16,441)	197	—	(2,117)	—	(7,853)	100	(9,673)	(26,114)	87,148
	Technology	426,262	(144,891)	5,110	—	(15,308)	(1,524)	(20,428)	(30,432)	(62,582)	(207,473)	218,789
	Communication Services	4,192	(904)	—	—	—	—	(833)	—	(833)	(1,737)	2,455
	U.S. Government Plus	344,411	(106,786)	1	—	—	(279)	(19,550)	(155,877)	(175,705)	(282,491)	61,920
	UltraBull	1,300,929	(470,045)	485	—	(18,552)	(1,374)	(28,436)	(190,114)	(237,991)	(708,036)	592,893
	UltraMid-Cap	753,391	(217,338)	462	—	—	—	(20,785)	(210,970)	(231,293)	(448,631)	304,760
	UltraNASDAQ-100	1,423,356	(702,224)	2,346	—	—	(1,622)	(38,421)	(381,837)	(419,534)	(1,121,758)	301,598
	UltraShort Dow 30	517	(27)	—	—	—	(144)	—	—	(144)	(171)	346
	UltraShort NASDAQ-100	475	118	—	—	—	(285)	—	(2)	(287)	(169)	306
	UltraSmall-Cap	384,718	(129,745)	484	—	(10,589)	(682)	(11,084)	(146,718)	(168,589)	(298,334)	86,384
	Utilities	85,218	(17,341)	3	—	(6,849)	(7,075)	(28,146)	172,100	130,033	112,692	197,910
VanEck Worldwide Insurance Trust
	Global Resources Fund	5,998,442	287,626	778,656	(2,972)	(221,763)	(42,236)	(180,169)	1,087,412	1,418,928	1,706,554	7,704,996
	Emerging Markets Fund	1,276,537	(335,537)	12,189	1,244	(116,181)	—	(14,646)	(16,185)	(133,579)	(469,116)	807,421
	Emerging Markets Bond Fund	400,505	(38,514)	566	—	(11,867)	(14,409)	(9,366)	14,935	(20,141)	(58,655)	341,850
Janus Henderson Series
	Global Technology and Innovation Portfolio	14,336,384	(5,322,058)	1,344,436	—	(424,490)	(711,999)	(239,509)	(209,480)	(241,042)	(5,563,100)	8,773,284
	Overseas Portfolio	1,196,911	(123,421)	63,479	—	(80,779)	(958)	(19,346)	52,082	14,478	(108,943)	1,087,968
	Research Portfolio	283,269	(88,246)	25,070	—	(5,553)	(51,205)	(5,230)	(8,869)	(45,787)	(134,033)	149,236
	Enterprise Services Portfolio	39,241,724	(6,799,552)	3,099,426	—	(545,517)	(1,381,147)	(901,835)	(1,051,519)	(780,592)	(7,580,144)	31,661,580
	Global Research Portfolio	1,659,012	(359,829)	78,393	—	(8,830)	(80,598)	(19,606)	201,350	170,709	(189,120)	1,469,892
	Mid Cap Value Portfolio	4,304,237	(280,805)	831,355	—	(149,425)	(68,008)	(138,915)	(231,694)	243,313	(37,492)	4,266,745
	Balanced Portfolio	89,831,295	(16,632,296)	10,461,786	—	(2,571,911)	(1,924,732)	(3,412,006)	1,030,126	3,583,263	(13,049,033)	76,782,262
	Flexible Bond Portfolio	11,002,406	(1,535,641)	197,530	—	(265,562)	(627,681)	(258,792)	(1,065,542)	(2,020,047)	(3,555,688)	7,446,718
PIMCO Variable Insurance Trust
	Total Return Portfolio	43,643,688	(6,595,223)	1,597,586	(7,083)	(1,350,009)	(2,273,037)	(1,246,285)	(2,862,371)	(6,141,199)	(12,736,422)	30,907,266
	Low Duration Portfolio	37,157,037	(2,524,229)	3,398,295	—	(1,612,887)	(2,178,756)	(1,215,041)	(2,987,549)	(4,595,938)	(7,120,167)	30,036,870
	High Yield Portfolio	10,193,934	(1,285,289)	1,132,347	(1,138)	(707,002)	(281,302)	(285,020)	(134,316)	(276,431)	(1,561,720)	8,632,214
	Real Return Portfolio	28,158,458	(3,820,239)	3,430,930	—	(1,030,885)	(1,729,525)	(845,610)	(632,140)	(807,230)	(4,627,469)	23,530,989
	All Asset Portfolio	3,850,527	(512,191)	762,363	—	(37,298)	(727,209)	(132,739)	(237,950)	(372,833)	(885,024)	2,965,503
	Global Managed Asset Allocation Portfolio	1,209,638	(229,951)	8,565	—	(26,371)	(16,335)	(18,632)	(36,254)	(89,027)	(318,978)	890,660
	Short-Term Portfolio	44,386,005	(708,537)	7,986,758	—	(2,671,777)	(2,937,879)	(2,226,805)	12,833,906	12,984,203	12,275,666	56,661,671
	Emerging Markets Bond Portfolio	2,058,796	(361,347)	162,304	—	(88,324)	(47,388)	(54,018)	(14,743)	(42,169)	(403,516)	1,655,280
	Global Bond Opportunities Portfolio	104,951	(11,565)	—	—	—	(5,789)	(1,529)	20,380	13,062	1,497	106,448
	Commodity Real Return Strategy Portfolio	6,614,547	252,385	1,551,312	—	(588,562)	(387,699)	(278,758)	654,179	950,472	1,202,857	7,817,404
	International Bond (USD-Hedged) Portfolio	2,801,341	(321,238)	225,380	—	(64,731)	(28,317)	(61,007)	(45,787)	25,538	(295,700)	2,505,641
	Dynamic Bond Adv Portfolio	2,577,240	(183,361)	47,067	—	(55,601)	(59,930)	(45,922)	(184,920)	(299,306)	(482,667)	2,094,573
	Income Advisor Portfolio	35,772,908	(3,314,422)	1,895,675	—	(891,827)	(348,426)	(1,821,610)	(72,102)	(1,238,290)	(4,552,712)	31,220,196
Goldman Sachs Variable Insurance Trust
	Small Cap Equity Insights Fund	1,906,749	(351,351)	5,724	661	(24,133)	(219)	(53,202)	(215,170)	(286,339)	(637,690)	1,269,059
	Large Cap Value Fund	648,703	(64,636)	12,042	—	(43,294)	(50,274)	(19,391)	70,877	(30,040)	(94,676)	554,027
	Mid Cap Value Fund	4,110,887	(443,408)	13,395	(6,259)	(192,611)	(56,028)	(91,308)	(223,959)	(556,770)	(1,000,178)	3,110,709
Neuberger Berman Advisors Management Trust
	Mid-Cap Growth Portfolio	1,067,354	(297,743)	1,337	—	(8,817)	(49,781)	(32,846)	(143,297)	(233,404)	(531,147)	536,207
	AMT Mid Cap Intrinsic Value Portfolio	526,999	(57,960)	3,182	—	(14,971)	—	(24,504)	(127,052)	(163,345)	(221,305)	305,694

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2022


			Net Increase							Net Increase (Decrease)	Total Increase	Net Assets
		Net Assets	(Decrease) in Net					Transfers	Interfund and Net	in Net Assets from	(Decrease) in	End of
		Beginning	Assets Resulting	Net	Transfers of	Transfers of	Transfers of	of Other	Transfers (to) from	Capital Share Transactions	Net Assets	Year
		of Year (a)	from Operations (b)	Premiums (c)	Policy Loans (d)	Surrenders (e)	Death Benefits (f)	Terminations (g)	General Account (h)	(i)=(c+d+e+f+g+h)	(j)=(b+i)	(k)=(a+j)
BNY Mellon Variable Investment Fund
	Appreciation Portfolio	619,698	(95,018)	484	—	(19,881)	—	(22,474)	(174,931)	(216,802)	(311,820)	307,878
	Sustainable U.S. Equity Portfolio	18,105	(4,492)	437	—	—	—	—	—	437	(4,055)	14,050
Morgan Stanley Variable Institutional Funds
	Emerging Markets Debt Portfolio	32,468	(7,055)	2,749	—	(3,257)	—	(1,370)	(2,302)	(4,180)	(11,235)	21,233
	Emerging Markets Equity Portfolio	177,988	(46,373)	143	—	(1,657)	(88)	(7,146)	(7,753)	(16,501)	(62,874)	115,114
	Discovery Portfolio	101,040	(64,138)	—	—	—	—	(3,139)	2,338	(801)	(64,939)	36,101
	U.S. Real Estate Portfolio	73,352	(20,997)	3,474	—	(746)	(20)	(3,287)	(3,249)	(3,828)	(24,825)	48,527
Northern Lights Variable Trust
	Power Dividend Index Fund	834,562	(93,950)	4,000	—	(5,392)	—	(7,474)	(20,924)	(29,790)	(123,740)	710,822
AB Variable Products Series
	Dynamic Asset Allocation Portfolio	3,355,731	(656,971)	40,915	—	(22,096)	(165,073)	(124,295)	(3,388)	(273,937)	(930,908)	2,424,823
	Small Cap Growth Portfolio	22,574	(9,059)	—	—	—	—	(44)	5,294	5,250	(3,809)	18,765
	Discovery Value Portfolio	6,375,347	(1,168,063)	1,528,249	—	(461,236)	(316,619)	(211,887)	396,673	935,180	(232,883)	6,142,464
BlackRock Variable Series Fund, Inc.
	Basic Value Fund	3,425,421	(244,265)	307,466	—	(55,410)	(221,351)	(84,751)	763,330	709,284	465,019	3,890,440
	Capital Appreciation Fund	1,294,158	(471,136)	750	—	(9,494)	(422,869)	(6,843)	15,640	(422,816)	(893,952)	400,206
	Equity Dividend Fund	28,620,603	(1,557,621)	2,624,201	—	(1,242,745)	(662,865)	(990,613)	248,432	(23,590)	(1,581,211)	27,039,392
	Global Allocation Fund	16,846,204	(2,832,715)	602,827	—	(925,237)	(915,745)	(420,062)	(183,717)	(1,841,934)	(4,674,649)	12,171,555
	Advantage Large Cap Core Fund	556,640	(122,248)	64,620	—	(67,833)	(3,048)	(35,316)	12,235	(29,342)	(151,590)	405,050
	Large Cap Focus Growth Fund	15,478,943	(5,979,373)	1,041,862	—	(557,183)	(213,323)	(324,422)	(920,265)	(973,331)	(6,952,704)	8,526,239
	60/40 Target Allocation ETF Fund	8,810,834	(1,448,565)	1,962,359	—	(348,299)	(687,793)	(191,190)	(501,281)	233,796	(1,214,769)	7,596,065
	Total Return Fund	1,808,464	(273,951)	—	—	(15,773)	—	(43,842)	(17,395)	(77,010)	(350,961)	1,457,503
	S&P 500 Fund	2,007,678	(381,310)	—	—	(24,101)	—	(48,026)	(18,431)	(90,558)	(471,868)	1,535,810
Columbia Variable Portfolio
	Contrarian Core 2 Portfolio	7,709,215	(1,619,571)	1,617,024	—	(240,825)	(134,072)	(210,178)	(84,218)	947,731	(671,840)	7,037,375
	Dividend Opportunity Portfolio	6,115,703	(99,578)	2,183,377	—	(300,262)	(207,261)	(339,689)	2,550,712	3,886,877	3,787,299	9,903,002
	Emerging Markets Bond Portfolio	5,819,091	(984,381)	62,127	—	(225,876)	(341,460)	(145,834)	35,641	(615,402)	(1,599,783)	4,219,308
	High Yield Portfolio	6,309,076	(676,736)	353,081	—	(245,393)	(315,852)	(134,951)	(853,477)	(1,196,592)	(1,873,328)	4,435,748
	Select Large-Cap Value Portfolio	4,356,661	(246,677)	1,968,495	—	(63,946)	(143,803)	(272,877)	1,357,072	2,844,941	2,598,264	6,954,925
	Seligman Global Tech Portfolio	12,396,518	(4,281,378)	1,622,853	—	(238,485)	(136,708)	(446,676)	122,857	923,841	(3,357,537)	9,038,981
	US Government Mortgage Portfolio	2,353,868	(263,845)	276,202	—	(291,350)	—	(18,035)	(1,115,217)	(1,148,400)	(1,412,245)	941,623
	Strategic Income Portfolio	1,453,203	(258,983)	275,231	—	(132,641)	(42,423)	(35,036)	53,917	119,048	(139,935)	1,313,268
	Emerging Markets Portfolio	312,265	(104,407)	2,786	—	—	—	(869)	37,564	39,481	(64,926)	247,339
DWS Variable Insurance Portfolios
	Equity 500 Index Portfolio	49,438,343	(9,831,197)	7,155,472	—	(1,338,879)	(4,094,843)	(916,750)	(1,196,755)	(391,755)	(10,222,952)	39,215,391
	Small Cap Index Portfolio	8,842,916	(2,010,791)	1,071,458	—	(358,212)	(467,192)	(222,008)	259,090	283,136	(1,727,655)	7,115,261
	Alternative Asset Allocation Portfolio	1,208,102	(120,942)	213,340	—	(15,184)	(102,338)	(32,171)	(12,327)	51,320	(69,622)	1,138,480
	Global Small Cap Portfolio	306,984	(74,814)	—	—	(18,700)	(15,949)	(9,578)	10,324	(33,903)	(108,717)	198,267
	Small Mid Cap Value Portfolio	5,547,055	(903,593)	90,582	—	(141,131)	(207,236)	(112,527)	(383,936)	(754,248)	(1,657,841)	3,889,214
	CROCI US Portfolio	190,740	(31,079)	—	—	—	—	(3,837)	(4,340)	(8,177)	(39,256)	151,484
	High Income Portfolio	164,326	(24,476)	84,192	—	(73,371)	—	(450)	183,419	193,790	169,314	333,640
Eaton Vance Variable Trust
	Floating Rate Income Portfolio	19,913,170	(1,008,139)	4,504,006	—	(995,998)	(803,201)	(966,942)	(1,546,262)	191,603	(816,536)	19,096,634
Delaware Variable Insurance Portfolios
	Total Return Portfolio	199,819	(22,174)	—	—	—	(39,669)	(5,625)	(10,536)	(55,830)	(78,004)	121,815
	International Portfolio	1,247,847	(237,223)	5,894	—	(32,556)	(77,903)	(4,530)	91,533	(17,562)	(254,785)	993,062
	Opportunity Portfolio	10,880,222	(1,578,238)	265,484	—	(497,343)	(364,745)	(224,411)	(393,358)	(1,214,373)	(2,792,611)	8,087,611

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2022


			Net Increase							Net Increase (Decrease)	Total Increase	Net Assets
		Net Assets	(Decrease) in Net					Transfers	Interfund and Net	in Net Assets from	(Decrease) in	End of
		Beginning	Assets Resulting	Net	Transfers of	Transfers of	Transfers of	of Other	Transfers (to) from	Capital Share Transactions	Net Assets	Year
		of Year (a)	from Operations (b)	Premiums (c)	Policy Loans (d)	Surrenders (e)	Death Benefits (f)	Terminations (g)	General Account (h)	(i)=(c+d+e+f+g+h)	(j)=(b+i)	(k)=(a+j)
Franklin Templeton Variable Insurance Products Trust
	Mutual Shares Fund	6,040,536	(500,239)	59,956	—	(420,868)	(288,009)	(156,591)	(208,630)	(1,014,142)	(1,514,381)	4,526,155
	Income Fund	24,827,136	(1,845,726)	4,868,312	—	(785,911)	(964,495)	(1,261,291)	232,478	2,089,093	243,367	25,070,503
	Global Bond Fund	29,687,890	(1,810,376)	1,923,640	—	(1,220,507)	(1,576,416)	(851,303)	(1,448,404)	(3,172,990)	(4,983,366)	24,704,524
	Foreign Fund	38,678,960	(3,345,163)	3,615,579	—	(1,258,152)	(1,919,572)	(888,705)	(394,784)	(845,634)	(4,190,797)	34,488,163
	Developing Markets Fund	2,940,940	(695,458)	219,474	—	(95,703)	(86,443)	(65,935)	205,145	176,538	(518,920)	2,422,020
	Mutual Global Discovery Fund	6,183,879	(353,176)	31,098	—	(189,073)	(255,655)	(163,347)	(596,474)	(1,173,451)	(1,526,627)	4,657,252
	Rising Dividends Fund	29,314,921	(3,427,675)	2,439,376	—	(784,273)	(1,037,334)	(520,100)	(89,787)	7,882	(3,419,793)	25,895,128
	DynaTech 2 Fund	1,285,808	(923,558)	1,428,118	—	(40,146)	(102,143)	(42,903)	375,234	1,618,160	694,602	1,980,410
	Multi-Asset Dynamic Multi-Strategy Portfolio	415,063	(55,989)	—	—	(11,551)	—	(6,528)	(340,995)	(359,074)	(415,063)	—
Delaware Ivy Variable Insurance Portfolios
	Asset Strategy Portfolio	3,426,651	(538,458)	21,686	—	(101,448)	(93,109)	(98,945)	(85,465)	(357,281)	(895,739)	2,530,912
	Balanced Portfolio	7,902,075	(1,326,681)	75,747	—	(95,406)	(299,657)	(167,169)	(184,305)	(670,790)	(1,997,471)	5,904,604
	Global Equity Portfolio	1,176,882	(137,038)	1,073	—	(7,290)	(109,334)	(29,532)	7,605	(137,478)	(274,516)	902,366
	Energy Portfolio	1,689,275	784,784	38,734	—	(62,323)	(13,629)	(71,664)	(672,772)	(781,654)	3,130	1,692,405
	Global Bond Portfolio	526,885	(31,797)	16,587	—	(3,081)	—	(9,003)	(499,591)	(495,088)	(526,885)	—
	Natural Resources Portfolio	792,523	121,632	1,341	—	(25,965)	(1,375)	(26,652)	(218,118)	(270,769)	(149,137)	643,386
	Growth Portfolio	4,862,843	(1,238,189)	32,328	—	(200,070)	(409,936)	(90,169)	(117,596)	(785,443)	(2,023,632)	2,839,211
	High Income Portfolio	12,207,324	(1,431,230)	196,244	—	(409,128)	(676,294)	(313,806)	(382,102)	(1,585,086)	(3,016,316)	9,191,008
	International Core Equity Portfolio	8,091,297	(1,240,670)	193,506	—	(345,139)	(347,855)	(104,545)	(267,001)	(871,034)	(2,111,704)	5,979,593
	Global Growth Portfolio	987,361	(179,792)	3,354	—	(32,261)	(59,693)	(17,770)	(25,424)	(131,794)	(311,586)	675,775
	Mid Cap Growth Portfolio	15,115,909	(4,609,583)	292,388	—	(286,341)	(670,913)	(232,177)	(770,657)	(1,667,700)	(6,277,283)	8,838,626
	Science and Technology Portfolio	18,479,733	(5,953,220)	468,670	—	(661,437)	(231,249)	(358,254)	(94,288)	(876,558)	(6,829,778)	11,649,955
	Small Cap Growth Portfolio	6,230,393	(1,609,286)	57,999	—	(97,964)	(397,798)	(128,786)	(222,261)	(788,810)	(2,398,096)	3,832,297
	SMID Cap Core Portfolio	12,726,961	(1,995,161)	188,145	—	(311,237)	(504,420)	(232,350)	(411,823)	(1,271,685)	(3,266,846)	9,460,115
Lazard Retirement Series, Inc.
	International Equity Portfolio	1,033,501	(173,969)	181,876	—	(6,528)	(62,735)	(23,337)	30,149	119,425	(54,544)	978,957
	Global Dynamic Multi Asset Portfolio	1,466,656	(271,239)	32,144	—	(15,971)	(102,439)	(22,372)	(41,757)	(150,395)	(421,634)	1,045,022
Legg Mason Partners Variable Equity Trust
	Western Asset Variable Global High Yield Bond Portfolio	2,172,825	(320,381)	359,766	—	(64,109)	(2,575)	(130,510)	(189,315)	(26,743)	(347,124)	1,825,701
	ClearBridge Variable Mid Cap Portfolio	15,388,407	(4,464,471)	2,423,476	—	(405,396)	(604,601)	(347,116)	1,364,100	2,430,463	(2,034,008)	13,354,399
	ClearBridge Variable Dividend Strategy Portfolio	44,503,516	(4,307,697)	1,855,389	—	(1,006,270)	(668,437)	(1,910,533)	(809,534)	(2,539,385)	(6,847,082)	37,656,434
	ClearBridge Variable Small Cap Growth Portfolio	6,932,627	(2,282,299)	1,371,815	—	(184,496)	(417,047)	(153,115)	811,154	1,428,311	(853,988)	6,078,639
	ClearBridge Variable Aggressive Growth Portfolio	1,005,438	(274,612)	—	—	(30,002)	—	(16,612)	9,849	(36,765)	(311,377)	694,061
	Western Asset Variable Core Bond Plus Portfolio	87,623,863	(16,259,789)	9,870,383	—	(2,387,307)	(4,348,998)	(2,330,968)	(2,961,644)	(2,158,534)	(18,418,323)	69,205,540
	ClearBridge Variable Large Cap Growth Portfolio	27,674,651	(9,492,831)	3,359,442	—	(407,379)	(1,197,877)	(557,896)	1,105,102	2,301,392	(7,191,439)	20,483,212
Pioneer Variable Contracts Trust
	Fund Portfolio	1,042,537	(307,983)	182,001	—	(94,155)	(74,518)	(86,102)	707,958	635,184	327,201	1,369,738
	Bond Portfolio	56,314,245	(8,717,706)	5,527,277	—	(1,643,994)	(3,221,628)	(1,433,016)	(1,291,541)	(2,062,902)	(10,780,608)	45,533,637
	Strategic Income Portfolio	14,710,111	(2,009,845)	643,772	—	(429,052)	559,777	(386,018)	(1,172,940)	(784,461)	(2,794,306)	11,915,805
	Equity Income Portfolio	14,747,291	(1,336,235)	841,286	—	(650,793)	(320,055)	(358,906)	(1,029,215)	(1,517,683)	(2,853,918)	11,893,373
	High Yield Portfolio	985,864	(117,062)	435	—	(50,655)	(97,859)	(12,494)	(70,617)	(231,190)	(348,252)	637,612
Prudential Series Funds
	PGIM Jennison Focused Blend Portfolio	547,410	(147,818)	8	—	—	—	(6,083)	7,153	1,078	(146,740)	400,670
	Natural Resources Portfolio	529,150	124,103	2,525	—	(61,411)	—	(63,145)	450,654	328,623	452,726	981,876
	Mid-Cap Growth Portfolio	211,525	(60,737)	—	—	(34,241)	—	(1,806)	8,059	(27,988)	(88,725)	122,800

Midland National Life Insurance Company

Separate Account C

Statement of Changes in Net Assets

Year Ended December 31, 2022


			Net Increase							Net Increase (Decrease)	Total Increase	Net Assets
		Net Assets	(Decrease) in Net					Transfers	Interfund and Net	in Net Assets from	(Decrease) in	End of
		Beginning	Assets Resulting	Net	Transfers of	Transfers of	Transfers of	of Other	Transfers (to) from	Capital Share Transactions	Net Assets	Year
		of Year (a)	from Operations (b)	Premiums (c)	Policy Loans (d)	Surrenders (e)	Death Benefits (f)	Terminations (g)	General Account (h)	(i)=(c+d+e+f+g+h)	(j)=(b+i)	(k)=(a+j)
Royce Capital Fund
	Micro-Cap Portfolio	363,453	(86,478)	10,384	—	(2,293)	—	(499)	21,225	28,817	(57,661)	305,792
	Small Cap Portfolio	8,417,375	(906,649)	623,093	—	(515,948)	(219,176)	(186,685)	(222,536)	(521,252)	(1,427,901)	6,989,474
Alps Fund
	Alerian Energy Infrastructure Portfolio	2,270,421	382,452	1,619,514	—	(448,292)	(200,680)	(282,624)	2,039,744	2,727,662	3,110,114	5,380,535
	Global Opportunity Portfolio	2,187,991	(674,031)	153,141	—	(25,571)	(69,317)	(58,038)	(4,246)	(4,031)	(678,062)	1,509,929
American Funds IS
	Asset Allocation Fund	119,153,303	(17,533,075)	9,235,012	—	(1,954,447)	(5,783,195)	(3,649,027)	(2,759,972)	(4,911,629)	(22,444,704)	96,708,599
	Washington Mutual Investors Fund	49,652,767	(5,038,507)	6,543,696	—	(621,574)	(1,789,462)	(1,211,080)	(359,678)	2,561,902	(2,476,605)	47,176,162
	Ultra-Short Bond Fund	19,802,623	(73,402)	9,430,000	—	(2,737,216)	(859,948)	(1,380,279)	4,017,596	8,470,153	8,396,751	28,199,374
	Capital Income Builder Fund	19,785,719	(1,794,863)	2,806,410	—	(729,338)	(919,195)	(454,625)	(207,584)	495,668	(1,299,195)	18,486,524
	Global Growth Fund	30,392,788	(7,999,743)	3,564,531	—	(1,704,102)	(308,853)	(561,274)	(591,699)	398,603	(7,601,140)	22,791,648
	Capital World Growth and Income Fund	19,850,007	(3,728,614)	2,377,364	—	(579,041)	(545,459)	(419,757)	189,152	1,022,259	(2,706,355)	17,143,652
	Global Small Capitalization Fund	8,014,793	(2,516,447)	631,076	—	(126,412)	(403,451)	(104,858)	215,905	212,260	(2,304,187)	5,710,606
	Growth Fund	64,985,480	(21,006,836)	9,203,181	—	(2,121,666)	(1,635,586)	(1,227,533)	1,522,734	5,741,130	(15,265,706)	49,719,774
	Growth-Income Fund	65,545,627	(12,130,461)	9,658,676	—	(1,020,208)	(3,591,087)	(1,160,261)	(1,057,485)	2,829,635	(9,300,826)	56,244,801
	International Fund	11,409,124	(2,643,014)	1,357,026	—	(72,063)	(410,442)	(161,553)	74,259	787,227	(1,855,787)	9,553,337
	International Growth and Income Fund	9,234,676	(1,571,717)	988,560	—	(360,955)	(332,640)	(245,962)	108,101	157,104	(1,414,613)	7,820,063
	New World Fund	40,593,240	(9,608,682)	3,360,232	—	(1,196,937)	(1,612,999)	(709,015)	1,495,119	1,336,400	(8,272,282)	32,320,958
	U.S. Government Securities Fund	32,366,325	(3,406,847)	5,494,009	—	(1,165,590)	(389,155)	(934,383)	(9,495,661)	(6,490,780)	(9,897,627)	22,468,698
Invesco Oppenheimer
	International Growth Fund	23,648,637	(6,872,834)	3,345,565	—	(497,872)	(908,447)	(401,698)	1,355,725	2,893,273	(3,979,561)	19,669,076
T. Rowe Price
	Blue Chip Growth Portfolio	72,818,683	(28,990,155)	7,094,213	—	(1,682,020)	(1,990,367)	(1,414,547)	1,320,750	3,328,029	(25,662,126)	47,156,557
	Health Sciences Portfolio	31,918,351	(4,454,807)	3,079,585	—	(1,025,202)	(790,592)	(773,490)	1,241,975	1,732,276	(2,722,531)	29,195,820
John Hancock Variable Insurance Trust
	Financial Industries Portfolio	3,193,107	(522,151)	643,723	—	(259,246)	(41,835)	(61,368)	(256,297)	24,977	(497,174)	2,695,933
	Fundamental All Cap Core Portfolio	526,161	(132,942)	705	—	—	—	(3,108)	(211,872)	(214,275)	(347,217)	178,944
	Select Bond Portfolio	408,926	(58,444)	960	—	—	(30,067)	(19,506)	(4,453)	(53,066)	(111,510)	297,416
	Strategic Income Opportunities Portfolio	856,163	(90,741)	152,427	—	(192,275)	(42,242)	(13,177)	(40,399)	(135,666)	(226,407)	629,756
Federated Hermes
	High Income Bond Portfolio	1,169,323	(213,725)	199,865	—	(40,744)	(9,040)	(51,953)	480,141	578,269	364,544	1,533,867
	Kaufmann Portfolio	5,839,773	(1,951,472)	943,890	—	(86,793)	(230,285)	(127,361)	634,982	1,134,433	(817,039)	5,022,734
	Managed Volatility Portfolio	463,399	(67,692)	41,731	—	—	(459)	(588)	(60,827)	(20,143)	(87,835)	375,564
Principal Variable Contracts
	Blue Chip Fund	82,878	(153,749)	338,686	—	—	—	(1,291)	108,449	445,844	292,095	374,973
	Equity Income Fund	135,176	(37,035)	245,871	—	—	—	(30,058)	(17,739)	198,074	161,039	296,215
	Diversified Balance Fund	315,354	(69,063)	164,357	—	—	—	(3,574)	146,351	307,134	238,071	553,425
	Diversified Growth Fund	265,780	(42,941)	—	—	—	—	(2,094)	(22,091)	(24,185)	(67,126)	198,654
	Diversified Income Fund	780,251	(74,832)	29,475	—	—	—	—	(680,761)	(651,286)	(726,118)	54,133

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

1.Organization and Significant Accounting Policies

Organization

Midland National Life Separate Account C (“Separate Account”), a unit investment trust pursuant to the provisions of the Investment Company Act of 1940 as amended, is a segregated investment account of Midland National Life Insurance Company (the “Company”) in accordance with the provisions of the Iowa Insurance laws. The Separate Account follows the accounting and reporting guidance in FASB Accounting Standards Codification 946. The assets and liabilities of the Separate Account are clearly identified and distinguished from the other assets and liabilities of the Company. The Separate Account consists of eleven insurance products,each with different characteristics and product features which result in varying charges. The Separate Account is used to fund variable annuity contracts of the Company. Sammons Financial Network, an affiliate, serves as the underwriter of the variable products.

Investments

The Separate Account invests in specified portfolios of Fidelity Variable Insurance Products (“VIPF”), American Century Variable Portfolios, Inc. (“ACVP”), MFS Variable Insurance Trust (“MFS”), Lord Abbett Series Fund, Inc. (“LAC”), Alger Fund (“FAM”), Calvert Variable Series, Inc. (“CAM”), Invesco Variable Insurance Funds (“INV”), Lincoln Financial Variable Insurance Portfolios (“LFVIP”), Rydex Variable Trust (“RYDEX”), the Rydex Variable Insurance Funds ("RYDEX VIF"), the Guggenheim Variable Insurance Funds ("GVIF"), , ProFunds VP (“PF”), Van Eck Worldwide Insurance Trust (“Van Eck”), Janus Henderson Series (“JANUS”), PIMCO Variable Insurance Trust (“PIMCO”), Goldman Sachs Variable Insurance Trust (“Goldman”), Neuberger Berman Advisors Management Trust (“Neuberger”), the BNY Mellon Variable Investment Fund (“BNY”), the Morgan Stanley Variable Institutional Funds (“MSVIF”), the Northern Lights Variable Trust (“NLVT”), the AB Variable Products Series (“ABVPS”), the BlackRock Variable Series Fund, Inc. (“BRVS”), the Columbia Variable Portfolio (“CVP”), the DWS Variable Insurance Portfolios (“DEUT VIP”), the Eaton Vance Variable Trust (“EVVT”), the Delaware Variable Insurance Portfolios (“DEL”), the Franklin Templeton Variable Insurance Products Trust (“FTVIP”), the Delaware Ivy Variable Insurance Portfolios (“DEL IVY VIP”), the Lazard Retirement Series, Inc. (“LRS”), the Legg Mason Partners Variable Equity Trust (“LMVET”), the Pioneer Variable Contracts Trust (“PIONEER VCT”), the Prudential Series Funds (“PRUDENTIAL”), the Royce Capital Fund (“ROYCE”), the Alps Fund (“ALPS”), the American Funds IS (“AFIS”), the Invesco Oppenheimer (“INV OPP”), the T. Rowe Price (“T. ROWE”), the John Hancock Variable Insurance Trust (“JHVIT”) the Federated Hermes (“FED H”) and the Principal Variable Contracts ("PRIN"), (collectively “the Funds”), each diversified open-end management companies registered under the Investment Company Act of 1940, as directed by participants. All of these portfolios have been in existence for more than two years.

Effective January 1, 2019 the JANUS GI Unconstrained Bond Portfolio was closed to new investors and a subsequent liquidation occurred March 1, 2019. The plan of liquidation and dissolution was approved by the Board of Trustees of Janus Henderson Series. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at March 1, 2019 were transferred to the VIPF Government Money Market Portfolio.

Effective April 18, 2019 the ABVPS Real Estate Investment Portfolio was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of the AB Variable Products Series. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

choice without incurring a transfer charge. Any funds remaining at April 18, 2019 were transferred to the VIPF Government Money Market Portfolio Service Class 2.

Effective April 29, 2019 the OPP Global Multi-Alternatives Fund was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of the Oppenheimer Fund. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at April 29, 2019 will be transferred to the VIPF Government Money Market Portfolio Service Class 2.

Effective April 30, 2019 the MSVIF Mid Cap Growth Portfolio was renamed the MSVIF Discovery Portfolio.

Effective May 1, 2019 the Separate Account began offering a new portfolio of funds, provided by Federated (“FED”). The funds available under this portfolio include the FED High Income Bond Portfolio, the FED Kaufmann Portfolio, and the FED Managed Volatility Portfolio. In addition, the ACVP Balanced Fund, the ACVP Income & Growth Fund, and the MFS Global Real Estate Portfolio were introduced on May 1, 2019.

Effective May 1, 2019 the LMVET ClearBridge Variable Aggressive Growth Portfolio, the VIPF Value Strategies Portfolio, the JHVIT Fundamental All Cap Core Portfolio, the RYDEX VIF Biotechnology Fund, and the RYDEX VIF S&P MidCap 400 Pure Growth Fund were closed to new investors.

Effective May 1, 2019 the BRVS iShares Dynamic Allocation Fund was renamed the BRVS 60/40 Target Allocation ETF Fund.

Effective May 28, 2019 all Oppenheimer Funds were transitioned into INV OPP.

Effective June 1, 2019 the MFS International Value Portfolio was renamed the MFS International Intrinsic Value Portfolio.

Effective June 3, 2019 the Dreyfus Variable Investment Fund was renamed the BNY.

Effective July 1, 2019, the LAC International Opportunities Portfolio was closed to new investors and on July 31, 2019 the portfolio was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Lord Abbett Series Fund, Inc. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at July 31, 2019 were transferred to the VIPF Government Money Market Portfolio.

Effective October 1, 2019 the PIMCO Global Multi-Asset Managed Allocation Portfolio was renamed the PIMCO Global Managed Asset Allocation Portfolio.

Effective October 4, 2019 all FILS Funds were transitioned into the DEL.

Effective October 4, 2019 the DEL Total Return Portfolio, the DEL International Portfolio, the DEL Opportunity Portfolio, and the DEL Covered Call Strategy Portfolio were closed to new investors.

Effective November 15, 2019, four PF funds had reverse share splits as shown in the following table.

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Split Ratio

Fund

(New to Old Shares)

PF Ultrashort Dow 30 Portfolio

1:8

PF Short NASDAQ-100 Portfolio

1:4

PF Short Dow 30 Portfolio

1:4

PF Short International Portfolio

1:4

Effective November 15, 2019, one PF fund had a forward share split as shown in the following table.

Split Ratio

Fund

(New to Old Shares)

PF Internet Portfolio

3:1

Effective April 28, 2020, all the FED funds were renamed the FED H.

Effective April 29, 2020, the JANUS Global Technology Portfolio was renamed the JANUS Global Technology and Innovation Portfolio.

Effective April 30, 2020, the ALPS Red Rocks Listed Private Equity Portfolio was renamed the ALPS Red Rocks Global Opportunity

Effective April 30, 2020, the BNY Mellon International Value Portfolio was closed to new investors and liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of BNY Mellon Variable Investment Fund. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at April 28, 2020 were transferred to the PF Money Market Portfolio.

Effective May 1, 2020, the VIPF International Capital Appreciation Portfolio and the CVP Strategic Income Portfolio were introduced. In addition, the JANUS Overseas Portfolio was reopened to new investors.

Effective May 1, 2020, the Van Eck Unconstrained Emerging Markets Bond Fund was renamed the Van Eck Emerging Markets Bond Fund and the NLVT Power Dividend Index Fund was closed to new investors.

Effective August 21, 2020, one RYDEX fund had a reverse share split as shown in the following table.

Split Ratio

Fund

(New to Old Shares)

RYDEX Inverse Dow 2x Strategy Fund

1:5

Effective September 24, 2020, the DEL Covered Call Strategy Portfolio was closed to new investors and on December 11, 2020 the portfolio was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Delaware Variable Insurance Portfolio Trust. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

transfer charge. Any funds remaining at December 11, 2020 were transferred to the VIPF Government Money Market Portfolio Service Class 2.

Effective September 25, 2020, the ACVP Income and Growth Fund was renamed the ACVP Disciplined Core Value Fund.

Effective December 11, 2020, four PF funds had a reverse share splits as shown in the following table.

Split Ratio

Fund

(New to Old Shares)

PF UltraBull Portfolio

1:4

PF UltraShort NASDAQ-100 Portfolio

1:4

PF Short Small-Cap Portfolio

1:4

PF UltraShort Dow 30 Portfolio

1:5

Effective December 11, 2020, one PF fund had a forward share split as shown in the following table.

Split Ratio

Fund

(New to Old Shares)

PF Ultra NASDAQ-100 Portfolio

2:1

Effective February 12, 2021 the NLVT Power Income Fund was closed and on March 18, 2021, the fund was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Northern Lights Variable Trust. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at March 18, 2021 were transferred to the VIPF Government Money Market Portfolio Service Class 2.

Effective April 26, 2021, the PF Access VP High Yield Fund was renamed the PF Profund Access VP High Yield Fund.

Effective April 30, 2021, the Invesco Oppenheimer Fund (“INV OPP”) was renamed the Invesco Variable Insurance Fund (“INV”). In addition, the INV OPP Total Return Bond Fund was renamed the INV Core Bond Fund, the INV Mid Cap Core Equity Fund was renamed the INV Main Street Mid Cap Fund, the ALPS Red Rocks Listed Private Equity Portfolio was renamed the ALPS Red Rocks Global Opportunity Portfolio, and the Van Eck Global Hard Assets Fund was renamed the Van Eck Global Resources Fund.

Effective April 30, 2021, the INV Managed Volatility Fund merged with the INV Equity and Income Fund and the INV Value Opportunities Fund merged with the INV American Value Fund.

Effective May 1, 2021, the PIONEER VCT Fund Portfolio was reopened to new investors. In addition, the AFIS Blue Chip Income and Growth Fund was renamed the AFIS Washington Mutual Investors Fund, the AFIS Global Growth and Income Fund was renamed the AFIS Capital World Growth and Income Fund, and the AFIS US Government/AAA-Rated Securities Fund was renamed the AFIS US Government Securities Fund.

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Effective May 1, 2021, eight new funds were introduced including the CVP Emerging Markets Portfolio, the DEUT VIP High Income Portfolio, the VIPF Investment Grade Bond Portfolio, the INV Balanced-Risk Allocation Fund, INV Core Plus Bond Fund, INV Diversified Dividend Fund, INV Equity and Income Fund, and the INV Small Cap Equity Fund.

Effective May 1, 2021, the Separate Account began offering a new portfolio of funds, provided by Principal VC (“PRIN”). This portfolio consists of five funds, the PRIN Blue Chip Fund, the PRIN Equity Income Fund, the PRIN Diversified Balanced Fund, the PRIN Diversified Growth Fund, and the PRIN Diversified Income Fund.

Effective May 1, 2021, thirteen funds were closed to new investors. These included the DEUT VIP Small Mid Cap Value Portfolio, the VIPF High Income Portfolio, the FTVIP Mutual Global Discovery Fund, the FTVIP Mutual Shares Fund, the IVY VIP Energy Portfolio, the IVY VIP Global Bond Portfolio, the IVY VIP Growth Portfolio, the IVY VIP High Income Portfolio, the IVY VIP International Core Equity Portfolio, the IVY VIP Mid Cap Growth Portfolio, the IVY VIP Natural Resources Portfolio, the IVY VIP Science and Technology Portfolio, and the IVY VIP Small Cap Growth Portfolio.

Effective May 1, 2021, the PRUDENTIAL Jenn 20/20 Focus Portfolio was renamed the PRUDENTIAL PGIM Jennison Focused Blend Portfolio and the PRUDENTIAL US Emerging Growth Portfolio was renamed the PRUDENTIAL Mid-Cap Growth Portfolio.

Effective May 5, 2021, the LAC Developing Growth Portfolio was closed to new investors.

Effective July 1, 2021, the Ivy Funds Variable Insurance Portfolio (“IVY VIP”) was renamed the DEL IVY VIP.

Effective August 2, 2021, two new funds were introduced including the FTVIP DynaTech 2 Fund and the INV Equally Weighted S&P 500 Fund.

Effective August 2, 2021 the DEL IVY VIP Small Cap Core Portfolio was closed to new investors.

Effective August 7, 2021 the QS Legg Mason Partners Variable Income Trust (“LMVIT”) Dynamic Multi-Strategy Portfolio was renamed the FTVIP Multi-Asset Dynamic Multi-Strategy Portfolio.

Effective September 30, 2021 the DEL IVY VIP Global Bond Portfolio was closed.

Effective November 15, 2021 the DEL IVY VIP Small Cap Core Portfolio was renamed the DEL IVY VIP SMID Cap Core Portfolio.

Effective April 27, 2022, the DEL IVY VIP Global Bond Portfolio was liquidated. The plan of liquidation and dissolution was been approved by the Board of Trustees of Ivy Variable Insurance Portfolios. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at April 27, 2022 were transferred to the VIPF Government Money Market Portfolio Service Class 2.

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Effective April 29, 2022, the INV Core Bond Fund merged with the INV Core Plus Bond Fund and the INV International Growth Fund was renamed the INV International Equity Fund.

Effective August 1, 2022 the DEL IVY VIP Global Equity Income Portfolio was renamed the DEL IVY VIP Global Value Equity Portfolio.

Effective August 19, 2022, the FTVIP Multi-Asset Dynamic Multi-Strategy VIT Fund was liquidated.

Effective November 1, 2022, the VIPF Government Money Market Portfolio Service Class 2 Fund was reopened.

As of December 31, 2022, the PF Short Emerging Markets Fund, the RYDEX Inverse Dow 2x Strategy Fund, and the RYDEX NASDAQ-100 2x Strategy Fund were available for investment but had no assets and had no activity during 2022 or 2021. The PF Short NASDAQ-100 Fund was also available for investment but had no assets or activity during 2022.

Effective January 24, 2023 the ALPS Red Rocks Global Opportunity Portfolio was renamed the ALPS Global Opportunity Portfolio.

Effective March 13, 2023, one PF fund had a reverse share split as shown in the following table.


			Split Ratio
Fund			(New to Old Shares)
PF UltraShort NASDAQ-100 Portfolio			1:5

Effective March 17, 2023 the PF Oil & Gas Fund was renamed the PF Energy Fund, the PF Basic Materials Fund was renamed the PF Materials Fund, the PF Consumer Goods Fund was renamed the PF Consumer Staples Fund, the PF Consumer Services Fund was renamed the PF Consumer Discretionary Fund and the PF Telecommunications Fund was renamed the PF Communication Services Fund.

Effective May 1, 2023 the JP Trust Core Bond Portfolio and the JP Trust Small Cap Core Portfolio ("JP") were adopted by Lincoln Financial Variable Insurance Portfolios ("LFVIP") and the ABVPS Small/Mid Cap Value Portfolio was renamed the ABVPS Discovery Value Portfolio.

Effective October 31, 2023 the DEL IVY VIP Global Value Equity Portfolio was renamed the DEL IVY VIP Global Equity Portfolio.

Effective November 1, 2023, the AFIS Global Balanced Fund, the AFIS The Bond Fd of America Fund, the CVP Select Mid Cap Value Portfolio, the CVP Small Cap Value Portfolio, the VIPF Energy Portfolio, the FTVIP Global Real Estate Fund, the FTVIP VolSmart Allocation Fund, the T. ROWE Equity Income Portfolio, and the T. ROWE Mid-Cap Growth Portfolio were introduced. In addition, the ABVPS Dynamic Asset Allocation Portfolio, the PIONEER VCT Strategic Income Portfolio, the RYDEX VIF S&P 500 Pure Growth Fund, and the LMVET Western Asset Variable Global High Yield Bond Portfolios were closed to new investors.

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Effective November 13, 2023 the AFIS Asset Allocation Fund, CAM SRI Balanced Portfolio, VIPF Growth Opportunities Portfolio, the VIPF Mid Cap Portfolio, the LAC Bond-Debenture Portfolio, the LAC Short Duration Income Portfolio, the PIMCO Real Return Portfolio, the PIMCO Short-Term Portfolio, and the PRIN Equity Income Fund were closed to new investors.

Effective December 11, 2023 the PRUDENTIAL PGIM Jennison Blend Portfolio was introduced and the PRUDENTIAL PGIM Jennison Focused Blend Portfolio was merged into this newly added fund in a soft-closed position.

Fair Value

Investments in shares of the Funds are valued at the net asset values (fair values) of the respective portfolios of the Funds corresponding to the investment portfolios of the Separate Account. Investment transactions are recorded on the trade date (the date the order to buy or sell is executed). Dividends are automatically reinvested in shares of the Funds.

