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Registration Nos. 333-282591; 333-262682
Investment Company Act No. 811-07772
As filed with the Securities and Exchange Commission on January 13, 2025
 
 
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
    ☒
(File No. 333-282591)
and
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. ___
    ☐        
Post-Effective Amendment No. __4
    ☒
(File No. 333-262682)
and
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 159
    ☒    
(File No. 811-07772)
 
Midland National Life Separate Account C
(Exact Name of Registered Separate Account)

Midland National Life Insurance Company
(Name of Insurance Company )
 
8300 Mills Civic Parkway
West Des Moines, Iowa 50266-1071
(Address of Insurance Company’s Principal Executive Offices)
Insurance Company’s Telephone Number, including Area Code:
(877) 586-0240

 


1


Name and Address of Agent for Service:
Copy to:
Brett L. Agnew 
Midland National Life Insurance CompanyDodie Kent
8300 Mills Civic ParkwayEversheds Sutherland
West Des Moines, IowaNew York, New York
515-327-5890
(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)
 
Approximate date of commencement of proposed sale to the public: Continuously on and after the effective date of this registration statement.
It is proposed that this filing will become effective:

☒    on January 14, 2025 pursuant to paragraph (b) of Rule 485 under the Securities Act of 1933
(“Securities Act”).

Check each box that appropriately characterizes the Registrant(s):

☒    Insurance Company relying on Rule 12h-7 under the Exchange Act
 
 


2

Rate Sheet Supplement dated January 14, 2025
to the Prospectus dated January 14, 2025
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 January 14, 2025 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 https://www.midlandnational.com/oakeliteadv
•Go to www.sec.gov under File Nos. 333-282591; 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 D 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
503.500%3.000%+0.100%
513.575%3.075%+0.100%
523.650%3.150%+0.100%
533.725%3.225%+0.100%
543.800%3.300%+0.100%
553.875%3.375%+0.100%
563.950%3.450%+0.100%
574.025%3.525%+0.100%
584.100%3.600%+0.100%
594.175%3.675%+0.100%
604.250%3.750%+0.100%
614.400%3.900%+0.100%
624.550%4.050%+0.100%
634.700%4.200%+0.100%


3

644.850%4.350%+0.100%
655.000%4.500%+0.125%
665.150%4.650%+0.125%
675.300%4.800%+0.125%
685.450%4.950%+0.125%
695.600%5.100%+0.125%
705.750%5.250%+0.125%
715.900%5.400%+0.125%
726.050%5.550%+0.125%
736.200%5.700%+0.125%
746.350%5.850%+0.125%
756.500%6.000%+0.150%
766.650%6.150%+0.150%
776.800%6.300%+0.150%
786.950%6.450%+0.150%
797.100%6.600%+0.150%
807.250%6.750%+0.150%
817.400%6.900%+0.150%
827.550%7.050%+0.150%
837.700%7.200%+0.150%
847.850%7.350%+0.150%
858.000%7.500%+0.150%



4


Oak Elite Advisory Registered Index-Linked Variable Annuity Prospectus
January 14, 2025
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”). You may allocate your premiums entirely to the Cycle Investments, entirely to the Subaccounts, or a combination of the two types of investment options, subject to our right not to offer any Cycle Investments in the future. See APPENDIX A: INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT for additional information about each investment option.
•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”). Any positive return will be subject to either a Cap Rate and/or a Participation Rate (the “Crediting Type”), which will limit the amount you can earn on a Cycle Investment. 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. We guarantee that we will never offer a Cycle Investment with a Cap Rate Below 2.5 % or a Participation Rate below 10% for the life of your Contract.
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. You could lose up to 10% of your investment in a Cycle Investment with a -10% Floor Rate; up to 90% of your investment in a Cycle Investment with a -10% Buffer Rate; up to 80% of your investment in a Cycle Investment with a -20% Buffer Rate; and up to 70% of your investment in a Cycle Investment with a -30% 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 exercise our right to substitute, the limit on Index losses will not change for so long as that Cycle Investment remains available under the Contract, and the limit on Index gains will not change except from one Cycle Term to the next. If we add new Cycle Investment options, the limits on Index gain and loss offered under the new Cycle Investment may differ from those of the Cycle Investments currently available, perhaps significantly. We guarantee that we will never offer a Cycle Investment with a Floor Rate lower than -60% or a Buffer Rate lower than -5% for the life of your Contract. 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 and do not provide any protection against losses. This Contract may not be appropriate for you if you intend to invest solely in the Index-linked Cycle Investments.
•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.



5

We reserve the right to reject or place limitations on the acceptance and allocation of additional premiums. If we do so, you may be unable or limited in your ability to increase your Contract Value, the value of your death benefit, and the benefit base of any GLWB rider you elect through additional premium payments.
The contract is a complex investment vehicle and involves risks, including potential loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in negative contract adjustments based on the Fair Value of the Cycle Investments, taxes, and tax penalties. 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), transfer to the Subaccounts, 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. This Contract may not be appropriate for you if you intend or need to make withdrawals prior to the Cycle End Dates.
Our obligations under the Contract are subject to our financial strength and claims-paying ability.

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 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.
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, although the amount you receive may reflect negative adjustments based on the Fair Value of the Cycle Investments. 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 and index-linked annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
Prospectus Date: January 14, 2025


6

TABLE OF CONTENTS

 
 
 
 
 
 
 
 
 
 


7

 
Optional Benefit Rider Charges


8

A-1
A-3
A-4
A-6
 


 

 


9

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 Phase means the period of time from the date you purchase the Contract to the date you apply your Contract Value to an annuity payment option.
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. See the “Advisory Fee Risk” section for important information about the risks associated with choosing to have your Advisory Fee deducted from your Contract Value.
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.).


1

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.


2

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.”
Income Phase means the period of time from the date you apply your Contract Value to an annuity payment option to the date we make the last annuity payment to you under the option you chose.
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


3

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 D 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.


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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 and available Subaccounts, each of which invests an Investment Portfolio which has its own investment strategy, investment adviser, expense ratio and returns.
Additional information about available Cycle Investments and the Investment Portfolios offered through the Subaccounts is provided in an appendix to this Prospectus. See APPENDIX A – INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT.
A.Cycle Investments


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Each Cycle Investment tracks the performance of an Index for a Cycle Term. We will credit gain or loss (i.e., positive or negative interest) at the end of the Cycle Term to amounts allocated to an Cycle Investment based, in part, on the performance of the Index. You could lose a significant amount of money if the Index declines in value. 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 the Cycle End Date, we calculate the Cycle Maturity Value. 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).
Protection Against Negative Index Return. Each Cycle Investment provides a type of downside protection (“Cycle Structure”), which limits the negative Index return used in calculating the return on the Cycle Investment credited on the Cycle End Date. The Cycle Structure is 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.
•If a Cycle Investment has a Floor Rate Cycle Structure, 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 in a Cycle Investment with a Floor Rate of -10% and the Index decreases by 25%, you will lose 10% on the Cycle End Date.
•If a Cycle Investment has a Buffer Rate Cycle Structure, the Buffer Rate 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 in a Cycle Investment with a Buffer Rate of -20% and the Index decreases by 25%, on the Cycle End Date the Company will bear a loss of 5%, the amount of the Index loss that exceeds the Buffer Rate.
•We guarantee that we will never offer a Cycle Investment with a Floor Rate lower than -60% or a Buffer Rate lower than -5% for the life of your Contract. 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 and do not provide any protection against losses.
Limits on Positive Index Return. Each Cycle Investment also limits the positive Index return used in calculating the return on the cycle Investment credited on the Cycle End Date based on its “Crediting Type. ” The Crediting Types 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.
•If a Cycle Investment has a Cap Rate Crediting Type, 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 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.
•If a Cycle Investment has a Participation Rate Crediting Type, the Participation Rate 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.
•If a Cycle Investment has a Cap Rate with Participation Rate Crediting Type, 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 and 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).
•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.


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B.     Subaccounts
The available Subaccounts each invest an Investment Portfolio which has its own investment strategy, investment adviser, expense ratio and returns.
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.
Q. How is the value of a Cycle Investment determined prior to the end of a Cycle Term?
You could lose a significant amount of money due to an adjustment for Fair Value if amounts are removed from a Cycle Investment prior to the end of a Cycle Term. On each Business Day, other than the Cycle Start Date and the Cycle End Date, an independent third


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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.



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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
FEES, EXPENSES AND ADJUSTMENTS
LOCATION IN PROSPECTUS
Are There Charges or Adjustments for Early
Withdrawals?
Yes. Although the Contract does not include charges for early withdrawal,if you remove 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 using an adjustment based on the Fair Value of the Cycle Investment, which may be lower than your principal invested in the Cycle Investment, and the Floor Rate or 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. For example, if you allocate $100,000 to a Cycle Investment with a 3-year Cycle Term and later withdraw the entire amount before the 3 years have ended, you could lose up to $100,000 of your investment. This loss will be greater if you also have to pay taxes and tax penalties. The Fair Value calculation applies to all withdrawals from a Cycle Investment prior to the Cycle End Date (including Systematic Withdrawals, Required Minimum Distributions, Lifetime Payments under the GLWB riders, full or partial surrenders of your Contract (including exercising your right to cancel the Contract), and withdrawals to pay Advisory Fees), transfers to the Subaccounts, payment of a death benefit or annuitization. You can obtain the Cycle Investment Unit Values for the Cycle Investments in which you invest by calling (833) 492-0022. This value can fluctuate daily, and the current value quoted may differ from the actual Cycle Investment Unit Value at the time of a transaction.
The Cycle Investment Options - Examples
Are There Transaction Charges?
Yes. 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. If we charge this fee in the future, we will send you notice at least 10 business days prior to imposing the 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
Are There Ongoing Fees and Expenses?
Yes.

The table below describes the fees and expenses that you may pay each year, depending on the Investment Options and optional benefits 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.

For the Cycle Investments, there is an implicit ongoing fee to the extent that the investor’s participation in Index gains is limited by our use of a Cap Rate, Participation Rate or Cap Rate with Participation Rate. This means that your returns may be lower than the Index’s returns. In return for accepting a limit on Index gains, you will receive some protection from Index losses. This implicit ongoing fee is not reflected in the tables below.
Charges, Fees and Deductions
 


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Annual FeeMinimumMaximum
Base Contract Expenses1
0.25%0.25%
Portfolio Company fees and expenses2
0.52%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. This estimate assumes that you do not take withdrawals from the Contract, which could result in a negative adjustment based on the Fair Value to each Cycle Investment’s Cycle Investment Value.
FEES AND EXPENSES
Lowest Annual
Cost: $12
Highest Annual
Cost: $2,145
LOCATION IN PROSPECTUS
Assumes:

•Investment of $100,000 (to the 6-year Cycle Investments only)
Assumes:

•Investment of $100,000 (to the Subaccounts only)
•5% annual appreciation
•5% annual appreciation
•Least expensive investment portfolio fees and expenses for period of time in Default Account for 1 day each 6 year Cycle Term
•Most expensive investment portfolio fees and expenses
•No optional benefits
•Both the Annual Ratchet Death Benefit Rider and the Return of Premium GLWB Rider
•Minimal Base Contract Expenses for period of time in Default Account for 1 day each 6 year Cycle Term
•Base Contract Expenses of 0.25%
•No Surrender Charges or Advisory Fees
•No Surrender Charges or Advisory Fees
•No additional premium payments, transfers, or withdrawals
•No Fair Value adjustment to Cycle Investment Unit Values.
•No additional premium payments, transfers, or withdrawals
•No Fair Value adjustment to Cycle Investment Unit Values.



RISKSLOCATION IN PROSPECTUS


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Is There a Risk of Loss from Poor Performance?
Yes.

• You can lose money by investing in this Contract, including loss of principal and prior Contract earnings.
• For a Cycle Investment, the maximum amount of loss that you could experience from negative Index performance at the end of a Cycle Term, after taking into account the minimum limits on Index loss currently provided under the Contract, would be: up to 10% of your investment in a Cycle Investment with a -10% Floor Rate; up to 90% of your investment in a Cycle Investment with a -10% Buffer Rate; up to 80% of your investment in a Cycle Investment with a -20% Buffer Rate; and up to 70% of your investment in a Cycle Investment with a -30% Buffer Rate.
• The limits on Index loss offered under the Contract may change from one Cycle Term to the next; however, we guarantee that we will never offer a Cycle Investment with a Floor Rate lower than -60% or a Buffer Rate lower than -5% for the life of your Contract. 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.

Principal Risks


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Is This a Short-Term Investment?
No.

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.
Amounts withdrawn may result in taxes and tax penalties. 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.
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, we will allocate the proceeds of maturing Cycle Investments to a new Cycle Investment of the same Cycle Type. If such a new Cycle Investment is not available, we will allocate the proceeds to the Default Account.
If you choose to pay Advisory Fees from your Contract Value, this deduction will be treated as a withdrawal. This will reduce your Contract Value and the value of the standard Contract Value Death Benefit, and reduce the likelihood of increasing the Annual Ratchet Death Benefit and/or the Benefit Base of a GLWB rider through a step up on any eligible Contract Anniversary. In addition, if Advisory Fees are deducted from the Cycle Investments prior to the Cycle End Date, this deduction will be subject to the Fair Value calculation described above. Although we treat Advisory Fees as non-taxable distributions 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. You should consult with your Advisor and consider making Advisory Fee Payments from a separate source in order to avoid incurring these consequences.

Principal Risks


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What Are The Risks Associated with the Investment Options?

•An investment in this Contract is subject to the risk of poor investment performance of the Indices underlying 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.
For Cycle Investments:
• The Cap Rate, Participation Rate or Cap Rate with Participation Rate, as applicable, may limit positive Index returns (i.e., limited upside). This may result in you earning less than the Index return. For example:
◦For a Cycle Investment with a Cap Rate Crediting Type, if the Index return is 12% and the Cap Rate is 4%, we will credit 4% in interest at the end of the Cycle Term.
◦For a Cycle Investment with a Participation Rate Crediting Type, if the Index return is 12% and the Participation Rate is 90%, we will credit 10.8% in interest at the end of the Cycle Term.
◦For a Cycle Investment with a Cap Rate with Participation Crediting Type, if the Index return is 12%, the Cap Rate is 4% and the Participation Rate is 90%, we will credit 4% in interest at the end of the Cycle Term. If the Index return is 8%, the Cap Rate is 10% and the Participation Rate is 90%, we will credit 7.2% (the Index return multiplied by the Participation Rate) in interest at the end of the Cycle Term.
• The Buffer Rate or Floor Rate, as applicable, may limit negative Index returns (e.g., limited protection in the case of market decline). For example:
◦If the Index return is -25% and the Buffer Rate is -10%, we will apply a 15% loss (the amount of negative Index performance that exceeds the Buffer Rate) at the end of the Cycle Term.
◦If the Index Change is -25% and the Floor Rate is -10%, we will apply a 10% loss (the amount of negative Index performance up to the Floor Rate) at the end of the Cycle Term.
• Each Index is a “price return index,” not a “total return index,” and therefore does not reflect dividends paid on securities composing the Index. This will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

What Are the Risks Related to the Insurance Company?
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/oakeliteadv.
Principal Risks




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RESTRICTIONSLOCATION IN PROSPECTUS
Are There Restrictions on the Investment Options?
Yes.
•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;
•We may change the limits on Index gains from one Cycle Term to the next. 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.
•We reserve the right to substitute the Index for a Cycle Investment during its Cycle Term
•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. If we exercise our right to substitute a Cycle Investment, the limit on Index losses will not change for so long as that Cycle Investment remains available under the Contract, and the limit on Index gains will not change except from one Cycle Term to the next.
•We reserve the right to reject or place limitations on the acceptance and allocation of additional premiums,
Are There any Restrictions on Contract Benefits?
Yes.

Except as otherwise provided, we cannot modify or terminate Contract benefits once elected.

•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.


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•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.
•You may participate in either the Dollar Cost Averaging Program or the Portfolio Rebalancing Program, but not both. For either program, transfers are only available among Subaccounts. Cycle Investments are not eligible.


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TAXESLOCATION IN PROSPECTUS
What are the Contract’s 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 INTERESTLOCATION IN PROSPECTUS
How are Investment Professionals Compensated?
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 offered by our affiliate, Sammons Financial Network. 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
Should I Exchange My Contract?
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, and any fees or penalties to terminate the existing contract, that it is better for you to purchase the new contract rather than continue to own your existing contract.
Tax-Free Section 1035 Exchanges
 

FEE TABLE
The following tables describe the fees, expenses and adjustments that you will pay when buying, owning, and surrendering or making withdrawals from an investment option or 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 an investment option or 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
 
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.


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The next table describes the adjustments, in addition to any transaction expenses, that apply if all or a portion of the Contract Value is removed from an investment option or from the Contract before the expiration of a specified period.

Adjustments

Fair Value Calculation Maximum Potential Loss1                 100%
(as a percentage of Contract Value in a Cycle Investment
at the start of the Cycle Term)
1.If you remove 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.Your Cycle Investment Value, which is based on the Cycle Investment Unit 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. See “Valuation of a Cycle Investment” later in this Prospectus, as well as “Fair Value Formulas for Cycle Investments” in the Statement of Additional Information.


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).

If you choose to purchase an optional benefit, you will pay additional charges, as shown below.
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    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.
In addition to the fees described above, we limit the amount you can earn on the Cycle Investments. This means your returns may be lower than the Index’s returns. In return for accepting this limit on Index gains, you will receive some protection from Index losses.

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. Expenses shown may change over time and may be higher or lower in the future. 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 OPTIONS 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)
MinimumMaximum
Total annual operating expenses
0.52%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, 2024. 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


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This Example is intended to help you compare the cost of investing in the Subaccounts with the cost of investing in other annuity contracts that offer variable options. These costs include transaction expenses, annual Contract expenses, and Annual Investment Portfolio Expenses.
The Example assumes all Contract Value is allocated to the Subaccounts. The Example does not reflect any contract adjustment based on the Fair Value of the Cycle Investments. Your costs could differ from those shown below if you invest in Cycle Investments.
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 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. Early withdrawals may have adverse tax consequences, and early withdrawals from. Cycle Investments may result in negative adjustments based on Fair Value. See “RISKS OF INVESTING IN THE CYCLE INVESTMENTS - Liquidity Risk” below for more information.

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. Losses on Cycle Investments may be substantial depending on the performance of the Index and the Cycle Investment to which you allocate Contract Value despite limits on negative Index returns provided by the Floor Rate or Buffer Rate. 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. You could lose up to 10% of your investment in a Cycle Investment with a -10% Floor Rate; up to 90% of your investment in a Cycle Investment with a -10% Buffer Rate; up to 80% of your investment in a Cycle Investment with a -20% Buffer Rate; and up to 70% of your investment in a Cycle Investment with a -30% Buffer Rate. We guarantee that we will never offer a Cycle Investment with a Floor Rate lower than -60% or a Buffer Rate lower than -5% for the life of your Contract, but 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 and do not provide any protection against losses.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


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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), transfer Contract Value to the Subaccounts, 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.
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, such as the costs of financial instruments we hold to manage our risk associated with our obligations, sales commissions, administrative expenses, regulatory and tax requirements, general economic trends and competitive 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.
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, we will allocate the proceeds of maturing Cycle Investments to a new Cycle Investment of the same Cycle Type. If such a new Cycle Investment is not available, we will allocate the proceeds to the Default Account. A new Cycle Investment will be subject to the new Cap Rate and/or Participation Rate we have declared for such Cycle Investment. We will inform you and your Advisor in writing, or electronically, if applicable, of the Cap Rate and/or Participation Rate for the new 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. See “Cap Rates and Participation Rates” below for more information about exercising your right to bailout of the Cycle Investment..
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/oakeliteadv. Prior to the Cycle Start Date, we will post Indicative Rates every Tuesday. The Cap


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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/oakeliteadv. For more information and to see how Fair Value and Cycle Investment Unit Value are calculated, see “Cycle Investment Unit Value Examples” in the Statement of Additional Information 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


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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 “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.

•    Dimensional US Equity Core Plus Index (Bloomberg Ticker: DFAUECPE) The Dimensional US Equity Core Plus Index is a US equity market index designed to offer broad diversification with a strong emphasis on areas of the market that research has shown to outperform over time. The Index is comprised of Dimensional ETFs based on target weights, rebalanced monthly. Constituent ETFs and their current target weights include the Dimensional US Core Equity 2 ETF (60.0%), Dimensional US Large Cap Vector ETF (12.5%), Dimensional US High Profitability ETF (12.5%), and Dimensional US Small Cap Value ETF (15.0%). At each rebalance, the Index redistributes weight in the eligible ETFs according to the Index’s ETF target weight distribution. The data used at rebalance will be the most recent end-of-day prices of the ETF components. These end-of-day prices generally reflect the underlying fees and expenses of each ETF, which could impact the return of the Index. The Index Committee of Dimensional Fund Advisors LP may adjust the ETF constituents and/or target weights from time to time depending on market conditions, ETF liquidity, and other factors deemed relevant in the Committee’s discretion. The Index is an “excess return” index, meaning its return reflects the investment return of its component ETFs (including reinvestment of all dividends and distributions), which is then reduced by both the effective federal funds rate (EFFR) and a 1.2% synthetic dividend. As of December 1, 2024, the current EFFR was 4.58%. The EFFR will fluctuate over time, and may be higher or lower in the future. To illustrate these daily deductions, if the Index return from the previous day to a given day before the deductions is 1%, then the final Index return for that day would be computed by: (1) calculating the sum of the synthetic dividend plus the EFFR (1.2% + 4.58% = 5.78%); (2) determining the “de-annualized” daily rate by multiplying the sum by 1/360 (5.78% x 1/360 = 0.0161%); and (3) subtracting the daily rate from the Index return (1% - 0.0161% = 0.984%). The final Index return after the deductions for that day would be 0.984%.

Additional risks related to the Index and its underlying ETFs’ investment activities are described below.
•Performance Drag: The Index includes a daily deduction which will exert a drag on Index performance, offsetting any positive performance of the underlying components for each day and exacerbating any negative performance, and may cause the level of the Index to decline even if the underlying components perform positively. In addition, the underlying components of the Index are subject to their own management fees, other expenses, and transaction costs that lower their performance and, consequently, the performance of the Index. These deductions negatively impact the performance of the Index. The performance of the Index would be higher if these deductions were not applied.
•Concentration: The Index allocates to underlying components at different weights, and as such the Index will be subject to the risks affecting the underlying components concentrated to different degrees.
•Disruptive Events: The occurrence of certain disruptive and extraordinary events, such as the unavailability of necessary data to apply the Index methodology, could impair the operation of the Index. Should such an event occur, the Index publisher may take any actions permitted by


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the Index rules, such as exercising limited discretion in determining the Index values or discontinuing the Index.
•New Index: The Index has limited performance history and may perform in unanticipated ways. Generally, there is less publicly available information about the Index compared to more established market indices.
•Profitability Investment Risk: High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause an underlying ETF to at times underperform equity funds that use other investment strategies.
•Value Investment Risk: Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause an underlying ETF to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.
•Small and Mid-Cap Company Risk: Securities of small and mid-cap companies are often less liquid than those of large companies and this could make it difficult to sell a small or mid-cap company security at a desired time or price. As a result, small and mid-cap company stocks may fluctuate relatively more in price. In general, small and mid-capitalization companies are also more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.
•Derivatives Risk: Derivatives are instruments, such as futures contracts, and options thereon, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When an underlying ETF uses derivatives, the ETF will be directly exposed to the risks of those derivatives. Derivative instruments are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, as well as the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and an underlying ETF could lose more than the principal amount invested.
•Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, an underlying ETF may lose money and there may be a delay in recovering the loaned securities. An underlying ETF could also lose money if it does not recover the securities and/or value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences.

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 return” indices, meaning the Index return does not include any dividends or other distributions declared by the companies included in the Index. This results in lower Index returns and, therefore, may negatively impact the performance of the Cycle Investments. We also reference the Dimensional US Equity Core Plus Index (Bloomberg Ticker: DFAUECPE), which is an “excess return” index that reflects the deduction of both the effective federal funds rate (EFFR) and a 1.2% synthetic dividend. As of December 1, 2024, the current EFFR was 4.58%. The EFFR will fluctuate over time, and may be higher or lower in the future. These deductions will reduce the Index return and cause the Index to underperform a direct investment in the underlying securities composing the Index.

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 or in any underlying ETFs 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.


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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.
Availability of Investment Portfolios
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.
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).


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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.
The quarterly fees deducted for optional benefit(s) you select will not coincide with the Cycle End Date(s) of your Cycle Investments. Because the charge(s) are deducted pro-rata across all investments, including the Cycle Investments, deductions of optional benefit fees from your Cycle Investment Value based on the Fair Value calculation cannot be avoided. When charges are deducted from the Cycle Investments on any day prior to the Cycle End Date, 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. This Contract may not be appropriate for you if you intend or need to make withdrawals prior to the Cycle End Date.
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


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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.


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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


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Non-Qualified Contract, as well as through Individual Retirement Accounts (“IRAs”), including Traditional IRAs and Roth IRAs. Midland National Life Insurance Company is solely responsible for paying all amounts promised to you under the Contracts. Our obligations under the Contract are subject to our financial strength and claims-paying ability.
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.

Currently, all of the investment options and Contract features described in this prospectus and SAI are available through all financial intermediaries that offer the Contract to their clients. In the future, the investment options or Contract features that are available through your Advisor may be different than the general description in this prospectus and the SAI because your Advisor may not make available certain investment options or features to their clients. If this occurs, a summary of any such material financial intermediary variations will be included in an appendix to the 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. Please note that we must receive premium payments allocated to the Cycle Investments by the close of the Business Day prior to the Cycle Start Date in order for those premiums to be included in a given Cycle launch. Premium payments received after 3:00 p.m. Central Time will remain in the Default Account until the next Cycle Start Date (i.e., the third Thursday of the following month).
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.


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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


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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
We will credit positive or negative interest at the end of a Cycle Term to amounts allocated to a Cycle Investment based, in part, on the performance of the Index. An investment in a Cycle Investment is not an investment in the Index or any Index fund. You could lose a significant amount of money if the Index declines in value. Additionally, if you remove amounts from a Cycle Investment prior to the end of the Cycle Term, you could lose a significant amount of money due to the adjustment based on the Fair Value of the Cycle Investment.
Information regarding the features of each currently available Cycle Investment, including (i) its name, (ii) its type, (iii) its Cycle Term, (iv) its Index Crediting Type, (v) its current limits on Index loss, and (vi) its minimum limit on Index gain, is available in an appendix to this prospectus. See “APPENDIX A – INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT”.
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 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); and
•    the Index to which it is linked.

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. Before allocating Contract Value to a Cycle Investment, you should consider in consultation with your financial professional which Cycle Term lengths may be appropriate for you based on your liquidity needs, investment horizon and financial goals. Investing in Cycle Investments with shorter Cycle Terms will provide more Cycle End Dates and thus more opportunities for interest crediting and transferring Contract Value without adjustment for Fair Value; however, assuming the same Index and limit on Index loss, Cycle Investments with shorter Cycle Terms generally tend to have less potential for gain. Conversely, investing in Cycle Investments with longer Cycle Terms will provide fewer Cycle End Dates and thus fewer opportunities for interest crediting and transferring Contract Value without adjustment for Fair Value; however, assuming the same Index and limit on Index loss, Cycle Investments with longer Cycle Terms generally tend to have more potential for gain.
Amounts must remain in a Cycle Investment until the end of its Cycle Term to be credited with interest on the Cycle End Date and to avoid a possible negative adjustment based on Fair Value, in addition to potential tax consequences. The adjustment for Fair Value will occur if any of the following transactions occurs before the Cycle End Date: any withdrawal (including Lifetime Payments under the GLWB riders, withdrawals to pay Advisory Fees, systematic withdrawals and required minimum distributions),


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transfers to the Subaccounts, surrender or annuitization of the Contract, or if a death benefit becomes payable. See “Cycle Investment Unit Value” for more information.
Limits on Index Losses.
For each Cycle Investment, at the end of its Cycle Term, we may limit the negative Index return used to calculate the Cycle Investment Unit Values by applying the applicable Floor Rate or Buffer Rate.
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%.
The following examples illustrate how we calculate and credit interest under each Index crediting methodology assuming hypothetical Index returns and hypothetical limits on Index gains and losses. The examples assume no withdrawals.
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%.
The current Floor Rate will not change during a Cycle Investment’s Cycle Term. 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%.
The following examples illustrate how we calculate and credit interest under each Index crediting methodology assuming hypothetical Index returns and hypothetical limits on Index gains and losses. The examples assume no withdrawals
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.
The current Buffer Rate will not change during a Cycle Investment’s Cycle Term. 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 -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 95% of your investment in the Cycle Investment.
We set the limit on Index losses for each Cycle Investment at our sole discretion. We consider various factors in determining the limit on Index losses, including the cost of our risk management techniques, sales commissions, administrative expenses, regulatory and tax requirements, general economic trends and competitive factors.
Before allocating Contract Value to a Cycle Investment , you should consider in consultation with your financial professional the limits on Index losses that may be appropriate for you based on your risk tolerance, investment horizon and financial goals. Generally, assuming the same Index and Cycle Term length, a Cycle Investment that provides more protection from Index losses will tend to have less potential for Index gains. Conversely, assuming the same Index and Cycle Term length, a Cycle Investment that provides less protection from Index losses will generally tend have more potential for Index gains.
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.


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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.
Limits on Index Gains
At the end of a Cycle Term for a Cycle Investment, we may limit the positive Index return used to calculate the Cycle Investment Unit Values by applying the Cap Rate, the Participation Rate or the Cap Rate with Participation Rate, as applicable.
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.
The following examples illustrate how we calculate and credit interest under each Index crediting methodology assuming hypothetical Index returns and hypothetical limits on Index gains and losses. The examples assume no withdrawals
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 2.5% 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.
The following examples illustrate how we calculate and credit interest under each Index crediting methodology assuming hypothetical Index returns and hypothetical limits on Index gains and losses. The examples assume no withdrawals
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 10.0% 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). .


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The following examples illustrate how we calculate and credit interest under each Index crediting methodology assuming hypothetical Index returns and hypothetical limits on Index gains and losses. The examples assume no withdrawals.
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.
The Cap Rate and/or Participation Rate for a Cycle Investment will not change during a Cycle Term, but may change from one Cycle Term to the next. The Cap Rates and Participation Rates applicable to your initial Cycle Term are not guaranteed for future Cycle Terms. For future Cycle Terms, we may declare different Cap Rates and Participation Rates.
The Cap Rate and/or Participation Rate for each Cycle Investment that we are currently offering for new Cycle Terms are available at the following website address: https://www.midlandnational.com/oakeliteadv. The Cap Rates and Participation Rates posted on that website address are incorporated by reference into the prospectus. We determine Cap Rates and Participation Rates for each new Cycle Term at our discretion, subject to the guaranteed minimum Cap Rate and Participation Rate. We consider a number of factors when declaring Cap Rates and Participation Rates. Generally, we seek to manage our risk associated with our obligations, in part, by trading call and put options and other derivative instruments on the available Indices. The costs of these instruments impact the rates we declare, and those costs can be impacted by market conditions and forces. We also consider sales commissions, administrative expenses, regulatory and tax requirements, general economic trends and competitive factors. You bear the risk that we may declare lower Cap Rates and Participation Rates for future Cycle Terms, and that such rates could be as low as the guaranteed minimum Cap Rate and/or Participation Rate for that Cycle Investment. Rates offered for new Cycle Terms may be different from those offered to new investors or offered to you at Contract issuance.
Before allocating Contract Value to a Cycle Investment, you should consider in consultation with your financial professional the limits on Index gains that may be appropriate for you based on your risk tolerance, investment horizon and financial goals. 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.
The Indices
We currently offer Cycle Investments linked to the following Indices (each, an “Index”):
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 is a “price return index,” not a “total return index,” and therefore does not reflect dividends or distributions paid on the securities composing the Index. This will reduce the Index return and cause the Index to underperform a direct investment in the securities composing the Index. Additional information about the Index can be found at https://www.spglobal.com/spdji/en/indices/equity/sp-500/#overview.

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


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capitalization in each of the 21 countries. The MSCI EAFE Price Return Index is a “price return index,” not a “total return index,” and therefore does not reflect dividends or distributions paid on the securities composing the Index. This will reduce the Index return and cause the Index to underperform a direct investment in the securities composing the Index. Additional information about the Index can be found at https://www.msci.com/eafe/.

Dimensional US Equity Core Plus Index (Bloomberg Ticker: DFAUECPE) The Dimensional US Equity Core Plus Index is a US equity market index designed to offer broad diversification with a strong emphasis on areas of the market that research has shown to outperform over time. The Index is comprised of Dimensional ETFs based on target weights, rebalanced monthly. Constituent ETFs and their current target weights include the Dimensional US Core Equity 2 ETF (60.0%), Dimensional US Large Cap Vector ETF (12.5%), Dimensional US High Profitability ETF (12.5%), and Dimensional US Small Cap Value ETF (15.0%). At each rebalance, the Index redistributes weight in the eligible ETFs according to the Index’s ETF target weight distribution. The data used at rebalance will be the most recent end-of-day prices of the ETF components. These end-of-day prices generally reflect the underlying fees and expenses of each ETF, which could impact the return of the Index. The Index Committee of Dimensional Fund Advisors LP may adjust the ETF constituents and/or target weights from time to time depending on market conditions, ETF liquidity, and other factors deemed relevant in the Committee’s discretion. The Index is an “excess return” index, meaning its return reflects the investment return of its component ETFs (including reinvestment of all dividends and distributions), which is then reduced by both the effective federal funds rate (EFFR) and a 1.2% synthetic dividend. As of December 1, 2024, the current EFFR was 4.58%. The EFFR will fluctuate over time, and may be higher or lower in the future. To illustrate these daily deductions, if the Index return from the previous day to a given day before the deductions is 1%, then the final Index return for that day would be computed by: (1) calculating the sum of the synthetic dividend plus the EFFR (1.2% + 4.58% = 5.78%); (2) determining the “de-annualized” daily rate by multiplying the sum by 1/360 (5.78% x 1/360 = 0.0161%); and (3) subtracting the daily rate from the Index return (1% - 0.0161% = 0.984%). The final Index return after the deductions for that day would be 0.984%. These deductions will reduce the Index return and cause the Index to underperform a direct investment in the securities composing the Index. Additional information about the Index can be found at https://www.dimensional.com/us-equity-core-plus-index.
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. See “Appendix C - Index Disclaimers” for important information regarding the Indices.
Historical Index Returns
The bar charts shown below provide each Index’s annual returns for the last 10 calendar years (or for the life of the Index if less than 10 years), as well as the Index returns after applying a hypothetical 5% Cap Rate and a hypothetical -10% Buffer Rate. The chart illustrates the variability of the returns from year to year and shows how hypothetical limits on Index gains and losses may affect these returns. Past performance is not necessarily an indication of future performance.
The performance below is NOT the performance of any Cycle Investment. Your performance under the Contract will differ, perhaps significantly. The performance below may reflect a different return calculation, time period and limit on Index gains and losses than the Cycle Investments, and does not reflect Contract fees and charges, including negative adjustments for Fair Value, which reduce performance.



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1649267448376
1 This Index is a “price return index,” not a “total return index,” and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.


1649267448372
1 This Index is a “price return index,” not a “total return index,” and therefore does not reflect the dividends paid on the securities composing the Index, which will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

The Dimensional US Equity Core Plus Index launched on 11/14/2024 and does not have historical annual returns at this time.


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

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/oakeliteadv 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/oakeliteadv 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.
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


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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. Please note that we must receive premium payments allocated to the Cycle Investments by the close of the Business Day prior to the Cycle Start Date in order for those premiums to be included in a given Cycle launch. Premium payments received after 3:00 p.m. Central Time will remain in the Default Account until the next Cycle Start Date (i.e., the third Thursday of the following month). 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


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Rate or Participation Rate until the Cycle Start Date, at which point it will be posted on our website, https://www.midlandnational.com/oakeliteadv. You will also be notified by mail or electronically, as applicable.

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 “Fair Value Formulas for Cycle Investments” in the Statement of Additional Information 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 “Fair Value Formulas for Cycle Investments”in the Statement of Additional Information 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.


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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
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 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 “Fair Value Formulas for Cycle Investments” in the Statement of Additional Information 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.


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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
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 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 “Fair Value Formulas for Cycle Investments” in the Statement of Additional Information 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.


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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.


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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
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 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 “Fair Value Formulas for Cycle Investments” in the Statement of Additional Information 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


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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.


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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.
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 Investment Unit Value, each as of that Cycle Business Day. The Cycle Investment Value will reflect withdrawals and fluctuations in the Cycle Investment Unit Value. ON ANY CYCLE BUSINESS DAY AFTER THE CYCLE START DATE, THE CONTRACT OWNER’S CYCLE INVESTMENT VALUE MAY BE LESS THAN THE AMOUNT INITIALLY INVESTED. The Cycle Investment Value is reduced by the dollar amount of all withdrawals and deductions for optional benefit rider charges.
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


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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
YearCycle Investment Value (CIV)
1) AV Growth
2) Quarterly ROP DB Fee Percentage
ROP DB Fee
Withdrawals
CIV After Fees and Withdrawals
UnitsUnit Value3) Impact of ROP DB Fee
0
$100,000.00———$0.00$100,000.0010,000.00$10.00—
Q1
$101,250.001.25%——$0.00$101,250.0010,000.00$10.13—
Q2
$102,515.631.25%——$10,000.00$92,515.639,024.54$10.25—
Q3
$93,672.081.25%——$0.00$93,672.089,024.54$10.38—
Q4
$94,842.981.25%——$10,000.00$84,842.988,073.01$10.51—
Annual ROP DB Fee 0.15%
YearCycle Investment Value (CIV)
1) AV Growth
2) Quarterly ROP DB Fee Percentage
ROP DB Fee
Withdrawals
CIV After Fees and Withdrawals
UnitsUnit Value3) Impact of ROP DB Fee
0
$100,000.00———$0.00$100,000.0010,000.00$10.00—
Q1
$101,250.001.25%0.0375%$37.97$0.00$101,212.039,996.25$10.12-$37.97
Q2
$102,477.191.25%0.0375%$38.43$10,000.00$92,438.769,017.04$10.25-$76.87
Q3
$93,594.251.25%0.0375%$35.10$0.00$93,559.159,013.66$10.38-$112.93
Q4
$94,728.631.25%0.0375%$35.52$10,000.00$84,693.118,058.75$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:



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No ARDB Rider Fee
YearCycle Investment Value (CIV)
1) AV Growth
2) Quarterly ARDB Fee Percentage
ARDB Fee
Withdrawals
CIV After Fees and Withdrawals
UnitsUnit Value3) Impact of ARDB Fee
0
$100,000.00———$0.00$100,000.0010,000.00$10.00—
Q1
$101,250.001.25%——$0.00$101,250.0010,000.00$10.13—
Q2
$102,515.631.25%——$10,000.00$92,515.639,024.54$10.25—
Q3
$93,672.081.25%——$0.00$93,672.089,024.54$10.38—
Q4
$94,842.981.25%——$10,000.00$84,842.988,073.01$10.51—
Annual ARDB Fee 0.40%
YearCycle Investment Value (CIV)
1) AV Growth
2) Quarterly ARDB Fee Percentage
ARDB Fee
Withdrawals
CIV After Fees and Withdrawals
UnitsUnit Value3) Impact of ARDB Fee
0
$100,000.00———$0.00$100,000.0010,000.00$10.00—
Q1
$101,250.001.25%0.100%$101.25$0.00$101,148.759,990.00$10.13-$101.25
Q2
$102,413.111.25%0.100%$102.41$10,000.00$92,310.709,004.55$10.25-$204.93
Q3
$93,464.591.25%0.100%$93.46$0.00$93,371.128,995.54$10.38-$300.95
Q4
$94,538.261.25%0.100%$94.54$10,000.00$84,443.728,035.02$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
YearCycle Investment Value (CIV)
1) AV Growth
2) Quarterly CV GLWB Fee Percentage
CV GLWB Fee
Withdrawals
CIV After Fees and Withdrawals
UnitsUnit Value3) Impact of CV GLWB Fee
0
$100,000.00———$0.00$100,000.0010,000.00$10.00—
Q1
$101,250.001.25%——$0.00$101,250.0010,000.00$10.13—
Q2
$102,515.631.25%——$10,000.00$92,515.639,024.54$10.25—
Q3
$93,672.081.25%——$0.00$93,672.089,024.54$10.38—
Q4
$94,842.981.25%——$10,000.00$84,842.988,073.01$10.51—
Annual CV GLWB Fee 0.95%
YearCycle Investment Value (CIV)
1) AV Growth
2) Quarterly CV GLWB Fee Percentage
CV GLWB Fee
Withdrawals
CIV After Fees and Withdrawals
UnitsUnit Value3) Impact of CV GLWB Fee
0
$100,000.00———$0.00$100,000.0010,000.00$10.00—
Q1
$101,250.001.25%0.2375%$240.47$0.00$101,009.539,976.25$10.13-$240.47
Q2
$102,272.161.25%0.2375%$242.90$10,000.00$92,029.268,977.10$10.25-$486.37
Q3
$93,179.631.25%0.2375%$221.30$0.00$92,958.338,955.77$10.38-$713.75
Q4
$94,120.301.25%0.2375%$223.54$10,000.00$83,896.777,982.98$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


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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
YearCycle Investment Value (CIV)
1) AV Growth
2) Quarterly ROP GLWB Fee Percentage
ROP GLWB Fee
Withdrawals
CIV After Fees and Withdrawals
UnitsUnit Value3) Impact of ROP GLWB Fee
0
$100,000.00———$0.00$100,000.0010,000.00$10.00—
Q1
$101,250.001.25%——$0.00$101,250.0010,000.00$10.13—
Q2
$102,515.631.25%——$10,000.00$92,515.639,024.54$10.25—
Q3
$93,672.081.25%——$0.00$93,672.089,024.54$10.38—
Q4
$94,842.981.25%——$10,000.00$84,842.988,073.01$10.51—
Annual ROP GLWB Fee 1.15%
YearCycle Investment Value (CIV)
1) AV Growth
2) Quarterly ROP GLWB Fee Percentage
ROP GLWB Fee
Withdrawals
CIV After Fees and Withdrawals
UnitsUnit Value3) Impact of ROP GLWB Fee
0
$100,000.00———$0.00$100,000.0010,000.00$10.00—
Q1
$101,250.001.25%0.2875%$291.09$0.00$100,958.919,971.25$10.13-$291.09
Q2
$102,220.901.25%0.2875%$293.89$10,000.00$91,927.018,967.12$10.25-$588.62
Q3
$93,076.101.25%0.2875%$267.59$0.00$92,808.518,941.34$10.38-$863.57
Q4
$93,968.611.25%0.2875%$270.16$10,000.00$83,698.457,964.11$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 “Fair Value Formulas for Cycle Investments” in the Statement of Additional Information for more detailed information about how the Fair Value Calculation Agent determines the Fair Value. See “Cycle Investment Unit Value Examples” in the Statement of Additional Information for illustrations of how Cycle Investment Unit Values are computed.


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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. Your Accumulation Value in a Subaccount will vary based on the investment experience of the corresponding Investment Portfolio in which the Subaccount invests. There is a risk of loss of the entire amount invested. 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.
Information regarding each Investment Portfolio, including (i) its name, (ii) its type, (iii) its investment adviser any any sub-investment adviser, (iv) current expenses, and (v) performance is avaialbe in an appendix to this prospectus. See “APPENDIX A – INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT”. Each Portfolio Company has issued a prospectus that contains more detailed information about the Portfolio Company, which can be amended from time to time and can be found online at https://www.midlandnational.com/oakeliteadv. You can also request this information at no cost by calling 866-747-3421 or sending an email request to SecuritiesPI@sfgmembers.com.
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.
We do not recommend or endorse any particular Investment Portfolio or Portfolios and we do not provide investment advice.


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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.


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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


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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.


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We also may defer payment of any withdrawal proceeds or other payment from a Cycle Investment for up to six months if the insurance regulatory authority of the state in which the Contract is issued approves such deferral. Please note that if payment proceeds are drawn from both the Subaccounts and the Cycle Investments, and payment is deferred under any of the circumstances specified above, it is possible that the payment will be split and you will receive the proceeds from the Subaccount and the proceeds from the Cycle Investments at different times. For example, if you instruct us to deduct a withdrawal from both the Subaccounts and the Cycle Investments, and the insurance regulatory authority in your state has approved the deferral of payments of our General Account obligations, you may receive the amount deducted from the Subaccounts within seven days and the amount deducted from the Cycle Investments at a later date (up to six months later).

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 BenefitPurposeIs Benefit Standard or OptionalMaximum FeeBrief 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.    


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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.    
•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.    


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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.    
•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.    
Health Activated Income Multiplier
Increases the Lifetime Payment Amount under one of the GLWB Riders in a particular Contract Year if one of the Covered Person(s) is unable to perform certain daily living activities due to a health condition.
Optional
No Charge
•Only available under one of the GLWB Riders.
•Only available after the 2nd Contract Anniversary.
•May be elected a maximum of five Contract Years.
•Health condition eligibility requirements must be met.
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


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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.


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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.


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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.
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 Return of Premium Death Benefit would be reduced from $110,000 to $92,631.58 or a reduction of the Return of Premium 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 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


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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.
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


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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.
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


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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.
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, including withdrawals of your Lifetime Payment Amount, 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 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.


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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.


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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.
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.
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.
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. 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.
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


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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:
•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 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.
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/oakeliteadv, or (iv) at www.sec.gov under File Nos. 333-282591; 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


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all superseded Rate Sheet Supplements can be found in Appendix D. 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 D 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.
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.
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 ADJUSTMENTS


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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 we charge this fee in the future, we will send you notice at least 10 Business Days prior to imposing the 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..


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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.

Adjustments for Fair Value
Before the end of a Cycle Term for a Cycle Investment we determine the Cycle Investment Unit Value that is used to calculate your Cycle Investment Value in the Cycle Investment by making an adjustment based on its Fair Value, which may be lower than your principal invested in the Cycle Investment. The Floor Rate or the Buffer Rate do not apply when we calculate the Fair Value. This means that under extreme conditions, you can lose up to 100% of your principal invested in a Cycle Investment if certain transactions occur prior to the Cycle End Date. The following transactions prior to the Cycle End Date will result an adjustment based on Fair Value:
•you make a withdrawal (including Lifetime Payments under the GLWB riders, withdrawals to pay Advisory Fees, systematic withdrawals and required minimum distributions);
•you transfer Contract Value from the Cycle Investment to the Subaccounts;
•you surrender the Contract;
•you annuitize the Contract; or
•a death benefit becomes payable.
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 End Date, we will use the Fair Value for each Cycle Investment, as provided by the Fair Value Calculation Agent, to calculate the Fair Value per Cycle Investment Unit outstanding.See the Statement of Additional Information for more information about the Fair Value calculation, including examples illustrating its operation.
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.
The adjustment for Fair Value is not a fee or charge that is provided in consideration for any specific Contract features. The Fair Value of a Cycle Investment is related to the value of the derivative assets that we may hold in support of our financial obligations under the Contract. The use of the Fair Value shifts risk from us to investors in the Contract, protecting us from losses on those derivative assets when amounts are withdrawn or otherwise removed from a Cycle Investment prior to end of a Cycle Term.
You can obtain the Cycle Investment Unit Values for the Cycle Investments in which you invest by calling (833) 492-0022. This value can fluctuate daily, and the current value quoted may differ from the actual Cycle Investment Unit Value at the time of a transaction.
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.