Generally accepted accounting principles ("GAAP") define fair value as based on an exit price, which is 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 standards also establish a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories.

Level 1 – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments included in Level 1 are mutual funds. As required by the fair value measurements guidance, the Company does not adjust the quoted price for these financial instruments, even in situations where it holds a large position and a sale could reasonably impact the quoted price.

Level 2 – Fair values are based on quoted prices for similar assets or liabilities in active and inactive markets. Inactive markets involve few transactions for similar assets or liabilities and the prices are not current or price quotations vary substantially over time or among market makers, which would include some broker quotes. Level 2 inputs also include corroborated market data such as interest rate spreads, yield curves, volatilities, prepayment speeds, credit risks and default rates. The Company does not hold any Level 2 securities in the Separate Account.

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Level 3 – Pricing inputs are unobservable for the financial instrument and include situations where there is little, if any, market activity for the financial instrument. These inputs may reflect the Company’s estimates of the assumptions that market participants would use in valuing the financial instruments. The Company does not hold any Level 3 securities in the Separate Account.

At December 31, 2023, the Company's investments were classified as follows:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

Assets

(Level 1)

(Level 2)

(Level 3)

Total

Mutual Funds

2,253,362,747

—

2,253,362,747

The first-in, first-out (“FIFO”) method is used to determine realized gains and losses on investments. Dividend and capital gain distributions are recorded as income on the ex-dividend date.

The Separate Account had no liabilities or changes in liabilities as of and for the year ended December 31, 2023.

The contracts do not provide for a variable payout option; therefore all assets in the Separate Account are in the accumulation phase.

Federal Income Taxes

The operations of the Separate Account are included in the federal income tax return of the Company. Under the provisions of the policies, the Company has the right to charge the Separate Account for federal income tax attributable to the Separate Account. No charge is currently being made against the Separate Account for such tax since, under current law, the Company pays no tax on investment income and capital gains reflected in variable annuity policy reserves. However, the Company retains the right to charge for any federal income tax incurred which is attributable to the Separate Account if the law is changed. Charges for state and local taxes, if any, attributable to the Separate Account may also be made.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Related Party Transactions

The Company has an indirect interest in and pays investment management fees to an affiliate, Guggenheim Partners Investment Management Inc. The fees are calculated based on the average fair value of invested assets under management multiplied by a contractual rate. The Guggenheim Variable Insurance Funds and the Rydex Variable Trust Funds are managed by indirect affiliates of the Company.

Subsequent Events

The Separate Account has evaluated subsequent events through April 17, 2024, which is the date the financial statements were available to be issued. Excluding the events below there are no additional transactions that require disclosure in the financial statements.

Effective April 26, 2024, the American Century Variable Portfolios, Inc. (“ACVP”) will be reorganized into the Lincoln Variable Insurance Portfolio American Century Funds ("LVIP ACVP") and the DEL Global Equity Portfolio will merge into the DEL IVY VIP Global Growth Portfolio.

Effective April 30, 2024, the DEUT VIP High Income Portfolio will be hard closed. A subsequent liquidation of the DEUT VIP will occur on June 17, 2024. Any remaining assets will be moved to the VIPF Government Money Market Portfolio.

Effective May 1, 2024 the CAM S&P 500 Index Portfolio will be renamed the Calvert Variable Trust ("CVT") S&P 500 Index Portfolio and the LMVET ClearBridge Variable Aggressive Growth Portfolio will be renamed the LMVET ClearBridge Variable Growth Portfolio.

Effective May 1, 2024, the Delaware Ivy Variable Insurance Portfolios (“DEL IVY VIP”) and the Delaware Variable Insurance Portfolios ("DEL") will be renamed the Macquarie Variable Insurance Portfolios ("MVIP").

2.Expenses

The Company is compensated for certain expenses as described below. The rates of each applicable charge are described in the Separate Account’s prospectus.

•A contract administration fee is charged to cover the Company’s record keeping and other administrative expenses incurred to operate the Separate Account. This fee is allocated to the individual portfolios of the Funds based on the net asset value of the portfolios in proportion to the total net asset value of the Separate Account.

•A mortality and expense risk charge is charged in return for the Company’s assumption of risks associated with adverse mortality experience or excess administrative expenses in connection with policies issued. This fee is charged directly to the individual portfolios of the Funds based on the net asset value of the portfolio.

•An annual maintenance fee is collected covering record keeping and other expenses incurred to maintaining the contracts.

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

•A transfer charge is imposed on each transfer between portfolios of the Separate Account in excess of a stipulated number of transfers in any one contract year. A deferred sales charge may be imposed in the event of a full or partial withdrawal within the stipulated number of years.

The rates of each applicable charge depending on the product are summarized below.


Product	M&E Charge	Admin Fee	Maintenance Fee
Midland National Advantage Variable Annuity*	0.95%	0.00%	$30.00
Midland National Advantage II*	1.40%	0.00%	$30.00
Midland National Advantage III*	1.35%	0.00%	$30.00
Midland National MNL Advisor*	1.55%	0.00%	$30.00
Midland National Variable Annuity*	1.25%	0.15%	$33.00
Midland National Variable Annuity II*	1.25%	0.15%	$35.00
Midland National Vector Variable Annuity*	0.85% to 1.10%	0.45%	$30.00
Midland National Vector II Variable Annuity*	1.20% to 1.45%	0.45%	$30.00
Sammons Retirement Solutions LiveWell Variable Annuity	1.00% to 1.30%	0.35%	$40.00
Sammons Retirement Solutions LiveWell Freedom Variable Annuity*	0.90%	0.35%	$40.00
Sammons Retirement Solutions LiveWell Dynamic Annuity	1.00%	0.35%	$0.00

*New contracts are no longer being issued for this product

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

3.Purchases and Sales of Investment Securities

The aggregate cost of purchases and proceeds from sales of investments for the years ended December 31, 2023 and 2022 were as follows:







		2023				2022
Portfolio		Purchases		Sales		Purchases		Sales

Fidelity Variable Insurance Products
	Government Money Market Portfolio	$	2,798,762	$	4,028,717	$	4,536,385	$	6,114,865
	High Income Portfolio	480,510		933,146		392,109		1,199,811
	Equity-Income Portfolio	405,615		1,162,916		949,068		925,640
	Growth Portfolio	873,567		1,467,691		915,737		1,127,041
	Overseas Portfolio	601,811		931,005		569,689		815,435
	Mid Cap Portfolio	2,551,744		3,201,563		3,739,395		4,022,540
	Asset Manager Portfolio	28,757		166,614		99,080		38,035
	Investment Grade Bond Portfolio	4,138,420		2,312,822		1,428,888		812,970
	Index 500 Portfolio	602,211		2,855,539		815,310		2,738,755
	Contrafund Portfolio	6,223,845		8,686,149		7,022,425		8,444,581
	Asset Manager: Growth Portfolio	69,369		84,387		108,935		64,978
	Balanced Portfolio	467,599		488,682		310,881		465,379
	Growth & Income Portfolio	98,667		856,605		940,615		420,480
	Growth Opportunities Portfolio	11,440,676		8,469,334		17,097,586		7,645,164
	Value Strategies Portfolio	375,745		1,444,839		721,692		1,087,096
	Strategic Income Portfolio	2,516,738		2,891,803		2,664,156		3,517,594
	Emerging Markets Portfolio	864,784		959,215		1,340,446		1,403,624
	Real Estate Portfolio	2,742,373		3,440,769		3,723,714		4,799,754
	Funds Manager 50% Portfolio	593,676		794,960		3,212,151		2,488,161
	Funds Manager 70% Portfolio	513,276		618,905		1,304,173		452,782
	Funds Manager 85% Portfolio	141,263		381,135		1,148,444		395,970
	Government Money Market Portfolio Service Class 2	186,144,001		136,117,384		22,791,619		15,671,459
	International Capital Appreciation Portfolio	1,338,987		855,998		2,422,554		601,460
	Energy Portfolio	3,408		6		—		—
American Century Variable Portfolios, Inc.
	Balanced Fund	1,261,585		1,102,945		2,680,021		1,279,148
	Capital Appreciation Fund	207,543		219,627		489,140		660,978
	International Fund	774,936		1,108,160		788,369		595,690
	Value Fund	15,963,024		16,795,767		20,229,079		17,227,600
	Disciplined Core Value Fund	710,330		1,129,249		3,732,382		2,402,032
	Inflation Protection Fund	2,260,737		2,979,207		6,317,776		6,502,073
	Large Company Value Fund	291,655		1,002,665		1,361,345		406,787
	Mid Cap Value Fund	9,456,105		9,551,468		12,851,751		8,056,434
	Ultra Fund	6,461,850		3,645,538		3,851,353		2,878,590
MFS Variable Insurance Trust
	Research Series	22,261		61,940		216,063		249,244
	Growth Series	246,166		281,943		210,613		344,641
	Investors Trust Series	68,402		253,310		137,555		197,342
	New Discovery Series	1,358,843		1,791,957		4,567,201		1,699,303
	Corporate Bond Portfolio	1,658,533		1,707,696		1,116,977		1,728,686

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements







		2023		2022
Portfolio		Purchases	Sales	Purchases	Sales
	Emerging Markets Equity Portfolio	722,176	778,618	1,398,184	514,180
	Technology Portfolio	1,848,163	1,999,246	2,528,088	2,552,699
	Global Tactical Allocation Portfolio	146,565	383,565	250,768	335,235
	International Intrinsic Value Portfolio	3,062,830	2,653,256	1,904,772	2,647,754
	Utilities Series Portfolio	3,184,745	4,686,544	8,725,773	4,062,792
	Blended Research Core Equity Portfolio	1,442,535	533,926	2,176,129	475,475
	Global Real Estate Portfolio	211,709	192,284	939,738	298,787
Lord Abbett Series Fund, Inc.
	Growth & Income Portfolio	47,458	468,188	359,192	456,466
	Mid-Cap Stock Portfolio	136,006	213,214	150,761	463,345
	Bond-Debenture Portfolio	3,056,653	4,908,686	6,937,880	6,750,806
	Fundamental Equity Portfolio	241,825	437,307	656,361	510,471
	Developing Growth Portfolio	189,752	726,720	522,938	1,370,852
	Short Duration Income Portfolio	4,158,295	6,527,146	7,805,389	10,566,727
Alger Fund
	LargeCap Growth Portfolio	578,474	662,291	729,273	882,335
	MidCap Growth Portfolio	335,051	827,163	574,253	630,748
	Capital Appreciation Portfolio	709,952	579,737	327,663	931,036
	SmallCap Growth Portfolio	4,332	51,571	112,935	49,986
	Capital Appreciation Portfolio Class S	1,596,775	8,942,279	7,983,384	6,995,183
Calvert Variable Series, Inc.
	Mid Cap Growth Portfolio	246,013	561,089	890,048	735,449
	S&P 500 Index Portfolio	763,851	613,005	443,382	1,149,444
	SRI Balanced Portfolio	1,292,754	1,452,600	2,025,712	829,549
Invesco Variable Insurance Funds
	Technology Fund	573,924	332,381	373,109	361,976
	Diversified Dividend Fund	1,023,803	1,690,350	3,863,025	1,138,398
	Health Care Fund	21,783	248,973	226,288	145,661
	Global Real Estate Fund	8,565	18,639	48,708	62,685
	International Equity Fund	460,559	447,347	75,405	37,595
	Main Street Mid Cap Fund	40,325	81,375	127,003	98,321
	Core Bond Fund	—	—	1,168,603	4,895,820
	Discovery Mid Cap Growth Fund	625,065	1,014,938	3,142,834	1,514,157
	Global Fund	2,211,067	1,936,193	3,252,940	1,133,867
	Main Street Fund	1,149,608	2,422,372	5,040,587	1,571,080
	Main Street Small Cap Fund	6,344,227	4,353,894	3,576,206	2,169,625
	Balanced-Risk Allocation Fund	18,157	51,523	509,176	205,464
	Core Plus Bond Fund	712,182	1,016,872	5,049,794	761,994
	Equity and Income Fund	1,887,101	2,177,021	4,398,582	1,769,301
	Small Cap Equity Fund	1,612,651	719,215	2,174,202	617,005
	Equally Weighted S&P 500 Fund	3,867,529	2,344,479	5,682,191	2,654,761
	Growth and Income Fund	91,671	135,070	109,378	133,269
	American Value Fund	30,486	28,675	64,591	44,402
Lincoln Financial Variable Insurance Portfolios
	Core Bond Portfolio	135,871	250,584	127,636	286,189

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements







		2023		2022
Portfolio		Purchases	Sales	Purchases	Sales
	Small Cap Core Portfolio	160,391	357,470	661,577	646,987
Rydex Variable Trust
	Nova Fund	367,135	319,223	245,826	574,441
	NASDAQ-100 Fund	1,212,404	723,469	133,510	1,012,080
	U.S. Government Money Market Fund	173,457	67,465	402,045	273,612
	Inverse S&P 500 Strategy Fund	14,881	87,686	186,231	1,022,226
	Inverse NASDAQ-100 Strategy Fund	17,343	26,527	202,129	199,457
	Inverse Government Long Bond Strategy Fund	702	7,642	45,546	42,936
	Government Long Bond 1.2x Strategy	3,666	1,762	2,893	2,991
	NASDAQ-100 2x Strategy Fund	—	—	—	—
	Inverse Dow 2x Strategy Fund	—	—	—	—
Rydex Variable Insurance Funds
	Biotechnology Fund	218,661	556,693	480,449	1,102,658
	S&P 500 Pure Growth Fund	2,385,839	3,223,926	4,326,954	1,736,568
	S&P MidCap 400 Pure Growth Fund	28,988	235,037	363,191	195,512
Guggenheim Variable Insurance Funds
	Long Short Equity Fund	264,391	98,880	34,204	174,509
	Multi-Hedge Strategies Fund	102,028	372,730	291,384	370,826
	Global Managed Futures Strategy Fund	266,560	1,168,771	2,070,781	982,177
	Small Cap Value Fund	981,374	1,208,243	2,213,042	1,511,203
ProFunds VP
	Profund Access VP High Yield Fund	33,994	35,400	82,428	82,971
	Asia 30	2,660	3,427	12,893	14,751
	Banks	94,189	36,906	22,951	65,178
	Materials	11,254	14,390	32,752	36,657
	Bear	19	994	309	225
	Biotechnology	140,202	135,123	196,126	187,892
	Bull	486,533	324,863	301,609	422,226
	Consumer Staples	55,789	108,358	96,835	103,128
	Consumer Discretionary	24,441	17,419	34,835	60,697
	Dow 30	59,368	29,092	111,348	17,192
	Emerging Markets	82,640	52,332	26,440	31,311
	Europe 30	16,342	19,494	22,328	23,204
	Falling U.S. Dollar	39,080	39,846	17,659	18,281
	Financials	2,025	3,901	11,889	20,828
	Health Care	134,785	144,944	397,717	260,673
	Industrials	123,887	69,419	47,722	70,412
	International	1	4,096	1,599	4,586
	Internet	136,730	170,996	209,993	132,762
	Japan	—	9,087	9,825	12,358
	Large-Cap Growth	319,241	188,435	278,827	567,748
	Large-Cap Value	572,409	617,492	558,261	413,837
	Mid-Cap	4,986	29,461	52,314	40,225
	Mid-Cap Growth	20,912	59,953	96,732	47,168
	Mid-Cap Value	20,058	39,660	43,647	24,160
	Government Money Market	1,172,526	1,860,106	2,419,115	1,610,894
	Energy	271,826	211,279	218,794	347,288
	NASDAQ-100	150,853	217,614	241,240	378,429
	Pharmaceuticals	6,670	1,656	14,693	20,313

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements







		2023		2022
Portfolio		Purchases	Sales	Purchases	Sales
	Precious Metals	227,471	224,029	440,559	476,392
	Real Estate	25,380	19,642	96,311	163,495
	Rising Rates Opportunity	2,706	5,472	5	1,719
	Semiconductor	177,851	194,911	135,604	143,872
	Short Dow 30	—	157	1,542	1,585
	Short Emerging Markets	—	—	—	—
	Short International	94	161	3,532	3,707
	Short Mid-Cap	12	34	1,483	1,519
	Short NASDAQ-100	—	—	—	—
	Short Small-Cap	106	137	—	88
	Small-Cap	5,056	21,914	64,319	59,168
	Small-Cap Growth	32,013	37,844	45,145	51,093
	Small-Cap Value	173,595	176,766	22,948	18,614
	Technology	171,891	249,180	199,900	218,137
	Communication Services	327	2,555	1,452	2,295
	U.S. Government Plus	6,849	2,611	108,819	288,354
	UltraBull	96,793	109,810	332,470	396,996
	UltraMid-Cap	79,338	86,829	326,921	413,773
	UltraNASDAQ-100	126,638	168,595	728,754	838,017
	UltraShort Dow 30	—	67	—	217
	UltraShort NASDAQ-100	—	58	—	359
	UltraSmall-Cap	48,138	44,313	107,387	258,193
	Utilities	10,511	60,672	247,251	117,367
VanEck Worldwide Insurance Trust
	Global Resources Fund	1,572,755	3,314,985	4,369,860	2,930,542
	Emerging Markets Fund	173,428	282,254	262,603	231,497
	Emerging Markets Bond Fund	367,426	335,216	150,156	160,046
Janus Henderson Series
	Global Technology and Innovation Portfolio	5,275,146	3,330,850	4,903,280	3,473,619
	Overseas Portfolio	845,984	559,367	420,970	402,000
	Research Portfolio	2,269	93,592	77,592	89,855
	Enterprise Services Portfolio	8,675,137	6,002,530	9,920,383	5,262,165
	Global Research Portfolio	509,223	716,962	980,783	657,843
	Mid Cap Value Portfolio	694,497	711,500	1,869,359	1,320,041
	Balanced Portfolio	10,550,429	18,070,837	19,058,726	13,299,228
	Flexible Bond Portfolio	747,447	1,183,348	1,360,218	3,185,756
PIMCO Variable Insurance Trust
	Total Return Portfolio	4,117,217	6,820,547	6,087,616	11,810,957
	Low Duration Portfolio	4,911,091	7,211,343	7,654,510	12,176,513
	High Yield Portfolio	11,317,354	9,096,326	8,682,446	8,618,191
	Real Return Portfolio	2,652,860	5,697,569	8,825,800	8,130,017
	All Asset Portfolio	310,220	626,600	1,541,892	1,425,717
	Global Managed Asset Allocation Portfolio	84,504	54,992	227,448	136,894
	Short-Term Portfolio	16,090,542	28,270,844	38,308,450	25,075,722
	Emerging Markets Bond Portfolio	123,822	308,495	306,886	288,219
	Global Bond Opportunities Portfolio	4,975	35,085	68,804	54,459
	Commodity Real Return Strategy Portfolio	2,840,901	2,518,249	7,159,941	4,434,405
	International Bond (USD-Hedged) Portfolio	416,937	315,206	598,811	570,205
	Dynamic Bond Adv Portfolio	777,188	925,834	942,175	992,413

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements







		2023		2022
Portfolio		Purchases	Sales	Purchases	Sales
	Income Advisor Portfolio	5,977,234	6,398,447	4,689,131	5,182,211
Goldman Sachs Variable Insurance Trust
	Small Cap Equity Insights Fund	332,171	434,708	453,901	745,576
	Large Cap Value Fund	39,207	440,558	393,398	371,542
	Mid Cap Value Fund	266,439	764,116	655,013	743,105
Neuberger Berman Advisors Management Trust
	Mid-Cap Growth Portfolio	207,133	338,949	170,790	281,736
	AMT Mid Cap Intrinsic Value Portfolio	15,893	204,897	211,674	335,194
BNY Mellon Variable Investment Fund
	Appreciation Portfolio	404,307	485,473	208,226	340,342
	Sustainable U.S. Equity Portfolio	3,081	2,352	1,561	295
Morgan Stanley Variable Institutional Funds
	Emerging Markets Debt Portfolio	10,713	14,219	19,243	21,969
	Emerging Markets Equity Portfolio	120,538	131,197	146,518	152,129
	Discovery Portfolio	703	13,035	29,074	6,006
	U.S. Real Estate Portfolio	14,558	27,652	33,987	25,472
Northern Lights Variable Trust

	Power Dividend Index Fund	57,395	63,901	20,085	48,952
AB Variable Products Series
	Dynamic Asset Allocation Portfolio	73,734	259,891	1,071,093	432,170
	Small Cap Growth Portfolio	31,721	30,075	12,727	269
	Discovery Value Portfolio	2,145,398	1,780,150	3,598,281	1,794,848
BlackRock Variable Series Fund, Inc.
	Basic Value Fund	854,040	1,372,249	1,899,270	789,479
	Capital Appreciation Fund	36,395	130,914	67,192	463,372
	Equity Dividend Fund	4,152,679	10,598,187	8,886,644	5,680,794
	Global Allocation Fund	1,311,917	2,733,737	943,976	2,755,353
	Advantage Large Cap Core Fund	57,783	138,604	92,934	118,580
	Large Cap Focus Growth Fund	3,768,056	3,169,704	2,723,555	3,238,699
	60/40 Target Allocation ETF Fund	1,335,001	2,460,215	2,250,211	1,969,987
	Total Return Fund	220,790	70,265	91,967	158,716
	S&P 500 Fund	131,283	156,629	133,563	148,512
Columbia Variable Portfolio
	Contrarian Core 2 Portfolio	5,128,583	3,575,350	2,655,341	1,799,756
	Dividend Opportunity Portfolio	1,705,772	3,565,433	6,093,594	2,306,039
	Emerging Markets Bond Portfolio	367,231	862,489	397,189	885,845
	High Yield Portfolio	2,965,865	1,230,282	1,100,375	2,089,581
	Select Large-Cap Value Portfolio	10,452,868	5,168,374	4,283,886	1,515,207
	Seligman Global Tech Portfolio	6,713,835	3,733,679	7,034,128	3,577,006
	US Government Mortgage Portfolio	80,588	226,005	463,733	1,612,922
	Strategic Income Portfolio	731,632	372,354	1,354,086	1,116,154

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements







		2023		2022
Portfolio		Purchases	Sales	Purchases	Sales
	Emerging Markets Portfolio	100,227	24,466	163,762	47,379
	Select Mid Cap Value Portfolio	103,837	152	—	—
	Small Cap Value Portfolio	75,129	72	—	—
DWS Variable Insurance Portfolios
	Equity 500 Index Portfolio	11,800,323	9,558,314	12,932,764	11,019,956
	Small Cap Index Portfolio	1,539,198	1,983,316	2,964,777	1,362,037
	Alternative Asset Allocation Portfolio	160,112	248,651	437,199	315,004
	Global Small Cap Portfolio	4,360	71,665	65,658	57,741
	Small Mid Cap Value Portfolio	393,721	764,590	190,536	914,840
	CROCI US Portfolio	4,510	7,946	6,595	12,101
	High Income Portfolio	485,518	287,163	404,173	204,780
Eaton Vance Variable Trust
	Floating Rate Income Portfolio	6,930,353	5,872,613	14,011,974	13,128,335
Delaware Variable Insurance Portfolios
	Total Return Portfolio	13,577	55,854	20,032	57,976
	International Portfolio	27,345	187,311	213,625	141,793
	Opportunity Portfolio	739,297	2,037,529	1,021,334	1,615,018
Franklin Templeton Variable Insurance Products Trust
	Mutual Shares Fund	538,675	984,849	713,921	1,156,428
	Income Fund	7,893,932	7,253,774	9,250,294	5,714,900
	Global Bond Fund	2,092,091	5,765,427	2,256,207	5,773,796
	Foreign Fund	5,250,144	9,519,322	5,062,383	5,290,175
	Developing Markets Fund	121,765	394,639	747,464	345,956
	Mutual Global Discovery Fund	405,297	1,026,404	645,423	1,397,654
	Rising Dividends Fund	7,826,584	5,741,428	7,472,566	4,282,207
	DynaTech 2 Fund	2,940,768	1,888,694	3,963,122	1,330,391
	Multi-Asset Dynamic Multi-Strategy Portfolio	—	—	8,437	362,493
	Global Real Estate Fund	—	—	—	—
	VolSmart Allocation Fund	74,924	40	—	—
Delaware Ivy Variable Insurance Portfolios
	Asset Strategy Portfolio	113,849	663,511	380,865	511,635
	Balanced Portfolio	98,041	783,065	2,634,037	827,276
	Global Equity Portfolio	113,680	122,620	281,142	172,479
	Energy Portfolio	323,015	675,805	118,310	873,355
	Global Bond Portfolio	—	—	68,026	539,166
	Natural Resources Portfolio	58,721	124,519	24,628	292,219
	Growth Portfolio	343,164	1,022,366	1,063,298	1,082,651
	High Income Portfolio	1,407,556	1,812,070	1,158,281	2,195,501
	International Core Equity Portfolio	183,686	1,422,438	1,064,976	1,335,377
	Global Growth Portfolio	126,748	172,563	133,761	151,464
	Mid Cap Growth Portfolio	1,244,028	2,049,770	3,037,109	2,525,135
	Science and Technology Portfolio	1,157,877	2,646,076	2,956,558	2,271,176

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements







		2023		2022
Portfolio		Purchases	Sales	Purchases	Sales
	Small Cap Growth Portfolio	791,494	762,981	1,328,159	1,155,965
	SMID Cap Core Portfolio	1,126,970	1,934,052	2,757,255	1,920,062
Lazard Retirement Series, Inc.
	International Equity Portfolio	151,199	140,289	384,233	122,440
	Global Dynamic Multi Asset Portfolio	69,562	295,750	122,642	219,204
Legg Mason Partners Variable Equity Trust
	Western Asset Variable Global High Yield Bond Portfolio	1,620,709	1,083,159	830,712	763,184
	ClearBridge Variable Mid Cap Portfolio	2,550,332	2,039,740	7,388,324	4,250,427
	ClearBridge Variable Dividend Strategy Portfolio	7,868,436	8,350,797	8,332,997	7,589,164
	ClearBridge Variable Small Cap Growth Portfolio	3,843,617	1,743,419	2,911,137	1,431,013
	ClearBridge Variable Aggressive Growth Portfolio	110,212	76,232	125,737	73,468
	Western Asset Variable Core Bond Plus Portfolio	11,067,479	16,584,664	13,741,401	15,563,735
	ClearBridge Variable Large Cap Growth Portfolio	4,397,567	7,099,984	6,273,695	2,692,426
Pioneer Variable Contracts Trust
	Fund Portfolio	837,973	764,796	1,272,282	391,474
	Bond Portfolio	7,425,916	10,050,025	8,015,677	8,584,549
	Strategic Income Portfolio	882,806	3,032,026	3,191,900	3,300,055
	Equity Income Portfolio	1,797,957	2,752,435	3,027,466	3,066,973
	High Yield Portfolio	43,111	154,939	48,468	251,895
Prudential Series Funds
	Natural Resources Portfolio	173,775	512,617	1,159,049	839,043
	Mid-Cap Growth Portfolio	1,397	13,940	8,894	38,794
	PGIM Jennison Focused Blend Portfolio	757	248,105	7,402	12,283
	PGIM Jennison Blend Portfolio	809,071	317,163	—	—
Royce Capital Fund
	Micro-Cap Portfolio	21,486	157,805	143,381	18,942
	Small Cap Portfolio	1,078,348	1,694,138	1,181,409	1,665,521
Alps Fund
	Alerian Energy Infrastructure Portfolio	2,610,382	3,328,583	5,797,259	2,897,102
	Global Opportunity Portfolio	196,645	409,905	813,678	482,975
American Funds IS
	Asset Allocation Fund	11,345,005	24,288,887	23,244,582	16,885,002
	Washington Mutual Investors Fund	7,774,614	8,495,405	22,280,144	8,818,775
	Ultra-Short Bond Fund	4,474,836	13,998,759	25,550,460	17,300,178
	Capital Income Builder Fund	3,472,982	2,527,797	4,228,852	3,491,761
	Global Growth Fund	8,523,492	4,774,485	8,190,727	5,222,397
	Capital World Growth and Income Fund	1,952,664	3,472,360	7,424,947	2,310,869
	Global Small Capitalization Fund	916,854	808,449	3,313,568	1,075,396
	Growth Fund	12,294,380	13,923,704	22,853,107	9,860,709
	Growth-Income Fund	14,199,028	13,319,797	19,601,857	10,971,861
	International Fund	2,485,784	3,566,368	3,691,879	1,503,140
	International Growth and Income Fund	1,581,978	1,951,986	5,786,973	1,804,549
	New World Fund	3,546,403	7,102,362	8,310,285	3,930,693
	U.S. Government Securities Fund	3,551,524	10,515,194	18,374,389	24,378,965
	Global Balanced Fund	73,636	47	—	—
	The Bond Fd of America Fund	26,072	26	—	—
Invesco Oppenheimer
	International Growth Fund	3,963,412	4,984,843	8,752,842	2,419,864

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements







		2023		2022
Portfolio		Purchases	Sales	Purchases	Sales

T. Rowe Price
	Blue Chip Growth Portfolio	9,119,476	12,127,979	13,643,178	8,380,428
	Health Sciences Portfolio	7,250,196	4,285,793	6,650,145	4,790,891
	Equity Income Portfolio	55,149	19	—	—
	Mid-Cap Growth Portfolio	45,635	39	—	—
John Hancock Variable Insurance Trust
	Financial Industries Portfolio	893,601	812,643	2,449,183	1,889,096
	Fundamental All Cap Core Portfolio	27,023	14,672	77,188	277,507
	Select Bond Portfolio	59,686	30,445	16,332	62,255
	Strategic Income Opportunities Portfolio	126,506	74,433	243,806	368,539
Federated Hermes
	High Income Bond Portfolio	639,313	321,370	1,296,216	658,203
	Kaufmann Portfolio	2,868,656	3,174,877	2,610,622	888,399
	Managed Volatility Portfolio	16,482	8,074	158,238	96,961
Principal Variable Contracts
	Blue Chip Fund	707,936	380,079	671,612	230,091
	Equity Income Fund	194,701	80,172	439,226	187,672
	Diversified Balance Fund	1,635,164	158,492	438,157	77,009
	Diversified Growth Fund	67,288	11,978	25,766	29,799
	Diversified Income Fund	30,665	1,115	32,575	684,427

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

4.Summary of Changes from Unit Transactions

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







		2023			2022
				Net Increase/			Net Increase/
Portfolio		Purchases	Sales	(Decrease)	Purchases	Sales	(Decrease)

Fidelity Variable Insurance Products
	Government Money Market Portfolio	240,337	366,960	(126,623)	442,969	650,126	(207,157)
	High Income Portfolio	19,759	60,770	(41,011)	9,309	61,094	(51,785)
	Equity-Income Portfolio	4,767	30,851	(26,084)	19,162	22,970	(3,808)
	Growth Portfolio	8,063	20,076	(12,013)	3,413	13,133	(9,720)
	Overseas Portfolio	22,940	38,597	(15,657)	22,171	31,724	(9,553)
	Mid Cap Portfolio	119,530	143,845	(24,315)	155,007	192,408	(37,401)
	Asset Manager Portfolio	(116)	4,082	(4,198)	519	640	(121)
	Investment Grade Bond Portfolio	424,352	188,963	235,389	121,741	58,975	62,766
	Index 500 Portfolio	16,108	86,544	(70,436)	15,839	69,194	(53,355)
	Contrafund Portfolio	227,065	337,961	(110,896)	270,839	321,607	(50,768)
	Asset Manager: Growth Portfolio	2,039	2,508	(469)	1,204	1,541	(337)
	Balanced Portfolio	9,646	12,000	(2,354)	1,029	10,977	(9,948)
	Growth & Income Portfolio	351	23,402	(23,051)	24,539	10,987	13,552
	Growth Opportunities Portfolio	852,540	593,204	259,336	927,671	521,766	405,905
	Value Strategies Portfolio	15,212	56,930	(41,718)	17,552	37,530	(19,978)
	Strategic Income Portfolio	188,657	252,964	(64,307)	199,183	295,466	(96,283)
	Emerging Markets Portfolio	85,984	80,888	5,096	110,387	124,675	(14,288)
	Real Estate Portfolio	241,670	335,533	(93,863)	194,934	285,264	(90,330)
	Funds Manager 50% Portfolio	42,841	63,131	(20,290)	124,509	154,452	(29,943)
	Funds Manager 70% Portfolio	30,421	34,306	(3,885)	21,315	23,305	(1,990)
	Funds Manager 85% Portfolio	5,828	18,680	(12,852)	42,179	21,021	21,158
	Government Money Market Portfolio Service Class 2	18,517,834	13,391,108	5,126,726	2,355,584	1,597,485	758,099
	International Capital Appreciation Portfolio	125,151	75,122	50,029	195,577	50,084	145,493
	Energy Portfolio	347	—	347	—	—	—
American Century Variable Portfolios, Inc.
	Balanced Fund	90,746	77,125	13,621	179,457	91,264	88,193
	Capital Appreciation Fund	4,382	3,808	574	4,253	12,115	(7,862)
	International Fund	37,236	54,237	(17,001)	14,755	25,030	(10,275)
	Value Fund	764,805	1,024,975	(260,170)	704,343	747,204	(42,861)
	Disciplined Core Value Fund	56,098	78,374	(22,276)	157,327	160,767	(3,440)
	Inflation Protection Fund	228,172	312,602	(84,430)	556,536	630,915	(74,379)
	Large Company Value Fund	10,664	45,560	(34,896)	55,872	16,461	39,411
	Mid Cap Value Fund	367,040	512,825	(145,785)	364,940	323,645	41,295
	Ultra Fund	190,779	89,980	100,799	120,130	89,944	30,186
MFS Variable Insurance Trust
	Research Series	51	1,321	(1,270)	3,825	6,040	(2,215)
	Growth Series	2,451	5,008	(2,557)	621	6,548	(5,927)
	Investors Trust Series	1,354	7,034	(5,680)	2,615	5,305	(2,690)
	New Discovery Series	89,937	88,113	1,824	109,671	75,095	34,576
	Corporate Bond Portfolio	140,872	152,923	(12,051)	66,707	155,269	(88,562)
	Emerging Markets Equity Portfolio	90,449	91,567	(1,118)	98,453	51,190	47,263
	Technology Portfolio	72,927	77,845	(4,918)	92,170	79,307	12,863
	Global Tactical Allocation Portfolio	12,012	30,639	(18,627)	12,370	26,127	(13,757)
	International Intrinsic Value Portfolio	161,959	154,621	7,338	78,846	128,113	(49,267)

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements







		2023			2022
				Net Increase/			Net Increase/
Portfolio		Purchases	Sales	(Decrease)	Purchases	Sales	(Decrease)
	Utilities Series Portfolio	146,324	282,969	(136,645)	442,956	221,542	221,414
	Blended Research Core Equity Portfolio	59,698	26,923	32,775	93,060	27,100	65,960
	Global Real Estate Portfolio	20,201	23,066	(2,865)	72,823	26,629	46,194
Lord Abbett Series Fund, Inc.
	Growth & Income Portfolio	409	15,738	(15,329)	7,493	15,352	(7,859)
	Mid-Cap Stock Portfolio	3,337	6,084	(2,747)	1,633	14,036	(12,403)
	Bond-Debenture Portfolio	254,530	479,008	(224,478)	479,976	515,858	(35,882)
	Fundamental Equity Portfolio	11,692	23,167	(11,475)	24,375	29,363	(4,988)
	Developing Growth Portfolio	15,066	48,307	(33,241)	36,052	56,247	(20,195)
	Short Duration Income Portfolio	421,191	698,651	(277,460)	732,907	1,022,856	(289,949)
Alger Fund
	LargeCap Growth Portfolio	18,434	18,854	(420)	14,832	25,208	(10,376)
	MidCap Growth Portfolio	11,978	27,304	(15,326)	13,847	18,892	(5,045)
	Capital Appreciation Portfolio	16,452	13,490	2,962	2,704	19,424	(16,720)
	SmallCap Growth Portfolio	157	1,403	(1,246)	457	1,602	(1,145)
	Capital Appreciation Portfolio Class S	143,360	362,324	(218,964)	233,298	248,525	(15,227)
Calvert Variable Series, Inc.
	Mid Cap Growth Portfolio	18,735	33,192	(14,457)	20,646	35,596	(14,950)
	S&P 500 Index Portfolio	22,103	19,583	2,520	13,386	50,212	(36,826)
	SRI Balanced Portfolio	88,284	98,187	(9,903)	110,446	60,161	50,285
Invesco Variable Insurance Funds
	Technology Fund	16,737	9,726	7,011	2,437	10,377	(7,940)
	Diversified Dividend Fund	74,687	151,544	(76,857)	309,093	81,646	227,447
	Health Care Fund	930	7,427	(6,497)	2,735	4,061	(1,326)
	Global Real Estate Fund	721	1,642	(921)	3,329	4,496	(1,167)
	International Equity Fund	38,112	37,370	742	4,693	2,588	2,105
	Main Street Mid Cap Fund	2,566	4,591	(2,025)	2,256	2,916	(660)
	Core Bond Fund	—	—	—	95,588	473,779	(378,191)
	Discovery Mid Cap Growth Fund	41,442	54,124	(12,682)	83,769	74,629	9,140
	Global Fund	108,989	134,098	(25,109)	154,831	78,369	76,462
	Main Street Fund	49,228	148,907	(99,679)	80,025	86,151	(6,126)
	Main Street Small Cap Fund	421,981	285,805	136,176	164,406	132,753	31,653
	Balanced-Risk Allocation Fund	2,263	5,416	(3,153)	49,202	22,061	27,141
	Core Plus Bond Fund	80,957	124,078	(43,121)	566,992	83,408	483,584
	Equity and Income Fund	139,082	198,892	(59,810)	388,926	182,599	206,327
	Small Cap Equity Fund	182,560	81,744	100,816	207,765	75,023	132,742
	Equally Weighted S&P 500 Fund	326,523	215,473	111,050	557,749	277,536	280,213
	Growth and Income Fund	1,677	6,215	(4,538)	1,322	4,137	(2,815)
	American Value Fund	402	1,210	(808)	1,747	1,777	(30)
Lincoln Financial Variable Insurance Portfolios
	Core Bond Portfolio	8,535	21,457	(12,922)	7,397	22,091	(14,694)
	Small Cap Core Portfolio	4,007	10,539	(6,532)	4,534	15,845	(11,311)
Rydex Variable Trust
	Nova Fund	8,104	6,848	1,256	3,760	11,971	(8,211)
	NASDAQ-100 Fund	17,809	9,848	7,961	1,578	14,154	(12,576)
	U.S. Government Money Market Fund	634	7,342	(6,708)	52,225	36,528	15,697
	Inverse S&P 500 Strategy Fund	18,688	123,387	(104,699)	261,155	1,525,075	(1,263,920)
	Inverse NASDAQ-100 Strategy Fund	72,580	116,977	(44,397)	821,072	745,243	75,829
	Inverse Government Long Bond Strategy Fund	294	3,288	(2,994)	21,422	19,329	2,093
	Government Long Bond 1.2x Strategy	102	72	30	85	67	18
	NASDAQ-100 2x Strategy Fund	—	—	—	—	—	—

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements







		2023			2022
				Net Increase/			Net Increase/
Portfolio		Purchases	Sales	(Decrease)	Purchases	Sales	(Decrease)
	Inverse Dow 2x Strategy Fund	—	—	—	—	—	—
Rydex Variable Insurance Funds
	Biotechnology Fund	12,956	28,737	(15,781)	10,052	47,685	(37,633)
	S&P 500 Pure Growth Fund	173,789	221,971	(48,182)	210,069	89,423	120,646
	S&P MidCap 400 Pure Growth Fund	5,649	18,272	(12,623)	6,797	10,707	(3,910)
Guggenheim Variable Insurance Funds
	Long Short Equity Fund	20,869	6,785	14,084	2,506	12,152	(9,646)
	Multi-Hedge Strategies Fund	19,275	45,270	(25,995)	22,811	31,344	(8,533)
	Global Managed Futures Strategy Fund	25,213	120,544	(95,331)	198,900	96,381	102,519
	Small Cap Value Fund	42,437	68,347	(25,910)	125,782	91,321	34,461
ProFunds VP
	Profund Access VP High Yield Fund	2,548	2,687	(139)	5,805	5,950	(145)
	Asia 30	36	223	(187)	565	1,249	(684)
	Banks	16,073	7,170	8,903	4,232	10,159	(5,927)
	Materials	605	751	(146)	1,808	2,015	(207)
	Bear	—	1,010	(1,010)	396	38	358
	Biotechnology	3,479	4,144	(665)	3,765	4,551	(786)
	Bull	17,870	15,043	2,827	7,876	17,267	(9,391)
	Consumer Staples	1,823	4,673	(2,850)	3,761	4,036	(275)
	Consumer Discretionary	795	570	225	1,034	2,064	(1,030)
	Dow 30	3,124	1,266	1,858	3,717	725	2,992
	Emerging Markets	14,924	9,704	5,220	4,952	5,633	(681)
	Europe 30	1,479	1,807	(328)	1,486	1,736	(250)
	Falling U.S. Dollar	10,505	10,906	(401)	4,203	4,174	29
	Financials	109	312	(203)	312	1,139	(827)
	Health Care	3,794	5,008	(1,214)	12,257	7,855	4,402
	Industrials	5,190	3,155	2,035	2,226	3,249	(1,023)
	International	—	506	(506)	—	609	(609)
	Internet	3,263	4,938	(1,675)	3,490	3,608	(118)
	Japan	—	699	(699)	500	903	(403)
	Large-Cap Growth	6,060	6,456	(396)	3,313	14,812	(11,499)
	Large-Cap Value	29,908	34,518	(4,610)	33,723	23,843	9,880
	Mid-Cap	301	1,599	(1,298)	1,432	1,789	(357)
	Mid-Cap Growth	1,038	2,804	(1,766)	1,310	1,171	139
	Mid-Cap Value	801	2,184	(1,383)	1,766	1,229	537
	Government Money Market	146,515	249,053	(102,538)	302,612	185,081	117,531
	Energy	25,649	19,811	5,838	22,157	34,850	(12,693)
	NASDAQ-100	3,562	4,919	(1,357)	3,779	7,595	(3,816)
	Pharmaceuticals	271	36	235	611	954	(343)
	Precious Metals	61,425	62,241	(816)	91,665	101,224	(9,559)
	Real Estate	1,015	1,367	(352)	6,500	11,524	(5,024)
	Rising Rates Opportunity	1,792	3,336	(1,544)	2	1,191	(1,189)
	Semiconductor	4,756	5,223	(467)	4,243	4,549	(306)
	Short Dow 30	—	194	(194)	2,052	2,020	32
	Short Emerging Markets	—	—	—	—	—	—
	Short International	—	17	(17)	1,657	1,649	8
	Short Mid-Cap	—	—	—	2,099	2,066	33
	Short NASDAQ-100	—	—	—	—	—	—
	Short Small-Cap	1	142	(141)	—	50	(50)
	Small-Cap	362	1,308	(946)	1,928	2,632	(704)
	Small-Cap Growth	1,497	1,828	(331)	500	1,453	(953)

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements







		2023			2022
				Net Increase/			Net Increase/
Portfolio		Purchases	Sales	(Decrease)	Purchases	Sales	(Decrease)
	Small-Cap Value	11,467	11,845	(378)	335	931	(596)
	Technology	3,299	5,612	(2,313)	3,126	4,568	(1,442)
	Communication Services	27	223	(196)	91	155	(64)
	U.S. Government Plus	396	153	243	7,269	19,275	(12,006)
	UltraBull	3,295	3,213	82	4,086	10,963	(6,877)
	UltraMid-Cap	3,781	3,684	97	6,064	15,320	(9,256)
	UltraNASDAQ-100	1,048	1,270	(222)	2,680	5,501	(2,821)
	UltraShort Dow 30	—	906	(906)	—	2,882	(2,882)
	UltraShort NASDAQ-100	1	5,291	(5,290)	—	27,978	(27,978)
	UltraSmall-Cap	4,773	4,290	483	6,668	18,921	(12,253)
	Utilities	493	3,146	(2,653)	11,799	5,437	6,362
VanEck Worldwide Insurance Trust
	Global Resources Fund	146,839	262,914	(116,075)	332,867	193,485	139,382
	Emerging Markets Fund	5,142	9,588	(4,446)	2,278	6,873	(4,595)
	Emerging Markets Bond Fund	24,935	23,592	1,343	9,203	10,919	(1,716)
Janus Henderson Series
	Global Technology and Innovation Portfolio	146,196	82,717	63,479	114,207	110,383	3,824
	Overseas Portfolio	62,212	37,718	24,494	34,345	36,280	(1,935)
	Research Portfolio	112	3,073	(2,961)	1,375	3,136	(1,761)
	Enterprise Services Portfolio	388,413	310,468	77,945	236,031	211,747	24,284
	Global Research Portfolio	19,864	38,684	(18,820)	48,694	29,044	19,650
	Mid Cap Value Portfolio	34,457	39,211	(4,754)	99,048	78,212	20,836
	Balanced Portfolio	557,360	952,458	(395,098)	933,164	718,877	214,287
	Flexible Bond Portfolio	90,493	148,852	(58,359)	107,480	301,546	(194,066)
PIMCO Variable Insurance Trust
	Total Return Portfolio	416,692	719,699	(303,007)	459,478	1,027,128	(567,650)
	Low Duration Portfolio	692,081	996,778	(304,697)	748,901	1,236,412	(487,511)
	High Yield Portfolio	835,101	704,034	131,067	617,310	628,500	(11,190)
	Real Return Portfolio	407,001	742,785	(335,784)	649,865	728,227	(78,362)
	All Asset Portfolio	21,701	49,474	(27,773)	84,617	101,794	(17,177)
	Global Managed Asset Allocation Portfolio	6,284	4,616	1,668	3,377	10,386	(7,009)
	Short-Term Portfolio	1,869,237	3,224,922	(1,355,685)	3,792,873	2,483,581	1,309,292
	Emerging Markets Bond Portfolio	6,942	30,801	(23,859)	20,923	24,541	(3,618)
	Global Bond Opportunities Portfolio	518	4,129	(3,611)	7,316	5,728	1,588
	Commodity Real Return Strategy Portfolio	330,539	410,567	(80,028)	546,772	491,904	54,868
	International Bond (USD-Hedged) Portfolio	37,123	36,604	519	54,852	51,375	3,477
	Dynamic Bond Adv Portfolio	74,933	94,340	(19,407)	65,710	93,656	(27,946)
	Income Advisor Portfolio	545,414	697,275	(151,861)	347,928	473,060	(125,132)
Goldman Sachs Variable Insurance Trust
	Small Cap Equity Insights Fund	13,945	19,755	(5,810)	21,143	31,829	(10,686)
	Large Cap Value Fund	912	19,846	(18,934)	13,093	14,969	(1,876)
	Mid Cap Value Fund	5,842	23,095	(17,253)	4,465	20,996	(16,531)
Neuberger Berman Advisors Management Trust
	Mid-Cap Growth Portfolio	6,202	8,855	(2,653)	964	7,432	(6,468)
	AMT Mid Cap Intrinsic Value Portfolio	366	9,060	(8,694)	6,767	13,879	(7,112)
BNY Mellon Variable Investment Fund
	Appreciation Portfolio	14,369	18,171	(3,802)	4,503	12,134	(7,631)
	Sustainable U.S. Equity Portfolio	42	75	(33)	15	1	14
Morgan Stanley Variable Institutional Funds
	Emerging Markets Debt Portfolio	738	1,122	(384)	1,238	1,580	(342)
	Emerging Markets Equity Portfolio	10,535	11,763	(1,228)	11,033	12,607	(1,574)