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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


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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.


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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.


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•    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.


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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


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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.
 
 
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.


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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 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.


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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;
(c)    reflect a change in the operation of the Separate Accounts; or
(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.
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.
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.


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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.
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.
FINANCIAL STATEMENTS
The consolidated financial statements of Midland National Life Separate Account C and Midland National Life Insurance Company are included in the Statement of Additional Information. Instructions on how to obtain the Statement of Additional Information are included on the back cover page.
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.
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.


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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/oakeliteadv 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.
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


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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 OPTIONS AVAILABLE UNDER THE CONTRACT
PORTFOLIO COMPANIES
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/oakeliteadv. 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 Expenses1-Year Return5-Year Return10-Year Return
US Insurance Moderate Allocation
American Funds IS® Asset Allocation 4
0.80 26.26 9.19 8.14 
Capital Research and Management Company
US Insurance Global Large-Stock Growth
American Funds IS® Global Growth 40.91 31.42 12.79 10.95 
Capital Research and Management Company
US Insurance Large GrowthFidelity® VIP Growth Opportunities Svc 20.84 48.86 20.12 17.92 
Fidelity Management & Research Company LLC / FMR Investment Management (U.K.) Limited;Fidelity Management & Research (Japan)
Limited;Fidelity Management &
Research (HK) Ltd;
US Insurance Short-Term BondLord Abbett Series Short Duration Inc VC0.85 7.78 1.78 
Lord, Abbett & Co LLC
US Insurance Inflation-Protected BondPIMCO VIT Real Return Adv0.94 10.00 2.64 2.28 
Pacific Investment Management Company, LLC
US Insurance Ultrashort Bond
PIMCO VIT Short-Term Adv
0.76 5.69 2.44 2.10 
Pacific Investment Management Company, LLC
US Fund Money Market - TaxableFidelity® VIP Government Money Mkt Svc 20.52 4.97 2.02 1.34 
Fidelity Management & Research Company LLC / FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
 
 

CYCLE INVESTMENTS
The following is a list of Cycle Investments currently available under the Contract. We may change the features of the Cycle Investments listed below (including the Index and the current limits on Index gains), offer new Cycle Investments and terminate existing Cycle Investments. We will provide you with written notice before making any changes other than changes to current limits on Index gains. Information about current limits on Index gains is available at https://www.midlandnational.com/oakeliteadv.
Note: If amounts are removed from a Cycle Investment before the end of its Cycle Term, we will apply an adjustment based on the Fair Value of the Cycle Investment. This may result in a significant reduction in your Cycle Investment Value that could exceed any protection from Index loss that would be in place if you waited until the end of the Cycle Term.
See THE CYCLE INVESTMENT OPTIONS - Features of a Cycle Investment in the prospectus for a description of the features of the Cycle Investments. See THE CYCLE INVESTMENT OPTIONS - Valuation of a Cycle Investment in the prospectus for more information about adjustments for Fair Value.

IndexType of IndexCycle TermCurrent Limit on Index Loss (if held until end of Cycle Term)
Minimum Limit on Index Gain (for the life of the Cycle Investment)
S&P 500® Price Return Index1U.S. Large Cap Equities1 Year-10% Buffer
5.0% Cap Rate


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S&P 500® Price Return Index1U.S. Large Cap Equities1 Year-10% Buffer10.0% Participation Rate
S&P 500® Price Return Index1U.S. Large Cap Equities1 Year-10% Floor2.5% Cap Rate
S&P 500® Price Return Index1U.S. Large Cap Equities3 Year-10% Buffer5.0% Cap Rate
S&P 500® Price Return Index1U.S. Large Cap Equities3 Year-10% Floor2.5% Cap Rate
S&P 500® Price Return Index1U.S. Large Cap Equities6 Year-10% Buffer12.5% Cap Rate &
10.0% Participation Rate
S&P 500® Price Return Index1, 2U.S. Large Cap Equities6 Year-20% Buffer10.0% Cap Rate &
10.0% Participation Rate
S&P 500® Price Return Index1U.S. Large Cap Equities6 Year-30% Buffer7.5% Cap Rate &
5.00% Participation Rate
MSCI EAFE (Price Return Index1International Equities1 Year-10% Buffer5.0% Cap Rate
MSCI EAFE (Price Return Index1International Equities1 Year-10% Buffer10.0% Participation Rate
MSCI EAFE (Price Return Index1International Equities6 Year-10% Buffer12.5% Cap Rate &
10.0% Participation Rate
DFA Equity Core Plus Index2Diversified Equities1 Year-10% Buffer5.0% Cap Rate
DFA Equity Core Plus Index2Diversified Equities6 Year-10% Buffer12.5% Cap Rate &
10.0% Participation Rate
DFA Equity Core Plus Index2Diversified Equities6 Year-20% Buffer10.0% Cap Rate &
10.0% Participation Rate
DFA Equity Core Plus Index2Diversified Equities6 Year-30% Buffer7.5% Cap Rate &
5.00% Participation Rate
1This Index is a “price return index,” not a “total return index,” and therefore does not reflect dividends paid on the securities composing the Index. This will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.
2This Index reflects the deductions of both the current effective federal funds rate (EFFR) and a 1.2% synthetic dividend. As of December 1, 2024, the current EFFR was 4.58%. The EFFR will fluctuate over time, and may be higher or lower in the future. These deductions will reduce the Index return and will cause the Index to underperform a direct investment in the securities composing the Index.
Each Cycle Investment’s limit on Index losses is guaranteed not to change for so long as that Cycle Investment remains available under the Contract. However, we reserve the right to add and remove Cycle Investments as available investment options. As such, the limits on Index loss offered under the Contract may change from one Cycle Term to the next. We guarantee that we will never offer a Cycle Investment with a Floor Rate lower than -60% or a Buffer Rate lower than -5% for the life of your Contract. 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 and do not provide any protection against losses.
We guarantee that we will never offer a Cycle Investment with a Cap Rate below 2.5 % and/or a Participation Rate below 10% for the life of your Contract. We reserve the right to offer Indexed Interest Crediting Strategies with different types of limits on Index gains.













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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.


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APPENDIX C – 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.
Dimensional US Equity Core Plus Index
The Dimensional US Equity Core Plus Index (the “Index”) is sponsored and published by Dimensional Fund Advisors LP (“Dimensional”). References to Dimensional include its respective directors, officers, employees, representatives, delegates or agents. The use of “Dimensional” in the name of the Index and the related stylized mark(s) are service marks of Dimensional and have been licensed for use by Sammons Financial Group, Inc. (“Sammons”). Sammons has entered into a license agreement with Dimensional providing for the right to use the Index and related trademarks in connection with the Oak Elite Advisory Registered Index-Linked Variable Annuity (the “Financial Product”). The Financial Product is not sponsored, endorsed, sold or promoted by Dimensional, and Dimensional makes no representation regarding the advisability of the purchase of such Financial Product. Dimensional has no responsibilities, obligations or duties to purchasers of the Financial Product, nor does Dimensional make any express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use with respect to the Index, or as to results to be obtained by the Financial Product or any other person or entity from the use of the Index, trading based on the Index, the levels of the Index at any particular time on any particular date, or any data included therein, either in connection with the Financial Product or for any other use. Dimensional has no obligation or liability in connection with the administration, marketing or selling of the Financial Product. Dimensional receives compensation in connection with the management of the Index components and such compensation may increase as a result of investment in the ETFs based on the Index, including in connection with the Financial Product. Dimensional is not providing any investment, tax or financial advice to any person by virtue of publication of the Index, and has no obligation to and will not take into account the tax status, investment goals or other characteristics of any such


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person in its publication of the Index. Inclusion of a security or financial instrument within the Index is not a recommendation by Dimensional to buy, sell, or hold such security or financial instrument, nor is it considered to be investment advice.
In certain circumstances, Dimensional may suspend or terminate the Index. Dimensional has appointed a third-party agent (the “Index Calculation Agent”) to calculate and maintain the Index. While Dimensional is responsible for the operation of the Index, certain aspects have thus been outsourced to the Index Calculation Agent. Dimensional does not guarantee the accuracy, timeliness or completeness of the Index, or any data included therein or the calculation thereof or any communications with respect thereto. Dimensional has no liability for any errors, omissions or interruptions of the Index or in connection with its use. In no event shall Dimensional have any liability of whatever nature for any losses, damages, costs, claims and expenses (including any special, punitive, direct, indirect or consequential damages (including lost profits)) arising out of matters relating to the use of the Index, even if notified of the possibility of such damages. Dimensional has provided Sammons with all material information related to the Index methodology and the maintenance, operation and calculation of the Index. Dimensional makes no representation with respect to the completeness of information related to the Index provided by Sammons in connection with the offer or sale of any Financial Product. Dimensional acts as principal and not as agent or fiduciary of any other person. Dimensional has not published or approved this document, nor does Dimensional accept any responsibility for its contents or use. Dimensional has not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Financial Product and this document.


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APPENDIX D – SUPERSEDED RATE SHEET SUPPLEMENT INFORMATION
There are currently no superseded Rate Sheet Supplements.


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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 Nos. C000235591; C000256075


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STATEMENT OF ADDITIONAL INFORMATION FOR THE
OAK ELITE 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 January 14, 2025 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 January 14, 2025



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TABLE OF CONTENTS


 
 



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REGISTERED SEPARATE ACCOUNT AND THE COMPANY
The insurance company, 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 Registered Separate Account, 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 Registered 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.
 


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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 Registered 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 Separate Account Annual Expenses 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”).


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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


5

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.

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.  
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.  


6

FAIR VALUE FORMULAS FOR CYCLE INVESTMENTS
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]


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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


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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


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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


10

Calculation of Fair Value for Cycle Investments with a Buffer Rate, a Cap Rate, and a 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%.
Cap Rate is unlimited and Participation Rate is greater than 100%
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, 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
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;


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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, 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



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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)
7272
Valuation Date (months since Cycle Start Date)
1266
Cap Rate
70%70%
Time to End Date (in months)
606
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.51$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$0.31$0.00
3) Fair Value of hypothetical at-the-money put option (ATM Put)
$3.21$3.88
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)
$2.54$2.90
6) Fair Value {1) + 2) - 3) - 4) + 5)}
$8.15$8.86
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.51$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$1.49$0.21
3) Fair Value of hypothetical at-the-money put option (ATM Put)
$1.58$1.11
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$0.06$0.00
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$1.18$0.50
6) Fair Value {1) + 2) - 3) - 4) + 5)}
$9.55$9.44
Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.51$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$2.74$1.29
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)
$0.27$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)}
$10.73$10.99
Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.51$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$5.04$4.07
3) Fair Value of hypothetical at-the-money put option (ATM Put)
$0.44$0.00
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$1.12$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)}
$12.31$13.89
 Input Values used above as follows
Bond discount rate
3.28%3.28%
Annual dividend yield
1.30%1.30%
Risk free rate
3.25%3.25%
ATM Call volatility
20.46%20.46%
ATM Put volatility
20.46%20.46%
OTM Call volatility
13.97%13.97%
OTM Put volatility
21.59%21.59%





13

 
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)
3636
Valuation Date (months since Cycle Start Date)
1230
Cap Rate
30%30%
Time to End Date (in months)
246
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)
$3.55$3.88
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)
$2.68$2.89
6) Fair Value {1) + 2) - 3) - 4) + 5)}
$8.52$8.85
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)
$0.67$0.16
3) Fair Value of hypothetical at-the-money put option (ATM Put)
$1.26$1.06
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)
$0.82$0.46
6) Fair Value {1) + 2) - 3) - 4) + 5)}
$9.55$9.40
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)
$1.85$1.25
3) Fair Value of hypothetical at-the-money put option (ATM Put)
$0.50$0.16
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$0.32$0.02
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.30$0.04
6) Fair Value {1) + 2) - 3) - 4) + 5)}
$10.70$10.95
Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.36$9.84
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$4.37$4.07
3) Fair Value of hypothetical at-the-money put option (ATM Put)
$0.10$0.00
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$1.87$1.25
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.06$0.00
6) Fair Value {1) + 2) - 3) - 4) + 5)}
$11.83$12.66
Input Values used above as follows
Bond discount rate
3.34%3.34%
Annual dividend yield
1.30%1.30%
Risk free rate
3.31%3.31%
ATM Call volatility
18.32%18.32%
ATM Put volatility
18.32%18.32%
OTM Call volatility
13.26%13.26%
OTM Put volatility
20.19%20.19%


 


14

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)
1212
Valuation Date (months since Cycle Start Date)
210
Cap Rate
12%12%
Time to End Date (in months)
102
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.72$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)
$3.75$3.95
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)
$2.79$2.96
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)
$9.72$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)
$1.03$0.97
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$0.02$0.00
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.56$0.28
6) Fair Value {1) + 2) - 3) - 4) + 5)}
$9.47$9.26
Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.72$9.94
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$1.39$1.06
3) Fair Value of hypothetical at-the-money put option (ATM Put)
$0.19$0.02
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$0.53$0.16
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.10$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)
$9.72$9.94
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$4.17$4.03
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)
$3.01$2.84
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)}
$10.88$11.14
Input Values used above as follows
Bond discount rate
3.48%3.48%
Annual dividend yield
1.30%1.30%
Risk free rate
3.86%3.86%
ATM Call volatility
16.44%16.44%
ATM Put volatility
16.44%16.44%
OTM Call volatility
12.96%12.96%
OTM Put volatility
20.14%20.14%


 


15

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)
7272
Valuation Date (months since Cycle Start Date)
1266
Participation Rate
110%110%
Cap Rate
UnlimitedUnlimited
Time to End Date (in months)
606
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.71$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate
$0.34$0.00
3) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$2.54$2.90
4) Fair Value {1) + 2) - 3)}
$6.51$6.96
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.71$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate
$1.64$0.23
3) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$1.18$0.50
4) Fair Value {1) + 2) - 3)}
$9.16$9.59
Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.71$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate
$3.02$1.42
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)
$8.71$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate
$5.55$4.48
3) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.32$0.00
4) Fair Value {1) + 2) - 3)}
$13.93$14.34
Input Values used above as follows
Bond discount rate
2.81%2.81%
Annual dividend yield
1.30%1.30%
Risk free rate
3.25%3.25%
ATM Call volatility
20.46%20.46%
OTM Put volatility
21.59%21.59%












 


16

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)
7272
Valuation Date (months since Cycle Start Date)
1266
Participation Rate
100%100%
Cap Rate
250%250%
Time to End Date (in months)
606
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.90$9.88
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$0.31$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)
$2.54$2.90
5) Fair Value {1) + 2) - 3) - 4)}
$6.67$6.99
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.90$9.88
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$1.49$0.21
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)
$1.18$0.50
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)
$8.90$9.88
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$2.74$1.29
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)
$8.90$9.88
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$5.04$4.07
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)}
$13.62$13.96
Input Values used above as follows
Bond discount rate
2.36%2.36%
Annual dividend yield
1.30%1.30%
Risk free rate
3.25%3.25%
ATM Call volatility
20.46%20.46%
OTM Call volatility
5.23%5.23%
OTM Put volatility
21.59%21.59%





 


17

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)
7272
Valuation Date (months since Cycle Start Date)
1266
Participation Rate
100%100%
Cap Rate
200%200%
Time to End Date (in months)
606
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.68$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$0.31$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)
$1.93$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)
$8.68$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$1.49$0.21
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)
$0.85$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)
$8.68$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$2.74$1.29
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)
$0.49$0.01
5) Fair Value {1) + 2) - 3) - 4)}
$10.93$11.14
Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.68$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$5.04$4.07
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)
$0.22$0.00
5) Fair Value {1) + 2) - 3) - 4)}
$13.50$13.93
Input Values used above as follows
Bond discount rate
2.87%2.87%
Annual dividend yield
1.30%1.30%
Risk free rate
3.25%3.25%
ATM Call volatility
20.46%20.46%
OTM Call volatility
6.87%6.87%
OTM Put volatility
22.80%22.80%
 


18

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)
7272
Valuation Date (months since Cycle Start Date)
1266
Participation Rate
100%100%
Cap Rate
80%80%
Time to End Date (in months)
606
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.61$9.85
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$0.31$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)
$1.41$1.05
5) Fair Value {1) + 2) - 3) - 4)}
$7.51$8.80
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.61$9.85
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$1.49$0.21
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)
$0.59$0.04
5) Fair Value {1) + 2) - 3) - 4)}
$9.48$10.02
Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.61$9.85
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$2.74$1.29
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$0.15$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.34$0.00
5) Fair Value {1) + 2) - 3) - 4)}
$10.86$11.14
Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.61$9.85
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$5.04$4.07
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$0.79$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.15$0.00
5) Fair Value {1) + 2) - 3) - 4)}
$12.71$13.92
Input Values used above as follows
Bond discount rate
3.04%3.04%
Annual dividend yield
1.30%1.30%
Risk free rate
3.25%3.25%
ATM Call volatility
20.46%20.46%
OTM Call volatility
13.23%13.23%
OTM Put volatility
24.13%24.13%
 


19

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)
3636
Valuation Date (months since Cycle Start Date)
1230
Participation Rate
100%100%
Time to End Date (in months)
246
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.43$9.86
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)
$2.68$2.89
5) Fair Value {1) + 2) - 3) - 4)}
$6.78$6.96
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.43$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$0.67$0.16
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)
$0.82$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)
$9.43$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$1.85$1.25
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)
$0.30$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)
$9.43$9.86
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$4.37$4.07
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$0.02$0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.06$0.00
5) Fair Value {1) + 2) - 3) - 4)}
$13.73$13.93
Input Values used above as follows
Bond discount rate
2.95%2.95%
Annual dividend yield
1.30%1.30%
Risk free rate
3.31%3.31%
ATM Call volatility
18.32%18.32%
OTM Call volatility
10.95%10.95%
OTM Put volatility
20.19%20.19%


20

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)
1212
Valuation Date (months since Cycle Start Date)
210
Cap Rate
16%16%
Time to End Date (in months)
102
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.68$9.94
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)
$2.79$2.96
5) Fair Value {1) + 2) - 3) - 4)}
$6.89$6.98
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.68$9.94
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)
$0.56$0.28
5) Fair Value {1) + 2) - 3) - 4)}
$9.36$9.68
Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.68$9.94
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$1.39$1.06
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$0.32$0.04
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.10$0.00
5) Fair Value {1) + 2) - 3) - 4)}
$10.65$10.95
Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.68$9.94
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$4.17$4.03
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$2.62$2.44
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.00$0.00
5) Fair Value {1) + 2) - 3) - 4)}
$11.22$11.52
Input Values used above as follows
Bond discount rate
3.99%3.99%
Annual dividend yield
1.30%1.30%
Risk free rate
3.86%3.86%
ATM Call volatility
16.44%16.44%
OTM Call volatility
11.79%11.79%
OTM Put volatility
20.14%20.14%









21

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)
1212
Valuation Date (months since Cycle Start Date)
210
Participation Rate
65%65%
Time to End Date (in months)
102
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.83$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)
$2.79$2.96
4) Fair Value {1) + 2) - 3)}
$7.03$7.01
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.83$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)
$0.56$0.28
4) Fair Value {1) + 2) - 3)}
$9.43$9.70
Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.83$9.96
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate
$0.90$0.69
3) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.10$0.00
4) Fair Value {1) + 2) - 3)}
$10.63$10.65
Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.83$9.96
2) Fair Value of hypothetical at-the-money call option (ATM Call)*Participation Rate
$2.71$2.62
3) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.00$0.00
4) Fair Value {1) + 2) - 3)}
$12.53$12.59
Input Values used above as follows
Bond discount rate
2.13%2.13%
Annual dividend yield
1.30%1.30%
Risk free rate
3.86%3.86%
ATM Call volatility
16.44%16.44%
OTM Put volatility
20.14%20.14%




22

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)
7272
Valuation Date (months since Cycle Start Date)
624
Cap Rate
70%70%
Time to End Date (in months)
6648
Assuming Change in Index Value +5% (for example from 1,000 to 1,050)
1) Fair Value hypothetical zero coupon bond (Bond)
$8.37$7.99
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$2.50$2.18
3) Fair Value of hypothetical at-the-money put option (ATM Put)
$1.11$1.00
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$0.24$0.11
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.83$0.71
6) Fair Value {1) + 2) - 3) - 4) + 5)}
$10.36$9.76
Input Values used above as follows
Bond discount rate
3.28%5.78%
Annual dividend yield
1.30%1.30%
Risk free rate
3.25%3.25%
ATM Call volatility
20.46%20.46%
ATM Put volatility
20.46%20.46%
OTM Call volatility
13.97%13.97%
OTM Put volatility
21.59%21.59%





























23


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)
3636
Valuation Date (months since Cycle Start Date)
612
Cap Rate
30%30%
Time to End Date (in months)
3024
Assuming Change in Index Value +2% (for example from 1,000 to 1,020)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.21$8.93
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$1.46$1.31
3) Fair Value of hypothetical at-the-money put option (ATM Put)
$0.80$0.74
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$0.22$0.15
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.53$0.46
6) Fair Value {1) + 2) - 3) - 4) + 5)}
$10.18$9.81
Input Values used above as follows
Bond discount rate
3.34%5.84%
Annual dividend yield
1.30%1.30%
Risk free rate
3.31%3.31%
ATM Call volatility
18.32%18.32%
ATM Put volatility
18.32%18.32%
OTM Call volatility
13.26%13.26%
OTM Put volatility
20.19%20.19%

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)
1212
Valuation Date (months since Cycle Start Date)
26
Cap Rate
12%12%
Time to End Date (in months)
106
Assuming Change in Index Value +1% (for example from 1,000 to 1,010)
1) Fair Value hypothetical zero coupon bond (Bond)
$9.72$9.70
2) Fair Value of hypothetical at-the-money call option (ATM Call)
$0.75$0.58
3) Fair Value of hypothetical at-the-money put option (ATM Put)
$0.45$0.36
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)
$0.18$0.08
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)
$0.23$0.14
6) Fair Value {1) + 2) - 3) - 4) + 5)}
$10.07$9.98
Input Values used above as follows
Bond discount rate
3.48%6.23%
Annual dividend yield
1.30%1.30%
Risk free rate
3.86%3.86%
ATM Call volatility
16.44%16.44%
ATM Put volatility
16.44%16.44%
OTM Call volatility
12.96%12.96%
OTM Put volatility
20.14%20.14%


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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.


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(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.
(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 × $7 = $63,000.
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.
(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 × $7 = $63,000.
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.
(C)    Cycle End Date Initial Unit Value
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%
(C) Cycle End Date Initial Unit Value = $10 × (1+50%) = $15.00
(D) Cycle End Date Unit Value Cap = $10 × (1+20%) = $12.00
(E) Cycle End Date Unit Value Floor = $10 × (1+ -10%) = $9.00


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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%
(C) Cycle End Date initial Unit Value = $10 × (1+-20%) = $8.00
(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%
(C) Cycle End Date initial Unit Value = $10 × (1+10%) = $11.00
(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.
(C)    Cycle End Date initial Unit Value
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.


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(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%
(C) Cycle End Date initial Unit Value = $10 × (1+-5.0%) = $9.50
(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%
(C) Cycle End Date Initial Unit Value = $10 × (1+-20.0%) = $8.00
(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%
(C) Cycle End Date Initial Unit Value = $10 × (1+10.0%) = $11.00
(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%
(C) Cycle End Date Initial Unit Value = $10 × (1+50.0%) = $15.00
(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


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(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.
(C)    Maturity unit value – Index Gain
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
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.
(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%
(C) Is not applicable in this example because the Change in Index Value, computed in (B) above, is less than 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%
(C) Is not applicable in this example because the Change in Index Value, computed in (B) above, is less than 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%
(C) Cycle End Date Unit Value = $10 × (1+80%*10.0%) = $10.80
(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).
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.