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements







		2023			2022
				Net Increase/			Net Increase/
Portfolio		Purchases	Sales	(Decrease)	Purchases	Sales	(Decrease)
	Discovery Portfolio	40	503	(463)	147	163	(16)
	U.S. Real Estate Portfolio	1,243	2,351	(1,108)	1,385	1,678	(293)
Northern Lights Variable Trust

	Power Dividend Index Fund	5,236	6,082	(846)	954	3,826	(2,872)
AB Variable Products Series
	Dynamic Asset Allocation Portfolio	7,764	20,648	(12,884)	10,243	32,598	(22,355)
	Small Cap Growth Portfolio	1,196	1,211	(15)	226	1	225
	Discovery Value Portfolio	85,215	90,683	(5,468)	132,909	96,230	36,679
BlackRock Variable Series Fund, Inc.
	Basic Value Fund	37,274	76,703	(39,429)	87,310	37,873	49,437
	Capital Appreciation Fund	430	3,814	(3,384)	1,040	16,105	(15,065)
	Equity Dividend Fund	163,745	488,209	(324,464)	296,502	273,145	23,357
	Global Allocation Fund	86,102	194,316	(108,214)	58,567	181,372	(122,805)
	Advantage Large Cap Core Fund	1,975	4,512	(2,537)	2,800	4,083	(1,283)
	Large Cap Focus Growth Fund	125,992	148,086	(22,094)	125,938	121,798	4,140
	60/40 Target Allocation ETF Fund	66,288	158,295	(92,007)	160,306	145,299	15,007
	Total Return Fund	19,756	7,820	11,936	6,769	14,202	(7,433)
	S&P 500 Fund	3,446	9,297	(5,851)	2,804	8,688	(5,884)
Columbia Variable Portfolio
	Contrarian Core 2 Portfolio	252,005	168,747	83,258	143,429	83,363	60,066
	Dividend Opportunity Portfolio	121,547	211,716	(90,169)	369,225	135,213	234,012
	Emerging Markets Bond Portfolio	41,268	105,009	(63,741)	22,265	82,558	(60,293)
	High Yield Portfolio	217,787	94,696	123,091	70,284	160,674	(90,390)
	Select Large-Cap Value Portfolio	760,244	401,803	358,441	285,615	105,629	179,986
	Seligman Global Tech Portfolio	303,030	171,870	131,160	240,186	202,825	37,361
	US Government Mortgage Portfolio	7,812	25,294	(17,482)	49,170	171,504	(122,334)
	Strategic Income Portfolio	72,058	38,857	33,201	112,577	108,178	4,399
	Emerging Markets Portfolio	13,672	603	13,069	13,432	6,395	7,037
	Select Mid Cap Value Portfolio	9,820	—	9,820	—	—	—
	Small Cap Value Portfolio	6,827	—	6,827	—	—	—
DWS Variable Insurance Portfolios
	Equity 500 Index Portfolio	402,667	368,058	34,609	467,758	419,352	48,406
	Small Cap Index Portfolio	82,657	99,612	(16,955)	97,205	78,698	18,507
	Alternative Asset Allocation Portfolio	14,450	27,875	(13,425)	29,705	26,266	3,439
	Global Small Cap Portfolio	1,570	6,053	(4,483)	1,598	3,868	(2,270)
	Small Mid Cap Value Portfolio	22,171	52,611	(30,440)	6,196	50,917	(44,721)
	CROCI US Portfolio	154	365	(211)	119	597	(478)
	High Income Portfolio	58,839	40,029	18,810	42,315	21,782	20,533
Eaton Vance Variable Trust
	Floating Rate Income Portfolio	469,818	496,094	(26,276)	1,149,414	1,142,039	7,375
Delaware Variable Insurance Portfolios
	Total Return Portfolio	942	4,141	(3,199)	1	4,098	(4,097)
	International Portfolio	1,417	12,665	(11,248)	8,779	10,749	(1,970)
	Opportunity Portfolio	44,262	159,147	(114,885)	18,533	96,283	(77,750)
Franklin Templeton Variable Insurance Products Trust
	Mutual Shares Fund	10,987	61,437	(50,450)	4,548	64,827	(60,279)
	Income Fund	375,297	496,592	(121,295)	539,896	375,348	164,548
	Global Bond Fund	462,071	863,632	(401,561)	265,267	630,690	(365,423)
	Foreign Fund	597,878	1,015,507	(417,629)	404,144	467,301	(63,157)
	Developing Markets Fund	11,747	40,752	(29,005)	52,192	32,427	19,765
	Mutual Global Discovery Fund	30,935	80,493	(49,558)	9,938	79,043	(69,105)

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements







		2023			2022
				Net Increase/			Net Increase/
Portfolio		Purchases	Sales	(Decrease)	Purchases	Sales	(Decrease)
	Rising Dividends Fund	238,084	271,872	(33,788)	220,618	186,467	34,151
	DynaTech 2 Fund	304,766	164,084	140,682	395,236	192,305	202,931
	Multi-Asset Dynamic Multi-Strategy Portfolio	—	—	—	29	31,199	(31,170)
	Global Real Estate Fund	—	—	—	—	—	—
	VolSmart Allocation Fund	6,972	—	6,972	—	—	—
Delaware Ivy Variable Insurance Portfolios
	Asset Strategy Portfolio	7,614	46,044	(38,430)	8,373	33,475	(25,102)
	Balanced Portfolio	5,289	41,388	(36,099)	4,636	41,864	(37,228)
	Global Equity Portfolio	4,152	5,675	(1,523)	1,337	8,406	(7,069)
	Energy Portfolio	55,689	103,405	(47,716)	6,333	112,833	(106,500)
	Global Bond Portfolio	—	—	—	3,720	49,248	(45,528)
	Natural Resources Portfolio	6,627	15,082	(8,455)	1,473	34,163	(32,690)
	Growth Portfolio	2,640	30,741	(28,101)	7,705	31,108	(23,403)
	High Income Portfolio	102,974	173,761	(70,787)	43,151	170,639	(127,488)
	International Core Equity Portfolio	23,769	108,466	(84,697)	30,149	91,331	(61,182)
	Global Growth Portfolio	541	8,706	(8,165)	524	7,216	(6,692)
	Mid Cap Growth Portfolio	21,347	86,640	(65,293)	34,321	94,784	(60,463)
	Science and Technology Portfolio	21,418	84,642	(63,224)	46,945	74,825	(27,880)
	Small Cap Growth Portfolio	17,615	45,288	(27,673)	17,031	53,943	(36,912)
	SMID Cap Core Portfolio	30,901	110,952	(80,051)	28,829	88,090	(59,261)
Lazard Retirement Series, Inc.
	International Equity Portfolio	10,701	9,781	920	17,241	8,507	8,734
	Global Dynamic Multi Asset Portfolio	7,180	28,087	(20,907)	3,713	14,723	(11,010)
Legg Mason Partners Variable Equity Trust
	Western Asset Variable Global High Yield Bond Portfolio	106,649	59,538	47,111	62,040	63,639	(1,599)
	ClearBridge Variable Mid Cap Portfolio	153,556	128,545	25,011	326,675	218,813	107,862
	ClearBridge Variable Dividend Strategy Portfolio	137,423	361,186	(223,763)	215,366	312,460	(97,094)
	ClearBridge Variable Small Cap Growth Portfolio	197,305	74,354	122,951	151,722	71,504	80,218
	ClearBridge Variable Aggressive Growth Portfolio	3,251	6,257	(3,006)	2,261	5,466	(3,205)
	Western Asset Variable Core Bond Plus Portfolio	1,651,999	2,360,203	(708,204)	1,330,663	1,537,819	(207,156)
	ClearBridge Variable Large Cap Growth Portfolio	443,637	563,831	(120,194)	355,675	166,109	189,566
Pioneer Variable Contracts Trust
	Fund Portfolio	25,002	20,409	4,593	37,917	14,495	23,422
	Bond Portfolio	1,033,820	1,356,386	(322,566)	579,974	736,059	(156,085)
	Strategic Income Portfolio	191,556	404,679	(213,123)	220,446	283,376	(62,930)
	Equity Income Portfolio	69,666	146,608	(76,942)	75,727	131,295	(55,568)
	High Yield Portfolio	11,179	21,520	(10,341)	794	18,471	(17,677)
Prudential Series Funds
	Natural Resources Portfolio	16,800	45,315	(28,515)	114,139	85,371	28,768
	Mid-Cap Growth Portfolio	143	574	(431)	366	1,634	(1,268)
	PGIM Jennison Focused Blend Portfolio	40	18,205	(18,165)	319	264	55
	PGIM Jennison Blend Portfolio	17,708	3	17,705	—	—	—
Royce Capital Fund
	Micro-Cap Portfolio	763	10,027	(9,264)	3,162	1,143	2,019
	Small Cap Portfolio	47,023	115,996	(68,973)	80,853	110,485	(29,632)
Alps Fund
	Alerian Energy Infrastructure Portfolio	254,791	326,098	(71,307)	558,947	275,874	283,073
	Global Opportunity Portfolio	17,500	31,085	(13,585)	29,925	32,415	(2,490)
American Funds IS
	Asset Allocation Fund	444,484	1,658,766	(1,214,282)	786,835	1,082,534	(295,699)
	Washington Mutual Investors Fund	464,359	528,347	(63,988)	691,833	512,857	178,976

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements







		2023			2022
				Net Increase/			Net Increase/
Portfolio		Purchases	Sales	(Decrease)	Purchases	Sales	(Decrease)
	Ultra-Short Bond Fund	695,882	1,776,117	(1,080,235)	2,763,291	1,849,830	913,461
	Capital Income Builder Fund	252,094	196,893	55,201	312,463	275,883	36,580
	Global Growth Fund	410,421	300,548	109,873	349,494	323,967	25,527
	Capital World Growth and Income Fund	129,080	229,711	(100,631)	228,511	154,493	74,018
	Global Small Capitalization Fund	64,565	58,930	5,635	101,636	79,885	21,751
	Growth Fund	530,429	586,987	(56,558)	774,390	463,424	310,966
	Growth-Income Fund	549,220	642,846	(93,626)	799,180	591,574	207,606
	International Fund	168,693	266,254	(97,561)	205,299	136,597	68,702
	International Growth and Income Fund	134,265	177,725	(43,460)	187,630	175,197	12,433
	New World Fund	425,715	696,197	(270,482)	448,131	315,047	133,084
	U.S. Government Securities Fund	422,538	1,178,565	(756,027)	1,765,459	2,380,861	(615,402)
	Global Balanced Fund	6,917	—	6,917	—	—	—
	The Bond Fd of America Fund	2,457	—	2,457	—	—	—
Invesco Oppenheimer
	International Growth Fund	525,985	575,882	(49,897)	492,535	211,507	281,028
T. Rowe Price
	Blue Chip Growth Portfolio	842,267	883,440	(41,173)	795,020	478,525	316,495
	Health Sciences Portfolio	492,618	340,114	152,504	459,045	323,802	135,243
	Equity Income Portfolio	4,903	—	4,903	—	—	—
	Mid-Cap Growth Portfolio	3,880	—	3,880	—	—	—
John Hancock Variable Insurance Trust
	Financial Industries Portfolio	69,408	74,313	(4,905)	146,836	149,191	(2,355)
	Fundamental All Cap Core Portfolio	37	725	(688)	3,759	19,088	(15,329)
	Select Bond Portfolio	3,265	804	2,461	485	5,534	(5,049)
	Strategic Income Opportunities Portfolio	18,271	14,059	4,212	22,712	35,923	(13,211)
Federated Hermes
	High Income Bond Portfolio	57,704	32,748	24,956	116,280	61,826	54,454
	Kaufmann Portfolio	305,817	311,482	(5,665)	196,270	83,245	113,025
	Managed Volatility Portfolio	1,118	409	709	6,590	8,154	(1,564)
Principal Variable Contracts
	Blue Chip Fund	71,604	36,066	35,538	70,548	28,625	41,923
	Equity Income Fund	14,526	4,837	9,689	38,222	19,664	18,558
	Diversified Balance Fund	154,615	8,781	145,834	40,855	7,955	32,900
	Diversified Growth Fund	4,537	499	4,038	345	2,850	(2,505)
	Diversified Income Fund	2,966	19	2,947	3,024	72,289	(69,265)

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

5.Financial Highlights

The Company sells a number of variable annuity insurance products which have unique combinations of features and fees that are charged against the contract owner’s account balance. Differences in the fee structures result in a variety of unit values, expense ratios and total returns.

The following table illustrates hich products offered by the Company have the lowest and highest total return. Only product designs within each portfolio that had units outstanding during the respective periods were considered when determining the lowest and highest total return. The summary may not reflect the minimum and maximum contract charges offered by the Company as contract owners may not have selected all available and applicable contract options.


				December 31			Year Ended December 31
					Unit Fair Value		Investment		Expense Ratio	Total Return
					Lowest to		Income		Lowest to	Lowest to
				Units	Highest	Net Assets	Ratio*		Highest**	Highest***
Net assets represented by
	Fidelity Variable Insurance Products
		Government Money Market Portfolio
			2023	788,167	$7.67 to 13.63	$8,371,840	4.77	%	0.95% to 1.55%	2.16% to 3.90%
			2022	914,790	7.51 to 13.17	$9,601,795	1.38	%	0.95% to 1.55%	-1.21% to 0.48%
			2021	1,121,947	7.60 to 13.17	$11,180,275	0.01	%	0.95% to 1.55%	-2.61% to -0.94%
			2020	930,135	7.81 to 13.36	$9,787,427	0.30	%	0.95% to 1.55%	-2.30% to -0.63%
			2019	609,594	7.99 to 13.50	$6,389,717	1.45	%	0.95% to 1.55%	-0.90% to 1.05%

		High Income Portfolio
			2023	252,439	9.81 to 28.10	$3,945,999	5.40	%	0.95% to 1.65%	7.85% to 9.25%
			2022	293,450	9.00 to 25.73	$4,226,913	4.49	%	0.95% to 1.65%	-13.59% to -12.46%
			2021	345,235	10.30 to 29.41	$5,927,974	5.15	%	0.95% to 1.65%	2.02% to 3.30%
			2020	378,909	10.83 to 28.47	$6,587,049	3.59	%	0.95% to 1.65%	0.19% to 1.45%
			2019	597,939	11.01 to 28.06	$12,059,687	7.32	%	0.95% to 1.55%	12.27% to 13.68%

		Equity-Income Portfolio
			2023	134,614	23.52 to 79.96	$6,185,295	1.72	%	0.95% to 1.55%	7.50% to 9.34%
			2022	160,698	21.84 to 73.28	$6,621,979	1.74	%	0.95% to 1.55%	-7.72% to -6.14%
			2021	164,506	23.62 to 78.19	$7,336,927	1.77	%	0.95% to 1.55%	21.35% to 23.43%
			2020	185,468	19.42 to 63.49	$6,685,108	1.54	%	0.95% to 1.55%	3.66% to 5.43%
			2019	208,657	17.05 to 60.34	$7,166,866	1.91	%	0.95% to 1.55%	23.47% to 25.91%

		Growth Portfolio
			2023	80,389	42.26 to 128.67	$8,692,355	0.11	%	0.95% to 1.55%	32.81% to 34.61%
			2022	92,402	31.82 to 95.77	$7,258,377	0.53	%	0.95% to 1.55%	-26.36% to -25.36%
			2021	102,122	43.21 to 128.57	$10,655,095	0.00	%	0.95% to 1.55%	20.11% to 21.74%
			2020	103,342	39.25 to 105.81	$9,135,476	0.07	%	0.95% to 1.55%	40.08% to 42.19%
			2019	130,728	26.82 to 74.57	$7,729,119	0.22	%	0.95% to 1.55%	30.73% to 32.71%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
Overseas Portfolio
	2023	217,851	17.32 to 35.74	$5,558,646	0.85	%	0.95% to 1.65%	17.09% to 19.09%
	2022	233,508	14.77 to 30.07	$4,973,491	0.76	%	0.95% to 1.65%	-26.65% to -25.39%
	2021	243,061	20.09 to 40.38	$7,023,296	0.34	%	0.95% to 1.65%	16.27% to 18.26%
	2020	282,895	17.25 to 34.21	$6,929,633	0.22	%	0.95% to 1.65%	12.32% to 14.24%
	2019	307,083	13.23 to 30.01	$6,565,374	1.55	%	0.95% to 1.55%	23.86% to 26.30%

Mid Cap Portfolio
	2023	650,624	11.00 to 62.36	$16,736,415	0.39	%	0.95% to 1.65%	12.93% to 13.78%
	2022	674,939	9.71 to 54.84	$15,717,066	0.26	%	0.95% to 1.65%	-17.02% to -2.88%
	2021	712,340	11.81 to 65.11	$20,066,480	0.40	%	0.95% to 1.65%	22.27% to 24.12%
	2020	665,757	13.35 to 52.45	$16,098,689	0.36	%	0.95% to 1.65%	14.67% to 16.75%
	2019	722,872	11.47 to 44.93	$15,243,046	0.71	%	0.95% to 1.55%	19.83% to 22.01%

Asset Manager Portfolio
	2023	27,307	18.90 to 40.62	$790,245	2.17	%	0.95% to 1.55%	10.10% to 11.59%
	2022	31,505	17.17 to 36.47	$859,857	1.93	%	0.95% to 1.55%	-17.08% to -15.95%
	2021	31,626	20.70 to 43.48	$1,031,943	1.45	%	0.95% to 1.55%	7.19% to 8.64%
	2020	35,853	19.31 to 40.11	$1,116,302	1.28	%	0.95% to 1.55%	11.93% to 13.45%
	2019	44,479	17.25 to 35.41	$1,184,709	1.78	%	0.95% to 1.55%	15.33% to 16.90%

Investment Grade Bond Portfolio
	2023	535,584	8.93 to 24.88	$5,806,652	2.75	%	0.95% to 1.55%	3.44% to 5.00%
	2022	300,195	8.56 to 23.76	$3,823,171	2.23	%	0.95% to 1.55%	-15.18% to -14.03%
	2021	237,429	10.03 to 27.68	$4,023,759	1.96	%	0.95% to 1.55%	-3.15% to 0.62%
	2020	166,405	13.39 to 28.24	$3,431,417	2.08	%	0.95% to 1.55%	6.52% to 8.13%
	2019	177,520	11.74 to 26.18	$3,418,470	2.67	%	0.95% to 1.55%	6.28% to 8.37%

Index 500 Portfolio
	2023	615,857	17.59 to 115.86	$21,699,324	1.31	%	0.95% to 1.65%	22.48% to 24.69%
	2022	686,293	14.15 to 93.10	$19,650,780	1.21	%	0.95% to 1.65%	-20.63% to -19.19%
	2021	739,648	17.56 to 115.43	$26,774,969	1.10	%	0.95% to 1.65%	24.78% to 27.05%
	2020	824,903	13.87 to 91.04	$23,666,018	1.51	%	0.95% to 1.65%	14.75% to 16.83%
	2019	785,629	11.91 to 78.08	$21,551,004	1.90	%	0.95% to 1.55%	27.28% to 29.78%

Contrafund Portfolio
	2023	1,200,515	12.24 to 134.37	$41,188,567	0.30	%	0.95% to 1.65%	29.91% to 31.93%
	2022	1,311,411	9.29 to 102.10	$34,343,886	0.27	%	0.95% to 1.65%	-28.27% to -27.15%
	2021	1,362,179	12.78 to 140.51	$50,817,963	0.03	%	0.95% to 1.65%	24.43% to 26.31%
	2020	1,178,776	12.37 to 111.47	$39,822,428	0.10	%	0.95% to 1.65%	27.08% to 29.00%
	2019	1,216,399	13.18 to 86.57	$33,859,564	0.27	%	0.95% to 1.55%	28.10% to 30.03%

Asset Manager: Growth Portfolio
	2023	23,409	20.81 to 46.27	$877,080	1.79	%	0.95% to 1.55%	13.42% to 14.95%
	2022	23,878	18.35 to 40.32	$782,749	1.70	%	0.95% to 1.55%	-18.93% to -17.83%
	2021	24,215	22.63 to 49.19	$969,478	1.38	%	0.95% to 1.55%	11.10% to 12.61%
	2020	24,803	20.37 to 43.77	$887,421	0.99	%	0.95% to 1.55%	14.29% to 15.84%
	2019	25,820	17.82 to 37.86	$798,018	1.52	%	0.95% to 1.55%	19.71% to 21.34%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
Balanced Portfolio
	2023	85,055	28.79 to 45.95	$3,323,261	1.61	%	0.95% to 1.55%	18.49% to 20.09%
	2022	87,409	24.30 to 38.34	$2,909,180	1.07	%	0.95% to 1.55%	-20.04% to -18.96%
	2021	97,357	30.39 to 47.38	$3,990,135	0.80	%	0.95% to 1.55%	15.31% to 16.88%
	2020	107,172	26.36 to 40.63	$3,734,962	1.23	%	0.95% to 1.55%	19.35% to 20.97%
	2019	103,239	21.05 to 33.66	$2,994,631	1.68	%	0.95% to 1.55%	22.78% to 28.45%

Growth & Income Portfolio
	2023	33,072	30.22 to 57.97	$1,679,924	1.33	%	0.95% to 1.55%	15.51% to 17.25%
	2022	56,123	26.17 to 49.51	$2,221,263	1.73	%	0.95% to 1.55%	-7.46% to -6.07%
	2021	42,571	28.28 to 52.82	$1,912,317	2.49	%	0.95% to 1.55%	22.60% to 24.45%
	2020	40,129	22.03 to 42.53	$1,519,482	1.81	%	0.95% to 1.55%	4.68% to 6.58%
	2019	46,710	20.57 to 39.99	$1,666,471	4.65	%	0.95% to 1.55%	21.11% to 28.24%

Growth Opportunities Portfolio
	2023	2,438,693	9.51 to 72.01	$40,676,621	0.00	%	0.95% to 1.65%	41.8% to 44.01%
	2022	2,179,357	6.62 to 50.03	$25,629,581	0.00	%	0.95% to 1.65%	-39.81% to -14.52%
	2021	1,773,452	10.85 to 82.38	$36,217,102	0.00	%	0.95% to 1.65%	8.97% to 10.61%
	2020	859,730	15.19 to 75.22	$19,518,772	0.00	%	0.95% to 1.65%	64.16% to 66.64%
	2019	236,128	10.94 to 45.59	$4,894,768	0.07	%	0.95% to 1.55%	9.44% to 39.17%

Value Strategies Portfolio
	2023	83,513	18.18 to 40.78	$2,609,602	0.74	%	0.95% to 1.65%	17.70% to 19.47%
	2022	125,231	15.27 to 34.13	$3,313,053	0.80	%	0.95% to 1.65%	-9.59% to -8.22%
	2021	145,209	16.68 to 37.19	$4,164,179	1.29	%	0.95% to 1.65%	30.12% to 32.08%
	2020	158,855	12.67 to 28.16	$3,461,782	0.93	%	0.95% to 1.65%	5.41% to 7.00%
	2019	207,898	11.88 to 26.31	$4,212,064	1.46	%	0.95% to 1.55%	30.85% to 32.83%

Strategic Income Portfolio
	2023	1,151,122	9.66 to 12.57	$13,738,557	4.25	%	1.15% to 1.65%	7.40% to 8.20%
	2022	1,215,429	8.95 to 11.65	$13,518,369	3.20	%	1.15% to 1.65%	-12.96% to -12.31%
	2021	1,311,712	10.23 to 13.32	$16,820,518	2.66	%	1.15% to 1.65%	2.04% to 2.35%
	2020	1,058,570	10.85 to 13.01	$13,485,831	3.11	%	1.15% to 1.65%	5.72% to 5.93%
	2019	985,299	10.81 to 12.28	$11,890,430	3.47	%	1.15% to 1.35%	9.17% to 9.39%

Emerging Markets Portfolio
	2023	383,613	7.73 to 14.70	$5,081,295	1.99	%	1.15% to 1.65%	7.70% to 8.51%
	2022	378,517	7.14 to 13.58	$4,847,182	1.46	%	1.15% to 1.65%	-21.67% to -21.08%
	2021	392,805	9.07 to 17.25	$6,271,407	2.11	%	1.15% to 1.65%	-3.72% to -3.53%
	2020	307,443	16.41 to 17.88	$5,427,630	0.56	%	1.15% to 1.65%	29.12% to 29.38%
	2019	298,922	12.70 to 13.82	$4,085,653	1.44	%	1.15% to 1.35%	27.46% to 27.72%

Real Estate Portfolio
	2023	999,261	10.88 to 17.19	$16,155,368	2.21	%	1.15% to 1.65%	9.08% to 9.90%
	2022	1,093,124	9.92 to 15.68	$16,300,362	1.11	%	1.15% to 1.65%	-28.88% to -28.34%
	2021	1,183,454	13.87 to 21.94	$25,046,160	0.96	%	1.15% to 1.65%	36.38% to 37.06%
	2020	1,174,541	10.54 to 16.01	$18,444,735	1.83	%	1.15% to 1.65%	-8.04% to -7.86%
	2019	1,123,074	11.45 to 17.37	$19,207,943	1.71	%	1.15% to 1.35%	21.30% to 21.54%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	Funds Manager 50% Portfolio
		2023	455,948	10.25 to 17.02	$7,145,857	2.42	%	1.15% to 1.65%	10.92% to 11.53%
		2022	476,238	9.20 to 15.29	$6,685,802	1.75	%	1.15% to 1.65%	-15.19% to -14.89%
		2021	506,181	10.82 to 17.99	$8,578,042	0.90	%	1.15% to 1.65%	8.40% to 8.62%
		2020	652,743	13.07 to 16.56	$10,514,394	1.07	%	1.15% to 1.65%	12.36% to 12.58%
		2019	390,642	11.62 to 14.71	$5,531,550	1.77	%	1.15% to 1.35%	16.11% to 16.34%

	Funds Manager 70% Portfolio
		2023	268,044	10.67 to 20.65	$5,018,927	1.88	%	1.15% to 1.65%	13.68% to 14.31%
		2022	271,929	9.34 to 18.07	$4,533,866	1.40	%	1.15% to 1.65%	-17.17% to -16.71%
		2021	273,919	11.21 to 21.71	$5,517,097	0.94	%	1.15% to 1.65%	12.90% to 13.13%
		2020	211,343	13.83 to 19.19	$3,988,691	0.75	%	1.15% to 1.65%	14.38% to 14.61%
		2019	195,113	12.07 to 16.74	$3,215,544	1.29	%	1.15% to 1.35%	20.85% to 21.09%

	Funds Manager 85% Portfolio
		2023	85,817	10.94 to 23.73	$1,713,506	1.40	%	1.15% to 1.65%	15.56% to 16.43%
		2022	98,669	9.42 to 20.43	$1,698,499	1.04	%	1.15% to 1.65%	-18.55% to -17.93%
		2021	77,511	11.50 to 24.96	$1,580,166	0.90	%	1.15% to 1.65%	16.06% to 16.30%
		2020	51,994	14.43 to 21.46	$1,025,047	0.67	%	1.15% to 1.65%	15.69% to 15.92%
		2019	58,243	12.46 to 18.51	$957,280	1.10	%	1.15% to 1.35%	24.45% to 24.70%

	Government Money Market Portfolio Service Class 2
		2023	6,294,367	9.39 to 10.37	$60,886,111	4.92	%	1.15% to 1.65%	2.93% to 3.60%
		2022	1,167,641	9.09 to 10.04	$10,859,494	1.20	%	1.15% to 1.65%	-0.09% to 0.44%
		2021	409,542	9.10 to 9.79	$3,739,334	0.01	%	1.15% to 1.65%	-1.33% to -1.13%
		2020	471,550	9.22 to 9.34	$4,357,277	0.22	%	1.15% to 1.65%	-1.11% to -0.91%
		2019	404,659	9.33 to 9.43	$3,782,351	2.05	%	1.15% to 1.35%	0.40% to 0.60%

	International Capital Appreciation Portfolio
		2023	397,406	-	$5,284,010	0.17	%	1.15% to 1.65%	n/a
		2022	347,377	7.98 to 11.17	$3,744,480	0.10	%	1.15% to 1.65%	-27.77% to -27.23%
		2021	201,884	10.99 to 15.39	$3,047,690	0.00	%	1.15% to 1.65%	10.61% to 10.83%
		2020	46,564	13.87 to 13.89	$646,274	0.18	%	1.15% to 1.65%	38.70% to 38.88%

	Energy Portfolio
		2023	347	9.67 to 9.67	$3,359	3.64	%	1.15% to 1.65%	-3.33% to -3.33%

American Century Variable
Portfolios, Inc.
	Balanced Fund
		2023	395,043	20.62 to 36.28	$5,152,180	1.73	%	0.95% to 1.65%	13.26% to 15.31%
		2022	381,422	9.25 to 31.60	$4,370,046	1.01	%	0.95% to 1.65%	-19.51% to -18.05%
		2021	293,229	11.34 to 38.74	$4,445,373	0.55	%	0.95% to 1.65%	12.63% to 14.68%
		2020	171,886	11.17 to 33.93	$2,639,998	1.04	%	0.95% to 1.65%	9.48% to 11.46%
		2019	85,773	10.64 to 30.58	$1,630,677	1.46	%	0.95% to 1.55%	6.42% to 18.72%

	Capital Appreciation Fund
		2023	30,629	45.76 to 71.24	$1,866,327	0.00	%	0.95% to 1.55%	17.78% to 19.55%
		2022	30,055	39.48 to 59.86	$1,554,367	0.00	%	0.95% to 1.55%	-29.67% to -28.79%
		2021	37,917	55.38 to 84.43	$2,743,993	0.00	%	0.95% to 1.55%	8.46% to 10.10%
		2020	35,591	51.06 to 77.03	$2,380,600	0.00	%	0.95% to 1.55%	39.01% to 41.11%
		2019	50,296	36.73 to 54.84	$2,336,783	0.00	%	0.95% to 1.55%	32.28% to 34.28%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***

International Fund
	2023	103,286	10.70 to 26.93	$2,435,497	1.38	%	0.95% to 1.90%	8.41% to 11.37%
	2022	120,287	9.87 to 24.26	$2,513,047	1.20	%	0.95% to 1.90%	-27.55% to -25.57%
	2021	130,562	13.63 to 32.70	$3,687,149	0.04	%	0.95% to 1.90%	4.71% to 7.57%
	2020	145,052	13.01 to 30.49	$3,854,284	0.37	%	0.95% to 1.90%	21.15% to 24.47%
	2019	170,774	10.74 to 24.56	$3,652,645	0.73	%	0.95% to 1.90%	23.55% to 26.93%

Value Fund
	2023	3,319,358	10.94 to 61.69	$76,369,729	2.16	%	0.95% to 1.65%	6.18% to 16.43%
	2022	3,579,528	11.64 to 57.34	$78,502,176	1.93	%	0.95% to 1.65%	-2.31% to -0.59%
	2021	3,622,389	11.73 to 57.84	$83,459,581	1.65	%	0.95% to 1.65%	21.03% to 23.11%
	2020	3,366,384	11.91 to 47.11	$65,728,799	1.93	%	0.95% to 1.65%	-1.81% to -0.12%
	2019	3,224,422	11.96 to 47.31	$63,837,412	1.97	%	0.95% to 1.55%	23.30% to 25.72%

Disciplined Core Value Fund
	2023	379,138	10.97 to 36.43	$5,523,255	1.28	%	0.95% to 1.90%	4.32% to 7.27%
	2022	401,414	10.24 to 34.00	$5,581,814	1.51	%	0.95% to 1.90%	-15.99% to -13.61%
	2021	404,854	11.88 to 39.51	$6,796,119	0.90	%	0.95% to 1.90%	18.86% to 22.18%
	2020	169,691	11.78 to 32.40	$2,829,639	1.62	%	0.95% to 1.90%	7.40% to 10.39%
	2019	86,210	10.71 to 29.39	$1,786,997	1.86	%	0.95% to 1.90%	7.12% to 22.58%

Inflation Protection Fund
	2023	758,642	9.25 to 14.29	$7,908,115	3.13	%	0.95% to 1.65%	0.90% to 2.48%
	2022	843,072	9.05 to 13.95	$8,589,219	5.82	%	0.95% to 1.65%	-15.18% to -13.85%
	2021	917,451	10.52 to 16.20	$10,982,251	2.94	%	0.95% to 1.65%	3.70% to 5.26%
	2020	499,768	10.42 to 15.39	$6,057,618	1.30	%	0.95% to 1.65%	6.90% to 8.52%
	2019	474,712	9.64 to 14.18	$5,470,382	2.29	%	0.95% to 1.55%	5.79% to 7.87%

Large Company Value Fund
	2023	30,720	17.00 to 27.66	$709,993	1.70	%	0.95% to 1.90%	0.22% to 2.80%
	2022	65,616	16.96 to 26.91	$1,449,982	2.12	%	0.95% to 1.90%	-3.87% to -1.40%
	2021	26,205	17.64 to 27.29	$581,814	1.48	%	0.95% to 1.90%	17.35% to 20.38%
	2020	22,008	15.03 to 22.67	$410,305	1.24	%	0.95% to 1.90%	-1.04% to 1.52%
	2019	31,865	15.19 to 22.33	$581,962	2.52	%	0.95% to 1.90%	22.93% to 26.10%

Mid Cap Value Fund
	2023	1,552,300	12.06 to 42.69	$35,532,883	2.13	%	0.95% to 1.90%	2.19% to 5.08%
	2022	1,698,085	11.50 to 40.65	$38,660,896	2.06	%	0.95% to 1.90%	-4.96% to -2.27%
	2021	1,656,790	11.79 to 41.61	$40,422,702	1.07	%	0.95% to 1.90%	18.55% to 21.85%
	2020	1,465,158	11.72 to 34.15	$30,621,899	1.49	%	0.95% to 1.90%	-2.56% to 0.15%
	2019	1,368,066	11.73 to 34.10	$28,990,438	1.91	%	0.95% to 1.90%	24.31% to 27.77%

Ultra Fund
	2023	340,507	11.66 to 54.73	$10,956,265	0.00	%	0.95% to 1.90%	38.43% to 41.99%
	2022	239,708	8.23 to 38.57	$5,798,287	0.00	%	0.95% to 1.90%	-34.78% to -33.07%
	2021	209,522	12.31 to 57.65	$8,190,316	0.00	%	0.95% to 1.90%	18.77% to 21.83%
	2020	176,506	13.73 to 47.32	$6,680,541	0.00	%	0.95% to 1.90%	44.41% to 48.14%
	2019	185,616	15.24 to 31.94	$4,847,138	0.00	%	0.95% to 1.90%	29.84% to 33.19%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***

MFS Variable Insurance Trust
	Research Series
		2023	7,590	41.57 to 50.06	$355,343	0.44	%	0.95% to 1.40%	19.77% to 20.97%
		2022	8,860	34.62 to 41.80	$345,456	0.36	%	0.95% to 1.40%	-19.02% to -18.21%
		2021	11,075	42.65 to 51.62	$522,728	0.46	%	0.95% to 1.40%	22.11% to 23.34%
		2020	11,622	29.91 to 42.27	$449,673	0.58	%	0.95% to 1.40%	13.50% to 15.21%
		2019	15,535	26.35 to 37.06	$524,343	0.64	%	0.95% to 1.40%	29.39% to 31.35%

	Growth Series
		2023	25,126	52.17 to 68.54	$1,542,845	0.00	%	0.95% to 1.40%	32.90% to 34.23%
		2022	27,683	35.64 to 51.57	$1,263,463	0.00	%	0.95% to 1.40%	-33.25% to -32.45%
		2021	33,610	53.40 to 77.11	$2,249,571	0.00	%	0.95% to 1.40%	20.26% to 22.07%
		2020	35,031	43.03 to 63.80	$1,922,507	0.00	%	0.95% to 1.40%	28.35% to 30.29%
		2019	54,317	33.48 to 49.46	$2,277,555	0.00	%	0.95% to 1.40%	34.44% to 36.48%

	Investors Trust Series
		2023	6,793	37.14 to 43.78	$275,592	0.55	%	0.95% to 1.40%	16.09% to 17.55%
		2022	12,473	27.48 to 37.25	$424,738	0.39	%	0.95% to 1.40%	-18.70% to -17.47%
		2021	15,163	33.80 to 45.13	$629,438	0.64	%	0.95% to 1.40%	23.45% to 25.31%
		2020	9,831	28.48 to 36.02	$330,272	0.53	%	0.95% to 1.40%	11.35% to 12.53%
		2019	10,497	25.58 to 32.01	$312,969	0.65	%	0.95% to 1.40%	28.65% to 30.01%

	New Discovery Series
		2023	298,098	7.52 to 75.81	$6,943,912	0.00	%	0.95% to 1.65%	11.50% to 13.23%
		2022	296,274	6.65 to 67.19	$6,468,801	0.00	%	0.95% to 1.65%	-31.41% to -30.62%
		2021	261,698	9.61 to 97.00	$8,911,462	0.00	%	0.95% to 1.65%	-0.89% to 0.61%
		2020	242,603	14.37 to 96.63	$8,811,176	0.00	%	0.95% to 1.65%	42.06% to 44.21%
		2019	206,829	15.43 to 67.17	$5,768,564	0.00	%	0.95% to 1.40%	37.86% to 39.94%

	Corporate Bond Portfolio
		2023	444,747	8.73 to 11.37	$4,815,715	3.77	%	1.15% to 1.65%	7.12% to 7.92%
		2022	456,798	8.11 to 10.56	$4,641,603	2.82	%	1.15% to 1.65%	-17.99% to -17.37%
		2021	545,360	9.83 to 12.81	$6,786,809	2.79	%	1.15% to 1.65%	-3.07% to -2.78%
		2020	507,623	10.69 to 13.18	$6,553,210	3.23	%	1.15% to 1.65%	8.86% to 9.07%
		2019	336,788	11.11 to 12.08	$3,996,954	3.40	%	1.15% to 1.35%	12.92% to 13.15%

	Emerging Markets Equity Portfolio
		2023	489,392	7.63 to 10.90	$4,674,879	1.20	%	1.15% to 1.65%	8.90% to 9.72%
		2022	490,510	6.96 to 9.99	$4,333,857	3.83	%	1.15% to 1.65%	-21.25% to -20.66%
		2021	443,247	8.80 to 12.66	$4,978,993	0.29	%	1.15% to 1.65%	-8.55% to -8.09%
		2020	347,963	12.31 to 13.80	$4,326,030	2.65	%	1.15% to 1.65%	8.85% to 9.07%
		2019	347,537	11.31 to 11.86	$3,967,495	0.39	%	1.15% to 1.35%	18.57% to 18.81%

	Technology Portfolio
		2023	250,446	10.98 to 47.83	$8,931,034	0.00	%	1.15% to 1.65%	51.31% to 52.44%
		2022	255,364	7.22 to 31.45	$5,976,160	0.00	%	1.15% to 1.65%	-36.90% to -36.43%
		2021	242,501	11.37 to 49.60	$10,190,011	0.00	%	1.15% to 1.65%	11.91% to 12.13%
		2020	223,568	22.64 to 44.24	$9,325,705	0.00	%	1.15% to 1.65%	44.44% to 44.73%
		2019	159,504	15.66 to 30.56	$4,536,402	0.00	%	1.15% to 1.35%	34.05% to 34.32%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***

	Global Tactical Allocation Portfolio
		2023	69,025	9.96 to 14.18	$931,440	0.14	%	1.15% to 1.65%	7.67% to 8.15%
		2022	87,652	9.21 to 13.11	$1,120,198	1.93	%	1.15% to 1.65%	-8.68% to -8.50%
		2021	101,409	11.81 to 14.33	$1,431,242	0.74	%	1.15% to 1.65%	1.21% to 1.41%
		2020	102,241	11.66 to 14.13	$1,425,162	1.41	%	1.15% to 1.65%	4.56% to 4.77%
		2019	102,347	11.14 to 13.49	$1,362,722	2.64	%	1.15% to 1.35%	12.77% to 12.99%

	International Intrinsic Value Portfolio
		2023	713,627	9.58 to 22.97	$14,421,836	0.48	%	1.15% to 1.65%	15.45% to 16.32%
		2022	706,289	8.25 to 19.79	$12,895,443	0.43	%	1.15% to 1.65%	-25.00% to -24.44%
		2021	755,556	10.94 to 26.26	$18,677,437	0.13	%	1.15% to 1.65%	8.58% to 9.02%
		2020	727,659	12.25 to 24.09	$17,035,693	0.76	%	1.15% to 1.65%	18.59% to 18.83%
		2019	754,246	12.56 to 20.27	$14,878,599	1.49	%	1.15% to 1.35%	23.97% to 24.22%

	Utilities Series Portfolio
		2023	652,651	10.63 to 20.63	$12,646,204	2.97	%	1.15% to 1.65%	-3.93% to -3.20%
		2022	789,296	11.00 to 21.36	$15,660,116	2.32	%	1.15% to 1.65%	-1.16% to -0.42%
		2021	567,882	11.07 to 21.50	$11,760,574	1.60	%	1.15% to 1.65%	12.07% to 12.52%
		2020	584,085	11.45 to 19.11	$10,974,016	2.18	%	1.15% to 1.65%	4.20% to 4.41%
		2019	611,789	13.03 to 18.30	$11,022,016	3.98	%	1.15% to 1.35%	23.13% to 23.37%

	Blended Research Core Equity Portfolio
		2023	247,422	13.36 to 21.67	$5,023,472	1.02	%	1.15% to 1.65%	26.11% to 27.06%
		2022	214,647	10.54 to 17.10	$3,459,958	0.93	%	1.15% to 1.65%	-17.57% to -16.95%
		2021	148,687	12.72 to 20.64	$2,979,636	0.91	%	1.15% to 1.65%	27.07% to 27.71%
		2020	111,347	12.16 to 16.16	$1,773,875	1.22	%	1.15% to 1.65%	13.51% to 13.74%
		2019	129,335	12.97 to 14.21	$1,822,295	1.51	%	1.15% to 1.35%	27.15% to 27.40%

	Global Real Estate Portfolio
		2023	84,590	10.31 to 11.98	$926,239	0.47	%	1.15% to 1.65%	9.39% to 10.21%
		2022	87,455	9.37 to 10.93	$873,404	1.57	%	1.15% to 1.65%	-28.26% to -27.79%
		2021	41,261	13.01 to 15.19	$570,615	1.29	%	1.15% to 1.65%	27.87% to 28.39%
		2020	20,453	10.90 to 11.88	$223,797	2.29	%	1.15% to 1.65%	-0.21% to -0.01%
		2019	30,844	10.93 to 10.94	$337,178	2.13	%	1.15% to 1.35%	9.26% to 9.41%

Lord Abbett Series Fund, Inc.
	Growth and Income Portfolio
		2023	35,344	21.73 to 41.53	$1,289,035	0.81	%	0.95% to 1.40%	10.46% to 12.12%
		2022	50,673	19.68 to 37.21	$1,588,535	1.18	%	0.95% to 1.40%	-11.63% to -10.29%
		2021	58,532	22.26 to 41.67	$2,048,656	1.12	%	0.95% to 1.40%	25.90% to 27.80%
		2020	57,719	21.11 to 32.75	$1,601,094	1.53	%	0.95% to 1.40%	0.71% to 1.73%
		2019	60,148	20.84 to 32.34	$1,652,412	1.69	%	0.95% to 1.40%	20.13% to 21.33%

	Mid-Cap Stock Portfolio
		2023	38,958	22.05 to 53.40	$1,485,304	0.43	%	0.95% to 1.40%	12.92% to 14.33%
		2022	41,705	19.50 to 46.92	$1,406,074	0.69	%	0.95% to 1.40%	-13.45% to -12.05%
		2021	54,108	21.13 to 53.59	$2,037,574	0.59	%	0.95% to 1.40%	25.46% to 27.48%
		2020	59,659	17.80 to 42.22	$1,760,151	0.90	%	0.95% to 1.40%	-0.08% to 1.53%
		2019	70,764	17.04 to 41.78	$2,067,659	0.90	%	0.95% to 1.40%	19.55% to 21.48%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	International Opportunities Portfolio
		2019	—	-	$0	1.92	%	0.95% to 1.40%	n/a

	Bond-Debenture Portfolio
		2023	1,956,268	9.22 to 13.65	$24,840,890	4.87	%	1.15% to 1.65%	4.81% to 5.60%
		2022	2,180,746	8.75 to 12.95	$26,358,622	4.23	%	1.15% to 1.65%	-14.23% to -13.58%
		2021	2,216,628	10.15 to 15.03	$31,636,001	3.44	%	1.15% to 1.65%	1.59% to 2.10%
		2020	1,665,760	11.23 to 14.72	$23,849,233	3.66	%	1.15% to 1.65%	5.86% to 6.07%
		2019	1,691,833	11.07 to 13.88	$23,012,603	4.29	%	1.15% to 1.35%	11.83% to 12.06%

	Fundamental Equity Portfolio
		2023	114,241	12.04 to 23.65	$2,034,514	0.55	%	1.15% to 1.65%	12.76% to 13.61%
		2022	125,716	10.62 to 20.87	$2,027,903	1.00	%	1.15% to 1.65%	-13.25% to -12.77%
		2021	130,704	12.19 to 23.98	$2,490,443	0.97	%	1.15% to 1.65%	25.61% to 25.86%
		2020	94,541	11.98 to 19.06	$1,711,130	1.12	%	1.15% to 1.65%	0.40% to 0.61%
		2019	95,557	11.92 to 18.94	$1,757,521	1.30	%	1.15% to 1.35%	19.89% to 20.13%

	Developing Growth Portfolio
		2023	222,810	6.07 to 25.35	$3,699,711	0.00	%	1.15% to 1.65%	6.41% to 7.21%
		2022	256,051	5.68 to 23.70	$3,934,395	0.00	%	1.15% to 1.65%	-37.03% to -36.56%
		2021	276,246	8.96 to 37.46	$7,369,944	0.00	%	1.15% to 1.65%	-4.34% to -3.86%
		2020	162,728	15.76 to 38.96	$6,096,951	0.00	%	1.15% to 1.65%	70.28% to 70.62%
		2019	132,524	15.77 to 22.83	$2,951,762	0.00	%	1.15% to 1.35%	30.00% to 30.26%

	Short Duration Income Portfolio
		2023	1,529,347	9.70 to 10.49	$15,715,007	4.21	%	1.15% to 1.65%	3.34% to 4.11%
		2022	1,806,807	9.34 to 10.10	$17,956,408	2.58	%	1.15% to 1.65%	-6.61% to -5.91%
		2021	2,096,756	9.94 to 10.76	$22,270,009	2.39	%	1.15% to 1.65%	-0.72% to -0.52%
		2020	1,794,042	10.58 to 10.82	$19,215,169	2.70	%	1.15% to 1.65%	1.74% to 1.95%
		2019	1,853,386	10.39 to 10.61	$19,527,957	3.11	%	1.15% to 1.35%	3.65% to 3.85%

Alger Fund
	LargeCap Growth Portfolio
		2023	126,102	26.52 to 48.29	$4,725,998	0.00	%	0.95% to 1.40%	29.21% to 31.42%
		2022	126,522	20.27 to 37.11	$3,604,009	0.00	%	0.95% to 1.40%	-40.26% to -39.23%
		2021	136,898	33.51 to 61.68	$6,353,515	0.00	%	0.95% to 1.40%	8.92% to 10.78%
		2020	176,154	30.39 to 56.24	$7,542,435	0.16	%	0.95% to 1.40%	62.67% to 65.45%
		2019	215,054	18.45 to 34.33	$5,626,299	0.00	%	0.95% to 1.40%	23.79% to 26.23%

	MidCap Growth Portfolio
		2023	107,543	25.43 to 41.53	$3,577,041	0.00	%	0.95% to 1.40%	19.96% to 22.01%
		2022	122,869	21.16 to 34.38	$3,329,477	0.00	%	0.95% to 1.40%	-37.74% to -36.68%
		2021	127,914	33.91 to 54.84	$5,462,834	0.00	%	0.95% to 1.40%	1.48% to 3.22%
		2020	141,563	33.35 to 53.66	$5,958,203	0.00	%	0.95% to 1.40%	60.33% to 63.07%
		2019	168,048	18.08 to 33.24	$4,401,275	0.00	%	0.95% to 1.40%	26.53% to 29.02%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	Capital Appreciation Portfolio
		2023	60,816	39.36 to 80.09	$3,173,207	0.00	%	0.95% to 1.40%	39.68% to 41.78%
		2022	57,854	27.89 to 57.05	$2,095,083	0.00	%	0.95% to 1.40%	-38.06% to -37.12%
		2021	74,574	44.55 to 91.64	$4,377,840	0.00	%	0.95% to 1.40%	16.24% to 18.00%
		2020	87,877	37.93 to 78.45	$4,581,915	0.00	%	0.95% to 1.40%	38.33% to 40.41%
		2019	96,426	27.13 to 56.43	$3,519,221	0.00	%	0.95% to 1.40%	30.47% to 32.44%

	SmallCap Growth Portfolio
		2023	21,148	22.95 to 47.35	$567,214	0.00	%	1.30% to 1.90%	13.74% to 15.39%
		2022	22,394	19.98 to 41.03	$530,498	0.00	%	1.30% to 1.90%	-39.48% to -38.60%
		2021	23,539	32.68 to 66.83	$906,085	0.00	%	1.30% to 1.90%	-8.29% to -6.95%
		2020	24,929	35.28 to 71.82	$1,036,808	0.98	%	1.30% to 1.90%	63.19% to 65.57%
		2019	28,717	21.40 to 43.38	$725,070	0.00	%	1.30% to 1.90%	26.27% to 28.11%

	Capital Appreciation Portfolio Class S
		2023	1,090,090	10.49 to 38.80	$36,877,026	0.00	%	1.15% to 1.65%	40.45% to 41.51%
		2022	1,309,054	7.43 to 27.49	$31,891,779	0.00	%	1.15% to 1.65%	-37.72% to -37.25%
		2021	1,324,281	11.86 to 43.92	$53,315,224	0.00	%	1.15% to 1.65%	16.89% to 17.47%
		2020	1,414,534	13.04 to 37.38	$50,279,382	0.00	%	1.15% to 1.65%	39.50% to 39.78%
		2019	1,652,500	14.64 to 26.74	$42,742,263	0.00	%	1.15% to 1.35%	31.46% to 31.72%

Calvert Variable Series, Inc.
	Mid Cap Growth Portfolio
		2023	128,831	9.76 to 34.20	$2,446,653	0.18	%	0.95% to 1.65%	9.49% to 10.64%
		2022	143,288	8.84 to 31.23	$2,501,167	0.00	%	0.95% to 1.65%	-21.04% to -20.21%
		2021	158,238	11.10 to 39.56	$3,630,609	0.22	%	0.95% to 1.65%	12.81% to 13.94%
		2020	169,492	14.52 to 35.07	$3,619,712	0.37	%	0.95% to 1.65%	10.03% to 11.19%
		2019	135,215	19.06 to 31.85	$2,765,780	0.45	%	0.95% to 1.40%	28.50% to 30.12%

	S&P 500 Index Portfolio
		2023	43,919	12.73 to 51.85	$1,606,799	1.46	%	0.95% to 1.65%	23.37% to 24.73%
		2022	41,398	10.22 to 41.57	$1,221,541	0.91	%	0.95% to 1.65%	-19.99% to -19.11%
		2021	78,224	20.25 to 51.39	$2,415,998	1.57	%	0.95% to 1.65%	25.81% to 27.20%
		2020	77,843	15.96 to 40.40	$1,945,124	1.37	%	0.95% to 1.65%	15.71% to 16.98%
		2019	57,822	13.69 to 34.53	$1,444,394	1.70	%	0.95% to 1.40%	28.49% to 29.91%

	SRI Balanced Portfolio
		2023	437,936	10.89 to 14.75	$6,230,883	1.70	%	0.95% to 1.65%	14.75% to 15.38%
		2022	447,839	9.49 to 12.82	$5,599,365	1.21	%	0.95% to 1.65%	-16.68% to -16.22%
		2021	397,554	11.35 to 15.34	$5,971,931	1.40	%	0.95% to 1.65%	13.18% to 13.41%
		2020	199,727	13.45 to 13.52	$2,690,929	1.72	%	0.95% to 1.65%	13.22% to 13.44%
		2019	81,473	11.88 to 11.92	$969,305	0.94	%	0.95% to 1.40%	22.61% to 22.86%

Invesco Variable Insurance Funds
	Technology Fund
		2023	27,432	34.67 to 52.65	$1,144,620	0.00	%	0.95% to 1.40%	43.40% to 45.56%
		2022	20,421	24.08 to 36.54	$590,218	0.00	%	0.95% to 1.40%	-41.40% to -40.52%
		2021	28,361	40.13 to 62.04	$1,368,074	0.00	%	0.95% to 1.40%	11.64% to 13.33%
		2020	42,169	36.52 to 55.29	$1,828,280	0.00	%	0.95% to 1.40%	42.58% to 44.73%
		2019	39,957	25.06 to 38.59	$1,198,233	0.00	%	0.95% to 1.40%	32.59% to 34.59%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
Managed Volatility Fund
	2021	—	-	$0	4.22	%	0.95% to 1.40%	n/a
	2020	23,140	23.78 to 30.76	$648,472	1.75	%	0.95% to 1.40%	-3.64% to -2.42%
	2019	30,560	22.80 to 31.84	$886,021	1.35	%	0.95% to 1.40%	15.37% to 17.46%

Diversified Dividend Fund
	2023	217,647	10.80 to 17.46	$2,566,874	1.48	%	0.95% to 1.40%	6.41% to 8.02%
	2022	294,504	10.10 to 16.16	$3,273,278	2.50	%	0.95% to 1.40%	-4.05% to -2.61%
	2021	67,057	10.48 to 16.59	$998,265	2.36	%	0.95% to 1.40%	4.80% to 17.77%
	2020	57,070	11.42 to 14.09	$745,103	2.77	%	0.95% to 1.40%	-2.04% to -0.81%
	2019	61,141	10.28 to 14.20	$804,640	4.09	%	0.95% to 1.40%	21.70% to 23.91%

Health Care Fund
	2023	22,364	29.19 to 37.15	$790,134	0.00	%	0.95% to 1.40%	0.94% to 2.05%
	2022	28,861	28.92 to 36.40	$999,125	0.00	%	0.95% to 1.40%	-15.20% to -14.14%
	2021	30,187	33.17 to 42.39	$1,219,513	0.18	%	0.95% to 1.40%	9.58% to 11.24%
	2020	42,262	30.27 to 38.11	$1,535,526	0.27	%	0.95% to 1.40%	11.69% to 13.38%
	2019	53,181	27.10 to 33.62	$1,694,997	0.04	%	0.95% to 1.40%	29.30% to 31.25%

Global Real Estate Fund
	2023	7,760	8.91 to 12.69	$80,136	1.14	%	1.30% to 1.90%	5.04% to 7.16%
	2022	8,681	8.49 to 11.85	$84,692	2.31	%	1.30% to 1.90%	-27.75% to -26.29%
	2021	9,848	11.75 to 16.07	$132,519	2.59	%	1.30% to 1.90%	21.07% to 23.52%
	2020	10,620	9.70 to 13.01	$116,666	2.86	%	1.30% to 1.90%	-15.62% to -13.91%
	2019	21,492	11.50 to 15.12	$271,311	4.65	%	1.30% to 1.90%	18.37% to 20.76%

International Equity Fund
	2023	16,037	11.98 to 16.62	$216,868	0.00	%	1.30% to 1.90%	13.94% to 16.06%
	2022	15,295	10.52 to 14.32	$179,775	1.13	%	1.30% to 1.90%	-21.23% to -19.76%
	2021	13,190	13.35 to 17.84	$197,995	0.90	%	1.30% to 1.90%	2.08% to 3.98%
	2020	18,888	13.08 to 17.16	$274,266	2.29	%	1.30% to 1.90%	9.94% to 11.99%
	2019	24,018	11.90 to 15.32	$313,835	1.24	%	1.30% to 1.90%	23.95% to 26.27%

Main Street Mid Cap Fund
	2023	9,881	16.63 to 22.07	$186,845	0.04	%	1.30% to 1.90%	10.40% to 12.17%
	2022	11,906	15.07 to 19.67	$201,986	0.07	%	1.30% to 1.90%	-17.27% to -15.94%
	2021	12,566	18.50 to 23.77	$256,318	0.25	%	1.30% to 1.90%	18.94% to 20.85%
	2020	16,785	15.33 to 19.67	$291,398	0.43	%	1.30% to 1.90%	5.35% to 7.16%
	2019	18,120	14.55 to 18.48	$295,438	0.19	%	1.30% to 1.90%	20.92% to 23.05%

Core Bond Fund
	2022	—	-	$0	5.57	%	1.15% to 1.65%	n/a
	2021	378,191	9.77 to 11.73	$4,303,595	1.87	%	1.15% to 1.65%	-3.16% to -2.97%
	2020	329,083	11.56 to 12.08	$3,936,503	3.07	%	1.15% to 1.65%	7.96% to 8.17%
	2019	225,425	10.70 to 11.17	$2,497,124	2.74	%	1.15% to 1.35%	7.79% to 8.00%

Discovery Mid Cap Growth Fund
	2023	278,881	8.63 to 22.23	$5,172,491	0.00	%	1.15% to 1.65%	11.01% to 11.84%
	2022	291,563	7.73 to 19.93	$4,962,407	0.00	%	1.15% to 1.65%	-32.26% to -31.75%
	2021	282,423	11.35 to 29.27	$7,275,896	0.00	%	1.15% to 1.65%	16.85% to 17.43%
	2020	167,268	13.48 to 24.92	$3,961,727	0.00	%	1.15% to 1.65%	38.36% to 38.63%
	2019	144,894	14.57 to 17.98	$2,537,512	0.00	%	1.15% to 1.35%	37.15% to 37.42%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
Global Multi-Alternatives Fund
	2019	—	-	$0	1.96	%	1.15% to 1.35%	n/a

Global Fund
	2023	401,949	10.32 to 19.05	$7,140,575	0.00	%	1.15% to 1.65%	32.25% to 33.25%
	2022	427,058	7.76 to 14.33	$5,761,990	0.00	%	1.15% to 1.65%	-33.05% to -32.55%
	2021	350,596	11.53 to 21.30	$7,192,700	0.00	%	1.15% to 1.65%	13.40% to 13.85%
	2020	317,456	13.41 to 18.71	$5,816,026	0.40	%	1.15% to 1.65%	25.63% to 25.88%
	2019	344,196	13.00 to 14.86	$5,016,048	0.66	%	1.15% to 1.35%	29.69% to 29.95%

Main Street Fund
	2023	459,823	11.91 to 21.34	$8,347,830	0.47	%	1.15% to 1.65%	20.83% to 21.73%
	2022	559,502	9.81 to 17.58	$8,517,650	1.06	%	1.15% to 1.65%	-21.61% to -21.02%
	2021	565,628	12.44 to 22.31	$10,955,312	0.51	%	1.15% to 1.65%	25.15% to 25.78%
	2020	599,106	12.16 to 17.74	$9,305,031	1.03	%	1.15% to 1.65%	12.16% to 12.39%
	2019	678,260	11.64 to 15.78	$9,695,219	0.75	%	1.15% to 1.35%	29.97% to 30.23%

Main Street Small Cap Fund
	2023	588,789	10.88 to 20.21	$10,309,660	1.02	%	1.15% to 1.65%	15.90% to 16.77%
	2022	452,613	9.34 to 17.35	$7,063,355	0.26	%	1.15% to 1.65%	-17.41% to -16.79%
	2021	420,960	11.25 to 20.91	$7,917,219	0.20	%	1.15% to 1.65%	20.38% to 20.62%
	2020	317,905	13.69 to 17.30	$5,299,345	0.31	%	1.15% to 1.65%	18.03% to 18.26%
	2019	351,560	11.68 to 14.63	$4,988,917	0.00	%	1.15% to 1.35%	24.44% to 24.69%

Balanced-Risk Allocation Fund
	2023	46,013	9.19 to 9.30	$424,176	0.00	%	1.15% to 1.65%	4.98% to 5.45%
	2022	49,166	8.76 to 8.82	$431,417	9.54	%	1.15% to 1.65%	-15.66% to -15.28%
	2021	22,025	10.38 to 10.41	$229,058	4.74	%	1.15% to 1.65%	3.84% to 3.84%

Core Plus Bond Fund
	2023	473,401	8.72 to 8.87	$4,156,950	2.63	%	1.15% to 1.65%	4.22% to 4.90%
	2022	516,522	8.36 to 8.45	$4,339,505	1.07	%	1.15% to 1.65%	-15.82% to -15.61%
	2021	32,938	9.97 to 9.99	$328,678	2.07	%	1.15% to 1.65%	-0.31% to -0.18%

Equity and Income Fund
	2023	492,943	10.27 to 10.60	$5,114,419	1.60	%	1.15% to 1.65%	7.89% to 9.51%
	2022	552,753	9.50 to 9.68	$5,273,689	1.46	%	1.15% to 1.65%	-9.74% to -8.38%
	2021	346,426	10.45 to 10.57	$3,629,645	2.31	%	1.15% to 1.65%	4.48% to 4.69%

Small Cap Equity Fund
	2023	380,264	9.00 to 9.18	$3,456,686	0.00	%	1.15% to 1.65%	14.36% to 15.22%
	2022	279,448	7.87 to 7.97	$2,212,976	0.00	%	1.15% to 1.65%	-22.03% to -21.44%
	2021	146,706	10.09 to 10.14	$1,484,271	—	%	1.15% to 1.65%	0.94% to 1.28%

Equally Weighted S&P 500 Fund
	2023	530,129	10.39 to 10.58	$5,562,260	1.34	%	1.15% to 1.65%	11.58% to 12.30%
	2022	419,079	9.31 to 9.40	$3,924,433	1.13	%	1.15% to 1.65%	-13.32% to -12.93%
	2021	138,866	10.77 to 10.80	$1,497,330	1.34	%	1.15% to 1.65%	7.73% to 7.89%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	Growth and Income Fund
		2023	18,821	18.99 to 25.20	$399,455	1.31	%	1.30% to 1.90%	8.71% to 10.46%
		2022	23,359	17.47 to 22.82	$454,958	1.18	%	1.30% to 1.90%	-9.09% to -7.63%
		2021	26,174	19.52 to 25.09	$561,551	1.26	%	1.30% to 1.90%	24.09% to 26.09%
		2020	29,340	15.50 to 19.90	$505,212	1.60	%	1.30% to 1.90%	-1.51% to 0.18%
		2019	33,877	15.74 to 20.55	$591,115	1.26	%	1.30% to 1.90%	20.74% to 23.11%

	Value Opportunities Fund
		2021	—	11.62 to 14.28	$0	0.25	%	1.30% to 1.90%	2.17% to 3.61%
		2020	2,107	11.62 to 14.28	$25,825	0.07	%	1.30% to 1.90%	2.17% to 3.61%
		2019	2,171	11.38 to 13.78	$25,814	0.00	%	1.30% to 1.90%	26.21% to 27.99%

	American Value Fund
		2023	4,475	19.59 to 26.93	$107,360	0.35	%	1.30% to 1.90%	11.28% to 13.30%
		2022	5,283	17.60 to 24.17	$112,569	0.46	%	1.30% to 1.90%	-6.25% to -4.45%
		2021	5,313	18.78 to 25.29	$118,886	0.22	%	1.30% to 1.90%	23.18% to 25.54%
		2020	6,841	15.24 to 20.15	$120,249	0.49	%	1.30% to 1.90%	-2.66% to -0.79%
		2019	8,788	15.66 to 20.31	$157,644	0.43	%	1.30% to 1.90%	20.36% to 22.67%

Lincoln Financial Variable Insurance Portfolios
	Core Bond Portfolio
		2023	108,657	9.39 to 13.08	$1,279,895	3.65	%	0.95% to 1.40%	3.50% to 4.91%
		2022	121,579	9.05 to 12.47	$1,367,281	2.00	%	0.95% to 1.40%	-14.56% to -13.40%
		2021	136,273	10.58 to 14.40	$1,784,669	1.90	%	0.95% to 1.40%	-3.60% to -2.29%
		2020	138,043	10.95 to 14.73	$1,863,705	2.04	%	0.95% to 1.40%	5.39% to 6.83%
		2019	163,089	9.12 to 13.79	$2,079,002	2.55	%	0.95% to 1.40%	5.08% to 7.15%

	Small Cap Core Portfolio
		2023	52,246	24.89 to 43.68	$1,947,402	1.32	%	0.95% to 1.40%	10.15% to 12.03%
		2022	58,778	22.55 to 39.38	$1,946,867	0.41	%	0.95% to 1.40%	-21.46% to -20.11%
		2021	70,089	28.65 to 49.79	$2,934,365	0.58	%	0.95% to 1.40%	18.21% to 20.24%
		2020	69,708	24.19 to 41.83	$2,429,425	0.83	%	0.95% to 1.40%	10.71% to 12.61%
		2019	70,901	19.61 to 37.52	$2,187,263	0.39	%	0.95% to 1.40%	21.02% to 23.40%

Rydex Variable Trust
	Nova Fund
		2023	15,983	40.79 to 63.37	$812,771	0.00	%	0.95% to 1.40%	31.82% to 33.80%
		2022	14,727	30.95 to 47.84	$560,713	0.32	%	0.95% to 1.40%	-31.95% to -30.92%
		2021	22,938	45.48 to 69.95	$1,293,247	0.29	%	0.95% to 1.40%	38.75% to 40.84%
		2020	13,914	32.78 to 50.16	$559,898	0.65	%	0.95% to 1.40%	17.13% to 18.90%
		2019	24,632	27.98 to 42.62	$847,228	1.18	%	0.95% to 1.40%	41.53% to 43.67%

	NASDAQ-100 Fund
		2023	22,228	59.42 to 93.42	$1,789,152	0.00	%	0.95% to 1.40%	49.53% to 51.78%
		2022	14,267	39.74 to 62.17	$758,701	0.00	%	0.95% to 1.40%	-35.73% to -34.76%
		2021	26,843	61.84 to 96.25	$2,230,090	0.00	%	0.95% to 1.40%	22.51% to 24.36%
		2020	33,377	50.48 to 78.18	$2,274,528	0.25	%	0.95% to 1.40%	41.46% to 43.59%
		2019	28,224	35.68 to 54.99	$1,340,877	0.12	%	0.95% to 1.40%	33.55% to 35.57%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	U.S. Government Money Market Fund
		2023	23,344	7.06 to 9.67	$361,607	4.17	%	0.95% to 1.45%	1.25% to 2.73%
		2022	30,052	6.97 to 9.41	$255,615	0.93	%	0.95% to 1.45%	-1.65% to -0.22%
		2021	14,356	7.09 to 9.52	$127,182	0.00	%	0.95% to 1.45%	-2.75% to -0.88%
		2020	9,554	7.26 to 9.52	$86,303	0.07	%	0.95% to 1.45%	-2.75% to -0.88%
		2019	13,622	7.43 to 9.60	$124,031	1.11	%	0.95% to 1.45%	-1.53% to -0.09%

	Inverse S&P 500 Strategy Fund
		2023	26,054	0.53 to 0.75	$17,120	0.79	%	0.95% to 1.40%	-17.01% to -15.76%
		2022	130,753	0.64 to 0.89	$96,789	0.00	%	0.95% to 1.40%	13.78% to 15.49%
		2021	1,394,673	0.56 to 0.77	$825,814	0.00	%	0.95% to 1.40%	-26.16% to -25.16%
		2020	50,856	0.75 to 1.03	$45,664	1.08	%	0.95% to 1.40%	-26.62% to -25.73%
		2019	32,926	1.02 to 1.63	$41,658	0.81	%	0.95% to 1.40%	-24.55% to -23.64%

	Inverse NASDAQ-100 Strategy Fund
		2023	112,501	0.17 to 0.28	$23,070	0.44	%	0.95% to 1.40%	-33.50% to -32.50%
		2022	156,898	0.26 to 0.42	$44,147	0.00	%	0.95% to 1.40%	31.59% to 33.56%
		2021	81,069	0.19 to 0.26	$18,377	0.00	%	0.95% to 1.40%	-26.90% to -26.16%
		2020	55,051	0.26 to 0.35	$17,010	0.58	%	0.95% to 1.40%	-39.20% to -38.59%
		2019	71,858	0.43 to 0.57	$35,787	0.53	%	0.95% to 1.40%	-29.90% to -29.20%

	Inverse Government Long Bond Strategy Fund
		2023	2,055	2.36 to 2.87	$5,385	0.00	%	0.95% to 1.40%	2.23% to 3.25%
		2022	5,049	2.31 to 2.78	$12,170	0.00	%	0.95% to 1.40%	43.40% to 44.83%
		2021	2,956	1.61 to 1.92	$5,186	0.00	%	0.95% to 1.40%	-0.98% to 0.01%
		2020	5,576	1.62 to 1.92	$9,580	0.24	%	0.95% to 1.40%	-22.61% to -21.84%
		2019	4,985	2.10 to 2.46	$11,198	0.00	%	0.95% to 1.40%	-15.04% to -14.18%

	Government Long Bond 1.2x Strategy
		2023	7,151	10.48 to 12.67	$88,481	2.85	%	0.95% to 1.40%	-2.94% to -1.97%
		2022	7,121	10.80 to 12.93	$89,929	1.44	%	0.95% to 1.40%	-41.97% to -41.39%
		2021	7,103	17.09 to 22.06	$154,236	0.26	%	0.95% to 1.40%	-9.73% to -8.37%
		2020	13,410	18.94 to 24.07	$310,786	0.25	%	0.95% to 1.40%	19.01% to 20.81%
		2019	6,457	15.91 to 19.93	$124,669	2.48	%	0.95% to 1.40%	13.99% to 15.71%

Rydex Variable Insurance Funds
	Biotechnology Fund
		2023	128,140	13.06 to 24.59	$3,017,964	0.00	%	1.15% to 1.65%	4.12% to 4.33%
		2022	143,921	12.53 to 23.57	$3,230,976	0.00	%	1.15% to 1.65%	-14.47% to -14.30%
		2021	181,554	14.63 to 27.51	$4,793,871	0.00	%	1.15% to 1.65%	0.06% to 0.26%
		2020	259,748	14.61 to 27.44	$6,893,292	0.00	%	1.15% to 1.65%	19.68% to 19.92%
		2019	274,821	12.19 to 22.88	$6,058,557	0.00	%	1.15% to 1.35%	23.00% to 23.24%

	S&P 500 Pure Growth Fund
		2023	226,848	9.28 to 27.05	$4,599,182	0.00	%	1.15% to 1.65%	4.73% to 5.52%
		2022	275,030	8.81 to 25.70	$5,147,948	0.00	%	1.15% to 1.65%	-29.52% to -28.99%
		2021	154,384	12.43 to 36.28	$5,017,447	0.00	%	1.15% to 1.65%	25.75% to 26.13%
		2020	149,921	12.85 to 28.76	$4,004,339	0.00	%	1.15% to 1.65%	25.61% to 25.87%
		2019	196,550	13.13 to 22.85	$4,290,516	0.00	%	1.15% to 1.35%	24.90% to 25.15%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	S&P MidCap 400 Pure Growth Fund
		2023	64,121	12.98 to 18.47	$1,171,441	0.00	%	1.15% to 1.65%	13.15% to 13.37%
		2022	76,744	11.46 to 16.30	$1,217,030	0.00	%	1.15% to 1.65%	-23.66% to -23.51%
		2021	80,654	14.99 to 21.30	$1,675,612	0.00	%	1.15% to 1.65%	10.71% to 10.93%
		2020	90,505	13.53 to 19.20	$1,698,938	0.00	%	1.15% to 1.65%	28.71% to 28.97%
		2019	108,641	10.50 to 14.89	$1,585,408	0.00	%	1.15% to 1.35%	13.86% to 14.09%

Guggenheim Variable Insurance Funds
	Long Short Equity Fund
		2023	68,148	11.36 to 19.62	$964,325	0.24	%	0.95% to 1.65%	10.75% to 11.69%
		2022	54,064	10.18 to 17.57	$704,791	0.41	%	0.95% to 1.65%	-15.91% to -15.20%
		2021	63,710	14.66 to 20.71	$981,206	0.62	%	0.95% to 1.65%	21.59% to 22.63%
		2020	81,310	12.01 to 16.89	$1,020,715	0.78	%	0.95% to 1.65%	3.06% to 3.94%
		2019	67,719	11.60 to 16.25	$825,276	0.52	%	0.95% to 1.40%	4.12% to 5.02%

	Multi-Hedge Strategies Fund
		2023	101,570	10.44 to 11.46	$1,143,390	2.87	%	1.15% to 1.65%	2.97% to 3.44%
		2022	127,565	10.11 to 11.11	$1,394,523	1.24	%	1.15% to 1.65%	-4.69% to -4.26%
		2021	136,098	10.61 to 11.63	$1,560,693	0.00	%	1.15% to 1.65%	6.65% to 6.87%
		2020	178,747	10.53 to 10.88	$1,928,879	1.27	%	1.15% to 1.65%	5.94% to 6.16%
		2019	197,122	9.93 to 10.25	$2,005,173	2.27	%	1.15% to 1.35%	3.60% to 3.81%

	Global Managed Futures Strategy Fund
		2023	38,291	9.67 to 11.47	$388,277	2.18	%	1.15% to 1.65%	2.21% to 2.87%
		2022	133,622	9.45 to 11.18	$1,302,644	2.69	%	1.15% to 1.65%	9.80% to 10.29%
		2021	31,103	8.60 to 10.17	$276,221	0.00	%	1.15% to 1.65%	-0.41% to -0.21%
		2020	34,118	8.64 to 10.20	$296,674	3.56	%	1.15% to 1.65%	1.22% to 1.42%
		2019	42,558	8.53 to 10.06	$367,226	0.87	%	1.15% to 1.35%	6.69% to 6.91%

	Small Cap Value Fund
		2023	263,269	12.10 to 21.09	$4,839,229	1.23	%	1.15% to 1.65%	8.48% to 9.30%
		2022	289,179	11.09 to 19.34	$4,979,366	0.64	%	1.15% to 1.65%	-5.31% to -4.60%
		2021	254,718	11.65 to 20.33	$4,701,156	0.86	%	1.15% to 1.65%	24.37% to 24.74%
		2020	188,894	10.46 to 16.30	$2,995,915	0.87	%	1.15% to 1.65%	-2.30% to -2.11%
		2019	167,909	10.69 to 16.65	$2,747,725	0.82	%	1.15% to 1.35%	20.93% to 21.18%

ProFunds VP
	Profund Access VP High Yield Fund
		2023	2,031	13.17 to 16.43	$30,669	4.97	%	1.30% to 1.90%	10.40% to 11.79%
		2022	2,170	11.93 to 14.70	$30,492	3.02	%	1.30% to 1.90%	-13.98% to -12.90%
		2021	2,315	13.87 to 17.97	$36,416	2.44	%	1.30% to 1.90%	-3.08% to -1.47%
		2020	2,600	14.31 to 18.23	$41,796	8.74	%	1.30% to 1.90%	-3.41% to -1.80%
		2019	8,288	14.42 to 19.48	$145,287	4.11	%	1.30% to 1.90%	8.46% to 10.87%

	Asia 30
		2023	5,337	8.61 to 11.63	$52,468	0.11	%	1.30% to 1.90%	0.99% to 2.71%
		2022	5,524	8.53 to 11.32	$53,404	0.46	%	1.30% to 1.90%	-26.84% to -25.59%
		2021	6,208	11.66 to 15.22	$81,968	0.00	%	1.30% to 1.90%	-21.13% to -19.78%
		2020	4,762	15.91 to 18.97	$80,009	0.95	%	1.30% to 1.90%	31.87% to 33.46%
		2019	5,456	12.06 to 14.21	$69,847	0.26	%	1.30% to 1.90%	22.88% to 24.36%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
Banks
	2023	13,058	5.72 to 7.07	$85,401	1.77	%	1.30% to 1.90%	6.87% to 8.16%
	2022	4,155	5.05 to 6.54	$24,342	0.58	%	1.30% to 1.90%	-22.71% to -21.51%
	2021	10,082	6.53 to 8.53	$73,496	1.31	%	1.30% to 1.90%	29.35% to 31.57%
	2020	4,657	5.43 to 6.48	$27,578	1.38	%	1.30% to 1.90%	-17.80% to -16.81%
	2019	7,279	6.52 to 7.79	$52,386	1.04	%	1.30% to 1.90%	32.13% to 33.86%

Materials
	2023	2,161	15.01 to 20.82	$37,853	0.46	%	1.30% to 1.90%	8.79% to 10.82%
	2022	2,307	13.80 to 18.79	$36,813	0.17	%	1.30% to 1.90%	-12.04% to -10.40%
	2021	2,514	15.69 to 20.97	$45,430	0.75	%	1.30% to 1.90%	21.61% to 23.88%
	2020	1,696	13.89 to 16.93	$25,467	0.58	%	1.30% to 1.90%	13.32% to 14.87%
	2019	1,892	11.68 to 14.74	$24,969	0.29	%	1.30% to 1.90%	14.12% to 16.08%

Bear
	2023	7,683	0.65 to 0.82	$5,520	0.29	%	1.30% to 1.90%	-17.97% to -16.86%
	2022	8,693	0.79 to 0.99	$7,558	0.00	%	1.30% to 1.90%	13.38% to 14.92%
	2021	8,335	0.70 to 0.86	$6,363	0.00	%	1.30% to 1.90%	-27.04% to -26.05%
	2020	28,541	0.96 to 1.17	$29,685	0.47	%	1.30% to 1.90%	-28.00% to -27.02%
	2019	38,315	1.33 to 1.60	$54,539	0.09	%	1.30% to 1.90%	-25.41% to -24.40%

Biotechnology
	2023	5,869	31.01 to 43.76	$222,189	0.00	%	1.30% to 1.90%	6.26% to 8.35%
	2022	6,534	29.18 to 40.39	$225,765	0.00	%	1.30% to 1.90%	-10.97% to -9.22%
	2021	7,320	33.03 to 44.49	$286,221	0.00	%	1.30% to 1.90%	11.70% to 13.84%
	2020	7,641	29.36 to 39.09	$264,358	0.02	%	1.30% to 1.90%	11.30% to 13.49%
	2019	10,548	26.38 to 34.44	$319,069	0.00	%	1.30% to 1.90%	12.34% to 14.55%

Bull
	2023	20,300	20.05 to 29.58	$545,269	0.00	%	1.30% to 1.90%	19.50% to 22.15%
	2022	17,473	16.78 to 24.21	$375,561	0.00	%	1.30% to 1.90%	-22.49% to -20.77%
	2021	26,864	21.65 to 30.09	$681,633	0.00	%	1.30% to 1.90%	21.99% to 24.58%
	2020	16,086	17.74 to 24.51	$334,702	0.02	%	1.30% to 1.90%	12.04% to 14.53%
	2019	69,015	15.84 to 21.40	$1,324,552	0.35	%	1.30% to 1.90%	24.45% to 27.22%

Consumer Staples
	2023	3,129	18.52 to 25.23	$67,389	0.16	%	1.30% to 1.90%	0.36% to 2.13%
	2022	5,979	18.15 to 24.71	$128,880	0.05	%	1.30% to 1.90%	-27.36% to -26.00%
	2021	6,254	24.98 to 33.39	$183,489	0.44	%	1.30% to 1.90%	15.42% to 17.57%
	2020	9,395	21.65 to 28.40	$237,187	0.59	%	1.30% to 1.90%	26.42% to 28.78%
	2019	7,327	17.60 to 22.05	$144,514	2.14	%	1.30% to 1.90%	22.33% to 24.37%

Consumer Discretionary
	2023	3,332	24.25 to 34.23	$99,109	0.00	%	1.30% to 1.90%	27.40% to 29.90%
	2022	3,107	19.19 to 26.35	$73,842	0.00	%	1.30% to 1.90%	-33.92% to -32.65%
	2021	4,137	28.82 to 39.12	$143,440	0.00	%	1.30% to 1.90%	6.33% to 8.43%
	2020	5,633	27.10 to 36.08	$176,939	0.00	%	1.30% to 1.90%	23.81% to 26.25%
	2019	4,397	22.04 to 28.58	$115,044	0.00	%	1.30% to 1.90%	20.29% to 22.60%

Dow 30
	2023	8,724	19.01 to 25.22	$193,713	0.04	%	1.30% to 1.90%	10.31% to 12.08%
	2022	6,866	17.23 to 22.50	$140,786	0.00	%	1.30% to 1.90%	-11.45% to -10.03%
	2021	3,874	19.46 to 25.01	$84,542	0.00	%	1.30% to 1.90%	14.15% to 15.99%
	2020	11,740	17.05 to 21.56	$229,519	0.55	%	1.30% to 1.90%	4.34% to 6.02%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	2019	7,812	16.34 to 20.34	$140,000	0.09	%	1.30% to 1.90%	18.69% to 20.60%

Emerging Markets
	2023	11,202	5.11 to 7.16	$64,656	2.71	%	1.30% to 1.90%	11.36% to 13.71%
	2022	5,982	4.59 to 6.30	$31,482	0.66	%	1.30% to 1.90%	-19.07% to -17.36%
	2021	6,663	5.67 to 7.62	$43,271	0.00	%	1.30% to 1.90%	-20.84% to -19.15%
	2020	7,214	7.16 to 9.43	$58,742	0.50	%	1.30% to 1.90%	22.36% to 24.96%
	2019	9,211	5.85 to 7.55	$60,942	0.48	%	1.30% to 1.90%	19.96% to 22.51%

Europe 30
	2023	3,413	8.99 to 12.04	$36,379	2.08	%	1.30% to 1.90%	13.95% to 15.84%
	2022	3,741	7.89 to 10.39	$34,588	1.37	%	1.30% to 1.90%	-10.53% to -9.04%
	2021	3,991	8.82 to 11.42	$41,130	0.94	%	1.30% to 1.90%	20.79% to 22.80%
	2020	4,253	7.30 to 9.30	$35,878	1.79	%	1.30% to 1.90%	-11.96% to -10.50%
	2019	6,919	8.29 to 10.39	$65,288	2.63	%	1.30% to 1.90%	14.25% to 16.15%

Falling U.S. Dollar
	2023	4,838	4.07 to 4.24	$19,808	0.00	%	1.30% to 1.90%	0.80% to 1.06%
	2022	5,239	4.04 to 4.20	$21,315	0.00	%	1.30% to 1.90%	-10.92% to -10.70%
	2021	5,210	4.60 to 4.70	$24,053	0.00	%	1.30% to 1.90%	-10.12% to -9.99%
	2020	5,210	5.05 to 5.22	$26,756	0.39	%	1.30% to 1.90%	2.32% to 2.58%
	2019	5,767	4.94 to 5.15	$28,678	0.04	%	1.30% to 1.90%	-4.66% to -4.32%

Financials
	2023	1,570	9.39 to 12.91	$17,826	0.43	%	1.30% to 1.90%	9.92% to 11.91%
	2022	1,773	8.54 to 11.73	$18,271	0.10	%	1.30% to 1.90%	-18.10% to -16.53%
	2021	2,600	10.43 to 14.05	$32,504	1.32	%	1.30% to 1.90%	25.57% to 27.97%
	2020	2,449	8.25 to 10.98	$24,880	0.32	%	1.30% to 1.90%	-5.24% to -3.38%
	2019	7,523	8.70 to 11.36	$73,035	0.22	%	1.30% to 1.90%	25.67% to 28.14%

Health Care
	2023	8,566	25.44 to 35.91	$254,638	0.00	%	1.30% to 1.90%	-2.73% to -0.82%
	2022	9,780	26.16 to 36.21	$294,366	0.00	%	1.30% to 1.90%	-9.34% to -7.56%
	2021	5,378	29.31 to 39.17	$186,097	0.04	%	1.30% to 1.90%	17.36% to 19.55%
	2020	9,867	24.61 to 32.77	$285,948	0.00	%	1.30% to 1.90%	10.39% to 12.56%
	2019	12,063	22.29 to 29.11	$310,528	0.00	%	1.30% to 1.90%	15.15% to 17.42%

Industrials
	2023	5,194	19.90 to 27.35	$125,307	0.00	%	1.30% to 1.90%	12.42% to 14.29%
	2022	3,159	17.55 to 23.90	$66,410	0.00	%	1.30% to 1.90%	-18.46% to -16.94%
	2021	4,182	21.03 to 28.77	$107,192	0.00	%	1.30% to 1.90%	12.29% to 14.55%
	2020	7,403	18.73 to 24.93	$163,542	0.11	%	1.30% to 1.90%	12.63% to 14.85%
	2019	9,692	16.97 to 21.71	$187,693	0.00	%	1.30% to 1.90%	26.07% to 28.36%

International
	2023	4,456	5.94 to 7.38	$32,395	0.00	%	1.30% to 1.90%	11.70% to 13.22%
	2022	4,962	5.32 to 6.52	$31,847	0.00	%	1.30% to 1.90%	-19.24% to -18.14%
	2021	5,571	6.58 to 7.96	$43,566	0.00	%	1.30% to 1.90%	5.18% to 6.61%
	2020	5,799	6.26 to 7.47	$42,580	0.45	%	1.30% to 1.90%	1.39% to 2.77%
	2019	6,345	6.17 to 7.27	$45,390	0.26	%	1.30% to 1.90%	15.28% to 16.85%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
Internet
	2023	4,777	37.95 to 50.80	$202,582	0.00	%	1.30% to 1.90%	44.86% to 47.26%
	2022	6,452	25.98 to 35.07	$189,769	0.00	%	1.30% to 1.90%	-47.96% to -47.01%
	2021	6,570	49.91 to 66.19	$371,127	0.00	%	1.30% to 1.90%	1.73% to 3.58%
	2020	6,641	49.06 to 63.90	$363,590	0.00	%	1.30% to 1.90%	45.71% to 48.36%
	2019	7,211	33.44 to 43.07	$268,072	0.00	%	1.30% to 1.90%	13.97% to 16.10%

Japan
	2023	3,408	9.64 to 12.80	$40,244	0.00	%	1.30% to 1.90%	30.22% to 32.32%
	2022	4,107	7.41 to 9.67	$37,037	0.00	%	1.30% to 1.90%	-12.80% to -11.40%
	2021	4,510	8.49 to 10.91	$46,278	0.00	%	1.30% to 1.90%	0.57% to 2.19%
	2020	4,516	8.44 to 10.68	$45,332	0.29	%	1.30% to 1.90%	12.23% to 14.04%
	2019	4,421	7.52 to 9.49	$38,851	0.14	%	1.30% to 1.90%	16.16% to 18.15%

Large-Cap Growth
	2023	24,121	25.75 to 38.66	$792,864	0.00	%	1.30% to 1.90%	23.36% to 26.22%
	2022	24,517	20.87 to 30.63	$621,851	0.00	%	1.30% to 1.90%	-33.09% to -31.53%
	2021	36,016	31.20 to 44.74	$1,399,490	0.00	%	1.30% to 1.90%	25.27% to 28.19%
	2020	35,785	24.90 to 34.90	$1,091,999	0.00	%	1.30% to 1.90%	26.30% to 29.24%
	2019	37,397	19.99 to 27.01	$868,675	0.00	%	1.30% to 1.90%	24.46% to 27.22%

Large-Cap Value
	2023	29,120	15.25 to 21.15	$544,238	0.47	%	1.30% to 1.90%	15.86% to 18.01%
	2022	33,730	13.17 to 17.92	$531,311	0.56	%	1.30% to 1.90%	-10.11% to -8.44%
	2021	23,850	14.88 to 19.58	$432,135	0.96	%	1.30% to 1.90%	18.70% to 20.79%
	2020	25,061	12.53 to 16.21	$377,859	0.86	%	1.30% to 1.90%	-3.50% to -1.79%
	2019	37,191	12.99 to 16.50	$570,190	1.00	%	1.30% to 1.90%	25.31% to 27.52%

Mid-Cap
	2023	4,918	16.31 to 21.09	$90,874	0.00	%	1.30% to 1.90%	9.92% to 11.69%
	2022	6,216	14.83 to 18.89	$103,630	0.00	%	1.30% to 1.90%	-17.84% to -16.52%
	2021	6,573	18.06 to 22.62	$132,550	0.00	%	1.30% to 1.90%	18.01% to 19.91%
	2020	7,822	15.10 to 20.41	$133,330	0.07	%	1.30% to 1.90%	6.84% to 9.33%
	2019	192,854	14.13 to 18.67	$2,977,627	0.01	%	1.30% to 1.90%	19.16% to 21.93%