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On the Cycle End Date for Cycle Investments with a Buffer Rate, a Cap Rate, and a 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%.
Participation Rate is 100% and the Cap Rate is not unlimited
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). The Participation Rate does not apply in the unit value determination
(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.
(C)    Cycle End Date initial Unit Value
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% 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%
(C) Cycle End Date initial Unit Value = $10 × (1+-5.0%) = $9.50
(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%
(C) Cycle End Date Initial Unit Value = $10 × (1+-20.0%) = $8.00
(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.


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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%
(C) Cycle End Date Initial Unit Value = $10 × (1+10.0%) = $11.00
(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%
(C) Cycle End Date Initial Unit Value = $10 × (1+50.0%) = $15.00
(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.
Cap Rate is unlimited and Participation Rate is greater than 100%
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. The cap rate does not apply in the unit value determination.
(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.
(C)    Maturity unit value – Index Gain
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
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.
(E)    Maturity unit value – Index Loss


31

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%
(C) Is not applicable in this example because the Change in Index Value, computed in (B) above, is less than 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%
(C) Is not applicable in this example because the Change in Index Value, computed in (B) above, is less than 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%
(C) Cycle End Date Unit Value = $10 × (1+110%*10.0%) = $11.10
(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).
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.
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


32

 
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 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.

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 (which contains an explanatory paragraph relating to the Company’s restatement of its financial statements as described in Note 1 to the financial statements) of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given 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.


33

FINANCIAL STATEMENTS

Financial Statements of Midland National Life Insurance Company




34


F
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


35
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
Report of Independent Auditors1
Statements of Admitted Assets, Liabilities and Capital and Surplus- Statutory Basis 3
Statements of Operations- Statutory Basis4
Statements of Changes in Capital and Surplus- Statutory Basis5
Statements of Cash Flow- Statutory Basis6
Notes to Statutory Financial Statements- Statutory Basis 8


36
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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.








37
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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.

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Des Moines, Iowa
April 15, 2024








38
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)
20232022
ADMITTED ASSETS
Bonds$54,716,780 $56,710,124 
Stocks
Preferred986,390 1,653,807 
Common - subsidiaries890,229 264,909 
Common - other247,960 309,008 
Mortgage loans3,790,420 3,835,425 
Real estate98,402 99,050 
Policy loans528,710 459,745 
Cash, cash equivalents and short-term investments1,709,358 722,450 
Receivable for securities11,171 4,686 
Derivative instruments641,206 621,508 
Other invested assets4,605,249 3,825,725 
Total cash and invested assets68,225,875 68,506,437 
Policy premiums due, deferred or uncollected171,900 169,886 
Accrued investment income534,434 621,057 
Current federal income tax receivable263,886 113,935 
Net deferred tax asset358,793 387,692 
Company owned life insurance1,859,865 1,733,483 
Admitted disallowed interest maintenance reserve74,012 18,231 
Other admitted assets87,163 88,149 
Separate account assets6,655,453 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 contracts443,181 479,550 
Policy and contract claims264,962 251,547 
Other policyholder funds2,973 3,001 
Total policyholder liabilities44,461,661 46,055,108 
Amounts payable for reinsurance30,353 26,065 
Asset valuation reserve734,535 590,241 
Repurchase agreements, FHLB advances and collateral on derivatives8,197,190 8,029,978 
Payable for securities140,165 182,503 
Funds held under coinsurance12,477,074 11,378,268 
Derivative instruments249,442 286,138 
Accrued expenses and other liabilities732,437 387,443 
Separate account liabilities6,309,931 5,809,649 
Total liabilities73,332,788 72,745,393 
Capital and surplus
Common stock - $1 par value; 2,549,439 shares authorized, issued, and outstanding2,549 2,549 
Surplus notes1,237,000 1,237,000 
Additional paid-in capital793,927 793,927 
Other surplus funds74,012 — 
Unassigned surplus2,791,105 3,030,041 
Total capital and surplus4,898,593 5,063,517 
Total liabilities and capital and surplus$78,231,381 $77,808,910 


The accompanying notes are an integral part of these statutory basis financial statements.


39
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)
202320222021
REVENUES
Life insurance and annuity premiums and other considerations$4,516,010 $4,001,982 $4,091,787 
Net investment income2,340,965 2,188,896 3,450,756 
Commissions and expense allowances on reinsurance ceded310,311 447,227 243,438 
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 income251,333 160,077 337,667 
Total revenues6,712,002 6,235,230 5,603,218 
BENEFITS AND EXPENSES
Life and annuity policy benefits6,715,688 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 
Commissions504,352 499,681 434,736 
General expenses344,437 314,645 275,720 
Insurance taxes, licenses and fees38,130 61,870 76,271 
Transfers to interest maintenance reserve ceded22,238 39,327 (513,281)
Transfers to interest maintenance reserve - market value adjustments12,221 — (17,586)
Net transfers to separate accounts12,272 99,500 256,724 
Total benefits and expenses6,078,873 5,559,484 4,495,024 
Net gain from operations before federal income taxes and net realized capital losses633,129 675,746 1,108,194 
Federal income tax expense29,816 130,924 122,814 
Net gain from operations before net realized capital losses603,313 544,822 985,380 
Net realized capital losses(282,080)(32,478)(28,783)
Net income$321,233 $512,344 $956,597 












The accompanying notes are an integral part of these statutory basis financial statements.


40
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 StockSurplus NotesAdditional Paid-In CapitalOther SurplusUnassigned SurplusTotal 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, 20212,549 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, 20222,549 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 




The accompanying notes are an integral part of these statutory basis financial statements.
41
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)
202320222021
OPERATING ACTIVITIES
Life insurance and annuity premiums and other considerations$4,517,150 $3,996,937 $4,088,513 
Net investment income2,235,897 1,974,329 3,243,915 
Other income357,530 433,394 875,971 
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
Bonds7,456,372 11,537,942 13,845,623 
Preferred and common stocks680,905 386,777 235,378 
Mortgage loans407,525 701,630 1,115,348 
Other invested assets295,808 268,929 705,944 
Miscellaneous proceeds5,476 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 activities957,463 (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 liability207,158 (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 coinsurance1,096,456 3,471,541 3,363,753 
Net change in remittances and items not allocated351,342 (564,169)295,258 
Other cash provided (used)24,671 36,912 (70,664)
Net cash provided by financing activity and other sources1,264,010 2,144,685 4,074,872 
RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Net change in cash, cash equivalents and short-term investments986,908 (1,307,287)581,701 
Cash, cash equivalents and short-term investments:
Beginning of year722,450 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 
The accompanying notes are an integral part of these statutory basis financial statements.
42
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.
43
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
44
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.
45
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,
202320222021
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:
46
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;
47
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)
•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:
20232022Changes in 2023
Policy loans$1,442 $1,501 $(59)
Other invested assets— 329 (329)
Agents' balances13,860 13,040 820 
Amounts recoverable from reinsurers655 7,600 (6,945)
Net deferred tax asset216,747 242,738 (25,991)
Electronic data processing equipment58,238 33,128 25,110 
Furniture and equipment945 1,139 (194)
Other assets90,280 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;
•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;
48
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)
•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;
•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.
49
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 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
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
50
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)
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.
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:
20232022
Bonds$482,532 $520,190 
Mutual funds35,526 30,409 
Cash and short-term investments115,923 165,178 
Other invested assets1,225,884 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
51
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)
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-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.

52
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)
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 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.
53
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 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.
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.
54
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 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. 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.

55
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)
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— 
Admitted534,434 
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.
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
56
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 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.
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
57
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)
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.
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.
58
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)

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 InstrumentEstimated Fair ValueCarrying 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 stocks951,265 986,390 — 942,881 8,384 — 
Common stocks - other247,960 247,960 95,864 148,276 3,820 — 
Mortgage loans3,646,156 3,790,420 — 3,646,156 — — 
Policy loans528,710 528,710 — 528,710 — — 
Cash, cash equivalents and
   short-term investments		1,709,173 1,709,358 339,129 1,370,044 — — 
Derivative instruments1,744,190 641,206 7,295 1,736,895 — — 
Other invested assets1,537,311 1,542,032 — 810,107 727,204 11,660 
Separate accounts6,334,467 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 instruments851,587 249,442 — 851,587 — — 
59
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 InstrumentEstimated Fair ValueCarrying 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 stocks1,601,753 1,653,807 — 1,594,819 6,934 — 
Common stocks - other309,008 309,008 172,306 132,912 3,790 — 
Mortgage loans3,666,321 3,835,425 — 3,666,321 — — 
Policy loans459,745 459,745 — 459,745 — — 
Cash, cash equivalents and
   short-term investments		720,895 722,450 477,259 243,636 — — 
Derivative instruments555,182 621,508 4,342 550,840 — — 
Other invested assets1,478,247 1,585,747 — 774,261 703,986 17,133 
Separate accounts5,715,998 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 instruments243,868 286,138 — 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.
60
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.
61
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 1Level 2Level 3Net Asset ValueTotal
Financial assets (carried at fair value):
Bonds$— $4,700 $2,567 $— $7,267 
Preferred stocks— 696,120 8,000 — 704,120 
Common stocks - other95,864 148,276 3,820 — 247,960 
Derivative instruments - interest rate swaps— 2,860 — — 2,860 
Derivative instruments - futures7,295 — — — 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 — $— $— $8,653 
Derivative instruments - foreign exchange
   forwards		— 1,761 — — 1,761 
December 31, 2022
Level 1Level 2Level 3Net Asset ValueTotal
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous$— $4,516 $11,304 $— $15,820 
Preferred stocks— 1,364,999 — — 1,364,999 
Common stocks - other172,306 132,912 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 - futures4,342 — — — 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.
62
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 BalanceTransfers into
Level 3		Transfers out of
 Level 3		Total gains and (losses)
included in Net Income		Total gains and (losses) in SurplusPurchasesSalesEnding 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 - other3,790 — — — 30 — — 3,820 
Total assets$15,094 $8,000 $— $— $(524)$— $(8,183)$14,387 
December 31, 2022
Beginning BalanceTransfers into
Level 3		Transfers out of Level 3Total gains and (losses) included in Net IncomeTotal gains and (losses) in SurplusPurchasesSalesEnding Balance
Financial assets (carried at fair value):
Bonds - industrial &
   miscellaneous		$— $11,304 $— $— $— $— $— $11,304 
Common stocks - other6,114 — — — (948)73 (1,449)3,790 
Total assets$6,114 $11,304 $— $— $(948)$73 $(1,449)$15,094 
63
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 ValueGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Bonds
U.S. governments$3,396,220 $6,709 $633,930 $2,768,999 
All other governments1,248,653 140 309,890 938,903 
U.S. special revenue & special assessment
   obligations, non-guaranteed
12,223,325 134,437 1,485,697 10,872,065 
Industrial and miscellaneous36,771,743 287,338 3,741,240 33,317,841 
Bank loans748,234 9,411 20,898 736,747 
Parent, subsidiaries and affiliates328,605 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 ValueGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Bonds
U.S. governments$3,372,011 $4,027 $730,439 $2,645,599 
All other governments1,303,556 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 miscellaneous37,734,661 104,779 5,214,106 32,625,334 
Bank loans1,292,873 8,857 52,730 1,249,000 
Parent, subsidiaries and affiliates364,771 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 
64
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
CostGross Unrealized GainsGross Unrealized LossesAdmitted Value
Subsidiaries$782,822 $107,407 $— $890,229 
Other256,428 47 8,515 247,960 
Total$1,039,250 $107,454 $8,515 $1,138,189 
December 31, 2022
CostGross Unrealized GainsGross Unrealized LossesAdmitted Value
Subsidiaries$101,422 $163,487 $— $264,909 
Other340,438 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 ValueEstimated Fair Value
Due in one year or less$640,913 $642,857 
Due after one year through five years4,662,846 4,601,919 
Due after five years through ten years6,899,048 6,436,041 
Due after ten years28,068,287 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.
65
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 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Bonds
U.S. governments$133,567 $962 $2,440,915 $632,968 $2,574,482 $633,930 
All other governments6,577 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 loans72,611 3,863 243,805 17,035 316,416 20,898 
Parent, subsidiaries and
   affiliates		— — 58,187 991 58,187 991 
Total bonds2,546,009 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 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized Losses
Bonds
U.S. government$1,632,556 $337,322 $800,744 $393,117 $2,433,300 $730,439 
All other governments591,550 179,751 346,675 164,201 938,225 343,952 
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 loans784,235 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 bonds34,379,662 5,381,151 8,551,426 2,641,101 42,931,088 8,022,252 
Preferred stocks - redeemable184,634 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 

66
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.

67
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.

68
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:
CUSIPBook/Adjusted Carrying Value Amortized Cost Before Current Period OTTIRecognized OTTIAmortized Cost After OTTIFair Value at time of OTTIDate of Financial Statement Where Reported
78520EAA4$47,721 $208 $47,513 $45,696 3/31/2023
693342AH019,351 9 19,342 19,326 3/31/2023
682337AA832,500 128 32,372 31,313 3/31/2023
46619XAA18,144 179 7,965 7,331 3/31/2023
46619RAA414,191 465 13,726 12,841 3/31/2023
46617TAA210,827 76 10,751 9,929 3/31/2023
46590UAA039,433 386 39,047 35,725 3/31/2023
456606AF9255 81 174 177 3/31/2023
02149HBR0680 220 460 440 6/30/2023
05532CAK5747 234 513 468 6/30/2023
05532EAR67,262 2,229 5,033 4,952 6/30/2023
12668A2P92,461 479 1,982 1,869 6/30/2023
45660LA251,633 48 1,585 1,210 6/30/2023
46616PAA117,562 509 17,053 16,168 6/30/2023
46616QAA96,954 230 6,724 6,328 6/30/2023
46616VAA811,309 869 10,440 9,891 6/30/2023
61748JAE72,398 457 1,941 1,112 6/30/2023
74958WAB21,626 84 1,542 1,214 6/30/2023
76113NAC71,791 126 1,665 1,470 6/30/2023
80306AAA819,116 683 18,433 15,630 6/30/2023
12479RAF48,331 95 8,236 7,910 6/30/2023
693342AJ618,343 65 18,278 11,969 6/30/2023
88240TAB722,907 55 22,852 19,367 6/30/2023
00103CAJ86,243 518 5,725 5,725 9/30/2023
61748JAE71,926 779 1,147 1,057 9/30/2023
038779AB048,181 5,527 42,654 42,655 9/30/2023
40166L703884 328 556 565 9/30/2023
05532VBB2188 24 164 158 12/31/2023
07388DAC2928 23 905 804 12/31/2023
12639MFA81,565 187 1,378 1,303 12/31/2023
17309KAK3806 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.
69
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:
202320222021
Bonds$2,534,053 $2,351,761 $2,313,227 
Preferred stocks78,691 88,961 79,100 
Common stocks14,703 15,105 13,208 
Mortgage loans176,173 183,527 188,120 
Real estate6,525 6,525 10,074 
Policy loans29,270 23,969 21,190 
Cash, cash equivalents and short-term investments79,043 6,106 2,397 
Derivative instruments(255,426)(403,530)764,920 
Other invested assets166,654 197,483 289,754 
Other investment income5,344 3,283 2,318 
Total gross investment income2,835,030 2,473,190 3,684,308 
Less: Investment expenses494,065 284,294 233,552 
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 $3,225 of net investment income for the years ended December 31, 2023, 2022, and 2021, respectively related to prepayment penalties or acceleration fees on bonds in the separate account that were called. The total number of called bonds in the separate account were 0, 7, and 16 for the years ended December 31, 2023, 2022, and 2021, respectively.
70
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS
AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)
The major categories of net realized capital gains (losses) reflected in the statements of operations are summarized as follows:
202320222021
Bonds$(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 assets4,572 362 27,039 
   Realized capital gains (losses)(513,861)(220,023)731,098 
Income tax effects122,649 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:
202320222021
Proceeds from sales$5,304,764 $7,633,843 $7,345,316 
Gross realized gains63,968 101,055 742,989 
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:
20232022
Carrying Value% of TotalCarrying Value% of Total
Office$1,549,095 41 %$1,679,943 44 %
Retail779,294 21 %770,983 20 %
Hotel745,283 20 %646,030 17 %
Industrial387,114 10 %302,512 8 %
Multi-family192,096 5 %275,721 7 %
Other122,914 3 %123,418 3 %
Medical14,624 0 %36,818 1 %
Total$3,790,420 100 %$3,835,425 100 %

71
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:
20232022
Carrying Value% of TotalCarrying Value% of Total
Pacific$1,148,049 30 %$1,061,650 27 %
South Atlantic924,705 24 %946,011 25 %
Middle Atlantic830,001 22 %914,950 24 %
Mountain494,743 13 %364,931 10 %
New England163,628 4 %167,405 4 %
West North Central74,350 2 %75,909 2 %
East North Central63,122 2 %120,789 3 %
East South Central61,107 2 %136,932 4 %
West South Central30,715 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 %
2022934,103 25 %
2021330,585 9 %
2020142,486 4 %
2019 and prior2,083,046 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.
72
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, 2023December 31, 2022
Carrying Value% of TotalCarrying Value% of Total
Internal credit risk grade:
CM1$1,748,099 46 %1,487,058 39 %
CM21,725,213 46 %2,099,831 54 %
CM3267,915 7 %191,230 5 %
CM415,829 0 %37,742 1 %
In or near default33,364 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, 2023December 31, 2022
Carrying
Value		% of TotalCarrying
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.

73
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 CategoryTotal Admitted RestrictedGross Restricted to Total AssetsAdmitted Restricted to Total Admitted Assets
Subject to repurchase agreements$6,204,335 8 %8 %
FHLB capital stock148,276 0 %0 %
On deposit with states3,274 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 CategoryTotal Admitted RestrictedGross Restricted to Total AssetsAdmitted Restricted to Total Admitted Assets
Subject to repurchase agreements$5,580,088 7 %7 %
FHLB capital stock132,912 0 %0 %
On deposit with states3,295 0 %0 %
Pledged as collateral to FHLB3,072,795 4 %4 %
Pledged as collateral not captured in other categories
48,119 0 %0 %
Total restricted assets$8,837,209 11 %11 %
74
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.

75
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 AmountEstimated Fair ValueCarrying Value
Assets:
Derivative instruments:
Call options$24,598,064 $1,734,035 $631,051 
Futures44,103 7,295 7,295 
Interest rate swaps82,000 2,860 2,860 
$1,744,190 $641,206 
Liabilities:
Derivative instruments:
Interest rate swaps$400,000 $8,653 $8,653 
Foreign exchange forwards73,311 1,761 1,761 
Written options9,187,699 841,173 239,028 
$851,587 $249,442 
December 31, 2022
Notional AmountEstimated Fair ValueCarrying Value
Assets:
Derivative instruments:
Call options$23,095,880 $546,347 $599,246 
Futures1,537 4,342 4,342 
Interest rate floors113,000 — — 
Foreign exchange forwards56,136 1,835 1,835 
Interest rate swaps887,000 2,658 16,085 
$555,182 $621,508 
Liabilities:
Derivative instruments:
Interest rate swaps$950,000 $12,648 $12,648 
Foreign exchange forwards52,781 1,678 1,678 
Written options7,618,908 229,542 271,812 
$243,868 $286,138 
76
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS
AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)
The following table presents the impact of derivatives on net investment income and change in unrealized capital gains (losses):
202320222021
Gain (loss) recognized in net investment income
Options$(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 floors186 (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.

77
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:
20232022
Interest rate swaps:
Fixed rates0.72% to 3.23%0.43% to 4.34%
Variable rates5.61%4.30% to 4.77%
Interest rate floors, strike rates0.00%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
78
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 SheetCollateral- Financial Instruments and/or CashNet 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 agreements4,765,951 4,765,951 — 
Total financial liabilities$5,015,392 $4,765,951 $249,442 
December 31, 2022
Gross Amounts Presented in the Balance SheetCollateral- Financial Instruments and/or CashNet 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 agreements4,805,897 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:
79
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 Lives20232022
LandN/A$10,936 $10,936 
Land improvements15 years1,099 1,099 
Buildings and improvements39 years100,853 98,879 
Leasehold improvements10 years2,115 2,162 
Furniture and fixtures7 years6,203 6,335 
Computer equipment and software3 years292,356 262,931 
Other5 years38 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:
20232022
Real Estate$98,402 $99,050 
Other admitted assets4,007 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:
20232022
Membership stock - class A$10,000 $10,000 
Activity stock138,276 122,912 
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.
80
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 DateAdvanceRate
1/11/2024$75,000 1.93%
4/1/202457,000 0.57%
10/4/202470,000 5.51%
10/30/2024150,000 5.50%
12/18/202465,000 5.43%
2/3/20252,000 4.63%
2/10/202585,000 4.65%
2/11/202588,960 0.86%
2/14/202550,000 4.64%
3/14/2025400,000 1.03%
3/17/2025400,000 4.65%
3/18/2025200,000 0.90%
5/2/202590,000 0.95%
5/19/202570,000 4.30%
6/27/2025155,455 2.55%
2/3/202648,000 4.34%
2/10/202660,000 4.32%
2/14/202680,000 4.31%
6/26/2026155,455 4.49%
9/9/2026203,125 1.28%
11/20/2026150,000 0.88%
11/23/2026157,800 0.88%
12/18/2026260,000 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.).
81
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 dateFair ValueCarrying ValueAggregate total borrowing
20234,727,913 5,389,439 3,072,795 
20224,797,917 5,339,067 3,072,795 
Maximum amount pledged during reporting periodFair ValueCarrying ValueAmount borrowed at time of maximum collateral
20235,010,209 5,576,742 3,072,795 
20224,881,464 5,383,561 3,072,795 
82
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)YESYESYESYES
Tri-party (YES/NO)YESYESYESYES

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 
      Overnight160,000 15,000 105,000 494,969 
      2 days to 1 week220,000 248,577 178,000 494,969 
      >1 week to 1 month220,000 1,054,412 203,400 494,969 
      >1 month to 3 months59,000 579,398 344,969 494,969 
      >3 months to 1 year1,789,367 1,789,367 1,082,969 1,107,000 
      >1 year3,091,133 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 year1,789,367 904,969 588,000 837,000 
      >1 year2,855,133 3,386,153 3,681,553 3,512,553 
83
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 QuarterThird QuarterFourth Quarter
Maximum amount
Book adjusted carrying value
   ("BACV")
XXXXXXXXX$5,580,088 
Nonadmitted - subset of BACVXXXXXXXXXXXX
Fair value$4,915,296 $5,310,025 $5,310,025 $5,310,025 
Ending Balance
BACVXXXXXXXXX$6,204,335 
Nonadmitted - subset of BACVXXXXXXXXXXXX
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
NONENAIC 1NAIC 2NAIC 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 $— 
As of December 31, 2023
NAIC 4NAIC 5NAIC 6Non-Admitted
Bonds – BACV$— $— $— $— 
Bonds – FV— — — — 
LB & SS – BACV— — — — 
LB & SS – FV— — — — 
Total assets – BACV$— $— $— $— 
Total assets – FV$— $— $— $— 
84
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 QuarterSecond QuarterThird QuarterFourth 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
NONENAIC 1NAIC 2NAIC 3
Ending balance
Cash$4,765,951 $— $— $— 
Total collateral assets – FV$4,765,951 $— $— $— 
As of December 31, 2023
NAIC 4NAIC 5NAIC 6Does Not
Qualify As
Admitted
Ending balance
Cash$— $— $— $— 
Total collateral assets – FV$— $— $— $— 
Allocation of aggregate collateral by remaining contractual maturity
As of December 31, 2023
Fair Value
Overnight and continuous$1,398 
31 to 90 days415,000 
> 90 days4,349,553 
85
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 CostFair Value
31 to 60 days$769 $769 
181 to 365 days4,522 4,567 
1 to 2 years15,247 15,032 
2 to 3 years70,689 64,308 
> 3 years5,027,910 4,681,991 
Liability to return collateral- secured borrowing
2023
FIRST QUARTERSECOND QUARTERTHIRD QUARTERFOURTH 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:
202320222021
CededAssumedCededAssumedCededAssumed
Premiums written$2,034,325 $857 $4,267,463 $874 $3,904,711 $1,666 
Claims incurred470,866 8,767 461,340 12,820 528,126 21,882 
Reserve changes800,289 (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
86
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.
87
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.
88
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.
89
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.
90
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 AccountSeparate Account with GuaranteesSeparate Account NonguaranteedTotalPercent
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 adjustment25,242,050 — 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 withdrawal264,454 93,956 — 358,410 1 %
Total33,851,299 93,956 2,227,994 36,173,249 100 %
Reinsurance ceded9,344,979 — — 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 
91
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 AccountSeparate Account with GuaranteesSeparate Account NonguaranteedTotalPercent
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 adjustment25,555,207 — 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 withdrawal274,838 10,764 — 285,602 1 %
Total33,991,758 10,764 2,060,022 36,062,544 100 %
Reinsurance ceded8,247,561 — — 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 AccountSeparate Account with GuaranteesSeparate Account NonguaranteedTotalPercent
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 adjustment1,397,329 — — 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 withdrawal1,095,114 131,423 — 1,226,537 23 %
Total (gross: direct + assumed)5,181,061 131,423 — 5,312,484 100 %
Reinsurance ceded1,327,592 — — 1,327,592 
Total (gross - ceded)$3,853,469 $131,423 $— $3,984,892 
Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:$— 
92
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 AccountSeparate Account with GuaranteesSeparate Account NonguaranteedTotalPercent
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 adjustment1,692,988 — — 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 withdrawal656,666 88,355 — 745,021 13 %
Total (gross: direct + assumed)5,403,110 88,355 — 5,491,465 100 %
Reinsurance ceded1,535,335 — — 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 AccountSeparate Account with GuaranteesSeparate Account NonguaranteedTotalPercent
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 adjustment1,923 — — 1,923 — %
At book value without adjustment (minimal or no
     charge or adjustment)
210,097 — — 210,097 47 %
Not subject to discretionary withdrawal231,778 8 — 231,786 53 %
Total (gross: direct + assumed443,798 8 — 443,806 100 %
Reinsurance ceded616 — — 616 
Total (gross - ceded)$443,182 $8 $— $443,190 
Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:$— 
93
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 AccountSeparate Account with GuaranteesSeparate Account NonguaranteedTotalPercent
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 adjustment2,835 — — 2,835 1 %
At book value without adjustment (minimal or no
     charge or adjustment)
230,143 — — 230,143 48 %
Not subject to discretionary withdrawal247,214 9 — 247,223 51 %
Total (gross: direct + assumed480,192 9 — 480,201 100 %
Reinsurance ceded642 — — 642 
Total (gross - ceded)$479,550 $9 $— $479,559 
Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:$— 














94
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 ValueCash ValueReserve
Subject to discretionary withdrawal, surrender
  values, or policy loans:
Universal life$9,393,963 $9,364,331 $9,315,275 
Universal life with secondary guarantees435,643 347,932 2,172,614 
Indexed universal life4,667,561 4,189,721 4,207,153 
Indexed universal life with secondary guarantees655,277 486,515 1,021,642 
Other permanent cash value life insurance195,531 195,531 319,661 
Variable universal life91,044 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 
Total15,439,019 14,674,312 18,881,952 
Reinsurance ceded659,441 524,627 3,491,214 
Total net of reinsurance ceded$14,779,578 $14,149,685 $15,390,738 
2023
Separate Account with Guarantees
Account ValueCash ValueReserve
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— — — 
Total3,124,939 3,124,939 3,124,190 
Reinsurance ceded— — — 
Total net of reinsurance ceded$3,124,939 $3,124,939 $3,124,190 
2023
Separate Account Non-guaranteed
Account ValueCash ValueReserve
95
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS
AS OF DECEMBER 31, 2023, 2022 and 2021 (Dollars in Thousands)
Subject to discretionary withdrawal, surrender
  values, or policy loans:
Universal life$— $— $— 
Universal life with secondary guarantees— — — 
Indexed universal life— — — 
Indexed universal life with secondary guarantees— — — 
Other permanent cash value life insurance— — — 
Variable universal life687,111 678,769 681,133 
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— — — 
Total687,111 678,769 681,133 
Reinsurance ceded— — — 
Total net of reinsurance ceded$687,111 $678,769 $681,133 
2022
General Account
Account ValueCash ValueReserve
Subject to discretionary withdrawal, surrender
  values, or policy loans:
Universal life$9,875,415 $9,840,206 $9,736,529 
Universal life with secondary guarantees506,231 389,178 2,339,631 
Indexed universal life4,559,359 4,088,431 4,108,425 
Indexed universal life with secondary guarantees598,568 438,893 961,555 
Other permanent cash value life insurance190,130 190,130 305,570 
Variable universal life89,761 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 
Total15,819,464 15,035,719 19,276,021 
Reinsurance ceded652,819 509,803 3,567,007 
Total net of reinsurance ceded$15,166,645 $14,525,916 $15,709,014 
2022
Separate Account with Guarantees
Account ValueCash ValueReserve
Subject to discretionary withdrawal, surrender
  values, or policy loans:
Universal life$2,990,787 $2,990,787 $2,990,132 
96
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— — — 
Total2,990,787 2,990,787 2,990,132 
Reinsurance ceded— — — 
Total net of reinsurance ceded$2,990,787 $2,990,787 $2,990,132 
2022
Separate Account Non-guaranteed
Account ValueCash ValueReserve
Subject to discretionary withdrawal, surrender
  values, or policy loans:
Universal life$— $— $— 
Universal life with secondary guarantees— — — 
Indexed universal life— — — 
Indexed universal life with secondary guarantees— — — 
Other permanent cash value life insurance— — — 
Variable universal life598,793 588,639 591,828 
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— — — 
Total598,793 588,639 591,828 
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.
97
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:
20232022
GrossNet of LoadingGrossNet of Loading
Ordinary - new business$8,416 $540 $8,324 $519 
Ordinary - renewal83,555 171,360 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:
20232022
Reserves at December 31 for accounts with assets at:
Market value$2,909,126 $2,651,850 
Amortized cost3,349,569 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 withdrawal225,379 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:
202320222021
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.


98
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.
99
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:
20232022Change
OrdinaryCapitalTotalOrdinaryCapitalTotalOrdinaryCapitalTotal
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)
100
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)
20232022Change
OrdinaryCapitalTotalOrdinaryCapitalTotalOrdinaryCapitalTotal
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
XXXXXX680,367 XXXXXX700,918 XXXXXX(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)
101
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)
20232022
Ratio percentage used to determine recovery period and threshold limitation amount785 %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:
20232022Change
(1)(2)(3)(4)(5)(6)
OrdinaryCapitalOrdinaryCapital(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 strategies2.0 %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 strategies3.9 %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:
202320222021
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 
102
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:
20232022Change
Deferred tax assets:
Ordinary
Policyholder reserves$279,718 $279,341 $377 
Investments12,785 1,145 11,640 
Deferred acquisition costs270,517 267,781 2,736 
Fixed assets12,428 7,196 5,232 
Compensation and benefits accrual2,911 2,738 173 
Pension accrual31,565 31,114 451 
Receivables - nonadmitted138 1,596 (1,458)
Other (including items <5% of total ordinary tax assets)23,708 18,883 4,825 
Subtotal633,770 609,794 23,976 
Nonadmitted216,747 242,738 (25,991)
Admitted ordinary deferred tax assets417,023 367,056 49,967 
Capital
Investments51,622 154,122 (102,500)
Admitted capital deferred tax assets51,622 154,122 (102,500)
Admitted deferred tax assets$468,645 $521,178 $(52,533)
Deferred Tax Liabilities:
Ordinary
Investments$37,395 $29,240 $8,155 
Fixed assets4,604 7,721 (3,117)
Deferred and uncollected premium36,099 35,676 423 
Policyholder reserves25,206 38,298 (13,092)
Other (including items <5% of total ordinary tax liabilities)6,548 1,205 5,343 
Subtotal109,852 112,140 (2,288)
Capital
Investments— 21,346 (21,346)
Deferred tax liabilities109,852 133,486 (23,634)
Net deferred tax assets$358,793 $387,692 $(28,899)




103
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 EffectEffective
Tax Rate
Provision computed at statutory rate$25,046 21.0 %
IMR amortization439 0.4 %
Tax exempt income(40,278)(34.4)%
Tax credits(38,842)(33.2)%
Change in nonadmitted assets(8,637)(7.4)%
Other(19,458)(16.6)%
Total statutory income taxes$(81,730)(70.2)%
Federal income taxes incurred$(92,833)(79.7)%
Change in net deferred income taxes11,103 9.5 %
Total statutory income taxes$(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.
104
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 Benefits202320222021
Benefit obligation at beginning of year$25,915 $32,841 $35,149 
Service cost1,048 1,674 1,600 
Interest cost1,174 948 814 
Contribution by plan participants376 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 $32,841 
Postretirement Benefits
Change in plan assets20232022
Fair value of plan assets at beginning of year$— $— 
Actual return on plan assets— — 
Foreign currency exchange rate changes— — 
Reporting entity contribution1,102 753 
Aplan participants' contributions376 447 
Benefits paid(1,478)(1,200)
Business combinations, divestitures and settlements— — 
Fair value of plan assets at end of year$— $— 
105
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 costs202320222021
Service cost$1,048 $1,674 $1,600 
Interest cost1,174 948 814 
Gains and losses(493)207 367 
Prior service cost or credits(96)(96)(96)
Total net periodic benefit cost$1,633 $2,733 $2,685 
Amounts in unassigned funds (surplus) recognized Postretirement Benefits
as components of net periodic benefit cost202320222021
Net prior service cost or credit arising during the period$(25,361)$— $— 
Net prior service cost or credit recognized96 96 96 
Net gain and loss arising during the period(651)(8,795)(4,199)
Net gain and loss recognized493 (207)(367)
Items not yet recognized as a component of net periodic cost - current year$(25,423)$(8,906)$(4,470)
Amounts in unassigned funds (surplus) that have not
yet been recognized as components of net periodicPostretirement Benefits
benefit cost20232022
Net prior service cost or credit$(96)$— 
Net recognized gains and losses(5,522)(298)
Weighted-average assumptions used to determinePostretirement Benefits
net periodic benefit cost as of December 3120232022
Weighted-average discount rate5.00%2.75%
Expected long-term rate of return on plan assetsn/an/a
Rate of compensation increasen/an/a
Weighted-average assumptions used to determinePostretirement Benefits
projected benefit obligation as of December 3120232022
Weighted average discount rate5.56%5.00%
Rate of compensation increasen/an/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.


106
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
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, 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 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 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.
107
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 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 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 OwnershipGross AmtAdmitted Amt
Balance Sheet Value
SSAP No. 97 8b(iii) Entities
New Roots M Trust100.0%$418,403 $418,403 
Stone Roots M Trust100.0%240,039 240,039 
   Total$658,442 $658,442 
Type of Filing1
Date of FilingNAIC Response ReceivedResubmission Required
Code2
NAIC Filing Response
SSAP No. 97 8b(iii) Entities
New Roots M TrustS16/21/2023YESNOI
Stone Roots M TrustS18/10/2023YESNOI
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 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.
108
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 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.
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 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 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. See Note 12 for further discussion of these surplus notes.
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 
2025446 
2026313 
2027331 
2028331 
Thereafter1,687 
109
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 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 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.


110


F
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 AND THE YEAR ENDED DECEMBER 31, 2023
111
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
TABLE OF CONTENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND THE YEAR ENDED DECEMBER 31, 2023
Page(s)
Midland National Life Insurance Company
Financial Statements (unaudited)
Statements of Admitted Assets, Liabilities and Capital and Surplus- Statutory Basis 1
Statements of Operations- Statutory Basis2
Statements of Changes in Capital and Surplus- Statutory Basis3
Statements of Cash Flow- Statutory Basis4
Notes to Statutory Financial Statements- Statutory Basis 6
112
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 (UNAUDITED)
(Dollars in Thousands, except par value)
September 30, 2024December 31, 2023
ADMITTED ASSETS(Unaudited)
Bonds$54,603,030 $54,716,780 
Stocks
Preferred898,389 986,390 
Common - subsidiaries1,695,577 890,229 
Common - other262,155 247,960 
Mortgage loans3,865,514 3,790,420 
Real estate96,235 98,402 
Policy loans581,209 528,710 
Cash, cash equivalents and short-term investments3,538,749 1,709,358 
Receivable for securities46,187 11,171 
Derivative instruments696,588 641,206 
Other invested assets4,727,421 4,605,249 
Total cash and invested assets71,011,054 68,225,875 
Policy premiums due, deferred or uncollected170,246 171,900 
Accrued investment income572,749 534,434 
Current federal income tax receivable210,043 263,886 
Net deferred tax asset345,319 358,793 
Company owned life insurance1,974,193 1,859,865 
Admitted disallowed interest maintenance reserve58,911 74,012 
Other admitted assets62,091 87,163 
Separate account assets7,527,775 6,655,453 
Total admitted assets$81,932,381 $78,231,381 
LIABILITIES AND CAPITAL AND SURPLUS
Liabilities for future policy benefits$45,230,696 $43,750,545 
Liabilities for deposit-type contracts832,720 443,181 
Policy and contract claims249,380 264,962 
Other policyholder funds3,013 2,973 
Total policyholder liabilities46,315,809 44,461,661 
Amounts payable for reinsurance48,484 30,353 
Asset valuation reserve891,807 734,535 
Repurchase agreements, FHLB advances and collateral on derivatives8,463,588 8,197,190 
Payable for securities86,459 140,165 
Funds held under coinsurance13,250,222 12,477,074 
Derivative instruments250,961 249,442 
Accrued expenses and other liabilities339,026 732,437 
Separate account liabilities7,101,077 6,309,931 
Total liabilities76,747,433 73,332,788 
Capital and surplus
Common stock - $1 par value; 2,549,439 shares authorized, issued, and outstanding2,549 2,549 
Surplus notes1,237,000 1,237,000 
Additional paid-in capital893,927 793,927 
Other surplus funds58,911 74,012 
Unassigned surplus2,992,561 2,791,105 
Total capital and surplus5,184,948 4,898,593 
Total liabilities and capital and surplus$81,932,381 $78,231,381 
The accompanying notes are an integral part of these statutory basis financial statements.
113
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
STATEMENTS OF OPERATIONS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
Nine months ended September 30,
20242023
(Unaudited)(Unaudited)
REVENUES
Life insurance and annuity premiums and other considerations$5,040,514 $2,900,979 
Net investment income2,346,386 1,728,078 
Commissions and expense allowances on reinsurance ceded300,559 238,547 
Amortization of interest maintenance reserve(9,143)(7,169)
Reserve adjustments on reinsurance ceded(158,895)(216,104)
Investment income ceded - funds withheld reinsurance(466,974)(293,365)
Other income220,053 176,722 
Total revenues7,272,500 4,527,688 
BENEFITS AND EXPENSES
Life and annuity policy benefits4,199,040 5,027,990 
Increase (decrease) in liabilities for future life and annuity policy benefits1,480,151 (1,718,821)
Commissions433,557 354,366 
General expenses293,824 255,792 
Insurance taxes, licenses and fees31,518 27,735 
Transfers to interest maintenance reserve ceded1,520 17,448 
Transfers to interest maintenance reserve - market value adjustments16,653 — 
Net transfers to separate accounts257,117 48,621 
Total benefits and expenses6,713,380 4,013,131 
Net gain from operations before federal income taxes and net realized
   capital losses		559,120 514,557 
Federal income tax expense56,774 40,827 
Net gain from operations before net realized capital losses502,346 473,730 
Net realized capital losses(38,003)(225,484)
Net income$464,343 $248,246 












The accompanying notes are an integral part of these statutory basis financial statements.
114
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
Nine months ended
Common StockSurplus NotesAdditional Paid-In CapitalOther SurplusUnassigned SurplusTotal Capital and Surplus
Balances at December 31, 2022$2,549 $1,237,000 $793,927 $— $3,030,041 $5,063,517 
Net income— — — — 248,246 248,246 
Change in net unrealized capital gains
   (losses)		— — — — 110,564 110,564 
Change in net deferred income tax— — — — (12,417)(12,417)
Change in nonadmitted assets— — — — (18,040)(18,040)
Change in asset valuation reserve— — — — (83,397)(83,397)
Surplus (contributed to) withdrawn
   from Separate Accounts during period		— — — — 80,321 80,321 
Other changes in surplus in Separate
   Accounts statement		— — — — (76,682)(76,682)
Change in surplus as a result of
   reinsurance		— — — — (49,233)(49,233)
Dividends to stockholder— — — — (136,000)(136,000)
Balances at September 30, 2023 (Unaudited)$2,549 $1,237,000 $793,927 $— $3,093,403 $5,126,879 
Balances at December 31, 2023$2,549 $1,237,000 $793,927 $74,012 $2,791,105 $4,898,593 
Net income— — — — 464,343 464,343 
Change in net unrealized capital gains
   (losses)		— — — — 77,372 77,372 
Change in net deferred income tax— — — — (12,027)(12,027)
Change in nonadmitted assets— — — — 36,134 36,134 
Change in asset valuation reserve— — — — (157,272)(157,272)
Other changes in surplus in Separate
   Accounts statement		— — — — 21,386 21,386 
Additional paid in surplus— — 100,000 — — 100,000 
Change in surplus as a result of
   reinsurance		— — — — (8,581)(8,581)
Dividends to stockholder— — — — (235,000)(235,000)
Change in admitted disallowed interest
   maintenance reserve		— — — (15,101)15,101 — 
Balances at September 30, 2024 (Unaudited)$2,549 $1,237,000 $893,927 $58,911 $2,992,561 $5,184,948 















The accompanying notes are an integral part of these statutory basis financial statements.
115
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
STATEMENTS OF CASH FLOW – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
Nine Months Ended September 30,
20242023
(Unaudited)(Unaudited)
OPERATING ACTIVITIES
Life insurance and annuity premiums and other considerations$5,041,500 $2,900,264 
Net investment income2,223,808 1,654,313 
Other income347,524 268,511 
Benefits paid(4,377,960)(5,217,724)
Net transfers to separate account(254,913)(45,617)
Insurance expenses paid(1,217,694)(945,900)
Federal income taxes (paid) recovered10,770 (56,179)
Net cash (used) provided by operating activities1,773,035 (1,442,332)
INVESTING ACTIVITIES
Proceeds from investments sold, matured or repaid
Bonds4,047,919 5,573,101 
Preferred and common stocks162,367 507,255 
Mortgage loans267,072 297,322 
Real estate231 — 
Other invested assets224,033 231,865 
Miscellaneous proceeds8,039 1,688 
Cost of investments acquired
Bonds(3,869,753)(3,127,588)
Preferred and common stocks(825,851)(217,256)
Mortgage loans(345,741)(199,161)
Real estate— (1,974)
Other invested assets(327,993)(934,506)
Miscellaneous applications(149,374)(214,706)
Net change in policy loans(52,499)(51,655)
Net cash (used) provided in investing activities(861,550)1,864,385 
FINANCING ACTIVITIES
Capital and paid in surplus100,000 — 
Net change in collateral liability342,796 4,097 
Net change in repurchase agreements and FHLB advances(76,398)(189,978)
Net withdrawals on deposit-type contract379,407 (23,454)
Dividends paid to stockholder(235,000)(136,000)
Net change in funds held under coinsurance791,376 949,653 
Net change in remittances and items not allocated(386,900)(83,106)
Other cash provided2,625 (5,735)
Net cash provided by financing activity and other sources917,906 515,477 
RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Net change in cash, cash equivalents and short-term investments1,829,391 937,530 
Cash, cash equivalents and short-term investments:
Beginning of year1,709,358 722,450 
End of year$3,538,749 $1,659,980 
The accompanying notes are an integral part of these statutory basis financial statements.
116
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
STATEMENTS OF CASH FLOW – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
Nine Months Ended September 30,
20242023
(Unaudited)(Unaudited)
SUPPLEMENTAL CASH FLOW
Non-cash transactions:
Capitalized Interest$40,459 $44,268 
















