Mid-Cap Growth
	2023	11,775	18.62 to 25.15	$267,375	0.00	%	1.30% to 1.90%	11.49% to 13.39%
	2022	13,541	16.70 to 22.18	$269,330	0.00	%	1.30% to 1.90%	-23.16% to -21.84%
	2021	13,402	21.73 to 29.05	$347,684	0.00	%	1.30% to 1.90%	12.83% to 14.94%
	2020	15,758	19.26 to 25.27	$354,260	0.00	%	1.30% to 1.90%	16.62% to 18.80%
	2019	15,430	16.98 to 21.72	$297,810	0.00	%	1.30% to 1.90%	20.09% to 22.27%

Mid-Cap Value
	2023	4,564	16.51 to 22.11	$92,446	0.26	%	1.30% to 1.90%	9.45% to 11.27%
	2022	5,947	15.09 to 19.87	$106,204	0.13	%	1.30% to 1.90%	-11.68% to -10.22%
	2021	5,410	17.91 to 22.83	$110,789	0.30	%	1.30% to 1.90%	24.36% to 26.30%
	2020	5,201	14.19 to 18.08	$86,232	0.33	%	1.30% to 1.90%	-1.12% to 0.52%
	2019	6,031	14.16 to 17.62	$99,634	0.18	%	1.30% to 1.90%	19.81% to 21.75%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
Government Money Market
	2023	322,022	6.07 to 9.11	$2,419,732	3.84	%	1.30% to 1.90%	0.47% to 2.81%
	2022	424,560	6.04 to 8.86	$3,107,312	1.28	%	1.30% to 1.90%	-2.52% to -0.26%
	2021	307,029	6.19 to 8.88	$2,299,091	0.01	%	1.30% to 1.90%	-3.52% to -1.28%
	2020	532,131	6.42 to 9.00	$4,022,896	0.04	%	1.30% to 1.90%	-3.49% to -1.25%
	2019	370,018	6.65 to 9.11	$2,912,327	0.74	%	1.30% to 1.90%	-2.79% to -0.53%

Energy
	2023	27,039	9.03 to 12.98	$276,332	2.49	%	1.30% to 1.90%	-5.93% to -3.99%
	2022	21,201	9.60 to 14.10	$229,703	0.92	%	1.30% to 1.90%	53.81% to 57.38%
	2021	33,894	6.24 to 8.96	$246,480	2.20	%	1.30% to 1.90%	46.57% to 49.97%
	2020	28,010	4.32 to 5.76	$134,545	1.81	%	1.30% to 1.90%	-36.72% to -35.47%
	2019	38,028	6.83 to 8.92	$283,197	1.36	%	1.30% to 1.90%	4.78% to 6.85%

NASDAQ-100
	2023	4,816	45.36 to 60.18	$249,370	0.00	%	1.30% to 1.90%	46.96% to 49.32%
	2022	6,173	30.86 to 40.30	$217,490	0.00	%	1.30% to 1.90%	-36.18% to -35.15%
	2021	9,989	48.36 to 68.28	$565,844	0.00	%	1.30% to 1.90%	20.51% to 23.19%
	2020	12,973	40.13 to 55.42	$615,178	0.00	%	1.30% to 1.90%	40.57% to 43.69%
	2019	20,368	28.55 to 38.57	$685,380	0.00	%	1.30% to 1.90%	32.00% to 34.94%

Pharmaceuticals
	2023	2,874	15.75 to 21.46	$56,420	0.52	%	1.30% to 1.90%	-8.64% to -7.04%
	2022	2,639	17.24 to 23.09	$55,552	0.07	%	1.30% to 1.90%	-9.26% to -7.66%
	2021	2,982	19.00 to 25.00	$68,568	0.27	%	1.30% to 1.90%	7.48% to 9.38%
	2020	3,036	17.68 to 22.86	$63,933	0.09	%	1.30% to 1.90%	8.75% to 10.67%
	2019	4,425	16.26 to 20.66	$83,608	0.96	%	1.30% to 1.90%	10.23% to 12.17%

Precious Metals
	2023	74,769	3.36 to 4.70	$274,828	0.00	%	1.30% to 1.90%	-1.96% to -0.08%
	2022	75,585	3.43 to 4.90	$280,844	0.00	%	1.30% to 1.90%	-14.04% to -12.17%
	2021	85,144	3.99 to 5.58	$370,892	0.00	%	1.30% to 1.90%	-12.02% to -10.11%
	2020	91,374	4.43 to 5.99	$446,026	0.24	%	1.30% to 1.90%	19.72% to 22.20%
	2019	172,978	3.70 to 4.90	$725,931	0.04	%	1.30% to 1.90%	40.82% to 43.74%

Real Estate
	2023	4,725	10.60 to 14.57	$57,222	1.12	%	1.30% to 1.90%	6.21% to 8.13%
	2022	5,077	9.92 to 13.73	$57,791	0.48	%	1.30% to 1.90%	-29.31% to -27.76%
	2021	10,101	14.00 to 19.01	$161,457	0.03	%	1.30% to 1.90%	32.23% to 34.83%
	2020	7,521	10.67 to 14.10	$91,882	0.74	%	1.30% to 1.90%	-9.56% to -7.83%
	2019	18,671	11.80 to 15.51	$250,321	1.95	%	1.30% to 1.90%	22.34% to 24.81%

Rising Rates Opportunity
	2023	8,924	1.46 to 1.68	$14,763	0.12	%	1.30% to 1.90%	-1.10% to -0.30%
	2022	10,468	1.47 to 1.68	$17,427	0.00	%	1.30% to 1.90%	54.04% to 55.27%
	2021	11,657	0.95 to 1.14	$12,488	0.00	%	1.30% to 1.90%	-2.93% to -1.81%
	2020	17,474	0.98 to 1.16	$19,158	0.54	%	1.30% to 1.90%	-28.80% to -27.97%
	2019	23,811	1.27 to 1.61	$36,098	0.10	%	1.30% to 1.90%	-20.26% to -18.85%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
Semiconductor
	2023	3,519	48.11 to 63.28	$182,312	0.00	%	1.30% to 1.90%	87.14% to 90.04%
	2022	3,986	25.71 to 33.30	$108,566	0.00	%	1.30% to 1.90%	-39.62% to -38.68%
	2021	4,292	42.58 to 54.30	$195,084	0.00	%	1.30% to 1.90%	43.46% to 45.70%
	2020	4,641	29.68 to 37.27	$144,703	0.26	%	1.30% to 1.90%	39.94% to 42.13%
	2019	5,108	21.21 to 26.22	$112,770	0.32	%	1.30% to 1.90%	44.70% to 46.96%

Short Dow 30
	2023	2,057	0.54 to 0.66	$1,366	0.00	%	1.30% to 1.90%	-11.26% to -10.19%
	2022	2,251	0.60 to 0.75	$1,638	0.00	%	1.30% to 1.90%	2.09% to 3.42%
	2021	2,219	0.59 to 0.74	$1,587	0.00	%	1.30% to 1.90%	-22.57% to -21.44%
	2020	10,264	0.77 to 0.95	$9,644	0.42	%	1.30% to 1.90%	-23.69% to -22.58%
	2019	2,420	1.07 to 1.18	$2,821	0.04	%	1.30% to 1.90%	-21.71% to -21.16%

Short Emerging Markets
	2023	—	-	$0	0.00	%	1.30% to 1.90%	n/a
	2022	—	-	$0	0.00	%	1.30% to 1.90%	n/a
	2021	—	-	$0	0.00	%	1.30% to 1.90%	n/a
	2020	—	-	$0	0.00	%	1.30% to 1.90%	n/a
	2019	—	-	$0	0.00	%	1.30% to 1.90%	n/a

Short International
	2023	2,645	1.80 to 1.88	$4,889	1.79	%	1.30% to 1.90%	-12.63% to -12.42%
	2022	2,662	2.06 to 2.17	$5,620	0.00	%	1.30% to 1.90%	9.52% to 9.90%
	2021	2,654	1.88 to 1.98	$5,154	0.00	%	1.30% to 1.90%	-15.67% to -15.37%
	2020	2,670	2.23 to 2.34	$6,133	0.63	%	1.30% to 1.90%	-19.12% to -18.83%
	2019	2,707	2.76 to 2.84	$7,613	0.32	%	1.30% to 1.90%	-19.58% to -19.38%

Short Mid-Cap
	2023	2,099	0.63 to 0.63	$1,322	0.83	%	1.30% to 1.90%	-11.49% to -11.49%
	2022	2,099	0.71 to 0.72	$1,494	0.00	%	1.30% to 1.90%	6.78% to 6.89%
	2021	2,066	0.68 to 0.68	$1,398	0.00	%	1.30% to 1.90%	-25.80% to -25.80%
	2020	2,066	0.81 to 0.91	$1,884	1.18	%	1.30% to 1.90%	-28.89% to -28.32%
	2019	2,425	1.14 to 1.26	$3,007	0.27	%	1.30% to 1.90%	-23.57% to -23.04%

Short NASDAQ-100
	2023	—	-	$0	0.00	%	1.30% to 1.90%	n/a
	2022	—	-	$0	0.00	%	1.30% to 1.90%	n/a
	2021	—	0.32 to 0.32	$0	0.00	%	1.30% to 1.90%	-26.73% to -26.73%
	2020	7,909	0.37 to 0.43	$3,405	0.41	%	1.30% to 1.90%	-44.53% to -43.99%
	2019	360	0.67 to 0.67	$243	0.14	%	1.30% to 1.90%	-30.25% to -30.25%

Short Small-Cap
	2023	2,922	0.51 to 0.60	$1,750	0.26	%	1.30% to 1.90%	-14.02% to -13.20%
	2022	3,063	0.59 to 0.69	$2,105	0.00	%	1.30% to 1.90%	13.66% to 14.74%
	2021	3,113	0.52 to 0.60	$1,865	0.00	%	1.30% to 1.90%	-21.92% to -21.17%
	2020	4,666	0.66 to 0.76	$3,518	0.57	%	1.30% to 1.90%	-34.38% to -33.75%
	2019	5,024	1.08 to 1.18	$5,715	0.06	%	1.30% to 1.90%	-23.20% to -22.74%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
Small-Cap
	2023	8,888	13.38 to 17.76	$143,445	0.00	%	1.30% to 1.90%	10.97% to 12.75%
	2022	9,834	12.06 to 15.75	$141,401	0.00	%	1.30% to 1.90%	-24.53% to -23.32%
	2021	10,538	15.98 to 20.54	$198,511	0.00	%	1.30% to 1.90%	9.00% to 10.76%
	2020	10,953	14.66 to 20.25	$188,232	0.04	%	1.30% to 1.90%	13.03% to 15.54%
	2019	18,222	12.97 to 17.53	$284,232	0.00	%	1.30% to 1.90%	19.35% to 22.01%

Small-Cap Growth
	2023	6,757	19.84 to 24.53	$143,687	0.00	%	1.30% to 1.90%	11.69% to 13.03%
	2022	7,088	17.76 to 23.98	$135,053	0.00	%	1.30% to 1.90%	-24.78% to -23.41%
	2021	8,041	23.07 to 31.32	$206,794	0.00	%	1.30% to 1.90%	16.78% to 19.08%
	2020	11,095	19.75 to 24.08	$237,390	0.00	%	1.30% to 1.90%	13.64% to 15.18%
	2019	11,696	16.80 to 22.70	$221,210	0.00	%	1.30% to 1.90%	15.02% to 17.58%

Small-Cap Value
	2023	5,073	15.63 to 21.11	$89,421	0.02	%	1.30% to 1.90%	9.33% to 11.20%
	2022	5,451	14.29 to 18.98	$87,148	0.00	%	1.30% to 1.90%	-15.21% to -13.76%
	2021	6,047	16.86 to 22.01	$113,262	0.10	%	1.30% to 1.90%	24.45% to 26.58%
	2020	13,191	13.85 to 17.39	$205,866	0.01	%	1.30% to 1.90%	-2.02% to -0.49%
	2019	6,378	14.13 to 17.47	$97,219	0.00	%	1.30% to 1.90%	18.82% to 20.68%

Technology
	2023	3,914	44.47 to 63.32	$213,317	0.00	%	1.30% to 1.90%	52.39% to 55.45%
	2022	6,227	29.18 to 40.73	$218,789	0.00	%	1.30% to 1.90%	-38.00% to -36.74%
	2021	7,669	47.07 to 64.39	$426,262	0.00	%	1.30% to 1.90%	30.19% to 32.82%
	2020	11,888	36.15 to 48.13	$504,019	0.00	%	1.30% to 1.90%	39.69% to 42.44%
	2019	10,678	25.88 to 33.79	$321,408	0.00	%	1.30% to 1.90%	40.05% to 42.81%

Communication Services
	2023	28	13.23 to 15.51	$366	0.24	%	1.30% to 1.90%	28.38% to 29.54%
	2022	224	10.30 to 12.17	$2,455	1.74	%	1.30% to 1.90%	-23.27% to -22.50%
	2021	288	13.43 to 15.71	$4,192	1.40	%	1.30% to 1.90%	15.32% to 16.48%
	2020	474	11.65 to 13.49	$5,900	0.89	%	1.30% to 1.90%	0.45% to 1.46%
	2019	402	11.59 to 13.29	$5,006	1.88	%	1.30% to 1.90%	11.77% to 12.89%

U.S. Government Plus
	2023	5,484	8.64 to 12.20	$63,949	4.05	%	1.30% to 1.90%	-3.51% to -1.61%
	2022	5,241	8.96 to 13.14	$61,920	0.00	%	1.30% to 1.90%	-43.76% to -42.45%
	2021	17,247	15.93 to 22.84	$344,411	0.00	%	1.30% to 1.90%	-10.37% to -8.29%
	2020	18,153	17.77 to 24.90	$396,418	0.02	%	1.30% to 1.90%	16.42% to 19.13%
	2019	8,237	15.26 to 20.90	$147,073	0.74	%	1.30% to 1.90%	14.04% to 16.69%

UltraBull
	2023	20,108	32.32 to 47.26	$844,963	0.00	%	1.30% to 1.90%	39.98% to 43.01%
	2022	20,026	23.09 to 33.05	$592,893	0.00	%	1.30% to 1.90%	-41.33% to -40.06%
	2021	26,903	39.35 to 57.34	$1,300,929	0.00	%	1.30% to 1.90%	52.40% to 56.10%
	2020	31,328	25.82 to 36.73	$988,666	0.82	%	1.30% to 1.90%	15.47% to 18.28%
	2019	21,806	22.36 to 30.63	$593,749	0.32	%	1.30% to 1.90%	54.35% to 57.94%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	UltraMid-Cap
		2023	14,648	21.80 to 30.24	$363,859	0.00	%	1.30% to 1.90%	17.90% to 20.10%
		2022	14,551	18.49 to 25.61	$304,760	0.00	%	1.30% to 1.90%	-34.57% to -33.28%
		2021	23,807	28.26 to 38.38	$753,391	0.00	%	1.30% to 1.90%	41.49% to 44.27%
		2020	29,383	19.98 to 26.60	$648,391	0.20	%	1.30% to 1.90%	1.49% to 3.50%
		2019	18,611	20.09 to 25.70	$412,736	0.00	%	1.30% to 1.90%	42.78% to 45.37%

	UltraNASDAQ-100
		2023	3,559	145.92 to 215.26	$595,697	0.00	%	1.30% to 1.90%	107.88% to 112.48%
		2022	3,781	70.19 to 103.01	$301,598	0.00	%	1.30% to 1.90%	-62.31% to -61.44%
		2021	6,602	186.26 to 267.12	$1,423,356	0.00	%	1.30% to 1.90%	47.12% to 50.54%
		2020	6,221	126.6 to 174.85	$882,258	0.00	%	1.30% to 1.90%	79.72% to 83.71%
		2019	5,812	71.90 to 95.18	$466,110	0.00	%	1.30% to 1.90%	73.58% to 77.17%

	UltraShort Dow30
		2023	4,271	0.05 to 0.05	$226	0.14	%	1.30% to 1.90%	-21.04% to -21.04%
		2022	5,177	0.07 to 0.07	$346	0.00	%	1.30% to 1.90%	4.29% to 4.29%
		2021	8,059	0.06 to 0.06	$517	0.00	%	1.30% to 1.90%	-37.28% to -37.28%
		2020	9,203	0.10 to 0.10	$941	7.11	%	1.30% to 1.90%	-46.98% to -46.98%
		2019	9,803	0.19 to 0.19	$1,890	3.03	%	1.30% to 1.90%	-38.64% to -38.64%

	UltraShort NASDAQ-100
		2023	15,515	0.01 to 0.01	$95	0.00	%	1.30% to 1.90%	-58.88% to -58.70%
		2022	20,805	0.01 to 0.01	$306	0.00	%	1.30% to 1.90%	51.02% to 51.63%
		2021	48,783	0.01 to 0.01	$475	0.00	%	1.30% to 1.90%	-44.71% to -44.36%
		2020	33,769	0.02 to 0.02	$590	0.65	%	1.30% to 1.90%	-72.44% to -72.27%
		2019	35,116	0.06 to 0.06	$2,212	0.74	%	1.30% to 1.90%	-52.20% to -51.90%

	UltraSmall-Cap
		2023	8,617	10.73 to 14.49	$109,708	0.00	%	1.30% to 1.90%	17.99% to 20.01%
		2022	8,134	9.09 to 12.07	$86,384	0.00	%	1.30% to 1.90%	-45.73% to -44.80%
		2021	20,387	16.75 to 21.87	$384,718	0.00	%	1.30% to 1.90%	18.83% to 20.86%
		2020	26,004	14.10 to 18.10	$409,774	0.15	%	1.30% to 1.90%	12.16% to 14.08%
		2019	10,006	12.57 to 15.86	$139,999	0.00	%	1.30% to 1.90%	41.98% to 44.41%

	Utilities
		2023	7,397	15.46 to 21.44	$130,571	1.23	%	1.30% to 1.90%	-11.82% to -10.17%
		2022	10,050	17.53 to 24.26	$197,910	1.50	%	1.30% to 1.90%	-3.77% to -1.88%
		2021	3,688	18.50 to 24.73	$85,218	1.31	%	1.30% to 1.90%	11.44% to 13.52%
		2020	5,864	16.60 to 21.78	$115,289	1.51	%	1.30% to 1.90%	-5.76% to -4.00%
		2019	4,186	18.23 to 22.69	$87,157	3.33	%	1.30% to 1.90%	18.95% to 20.86%

VanEck Worldwide Insurance Trust
	Global Resources Fund
		2023	406,420	7.09 to 36.00	$5,514,553	2.43	%	0.95% to 1.90%	-7.14% to -4.49%
		2022	522,495	7.63 to 37.70	$7,704,996	1.76	%	0.95% to 1.90%	4.41% to 7.37%
		2021	383,113	7.31 to 35.11	$5,998,442	0.43	%	0.95% to 1.90%	14.60% to 17.8%
		2020	479,886	6.38 to 29.80	$6,663,338	0.72	%	0.95% to 1.90%	14.74% to 17.99%
		2019	455,682	5.56 to 25.26	$5,651,543	0.00	%	0.95% to 1.90%	7.71% to 10.81%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	Emerging Markets Fund
		2023	19,890	23.59 to 38.73	$732,890	3.45	%	0.95% to 1.40%	7.28% to 8.74%
		2022	24,336	21.78 to 35.61	$807,421	0.24	%	0.95% to 1.40%	-26.09% to -25.09%
		2021	28,931	24.19 to 47.68	$1,276,537	0.97	%	0.95% to 1.40%	-14.00% to -12.70%
		2020	29,835	28.12 to 55.17	$1,536,938	1.76	%	0.95% to 1.40%	14.07% to 16.14%
		2019	36,385	29.02 to 47.98	$1,622,587	0.53	%	0.95% to 1.40%	27.05% to 29.36%

	Emerging Markets Bond Fund
		2023	24,056	13.02 to 18.57	$393,569	3.94	%	0.95% to 1.40%	9.15% to 10.35%
		2022	22,713	11.84 to 16.83	$341,850	4.10	%	0.95% to 1.40%	-8.72% to -7.81%
		2021	24,429	12.90 to 18.26	$400,505	4.90	%	0.95% to 1.40%	-6.00% to -4.96%
		2020	32,467	13.62 to 19.21	$554,814	12.28	%	0.95% to 1.40%	6.71% to 7.89%
		2019	28,850	11.55 to 17.81	$461,861	0.63	%	0.95% to 1.40%	10.39% to 11.55%

Janus Henderson Series
	Global Technology and Innovation Portfolio
		2023	410,823	11.12 to 57.53	$15,827,232	0.00	%	1.15% to 1.65%	51.76% to 52.90%
		2022	347,344	7.29 to 37.72	$8,773,284	0.00	%	1.15% to 1.65%	-38.15% to -37.69%
		2021	343,520	11.72 to 60.68	$14,336,384	0.11	%	1.15% to 1.65%	16.05% to 16.40%
		2020	227,665	13.89 to 52.13	$11,077,250	0.00	%	1.15% to 1.65%	48.70% to 49.00%
		2019	171,194	17.10 to 34.99	$5,605,246	0.00	%	1.15% to 1.35%	42.88% to 43.16%

	Overseas Portfolio
		2023	115,916	10.66 to 14.99	$1,473,078	1.43	%	1.15% to 1.65%	9.00% to 9.60%
		2022	91,422	9.74 to 13.72	$1,087,968	1.66	%	1.15% to 1.65%	-10.15% to -9.65%
		2021	93,357	10.81 to 15.24	$1,196,911	1.19	%	1.15% to 1.65%	11.77% to 11.99%
		2020	55,050	11.34 to 13.62	$656,299	0.97	%	1.15% to 1.65%	14.46% to 14.69%
		2019	48,682	9.91 to 11.89	$488,302	1.74	%	1.15% to 1.35%	25.01% to 25.26%

	Research Portfolio
		2023	2,767	36.66 to 37.36	$101,725	0.06	%	1.15% to 1.65%	40.90% to 41.18%
		2022	5,728	26.02 to 26.46	$149,236	0.00	%	1.15% to 1.65%	-31.00% to -30.86%
		2021	7,489	37.71 to 38.27	$283,269	0.02	%	1.15% to 1.65%	18.44% to 18.68%
		2020	17,589	31.84 to 32.25	$561,464	0.19	%	1.15% to 1.65%	30.79% to 31.06%
		2019	21,961	24.34 to 24.61	$536,101	0.29	%	1.15% to 1.35%	33.41% to 33.68%

	Enterprise Services Portfolio
		2023	1,491,484	10.98 to 29.64	$37,284,426	0.09	%	1.15% to 1.65%	15.85% to 16.72%
		2022	1,413,539	9.42 to 25.46	$31,661,580	0.08	%	1.15% to 1.65%	-17.52% to -16.90%
		2021	1,389,255	11.36 to 30.71	$39,241,724	0.24	%	1.15% to 1.65%	14.63% to 15.21%
		2020	1,214,723	12.77 to 26.66	$30,922,087	0.00	%	1.15% to 1.65%	17.58% to 17.82%
		2019	1,142,759	15.07 to 22.63	$24,865,839	0.06	%	1.15% to 1.35%	33.34% to 33.61%

	Global Research Portfolio
		2023	67,823	11.49 to 26.90	$1,552,536	0.71	%	1.15% to 1.65%	24.41% to 25.34%
		2022	86,643	9.18 to 21.52	$1,469,892	0.83	%	1.15% to 1.65%	-20.85% to -20.33%
		2021	66,993	11.55 to 27.07	$1,659,012	0.38	%	1.15% to 1.65%	16.22% to 16.45%
		2020	48,040	15.58 to 23.25	$1,089,276	0.49	%	1.15% to 1.65%	18.15% to 18.39%
		2019	50,454	13.17 to 19.64	$969,267	0.93	%	1.15% to 1.35%	26.99% to 27.24%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	Mid Cap Value Portfolio
		2023	238,614	11.72 to 21.57	$4,545,243	0.92	%	1.15% to 1.65%	9.29% to 10.11%
		2022	243,368	10.67 to 19.64	$4,266,745	1.12	%	1.15% to 1.65%	-7.31% to -6.62%
		2021	222,532	11.45 to 21.08	$4,304,237	0.31	%	1.15% to 1.65%	17.82% to 18.06%
		2020	208,421	11.63 to 17.86	$3,568,721	1.02	%	1.15% to 1.65%	-2.54% to -2.34%
		2019	197,118	11.92 to 18.29	$3,477,494	1.07	%	1.15% to 1.35%	28.30% to 28.56%

	Balanced Portfolio
		2023	3,844,041	10.95 to 22.96	$78,720,780	1.75	%	1.15% to 1.65%	13.26% to 14.11%
		2022	4,239,139	9.61 to 20.17	$76,782,262	0.96	%	1.15% to 1.65%	-17.98% to -17.36%
		2021	4,024,852	11.65 to 24.47	$89,831,295	0.70	%	1.15% to 1.65%	15.00% to 15.57%
		2020	2,669,628	11.61 to 21.17	$55,162,863	1.43	%	1.15% to 1.65%	12.50% to 12.72%
		2019	2,251,196	13.21 to 18.78	$41,323,181	1.72	%	1.15% to 1.35%	20.63% to 20.88%

	Flexible Bond Portfolio
		2023	678,487	8.74 to 10.77	$7,117,312	3.52	%	1.15% to 1.65%	3.57% to 4.35%
		2022	736,846	8.39 to 10.34	$7,446,718	1.77	%	1.15% to 1.65%	-15.31% to -14.67%
		2021	930,912	9.86 to 12.15	$11,002,406	1.68	%	1.15% to 1.65%	-2.44% to -2.24%
		2020	788,942	11.56 to 12.43	$9,649,511	2.53	%	1.15% to 1.65%	8.77% to 8.99%
		2019	621,443	10.61 to 11.40	$6,994,524	2.64	%	1.15% to 1.35%	7.81% to 8.03%

	GI Unconstrained Bond Portfolio
		2019	—	-	$0	1.29	%	1.15% to 1.35%	n/a

PIMCO Variable Insurance Trust
	Total Return Portfolio
		2023	2,547,269	8.70 to 17.31	$28,859,224	3.42	%	0.95% to 1.90%	2.09% to 4.93%
		2022	2,850,276	8.32 to 16.50	$30,907,266	2.45	%	0.95% to 1.90%	-17.41% to -15.11%
		2021	3,417,926	9.82 to 19.44	$43,643,688	1.74	%	0.95% to 1.90%	-4.81% to -2.20%
		2020	3,527,603	10.27 to 19.87	$46,554,357	2.03	%	0.95% to 1.90%	4.76% to 7.62%
		2019	4,050,360	10.68 to 18.47	$50,056,375	3.04	%	0.95% to 1.90%	4.48% to 7.34%

	Low Duration Portfolio
		2023	2,902,030	8.19 to 13.21	$28,079,889	3.47	%	0.95% to 1.90%	1.27% to 3.98%
		2022	3,206,727	8.29 to 12.70	$30,036,870	1.50	%	0.95% to 1.90%	-8.93% to -6.63%
		2021	3,694,238	9.10 to 13.61	$37,157,037	0.43	%	0.95% to 1.90%	-4.29% to -1.86%
		2020	2,779,815	9.51 to 13.86	$28,712,551	1.14	%	0.95% to 1.90%	-0.50% to 2.02%
		2019	2,486,507	9.37 to 13.59	$25,289,738	2.68	%	0.95% to 1.90%	0.36% to 3.05%

	High Yield Portfolio
		2023	751,379	10.06 to 26.72	$11,383,503	6.29	%	0.95% to 1.90%	8.05% to 11.16%
		2022	620,312	9.08 to 24.04	$8,632,214	5.11	%	0.95% to 1.90%	-13.63% to -11.13%
		2021	631,502	10.24 to 27.05	$10,193,934	4.50	%	0.95% to 1.90%	-0.23% to 2.65%
		2020	633,058	11.59 to 26.35	$10,181,904	4.17	%	0.95% to 1.90%	1.80% to 4.75%
		2019	766,902	11.11 to 25.16	$11,878,657	4.84	%	0.95% to 1.90%	10.46% to 13.66%

	Real Return Portfolio
		2023	2,005,034	9.33 to 17.64	$20,588,946	2.89	%	0.95% to 1.90%	0.01% to 2.69%
		2022	2,340,818	9.11 to 17.18	$23,530,989	7.20	%	0.95% to 1.90%	-15.01% to -12.74%
		2021	2,419,180	10.46 to 19.68	$28,158,458	4.78	%	0.95% to 1.90%	1.85% to 4.59%
		2020	2,135,710	10.60 to 18.82	$24,012,468	1.30	%	0.95% to 1.90%	7.76% to 10.66%
		2019	2,122,136	9.97 to 17.01	$21,521,058	1.56	%	0.95% to 1.90%	4.61% to 7.42%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
All Asset Portfolio
	2023	216,639	10.41 to 17.93	$2,783,311	2.82	%	0.95% to 1.90%	4.31% to 7.05%
	2022	244,412	9.74 to 16.86	$2,965,503	7.48	%	0.95% to 1.90%	-14.90% to -12.66%
	2021	261,589	11.17 to 19.43	$3,850,527	10.69	%	0.95% to 1.90%	12.05% to 14.71%
	2020	304,908	12.76 to 17.00	$3,938,978	4.41	%	0.95% to 1.90%	4.20% to 6.67%
	2019	358,019	11.99 to 16.34	$4,350,224	2.78	%	0.95% to 1.90%	7.90% to 10.47%

Global Managed Asset Allocation Portfolio
	2023	77,486	9.98 to 13.45	$1,013,616	2.20	%	1.15% to 1.65%	11.01% to 11.84%
	2022	75,818	8.94 to 12.06	$890,660	1.77	%	1.15% to 1.65%	-19.73% to -19.13%
	2021	82,827	11.08 to 14.95	$1,209,638	2.13	%	1.15% to 1.65%	11.09% to 11.32%
	2020	67,354	13.26 to 13.43	$893,068	8.44	%	1.15% to 1.65%	15.14% to 15.38%
	2019	49,475	11.51 to 11.64	$569,726	2.22	%	1.15% to 1.35%	15.39% to 15.62%

Short-Term Portfolio
	2023	4,336,798	10.12 to 10.58	$45,099,059	4.18	%	1.15% to 1.65%	4.07% to 4.85%
	2022	5,692,483	9.73 to 10.11	$56,661,671	1.66	%	1.15% to 1.65%	-1.88% to -1.14%
	2021	4,383,191	9.86 to 10.25	$44,386,005	0.93	%	1.15% to 1.65%	-1.79% to -1.30%
	2020	5,617,645	10.09 to 10.39	$57,770,230	1.27	%	1.15% to 1.65%	0.77% to 0.97%
	2019	4,389,651	10.18 to 10.29	$44,795,827	2.25	%	1.15% to 1.35%	1.32% to 1.52%

Emerging Markets Bond Portfolio
	2023	137,402	8.96 to 11.79	$1,544,898	5.39	%	1.15% to 1.65%	9.19% to 10.01%
	2022	161,261	8.16 to 10.75	$1,655,280	4.53	%	1.15% to 1.65%	-17.18% to -16.55%
	2021	164,879	9.80 to 12.91	$2,058,796	4.54	%	1.15% to 1.65%	-3.96% to -3.77%
	2020	168,484	11.53 to 13.42	$2,203,410	4.38	%	1.15% to 1.65%	5.16% to 5.38%
	2019	160,286	10.95 to 12.73	$1,987,562	4.33	%	1.15% to 1.35%	13.12% to 13.34%

Global Bond Opportunities Portfolio
	2023	8,441	9.12 to 9.29	$76,974	2.11	%	1.15% to 1.65%	3.75% to 3.75%
	2022	12,052	8.79 to 8.94	$106,448	1.26	%	1.15% to 1.65%	-12.28% to -12.11%
	2021	10,464	10.02 to 10.17	$104,951	3.71	%	1.15% to 1.65%	-5.54% to -5.35%
	2020	17,483	10.61 to 10.75	$185,660	2.05	%	1.15% to 1.65%	8.53% to 8.75%
	2019	35,825	9.77 to 9.88	$351,738	2.34	%	1.15% to 1.35%	4.60% to 4.81%

Commodity Real Return Strategy Portfolio
	2023	944,569	6.42 to 16.61	$6,445,420	15.25	%	1.15% to 1.65%	-9.44% to -8.76%
	2022	1,024,597	7.07 to 18.31	$7,817,404	26.22	%	1.15% to 1.65%	6.89% to 7.69%
	2021	969,729	6.59 to 17.09	$6,614,547	4.38	%	1.15% to 1.65%	31.33% to 31.59%
	2020	976,246	5.02 to 9.73	$4,932,228	5.48	%	1.15% to 1.65%	-0.13% to 0.07%
	2019	1,039,033	5.03 to 9.73	$5,244,209	4.40	%	1.15% to 1.35%	9.86% to 10.08%

International Bond (USD-Hedged) Portfolio
	2023	252,912	9.27 to 10.94	$2,696,013	2.46	%	1.15% to 1.65%	7.13% to 7.93%
	2022	252,393	8.60 to 10.16	$2,505,641	1.37	%	1.15% to 1.65%	-11.53% to -11.05%
	2021	248,916	9.69 to 11.45	$2,801,341	1.44	%	1.15% to 1.65%	-3.37% to -3.17%
	2020	201,369	11.19 to 11.83	$2,355,459	5.88	%	1.15% to 1.65%	4.03% to 4.24%
	2019	179,479	10.74 to 11.35	$2,017,025	1.70	%	1.15% to 1.35%	5.47% to 5.68%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	Dynamic Bond Adv Portfolio
		2023	187,209	9.76 to 10.89	$2,005,684	3.39	%	1.15% to 1.65%	5.56% to 6.04%
		2022	206,616	9.22 to 10.30	$2,094,573	2.52	%	1.15% to 1.65%	-7.70% to -7.47%
		2021	234,562	9.97 to 11.14	$2,577,240	1.94	%	1.15% to 1.65%	-0.17% to 0.03%
		2020	211,426	10.84 to 11.13	$2,333,712	2.50	%	1.15% to 1.65%	3.30% to 3.50%
		2019	241,095	10.49 to 10.76	$2,574,903	4.13	%	1.15% to 1.35%	3.42% to 3.63%

	Income Advisor Portfolio
		2023	2,887,901	9.83 to 11.11	$31,631,301	5.19	%	1.15% to 1.65%	6.38% to 7.18%
		2022	3,039,762	9.19 to 10.39	$31,220,196	3.51	%	1.15% to 1.65%	-9.38% to -8.69%
		2021	3,164,894	10.09 to 11.41	$35,772,908	2.80	%	1.15% to 1.65%	0.23% to 0.73%
		2020	2,554,048	10.78 to 11.33	$28,750,387	3.74	%	1.15% to 1.65%	4.97% to 5.19%
		2019	3,177,130	10.72 to 10.77	$34,058,314	3.40	%	1.15% to 1.35%	7.00% to 7.22%

Goldman Sachs Variable Insurance Trust
	Small Cap Equity Insights Fund
		2023	52,969	17.93 to 30.24	$1,402,481	0.97	%	0.95% to 1.90%	15.19% to 18.15%
		2022	58,779	15.57 to 25.60	$1,269,059	0.23	%	0.95% to 1.90%	-22.15% to -20.14%
		2021	69,465	20.00 to 32.05	$1,906,749	0.53	%	0.95% to 1.90%	19.53% to 22.62%
		2020	58,336	16.73 to 26.14	$1,341,725	0.17	%	0.95% to 1.90%	4.85% to 7.56%
		2019	73,892	15.96 to 24.30	$1,622,180	0.47	%	0.95% to 1.90%	20.55% to 23.66%

	Large Cap Value Fund
		2023	5,726	21.71 to 28.87	$155,791	0.78	%	0.95% to 1.40%	10.28% to 11.95%
		2022	24,660	19.68 to 25.79	$554,027	1.26	%	0.95% to 1.40%	-8.63% to -7.25%
		2021	26,536	21.54 to 27.80	$648,703	1.62	%	0.95% to 1.40%	21.13% to 22.96%
		2020	11,220	19.27 to 22.61	$239,412	1.30	%	0.95% to 1.40%	1.97% to 3.00%
		2019	11,823	18.61 to 21.95	$245,289	0.82	%	0.95% to 1.40%	23.37% to 24.74%

	Mid Cap Value Fund
		2023	78,534	27.92 to 38.56	$2,827,344	0.94	%	0.95% to 1.40%	8.51% to 10.37%
		2022	95,787	25.73 to 34.94	$3,110,709	0.63	%	0.95% to 1.40%	-12.34% to -10.84%
		2021	112,318	29.35 to 39.19	$4,110,887	0.47	%	0.95% to 1.40%	27.53% to 29.71%
		2020	125,109	23.01 to 30.21	$3,558,519	0.59	%	0.95% to 1.40%	5.57% to 7.38%
		2019	123,128	19.28 to 28.13	$3,256,746	0.81	%	0.95% to 1.40%	27.77% to 30.28%

	Mid-Cap Growth Portfolio
		2023	12,500	33.09 to 43.99	$495,985	0.00	%	0.95% to 1.40%	15.12% to 16.85%
		2022	15,153	30.34 to 37.65	$536,207	0.00	%	0.95% to 1.40%	-30.34% to -29.50%
		2021	21,621	43.18 to 53.40	$1,067,354	0.00	%	0.95% to 1.40%	10.27% to 11.66%
		2020	22,317	39.16 to 47.83	$991,422	0.00	%	0.95% to 1.40%	36.67% to 38.39%
		2019	30,996	27.60 to 34.56	$991,797	0.00	%	0.95% to 1.40%	29.28% to 31.23%

	AMT Mid Cap Intrinsic Value Portfolio
		2023	4,450	21.97 to 29.22	$118,652	0.59	%	0.95% to 1.40%	8.32% to 9.96%
		2022	13,144	20.28 to 26.57	$305,694	0.44	%	0.95% to 1.40%	-11.93% to -10.61%
		2021	20,256	22.86 to 29.73	$526,999	0.76	%	0.95% to 1.40%	29.59% to 31.54%
		2020	5,816	17.45 to 22.60	$122,415	0.53	%	0.95% to 1.40%	-4.98% to -3.54%
		2019	16,417	18.18 to 23.43	$347,181	0.85	%	0.95% to 1.40%	13.92% to 15.64%

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
BNY Mellon Variable Investment Fund
	Appreciation Portfolio
		2023	8,032	25.03 to 35.32	$248,194	0.62	%	1.30% to 1.90%	16.30% to 18.58%
		2022	11,834	21.52 to 29.79	$307,878	0.28	%	1.30% to 1.90%	-21.22% to -19.67%
		2021	19,465	27.32 to 37.08	$619,698	0.16	%	1.30% to 1.90%	22.17% to 24.57%
		2020	12,486	22.36 to 29.77	$332,922	0.56	%	1.30% to 1.90%	18.90% to 21.24%
		2019	16,172	18.81 to 25.06	$357,379	0.96	%	1.30% to 1.90%	30.85% to 33.63%

	International Value Portfolio
		2020	—	-	$0	4.78	%	1.30% to 1.90%	n/a
		2019	1,471	7.52 to 9.55	$12,552	2.06	%	1.30% to 1.90%	17.91% to 19.99%

	Sustainable U.S. Equity Portfolio
		2023	501	29.20 to 33.34	$16,103	0.54	%	1.30% to 1.90%	20.47% to 21.37%
		2022	534	24.24 to 27.47	$14,050	0.28	%	1.30% to 1.90%	-24.96% to -24.40%
		2021	520	29.64 to 36.33	$18,105	0.41	%	1.30% to 1.90%	22.88% to 24.48%
		2020	1,111	24.12 to 29.19	$28,762	1.01	%	1.30% to 1.90%	20.14% to 21.71%
		2019	2,531	20.08 to 23.98	$55,040	1.02	%	1.30% to 1.90%	29.99% to 31.69%

Morgan Stanley Variable Institutional Funds
	Emerging Markets Debt Portfolio
		2023	1,510	10.57 to 15.45	$18,225	8.92	%	1.30% to 1.90%	7.80% to 10.14%
		2022	1,894	9.80 to 14.03	$21,233	8.06	%	1.30% to 1.90%	-21.64% to -19.94%
		2021	2,236	12.51 to 17.52	$32,468	5.06	%	1.30% to 1.90%	-5.39% to -3.33%
		2020	2,311	13.22 to 18.13	$35,101	4.09	%	1.30% to 1.90%	1.85% to 4.07%
		2019	4,274	12.98 to 17.42	$63,483	6.40	%	1.30% to 1.90%	10.19% to 12.58%

	Emerging Markets Equity Portfolio
		2023	10,681	8.59 to 12.12	$113,354	1.52	%	1.30% to 1.90%	8.12% to 10.25%
		2022	11,909	7.94 to 10.99	$115,114	0.32	%	1.30% to 1.90%	-27.70% to -26.28%
		2021	13,483	10.98 to 14.91	$177,988	0.82	%	1.30% to 1.90%	-0.59% to 1.37%
		2020	17,155	11.05 to 14.71	$223,909	1.03	%	1.30% to 1.90%	10.43% to 12.60%
		2019	17,839	10.00 to 13.06	$209,484	1.12	%	1.30% to 1.90%	15.40% to 17.68%

	Discovery Portfolio
		2023	1,393	25.20 to 27.53	$38,118	0.00	%	1.30% to 1.90%	40.03% to 40.73%
		2022	1,856	18.00 to 19.56	$36,101	0.00	%	1.30% to 1.90%	-64.03% to -63.85%
		2021	1,872	50.03 to 54.11	$101,040	0.00	%	1.30% to 1.90%	-13.74% to -13.30%
		2020	3,151	58.00 to 62.41	$192,113	0.00	%	1.30% to 1.90%	144.86% to 146.08%
		2019	3,352	23.05 to 26.43	$82,756	0.00	%	1.30% to 1.90%	35.69% to 37.06%

	U.S. Real Estate Portfolio
		2023	3,238	10.76 to 15.32	$40,180	1.80	%	1.30% to 1.90%	10.25% to 12.47%
		2022	4,346	9.76 to 13.63	$48,527	0.96	%	1.30% to 1.90%	-29.75% to -28.33%
		2021	4,639	13.89 to 19.01	$73,352	2.07	%	1.30% to 1.90%	34.58% to 37.29%
		2020	6,169	10.32 to 13.85	$74,245	2.00	%	1.30% to 1.90%	-19.99% to -18.38%
		2019	8,175	12.90 to 16.97	$121,382	1.78	%	1.30% to 1.90%	14.54% to 16.85%

Northern Lights Variable Trust
	Power Income Fund
		2021	—	-	$0	0.00	%	1.15% to 1.65%	n/a
		2020	66,534	9.41 to 9.53	$626,172	1.85	%	1.15% to 1.65%	-7.24% to -7.05%
		2019	80,713	10.14 to 10.25	$819,116	2.05	%	1.15% to 1.35%	6.28% to 6.49%

100

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	Power Dividend Index Fund
		2023	72,433	9.38 to 9.50	$682,293	1.61	%	1.15% to 1.65%	-2.90% to -2.71%
		2022	73,279	9.66 to 9.77	$710,822	1.38	%	1.15% to 1.65%	-11.55% to -11.38%
		2021	76,151	10.92 to 11.02	$834,562	1.19	%	1.15% to 1.65%	28.55% to 28.81%
		2020	108,012	8.50 to 8.56	$919,990	1.25	%	1.15% to 1.65%	-8.50% to -8.32%
		2019	885,390	9.29 to 9.33	$8,225,059	2.07	%	1.15% to 1.35%	-4.42% to -3.88%

AB Variable Products Series
	Real Estate Investment Portfolio
		2019	—	-	$0	2.22	%	1.15% to 1.35%	n/a

	Dynamic Asset Allocation Portfolio
		2023	190,353	9.70 to 13.71	$2,539,338	0.59	%	1.15% to 1.65%	11.85% to 12.18%
		2022	203,237	9.66 to 12.22	$2,424,823	2.40	%	1.15% to 1.65%	-19.77% to -19.61%
		2021	225,592	12.48 to 15.20	$3,355,731	1.54	%	1.15% to 1.65%	7.81% to 8.03%
		2020	243,826	11.57 to 14.07	$3,330,917	1.48	%	1.15% to 1.65%	3.45% to 3.66%
		2019	230,655	11.17 to 13.57	$3,039,410	2.65	%	1.15% to 1.35%	13.70% to 13.92%

	Small Cap Growth Portfolio
		2023	788	27.14 to 27.66	$21,398	0.00	%	1.15% to 1.65%	16.15% to 16.15%
		2022	803	23.37 to 23.77	$18,765	0.00	%	1.15% to 1.65%	-40.08% to -39.96%
		2021	578	39.00 to 39.58	$22,574	0.00	%	1.15% to 1.65%	7.74% to 7.95%
		2020	676	36.20 to 36.67	$24,497	0.00	%	1.15% to 1.65%	51.58% to 51.88%
		2019	2,870	23.88 to 24.14	$68,815	0.00	%	1.15% to 1.35%	34.18% to 34.45%

	Discovery Value Portfolio
		2023	325,469	12.15 to 25.70	$6,909,113	0.83	%	1.15% to 1.65%	14.96% to 15.82%
		2022	330,937	10.51 to 22.25	$6,142,464	0.80	%	1.15% to 1.65%	-17.19% to -16.57%
		2021	294,258	12.63 to 26.73	$6,375,347	0.72	%	1.15% to 1.65%	33.79% to 34.06%
		2020	159,470	11.09 to 19.94	$2,910,076	0.69	%	1.15% to 1.65%	1.67% to 1.87%
		2019	164,921	10.90 to 19.58	$2,957,126	0.34	%	1.15% to 1.35%	18.29% to 18.53%