The accompanying notes are an integral part of these statutory basis financial statements.
117
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(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 (“New Roots”) and Stone Roots M Trust (“Stone Roots”), 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"), Stone Roots N Trust ("SRNT") and Bestow Life Insurance Company (“BLIC”), 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
These unaudited interim statutory financial statements include material changes in financial condition or composition from the preceding fiscal year. The financial statements do not include all disclosures that are normally included in annual financial statements and should be read in conjunction with the audited financial statements and the related notes included in our Audited Financial Statements - Statutory Basis for the year ended December 31, 2023. The financial information included herein has been derived from the December 31, 2023 Audited Financial Statements - Statutory Basis.
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 as of September 30, 2024 and December 31, 2023:
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
118
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
on 2024 statutory net income; however, Capital and Surplus as of September 30, 2024 is increased by $177,848 as a result of this prescribed practice. 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 2023 statutory net income; however, Capital and Surplus as of September 30, 2023 is increased by $448,151 as a result of this prescribed practice.
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 nine months ended September 30, 2024 by $233,453 and the cumulative effect on Capital and Surplus at September 30, 2024 was a decrease of $510,444. 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 decreased the Company’s statutory net income for the nine months ended September 30, 2023 by $77,800 and the cumulative effect on Capital and Surplus at September 30, 2023 was a decrease of $6,185.
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 September 30, 2024 is $29,863 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 timing mismatch of the assets and liabilities calculated in accordance with IAC 191-97. Under the NAIC basis, a voluntary reserve of $540,307 would have been established as of September 30, 2024 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 nine months ended September 30, 2024 and there was no impact on the Company’s Capital and Surplus at September 30, 2024. The voluntary reserve established as of December 31, 2023 was $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 timing mismatch of the assets and 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,
119
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
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 for the year ended December 31, 2023 and there was no impact to the Company’s Capital and Surplus at December 31, 2023. Under the NAIC basis, a voluntary reserve of $22,541 would have been established as of September 30, 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 of $71,615 to the Company’s statutory net income for the nine months ended September 30, 2023 and there was no impact on the Company’s Capital and Surplus at September 30, 2023.
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 decreased the Company’s statutory net income for the nine months ended September 30, 2024 by $171 and the cumulative effect on Capital and Surplus at September 30, 2024 was an increase of $20,155. 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 nine months ended September 30, 2023 by $263 and the cumulative effect on Capital and Surplus at September 30, 2023 was an increase of $20,439.
120
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(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:
Nine months ended September 30,
20242023
(Unaudited)(Unaudited)
Net Income:
(1) Midland National state basis$464,343 $248,246 
(2) State prescribed practice that increase (decrease) NAIC SAP:
(a) Economic hedge of call option derivative assets
      (IAC 191-97)
(233,453)(77,800)
(b) Deferral of 2012 annuity mortality table (IAC 191-43)(171)263 
(3) NAIC SAP (1-2=3)$697,967 $325,783 
As ofAs of
September 30, 2024December 31, 2023
(Unaudited)
Surplus:
(4) Midland National state basis $5,184,948 $4,898,593 
(5) State prescribed practices that increase (decrease) NAIC SAP:
(a) Book value of separate account assets (Bulletin
      07-06)
177,848 253,580 
    (b) Economic hedge of call option derivative assets
         (IAC 191-97)
(510,444)(276,991)
    (c) Deferral of 2012 annuity mortality table (IAC 191-43)20,155 20,326 
(6) NAIC SAP (4-5=6)$5,497,389 $4,901,678 
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 to the Company’s statutory net income but the cumulative effect on the Company's Capital and Surplus was an increase of $1,763,053 and $1,720,567 as of September 30, 2024, December 31, 2023, 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 September 30, 2024 was $81,537, $57,829 and $127,058, 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 September 30, 2024, respectively, would have been negative $678,776, negative $446,187 and negative $371,666.
121
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
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.
For loan-backed securities, the Company recognized income using a constant effective yield based on anticipated prepayments and estimated economic life of the securities. When actual prepayments differ from anticipated prepayments, the effective yield is recalculated prospectively to reflect actual payments to date and anticipated future payments.
2.FAIR VALUE OF FINANCIAL INSTRUMENTS
The carrying value and estimated fair value of the Company’s financial instruments are as follows:
September 30, 2024
(Unaudited)
Type of Financial InstrumentEstimated Fair ValueCarrying Value(Level 1)(Level 2)(Level 3)Not Practicable (Carrying Value)
Financial assets:
Bonds$50,212,966 $54,603,030 $— $44,887,139 $5,325,827 $— 
Preferred stocks865,981 898,389 — 861,893 4,088 — 
Common stocks - other262,155 262,155 113,610 148,391 154 — 
Mortgage loans3,739,757 3,865,514 — 3,739,757 — — 
Policy loans581,209 581,209 — 581,209 — — 
Cash, cash equivalents
   and short-term
   investments
3,538,678 3,538,749 944,958 2,556,277 37,443 — 
Derivative instruments2,564,864 696,588 7,229 2,557,635 — — 
Other invested assets1,385,601 1,452,856 — 645,340 740,261 7,555 
Separate accounts7,302,651 7,527,775 3,285,613 3,858,544 158,494 — 
Financial liabilities:
Liabilities for deposit-
   type contracts
$840,608 $832,720 $— $— $840,608 $— 
Repurchase agreements,
   FHLB advances and
   collateral on derivative
   instruments		8,409,067 8,463,588 701,240 7,707,827 — — 
Derivative instruments1,195,441 250,961 — 1,195,441 — — 
122
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
December 31, 2023
Type of Financial
Instrument
Estimated Fair ValueCarrying 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 stocks951,265 986,390 — 942,881 8,384 — 
Common stocks - other247,960 247,960 95,864 148,276 3,820 — 
Mortgage loans3,646,156 3,790,420 — 3,646,156 — — 
Policy loans528,710 528,710 — 528,710 — — 
Cash, cash equivalents
   and short-term
   investments
1,709,173 1,709,358 339,129 1,370,044 — — 
Derivative instruments1,744,190 641,206 7,295 1,736,895 — — 
Other invested assets1,537,311 1,542,032 — 810,107 727,204 11,660 
Separate accounts6,334,467 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 instruments851,587 249,442 — 851,587 — — 
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.
123
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(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.
124
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(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.
September 30, 2024
(Unaudited)
Level 1Level 2Level 3Net Asset ValueTotal
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous$— $280 $1,497 $— $1,777 
Preferred stocks— 620,958 4,088 — 625,046 
Common stocks - other113,610 148,391 154 — 262,155 
Derivative instruments - interest rate swaps— 151 — — 151 
Derivative instruments - foreign exchange
   forwards		— 24 — — 24 
Derivative instruments - futures7,229 — — — 7,229 
Other invested assets— 4,181 3,183 — 7,364 
Separate account assets (a)3,226,336 — — — 3,226,336 
Financial liabilities (carried at fair value):
Derivative instruments - interest rate swaps$— 12,530 $3,616 — $— $— $3,616 
Derivative instruments - foreign exchange
   forwards		— 2,551 — — 2,551 
December 31, 2023
Level 1Level 2Level 3Net Asset ValueTotal
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous$— $4,700 $2,567 $— $7,267 
Preferred stocks— 696,120 8,000 — 704,120 
Common stocks - other95,864 148,276 3,820 — 247,960 
Derivative instruments - interest rate swaps— 2,860 — — 2,860 
Derivative instruments - futures7,295 — — — 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		$— $8,563 $— $— $8,563 
Derivative instruments - foreign exchange
   forwards		— 1,761 — — 1,761 
(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
125
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
available prices for identical or similar assets or on valuation models or matrices using observable inputs. 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:
September 30, 2024
(Unaudited)
Beginning BalanceTransfers into
Level 3		Transfers out of
 Level 3		Total gains and (losses) in SurplusPurchasesSalesSettlementsEnding Balance
Financial assets (carried at fair value):
Bonds - industrial &
   miscellaneous		$2,567 $— $— $578 $— $— $(1,648)$1,497 
Preferred stocks8,000 1,170 (9,170)— 4,088 — — 4,088 
Common stocks - other3,820 — — 8,685 26 (12,278)(99)154 
Other invested assets— 4,514 — (1,331)— — — 3,183 
Total assets$14,387 $5,684 $(9,170)$7,932 $4,114 $(12,278)$(1,747)$8,922 
December 31, 2023
Beginning BalanceTransfers into
Level 3		Transfers out of Level 3Total gains and (losses) in SurplusPurchasesSalesSettlementsEnding 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 - other3,790 — — 30 — — — 3,820 
Total assets$15,094 $8,000 $— $(524)$— $(8,183)$— $14,387 
126
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(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:
September 30, 2024
(Unaudited)
Admitted ValueGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Bonds
U.S. governments$3,391,226 $11,578 $541,988 $2,860,816 
All other governments1,597,720 2,987 345,668 1,255,039 
U.S. special revenue & special
   assessment obligations, non-guaranteed
11,734,926 159,730 1,186,843 10,707,813 
Industrial and miscellaneous37,507,570 466,233 2,937,864 35,035,939 
Bank loans371,588 3,029 21,258 353,359 
Parent, subsidiaries and affiliates— — — — 
Total bonds$54,603,030 $643,557 $5,033,621 $50,212,966 
Preferred stocks$898,389 $1,338 $33,746 $865,981 
December 31, 2023
Admitted ValueGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Bonds
U.S. governments$3,396,220 $6,709 $633,930 $2,768,999 
All other governments1,248,653 140 309,890 938,903 
U.S. special revenue & special
   assessment obligations, non-guaranteed
12,223,325 134,437 1,485,697 10,872,065 
Industrial and miscellaneous36,771,743 287,338 3,741,240 33,317,841 
Bank loans748,234 9,411 20,898 736,747 
Parent, subsidiaries and affiliates328,605 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 
127
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
The cost and admitted value of common stocks - subsidiaries and common stocks - other are as follows:
September 30, 2024
(Unaudited)
CostGross Unrealized GainsGross Unrealized LossesAdmitted Value
Subsidiaries$1,582,822 $116,188 $3,433 $1,695,577 
Other159,696 109,727 7,268 262,155 
Total$1,742,518 $225,915 $10,701 $1,957,732 
December 31, 2023
CostGross Unrealized GainsGross Unrealized LossesAdmitted Value
Subsidiaries$782,822 $107,407 $— $890,229 
Other256,428 47 8,515 247,960 
Total$1,039,250 $107,454 $8,515 $1,138,189 
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:
September 30, 2024
(Unaudited)
Admitted ValueEstimated Fair Value
Due in one year or less$1,014,429 $1,018,822 
Due after one year through five years3,712,284 3,690,514 
Due after five years through ten years7,242,645 7,012,590 
Due after ten years27,682,241 24,197,958 
Securities not due at a single maturity date
   (primarily mortgage-backed securities)
14,951,431 14,293,082 
Total bonds$54,603,030 $50,212,966 


128
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(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:
September 30, 2024
(Unaudited)
Less than 12 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Bonds
U.S. governments$217 $4 $2,548,209 $541,984 $2,548,426 $541,988 
All other governments— — 1,214,670 345,668 1,214,670 345,668 
U.S. special revenue &
   special assessment
   obligations,
   non-guaranteed		250,710 18,299 7,573,334 1,168,544 7,824,044 1,186,843 
Industrial and
   miscellaneous		2,371,606 263,321 19,851,582 2,674,543 22,223,188 2,937,864 
Bank loans40,385 858 123,079 20,400 163,464 21,258 
Total bonds2,662,918 282,482 31,310,874 4,751,139 33,973,792 5,033,621 
Preferred stocks— — 150,853 33,746 150,853 33,746 
Total bonds and
   preferred stocks
$2,662,918 $282,482 $31,461,727 $4,784,885 $34,124,645 $5,067,367 
December 31, 2023
Less than 12 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized Losses
Bonds
U.S. government$133,567 $962 $2,440,915 $632,968 $2,574,482 $633,930 
All other governments6,577 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 loans72,611 3,863 243,805 17,035 316,416 20,898 
Parent, subsidiaries
   and affiliates
— — 58,187 991 58,187 991 
Total bonds2,546,009 99,647 34,951,294 6,092,999 37,497,303 6,192,646 
Preferred stocks— — 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 


129
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(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:
CUSIPBook/Adjusted Carrying Value Amortized Cost Before Current Period OTTIRecognized Other- Than-Temporary ImpairmentAmortized Cost After Other-Than- Temporary ImpairmentFair Value at time of OTTIDate of Financial Statement Where Reported
456606AF9 $77 $20 $57 $77 9/30/2024
61748JAE7 967 112 855 982 9/30/2024
BAN0VUVR8 560 23 537 294 9/30/2024
$155 
All of the impairments in the table above were recognized due to the inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis of the security.
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:
Nine months ended September 30,
20242023
(Unaudited)(Unaudited)
Bonds$1,925,538 $1,920,694 
Preferred stocks37,508 62,115 
Common stocks57,644 9,182 
Mortgage loans141,392 131,279 
Real estate4,894 4,894 
Policy loans20,679 17,814 
Cash, cash equivalents and short-term investments73,273 55,528 
Derivative instruments277,052 (237,898)
Other invested assets207,724 116,517 
Other investment income430 4,252 
Total gross investment income2,746,134 2,084,377 
Less: Investment expenses399,748 356,299 
Net investment income$2,346,386 $1,728,078 
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 $85 and $61 of net investment income for the nine months ended September 30, 2024 and 2023, 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 5 and 1 for the nine months ended September 30, 2024 and 2023, respectively.
130
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
The Company recognized $17 and $0 of net investment income for the nine months ended September 30, 2024 and 2023, respectively related to prepayment penalties or acceleration fees on bonds in the separate account that were called. The total number of called bonds in the separate account were 1 and 0 for the nine months ended September 30, 2024 and 2023, respectively.
The major categories of net realized capital gains (losses) reflected in the statements of operations are summarized as follows:
Nine months ended September 30,
20242023
(Unaudited)(Unaudited)
Bonds$(58,510)$(158,699)
Preferred stocks(11,018)(218,620)
Common stocks - other8,531 (25,172)
Mortgage loans4 (10,849)
Derivative instruments(2,585)(18,926)
Other invested assets1,948 4,573 
   Realized capital losses(61,630)(427,693)
Income tax effects13,701 109,666 
Amounts transferred to IMR (net of federal income taxes of
   $(2,639) and $(24,600) for the nine months ended
   September 30, 2024 and 2023, respectively)
9,926 92,543 
Net realized capital losses$(38,003)$(225,484)
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:
Nine months ended September 30,
20242023
(Unaudited)(Unaudited)
Proceeds from sales$1,140,474 $4,352,885 
Gross realized gains28,139 81,407 
Gross realized losses(48,662)(233,772)
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.

131
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
Restricted assets
The following assets are subject to applicable restrictions under each of the following areas:
September 30, 2024
(Unaudited)
Restricted Asset CategoryTotal Admitted RestrictedGross Restricted to Total AssetsAdmitted Restricted to Total Admitted Assets
Subject to repurchase agreements$6,145,392 7 %7 %
FHLB capital stock148,276 0 %0 %
On deposit with states3,274 0 %0 %
Pledged as collateral to FHLB 3,072,795 4 %4 %
Pledged as collateral not captured in other
   categories
608,469 1 %1 %
Total restricted assets$9,978,206 12 %12 %
December 31, 2023
Restricted Asset CategoryTotal Admitted RestrictedGross Restricted to Total AssetsAdmitted Restricted to Total Admitted Assets
Subject to repurchase agreements$6,204,335 8 %8 %
FHLB capital stock148,276 0 %0 %
On deposit with states3,274 0 %0 %
Pledged as collateral to FHLB3,072,795 4 %4 %
Pledged as collateral not captured in other categories
45,632 0 %0 %
Total restricted assets$9,474,312 12 %12 %
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 September 30, 2024 and December 31, 2023, the Company owns common stock totaling $148,276, 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 September 30, 2024 and December 31, 2023, the Company had outstanding advances of $3,072,795 from FHLB (see Note 5).
Deposits with regulatory authorities
At September 30, 2024 and December 31, 2023, securities (primarily bonds) with admitted carrying values of $3,274, were on deposit with regulatory authorities as required by law.
132
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
4.DERIVATIVES AND DERIVATIVE INSTRUMENTS
The following table presents the notional amounts, estimated fair value and carrying value of derivatives:
September 30, 2024
(Unaudited)
Notional AmountEstimated Fair ValueCarrying Value
Assets:
Derivative instruments:
Call options$26,153,086 $2,557,460 $689,184 
Futures80,527 7,229 7,229 
Foreign exchange forwards1,934 24 24 
Interest rate swaps82,000 151 151 
$2,564,864 $696,588 
Liabilities:
Derivative instruments:
Interest rate swaps$400,000 $3,616 $3,616 
Foreign exchange forwards78,008 2,551 2,551 
Written options10,275,803 1,189,274 244,794 
$1,195,441 $250,961 
December 31, 2023
Notional AmountEstimated Fair ValueCarrying Value
Assets:
Derivative instruments:
Call options$24,598,064 $1,734,035 $631,051 
Futures44,103 7,295 7,295 
Interest rate swaps82,000 2,860 2,860 
$1,744,190 $641,206 
Liabilities:
Derivative instruments:
Interest rate swaps$400,000 $8,653 $8,653 
Foreign exchange forwards73,311 1,761 1,761 
Written options9,187,699 841,173 239,028 
$851,587 $249,442 
133
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
The following table presents the impact of derivatives on net investment income and change in unrealized capital gains (losses):
Nine months ended September 30,
20242023
(Unaudited)(Unaudited)
Gain (loss) recognized in net investment income:
Options$290,465 $(234,902)
Futures(8,524)(2,954)
Interest rate swaps(4,889)144 
Interest rate floors— (186)
$277,052 $(237,898)
Gain (loss) recognized in net unrealized gains (losses):
Interest rate swaps$2,328 $(8,279)
Interest rate floors— 186 
Foreign exchange derivatives(766)2,339 
$1,562 $(5,754)
5.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 $0 and $15,364 of additional common stock for the nine months ended September 30, 2024 and for the year ended December 31, 2023, respectively. 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:
September 30, 2024December 31, 2023
(Unaudited)
Membership stock - class A$10,000 $10,000 
Activity stock138,276 138,276 
Total$148,276 $148,276 
The Class A Membership Stock is not eligible for redemption.

134
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
At September 30, 2024 and December 31, 2023, 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. 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.
Interest expense incurred during the nine months ended September 30, 2024 and 2023 was $61,726 and $43,136, respectively. Interest expense is reported as a component of net investment income in the statement of operations. The Company has determined the actual maximum borrowing capacity as $3,798,758. 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.).
The amount of collateral pledged to the FHLB is as follows:
Amount pledged as of reporting dateFair ValueCarrying ValueAggregate total borrowing
September 30, 2024 (Unaudited)4,479,820 4,976,664 3,072,795 
December 31, 20234,727,913 5,389,439 3,072,795 
Maximum amount pledged during reporting periodFair ValueCarrying ValueAmount borrowed at time of maximum collateral
September 30, 2024 (Unaudited)4,659,507 5,437,458 3,072,795 
December 31, 20235,010,209 5,576,742 3,072,795 


135
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
6.REPURCHASE AGREEMENTS
The following tables summarizes the repurchase agreements accounted for as a secured borrowing for the Company:
Type of Repo Trades Used
2024
First
Quarter		Second
Quarter		Third
Quarter
Bilateral (YES/NO)YESYESYES
Tri-party (YES/NO)YESYESYES

Original (flow) & residual maturity
2024
First
Quarter		Second
Quarter		Third
Quarter
Maximum amount
      Open - no maturity$1,398 $39,817 $72,000 
      Overnight150,000 120,000 178,000 
      2 days to 1 week270,000 120,000 178,000 
      >1 week to 1 month270,000 120,000 298,000 
      >1 month to 3 months385,000 298,000 544,000 
      >3 months to 1 year842,000 1,194,000 1,439,000 
      >1 year3,807,553 3,922,553 3,027,553 
Ending balance
      Open - no maturity$— $— $— 
      Overnight — — — 
      2 days to 1 week— — 45,000 
      >1 week to 1 month115,000 — — 
      >1 month to 3 months25,000 298,000 544,000 
      >3 months to 1 year722,000 1,194,000 1,125,000 
      >1 year3,807,553 3,272,553 2,975,553 
136
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
Securities sold under repo- secured borrowing
2024
First
Quarter		Second QuarterThird Quarter
Maximum amount
Book adjusted carrying value
   ("BACV")
XXXXXXXXX
Nonadmitted - subset of BACVXXXXXXXXX
Fair value$5,478,883 $5,414,407 $5,591,921 
Ending Balance
BACVXXXXXXXXX
Nonadmitted - subset of BACVXXXXXXXXX
Fair value$5,477,012 $5,414,407 $5,591,921 

Securities sold under repo- secured borrowing by NAIC designation
As of September 30, 2024
NONENAIC 1NAIC 2NAIC 3
Bonds – BACV$— $1,084,227 $1,765,282 $— 
Bonds – FV— 913,661 1,596,833 — 
LB & SS – BACV— 3,295,883 — — 
LB & SS – FV— 3,081,427 — — 
Total assets – BACV$— $4,380,110 $1,765,282 $— 
Total assets – FV$— $3,995,088 $1,596,833 $— 
As of September 30, 2024
NAIC 4NAIC 5NAIC 6Non-Admitted
Bonds – BACV$— $— $— $— 
Bonds – FV— — — — 
LB & SS – BACV— — — — 
LB & SS – FV— — — — 
Total assets – BACV$— $— $— $— 
Total assets – FV$— $— $— $— 
137
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
Collateral received- secured borrowing
2024
First QuarterSecond QuarterThird Quarter
Maximum Amount
     Cash$5,725,951 $5,814,370 $5,736,553 
     Securities (FV)— — — 
Ending Balance
     Cash$4,669,553 $4,764,553 $4,689,553 
     Securities (FV)— — — 
Cash and non-cash collateral received- secured borrowing by NAIC designation
As of September 30, 2024
NONENAIC 1NAIC 2NAIC 3
Ending balance
Cash$4,689,553 $— $— $— 
Total collateral assets – FV$4,689,553 $— $— $— 
As of September 30, 2024
NAIC 4NAIC 5NAIC 6Does Not
Qualify As
Admitted
Ending balance
Cash$— $— $— $— 
Total collateral assets – FV$— $— $— $— 
Allocation of aggregate collateral by remaining contractual maturity
As of September 30, 2024
Fair Value
Overnight and continuous$— 
30 days or less45,000 
31 to 90 days544,000 
> 90 days4,100,553 
138
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
Allocation of aggregate collateral reinvested by remaining contractual maturity
As of September 30, 2024
Amortized CostFair Value
91 to 120 days1,010 1,549 
1 to 2 years39,793 31,341 
2 to 3 years29,540 29,524 
> 3 years5,033,413 4,627,137 
Liability to return collateral- secured borrowing
2024
First QuarterSecond QuarterThird Quarter
Maximum amount
      Cash (collateral - all)$5,725,951 $5,814,370 $5,736,553 
      Securities collateral (FV)— — — 
Ending balance
Cash (collateral - all)$4,669,553 $4,764,553 $4,689,553 
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.
7.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 $2,992,561 is unrestricted and held for the benefit of the Company’s stockholder.
During the nine months ended September 30, 2024, the Company paid ordinary cash dividends in the amounts of $85,000 on January 3, 2024 and $150,000 on September 30, 2024 to its stockholder, SFG.
During the nine months ended September 30, 2024, the Company received a capital contribution of $100,000 on March 31, 2024 from its stockholder, SFG.
During the nine months ended September 30, 2024, the Company contributed $25,000 of additional capital to Canal Re on March 31, 2024.
139
MIDLAND NATIONAL LIFE INSURANCE COMPANY
(a wholly owned subsidiary of Sammons Financial Group, Inc.)
NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS (UNAUDITED)
(Dollars in Thousands)
8.OTHER RELATED PARTY TRANSACTIONS
The Company has entered into significant, recurring transactions with affiliates as part of its ongoing operations. These include agreements to provide investment management, accounting, administrative, employee benefit and management services.
In addition the Company is a party to reinsurance agreements with affiliated companies, an intercompany revolving loan agreement with SFG, has issued surplus notes to its parent.
The Company borrowed $125,000 from SFG on March 28, 2024 and has repaid the entire balance and related interest during the nine months ended September 30, 2024.
The Company loaned $16,000 to SFG on January 16, 2024 and the entire balance and related interest was repaid on March 6, 2024.
The Company loaned $150,000 to SFG on August 5, 2024 and the entire balance and related interest was repaid on September 3, 2024.
In the third quarter of 2024, Sammons Enterprises restructured its investment in Guggenheim Capital     Partners which resulted in Guggenheim Capital and other related entities no longer being considered an affiliate or related party of the Company.
The Company did not enter into any other related party transactions in the nine months ended September 30, 2024.
9.COMMITMENTS AND CONTINGENCIES
For the nine months ended September 30, 2024, the Company’s outstanding capital commitments to limited partnership were $802,673 and decreased by $343,589 from December 31, 2023.
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.
10.SUBSEQUENT EVENTS
The Company evaluated subsequent events through January 13, 2025, the date the unaudited interim financial statements were available to be issued.
There were no subsequent event transactions that required disclosure in the financial statements.
140

Financial Statements of Midland National Life Insurance Company Separate Account C


141


















Midland National Life Insurance Company
Separate Account C
Financial Statements
December 31, 2023 and 2022
142
Midland National Life Insurance Company
Separate Account C
Index
Page(s)
Report of Independent Registered Public Accounting Firm    1-10
Financial Statements
Statements of Net Assets    11–18
Statements of Operations    19–26
Statements of Changes in Net Assets    27–41
Notes to Financial Statements    42–116
1
PwC (jpg2).jpg
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)
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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)
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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)
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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)
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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)
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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)
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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)
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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)
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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.
Restatement of Previously Issued Financial Statements
As discussed in Note 1 to the financial statements, the Company has restated its 2023 financial statements to correct errors.
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.

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/s/ PricewaterhouseCoopers LLP

Des Moines, Iowa
April 17, 2024, except for the effects of the restatement discussed in Note 1 to the financial statements, as to which the date is January 13, 2025

We have served as the auditor of one or more of the subaccounts of Midland National Life Insurance Company Separate Account C since 1993.
11
Midland National Life Insurance Company
Separate Account C
Statements of Net Assets
December 31, 2023
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Fidelity Variable Insurance Products
Government Money Market Portfolio8,371,840 $8,371,840 $8,371,840 
High Income Portfolio895,248 4,420,019 3,945,999 
Equity-Income Portfolio254,066 5,720,182 6,185,295 
Growth Portfolio93,842 7,510,286 8,692,355 
Overseas Portfolio217,558 5,074,307 5,558,646 
Mid Cap Portfolio480,534 16,924,955 16,736,415 
Asset Manager Portfolio51,310 762,063 790,245 
Investment Grade Bond Portfolio534,356 6,019,995 5,806,652 
Index 500 Portfolio47,419 13,098,605 21,699,324 
Contrafund Portfolio874,613 36,576,786 41,188,567 
Asset Manager: Growth Portfolio41,185 785,965 877,080 
Balanced Portfolio152,311 3,024,744 3,323,261 
Growth & Income Portfolio62,687 1,386,455 1,679,924 
Growth Opportunities Portfolio700,596 39,341,496 40,676,621 
Value Strategies Portfolio155,797 2,222,220 2,609,602 
Strategic Income Portfolio1,327,397 14,788,474 13,738,557 
Emerging Markets Portfolio480,274 6,146,140 5,081,295 
Real Estate Portfolio957,072 17,429,584 16,155,368 
Funds Manager 50% Portfolio631,818 7,685,181 7,145,857 
Funds Manager 70% Portfolio414,445 5,184,174 5,018,927 
Funds Manager 85% Portfolio142,200 1,715,184 1,713,506 
Government Money Market Portfolio Service Class 260,886,111 60,886,111 60,886,111 
International Capital Appreciation Portfolio252,341 4,867,124 5,284,010 
Energy Portfolio137 3,402 3,359 
American Century Variable Portfolios, Inc.
Balanced Fund673,488 5,266,063 5,152,180 
Capital Appreciation Fund131,247 1,864,783 1,866,327 
International Fund230,554 2,484,296 2,435,497 
Value Fund6,254,811 72,083,926 76,369,729 
Disciplined Core Value Fund720,112 6,321,936 5,523,255 
Inflation Protection Fund843,982 8,516,990 7,908,115 
Large Company Value Fund39,226 706,412 709,993 
Mid Cap Value Fund1,825,006 37,253,336 35,532,883 
Ultra Fund444,293 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 Portfolio513,950 5,350,242 4,815,715 
Emerging Markets Equity Portfolio381,935 5,468,361 4,674,879 
Technology Portfolio318,852 8,190,948 8,931,034 
Global Tactical Allocation Portfolio69,823 997,647 931,440 
International Intrinsic Value Portfolio500,237 14,749,530 14,421,836 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Net Assets
December 31, 2023
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Utilities Series Portfolio400,958 13,875,320 12,646,204 
Blended Research Core Equity Portfolio91,904 5,165,604 5,023,472 
Global Real Estate Portfolio58,144 1,031,741 926,239 
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio35,747 1,273,144 1,289,035 
Mid-Cap Stock Portfolio57,592 1,402,367 1,485,304 
Bond-Debenture Portfolio2,407,063 28,682,995 24,840,890 
Fundamental Equity Portfolio121,174 2,123,378 2,034,514 
Developing Growth Portfolio154,412 6,071,981 3,699,711 
Short Duration Income Portfolio1,206,064 16,472,991 15,715,007 
Alger Fund
LargeCap Growth Portfolio75,713 5,134,415 4,725,998 
MidCap Growth Portfolio212,287 4,736,939 3,577,041 
Capital Appreciation Portfolio40,567 3,222,132 3,173,207 
SmallCap Growth Portfolio34,314 793,828 567,214 
Capital Appreciation Portfolio Class S530,452 40,491,442 36,877,026 
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio96,060 2,785,229 2,446,653 
S&P 500 Index Portfolio9,289 1,476,659 1,606,799 
SRI Balanced Portfolio2,651,440 6,401,277 6,230,883 
Invesco Variable Insurance Funds
Technology Fund61,871 1,073,433 1,144,620 
Diversified Dividend Fund106,727 2,731,730 2,566,874 
Health Care Fund30,495 838,461 790,134 
Global Real Estate Fund5,871 86,493 80,136 
International Equity Fund6,479 207,783 216,868 
Main Street Mid Cap Fund19,898 196,845 186,845 
Discovery Mid Cap Growth Fund95,769 6,798,023 5,172,491 
Global Fund201,143 7,866,089 7,140,575 
Main Street Fund469,771 9,509,505 8,347,830 
Main Street Small Cap Fund392,002 9,535,211 10,309,660 
Balanced-Risk Allocation Fund50,021 448,342 424,176 
Core Plus Bond Fund733,148 4,199,477 4,156,950 
Equity and Income Fund312,337 5,272,197 5,114,419 
Small Cap Equity Fund223,156 3,546,580 3,456,686 
Equally Weighted S&P 500 Fund220,988 5,531,865 5,562,260 
Growth and Income Fund21,169 398,590 399,455 
American Value Fund7,819 117,708 107,360 
Lincoln Financial Variable Insurance Portfolios
Core Bond Portfolio129,610 1,437,954 1,279,895 
Small Cap Core Portfolio98,111 2,005,257 1,947,402 
Rydex Variable Trust
Nova Fund5,068 622,381 812,771 
NASDAQ-100 Fund25,231 1,443,692 1,789,152 
U.S. Government Money Market Fund361,607 361,607 361,607 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Net Assets
December 31, 2023
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Inverse S&P 500 Strategy Fund570 32,232 17,120 
Inverse NASDAQ-100 Strategy Fund1,341 28,870 23,070 
Inverse Government Long Bond Strategy Fund52 4,504 5,385 
Government Long Bond 1.2x Strategy4,129 167,555 88,481 
NASDAQ-100 2x Strategy Fund— — — 
Inverse Dow 2x Strategy Fund— — — 
Rydex Variable Insurance Funds
Biotechnology Fund36,418 3,470,750 3,017,964 
S&P 500 Pure Growth Fund103,842 4,703,578 4,599,182 
S&P MidCap 400 Pure Growth Fund35,617 1,269,488 1,171,441 
Guggenheim Variable Insurance Funds
Long Short Equity Fund56,825 838,301 964,325 
Multi-Hedge Strategies Fund44,163 1,139,200 1,143,390 
Global Managed Futures Strategy Fund22,614 394,986 388,277 
Small Cap Value Fund112,097 4,863,890 4,839,229 
ProFunds VP
Profund Access VP High Yield Fund1,239 32,581 30,669 
Asia 301,479 86,454 52,468 
Banks3,121 83,940 85,401 
Materials443 31,468 37,853 
Bear384 8,702 5,520 
Biotechnology3,328 226,598 222,189 
Bull10,791 614,061 545,269 
Consumer Staples1,527 76,959 67,389 
Consumer Discretionary1,502 100,190 99,109 
Dow 309,404 198,874 193,713 
Emerging Markets2,285 60,687 64,656 
Europe 301,405 33,568 36,379 
Falling U.S. Dollar1,271 19,959 19,808 
Financials388 17,567 17,826 
Health Care3,817 277,267 254,638 
Industrials1,413 119,279 125,307 
International1,574 33,694 32,395 
Internet9,624 205,334 202,582 
Japan617 31,702 40,244 
Large-Cap Growth15,363 894,907 792,864 
Large-Cap Value10,803 489,059 544,238 
Mid-Cap5,438 100,620 90,874 
Mid-Cap Growth7,325 297,336 267,375 
Mid-Cap Value2,197 93,018 92,446 
Government Money Market2,419,732 2,419,732 2,419,732 
Energy6,550 247,207 276,332 
NASDAQ-1004,309 211,135 249,370 
Pharmaceuticals1,641 60,237 56,420 
Precious Metals10,820 289,540 274,828 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Net Assets
December 31, 2023
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Real Estate1,207 66,819 57,222 
Rising Rates Opportunity330 15,995 14,763 
Semiconductor1,442 129,439 182,312 
Short Dow 3063 1,482 1,366 
Short Emerging Markets— — — 
Short International196 6,414 4,889 
Short Mid-Cap177 1,436 1,322 
Short NASDAQ-100— — — 
Short Small-Cap79 2,975 1,750 
Small-Cap4,182 150,318 143,445 
Small-Cap Growth4,786 153,143 143,687 
Small-Cap Value2,081 95,947 89,421 
Technology3,084 197,797 213,317 
Communication Services10 353 366 
U.S. Government Plus5,027 116,260 63,949 
UltraBull28,147 853,715 844,963 
UltraMid-Cap10,381 375,945 363,859 
UltraNASDAQ-10019,253 411,472 595,697 
UltraShort Dow 3070 300 226 
UltraShort NASDAQ-1003 240 95 
UltraSmall-Cap7,944 125,379 109,708 
Utilities3,488 153,205 130,571 
VanEck Worldwide Insurance Trust
Global Resources Fund212,404 5,371,783 5,514,553 
Emerging Markets Fund79,575 958,789 732,890 
Emerging Markets Bond Fund51,650 400,189 393,569 
Janus Henderson Series
Global Technology and Innovation Portfolio985,506 14,245,286 15,827,232 
Overseas Portfolio36,753 1,407,215 1,473,078 
Research Portfolio2,362 80,345 101,725 
Enterprise Services Portfolio545,333 38,976,266 37,284,426 
Global Research Portfolio26,305 1,493,728 1,552,536 
Mid Cap Value Portfolio271,845 4,282,715 4,545,243 
Balanced Portfolio1,638,310 75,157,178 78,720,780 
Flexible Bond Portfolio637,752 8,294,586 7,117,312 
PIMCO Variable Insurance Trust
Total Return Portfolio3,143,706 33,556,782 28,859,224 
Low Duration Portfolio2,924,989 29,320,081 28,079,889 
High Yield Portfolio1,585,446 11,270,116 11,383,503 
Real Return Portfolio1,779,511 22,964,797 20,588,946 
All Asset Portfolio302,534 3,195,821 2,783,311 
Global Managed Asset Allocation Portfolio107,832 1,218,005 1,013,616 
Short-Term Portfolio4,408,510 44,743,432 45,099,059 
Emerging Markets Bond Portfolio146,436 1,800,621 1,544,898 
Global Bond Opportunities Portfolio8,001 90,175 76,974 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Net Assets
December 31, 2023
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Commodity Real Return Strategy Portfolio1,180,480 8,740,207 6,445,420 
International Bond (USD-Hedged) Portfolio274,264 2,903,633 2,696,013 
Dynamic Bond Adv Portfolio231,070 2,172,156 2,005,684 
Income Advisor Portfolio3,179,025 33,299,672 31,631,301 
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund114,208 1,388,257 1,402,481 
Large Cap Value Fund18,481 164,426 155,791 
Mid Cap Value Fund176,599 2,832,150 2,827,344 
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio21,640 522,777 495,985 
AMT Mid Cap Intrinsic Value Portfolio7,529 121,912 118,652 
BNY Mellon Variable Investment Fund
Appreciation Portfolio7,240 247,035 248,194 
Sustainable U.S. Equity Portfolio365 13,787 16,103 
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio3,350 22,012 18,225 
Emerging Markets Equity Portfolio8,821 118,409 113,354 
Discovery Portfolio9,412 65,968 38,118 
U.S. Real Estate Portfolio2,783 44,924 40,180 
Northern Lights Variable Trust
Power Dividend Index Fund47,713 621,590 682,293 
AB Variable Products Series
Dynamic Asset Allocation Portfolio285,319 3,131,001 2,539,338 
Small Cap Growth Portfolio2,685 37,450 21,398 
Discovery Value Portfolio396,165 7,309,110 6,909,113 
BlackRock Variable Series Fund, Inc.
Basic Value Fund293,836 3,905,009 3,752,288 
Capital Appreciation Fund56,971 516,025 462,038 
Equity Dividend Fund2,053,810 23,710,521 21,770,381 
Global Allocation Fund910,586 13,223,816 11,864,939 
Advantage Large Cap Core Fund19,017 418,674 417,983 
Large Cap Focus Growth Fund723,508 13,252,090 13,290,839 
60/40 Target Allocation ETF Fund557,163 7,410,369 7,326,689 
Total Return Fund161,929 1,909,902 1,635,480 
S&P 500 Fund61,876 1,546,448 1,808,621 
Columbia Variable Portfolio
Contrarian Core 2 Portfolio257,977 9,314,590 10,969,197 
Dividend Opportunity Portfolio220,546 7,618,122 8,358,698 
Emerging Markets Bond Portfolio495,314 4,606,646 3,888,217 
High Yield Portfolio1,074,490 6,677,159 6,479,175 
Select Large-Cap Value Portfolio341,776 12,180,338 12,796,106 
Seligman Global Tech Portfolio651,878 14,692,596 15,762,403 
US Government Mortgage Portfolio91,698 897,071 817,028 
Strategic Income Portfolio481,900 1,805,282 1,758,934 
Emerging Markets Portfolio36,266 501,141 348,875 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Net Assets
December 31, 2023
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Select Mid Cap Value Portfolio3,219 103,697 114,935 
Small Cap Value Portfolio6,477 75,065 82,965 
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio1,806,137 44,409,566 48,711,506 
Small Cap Index Portfolio554,505 8,350,340 7,552,361 
Alternative Asset Allocation Portfolio80,999 1,078,884 1,030,313 
Global Small Cap Portfolio16,910 166,365 167,751 
Small Mid Cap Value Portfolio278,230 3,294,686 3,856,271 
CROCI US Portfolio11,256 158,099 176,159 
High Income Portfolio98,242 533,733 555,066 
Eaton Vance Variable Trust
Floating Rate Income Portfolio2,385,344 20,901,804 20,633,222 
Delaware Variable Insurance Portfolios
Total Return Portfolio7,050 81,678 88,059 
International Portfolio56,918 1,037,779 953,379 
Opportunity Portfolio417,048 6,166,236 7,269,145 
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund272,353 4,305,894 4,175,178 
Income Fund1,760,039 25,964,826 24,992,559 
Global Bond Fund1,679,742 24,347,067 21,567,883 
Foreign Fund2,508,845 33,468,206 35,725,950 
Developing Markets Fund290,232 2,694,582 2,388,608 
Mutual Global Discovery Fund247,038 4,054,350 4,540,560 
Rising Dividends Fund1,035,196 28,050,240 27,877,839 
DynaTech 2 Fund940,056 3,687,828 4,014,041 
Global Real Estate Fund— — — 
VolSmart Allocation Fund6,179 74,885 77,047 
Delaware Ivy Variable Insurance Portfolios
Asset Strategy Portfolio255,683 2,357,984 2,239,781 
Balanced Portfolio1,120,501 6,940,674 6,050,704 
Global Equity Portfolio202,343 1,051,813 985,409 
Energy Portfolio264,973 1,017,756 1,351,364 
Natural Resources Portfolio122,544 466,570 578,408 
Growth Portfolio280,999 2,779,020 2,787,512 
High Income Portfolio3,131,515 9,955,186 9,237,969 
International Core Equity Portfolio339,909 5,091,212 5,489,534 
Global Growth Portfolio194,792 642,383 617,489 
Mid Cap Growth Portfolio860,017 11,255,312 8,600,166 
Science and Technology Portfolio593,173 16,271,203 13,625,194 
Small Cap Growth Portfolio646,355 5,057,320 3,716,539 
SMID Cap Core Portfolio785,609 9,538,551 9,050,218 
Lazard Retirement Series, Inc.
International Equity Portfolio124,377 1,153,412 1,130,591 
Global Dynamic Multi Asset Portfolio71,848 958,373 860,737 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Net Assets
December 31, 2023
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio392,567 2,545,349 2,457,468 
ClearBridge Variable Mid Cap Portfolio686,176 16,497,424 15,486,987 
ClearBridge Variable Dividend Strategy Portfolio1,760,517 38,348,402 36,178,614 
ClearBridge Variable Small Cap Growth Portfolio345,418 9,416,628 8,735,629 
ClearBridge Variable Aggressive Growth Portfolio48,975 1,159,611 811,020 
Western Asset Variable Core Bond Plus Portfolio13,196,071 74,285,978 65,452,511 
ClearBridge Variable Large Cap Growth Portfolio683,904 23,330,604 26,036,211 
Pioneer Variable Contracts Trust
Fund Portfolio108,071 1,606,342 1,749,674 
Bond Portfolio4,635,142 49,378,231 44,080,200 
Strategic Income Portfolio1,154,822 11,272,084 10,220,175 
Equity Income Portfolio711,770 11,174,514 10,733,485 
High Yield Portfolio67,895 611,929 555,385 
Prudential Series Funds
Natural Resources Portfolio16,196 575,524 655,298 
Mid-Cap Growth Portfolio5,387 91,714 137,198 
PGIM Jennison Blend Portfolio5,375 498,257 506,159 
Royce Capital Fund
Micro-Cap Portfolio23,184 220,653 205,872 
Small Cap Portfolio780,116 6,291,388 7,309,686 
Alps Fund
Alerian Energy Infrastructure Portfolio474,408 4,909,986 5,133,095 
Global Opportunity Portfolio139,276 1,807,934 1,700,555 
American Funds IS
Asset Allocation Fund3,858,881 94,376,568 90,066,273 
Washington Mutual Investors Fund3,753,682 50,679,233 52,776,768 
Ultra-Short Bond Fund1,698,624 18,752,321 18,769,795 
Capital Income Builder Fund1,772,563 19,098,260 20,561,730 
Global Growth Fund890,875 31,797,614 29,470,156 
Capital World Growth and Income Fund1,385,421 19,211,151 18,647,769 
Global Small Capitalization Fund380,012 8,321,367 6,635,005 
Growth Fund655,835 62,713,681 62,763,441 
Growth-Income Fund1,171,199 64,232,478 67,156,552 
International Fund567,609 10,605,186 9,723,149 
International Growth and Income Fund873,600 9,669,027 8,447,711 
New World Fund1,326,623 33,629,583 33,099,253 
U.S. Government Securities Fund1,579,333 16,167,489 15,430,082 
Global Balanced Fund6,335 73,590 76,659 
The Bond Fd of America Fund2,814 26,046 26,308 
Invesco Oppenheimer
International Growth Fund10,514,656 24,825,543 22,501,364 
T. Rowe Price
Blue Chip Growth Portfolio1,534,313 62,551,823 66,803,968 
Health Sciences Portfolio612,717 32,489,971 31,769,367 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Net Assets
December 31, 2023
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Equity Income Portfolio2,004 55,130 55,279 
Mid-Cap Growth Portfolio1,687 45,598 45,586 
John Hancock Variable Insurance Trust
Financial Industries Portfolio251,951 3,191,848 2,736,183 
Fundamental All Cap Core Portfolio7,867 256,263 225,619 
Select Bond Portfolio28,413 388,877 334,421 
Strategic Income Opportunities Portfolio55,782 746,016 706,194 
Federated Hermes
High Income Bond Portfolio349,827 2,012,226 1,969,525 
Kaufmann Portfolio357,316 5,770,302 5,634,869 
Managed Volatility Portfolio44,507 496,060 409,461 
Principal Variable Contracts
Blue Chip Fund72,387 775,812 886,019 
Equity Income Fund15,671 434,353 426,884 
Diversified Balance Fund146,567 2,077,468 2,059,266 
Diversified Growth Fund15,695 301,478 269,644 
Diversified Income Fund6,764 93,917 87,458 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Operations
Year Ended December 31, 2023
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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 Portfolio220,531 — 220,531 52,065 339 52,404 168,127 (170,511)342,234 171,723 339,850 
Equity-Income Portfolio109,879 176,785 286,664 84,226 1,537 85,763 200,901 104,720 215,897 320,617 521,518 
Growth Portfolio8,743 368,016 376,759 106,603 3,613 110,216 266,543 298,883 1,729,220 2,028,103 2,294,646 
Overseas Portfolio44,535 14,332 58,867 72,101 566 72,667 (13,800)156,695 757,654 914,349 900,549 
Mid Cap Portfolio63,078 449,383 512,461 204,107 1,309 205,416 307,045 (17,769)1,686,935 1,669,166 1,976,211 
Asset Manager Portfolio17,900 9,707 27,607 13,016 332 13,348 14,259 (11,533)79,778 68,245 82,504 
Investment Grade Bond Portfolio132,199 — 132,199 58,668 504 59,172 73,027 (342,482)500,365 157,883 230,910 
Index 500 Portfolio270,485 192,544 463,029 272,881 2,913 275,794 187,235 1,292,615 3,009,257 4,301,872 4,489,107 
Contrafund Portfolio111,414 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 Portfolio14,879 — 14,879 11,742 306 12,048 2,831 7,218 102,130 109,348 112,179 
Balanced Portfolio50,025 113,564 163,589 41,368 290 41,658 121,931 60,654 374,510 435,164 557,095 
Growth & Income Portfolio25,917 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 Portfolio21,810 94,036 115,846 36,399 85 36,484 79,362 98,910 266,732 365,642 445,004 
Strategic Income Portfolio579,543 — 579,543 172,412 712 173,124 406,419 (320,098)915,351 595,253 1,001,672 
Emerging Markets Portfolio98,590 — 98,590 66,593 182 66,775 31,815 (138,916)467,459 328,543 360,358 
Real Estate Portfolio358,757 691,663 1,050,420 202,695 966 203,661 846,759 (486,806)1,040,208 553,402 1,400,161 
Funds Manager 50% Portfolio167,113 — 167,113 89,261 234 89,495 77,618 (72,660)733,999 661,339 738,957 
Funds Manager 70% Portfolio89,740 — 89,740 59,384 314 59,698 30,042 (12,959)603,649 590,690 620,732 
Funds Manager 85% Portfolio23,841 — 23,841 22,384 101 22,485 1,356 (37,659)292,538 254,879 256,235 
Government Money Market Portfolio Service Class 21,764,088 — 1,764,088 489,228 584 489,812 1,274,276 — — — 1,274,276 
International Capital Appreciation Portfolio7,628 — 7,628 56,520 225 56,745 (49,117)(211,806)1,268,347 1,056,541 1,007,424 
Energy Portfolio61 — 61 5 — 5 56 — (43)(43)13 
American Century Variable Portfolios, Inc.
Balanced Fund82,597 — 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 Fund34,244 — 34,244 39,476 306 39,782 (5,538)(114,935)370,608 255,673 250,135 
Value Fund1,673,838 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 Fund71,176 — 71,176 74,777 263 75,040 (3,864)(438,564)798,927 360,363 356,499 
Inflation Protection Fund258,088 — 258,088 104,036 254 104,290 153,798 (529,444)566,812 37,368 191,166 
Large Company Value Fund18,394 23,039 41,433 16,745 — 16,745 24,688 (32,949)3,969 (28,980)(4,292)
Mid Cap Value Fund788,667 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 Portfolio178,162 — 178,162 60,599 174 60,773 117,389 (644,069)867,344 223,275 340,664 
Emerging Markets Equity Portfolio54,259 — 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 Portfolio1,443 37,399 38,842 13,046 35 13,081 25,761 (69,541)117,782 48,241 74,002 
International Intrinsic Value Portfolio65,311 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 Portfolio420,417 705,189 1,125,606 175,223 702 175,925 949,681 81,161 (1,593,274)(1,512,113)(562,432)
Blended Research Core Equity Portfolio43,261 321,074 364,335 51,631 143 51,774 312,561 10,302 644,603 654,905 967,466 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Operations
Year Ended December 31, 2023
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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 Portfolio4,194 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 Portfolio11,623 25,516 37,139 19,018 481 19,499 17,640 (4,868)126,097 121,229 138,869 
Mid-Cap Stock Portfolio6,258 38,869 45,127 18,680 391 19,071 26,056 (6,075)162,513 156,438 182,494 
Bond-Debenture Portfolio1,247,506 — 1,247,506 322,595 1,132 323,727 923,779 (740,914)1,075,215 334,301 1,258,080 
Fundamental Equity Portfolio11,181 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 Portfolio708,397 — 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 Portfolio4,494 — 4,494 29,979 74 30,053 (25,559)(134,595)395,156 260,561 235,002 
S&P 500 Index Portfolio20,580 75,990 96,570 18,919 58 18,977 77,593 (6,628)241,041 234,413 312,006 
SRI Balanced Portfolio100,631 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 Fund43,321 197,900 241,221 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 Fund938 — 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 Fund74 — 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 Fund39,871 569,281 609,152 104,016 224 104,240 504,912 (1,691,804)2,794,748 1,102,944 1,607,856 
Main Street Small Cap Fund88,630 — 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 Fund111,686 — 111,686 56,393 109 56,502 55,184 (57,984)180,119 122,135 177,319 