BlackRock Variable Series Fund, Inc.
	Basic Value Fund
		2023	171,350	12.46 to 25.24	$3,752,288	1.43	%	1.15% to 1.65%	14.46% to 15.20%
		2022	210,779	10.84 to 21.96	$3,890,440	1.30	%	1.15% to 1.65%	-6.58% to -6.16%
		2021	161,342	11.55 to 23.42	$3,425,421	1.20	%	1.15% to 1.65%	19.59% to 19.95%
		2020	146,538	12.15 to 19.52	$2,741,309	1.57	%	1.15% to 1.65%	1.74% to 1.95%
		2019	178,971	11.98 to 19.15	$3,350,527	2.07	%	1.15% to 1.35%	21.87% to 22.12%

	Capital Appreciation Fund
		2023	12,068	22.74 to 38.53	$462,038	0.00	%	1.15% to 1.65%	46.61% to 46.90%
		2022	15,452	15.49 to 26.23	$400,206	0.00	%	1.15% to 1.65%	-38.64% to -38.52%
		2021	30,517	25.23 to 42.67	$1,294,158	0.00	%	1.15% to 1.65%	19.27% to 19.51%
		2020	35,199	21.13 to 35.70	$1,249,034	0.00	%	1.15% to 1.65%	39.62% to 39.90%
		2019	36,201	25.24 to 25.52	$920,991	0.00	%	1.15% to 1.35%	29.78% to 30.04%

	Equity Dividend Fund
		2023	899,787	12.07 to 26.28	$21,770,381	1.65	%	1.15% to 1.65%	10.16% to 10.99%
		2022	1,224,251	10.90 to 23.74	$27,039,392	1.45	%	1.15% to 1.65%	-5.67% to -4.96%
		2021	1,200,894	11.49 to 25.04	$28,620,603	1.35	%	1.15% to 1.65%	18.33% to 18.92%
		2020	974,221	11.85 to 21.05	$19,808,363	1.72	%	1.15% to 1.65%	2.18% to 2.38%
		2019	813,658	12.81 to 20.56	$16,238,995	1.83	%	1.15% to 1.35%	25.75% to 26.00%

101

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	Global Allocation Fund
		2023	785,209	9.66 to 15.90	$11,864,939	2.39	%	1.15% to 1.65%	10.88% to 11.48%
		2022	893,423	8.68 to 14.29	$12,171,555	0.00	%	1.15% to 1.65%	-17.45% to -16.82%
		2021	1,016,228	10.46 to 17.23	$16,846,204	0.83	%	1.15% to 1.65%	4.99% to 5.20%
		2020	1,023,271	13.48 to 16.38	$16,519,119	1.20	%	1.15% to 1.65%	19.09% to 19.32%
		2019	1,083,821	11.31 to 13.72	$14,718,867	1.25	%	1.15% to 1.35%	16.18% to 16.41%

	Advantage Large Cap Core Fund
		2023	13,026	31.97 to 32.58	$417,983	0.52	%	1.15% to 1.65%	23.23% to 23.48%
		2022	15,563	25.94 to 26.38	$405,050	0.63	%	1.15% to 1.65%	-21.23% to -21.07%
		2021	16,846	32.93 to 33.43	$556,640	0.07	%	1.15% to 1.65%	26.35% to 26.60%
		2020	19,678	26.07 to 26.40	$514,509	0.71	%	1.15% to 1.65%	17.89% to 18.13%
		2019	30,466	22.11 to 22.35	$675,815	1.00	%	1.15% to 1.35%	26.83% to 27.09%

	Large Cap Focus Growth Fund
		2023	470,565	11.06 to 41.18	$13,290,839	0.00	%	1.15% to 1.65%	49.98% to 51.11%
		2022	492,659	7.33 to 27.32	$8,526,239	0.00	%	1.15% to 1.65%	-39.26% to -38.81%
		2021	488,519	12.01 to 44.75	$15,478,943	0.00	%	1.15% to 1.65%	16.09% to 16.43%
		2020	462,241	13.02 to 38.43	$13,103,358	0.00	%	1.15% to 1.65%	41.50% to 41.79%
		2019	395,901	11.45 to 27.11	$7,798,946	0.00	%	1.15% to 1.35%	30.56% to 30.82%

	60/40 Target Allocation ETF Fund
		2023	503,446	10.50 to 14.92	$7,326,689	1.75	%	1.15% to 1.65%	13.55% to 14.06%
		2022	595,453	9.21 to 13.09	$7,596,065	1.81	%	1.15% to 1.65%	-16.34% to -15.96%
		2021	580,446	10.96 to 15.58	$8,810,834	1.99	%	1.15% to 1.65%	10.09% to 10.42%
		2020	428,532	11.70 to 14.11	$5,985,133	1.66	%	1.15% to 1.65%	12.81% to 13.04%
		2019	277,728	12.11 to 12.49	$3,443,481	2.65	%	1.15% to 1.35%	19.60% to 19.84%

	Total Return Fund
		2023	165,097	9.94 to 9.94	$1,635,480	3.53	%	1.15% to 1.65%	4.11% to 4.11%
		2022	153,161	9.54 to 9.54	$1,457,503	1.81	%	1.15% to 1.65%	-15.33% to -15.33%
		2021	160,594	11.27 to 11.27	$1,808,464	1.41	%	1.15% to 1.65%	-2.92% to -2.92%
		2020	134,918	11.61 to 11.61	$1,564,132	1.93	%	1.15% to 1.65%	7.20% to 7.20%
		2019	101,929	10.83 to 10.83	$1,101,828	1.70	%	1.15% to 1.35%	7.79% to 7.79%

	S&P 500 Fund
		2023	104,741	17.27 to 17.27	$1,808,621	1.12	%	1.15% to 1.65%	24.34% to 24.34%
		2022	110,592	13.89 to 13.89	$1,535,810	1.15	%	1.15% to 1.65%	-19.43% to -19.43%
		2021	116,476	17.24 to 17.24	$2,007,678	1.03	%	1.15% to 1.65%	26.64% to 26.64%
		2020	130,931	13.61 to 13.61	$1,782,081	1.55	%	1.15% to 1.65%	16.46% to 16.46%
		2019	114,291	11.69 to 11.69	$1,335,784	2.69	%	1.15% to 1.35%	29.34% to 29.34%

Columbia Variable Portfolio
	Contrarian Core 2 Portfolio
		2023	457,933	12.79 to 28.82	$10,969,197	0.00	%	1.15% to 1.65%	29.74% to 30.71%
		2022	374,675	9.81 to 22.11	$7,037,375	0.00	%	1.15% to 1.65%	-20.18% to -19.58%
		2021	314,609	12.22 to 27.56	$7,709,215	0.00	%	1.15% to 1.65%	22.30% to 22.55%
		2020	224,793	15.76 to 22.49	$4,776,795	0.00	%	1.15% to 1.65%	20.36% to 20.60%
		2019	218,432	13.08 to 18.65	$3,895,613	0.00	%	1.15% to 1.35%	31.03% to 31.29%

102

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
Dividend Opportunity Portfolio
	2023	470,709	12.27 to 19.81	$8,358,698	0.00	%	1.15% to 1.65%	3.13% to 3.90%
	2022	560,878	11.84 to 19.11	$9,903,002	0.00	%	1.15% to 1.65%	-3.00% to -2.27%
	2021	326,866	12.14 to 19.60	$6,115,703	0.00	%	1.15% to 1.65%	23.96% to 24.45%
	2020	273,530	11.50 to 15.75	$4,233,602	0.00	%	1.15% to 1.65%	-0.46% to -0.26%
	2019	265,520	12.41 to 15.79	$4,140,119	0.00	%	1.15% to 1.35%	22.10% to 22.34%

Emerging Markets Bond Portfolio
	2023	361,405	8.88 to 10.98	$3,888,217	5.03	%	1.15% to 1.65%	8.33% to 8.77%
	2022	425,146	8.16 to 10.09	$4,219,308	3.73	%	1.15% to 1.65%	-17.45% to -17.12%
	2021	485,439	9.84 to 12.18	$5,819,091	3.64	%	1.15% to 1.65%	-3.76% to -3.57%
	2020	517,413	11.16 to 12.63	$6,464,503	3.01	%	1.15% to 1.65%	5.72% to 5.93%
	2019	608,749	10.54 to 11.92	$7,190,869	4.95	%	1.15% to 1.35%	10.58% to 10.80%

High Yield Portfolio
	2023	492,503	10.09 to 13.71	$6,479,175	5.65	%	1.15% to 1.65%	10.04% to 10.87%
	2022	369,412	9.12 to 12.39	$4,435,748	4.44	%	1.15% to 1.65%	-12.24% to -11.58%
	2021	459,802	10.34 to 14.05	$6,309,076	4.29	%	1.15% to 1.65%	3.28% to 3.59%
	2020	363,617	11.03 to 13.56	$4,867,407	4.89	%	1.15% to 1.65%	4.88% to 5.09%
	2019	359,052	11.14 to 12.91	$4,594,476	5.47	%	1.15% to 1.35%	14.96% to 15.19%

Select Large-Cap Value Portfolio
	2023	822,763	11.80 to 16.00	$12,796,106	0.00	%	1.15% to 1.65%	3.39% to 4.17%
	2022	464,322	11.35 to 15.40	$6,954,925	0.00	%	1.15% to 1.65%	-3.66% to -2.94%
	2021	284,336	11.72 to 15.91	$4,356,661	0.00	%	1.15% to 1.65%	23.92% to 24.54%
	2020	57,356	12.69 to 12.77	$729,142	0.00	%	1.15% to 1.65%	5.37% to 5.58%
	2019	113,046	12.04 to 12.10	$1,362,084	0.00	%	1.15% to 1.35%	24.73% to 24.98%

Seligman Global Tech Portfolio
	2023	649,974	12.66 to 28.61	$15,762,403	0.00	%	1.15% to 1.65%	42.51% to 43.58%
	2022	518,814	8.83 to 19.98	$9,038,981	0.00	%	1.15% to 1.65%	-32.97% to -32.47%
	2021	481,453	13.11 to 29.66	$12,396,518	0.26	%	1.15% to 1.65%	36.83% to 37.10%
	2020	236,402	21.48 to 21.63	$5,089,324	0.00	%	1.15% to 1.65%	43.84% to 44.13%
	2019	167,470	14.94 to 15.01	$2,505,080	0.00	%	1.15% to 1.35%	52.89% to 53.20%

US Government Mortgage Portfolio
	2023	88,711	8.59 to 9.42	$817,028	2.53	%	1.15% to 1.65%	3.71% to 4.38%
	2022	106,193	8.24 to 9.04	$941,623	1.06	%	1.15% to 1.65%	-15.72% to -15.18%
	2021	228,527	9.72 to 10.67	$2,353,868	1.81	%	1.15% to 1.65%	-2.53% to -2.33%
	2020	211,411	10.85 to 10.92	$2,294,024	1.88	%	1.15% to 1.65%	3.44% to 3.65%
	2019	65,783	10.49 to 10.54	$690,202	0.39	%	1.15% to 1.35%	5.07% to 5.28%

Strategic Income Portfolio
	2023	165,942	9.48 to 10.83	$1,758,934	3.20	%	1.15% to 1.65%	7.42% to 8.23%
	2022	132,741	8.78 to 10.03	$1,313,268	4.04	%	1.15% to 1.65%	-12.96% to -12.31%
	2021	128,342	10.03 to 11.47	$1,453,203	7.94	%	1.15% to 1.65%	0.27% to 0.47%
	2020	22,581	11.40 to 11.42	$257,543	0.00	%	1.15% to 1.65%	14.02% to 14.17%

103

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	Emerging Markets Portfolio
		2023	55,517	6.24 to 6.31	$348,875	0.00	%	1.15% to 1.65%	7.52% to 8.00%
		2022	42,448	5.80 to 5.85	$247,339	0.00	%	1.15% to 1.65%	-34.10% to -33.81%
		2021	35,411	8.80 to 8.83	$312,265	0.00	%	1.15% to 1.65%	-11.96% to -11.78%

	Select Mid Cap Value Portfolio
		2023	9,820	11.70 to 11.71	$114,935	0.00	%	1.15% to 1.65%	17.01% to 17.08%

	Small Cap Value Portfolio
		2023	6,827	12.15 to 12.16	$82,965	0.00	%	1.15% to 1.65%	21.45% to 21.56%

DWS Variable Insurance Portfolios
	Equity 500 Index Portfolio
		2023	1,756,429	11.49 to 33.56	$48,711,506	0.99	%	1.15% to 1.65%	23.44% to 24.37%
		2022	1,721,820	9.28 to 27.05	$39,215,391	0.82	%	1.15% to 1.65%	-19.95% to -7.21%
		2021	1,673,414	12.61 to 33.62	$49,438,343	1.03	%	1.15% to 1.65%	25.94% to 26.45%
		2020	1,478,697	12.36 to 26.59	$37,096,159	1.23	%	1.15% to 1.65%	16.05% to 16.28%
		2019	1,334,197	11.65 to 22.87	$29,072,836	1.45	%	1.15% to 1.35%	28.91% to 29.17%

	Small Cap Index Portfolio
		2023	378,511	9.45 to 23.26	$7,552,361	0.85	%	1.15% to 1.65%	14.43% to 15.29%
		2022	395,466	8.22 to 20.22	$7,115,261	0.62	%	1.15% to 1.65%	-22.18% to -21.60%
		2021	376,959	10.50 to 25.86	$8,842,916	0.52	%	1.15% to 1.65%	12.31% to 12.88%
		2020	290,840	13.81 to 22.91	$6,400,725	0.72	%	1.15% to 1.65%	17.49% to 17.72%
		2019	275,712	11.74 to 19.46	$5,275,493	0.72	%	1.15% to 1.35%	23.20% to 23.44%

	Alternative Asset Allocation Portfolio
		2023	88,903	10.46 to 12.00	$1,030,313	6.31	%	1.15% to 1.65%	3.95% to 4.73%
		2022	102,328	10.01 to 11.52	$1,138,480	7.33	%	1.15% to 1.65%	-9.25% to -8.57%
		2021	98,889	10.96 to 12.67	$1,208,102	1.69	%	1.15% to 1.65%	10.84% to 11.06%
		2020	107,424	11.00 to 11.14	$1,184,795	2.20	%	1.15% to 1.65%	3.90% to 4.11%
		2019	136,251	10.58 to 10.70	$1,446,683	3.82	%	1.15% to 1.35%	12.82% to 13.04%

	Global Small Cap Growth Portfolio
		2023	10,069	10.10 to 17.02	$167,751	0.68	%	1.15% to 1.65%	22.54% to 22.84%
		2022	14,552	8.22 to 13.86	$198,267	0.24	%	1.15% to 1.65%	-25.24% to -25.09%
		2021	16,822	15.00 to 18.50	$306,984	0.08	%	1.15% to 1.65%	13.12% to 13.34%
		2020	22,135	16.11 to 16.32	$357,984	0.54	%	1.15% to 1.65%	15.37% to 15.60%
		2019	29,362	13.97 to 14.12	$411,529	0.00	%	1.15% to 1.35%	19.45% to 19.69%

	Small Mid Cap Value Portfolio
		2023	208,921	12.34 to 19.58	$3,856,271	0.80	%	1.15% to 1.65%	12.94% to 13.28%
		2022	239,361	10.90 to 17.29	$3,889,214	0.44	%	1.15% to 1.65%	-17.51% to -17.10%
		2021	284,082	13.17 to 20.85	$5,547,055	0.96	%	1.15% to 1.65%	28.30% to 28.55%
		2020	321,168	10.25 to 16.22	$4,977,766	0.94	%	1.15% to 1.65%	-2.44% to -2.24%
		2019	328,837	10.50 to 16.59	$5,248,149	0.38	%	1.15% to 1.35%	19.37% to 19.61%

104

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	CROCI US Portfolio
		2023	9,750	17.99 to 18.34	$176,159	1.35	%	1.15% to 1.65%	18.76% to 19.00%
		2022	9,961	15.15 to 15.41	$151,484	1.38	%	1.15% to 1.65%	-16.80% to -16.63%
		2021	10,439	18.21 to 18.48	$190,740	1.52	%	1.15% to 1.65%	24.58% to 24.83%
		2020	11,523	14.62 to 14.81	$168,798	1.84	%	1.15% to 1.65%	-13.59% to -13.42%
		2019	15,670	16.92 to 17.10	$265,919	1.74	%	1.15% to 1.35%	30.71% to 30.97%

	High Income Portfolio
		2023	55,515	9.92 to 10.04	$555,066	7.11	%	1.15% to 1.65%	9.47% to 9.97%
		2022	36,705	9.06 to 9.13	$333,640	3.63	%	1.15% to 1.65%	-10.59% to -10.37%
		2021	16,172	10.16 to 10.17	$164,326	0.00	%	1.15% to 1.65%	1.55% to 1.69%

Eaton Vance Variable Trust
	Floating Rate Income Portfolio
		2023	1,640,312	10.74 to 12.99	$20,633,222	8.12	%	1.15% to 1.65%	9.42% to 10.24%
		2022	1,666,588	9.76 to 11.81	$19,096,634	4.98	%	1.15% to 1.65%	-4.32% to -3.61%
		2021	1,659,213	10.15 to 12.29	$19,913,170	2.83	%	1.15% to 1.65%	2.24% to 2.44%
		2020	1,453,639	10.64 to 11.99	$17,199,803	3.04	%	1.15% to 1.65%	0.63% to 0.83%
		2019	2,087,379	10.56 to 11.90	$24,554,913	4.27	%	1.15% to 1.35%	5.64% to 5.86%

Delaware Variable Insurance Portfolios
	Total Return Portfolio
		2023	5,942	14.79 to 15.07	$88,059	0.00	%	1.15% to 1.65%	11.13% to 11.35%
		2022	9,141	13.31 to 13.54	$121,815	0.00	%	1.15% to 1.65%	-11.76% to -11.58%
		2021	13,238	15.08 to 15.31	$199,819	0.00	%	1.15% to 1.65%	14.81% to 15.04%
		2020	25,528	13.14 to 13.31	$335,597	0.00	%	1.15% to 1.65%	-0.45% to -0.25%
		2019	31,194	13.20 to 13.34	$411,863	0.00	%	1.15% to 1.35%	17.29% to 17.52%

	International Portfolio
		2023	67,548	14.07 to 14.34	$953,379	1.52	%	1.15% to 1.65%	12.06% to 12.28%
		2022	78,796	12.56 to 12.77	$993,062	1.41	%	1.15% to 1.65%	-18.44% to -18.28%
		2021	80,766	15.40 to 15.63	$1,247,847	0.93	%	1.15% to 1.65%	5.43% to 5.64%
		2020	77,015	14.60 to 14.79	$1,128,220	0.00	%	1.15% to 1.65%	5.72% to 5.93%
		2019	101,661	13.81 to 13.97	$1,408,252	0.80	%	1.15% to 1.35%	23.23% to 23.48%

	Opportunity Portfolio
		2023	416,170	15.49 to 17.70	$7,269,145	0.64	%	1.15% to 1.65%	14.74% to 14.97%
		2022	531,055	13.49 to 15.40	$8,087,611	0.22	%	1.15% to 1.65%	-14.84% to -14.67%
		2021	608,805	15.82 to 18.05	$10,880,222	1.26	%	1.15% to 1.65%	21.48% to 21.72%
		2020	778,559	13.01 to 14.83	$11,448,002	0.59	%	1.15% to 1.65%	9.31% to 9.53%
		2019	892,056	11.89 to 13.54	$11,982,424	1.33	%	1.15% to 1.35%	28.37% to 28.62%

	Covered Call Strategy Portfolio
		2020	—	-	$0	5.69	%	1.15% to 1.65%	n/a
		2019	11,932	11.14 to 11.19	$133,172	1.04	%	1.15% to 1.35%	19.74% to 19.98%

Franklin Templeton Variable Insurance Products Trust
	Mutual Shares Fund
		2023	217,601	11.73 to 20.10	$4,175,178	1.82	%	1.15% to 1.65%	11.95% to 12.23%
		2022	268,051	10.46 to 17.92	$4,526,155	1.72	%	1.15% to 1.65%	-8.67% to -8.44%
		2021	328,330	11.42 to 19.58	$6,040,536	2.81	%	1.15% to 1.65%	17.57% to 17.81%
		2020	397,095	10.45 to 16.62	$6,253,697	2.47	%	1.15% to 1.65%	-6.32% to -6.13%
		2019	417,788	11.15 to 17.70	$7,147,158	1.85	%	1.15% to 1.35%	20.93% to 21.17%

105

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
Income Fund
	2023	1,602,656	11.39 to 16.55	$24,992,559	4.97	%	1.15% to 1.65%	6.85% to 7.65%
	2022	1,723,951	10.60 to 15.41	$25,070,503	5.06	%	1.15% to 1.65%	-7.02% to -6.32%
	2021	1,559,403	11.34 to 16.49	$24,827,136	4.73	%	1.15% to 1.65%	15.19% to 15.42%
	2020	1,549,894	11.33 to 14.29	$21,672,079	5.55	%	1.15% to 1.65%	-0.66% to -0.46%
	2019	1,636,888	11.40 to 14.35	$23,159,363	5.26	%	1.15% to 1.35%	14.50% to 14.73%

Global Bond Fund
	2023	2,459,743	8.25 to 9.08	$21,567,883	0.00	%	1.15% to 1.65%	1.20% to 1.96%
	2022	2,861,304	8.12 to 8.90	$24,704,524	0.00	%	1.15% to 1.65%	-6.50% to -5.80%
	2021	3,226,727	8.65 to 9.45	$29,687,890	0.00	%	1.15% to 1.65%	-6.55% to -6.08%
	2020	2,977,823	9.22 to 9.92	$29,210,565	8.18	%	1.15% to 1.65%	-6.56% to -6.37%
	2019	2,977,038	9.86 to 10.59	$31,244,957	6.93	%	1.15% to 1.35%	0.64% to 0.85%

Foreign Fund
	2023	2,851,794	10.90 to 13.66	$35,725,950	3.16	%	1.15% to 1.65%	18.79% to 19.68%
	2022	3,269,423	9.12 to 11.48	$34,488,163	2.93	%	1.15% to 1.65%	-9.12% to -8.43%
	2021	3,332,580	9.98 to 12.60	$38,678,960	1.83	%	1.15% to 1.65%	2.45% to 2.97%
	2020	3,210,344	9.78 to 12.28	$36,392,804	2.97	%	1.15% to 1.65%	-2.49% to -2.29%
	2019	3,218,800	10.02 to 11.78	$37,432,029	1.69	%	1.15% to 1.35%	11.02% to 11.24%

Developing Markets Fund
	2023	227,081	7.51 to 11.51	$2,388,608	2.08	%	1.15% to 1.65%	10.78% to 11.62%
	2022	256,086	6.75 to 10.34	$2,422,020	2.48	%	1.15% to 1.65%	-23.26% to -22.87%
	2021	236,321	12.40 to 13.42	$2,940,940	0.87	%	1.15% to 1.65%	-7.00% to -6.82%
	2020	264,790	13.34 to 14.41	$3,538,904	3.70	%	1.15% to 1.65%	15.61% to 15.84%
	2019	322,119	11.54 to 12.44	$3,721,215	0.98	%	1.15% to 1.35%	25.00% to 25.25%

Mutual Global Discovery Fund
	2023	229,236	13.72 to 20.20	$4,540,560	2.34	%	1.15% to 1.65%	18.70% to 18.94%
	2022	278,794	11.55 to 16.99	$4,657,252	1.29	%	1.15% to 1.65%	-6.02% to -5.84%
	2021	347,899	12.28 to 18.04	$6,183,879	2.89	%	1.15% to 1.65%	17.53% to 17.77%
	2020	396,053	10.43 to 15.32	$5,988,007	2.06	%	1.15% to 1.65%	-5.75% to -5.56%
	2019	440,990	11.06 to 16.22	$7,050,017	1.67	%	1.15% to 1.35%	22.70% to 22.95%

Rising Dividends Fund
	2023	1,009,796	12.21 to 31.93	$27,877,839	0.93	%	1.15% to 1.65%	10.25% to 11.07%
	2022	1,043,584	11.02 to 28.82	$25,895,128	0.75	%	1.15% to 1.65%	-12.03% to -11.37%
	2021	1,009,433	12.46 to 32.60	$29,314,921	0.84	%	1.15% to 1.65%	24.84% to 25.34%
	2020	861,597	12.29 to 26.01	$21,466,410	1.15	%	1.15% to 1.65%	14.41% to 14.64%
	2019	965,036	13.38 to 22.69	$21,134,814	1.24	%	1.15% to 1.35%	27.50% to 27.75%

DynaTech 2 Fund
	2023	470,687	8.43 to 8.59	$4,014,041	0.00	%	1.15% to 1.65%	41.43% to 42.49%
	2022	330,005	5.96 to 6.03	$1,980,410	0.00	%	1.15% to 1.65%	-40.94% to -40.49%
	2021	127,074	10.10 to 10.13	$1,285,808	0.00	%	1.15% to 1.65%	0.96% to 1.22%

106

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	Multi-Asset Dynamic Multi-Strategy Portfolio
		2022	—	-	$0	0.00	%	1.15% to 1.65%	n/a
		2021	31,170	13.28 to 13.48	$415,063	2.30	%	1.15% to 1.65%	11.14% to 11.36%
		2020	33,892	11.95 to 12.11	$405,881	1.59	%	1.15% to 1.65%	-9.55% to -9.37%
		2019	32,498	13.21 to 13.36	$430,218	2.04	%	1.15% to 1.35%	13.96% to 14.19%

	Global Real Estate Fund
		2023	—	-	$0	0.00	%	1.15% to 1.65%	n/a

	VolSmart Allocation Fund
		2023	6,972	11.05 to 11.05	$77,047	0.00	%	1.15% to 1.65%	10.51% to 10.51%

Delaware Ivy Variable Insurance Portfolios
	Asset Strategy Portfolio
		2023	142,153	14.35 to 16.04	$2,239,781	1.92	%	1.15% to 1.65%	12.41% to 12.64%
		2022	180,583	12.76 to 14.24	$2,530,912	1.41	%	1.15% to 1.65%	-15.88% to -15.71%
		2021	205,685	15.15 to 16.90	$3,426,651	1.47	%	1.15% to 1.65%	8.96% to 9.18%
		2020	258,496	13.89 to 15.48	$3,950,871	1.71	%	1.15% to 1.65%	12.35% to 12.57%
		2019	338,159	12.35 to 13.75	$4,602,673	2.12	%	1.15% to 1.35%	20.15% to 20.39%

	Balanced Portfolio
		2023	306,624	10.86 to 20.05	$6,050,704	0.77	%	1.15% to 1.65%	14.48% to 14.76%
		2022	342,723	9.46 to 17.48	$5,904,604	1.07	%	1.15% to 1.65%	-17.18% to -16.98%
		2021	379,951	11.39 to 21.06	$7,902,075	1.01	%	1.15% to 1.65%	14.41% to 14.64%
		2020	409,881	13.64 to 18.37	$7,454,825	1.39	%	1.15% to 1.65%	12.58% to 12.81%
		2019	493,778	12.11 to 16.29	$7,972,759	1.76	%	1.15% to 1.35%	20.46% to 20.70%

	Global Equity Portfolio
		2023	48,389	20.27 to 20.65	$985,409	1.81	%	1.15% to 1.65%	12.57% to 12.80%
		2022	49,912	18.01 to 18.31	$902,366	3.42	%	1.15% to 1.65%	-12.49% to -12.32%
		2021	56,981	20.58 to 20.88	$1,176,882	2.16	%	1.15% to 1.65%	15.41% to 15.64%
		2020	61,052	17.83 to 18.06	$1,093,882	2.41	%	1.15% to 1.65%	1.76% to 1.97%
		2019	68,928	17.52 to 17.71	$1,212,070	2.84	%	1.15% to 1.35%	21.50% to 21.74%

	Energy Portfolio
		2023	147,790	7.69 to 24.77	$1,351,364	2.95	%	1.15% to 1.65%	2.32% to 3.09%
		2022	195,506	7.49 to 24.16	$1,692,405	3.00	%	1.15% to 1.65%	48.02% to 49.13%
		2021	302,006	5.05 to 16.29	$1,689,275	1.78	%	1.15% to 1.65%	40.10% to 40.38%
		2020	217,485	3.60 to 4.20	$800,671	1.23	%	1.15% to 1.65%	-37.69% to -37.56%
		2019	249,990	5.78 to 6.73	$1,459,571	0.00	%	1.15% to 1.35%	2.09% to 2.29%

	Global Bond Portfolio
		2022	—	-	$0	9.93	%	1.15% to 1.65%	n/a
		2021	45,528	9.85 to 11.74	$526,885	5.19	%	1.15% to 1.65%	-2.17% to -1.97%
		2020	88,181	11.53 to 11.97	$1,044,085	3.21	%	1.15% to 1.65%	6.70% to 6.91%
		2019	98,473	10.80 to 11.20	$1,093,855	3.47	%	1.15% to 1.35%	7.95% to 8.17%

	Natural Resources Portfolio
		2023	68,755	7.95 to 16.50	$578,408	2.31	%	1.15% to 1.65%	-0.07% to 0.43%
		2022	77,210	7.93 to 16.47	$643,386	1.83	%	1.15% to 1.65%	15.85% to 16.43%
		2021	109,900	6.82 to 14.19	$792,523	2.06	%	1.15% to 1.65%	24.86% to 25.23%
		2020	110,000	5.46 to 11.37	$638,931	1.75	%	1.15% to 1.65%	-13.17% to -13.00%
		2019	135,807	6.29 to 8.91	$858,039	0.86	%	1.15% to 1.35%	7.99% to 8.20%

107

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***

Growth Portfolio
	2023	66,062	13.09 to 45.69	$2,787,512	0.00	%	1.15% to 1.65%	35.67% to 36.69%
	2022	94,163	9.54 to 33.51	$2,839,211	0.00	%	1.15% to 1.65%	-28.38% to -27.84%
	2021	117,566	13.25 to 46.56	$4,862,843	0.00	%	1.15% to 1.65%	28.16% to 28.54%
	2020	127,715	12.43 to 36.22	$4,364,019	0.00	%	1.15% to 1.65%	28.79% to 29.05%
	2019	127,516	15.60 to 28.07	$3,490,002	0.00	%	1.15% to 1.35%	34.75% to 35.02%

High Income Portfolio
	2023	710,395	10.10 to 13.29	$9,237,969	6.09	%	1.15% to 1.65%	9.93% to 10.75%
	2022	781,182	9.14 to 12.03	$9,191,008	6.38	%	1.15% to 1.65%	-12.42% to -11.76%
	2021	908,670	10.38 to 13.66	$12,207,324	6.82	%	1.15% to 1.65%	4.64% to 4.85%
	2020	1,094,364	11.37 to 13.03	$14,059,607	6.07	%	1.15% to 1.65%	4.60% to 4.81%
	2019	1,124,512	10.86 to 12.43	$13,827,906	7.36	%	1.15% to 1.35%	9.70% to 9.92%

International Core Equity Portfolio
	2023	351,081	10.60 to 16.32	$5,489,534	1.65	%	1.15% to 1.65%	13.85% to 14.59%
	2022	435,778	9.27 to 14.28	$5,979,593	2.19	%	1.15% to 1.65%	-15.62% to -15.15%
	2021	496,960	10.93 to 16.85	$8,091,297	1.08	%	1.15% to 1.65%	12.65% to 12.87%
	2020	532,325	11.10 to 14.93	$7,775,781	2.14	%	1.15% to 1.65%	5.75% to 5.96%
	2019	556,162	10.49 to 14.09	$7,688,531	1.54	%	1.15% to 1.35%	17.10% to 17.34%

Global Growth Portfolio
	2023	27,185	17.24 to 23.07	$617,489	0.08	%	1.15% to 1.65%	18.38% to 18.62%
	2022	35,350	14.55 to 19.45	$675,775	0.74	%	1.15% to 1.65%	-18.67% to -18.50%
	2021	42,042	17.87 to 23.87	$987,361	0.05	%	1.15% to 1.65%	16.28% to 16.52%
	2020	45,228	15.35 to 20.48	$912,647	0.39	%	1.15% to 1.65%	18.96% to 19.20%
	2019	50,326	12.89 to 17.19	$853,071	0.61	%	1.15% to 1.35%	24.24% to 24.49%

Mid Cap Growth Portfolio
	2023	302,189	9.02 to 31.02	$8,600,166	0.00	%	1.15% to 1.65%	17.66% to 18.55%
	2022	367,482	7.62 to 26.23	$8,838,626	0.00	%	1.15% to 1.65%	-31.93% to -31.41%
	2021	427,945	11.13 to 38.34	$15,115,909	0.00	%	1.15% to 1.65%	14.45% to 15.02%
	2020	407,452	13.97 to 33.33	$12,968,074	0.00	%	1.15% to 1.65%	47.00% to 47.29%
	2019	336,365	15.48 to 22.63	$7,345,062	0.00	%	1.15% to 1.35%	36.09% to 36.36%

Science and Technology Portfolio
	2023	391,339	10.43 to 41.69	$13,625,194	0.00	%	1.15% to 1.65%	36.80% to 37.82%
	2022	454,563	7.58 to 30.32	$11,649,955	0.00	%	1.15% to 1.65%	-32.96% to -32.45%
	2021	482,443	11.25 to 45.00	$18,479,733	0.00	%	1.15% to 1.65%	13.40% to 13.85%
	2020	450,131	13.71 to 39.53	$16,169,446	0.00	%	1.15% to 1.65%	33.54% to 33.81%
	2019	397,840	15.88 to 29.54	$11,002,776	0.00	%	1.15% to 1.35%	47.48% to 47.78%

Small Cap Growth Portfolio
	2023	189,143	7.89 to 20.86	$3,716,539	0.00	%	1.15% to 1.65%	11.30% to 12.03%
	2022	216,816	7.06 to 18.67	$3,832,297	0.00	%	1.15% to 1.65%	-27.89% to -27.42%
	2021	253,728	9.75 to 25.78	$6,230,393	0.98	%	1.15% to 1.65%	2.49% to 2.80%
	2020	286,578	13.99 to 25.08	$6,879,809	0.00	%	1.15% to 1.65%	35.81% to 36.09%
	2019	350,299	13.00 to 18.43	$6,262,869	0.00	%	1.15% to 1.35%	21.71% to 21.96%

108

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	SMID Cap Core Portfolio
		2023	373,795	10.76 to 25.93	$9,050,218	0.20	%	1.15% to 1.65%	13.78% to 14.63%
		2022	453,846	9.41 to 22.67	$9,460,115	0.00	%	1.15% to 1.65%	-16.20% to -15.57%
		2021	513,107	11.16 to 26.92	$12,726,961	0.00	%	1.15% to 1.65%	18.81% to 19.40%
		2020	575,131	12.46 to 22.55	$12,291,898	0.00	%	1.15% to 1.65%	5.59% to 5.80%
		2019	597,781	11.80 to 21.31	$12,108,958	0.00	%	1.15% to 1.35%	22.66% to 22.91%

Lazard Retirement Series, Inc.
	International Equity Portfolio
		2023	77,215	9.92 to 14.95	$1,130,591	1.30	%	1.15% to 1.65%	14.33% to 14.56%
		2022	76,295	10.64 to 13.05	$978,957	3.79	%	1.15% to 1.65%	-16.15% to -15.98%
		2021	67,561	12.67 to 15.54	$1,033,501	0.96	%	1.15% to 1.65%	4.41% to 4.62%
		2020	79,835	12.13 to 14.85	$1,161,559	2.11	%	1.15% to 1.65%	6.78% to 7.00%
		2019	78,293	11.35 to 13.88	$1,066,624	0.36	%	1.15% to 1.35%	19.38% to 19.62%

	Global Dynamic Multi Asset Portfolio
		2023	57,475	9.91 to 15.22	$860,737	0.00	%	1.15% to 1.65%	9.33% to 9.55%
		2022	78,382	10.71 to 13.89	$1,045,022	0.08	%	1.15% to 1.65%	-18.48% to -18.32%
		2021	89,392	13.13 to 17.01	$1,466,656	2.50	%	1.15% to 1.65%	10.44% to 10.66%
		2020	89,617	11.88 to 15.37	$1,333,979	0.58	%	1.15% to 1.65%	-0.55% to -0.35%
		2019	95,029	11.93 to 15.42	$1,423,630	0.05	%	1.15% to 1.35%	16.21% to 16.44%

Legg Mason Partners Variable Equity Trust
	Western Asset Variable Global High Yield Bond Portfolio
		2023	203,924	9.30 to 13.26	$2,457,468	5.59	%	1.15% to 1.65%	8.16% to 8.97%
		2022	156,813	8.55 to 12.20	$1,825,701	5.91	%	1.15% to 1.65%	-15.27% to -14.64%
		2021	158,412	10.04 to 14.33	$2,172,825	4.82	%	1.15% to 1.65%	-0.31% to -0.11%
		2020	102,341	11.58 to 14.34	$1,448,658	3.65	%	1.15% to 1.65%	5.68% to 5.89%
		2019	90,685	10.95 to 13.55	$1,216,548	5.73	%	1.15% to 1.35%	12.48% to 12.71%

	ClearBridge Variable Mid Cap Portfolio
		2023	727,432	10.01 to 23.96	$15,486,987	0.02	%	1.15% to 1.65%	10.78% to 11.61%
		2022	702,421	8.99 to 21.53	$13,354,399	0.09	%	1.15% to 1.65%	-26.72% to -26.17%
		2021	594,559	12.20 to 29.23	$15,388,407	0.03	%	1.15% to 1.65%	26.29% to 26.92%
		2020	474,707	13.18 to 23.03	$10,335,598	0.04	%	1.15% to 1.65%	13.56% to 13.78%
		2019	465,165	12.06 to 20.24	$8,962,113	0.38	%	1.15% to 1.35%	30.87% to 31.13%

	ClearBridge Variable Dividend Strategy Portfolio
		2023	1,311,873	12.89 to 28.93	$36,178,614	1.87	%	1.15% to 1.65%	12.15% to 12.99%
		2022	1,535,636	11.43 to 25.67	$37,656,434	1.17	%	1.15% to 1.65%	-9.73% to -9.05%
		2021	1,632,730	12.60 to 28.30	$44,503,516	1.48	%	1.15% to 1.65%	24.54% to 25.17%
		2020	1,361,021	11.89 to 22.61	$30,049,701	1.24	%	1.15% to 1.65%	6.05% to 6.26%
		2019	1,081,566	13.57 to 21.27	$22,541,018	1.28	%	1.15% to 1.35%	29.65% to 29.91%

	ClearBridge Variable Small Cap Growth Portfolio
		2023	439,839	7.79 to 26.72	$8,735,629	0.00	%	1.15% to 1.65%	6.36% to 7.16%
		2022	316,888	7.29 to 24.99	$6,078,639	0.00	%	1.15% to 1.65%	-30.17% to -29.64%
		2021	236,670	10.38 to 35.61	$6,932,627	0.00	%	1.15% to 1.65%	10.47% to 11.03%
		2020	177,253	14.24 to 32.08	$5,195,487	0.00	%	1.15% to 1.65%	40.99% to 41.27%
		2019	193,412	14.51 to 22.70	$4,103,400	0.00	%	1.15% to 1.35%	24.86% to 25.11%

109

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	ClearBridge Variable Aggressive Growth Portfolio
		2023	61,932	11.80 to 13.31	$811,020	0.06	%	1.15% to 1.65%	22.23% to 22.72%
		2022	64,938	9.66 to 10.85	$694,061	0.00	%	1.15% to 1.65%	-27.71% to -27.43%
		2021	68,143	13.36 to 14.94	$1,005,438	0.22	%	1.15% to 1.65%	8.57% to 8.78%
		2020	72,627	13.57 to 13.74	$988,742	0.49	%	1.15% to 1.65%	16.15% to 16.38%
		2019	93,426	11.67 to 11.80	$1,094,690	0.77	%	1.15% to 1.35%	23.07% to 23.32%

	Western Asset Variable Core Bond Plus Portfolio
		2023	6,687,096	8.42 to 10.10	$65,452,511	3.34	%	1.15% to 1.65%	4.70% to 5.48%
		2022	7,395,300	7.99 to 9.60	$69,205,540	1.69	%	1.15% to 1.65%	-18.63% to -18.02%
		2021	7,602,456	9.77 to 11.74	$87,623,863	2.44	%	1.15% to 1.65%	-3.80% to -3.31%
		2020	6,118,744	10.55 to 12.15	$73,589,537	1.86	%	1.15% to 1.65%	7.59% to 7.80%
		2019	6,142,269	10.90 to 11.27	$68,641,263	4.58	%	1.15% to 1.35%	10.32% to 10.54%

	ClearBridge Variable Large Cap Growth Portfolio
		2023	1,382,338	11.65 to 20.67	$26,036,211	0.00	%	1.15% to 1.65%	41.32% to 42.38%
		2022	1,502,532	8.20 to 14.55	$20,483,212	0.00	%	1.15% to 1.65%	-33.52% to -33.02%
		2021	1,312,966	12.27 to 21.78	$27,674,651	0.00	%	1.15% to 1.65%	19.64% to 20.24%
		2020	1,060,091	12.65 to 18.12	$19,100,602	0.02	%	1.15% to 1.65%	28.66% to 28.92%
		2019	1,029,471	13.99 to 14.05	$14,416,052	0.16	%	1.15% to 1.35%	30.07% to 30.33%

Pioneer Variable Contracts Trust
	Fund Portfolio
		2023	57,908	9.93 to 28.46	$1,749,674	0.58	%	1.15% to 1.65%	-20.75% to -20.56%
		2022	53,315	9.93 to 28.46	$1,369,738	0.52	%	1.15% to 1.65%	-20.75% to -20.56%
		2021	29,893	12.50 to 35.85	$1,042,537	0.08	%	1.15% to 1.65%	25.94% to 26.19%
		2020	29,118	28.04 to 28.41	$821,287	0.45	%	1.15% to 1.65%	22.29% to 22.54%
		2019	29,909	22.93 to 23.18	$688,984	0.75	%	1.15% to 1.35%	29.27% to 29.53%

	Bond Portfolio
		2023	4,056,519	8.89 to 11.33	$44,080,200	3.64	%	1.15% to 1.65%	4.94% to 5.73%
		2022	4,379,100	8.42 to 10.74	$45,533,637	2.12	%	1.15% to 1.65%	-15.86% to -15.23%
		2021	4,535,185	9.96 to 12.70	$56,314,245	1.91	%	1.15% to 1.65%	-1.42% to -0.93%
		2020	3,942,638	10.73 to 12.82	$49,841,041	2.72	%	1.15% to 1.65%	6.97% to 7.18%
		2019	3,923,827	10.67 to 11.96	$46,394,735	3.03	%	1.15% to 1.35%	7.43% to 7.64%

	Strategic Income Portfolio
		2023	884,846	9.31 to 11.90	$10,220,175	3.47	%	1.15% to 1.65%	6.29% to 7.09%
		2022	1,097,957	8.71 to 11.14	$11,915,805	2.80	%	1.15% to 1.65%	-14.27% to -13.62%
		2021	1,160,887	10.11 to 12.93	$14,710,111	3.06	%	1.15% to 1.65%	0.36% to 0.57%
		2020	1,079,626	11.31 to 12.85	$13,675,201	3.14	%	1.15% to 1.65%	5.93% to 6.14%
		2019	1,105,598	10.66 to 12.11	$13,237,496	3.06	%	1.15% to 1.35%	8.05% to 8.26%

	Equity Income Portfolio
		2023	489,126	11.59 to 25.45	$10,733,485	1.55	%	1.15% to 1.65%	5.42% to 6.22%
		2022	566,068	10.93 to 24.02	$11,893,373	1.45	%	1.15% to 1.65%	-9.45% to -8.77%
		2021	621,636	12.01 to 26.39	$14,747,291	1.21	%	1.15% to 1.65%	23.28% to 23.9%
		2020	638,005	11.62 to 21.30	$12,659,788	2.13	%	1.15% to 1.65%	-1.61% to -1.41%
		2019	683,277	12.34 to 21.61	$13,842,968	2.46	%	1.15% to 1.35%	23.55% to 23.80%

110

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	High Yield Portfolio
		2023	40,161	13.81 to 14.07	$555,385	5.11	%	1.15% to 1.65%	9.50% to 9.72%
		2022	50,467	12.61 to 12.83	$637,612	4.74	%	1.15% to 1.65%	-12.62% to -12.45%
		2021	68,144	14.43 to 14.65	$985,864	4.85	%	1.15% to 1.65%	4.03% to 4.24%
		2020	74,351	13.87 to 14.05	$1,033,879	4.56	%	1.15% to 1.65%	0.61% to 0.81%
		2019	89,051	13.79 to 13.94	$1,231,954	4.69	%	1.15% to 1.35%	12.75% to 12.98%

Prudential Series Funds
	PGIM Jennison Blend Portfolio
		2023	17,705	28.59 to 28.59	$506,159	0.00	%	1.15% to 1.65%	29.61% to 29.61%

	PGIM Jennison Focused Blend Portfolio
		2023	—	-	$0	0.00	%	1.15% to 1.65%	n/a
		2022	18,165	22.06 to 22.06	$400,670	0.00	%	1.15% to 1.65%	-27.03% to -27.03%
		2021	18,110	30.23 to 30.23	$547,410	0.00	%	1.15% to 1.65%	14.79% to 14.79%
		2020	18,436	26.33 to 26.33	$485,480	0.00	%	1.15% to 1.65%	28.66% to 28.66%
		2019	19,300	20.47 to 20.47	$395,034	0.00	%	1.15% to 1.35%	26.68% to 26.68%

	Natural Resources Portfolio
		2023	71,940	8.72 to 20.45	$655,298	0.00	%	1.15% to 1.65%	0.12% to 0.47%
		2022	100,455	8.70 to 20.43	$981,876	0.00	%	1.15% to 1.65%	19.92% to 20.16%
		2021	71,687	7.26 to 12.93	$529,150	0.00	%	1.15% to 1.65%	23.35% to 23.60%
		2020	94,469	5.88 to 10.47	$564,254	0.00	%	1.15% to 1.65%	10.31% to 10.53%
		2019	165,596	5.33 to 9.47	$890,071	0.00	%	1.15% to 1.35%	8.78% to 8.99%

	Mid-Cap Growth Portfolio
		2023	4,925	27.67 to 28.20	$137,198	0.00	%	1.15% to 1.65%	21.4% to 21.64%
		2022	5,356	22.79 to 23.18	$122,800	0.00	%	1.15% to 1.65%	-28.22% to -28.07%
		2021	6,624	31.75 to 32.23	$211,525	0.00	%	1.15% to 1.65%	8.75% to 8.97%
		2020	9,236	29.20 to 29.58	$270,641	0.00	%	1.15% to 1.65%	44.92% to 45.22%
		2019	18,290	20.15 to 20.37	$370,390	0.00	%	1.15% to 1.35%	35.32% to 35.59%

Royce Capital Fund
	Micro-Cap Portfolio
		2023	12,650	16.21 to 16.57	$205,872	0.00	%	1.15% to 1.65%	16.97% to 17.21%
		2022	21,914	13.85 to 14.18	$305,792	0.00	%	1.15% to 1.65%	-23.69% to -23.53%
		2021	19,895	18.15 to 18.43	$363,453	0.00	%	1.15% to 1.65%	27.79% to 28.04%
		2020	27,087	14.21 to 14.39	$387,137	0.00	%	1.15% to 1.65%	21.89% to 22.14%
		2019	40,448	11.65 to 11.78	$473,354	0.00	%	1.15% to 1.35%	17.64% to 17.87%

	Small Cap Portfolio
		2023	376,484	13.07 to 20.22	$7,309,686	0.63	%	1.15% to 1.65%	23.61% to 24.41%
		2022	445,457	10.53 to 16.29	$6,989,474	0.07	%	1.15% to 1.65%	-10.81% to -10.22%
		2021	475,089	11.75 to 18.19	$8,417,375	1.21	%	1.15% to 1.65%	26.60% to 26.98%
		2020	557,863	10.31 to 14.33	$7,891,351	0.70	%	1.15% to 1.65%	-8.57% to -8.39%
		2019	574,363	11.26 to 15.64	$8,893,239	0.42	%	1.15% to 1.35%	16.85% to 17.08%

Alps Fund
	Alerian Energy Infrastructure Portfolio
		2023	487,562	9.85 to 18.38	$5,133,095	3.09	%	1.15% to 1.65%	12.05% to 12.89%
		2022	558,869	8.77 to 16.37	$5,380,535	6.10	%	1.15% to 1.65%	15.41% to 16.27%
		2021	275,796	7.57 to 14.16	$2,270,421	2.42	%	1.15% to 1.65%	35.79% to 36.20%

111

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
		2020	272,475	5.57 to 10.43	$1,604,648	2.67	%	1.15% to 1.65%	-26.14% to -25.99%
		2019	229,608	7.54 to 9.27	$1,759,551	1.69	%	1.15% to 1.35%	18.80% to 19.04%

	Global Opportunity Portfolio
		2023	102,726	11.13 to 17.01	$1,700,555	0.00	%	1.15% to 1.65%	26.70% to 27.65%
		2022	116,311	8.75 to 13.36	$1,509,929	11.11	%	1.15% to 1.65%	-30.07% to -29.54%
		2021	118,801	12.44 to 19.01	$2,187,991	4.71	%	1.15% to 1.65%	22.27% to 22.52%
		2020	111,263	14.27 to 15.52	$1,697,631	10.68	%	1.15% to 1.65%	7.78% to 8.00%
		2019	111,694	13.23 to 14.37	$1,583,062	0.00	%	1.15% to 1.35%	37.96% to 38.24%

American Funds IS
	Asset Allocation Fund
		2023	5,701,681	10.69 to 17.08	$90,066,273	1.90	%	1.15% to 1.65%	12.16% to 13.01%
		2022	6,915,963	9.63 to 15.15	$96,708,599	1.58	%	1.15% to 1.65%	-15.07% to -14.43%
		2021	7,211,662	11.27 to 17.75	$119,153,303	1.46	%	1.15% to 1.65%	12.96% to 13.53%
		2020	6,004,701	11.50 to 15.64	$88,570,731	1.49	%	1.15% to 1.65%	10.65% to 10.87%
		2019	4,963,246	12.13 to 14.10	$67,128,532	1.88	%	1.15% to 1.35%	19.30% to 19.54%

	Washington Mutual Investors Fund
		2023	2,795,848	12.92 to 20.72	$52,776,768	1.65	%	1.15% to 1.65%	15.06% to 15.93%
		2022	2,859,836	11.17 to 17.92	$47,176,162	1.71	%	1.15% to 1.65%	-10.18% to -9.50%
		2021	2,680,860	12.36 to 19.85	$49,652,767	1.33	%	1.15% to 1.65%	25.43% to 26.05%
		2020	2,417,351	11.40 to 15.75	$36,024,945	1.46	%	1.15% to 1.65%	7.01% to 7.23%
		2019	2,386,962	10.64 to 14.68	$33,582,903	1.99	%	1.15% to 1.35%	19.41% to 19.65%

	Ultra-Short Bond Fund
		2023	1,999,205	9.30 to 10.18	$18,769,795	3.84	%	1.15% to 1.65%	2.74% to 3.51%
		2022	3,079,440	9.02 to 9.84	$28,199,374	0.44	%	1.15% to 1.65%	-0.82% to -0.17%
		2021	2,165,979	9.07 to 9.83	$19,802,623	0.00	%	1.15% to 1.65%	-2.05% to -1.86%
		2020	2,435,388	9.26 to 9.79	$22,701,543	0.25	%	1.15% to 1.65%	-1.59% to -1.40%
		2019	1,167,783	9.41 to 9.93	$11,045,280	1.66	%	1.15% to 1.35%	0.04% to 0.24%

	Capital Income Builder Fund
		2023	1,577,764	11.00 to 13.28	$20,561,730	2.70	%	1.15% to 1.65%	6.98% to 7.78%
		2022	1,522,563	10.23 to 12.35	$18,486,524	2.54	%	1.15% to 1.65%	-8.89% to -8.20%
		2021	1,485,983	11.16 to 13.49	$19,785,719	2.55	%	1.15% to 1.65%	13.14% to 13.37%
		2020	1,419,418	11.64 to 11.90	$16,723,670	2.52	%	1.15% to 1.65%	2.71% to 2.92%
		2019	1,503,121	11.32 to 11.56	$17,233,347	2.68	%	1.15% to 1.35%	16.04% to 16.27%

	Global Growth Fund
		2023	1,524,257	10.22 to 21.38	$29,470,156	0.73	%	1.15% to 1.65%	20.30% to 21.20%
		2022	1,414,384	8.45 to 17.69	$22,791,648	0.40	%	1.15% to 1.65%	-26.15% to -25.59%
		2021	1,388,857	11.38 to 23.83	$30,392,788	0.21	%	1.15% to 1.65%	14.24% to 14.81%
		2020	960,028	13.10 to 20.76	$18,882,735	0.13	%	1.15% to 1.65%	28.42% to 28.67%
		2019	762,115	13.60 to 16.13	$11,989,570	1.05	%	1.15% to 1.35%	33.07% to 33.33%

	Capital World Growth and Income Fund
		2023	1,122,077	10.92 to 17.24	$18,647,769	1.71	%	1.15% to 1.65%	18.68% to 19.57%
		2022	1,222,708	9.15 to 14.46	$17,143,652	2.09	%	1.15% to 1.65%	-18.92% to -18.31%
		2021	1,148,690	11.22 to 17.74	$19,850,007	1.59	%	1.15% to 1.65%	12.82% to 13.15%

112

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	2020	969,706	12.58 to 15.68	$14,909,631	1.05	%	1.15% to 1.65%	7.09% to 7.30%
	2019	798,022	13.04 to 14.61	$11,434,351	1.85	%	1.15% to 1.35%	28.98% to 29.24%

Global Small Capitalization Fund
	2023	485,193	8.09 to 14.74	$6,635,005	0.03	%	1.15% to 1.65%	13.90% to 14.75%
	2022	479,558	7.07 to 12.88	$5,710,606	0.00	%	1.15% to 1.65%	-30.84% to -30.32%
	2021	457,807	10.16 to 18.53	$8,014,793	0.00	%	1.15% to 1.65%	4.79% to 5.21%
	2020	336,465	13.96 to 17.61	$5,852,838	0.10	%	1.15% to 1.65%	27.65% to 27.91%
	2019	341,552	12.91 to 13.77	$4,652,407	0.01	%	1.15% to 1.35%	29.48% to 29.74%

Growth Fund
	2023	2,384,093	11.16 to 31.91	$62,763,441	0.17	%	1.15% to 1.65%	35.89% to 36.90%
	2022	2,440,651	8.17 to 23.37	$49,719,774	0.10	%	1.15% to 1.65%	-31.26% to -30.74%
	2021	2,129,685	11.82 to 33.82	$64,985,480	0.06	%	1.15% to 1.65%	19.69% to 20.29%
	2020	1,663,314	14.25 to 28.11	$44,819,781	0.20	%	1.15% to 1.65%	49.68% to 49.98%
	2019	1,654,362	14.29 to 18.75	$29,881,613	0.59	%	1.15% to 1.35%	28.69% to 28.95%

Growth-Income Fund
	2023	3,221,495	12.52 to 22.95	$67,156,552	1.18	%	1.15% to 1.65%	23.77% to 24.70%
	2022	3,315,121	10.06 to 18.45	$56,244,801	1.05	%	1.15% to 1.65%	-18.07% to -17.45%
	2021	3,107,515	12.21 to 22.40	$65,545,627	1.02	%	1.15% to 1.65%	21.77% to 22.38%
	2020	2,356,953	11.95 to 18.31	$41,994,585	1.11	%	1.15% to 1.65%	11.73% to 11.95%
	2019	2,283,141	13.49 to 16.35	$36,495,223	1.61	%	1.15% to 1.35%	24.17% to 24.42%

International Fund
	2023	853,150	8.49 to 11.87	$9,723,149	1.12	%	1.15% to 1.65%	13.67% to 14.52%
	2022	950,711	7.43 to 10.39	$9,553,337	1.47	%	1.15% to 1.65%	-22.31% to -21.73%
	2021	882,009	9.51 to 13.31	$11,409,124	2.66	%	1.15% to 1.65%	-3.32% to -2.84%
	2020	642,754	13.34 to 13.70	$8,717,502	0.41	%	1.15% to 1.65%	12.13% to 12.36%
	2019	645,003	11.92 to 12.19	$7,796,962	1.31	%	1.15% to 1.35%	21.02% to 21.27%

International Growth and Income Fund
	2023	735,703	9.74 to 12.62	$8,447,711	2.32	%	1.15% to 1.65%	13.77% to 14.63%
	2022	779,163	8.52 to 11.07	$7,820,063	2.58	%	1.15% to 1.65%	-16.90% to -16.28%
	2021	766,730	10.19 to 13.29	$9,234,676	3.01	%	1.15% to 1.65%	3.58% to 3.89%
	2020	640,891	11.54 to 12.83	$7,449,803	1.17	%	1.15% to 1.65%	4.31% to 4.52%
	2019	618,116	11.06 to 11.83	$6,885,708	2.48	%	1.15% to 1.35%	20.82% to 21.06%

New World Fund
	2023	2,617,518	8.95 to 13.50	$33,099,253	1.20	%	1.15% to 1.65%	13.78% to 14.64%
	2022	2,888,000	7.82 to 11.81	$32,320,958	1.03	%	1.15% to 1.65%	-23.52% to -22.95%
	2021	2,754,916	10.17 to 15.37	$40,593,240	0.67	%	1.15% to 1.65%	2.92% to 3.43%
	2020	2,532,532	13.72 to 14.87	$36,511,158	0.04	%	1.15% to 1.65%	21.64% to 21.88%
	2019	2,582,959	11.78 to 12.21	$30,590,094	0.80	%	1.15% to 1.35%	27.09% to 27.34%

U.S. Government Securities Fund
	2023	1,593,451	8.64 to 9.84	$15,430,082	3.02	%	1.15% to 1.65%	0.95% to 1.70%
	2022	2,349,478	8.55 to 9.70	$22,468,698	2.92	%	1.15% to 1.65%	-12.65% to -11.99%
	2021	2,964,880	9.79 to 11.05	$32,366,325	1.10	%	1.15% to 1.65%	-2.50% to -2.01%
	2020	3,117,013	10.04 to 11.28	$34,858,071	2.24	%	1.15% to 1.65%	8.01% to 8.23%
	2019	1,397,204	10.22 to 10.42	$14,512,239	2.15	%	1.15% to 1.35%	3.73% to 3.94%

113

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	Global Balanced Fund
		2023	6,917	11.08 to 11.09	$76,659	0.48	%	1.15% to 1.65%	10.82% to 10.85%

	The Bond Fd of America Fund
		2023	2,457	10.71 to 10.71	$26,308	5.38	%	1.15% to 1.65%	7.08% to 7.08%

Invesco Oppenheimer
	International Equity Fund
		2023	1,869,915	9.37 to 12.76	$22,501,364	0.30	%	1.15% to 1.65%	18.67% to 19.56%
		2022	1,919,812	7.85 to 10.70	$19,669,076	0.00	%	1.15% to 1.65%	-28.36% to -27.82%
		2021	1,638,784	10.90 to 14.86	$23,648,637	0.00	%	1.15% to 1.65%	8.32% to 8.86%
		2020	1,158,924	13.06 to 13.65	$15,661,018	0.62	%	1.15% to 1.65%	19.41% to 19.65%
		2019	1,012,466	11.19 to 11.41	$11,452,452	0.64	%	1.15% to 1.35%	26.24% to 26.49%

T. Rowe Price
	Blue Chip Growth Portfolio
		2023	3,279,696	10.56 to 23.29	$66,803,968	0.00	%	1.15% to 1.65%	46.53% to 47.63%
		2022	3,320,869	7.17 to 15.82	$47,156,557	0.00	%	1.15% to 1.65%	-39.67% to -39.21%
		2021	3,004,374	11.81 to 26.09	$72,818,683	0.00	%	1.15% to 1.65%	15.41% to 15.99%
		2020	2,532,772	12.62 to 22.49	$55,679,399	0.00	%	1.15% to 1.65%	32.12% to 32.38%
		2019	2,495,804	15.03 to 16.99	$41,710,940	0.00	%	1.15% to 1.35%	27.84% to 28.10%

	Health Sciences Portfolio
		2023	2,109,489	9.29 to 17.44	$31,769,367	0.00	%	1.15% to 1.65%	1.01% to 1.77%
		2022	1,956,985	9.15 to 17.19	$29,195,820	0.00	%	1.15% to 1.65%	-14.11% to -13.47%
		2021	1,821,742	10.60 to 19.92	$31,918,351	0.00	%	1.15% to 1.65%	11.09% to 11.54%
		2020	1,456,738	12.30 to 17.87	$23,872,615	0.00	%	1.15% to 1.65%	27.53% to 27.79%
		2019	1,244,908	12.68 to 13.99	$15,981,066	0.00	%	1.15% to 1.35%	26.91% to 27.16%

	Equity Income Portfolio
		2023	4,903	11.27 to 11.28	$55,279	0.37	%	1.15% to 1.65%	12.74% to 12.76%

	Mid-Cap Growth Portfolio
		2023	3,880	11.75 to 11.75	$45,586	0.00	%	1.15% to 1.65%	17.46% to 17.53%

John Hancock Variable Insurance Trust
	Financial Industries Portfolio
		2023	221,316	10.99 to 13.91	$2,736,183	1.46	%	1.15% to 1.65%	3.26% to 4.04%
		2022	226,221	10.59 to 13.44	$2,695,933	2.14	%	1.15% to 1.65%	-15.24% to -14.60%
		2021	228,576	12.42 to 15.83	$3,193,107	0.84	%	1.15% to 1.65%	27.65% to 27.90%
		2020	71,200	10.91 to 10.96	$778,002	1.12	%	1.15% to 1.65%	0.61% to 0.82%
		2019	46,129	10.84 to 10.88	$500,705	4.14	%	1.15% to 1.35%	29.75% to 30.01%

	Fundamental All Cap Core Portfolio
		2023	11,976	18.79 to 19.00	$225,619	0.20	%	1.15% to 1.65%	33.29% to 33.56%
		2022	12,664	9.52 to 14.23	$178,944	0.01	%	1.15% to 1.65%	-25.45% to -25.30%
		2021	27,993	12.73 to 19.05	$526,161	0.00	%	1.15% to 1.65%	28.59% to 28.72%

114

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


			December 31			Year Ended December 31
				Unit Fair Value		Investment		Expense Ratio	Total Return
				Lowest to		Income		Lowest to	Lowest to
			Units	Highest	Net Assets	Ratio*		Highest**	Highest***
		2020	6,560	14.70 to 14.74	$96,473	0.18	%	1.15% to 1.65%	24.95% to 25.07%
		2019	6,566	11.77 to 11.79	$77,274	0.28	%	1.15% to 1.35%	34.36% to 34.49%

	Select Bond Portfolio
		2023	33,783	8.70 to 10.08	$334,421	3.06	%	1.15% to 1.65%	4.15% to 4.94%
		2022	31,322	8.34 to 9.63	$297,416	2.51	%	1.15% to 1.65%	-15.78% to -15.14%
		2021	36,371	9.83 to 11.38	$408,926	2.62	%	1.15% to 1.65%	-2.72% to -2.52%
		2020	27,255	11.61 to 11.67	$317,121	3.30	%	1.15% to 1.65%	7.39% to 7.61%
		2019	14,697	10.81 to 10.85	$159,157	4.16	%	1.15% to 1.35%	7.27% to 7.49%

	Strategic Income Opportunities Portfolio
		2023	69,039	9.40 to 10.43	$706,194	3.27	%	1.15% to 1.65%	5.59% to 6.28%
		2022	64,827	8.86 to 9.84	$629,756	2.73	%	1.15% to 1.65%	-11.68% to -11.10%
		2021	78,038	9.98 to 11.09	$856,163	3.33	%	1.15% to 1.65%	-0.85% to -0.45%
		2020	40,279	10.91 to 11.14	$446,640	1.75	%	1.15% to 1.65%	6.91% to 7.12%
		2019	27,218	10.37 to 10.40	$282,324	3.43	%	1.15% to 1.35%	9.27% to 9.48%

Federated Hermes
	High Income Bond Portfolio
		2023	184,646	9.97 to 10.86	$1,969,525	4.37	%	1.15% to 1.65%	10.63% to 11.46%
		2022	159,690	8.96 to 9.80	$1,533,867	5.89	%	1.15% to 1.65%	-13.36% to -12.71%
		2021	105,236	10.29 to 11.28	$1,169,323	2.80	%	1.15% to 1.65%	3.04% to 3.25%
		2020	39,064	10.79 to 10.83	$422,194	7.23	%	1.15% to 1.65%	4.04% to 4.25%
		2019	33,419	10.37 to 10.38	$346,785	0.00	%	1.15% to 1.35%	3.74% to 3.81%

	Kaufmann Portfolio
		2023	536,716	7.81 to 10.98	$5,634,869	0.00	%	1.15% to 1.65%	12.98% to 13.83%
		2022	542,381	6.87 to 9.67	$5,022,734	0.00	%	1.15% to 1.65%	-31.40% to -30.88%
		2021	429,356	9.96 to 14.03	$5,839,773	0.00	%	1.15% to 1.65%	0.59% to 1.09%
		2020	296,261	11.99 to 13.88	$4,080,488	0.00	%	1.15% to 1.65%	26.76% to 27.01%
		2019	67,817	10.91 to 10.92	$740,188	0.00	%	1.15% to 1.35%	9.10% to 9.25%

	Managed Volatility Portfolio
		2023	36,561	10.51 to 11.53	$409,461	1.52	%	1.15% to 1.65%	6.56% to 7.36%
		2022	35,852	9.81 to 10.82	$375,564	0.00	%	1.15% to 1.65%	-15.40% to -14.77%
		2021	37,416	11.53 to 12.79	$463,399	0.52	%	1.15% to 1.65%	16.67% to 16.90%
		2020	6,463	10.64 to 10.67	$68,794	2.50	%	1.15% to 1.65%	-0.65% to -0.45%
		2019	2,425	10.71 to 10.72	$25,983	0.00	%	1.15% to 1.35%	7.08% to 7.23%

Principal Variable Contracts
	Blue Chip Fund
		2023	84,847	10.37 to 10.58	$886,019	0.00	%	1.15% to 1.65%	36.82% to 37.85%
		2022	49,309	7.58 to 7.67	$374,973	0.00	%	1.15% to 1.65%	-32.12% to -32.12%
		2021	7,386	11.22 to 11.22	$82,878	0.00	%	1.15% to 1.65%	12.20% to 12.20%

	Equity Income Fund
		2023	40,735	10.33 to 10.54	$426,884	2.01	%	1.15% to 1.65%	9.19% to 10.01%
		2022	31,046	9.46 to 9.58	$296,215	3.80	%	1.15% to 1.65%	-12.14% to -11.65%
		2021	12,488	10.80 to 10.84	$135,176	0.81	%	1.15% to 1.65%	8.03% to 8.10%

	Diversified Balance Fund
		2023	208,723	9.80 to 9.97	$2,059,266	1.13	%	1.15% to 1.65%	12.09% to 12.71%

115

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements


		December 31			Year Ended December 31
			Unit Fair Value		Investment		Expense Ratio	Total Return
			Lowest to		Income		Lowest to	Lowest to
		Units	Highest	Net Assets	Ratio*		Highest**	Highest***
	2022	62,889	8.77 to 8.85	$553,425	2.87	%	1.15% to 1.65%	-16.46% to -16.00%
	2021	29,989	10.49 to 10.53	$315,354	1.14	%	1.15% to 1.65%	4.93% to 5.14%

Diversified Growth Fund
	2023	26,457	10.16 to 10.23	$269,644	1.72	%	1.15% to 1.65%	14.84% to 14.96%
	2022	22,419	8.85 to 8.88	$198,654	2.01	%	1.15% to 1.65%	-16.97% to -16.89%
	2021	24,924	10.66 to 10.67	$265,780	0.00	%	1.15% to 1.65%	6.56% to 6.63%

Diversified Income Fund
	2023	9,162	9.51 to 9.59	$87,458	0.79	%	1.15% to 1.65%	9.48% to 9.87%
	2022	6,215	8.68 to 8.73	$54,133	0.00	%	1.15% to 1.65%	-15.95% to -15.79%
	2021	75,480	10.33 to 10.34	$780,251	3.86	%	1.15% to 1.65%	3.30% to 3.44%

* The Investment Income Ratio represents the dividends, excluding distributions of capital gains, received by the portfolio, net of management fees assessed by the fund manager, divided by the average net assets. This ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income is affected by the timing of the declaration of dividends.

** The Expense Ratio represents the annualized contract expenses of each portfolio within the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. 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 are excluded.

*** The Total Return is calculated as the change in the unit value of the underlying portfolio and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For newly introduced portfolios, the total return for the first year is calculated as the percentage change from inception to the end of the period. Because the total return is presented as a range of minimum and maximum values, based on the product grouping representing the minimum and maximum expense ratios, some individual contract total returns are not within the ranges presented.

6.Diversification Requirements

Under the provisions of Section 817(h) of the Internal Revenue Code, as amended (the Code), a variable life insurance policy, other than a policy issued in connection with certain types of employee benefit plans, will not be treated as a life insurance policy for federal tax purposes for any period for which the investment of the segregated asset account, on which the policy is based, are not adequately diversified. The Code provides that the “adequately diversified” requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury.

The Internal Revenue Service has issued regulations under Section 817(h) of the Code. Midland National Life believes, based on assurances from the Funds, that the Separate Account C satisfies the current requirements of the regulations.

116

Part C

OTHER INFORMATION

Item 27. Exhibits

(a) Resolution of the Board of Directors of Midland National Life Insurance Company authorizing establishment of Separate Account C (2)

(b) Not Applicable

(2) Registered Representative Contract (8)

(d) (1) Form of Registered Index-Linked and Variable Annuity Contract (21)

(2) Form of Guaranteed Lifetime Withdrawal Benefit Rider (23)

(3) Form of Annual Ratchet Death Benefit Rider (23)

(4) Form of Cycle Index Endorsement (23)

(5) Form of Flexible Premium Deferred Index-Linked Variable Annuity Contract (23)

(e) (1) Application for Registered Index-Linked and Variable Annuity Contract (21)

(2) Form of Application for Flexible Premium Deferred Index-Linked Variable Annuity (23)

(f) (1) Articles of Incorporation of Midland National Life Insurance Company (2)

(2) By-laws of Midland National Life Insurance Company (2)

(g) Not Applicable

(h) (1) Participation Agreement between Midland National Life Insurance Company and Fidelity VIP I and VIP II. (5)

(2) Amendments to Participation Agreement for Fidelity Distributors Corporation/Variable Insurance Products Fund, and Variable Products Fund II. (1)

(3) Participation Agreement between Midland National Life Insurance Company and Fidelity VIP III. (6)

(4) Amendments to Participation Agreement for Fidelity Distributors Corporation/Variable Insurance Products Fund III. (3)

(5) Participation Agreement between Midland National Life Insurance Company and Janus Capital Management LLC. (4)

(6) Rule 22c-2 Agreement between Midland National Life Insurance Company Calvert Distributors, Inc. (7)

(7) SEC Rule 22c-2 Amendment to Participation Agreement between Midland National Life Insurance Company and Fidelity Distributors Corporation. (7)

(8) SEC Rule 22c-2 Supplement to Participation Agreement between Midland National Life Insurance Company and Janus Capital Management LLC. (7)

(9) Rule 22c-2 Shareholder Information Agreement between Midland National and MFS Fund Distributors Inc. (7)

(10) Participation agreement between Midland National Life Insurance Company and BlackRock. (9)

(11) Participation agreement between Midland National Life Insurance Company and DWS. (9)

(12) Participation agreement between Midland National Life Insurance Company and Eaton Vance. (9)

(13) Participation agreement between Midland National Life Insurance Company and Franklin Templeton. (9)

(14) Amendment to Participation agreement between Midland National Life Insurance Company and Franklin Templeton. (9)

(15) Participation agreement between Midland National Life Insurance Company and Ivy Funds. (9)

(16) Participation agreement between Midland National Life Insurance Company and Legg Mason. (9)

(17) Participation agreement between Midland National Life Insurance Company and Pioneer Funds. (9)

(18) Participation agreement between Midland National Life Insurance Company and Prudential. (9)

(19) Participation agreement between Midland National Life Insurance Company and Royce Funds. (9)

(20) Amendment to Participation agreement between Midland National Life Insurance Company and Janus Capital Management LLC. (9)

(21) Participation Agreement between Midland National Life Insurance Company and Massachusetts Financial Variable Insurance Trusts. (9)

(22) Participation Agreement between Midland National Life Insurance Company and Fred Alger Management, Inc. (9)

(23) Participation Agreement between Midland National Life Insurance Company and Calvert Asset Management Company, Inc. (9)

(24) Participation Agreement between Midland National Life Insurance Company and Pacific Investment Management Company LLC. (9)

(25) Participation Agreement between Midland National Life Insurance Company and Rydex Distributors LLC. (9)

(26) Participation Agreement between Midland National Life Insurance Company and AllianceBernstein. (10)

(27) Amendment to Participation Agreement between Midland National Life Insurance Company and American Century. (10)

(28) Participation Agreement Amended and Restated between Midland National Life Insurance Company and DWS. (10)

(29) Participation Agreement between Midland National Life Insurance Company and Lazard. (10)

(30) Participation Agreement between Midland National Life Insurance Company and Lord Abbett. (10)

(31) Amendment to Participation Agreement between Midland National Life Insurance Company and Northern Lights Variable Trust. (10)

(32) Amendment to Participation Agreement between Midland National Life Insurance Company and Van Eck. (10)

(33) Amendment to the Participation Agreement between Midland National Life Insurance Company, American Century Investment Services, Inc. and American Century Investment Management, Inc. (11)

(34) Summary Prospectus Agreement between Midland National Life Insurance Company and Fidelity Distributors Corporation. (11)

(35) Amendment to the Participation Agreement between Midland National Life Insurance Company and Janus Aspen Series. (11)

(36) Amendment to the Participation Agreement between Midland National Life Insurance Company, The Alger American Portfolios and Fred Alger & Company, Incorporated. (12)

(37) Amendment to the Participation Agreement between Midland National Life Insurance Company, Sammons Financial Network, LLC, AllianceBernstein L.P. and AllianceBernstein Investments, Inc. (12)

(38) Amendment to the Participation Agreement between Midland National Life Insurance Company, DWS Variable Series I, DWS Variable Series II, DWS Investments VIT Funds, DWS Investment Distributors, Inc. and Deutsche Investment Management Americas Inc. (12)

(39) Amendment to the Participation Agreement between Midland National Life Insurance Company, Eaton Vance Variable Trust and Eaton Vance Distributors, Inc. (12)

(40) Amendment to the Participation Agreement between Midland National Life Insurance Company, Sammons Financial Network, LLC, Lazard Asset Management Securities LLC and Lazard Retirement Series, LLC. (12)

(41) Amendment to the Participation Agreement between Midland National Life Insurance Company, Legg Mason Partners Variable Equity Trust, Legg Mason Partners Variable Income Trust, Legg Mason Investor Services, LLC and Legg Mason Partners Fund Advisor, LLC. (12)

(42) Amendment to the Participation Agreement between Midland National Life Insurance Company, Lord Abbett Series Fund, Inc. and Lord Abbett Distributor LLC. (12)

(43) Amendment to the Participation Agreement between Midland National Life Insurance Company, Northern Lights Variable Trust and Northern Lights Distributors, LLC. (12)

(44) Amendment to the Participation Agreement between Midland National Life Insurance Company, PIMCO Variable Insurance Trust and PIMCO Investments LLC. (12)

(45) Amendment to the Participation Agreement between Midland National Life Insurance Company, Pioneer Variable Contracts Trust, Pioneer Investment Management, Inc., and Pioneer Funds Distributors, Inc. (12)

(46) Amendment to the Participation Agreement between Midland National Life Insurance Company, Royce Capital Fund and Royce Fund Services, Inc. (12)

(47) Participation Agreement between Midland National Life Insurance Company, First Life Investors Series Funds and First Investors Corporation (13)

(48) Participation Agreement between Midland National Life Insurance Company, Columbia Funds Variable Insurance Trust, Columbia Management Investment Advisers, LLC and Columbia Management Investment Distributors, Inc. (13)

(49) Participation Agreement between Midland National Life Insurance Company, Columbia Funds Variable Insurance Trust I, Columbia Management Investment Advisers, LLC and Columbia Management Investment Distributors, Inc. (13)

(50) Participation Agreement between Midland National Life Insurance Company, Columbia Funds Variable Series Trust II, Columbia Management Investment Advisers, LLC and Columbia Management Investment Distributors, Inc. (13)

(51) Participation Agreement between Midland National Life Insurance Company, Wanger Advisors Trust, Columbia Wanger Asset Management, LLC and Columbia Management Investment Distributors, Inc. (13)

(52) Participation Agreement between Midland National Life Insurance Company, ALPS Variable Investment Trust, ALPS Advisors, Inc and ALPS Portfolio Solutions Distributor, Inc. (14)

(53) Participation Agreement between Midland National Life Insurance Company, American Funds Distributors, Inc., American Funds Service Company, Capital Research and Management Company, and the American Funds Insurance Series. (14)

(54) Participation Agreement between Midland National Life Insurance Company, Oppenheimer Variable Account Funds and Oppenheimer Funds, Inc. (14)

(55) Participation Agreement between Midland National Life Insurance Company, Sammons Financial Network, LLC., Transparent Value Trust, Guggenheim Partners Investment Management, LLC, and ALPS Distributors, Inc. (14)

(56) Amendment to the Participation Agreement between Midland National Life Insurance Company, BlackRock Variable Series Funds, Inc., and BlackRock Investments, LLC. (14)

(57) Amendment to the Participation Agreement between Midland National Life Insurance Company, First Life Investors Series Funds and First Investors Corporation. (14)

(58) Participation Agreement between Midland National Life Insurance Company and T. Rowe Price. (15)

(59) Amendment to the Participation Agreement between Midland National Life Insurance Company, Legg Mason Partners Variable Equity Trust, Legg Mason Partners Variable Income Trust, Legg Mason Investor Services, LLC and Legg Mason Partners Fund Advisor, LLC. (15)

(60) Participation Agreement between Midland National Life Insurance Company, Sammons Financial Network, John Hancock Variable Insurance Trust and John Hancock Distributors, LLC (17)

(61) Participation Agreement between Midland National Life Insurance Company, Federated Insurance Series and Federated Securities Corp. (18)

(k) (1)Opinion and Consent of Counsel (23)

(2) Power of Attorney (22)

(l) (1) Consent of Independent Registered Public Accounting Firm (23)

(m) Not Applicable

(n) Not Applicable

(o) Not Applicable

1. Incorporated herein by reference to Pre-Effective Amendment No. 2 for Form S-6 on April 23, 1997 (File No. 333-14061)

2. Incorporated herein by reference to Post-Effective Amendment No. 5 for Form N-4 on February 23, 1998 (File No. 33-64016)

3. Incorporated herein by reference to Post-Effective Amendment No. 6 for Form S-6 on February 15, 2001 (File No. 333-14061)

4. Incorporated herein by reference to Post-Effective Amendment No. 5 for Form N-4 on April 28, 2003 (File No. 333-71800)

5. Incorporated herein by reference to Initial N-4 Filing on June 7, 1993 (File 33-64016)

6. Incorporated herein by reference to Post-Effective Amendment No. 4 for Form N-4 on April 29, 1997 (File No. 33-64016)

7. Incorporated herein by reference to Post-Effective Amendment No. 12 for Form N-4 on April 28, 2008 (File No. 333-108437)

8. Incorporated herein by reference to Pre-Effective Amendment No. 1 for Form N-4 on December 15, 2011 (File No. 333-176870)

9. Incorporated herein by reference to Post-Effective Amendment No. 1 for Form N-4 on April 25, 2012 (File No. 333-176870)

10. Incorporated herein by reference to Post-Effective Amendment No. 2 for Form N-4 on September 20, 2012 (File No. 333-176870)

11. Incorporated herein by reference to Post-Effective Amendment No. 8 for Form N-6 on April 26, 2013 (File No. 333-148824)

12. Incorporated herein by reference to Post-Effective Amendment No. 3 for Form N-4 on April 26, 2013 (File No. 333-176870)

13. Incorporated herein by reference to Post-Effective Amendment No. 4 for Form N-4 on July 12, 2013 (File No. 333-176870)

14. Incorporated herein by reference to Post-Effective Amendment No. 7 for Form N-4 on July 25, 2014 (File No. 333-176870)

15. Incorporated herein by reference to Post-Effective Amendment No. 9 for Form N-4 on July 16, 2015 (File No. 333-176870)

16. Incorporated herein by reference to Post-Effective Amendment No. 11 for Form N-4 on April 25, 2017 (File No. 333-176870)

17. Incorporated herein by reference to Post-Effective Amendment No. 12 for Form N-4 on April 27, 2018 (File No. 333-176870)

18. Incorporated herein by reference to Post-Effective Amendment No. 13 for Form N-4 on April 29, 2019 (File No. 333-176870)

19. Incorporated herein by reference to Post-Effective Amendment No. 14 for Form N-4 on March 6, 2020 (File No. 333-176870)

20. Incorporated herein by reference to Initial N-4 Filing on February 12, 2022 (File No. 333-262682)

21. Incorporated herein by reference to Pre-Effective Amendment No. 1 for Form N-4 on April 29, 2022 (File No. 333-262682)

22. Incorporated herein by reference to Post-Effective Amendment No. 2 for Form S-1 on April 17, 2023 (File No. 333-255059.

23. Filed herewith.

Item 28. Directors and Officers of the Depositor


Name and Principal Business Address1						Position and Offices with Depositor
Esfandyar E. Dinshaw						President, Chairman of the Board & Chief Executive Officer
Gerald R. Blair3						President – Sammons Life Insurance Group
Darron K. Ash						Director
Willard Bunn, III						Director
James Roderick Clark						Director
Thomas J. Corcoran						Director
Susan T. Deakins						Director
George A. Fisk						Director
William D. Heinz						Director
Michael M. Masterson						Director
William L. Lowe						President – Sammons Institutional Group and Director
Joseph E. Paul						President – Sammons Corporate Markets
Teri L. Ross						President – Shared Services
Robert R. TeKolste						President – Sammons Independent Annuity Group and Director
Brett L. Agnew						Senior Vice President, Deputy General Counsel – Securities & Investments and Assistant Secretary
David C. Attaway						Senior Vice President, Chief Financial Officer & Treasurer
Kelly L. Coomer3						Senior Vice President & Chief Information Officer
Anne M. Cooper						Senior Vice President and Chief Human Resources Officer
Brian D. Hansen						Senior Vice President & Chief Development Officer
Eric Y. Lin						Senior Vice President & Corporate Actuary
Donald T. Lyons						Senior Vice President
John D. Melvin						Senior Vice President & Chief Investment Officer
Michael L. Mock						Senior Vice President – Wealth Management Strategy
Amy E. Teas						Senior Vice President, General Counsel & Secretary
Stacy Bagby						Vice President – Sales & Compliance Administration
Marcy Baker						Vice President – Risk & Asset Liability Management
Kathleen Bartling2						Vice President – Marketing & Customer Experience Life
Neil Berns						Vice President & Chief Strategy Officer-Life
Jamie Beyer2						Vice President – Valuation
Bryce A. Biklen						Vice President and Chief Distribution Officer SIAG
Lori L. Bochner						Vice President – Marketing
Gregory J. Bonzagni						Vice President – National Sales
Jackie Cockrum						Vice President – Administration
Timothy Crawford						Vice President & Associate General Counsel-Life & Annuity Operations
Casey C. Decker						Vice President - Strategic Partnerships & Digital Experience
Pam Doeppe						Vice President
Linda M. Durman						Vice President – Risk and Asset Liability Management


Daniel Edsen						Vice President – Finance Reporting
Kirk P. Evans						Vice President – Product Development & Risk Management
Trent Freier						Vice President - Corporate Markets
Christie Goodrich						Vice President – Life Product
Cyndi Hall						Vice President – Chief Compliance Officer
Jeffrey P. Heppner						Vice President – Information Technology
Jeannie Iannello2						Vice President – Life New Business & Underwriting
Robert Johnson, Jr.						Vice President – Chief Distribution & Sales Officer MNL
Mark Kalinowski3						Vice President – Investment & Hedging Strategies
Marty E. Kennedy						Vice President – Sales Independent Broker Dealer
Tracey E. Knudtson						Vice President – Talent & Organizational Development and HR Business Partner
Khen Leuk3						Vice President – Chief Underwriting Officer, SFG Bermuda Ltd.
Brent A. Mardis						Vice President - Chief Strategy Officer
Kevin Mechtley						Vice President – Business Development & Chief Innovation Officer
Paul J. Mocarski						Vice President & Chief Information Security Officer
Seth Nailor						Vice President – Agency Services
Nicholas Nelson						Vice President – Centralized Services
Adam W. Newland						Vice President – Audit
Thomas A. Nucaro						Vice President & Chief Tax Officer
Jackson Ode						Vice President – Sales MNL
Cheryl O’Heath3						Vice President – Enterprise Applications
Susan B. Osweiler						Vice President – Chief Risk Officer
Varun Parekh3						Vice President - Life IT
Matthew P. Pelham						Vice President – Information Technology
Melissa R. Phillips						Vice President – Sales Operations Life
Michael A. Pietig						Vice President – Annuity New Business and Suitability
Henry Pietrkowski3						Vice President – Associate General Counsel – Litigation
Jan E. Reiser						Vice President – Information Technology
Amy E. Rider						Vice President – Strategic Risk and Mortality Management
Gary Self2						Vice President – Special Projects
Jeffery S. Stout						Vice President – Corporate Actuarial Modeling
Sarah Theis						Vice President & Chief Strategy Officer
Rachelle Tieszen2						Vice President – Total Rewards and HR Business Partner
Carmen Walter						Vice President – Product Development Corporate Markets
Heath C. Williams2						Vice President – Information Technology
Pat Glover						Associate Vice President – Financial Reporting
Theresa B. Kuiper2						Associate Vice President – Treasury Operations
Jodi Schultz						Associate Vice President – Finance
Jill Williams3						Associate Vice President – Operational Compliance & Chief AML Officer

1 Unless noted otherwise, the principal business address for each officer and director is 8300 Mills Civic Parkway, West Des Moines, IA 50266

2 One Sammons Plaza, Sioux Falls, SD 57193-9991

3 433 W. Van Buren Street, Chicago, IL 60607

Item 29. Persons Controlled By or Under Common Control With the Depositor or Registrant.

The Depositor, Midland National Life Insurance Company (Midland) is an indirect subsidiary of Sammons Enterprises, Inc. The Registrant is a segregated asset account of Midland. Shares of Sammons Enterprises, Inc. are held by GreatBanc Trust Company, as Trustee of the Sammons Enterprises, Inc. Employee Stock Ownership Trust (ESOT). Other direct or indirect subsidiaries of Sammons Enterprises, Inc. (SEI), as of December 31, 2023, are:

Name of Parent, Subsidiaries Or Affiliates

Domiciliary Location

If Control is Ownership

Provide Percentage

49 North, LLC

100.00

5 Burlington Woods JV, LLC

44.00

5 Burlington Woods, LLC

100.00

550 Capital, Inc.

100.00

ABV Holdings, LLC

100.00

AC Storage, LLC

100.00

Access Plus (Scotland) Ltd.

ZZZ

100.00

ACEI Holdco, LLC

100.00

Acri Holdings LLC

0.00

Aerial Platform Hire Limited

IRL

100.00

AIS SIND, LLC

100.00

AJ Highland Park Investors, LLC

100.00

AJ Renaissance Place Investors, LLC

100.00

AK St. Louis Holdings, LLC

100.00

AK St. Louis Manager, LLC

50.00

AK St. Louis Owner, LLC

100.00

Albemarle Solar Center, LLC

100.00

Albion 636 Division, LLC

100.00

Albion at Beachwood LLC

50.00

Albion at Evanston Investors I, LLC

100.00

Albion at Evanston, LLC

100.00

Albion at Highland Park, LLC

100.00

Albion at Murfreesboro, LLC

100.00

Albion at New Forum Member, LLC

100.00

Albion at Oak Park Investors I, LLC

100.00

Albion at Oak Park Member, LLC

100.00

Albion at Oak Park, LLC

100.00

Albion at Palatine, LLC

100.00

Albion at Parklane GP, LLC

100.00

Albion at Parklane Limited Partner, LLC

100.00

Albion at Renaissance Place, LLC

100.00

Albion Columbus 1, LLC

100.00

Albion Columbus Investors 1, LLC

20.00

Albion Construction LLC

100.00

Albion DeVille Member LLC

100.00

Albion HoldCo LLC

100.00

Albion in the Gulch Investors, LLC

100.00

Albion in the Gulch Member, LLC

100.00

Albion in the Gulch, LLC

100.00

Albion Jacobs Highland Park, LLC

100.00

Albion Jacobs Renaissance Place, LLC

100.00

Albion Lawrenceville, LLC

100.00

Albion Murfreesboro Investors, LLC

20.00

Albion Murfreesboro Member, LLC

100.00

Albion Music Row II, LLC

100.00

Albion Music Row, LLC

100.00

Albion on Lake Cook Mezz, LLC

100.00

Albion on Lake Cook, LLC

100.00

Albion Residential LLC

100.00

Albion St. Louis, LLC

100.00

AMC Investor Holdings LLC

0.00

AmeyBriggs Services Holding Limited

GBR

50.00

AmeyBriggs Services Limited

GBR

100.00

Artemis Aircraft Investments, LLC

0.00

Asheville Resolution Corporation

100.00

Aspen Solar, LLC

100.00

Asset Consulting Group, LLC

100.00

ATCAP-CCI Atlanta Industrial, LLC

92.50

Atlas Atlanta Cobb International, LLC

100.00

Atlas Atlanta Mountain Industrial, LLC

100.00

Atlas Atlanta Oakcliff, LLC

100.00

Atlas Atlanta Royal Atlanta, LLC

100.00

Atlas Atlanta Tuckerstone, LLC

100.00

Balloo Hire Centre Limited

IRL

100.00

Balloo Hire Limited

IRL

100.00

Balsam Solar, LLC

100.00

Bannagroe Limited

IRL

100.00

BBEP Legacy Holdings, LLC

100.00

BE Finance Limited

GBR

100.00

Beachwood Apartments LLC

100.00

Beacon Capital Management, Inc.

100.00

Bennington Stark Capital Company, LLC

100.00

Beulah Belle Grazing Association, LLC

100.00

BFC Capital Company, LLC

100.00

Bingham CDO L.P.

CYM

0.00

Blulift Limited

IRL

100.00

BP Duarte 1699, LLC

100.00

BRE NC Solar 1, LLC

100.00

Brier Creek Capital Company #1, LLC

CYM

100.00

Briggs Equipment Ireland Limited

IRL

100.00

Briggs Equipment Mexico, Inc.

100.00

Briggs Equipment UK Limited

GBR

100.00

Briggs Equipment, S.A. de C.V.

MEX

99.00

Briggs Equipment, S.A. de C.V.

MEX

1.00

Briggs Industrial Solutions, Inc.

100.00

Briggs International, Inc.

100.00

Briggs UK Holdings, Inc.

100.00

Broadway Solar Center, LLC

100.00

Bronco Media C-B LLC

0.00

Bronco Media Holdings LLC

0.00

Bronco Media Holdings LLC

0.00

Bronco Media MM LLC

100.00

Cainhoy Land & Timber, LLC

65.50

Campa Funding LLC

0.00

Canal Reinsurance Company

100.00

Carmocela Investimentos Imobiliarios E Turisticos, Unipessoal, Lda.

PRT

100.00

CC West Allis 1772, LLC

100.00

CCE Funding LLC

100.00

CCI Alexandria SL LLC

100.00

CCI Atlanta Industrial LLC

100.00

CCI Bethesda SL LLC

100.00

CCI GG Prime 1 LLC

100.00

CCI Historic, Inc.

100.00

CCI Horizon LLC

100.00

CCI Industrial - JSC Lakeview I Investor LLC

100.00

CCI Industrial - JSC Lakeview II Investor LLC

100.00

CCI Industrial - JSC Landis Investor LLC

100.00

CCI Industrial - KDC Oncor Investor LLC

100.00

CCI Industrial - SM Cary Investor LLC

100.00

CCI Industrial Holdings LLC

100.00

CCI JSC Holdings LLC

100.00

CCI MAC 5BW LLC

100.00

CCI Manager LLC

100.00

CCI MF Holdings LLC

100.00

CCI MFH - KV Tribeca Investor LLC

100.00

CCI Residential LLC

100.00

CCI SSL Funding LLC

100.00

CCI SSL Holding LLC

100.00

CCI Tysons SL, LLC

100.00

CCI Westfields Investor LLC (fka CCI Ohana LLC)

100.00

CCI/HTC, Inc.

100.00

Cedar Solar, LLC

100.00

Cedar Springs (Cayman) Ltd.

CYM

100.00

Chelsea Creek Capital Company, LLC

100.00

Clemina Hydro Power GP Ltd.

CAN

100.00

Clemina Hydro Power LP

CAN

99.00

Clemina Hydro Power LP

CAN

0.01

Collectible Antiquities Company, LLC

100.00

Columbia Mountains Power GP Ltd.

CAN

100.00

Columbia Mountains Power LP

CAN

99.00

Columbia Mountains Power LP

CAN

0.01

Community Investments, Inc.

100.00

Compatriot Capital, Inc.

100.00

Concord Minutemen Capital Company, LLC

100.00

Consolidated Investment Services, Inc.

100.00

Constitution, LLC

100.00

Controladora Briggs de Mexico, S. de R.L. de C.V.

MEX

99.00

Controladora Briggs de Mexico, S. de R.L. de C.V.

MEX

1.00

Copper River CLO Ltd.

CYM

0.00

Corio Funding, LLC

100.00

Corio RR Finance Co., LLC

100.00

Corio RR Finance Co.-2, LLC

100.00

Corio RR Finance-3, LLC

100.00

Corio RR Finance-4, LLC

100.00

Corio RR Funding, LLC

100.00

Cornwall Solar Center, LLC

100.00

Covestre Capital Holdings LLC

100.00

Covestre Capital LLC

100.00

Covestre Capital PropCo-1 LLC

100.00

Covestre Capital PropCo-10 LLC

100.00

Covestre Capital PropCo-11 LLC

100.00

Covestre Capital PropCo-12 LLC

100.00

Covestre Capital PropCo-13 LLC

100.00

Covestre Capital PropCo-14 LLC

100.00

Covestre Capital PropCo-15 LLC

100.00

Covestre Capital PropCo-16 LLC

100.00

Covestre Capital PropCo-17 LLC

100.00

Covestre Capital PropCo-18 LLC

100.00

Covestre Capital PropCo-19 LLC

100.00

Covestre Capital PropCo-2 LLC

100.00

Covestre Capital PropCo-24 LLC

100.00

Covestre Capital PropCo-25 LLC

100.00

Covestre Capital PropCo-27 LLC

100.00

Covestre Capital PropCo-28 LLC

100.00

Covestre Capital PropCo-29 LLC

100.00

Covestre Capital PropCo-3 LLC

100.00

Covestre Capital PropCo-30 LLC

100.00

Covestre Capital PropCo-35 LLC

100.00

Covestre Capital PropCo-5 LLC

100.00

Covestre Capital PropCo-8 LLC

100.00

Covestre Capital PropCo-9 LLC

100.00

Crestwood Solar Center, LLC

100.00

CSCN LLC

0.00

DC Solutions LLC

100.00

Dement Farm, LLC

100.00

DLPG II Executive, LLC

0.00

DLPG, LLC

100.00

Duplin Solar II, LLC

100.00

Durham Solar, LLC

100.00

E2M Holdings, LLC

30.00

E2M Partners, LLC

100.00

ELM 2 MM Funding LLC

100.00

ELM 3 MM Funding LLC

100.00

ELM MM LLC

100.00

Elm Solar, LLC

100.00

English Hydro Power GP Ltd.

CAN

100.00

English Hydro Power LP

CAN

0.01

English Hydro Power LP

CAN

99.00

Enterhealth, LLC

21.30

ESA Newton Grove 1 NC, LLC

100.00

ESA Selma NC 1, LLC

100.00

ESA Smithfield 1 NC, LLC

100.00

ETCO C-B LLC

0.00

ETCO C-G LLC

0.00

ETGP Aspen Venture, LP

97.00

ETGP Birch Venture, LP

97.00

ETGP Pine Venture, LP

97.00

ETGP Samara Venture, LP

97.00

ETGP Spruce Venture, LP

97.00

ETGP-AMZ 1 Venture, LP

97.00

ETGP-AMZ 2 Venture, LP

97.00

ETMF C-B LLC

0.00

ETMF C-G LLC

0.00

ETUR C-B LLC

0.00

ETUR C-G 2 LLC

0.00

FD Orange Beach 859, LLC

100.00

First Light Acquisition Group, Inc.

16.02

Fitzcarraldo Funding LLC

0.00

Forklift Operations de Mexico, S.A. de C.V.

MEX

99.00

Forklift Operations de Mexico, S.A. de C.V.

MEX

1.00

Forkway (Hire) Limited

GBR

100.00

Forkway Group Limited

GBR

100.00

Forkway Limited

GBR

100.00

Foundation X, LLC

100.00

Franklin Park (Cyprus) Limited

CYP

100.00

Galway Pland and Tool Hire Limited

IRL

100.00

GC Deferred Compensation I, LLC

100.00

GC Disbursement Agent, LLC

100.00

GC Orpheus Investors, LLC

21.70

GC Orpheus Investors, LLC

0.00

GC Parent Holdings, LLC

100.00

GC Pilar Golf Investment, LLC

100.00

G-Covestre Capital Holdings LLC

0.00

G-Craton 2 MM LLC

100.00

G-Craton MM LLC

100.00

GDP - Pilara Lotes, LLC

100.00

GEFI Company, LLC

99.50

GEFI Company, LLC

0.00

Generation Financial Group LLC

50.00

Generation Financial Group LLC

50.00

Generation Mortgage Company, LLC

100.00

Gerrity Group, LLC

100.00

Gerrity Holdings LLC

40.00

Gerrity Prime 1, LLC

99.00

Gerrity Prime 1, LLC

1.00

Gerrity Retail Fund 3 Management, LLC

100.00

Gerrity Retail Fund 3, L.P.

40.00

Gerrity Retail Fund 3, L.P.

0.00

Gerrity Retail Fund 3, L.P.

4.30

Gerrity Retail Investors 3, LLC

94.70

Gerrity Retail Partners 3, LLC

100.00

GFL Access Limited

GBR

100.00

GFL Holdings Limited

GBR

100.00

GFMH, LLC

99.77

GFP Green Inc.

CYM

100.00

GFP Peru Dunas Holdings, Inc.

CYM

100.00

GFPIC, L.P.

CYM

34.50

GFPID, LLC

40.00

GGIC Greenbacker Funding Ltd.

CYM

100.00

GGIC IIP Holdings Ltd.

CYM

100.00

GGIC IIP Holdings, L.P.

CYM

0.00

GGIC IIP Holdings, L.P.

CYM

85.68

GGIC KTI Holdings Ltd.

CYM

100.00

GGIC Manager, LLC

100.00

GGIC, Ltd.

CYM

75.60

GGP Holdco, LLC

100.00

GGP Sponsor Holdings, LLC

100.00

GI Holdco II LLC

100.00

GI Holdco LLC

100.00

GIA Europe Holdings, Ltd.

CYM

100.00

GIES Holdco, LLC

0.00

GIES Investment, LLC

0.00

GIES Managing Member, LLC

100.00

GIES, LLC

89.80

GIES, LLC

0.00

GIFLS Capital Company II, LLC

100.00

GIFLS Capital Company II, LLC

0.00

GIFLS Capital Company, LLC

100.00

GIFLS Capital Company, LLC

0.00

GIFM Holdings Trust

100.00

GIFMS Capital Company, LLC

CYM

99.50

GIFMS Capital Company, LLC

CYM

0.00

GIFS Capital Company, LLC

CYM

99.50

GIHII Asset Holdings, LLC

100.00

Gila Bend Power Partners, LLC

100.00

GIM GP Ltd.

CYM

100.00

GLAC Holdings, LLC

100.00

GLAC LV Holdings, LLC

99.50

GLAC LV Holdings, LLC

0.00

GLAM MilHsg Fee LLC

0.00

GM Lansing 824, LLC

100.00

GMI GPIM, LLC

100.00

GMI GPIMH, LLC

100.00

GN Fund I, LLC

100.00

GNP-BA, LLC

100.00

GNP-IC, LLC

100.00

GNP-MR, LLC

100.00

G-One Holdings LLC

0.00

G-One Holdings LLC

14.87

G-One MM LLC

100.00

Gores Guggenheim Sponsor LLC

50.00

GP Feeder Fund Management, LLC

100.00

GP Holdco, LLC

99.50

GP Holdco, LLC

0.00

GP India Opportunities Feeder Fund, LP

CYM

0.00

GPA Services, LLC

100.00

GPAM Holdings II, LLC

100.00

GPAM Holdings, Inc.

100.00

GPC LIX, LLC

100.00

GPFT Holdco, LLC

100.00

GPH Funding II, LLC

100.00

GPIM Holdings VIII, Ltd.

CYM

100.00

GPIMH Sub Holdco, Inc.

100.00

GPIMH Sub, LLC

100.00

GPM: Fundrise, LLC

100.00

G-Prairie MM LLC

100.00

G-PUFF 2 LLC

0.00

G-PUFF 2 MM LLC

100.00

G-PUFF 3 LLC

0.00

G-PUFF 3 MM LLC

100.00

G-PUFF LLC

0.00

G-PUFF MM LLC

100.00

GRE MM LLC

100.00

GRE-Aspen Funding, LLC

0.00

Great Bridge Capital Company, LLC

100.00

GRE-Birch Funding, LLC

0.00

GRE-Iviron Funding, LLC

0.00

GRE-Pine Funding, LLC

0.00

GRE-Samara Funding, LLC

0.00

GRE-Spruce Funding, LLC

0.00

GRF Special, LLC

0.00

GRF Special, LLC

100.00

GRREP Holdings, LLC

99.50

GRREP Holdings, LLC

0.00

GS Gamma Advisors, LLC

50.00

GS Gamma Investments, LLC

0.00

GS Gamma Management, LLC

50.00

GSA, LLC

100.00

GSFI, LLC

70.00

GSFI, LLC

0.00

GSFI, LLC

30.00

Guggenheim Advisors, LLC

100.00

Guggenheim Alternative Asset Management, LLC

100.00

Guggenheim Capital Management (Asia) Private Limited

IND

99.00

Guggenheim Capital, LLC

30.00

Guggenheim Corporate Funding, LLC

100.00

Guggenheim Credit Services, LLC

100.00

Guggenheim Development Services, LLC

100.00

Guggenheim Disbursement Agent, LLC

100.00

Guggenheim Energy LLC

100.00

Guggenheim Energy Opportunities Fund, LP

0.00

Guggenheim Funds Distributors, LLC

100.00

Guggenheim Funds Investment Advisors, LLC

100.00

Guggenheim Funds Services, LLC

100.00

Guggenheim GGP Holdings, LLC

100.00

Guggenheim Global Investments Public Limited Company

IRL

100.00

Guggenheim Global Investments Public Limited Company

IRL

0.00

Guggenheim GN Fund I, Ltd.

99.00

Guggenheim GN Fund I, Ltd.

0.00

Guggenheim GNP, LLC

99.50

Guggenheim GNP, LLC

0.00

Guggenheim Golf Properties Investor, LLC

99.50

Guggenheim Golf Properties Investor, LLC

0.00

Guggenheim High-Yield Fund, LLC

0.00

Guggenheim Holdco Sub II, LLC

100.00

Guggenheim Insurance Holdco, LLC

100.00

Guggenheim Investment Advisors (Europe) Limited

GBR

100.00

Guggenheim Investment Advisors, LLC

100.00

Guggenheim Investments Private Debt Fund IV GP, LLC

0.00

Guggenheim Investments Private Debt Fund IV-A, L.P.

0.00

Guggenheim Investments Private Debt Fund IV-B, L.P.

0.00

Guggenheim Investor Services, LLC

100.00

Guggenheim Loan Fund, LLC

0.00

Guggenheim Loan Services Company, Inc.

100.00

Guggenheim Loan Services Company, LLC

100.00

Guggenheim Management, LLC

100.00

Guggenheim Manager, Inc.

100.00

Guggenheim MZ Holdings, LLC

100.00

Guggenheim NSA Napoli-Mirabella Trust 2019

0.00

Guggenheim NSA Napoli-Mirabella Trust 2022

0.00

Guggenheim Opportunities Investors I-B, LLC

100.00

Guggenheim Opportunities Investors IV, LLC

100.00

Guggenheim Opportunities Investors V, LLC

100.00

Guggenheim Opportunities Investors VI, LLC

100.00

Guggenheim Partners Advisors, LLC

100.00

Guggenheim Partners Advisory Company

100.00

Guggenheim Partners Europe Limited

IRL

100.00

Guggenheim Partners Fund Management (Europe) Limited

IRL

100.00

Guggenheim Partners India GP, LLC

33.30

Guggenheim Partners India Holdings, LLC

100.00

Guggenheim Partners India Management, LLC

100.00

Guggenheim Partners Investment Management Holdings, LLC

99.50

Guggenheim Partners Investment Management Holdings, LLC

0.00

Guggenheim Partners Investment Management, LLC

99.90

Guggenheim Partners Investment Management, LLC

0.00

Guggenheim Partners Japan, Ltd.

JPN

100.00

Guggenheim Partners Middle East Limited

ARE

100.00

Guggenheim Partners Opportunistic Investment Grade Securities Fund 2015, LLC

0.00

Guggenheim Partners Opportunistic Investment Grade Securities Fund, LLC

0.00

Guggenheim Partners Opportunistic Investment Grade Securities Master Fund, Ltd.

CYM

100.00

Guggenheim Partners, LLC

100.00

Guggenheim Payroll Agent, LLC

100.00

Guggenheim PDF IV Splitter-1, L.P.

0.00

Guggenheim PDF IV Splitter-2, L.P.

0.00

Guggenheim Portfolio Company VII, LLC

100.00

Guggenheim Portfolio Company X, LLC

100.00

Guggenheim Premises I, LLC

99.50

Guggenheim Premises I, LLC

0.00

Guggenheim Private Debt Fund 2.0 Managing Member, LLC

100.00

Guggenheim Private Debt Fund 2.0, LLC

0.00

Guggenheim Private Debt Fund 2.0, Ltd.

CYM

0.00

Guggenheim Private Debt Fund 2.0-I, LLC

0.00

Guggenheim Private Debt Fund Managing Member, LLC

100.00

Guggenheim Private Debt Fund Note Issuer 2.0, LLC

0.00

Guggenheim Private Debt Fund Note Issuer, LLC

0.00

Guggenheim Private Debt Fund Trinity Investco, LLC

100.00

Guggenheim Private Debt Fund, LLC

0.00

Guggenheim Private Debt Fund, Ltd.

CYM

0.00

Guggenheim Private Debt Master Fund 2.0, LLC

74.56

Guggenheim Private Debt Master Fund 2.0, LLC

12.35

Guggenheim Private Debt Master Fund 2.0, LLC

13.08

Guggenheim Private Debt Master Fund 2.0, LLC

0.00

Guggenheim Private Debt Master Fund, LLC

0.00

Guggenheim Private Debt MFLTB 2.0, LLC

100.00

Guggenheim Real Estate (CA), Inc.

100.00

Guggenheim Real Estate, LLC

100.00

Guggenheim Receivable Financing, LLC

100.00

Guggenheim Retail Real Estate Partners, LLC

100.00

Guggenheim Securities Europe Limited

IRL

100.00

Guggenheim Securities Greece Holdings, LLC

100.00

Guggenheim Securities International, Ltd.

GBR

100.00

Guggenheim Securities Ireland Holdings, LLC

100.00

Guggenheim Securities Research Services, LLC

100.00

Guggenheim Securities, LLC

100.00

Guggenheim Securities, LLC

0.00

Guggenheim Services, LLC

99.50

Guggenheim Services, LLC

0.00

Guggenheim SPAC Holdings, LLC

99.50

Guggenheim SPAC Holdings, LLC

0.00

Guggenheim Transparent Value, LLC

99.50

Guggenheim Transparent Value, LLC

0.00

Guggenheim Treasury Services (Europe) Limited

GBR

100.00

Guggenheim Treasury Services Corporation (N.Y.)

100.00

Guggenheim Treasury Services International Limited

CYM

100.00

Guggenheim Treasury Services, LLC

100.00

Guggenheim Trust Assets, LLC

100.00

Gulf of Mexico Energy Infrastructure Platform LLC

0.00

Gulf of Mexico Energy Infrastructure Platform MM LLC

100.00

GW Ocean, LLC

50.00

GW Phoenix 799, LLC

100.00

GWM Holdco, LLC

99.50

GWM Holdco, LLC

0.00

Gwynedd Forklifts Limited

GBR

100.00

H2 Fuels, Inc.

100.00

Harrell's Hill Solar Center, LLC

100.00

Heelstone Energy II, LLC

100.00

Heelstone Energy III, LLC

100.00

Heelstone Energy IV, LLC

100.00

Heelstone Energy V, LLC

100.00

Heelstone Energy VI, LLC

100.00

Heelstone Energy VIII, LLC

100.00

Heelstone Energy, LLC

100.00

Heelstone Land Holdings, LLC

100.00

Heestone Energy VII, LLC

100.00

Heyday Insurance Agency LLC

100.00

Highland Solar Center, LLC

100.00

Hiremech Holdings Limited

GBR

100.00

Hiremech Limited

GBR

100.00

Hitec Lift Trucks Limited

GBR

100.00

HyElement Power, Inc.

100.00

Hyperscale Funding LLC

0.00

Hyperscale MM Funding LLC

100.00

Hypnos C-B LLC

0.00

Hypnos C-G LLC

0.00

Hypnos Funding LLC

99.70

Hypnos Funding LLC

0.00

Hypnos Holdco LLC

11.14

Hypnos Holdco LLC

0.00

Hypnos MM LLC

100.00

Industrial US Holdings, Inc.

100.00

Innovative Solar 23, LLC

100.00

IPEX LLC

100.00

IPEX Services, LLC

100.00

Iron Hill CLO Designated Activity Company

IRL

0.00

J.B. Plant Hire (Dungannon) Limited

GBR

100.00

J.B. Plant Hire Limited

GBR

100.00

Jackson-Shaw Company LLC

100.00

Jackson-Shaw Holdings LLC

44.75

Java Acquisition Company 0013, LLC

100.00

Java Acquisition Company 0031, LLC

100.00

JL Ada 1486, LLC

100.00

JL Amelia 1619, LLC

100.00

JL Ardmore 1563, LLC

100.00

JL Bee Cave 1559, LLC

100.00

JL Beloit 1365, LLC

100.00

JL Bolivar 1575, LLC

100.00

JL Broken Bow 1694, LLC

100.00

JL Brownsville 1524, LLC

100.00

JL Canton 1593, LLC

100.00

JL Centerton 1337, LLC

100.00

JL Chattanooga 1491, LLC

100.00

JL Columbus 1549, LLC

100.00

JL Corpus Christi 1454, LLC

100.00

JL Cortlandville 1462, LLC

100.00

JL Daingerfield 1693, LLC

100.00

JL Depew 1297, LLC

100.00

JL Derby 1853, LLC

100.00

JL D'Iberville 1506, LLC

100.00

JL Dripping Springs 1369, LLC

100.00

JL East Syracuse 1473, LLC

100.00

JL El Paso 1537, LLC

100.00

JL El Paso 1542, LLC

100.00

JL El Paso 1546, LLC

100.00

JL El Paso 1587, LLC

100.00

JL El Paso 1785, LLC

100.00

JL Evansville 1459, LLC

100.00

JL Fayetteville 1336, LLC

100.00

JL Flowood 1515, LLC

100.00

JL Fort Oglethorpe 1492, LLC

100.00

JL Fort Smith 1698, LLC

100.00

JL Fort Smith 1743, LLC

100.00

JL Fort Worth 834, LLC

100.00

JL Fort Wright 1611, LLC

100.00

JL Hampton 1595, LLC

100.00

JL Horizon City 1759, LLC

100.00

JL Hornell 1697, LLC

100.00

JL Hughes Springs 1696, LLC

100.00

JL Hugo 1704, LLC

100.00

JL Idabel 1702, LLC

100.00

JL Jonesboro 1553, LLC

100.00

JL Kyle 1338, LLC

100.00

JL Lafayette 1745, LLC

100.00

JL Lexington 1436, LLC

100.00

JL Linden 1695, LLC

100.00

JL Little Rock 1489, LLC

100.00

JL Louisville 1437, LLC

100.00

JL Manvel 1255, LLC

100.00

JL Marion 1499, LLC

100.00

JL Mason 1523, LLC

100.00

JL McAlester 1490, LLC

100.00

JL McAllen 1625, LLC

100.00

JL Miami Township 1603, LLC

100.00

JL Milwaukee 1397, LLC

100.00

JL Mobile 1536, LLC

100.00

JL Mundelein 1366, LLC

100.00

JL Muskogee 1780, LLC

100.00

JL New Lenox 986, LLC

100.00

JL Normal 1457, LLC

100.00

JL Oak Creek 1269, LLC

100.00

JL Oconomowoc 1513, LLC

100.00

JL Olean 1705, LLC

100.00

JL Oshkosh 1465, LLC

100.00

JL Paris 1761, LLC

100.00

JL Peoria 1539, LLC

100.00

JL Peoria 1638, LLC

100.00

JL Pharr 1482, LLC

100.00

JL Pittsburg 1773, LLC

100.00

JL Plover 1320, LLC

100.00

JL Porter 1414, LLC

100.00

JL Princeton 1332, LLC

100.00

JL Radcliff 1569, LLC

100.00

JL Richland 1509, LLC

100.00

JL Rockford 1428, LLC

100.00

JL Rolla 1534, LLC

100.00

JL Saraland 1552, LLC

100.00

JL Sheboygan 1628, LLC

100.00

JL Siloam Springs 1448, LLC

100.00

JL Springfield 1495, LLC

100.00

JL Springfield 1963, LLC

100.00

JL St. Robert 1582, LLC

100.00

JL Sun Prairie 1514, LLC

100.00

JL Syracuse 1550, LLC

100.00

JL Tyler 1583, LLC

100.00

JL Valdosta 1766, LLC

100.00

JL Webster 1313, LLC

100.00

JLB 2728 Cedar Springs, LP

30.00

JLB 2728 Cedar Springs, LP

70.00

JLB BUILDERS LLC

100.00

JLB CCI Westfields LLC

80.00

JLB CCI Westfields LLC

11.62

JLB Chapman GP LLC

100.00

JLB Chapman LP

98.00

JLB Chapman LP

100.00

JLB Chapman LP

2.00

JLB McLean LLC

39.00

JLB McLean LLC

21.90

JLB McLean Partners LP

65.70

JLB Partners LLC

40.00

JLB REALTY LLC

100.00

JLB RESIDENTIAL LLC

100.00

JLB Stafford Land LP

100.00

JLB West Paces Phase I GP LLC

100.00

JLB West Paces Phase I L.P.

80.00

JLB West Paces Phase I L.P.

19.00

JLB West Paces Phase I L.P.

1.00

JLx3, LLC

61.12

JSC Manager LLC

100.00

JSC-CCI Lakeview I JV LLC

95.00

JSC-CCI Lakeview I JV LLC

3.50

JSC-CCI Lakeview I LLC

100.00

JSC-CCI Lakeview I Mezz LLC

100.00

JSC-CCI Lakeview II JV LLC

95.00

JSC-CCI Lakeview II JV LLC

3.50

K2 Development, LLC

100.00

KDC HoldCo LLC

25.00

KDC OEDC Investments One LP

75.00

KDC Real Estate JV I Controlling GP LLC

25.00

KDC Real Estate JV I General Partner LP

48.50

KDC Real Estate JV I General Partner LP

0.00

KDC Real Estate JV I LP

48.40

KDC Real Estate JV I LP

0.20

KDC Real Estate JV I Operating LLC

100.00

KDC Real Estate JV I REIT LLC

100.00

KDC Real Estate JV I REIT LLC

0.00

KDC Real Estate JV I REIT Manager LLC

25.00

Kemps Landing Capital Company, LLC

100.00

Kenansville Solar Farm, LLC

100.00

Kennecott Funding Ltd.

CYM

0.00

Kips Bay Capital Company #4, LLC

CYM

100.00

KV Tribeca Apartments, LLC

100.00

KV Tribeca Holdings, LLC

75.00

Lafayette Solar I, LLC

100.00

Lansing 824 Retail, LLC

100.00

Laois Hire Services Limited

IRL

100.00

Laurinburg Solar, LLC

100.00

LAV MP Holding, LLC

100.00

Legacy Capital Company, LLC

100.00

Legacy KDC Holdings, LLC

35.60

Lexington Parker Capital Company, L.L.C.

100.00

Liberty Hampshire Holdings, LLC

99.50

Liberty Hampshire Holdings, LLC

0.00

Links GKPL Holdco, LLC

100.00

Links GPJL Holdco, LLC

100.00

Links Holdings LLC

99.50

Links Holdings LLC

0.00

Links Holdings, Inc.

100.00

Lionel Investors LLC

44.00

Lionel Investors LLC

0.00

Littlefield Solar Center, LLC

100.00

Magma WCFF II Ltd.

CYM

0.00

Maxim (GB) Limited

GBR

100.00

MCCW Adairsville 1661, LLC

100.00

MCCW Baton Rouge 1748, LLC

100.00

MCCW Columbia 1774, LLC

100.00

MCCW Dahlonega 1637, LLC

100.00

MCCW Memphis 1758, LLC

100.00

MCCW Olive Branch 1680, LLC

100.00

MCCW Smyrna 1684, LLC

100.00

MERLIN Series 2015-A LLC

0.00

MERLIN Series 2015-B LLC

0.00

MERLIN Series 2015-C LLC

0.00

Meteora Venture Partners Acquisition Corp.

17.31

Metric Finance Acquisition Corp. I

100.00

Metric Finance Acquisition Corp. II

CYM

100.00

Metric Finance Acquisition Corp. III

CYM

100.00

Metric Finance Acquisition Corp. IV

100.00

Metric Finance Holdings I, LLC

100.00

Metric Finance Holdings II, LLC

100.00

Metric Finance Holdings III, LLC

100.00

Metric Finance Holdings IV, LLC

100.00

Metric Finance TopCo, LLC

99.50

Metric Finance TopCo, LLC

0.00

Mexcolift Servicios de Personnel, S. de R.L. de C.V.

MEX

99.00

Mexcolift Servicios de Personnel, S. de R.L. de C.V.

MEX

1.00

Midland National Life Insurance Company

100.00

Midway Wind, LLC

100.00

MNL Reinsurance Company

100.00

Molly Aida Funding LLC

0.00

Montacargas Yale de Mexico, S.A. de C.V.

MEX

99.00

Montacargas Yale de Mexico, S.A. de C.V.

MEX

1.00

Morgan Farm, LLC

100.00

Morrow Park City Apartments LLC

34.30

Morrow Park City Apartments LLC

65.70

Morrow Park Holding LLC

50.00

My Financial Freedom LLC

100.00

Nashville Farms, LLC

100.00

National Brand Investors I, LLC

0.00

NC Lincolnshire 624, LLC

100.00

NC Little Rock 642, LLC

100.00

NC Naperville 623, LLC

100.00

Neckar Investments Limited

GBR

100.00

New Forum Apartments JV Investors, LLC

10.00

New Forum Owner LLC

100.00

New Roots M Trust

100.00

New Roots N Trust

100.00

Neworld.Energy Holdings, LLC

25.00

Neworld.Energy Holdings, LLC

3.00

Neworld.Energy LLC

100.00

Nextgen Re Holdings, LLC

100.00

Nishhen Denshi Limited

GBR

100.00

North American Company for Life and Health Insurance

100.00

North Carolina Solar III, LLC

100.00

Northern Forklift (Scotland) Limited

GBR

100.00

Northrock Financial Services, LLC

100.00

Northrock Partners Holdco, LLC

55.00

NorthRock Partners Intermediate, LLC

55.00

NorthRock Partners Tax Services, LLC

100.00

NorthRock Partners, LLC

100.00

NRX Hockey, LLC

100.00

NRX Holding, LLC

100.00

NZC Guggenheim Fund Limited

CYM

0.00

NZC Guggenheim Fund LLC

0.00

NZC Guggenheim Master Fund Limited

CYM

0.00

NZCG Funding LLC

100.00

NZCG Funding Ltd.

CYM

100.00

Optimus Funding Company, LLC

100.00

Orinoco Funding LLC

0.00

Orpheus Funding LLC

0.00

Orpheus Holdings Limited

CYM

0.00

Orpheus Holdings LLC

0.00

Otter, Inc.

100.00

Parkway Mortgage, Inc.

100.00

Pathfinder Bison Bend, LLC

100.00

Pathfinder Buzzard Bird Ranch, LLC

100.00

Pathfinder Cardwell Access Ranch, LLC

100.00

Pathfinder Cardwell Ranch, LLC

100.00

Pathfinder Dumbell Ranch, LLC

100.00

Pathfinder Land and Ranch Management, LLC

100.00

Pathfinder Miracle Mile Ranch, LLC

100.00

Pathfinder Pathfinder Ranch, LLC

100.00

Pathfinder Perkins Ranch, LLC

100.00

Pathfinder Ranches, LLC

100.00

Pathfinder Renewable Wind Energy, LLC

100.00

Pathfinder Sand Creek, LLC

100.00

Pathfinder Stewart Creek Ranch, LLC

100.00

Pathfinder Sun Ranch, LLC

100.00

Pathfinder Two Iron Ranch, LLC

100.00

Pent House Associates

99.00

Pent House Associates

1.00

Pilar Holdings, LLC

0.00

Pilar Holdings, LLC

0.00

Pilara Lotes II, LLC

100.00

PLIC Holdings, LLC

100.00

PLUS Funding IV, LLC

0.00

PR Holdings Inc.

100.00

Private Tax Services, LLC

100.00

Promenade Funding LLC

0.00

Promenade Funding LLC

33.80

Promenade Funding LLC

12.87

Promenade Funding LLC

47.15

Promenade Holdco LLC

0.00

Promenade MM LLC

100.00

Property Disposition, Inc.

100.00

PTF Trust #1

100.00

PV Project Holdings I, LLC

100.00

PV Project Holdings II, LLC

100.00

PV Project Holdings III, LLC

100.00

PV Project Holdings IV, LLC

100.00

PV Project Holdings V, LLC

100.00

PV Project Lessee V-2015, LLC

0.00

Raeford Farm, LLC

100.00

Red Hill Solar Center, LLC

100.00

Red Toad 1425 A Powatan Road, LLC

100.00

Relationship Funding (Cayman) Ltd.

CYM

100.00

Retail Investors III, LLC

0.00

Ridgefield Funding Company, LLC

100.00

Rio Bravo Wind Capital, LLC

100.00

Rio Bravo Wind Holdings, LLC

100.00

Rio Bravo Wind Renewables, LLC

100.00

Rio Bravo Windpower, LLC

100.00

Rockingham Solar, LLC

100.00

Rosales Funding LLC

17.00

Rosales Funding LLC

76.50

Rosales Funding LLC

19.80

Rosales Funding LLC

0.00

Rosales Holdco LLC

0.00

Rosemount Holdings Ltd

ZZZ

100.00

RSG Hockey, LLC

100.00

Rydex Holdings, LLC

100.00

SAGE Assets, Inc.

100.00

Samarcand Solar Farm, LLC

100.00

Sammons BW, Inc.

100.00

Sammons CAES Holdings, LLC

100.00

Sammons Capital, Inc.

100.00

Sammons Corporation

100.00

Sammons Distribution Holdings, Inc.

100.00

Sammons Energy Storage Holdings LLC

100.00

Sammons Enterprises, Inc.

100.00

Sammons Enterprises, Inc. ESOT

Sammons Equity Alliance, Inc.

100.00

Sammons Financial Group Asset Management, LLC

100.00

Sammons Financial Group Wealth Management Holdings, LLC

100.00

Sammons Financial Group, Inc.

100.00

Sammons Financial Network, LLC

100.00

Sammons Industrial Capital, LLC

100.00

Sammons Industrial, Inc.

100.00

Sammons Infrastructure, Inc.

100.00

Sammons Institutional Group, Inc.

100.00

Sammons Power Development, Inc.

100.00

Sammons Renewable Energy Canada Holdings Inc.

CAN

100.00

Sammons Renewable Energy Holdings, Inc.

100.00

Sammons Securities, Inc.

100.00

Sammons Warehouse Solutions, Inc.

100.00

Sands Point Funding Ltd.

CYM

0.00

Sandy Point Capital Company, LLC

100.00

Saratoga (Cayman), Ltd.

CYM

100.00

Saratoga Springs Capital Company, LLC

100.00

SB Tech Holdings I LLC

0.00

SB Tech Holdings I MM LLC

100.00

SC-CJ Phoenix 1584, LLC

100.00

SC-H Sellersburg 1373, LLC

100.00

SE Sacramento 1224, LLC

100.00

Security Investors, LLC

100.00

Serpentine Hydro Power GP Ltd.

CAN

100.00

Serpentine Hydro Power LP

CAN

99.00

Serpentine Hydro Power LP

CAN

0.01

Seven Sticks CLO Ltd.

CYM

0.00

Seven Sticks, LLC

100.00

SFG Bermuda, LTD

100.00

SFG Cary Investors, LLC

95.00

SFG Cary, LLC

100.00

SFG Fortuna, LLC

100.00

SFG Tenura, LLC

100.00

Shelby Randolph Road Solar I, LLC

100.00

Short Hills Capital Company #1, LLC

CYM

100.00

Short Line Rail Transportation LLC

0.00

Short Line Rail Transportation MM LLC

100.00

SID Solar I, LLC

100.00

Silver Sustainable Solutions Corp.

100.00

Silverstone Alexandria II Owner, LLC

100.00

Silverstone Alexandria II, LP

90.00

Silverstone Bethesda Owner, LLC

100.00

Silverstone Bethesda, LP

85.00

Silverstone Senior Living, LLC

37.33

Silverstone Tysons Owner, LLC

100.00

Silverstone Tysons, LP

85.00

SitePro Rentals, Inc.

100.00

Ski Partners II, LLC

32.75

Ski Partners, LLC

32.74

SLBCA Holding LLC

100.00

Solberg Reinsurance Company

100.00

Solent Forklift Trucks Limited

GBR

100.00

Soo Line Building City Apartments LLC

100.00

SP Land Company, LLC

80.00

SRE Blocker #1, Inc.

100.00

SRE Blocker #2, Inc.

100.00

SRE Blocker #3, Inc.

100.00

SRE Blocker #4, Inc.

100.00

SRE Blocker #5, Inc.

100.00

SRE Blocker #6, Inc.

100.00

SRE Blocker #7, Inc.

100.00

SRE Blocker #8, Inc.

100.00

SRE DevCo, Inc.

100.00

SRE Focalpoint Holdings, Inc.

100.00

SRE Focalpoint Member, LLC

100.00

SRE Focalpoint, LLC

99.50

SRE Hydro Canada Corp

CAN

100.00

SRE Hydro Canada General Services Ltd.

CAN

100.00

SRE Hydro Canada-1, LLC

99.50

SRE Hydro DevCo, Inc.

100.00

SRE Midway HoldCo LLC

100.00

SRE Midway LLC

99.50

SRE Midway Member LLC

100.00

SRE NC Solar, LLC

99.50

SRE OpCo, Inc.

100.00

SRE Rio Bravo, LLC

99.50

SRE Solar OpCo, Inc.

100.00

SRE Utility Solar 1, LLC

100.00

SRE Wind OpCo Inc.

100.00

SRK Holdings, LLC

100.00

SSL CCI Funding, LLC

85.00

Stellar Funding, Ltd.

CYM

0.00

Stewart Creek Grazing Association, LLC

50.00

Stewart Creek Grazing Association, LLC

50.00

Stone Roots M Trust

100.00

Stone Roots N Trust

100.00

Stonebridge Investors III, LLC

100.00

Sweetgum Solar, LLC

100.00

Sweetwater River Conservancy Bald and Golden Eagle Bank, LLC

100.00

Sweetwater River Conservancy Greater Sage-Grouse Habitat Bank, LLC

100.00

Sweetwater River Conservancy Wetland Mitigation Bank, LLC

100.00

Sweetwater River Conservancy, LLC

100.00

Sync Storage Solutions, Inc.

100.00

TEK Financial, LLC

99.50

TEK Financial, LLC

0.00

Teton Holdings I LLC

0.00

Teton Holdings II MM LLC

100.00

The Liberty Hampshire Capital Company, LLC

100.00

The Liberty Hampshire Company, LLC

100.00

Thomas Creek Capital Corporation

100.00

Thomas Weisel India Opportunity Fund, L.P.

0.00

TLEXP Ellisville 926, LLC

100.00

TLEXP Overland Park 978, LLC

100.00

TLEXP St. Peters 899, LLC

100.00

Toledo-MNG, LLC

90.57

Toledo-SLS, LLC

90.57

Trail Boss Partners, LLC

100.00

Trainingplus.Com Ltd.

ZZZ

100.00

Transparent Value Private Limited

IND

99.97

Transparent Value, L.L.C.

100.00

Two Crosses Grazing Association, LLC

25.00

Two Crosses Grazing Association, LLC

25.00

Two Crosses Grazing Association, LLC

25.00

Two Crosses Grazing Association, LLC

25.00

Ulmus Funding LLC

17.00

Ulmus Funding LLC

76.50

Ulmus Funding LLC

0.00

Ulmus Holdco LLC

0.00

Van Slyke Solar Center, LLC

100.00

VG ECU Holdings LLC

100.00

VG Morrow Park Capital LLC

84.80

VG Morrow Park Capital LLC

15.20

VGH/Dallas LLC

70.00

Village Green Communications LLC

100.00

Village Green Holding LLC

100.00

Village Green Management Company LLC

100.00

Village Green Management Company of Illinois LLC

100.00

Village Green Management Company of North Carolina LLC

100.00

Village Green Management Company of Pennsylvania LLC

100.00

Washington Morgan Capital Company, LLC

100.00

West Coast QSR Acquisitions, LLC

100.00

White Oak Guggenheim Feeder Fund, LLC

29.17

White Oak Guggenheim Feeder Fund, LLC

0.00

White Plains Capital Company, LLC

100.00

Woodbine Legacy Holdings, LLC

93.00

Woodbine Legacy Holdings, LLC

7.00

Woodbine Legacy Investment Partners, LP

45.70

Woodbine Legacy Pref Partners, LP

42.10

Wooden Rifle Grazing Association, LLC

20.00

Wooden Rifle Grazing Association, LLC

20.00

Wooden Rifle Grazing Association, LLC

20.00

Wooden Rifle Grazing Association, LLC

20.00

Wooden Rifle Grazing Association, LLC

20.00

York Road Solar I, LLC

100.00

ZV Solar 3, LLC

100.00

Item 30. Indemnification

Midland National Life Insurance Company indemnifies actions against all officers, directors, and employees to the full extent permitted by Iowa law. This includes any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative. Such indemnification includes expenses, judgments, fines, and amounts paid in settlement of such actions, suits, or proceedings.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 31a. Relationship of Principal Underwriter to Other Investment Companies

In addition to Midland National Life Separate Account C, Sammons Financial Network, LLC, the principal underwriter/distributor of the Registrant, is also the principal underwriter/distributor for variable universal life policies issued through Midland National Life Separate Account A.

Item 31b. Principal Underwriters

The directors and principal officers of Sammons Financial Network, LLC are as follows:


Name and Principal Business Address						Positions and Offices with Sammons Financial Network, LLC
William L. Lowe 8300 Mills Civic Parkway West Des Moines, IA 50266						President
Holley Taylor 8300 Mills Civic Parkway West Des Moines, IA 50266						Chief Compliance Officer—Broker Dealer
Arlen Dykhuis 8300 Mills Civic Parkway West Des Moines, IA 50266						Financial Operations Principal
Brett Agnew 8300 Mills Civic Parkway West Des Moines, IA 50266						Corporate Secretary

Item 31c. Compensation of Principal Underwriters

The following commissions and other compensation were received by each principal underwriter, directly or indirectly, from the Registrant during the Registrant’s last fiscal year:


(1) Name of Principal Underwriter	(2) Net Underwriting Discounts and Commissions*	(3) Compensation on Redemption	(4) Brokerage Commissions	(5) Other Compensation**
Sammons Financial Network, LLC	$18,325,271	$0	$0	$3,724,566

* Represents commissions paid on the LiveWell Variable Annuity, LiveWell Dynamic Annuity, and the Legacy Variable Annuity.

** Represents an underwriting fee paid to Sammons Financial Network, LLC for LiveWell Variable Annuity contract, LiveWell Dynamic Annuity contract, and the Legacy Variable Annuity contract under Separate Account C.

Item 33. Management Services

No management related services are provided to the Registrant, except as discussed in Parts A and B.

Item 34. Fee Representation

Midland National Life Insurance Company represents that all fees and charges deducted under the Contracts, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred and the risk assumed by Midland National Life Insurance Company.

Section 403(b) Representation

Registrant represents that it is relying on a no-action letter dated November 28, 1988, to the American Council of Life Insurance (Ref. No. IP-6-88), regarding sections 22(e), 27(c)(1), and 27(d) of the Investment Company Act of 1940, in connection with redeemability restrictions on Section 403(b) Contracts, and that paragraphs numbered (1) through (4) of that letter will be complied with.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Midland National Life Separate Account C, hereby certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of West Des Moines, and State of Iowa, on this nineteenth day of April, 2024.

MIDLAND NATIONAL LIFE SEPARATE

ACCOUNT C (REGISTRANT)

By:

ESFANDYAR E. DINSHAW

Chairman of the Board

MIDLAND NATIONAL LIFE

INSURANCE COMPANY (DEPOSITOR)

By:

ESFANDYAR E. DINSHAW

Chairman of the Board

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.


Signatures			Title
/s/ *			President, Chairman of the Board of Directors & Chief Executive Officer
ESFANDYAR E. DINSHAW			(Principal Executive Officer)
/S/ *			Senior Vice President, Chief Financial Officer & Treasurer
*DAVID C. ATTAWAY			(Principal Financial & Accounting Officer)
/s/ *			Director
*DARRON K. ASH
/S/ *			Director
WILLARD BUNN, III
/S/ *			Director
JAMES RODERICK CLARK
/S/ *			Director
THOMAS J. CORCORAN
/S/ *			Director
SUSAN T. DEAKINS
/S/ *			Director
GEORGE A. FISK
/S/ *			Director
WILLIAM D. HEINZ
/S/ *			Director
WILLIAM L. LOWE
/S/ *			Director
MICHAEL M. MASTERSON
/S/ *			Director
ROBERT R. TEKOLSTE


*BY:	/s/Brett Agnew	Date: April 19, 2024
	Brett Agnew
	Attorney-in-Fact
	Pursuant to Power of Attorney

EXHIBIT INDEX


Item			Exhibit

27(d)(2)			Form of Guaranteed Lifetime Withdrawal Benefit Rider

27(d)(3)			Form of Annual Ratchet Death Benefit Rider

27(d)(4)			Form of Cycle Index Endorsement

27(d)(5)			Form of Flexible Premium Deferred Index-Linked Variable Annuity Contract

27(e)(2)			Form of Application for Flexible Premium Deferred Index-Linked Variable Annuity

27(k)(1)			Opinion and Consent of Counsel

27(l)(2)			Consent of Independent Registered Public Accounting Firm

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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