Equity and Income Fund83,255 247,612 330,867 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 Fund63,425 407,659 471,084 63,347 127 63,474 407,610 (197,970)312,747 114,777 522,387 
Growth and Income Fund5,617 54,935 60,552 11,599 — 11,599 48,953 (7,387)(4,717)(12,104)36,849 
American Value Fund382 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 Portfolio48,338 — 48,338 18,235 — 18,235 30,103 (36,999)64,326 27,327 57,430 
Small Cap Core Portfolio25,606 16,732 42,338 25,810 — 25,810 16,528 (107,777)305,391 197,614 214,142 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Operations
Year Ended December 31, 2023
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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 Fund12,877 6 12,883 5,605 — 5,605 7,278 — — — 7,278 
Inverse S&P 500 Strategy Fund452 — 452 681 — 681 (229)(9,459)2,595 (6,864)(7,093)
Inverse NASDAQ-100 Strategy Fund148 — 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 Strategy2,546 — 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 Fund1,969 — 1,969 10,185 19 10,204 (8,235)14,928 79,095 94,023 85,788 
Multi-Hedge Strategies Fund36,426 — 36,426 16,526 94 16,620 19,806 24,434 (4,866)19,568 39,374 
Global Managed Futures Strategy Fund18,444 11,734 30,178 7,675 25 7,700 22,478 (63,303)51,147 (12,156)10,322 
Small Cap Value Fund60,166 293,483 353,649 59,932 220 60,152 293,497 140,661 (53,930)86,731 380,228 
ProFunds VP
Profund Access VP High Yield Fund1,521 — 1,521 1,013 — 1,013 508 (269)1,852 1,583 2,091 
Asia 3060 2,275 2,335 1,366 — 1,366 969 (3,818)3,649 (169)800 
Banks973 — 973 1,731 — 1,731 (758)(793)4,570 3,777 3,019 
Materials172 — 172 904 — 904 (732)1,370 2,806 4,176 3,444 
Bear19 — 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 Staples154 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 3075 — 75 3,732 — 3,732 (3,657)(9,454)32,105 22,651 18,994 
Emerging Markets1,303 — 1,303 1,660 — 1,660 (357)(1,878)4,744 2,866 2,509 
Europe 30737 — 737 733 — 733 4 735 4,208 4,943 4,947 
Falling U.S. Dollar— — — 613 — 613 (613)(1,675)934 (741)(1,354)
Financials78 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 Value2,528 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 Value262 5,425 5,687 2,355 — 2,355 3,332 299 5,545 5,844 9,176 
Government Money Market106,129 — 106,129 62,622 — 62,622 43,507 — — — 43,507 
Energy6,298 — 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 
Pharmaceuticals289 1,073 1,362 1,149 — 1,149 213 (102)(4,043)(4,145)(3,932)
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Operations
Year Ended December 31, 2023
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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 Estate642 10,794 11,436 1,542 — 1,542 9,894 (5,214)(1,093)(6,307)3,587 
Rising Rates Opportunity20 — 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 International94 — 94 132 — 132 (38)(63)(602)(665)(703)
Short Mid-Cap12 — 12 34 — 34 (22)(1)(149)(150)(172)
Short NASDAQ-100— — — — — — — — — — — 
Short Small-Cap5 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 Value16 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 Services3 — 3 19 — 19 (16)(29)167 138 122 
U.S. Government Plus2,548 — 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 
Utilities2,023 — 2,023 4,409 — 4,409 (2,386)(5,555)(11,623)(17,178)(19,564)
VanEck Worldwide Insurance Trust
Global Resources Fund160,674 — 160,674 87,894 248 88,142 72,532 104,597 (552,813)(448,216)(375,684)
Emerging Markets Fund26,575 — 26,575 8,846 — 8,846 17,729 (156,093)190,388 34,295 52,024 
Emerging Markets Bond Fund14,490 — 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 Portfolio18,287 — 18,287 15,361 47 15,408 2,879 22,275 76,216 98,491 101,370 
Research Portfolio75 — 75 1,601 25 1,626 (1,551)(24,600)68,413 43,813 42,262 
Enterprise Services Portfolio32,579 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 Portfolio10,791 39,991 50,782 18,549 98 18,647 32,135 (75,575)365,958 290,383 322,518 
Mid Cap Value Portfolio40,374 117,793 158,167 54,035 245 54,280 103,887 (19,495)314,998 295,503 399,390 
Balanced Portfolio1,358,344 — 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 Portfolio256,684 — 256,684 91,885 316 92,201 164,483 (207,306)313,801 106,495 270,978 
PIMCO Variable Insurance Trust
Total Return Portfolio1,021,002 — 1,021,002 394,121 1,696 395,817 625,185 (1,558,026)2,213,315 655,289 1,280,474 
Low Duration Portfolio1,008,090 — 1,008,090 378,000 1,621 379,621 628,469 (527,510)870,781 343,271 971,740 
High Yield Portfolio629,010 — 629,010 156,630 433 157,063 471,947 (236,954)767,216 530,262 1,002,209 
Real Return Portfolio636,626 — 636,626 287,648 1,471 289,119 347,507 (562,235)664,903 102,668 450,175 
All Asset Portfolio81,166 — 81,166 39,069 177 39,246 41,920 (115,096)249,284 134,188 176,108 
Global Managed Asset Allocation Portfolio20,959 — 20,959 12,420 28 12,448 8,511 (16,774)110,218 93,444 101,955 
Short-Term Portfolio2,125,271 — 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 Portfolio86,291 — 86,291 20,117 39 20,156 66,135 (73,828)148,119 74,291 140,426 
Global Bond Opportunities Portfolio1,938 1,155 3,093 1,191 — 1,191 1,902 (2,075)2,711 636 2,538 
Commodity Real Return Strategy Portfolio1,087,574 — 1,087,574 90,184 499 90,683 996,891 (491,028)(1,203,608)(1,694,636)(697,745)
International Bond (USD-Hedged) Portfolio63,927 68,323 132,250 33,424 82 33,506 98,744 (54,417)143,057 88,640 187,384 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Operations
Year Ended December 31, 2023
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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 Portfolio69,602 — 69,602 25,061 121 25,182 44,420 (162,842)222,599 59,757 104,177 
Income Advisor Portfolio1,629,589 — 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 Fund12,920 — 12,920 23,135 22 23,157 (10,237)2,654 233,306 235,960 225,723 
Large Cap Value Fund2,772 13,994 16,766 3,628 — 3,628 13,138 (59,977)63,093 3,116 16,254 
Mid Cap Value Fund28,013 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 Portfolio1,254 6,329 7,583 2,698 — 2,698 4,885 (50,920)52,882 1,962 6,847 
BNY Mellon Variable Investment Fund
Appreciation Portfolio1,721 28,225 29,946 9,756 — 9,756 20,190 (36,304)57,785 21,481 41,671 
Sustainable U.S. Equity Portfolio82 1,834 1,916 305 — 305 1,611 267 1,059 1,326 2,937 
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio1,759 — 1,759 580 — 580 1,179 (696)1,194 498 1,677 
Emerging Markets Equity Portfolio1,737 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 Portfolio797 — 797 1,201 — 1,201 (404)(6,320)11,068 4,748 4,344 
Northern Lights Variable Trust
Power Dividend Index Fund11,246 — 11,246 8,475 29 8,504 2,742 (2,286)(19,737)(22,023)(19,281)
AB Variable Products Series
Dynamic Asset Allocation Portfolio14,650 — 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 Portfolio54,410 572,054 626,464 85,767 251 86,018 540,446 (456,740)858,140 401,400 941,846 
BlackRock Variable Series Fund, Inc.
Basic Value Fund54,613 145,873 200,486 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 Fund402,519 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 Fund287,243 — 287,243 153,161 617 153,778 133,465 (506,190)1,621,395 1,115,205 1,248,670 
Advantage Large Cap Core Fund2,137 — 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 Fund130,575 — 130,575 89,810 181 89,991 40,584 (38,382)894,221 855,839 896,423 
Total Return Fund54,528 — 54,528 19,194 — 19,194 35,334 (13,749)41,201 27,452 62,786 
S&P 500 Fund18,717 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 Portfolio204,085 — 204,085 50,754 370 51,124 152,961 (243,817)407,984 164,167 317,128 
High Yield Portfolio308,443 — 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 Portfolio22,275 — 22,275 11,610 18 11,628 10,647 (58,165)78,987 20,822 31,469 
Strategic Income Portfolio49,136 — 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 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Operations
Year Ended December 31, 2023
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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 Portfolio435,377 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 Portfolio62,267 176,929 239,196 94,107 269 94,376 144,820 (108,597)989,816 881,219 1,026,039 
Alternative Asset Allocation Portfolio68,445 9,703 78,148 13,744 33 13,777 64,371 (9,383)(10,245)(19,628)44,743 
Global Small Cap Portfolio1,249 1,275 2,524 2,514 12 2,526 (2)4,832 31,957 36,789 36,787 
Small Mid Cap Value Portfolio30,877 151,096 181,973 48,927 232 49,159 132,814 (70,452)408,377 337,925 470,739 
CROCI US Portfolio2,206 — 2,206 2,096 7 2,103 103 (275)28,386 28,111 28,214 
High Income Portfolio31,580 — 31,580 6,541 20 6,561 25,019 (5,807)28,878 23,071 48,090 
Eaton Vance Variable Trust
Floating Rate Income Portfolio1,613,786 — 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 Portfolio2,588 518 3,106 1,359 12 1,371 1,735 (1,465)9,986 8,521 10,256 
International Portfolio14,750 — 14,750 13,350 5 13,355 1,395 (29,451)149,734 120,283 121,678 
Opportunity Portfolio48,833 593,898 642,731 94,784 546 95,330 547,401 (72,842)552,609 479,767 1,027,168 
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund78,989 363,562 442,551 56,313 262 56,575 385,976 (229,970)325,167 95,197 481,173 
Income Fund1,243,134 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 Fund1,110,342 — 1,110,342 452,567 2,311 454,878 655,464 (135,127)5,642,107 5,506,980 6,162,444 
Developing Markets Fund50,063 1,816 51,879 31,564 200 31,764 20,115 (21,436)260,898 239,462 259,577 
Mutual Global Discovery Fund107,715 234,414 342,129 58,850 161 59,011 283,118 (40,823)545,239 504,416 787,534 
Rising Dividends Fund248,823 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 Portfolio45,726 — 45,726 31,066 201 31,267 14,459 9,408 249,123 258,531 272,990 
Balanced Portfolio45,916 — 45,916 77,314 489 77,803 (31,887)(397,244)1,228,369 831,125 799,238 
Global Equity Portfolio17,037 15,820 32,857 12,430 70 12,500 20,357 (78,310)170,294 91,984 112,341 
Energy Portfolio44,849 — 44,849 18,645 74 18,719 26,130 253,898 (242,149)11,749 37,879 
Natural Resources Portfolio14,118 — 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 Portfolio561,269 — 561,269 115,523 625 116,148 445,121 (142,766)594,240 451,474 896,595 
International Core Equity Portfolio94,373 — 94,373 72,163 343 72,506 21,867 (235,453)984,146 748,693 770,560 
Global Growth Portfolio515 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 Portfolio18,419 906,357 924,776 113,347 440 113,787 810,989 (575,925)973,110 397,185 1,208,174 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Operations
Year Ended December 31, 2023
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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 Portfolio13,682 — 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 Portfolio119,769 — 119,769 28,141 162 28,303 91,466 (207,870)302,087 94,217 185,683 
ClearBridge Variable Mid Cap Portfolio2,974 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 Portfolio690,221 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 Portfolio484 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 Portfolio2,249,065 — 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 Portfolio9,120 62,147 71,267 19,836 65 19,901 51,366 (169,424)476,183 306,759 358,125 
Bond Portfolio1,630,318 — 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 Portfolio384,123 — 384,123 138,889 615 139,504 244,619 (485,443)939,039 453,596 698,215 
Equity Income Portfolio175,496 801,356 976,852 138,355 513 138,868 837,984 (81,847)(123,564)(205,411)632,573 
High Yield Portfolio30,475 — 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 Portfolio44,794 586,698 631,492 86,672 463 87,135 544,357 93,949 842,053 936,002 1,480,359 
Alps Fund
Alerian Energy Infrastructure Portfolio162,673 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 Fund1,772,762 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 Fund823,032 440,598 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 Fund902,706 — 902,706 298,101 1,145 299,246 603,460 185,877 (91,533)94,344 697,804 
Capital Income Builder Fund526,977 — 526,977 250,304 498 250,802 276,175 204,134 925,887 1,130,021 1,406,196 
Global Growth Fund190,097 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 Fund305,261 — 305,261 231,542 307 231,849 73,412 (537,430)3,561,243 3,023,813 3,097,225 
Global Small Capitalization Fund1,647 77,012 78,659 78,104 135 78,239 420 (483,900)1,299,894 815,994 816,414 
Growth Fund98,223 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 Fund725,946 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 Fund108,032 — 108,032 126,865 203 127,068 (19,036)(977,009)2,227,405 1,250,396 1,231,360 
International Growth and Income Fund188,980 — 188,980 104,676 298 104,974 84,006 (1,535,620)2,533,277 997,657 1,081,663 
New World Fund393,177 — 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 Fund571,608 — 571,608 218,588 651 219,239 352,369 (1,687,318)1,612,373 (74,945)277,424 
Global Balanced Fund184 — 184 60 — 60 124 1 3,069 3,070 3,194 
The Bond Fd of America Fund708 — 708 30 — 30 678 — 262 262 940 
Invesco Oppenheimer
International Growth Fund63,683 — 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 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Operations
Year Ended December 31, 2023
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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 Portfolio102 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 Portfolio39,674 110,389 150,063 33,261 142 33,403 116,660 (345,274)304,566 (40,708)75,952 
Fundamental All Cap Core Portfolio403 26,122 26,525 2,644 9 2,653 23,872 (2,263)36,587 34,324 58,196 
Select Bond Portfolio9,677 — 9,677 3,964 9 3,973 5,704 (6,170)13,934 7,764 13,468 
Strategic Income Opportunities Portfolio21,811 — 21,811 8,405 46 8,451 13,360 (11,097)35,463 24,366 37,726 
Federated Hermes
High Income Bond Portfolio76,582 — 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 Portfolio5,972 — 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 Fund7,282 17,620 24,902 3,937 24 3,961 20,941 (20,574)36,715 16,141 37,082 
Diversified Balance Fund14,719 51,140 65,859 9,362 25 9,387 56,472 (61,933)91,102 29,169 85,641 
Diversified Growth Fund4,038 16,892 20,930 3,028 1 3,029 17,901 (2,404)18,084 15,680 33,581 
Diversified Income Fund561 3,255 3,816 946 — 946 2,870 (146)3,920 3,774 6,644 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2023
Net Increase(Restated)(Restated)Net Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in Net(Restated)(Restated)(Restated)(Restated)TransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 $300,322 $354 $(472,727)$(455,118)$(564,821)$(354,772)$(1,546,762)$(1,229,955)$8,371,840 
High Income Portfolio4,226,913 339,85098,815 (122)(308,522)(159,176)(123,503)(128,256)(620,764)(280,914)3,945,999 
Equity-Income Portfolio6,621,979 521,51839,505 933 (402,017)(73,744)(162,586)(360,293)(958,202)(436,684)6,185,295 
Growth Portfolio7,258,377 2,294,64636,440 — (701,492)(106,263)(257,675)168,322 (860,668)1,433,978 8,692,355 
Overseas Portfolio4,973,491 900,54939,844 1,409 (338,111)(118,448)(119,643)219,555 (315,394)585,155 5,558,646 
Mid Cap Portfolio15,717,066 1,976,211826,150 269 (567,887)(628,921)(452,928)(133,545)(956,862)1,019,349 16,736,415 
Asset Manager Portfolio859,857 82,504771 — (137,050)(2,273)(8,217)(5,347)(152,116)(69,612)790,245 
Investment Grade Bond Portfolio3,823,171 230,910484,797 1,029 (692,970)(270,830)(186,451)2,416,996 1,752,571 1,983,481 5,806,652 
Index 500 Portfolio19,650,780 4,489,10784,617 1,250 (1,194,773)(402,906)(566,005)(362,746)(2,440,563)2,048,544 21,699,324 
Contrafund Portfolio34,343,886 10,293,9691,873,958 — (1,741,985)(1,415,795)(1,160,194)(1,005,272)(3,449,288)6,844,681 41,188,567 
Asset Manager: Growth Portfolio782,749 112,17925,917 — (28,953)(2,222)(11,902)(688)(17,848)94,331 877,080 
Balanced Portfolio2,909,180 557,09557,462 119 (229,949)(76,715)(113,303)219,372 (143,014)414,081 3,323,261 
Growth & Income Portfolio2,221,263 278,65626,698 365 (201,866)(24,195)(40,799)(580,198)(819,995)(541,339)1,679,924 
Growth Opportunities Portfolio25,629,581 11,641,1114,377,992 — (1,357,420)(800,220)(893,317)2,078,894 3,405,929 15,047,040 40,676,621 
Value Strategies Portfolio3,313,053 445,00454,002 (428)(215,010)(236,153)(129,996)(620,870)(1,148,455)(703,451)2,609,602 
Strategic Income Portfolio13,518,369 1,001,672898,968 — (676,538)(442,167)(933,179)371,432 (781,484)220,188 13,738,557 
Emerging Markets Portfolio4,847,182 360,358117,110 — (232,152)(107,588)(87,402)183,787 (126,245)234,113 5,081,295 
Real Estate Portfolio16,300,362 1,400,161891,679 — (651,654)(1,235,325)(611,497)61,642 (1,545,155)(144,994)16,155,368 
Funds Manager 50% Portfolio6,685,802 738,957292,360 — (183,396)(75,823)(193,346)(118,697)(278,902)460,055 7,145,857 
Funds Manager 70% Portfolio4,533,866 620,732252,576 — (189,230)(240,602)(84,261)125,846 (135,671)485,061 5,018,927 
Funds Manager 85% Portfolio1,698,499 256,23519,588 — (74,160)(146,399)(97,524)57,267 (241,228)15,007 1,713,506 
Government Money Market Portfolio Service Class 210,859,494 1,274,276115,953,953 — (9,118,031)(3,115,292)(3,600,773)(51,367,516)48,752,341 50,026,617 60,886,111 
International Capital Appreciation Portfolio3,744,480 1,007,424419,874 — (67,781)(117,287)(138,530)435,830 532,106 1,539,530 5,284,010 
Energy Portfolio— 13— — — — — 3,346 3,346 3,359 3,359 
American Century Variable Portfolios, Inc.
Balanced Fund4,370,046 645,473314,229 119 (179,562)(98,209)(125,063)225,147 136,661 782,134 5,152,180 
Capital Appreciation Fund1,554,367 300,91511,993 150 (140,291)(15,156)(31,118)185,467 11,045 311,960 1,866,327 
International Fund2,513,047 250,13521,295 (442)(220,743)(5,204)(78,949)(43,642)(327,685)(77,550)2,435,497 
Value Fund78,502,176 5,368,3515,783,349 518 (3,642,708)(5,616,834)(1,943,606)(2,081,517)(7,500,798)(2,132,447)76,369,729 
Disciplined Core Value Fund5,581,814 356,499201,430 — (270,460)(158,627)(147,118)(40,283)(415,058)(58,559)5,523,255 
Inflation Protection Fund8,589,219 191,166124,621 503 (650,727)(148,032)(508,588)309,953 (872,270)(681,104)7,908,115 
Large Company Value Fund1,449,982 (4,292)19,066 — (17,889)(9,142)(47,435)(680,297)(735,697)(739,989)709,993 
Mid Cap Value Fund38,660,896 1,490,6172,591,432 — (1,775,856)(2,390,772)(1,052,483)(1,990,951)(4,618,630)(3,128,013)35,532,883 
Ultra Fund5,798,287 2,720,7971,049,113 — (746,230)(146,172)(321,548)2,602,018 2,437,181 5,157,978 10,956,265 
MFS Variable Insurance Trust
Research Series 345,456 64,953476 — (14,728)(6,110)(7,181)(27,523)(55,066)9,887 355,343 
Growth Series 1,263,463 409,5845,481 119 (58,492)(41,128)(22,067)(14,115)(130,202)279,382 1,542,845 
Investors Trust Series 424,738 49,7257,703 — (38,007)(20,500)(8,687)(139,380)(198,871)(149,146)275,592 
New Discovery Series 6,468,801 820,292281,239 — (525,300)(206,172)(219,511)324,563 (345,181)475,111 6,943,912 
Corporate Bond Portfolio4,641,603 340,664802,570 — (290,671)(253,679)(174,635)(250,137)(166,552)174,112 4,815,715 
Emerging Markets Equity Portfolio4,333,857 393,679415,772 — (110,124)(113,701)(99,229)(145,375)(52,657)341,022 4,674,879 
Technology Portfolio5,976,160 3,014,054740,215 — (332,208)(270,720)(137,323)(59,144)(59,180)2,954,874 8,931,034 
Global Tactical Allocation Portfolio1,120,198 74,00250,213 — (72,988)(70,344)(41,570)(128,071)(262,760)(188,758)931,440 
International Intrinsic Value Portfolio12,895,443 2,050,512200,673 — (507,630)(966,004)(250,778)999,620 (524,119)1,526,393 14,421,836 
Utilities Series Portfolio15,660,116 (562,432)1,129,845 — (346,758)(369,189)(581,752)(2,283,626)(2,451,480)(3,013,912)12,646,204 
Blended Research Core Equity Portfolio3,459,958 967,466330,200 — (117,377)(131,181)(51,353)565,759 596,048 1,563,514 5,023,472 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2023
Net Increase(Restated)(Restated)Net Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in Net(Restated)(Restated)(Restated)(Restated)TransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 Portfolio873,404 79,83467,408 — (13,795)(35,035)(66,493)20,916 (26,999)52,835 926,239 
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio1,588,535 138,8696,005 — (238,485)(5,708)(91,187)(108,994)(438,369)(299,500)1,289,035 
Mid-Cap Stock Portfolio1,406,074 182,4949,006 (137)(107,702)(17,457)(35,390)48,416 (103,264)79,230 1,485,304 
Bond-Debenture Portfolio26,358,622 1,258,080545,169 — (1,220,735)(1,300,698)(766,224)(33,324)(2,775,812)(1,517,732)24,840,890 
Fundamental Equity Portfolio2,027,903 244,989124,995 — (111,058)(96,974)(67,110)(88,231)(238,378)6,611 2,034,514 
Developing Growth Portfolio3,934,395 252,53829,291 — (161,560)(118,381)(64,531)(172,041)(487,222)(234,684)3,699,711 
Short Duration Income Portfolio17,956,408 610,592837,729 — (829,723)(1,487,737)(559,076)(813,186)(2,851,993)(2,241,401)15,715,007 
Alger Fund
LargeCap Growth Portfolio3,604,009 1,145,73532,848 1,156 (252,846)(41,537)(116,947)353,580 (23,746)1,121,989 4,725,998 
MidCap Growth Portfolio3,329,477 689,11525,945 749 (372,711)(90,683)(100,829)95,978 (441,551)247,564 3,577,041 
Capital Appreciation Portfolio2,095,083 910,00524,747 — (126,725)(30,180)(85,630)385,907 168,119 1,078,124 3,173,207 
SmallCap Growth Portfolio530,498 76,462881 — (14,634)(19,235)(9,759)3,001 (39,746)36,716 567,214 
Capital Appreciation Portfolio Class S31,891,779 11,882,038748,304 — (1,807,504)(1,695,577)(1,098,338)(3,043,676)(6,896,791)4,985,247 36,877,026 
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio2,501,167 235,00257,828 — (26,418)(319,464)(59,768)58,306 (289,516)(54,514)2,446,653 
S&P 500 Index Portfolio1,221,541 312,00613,420 — (51,330)(85,596)(44,193)240,951 73,252 385,258 1,606,799 
SRI Balanced Portfolio5,599,365 837,862580,430 — (247,069)(33,953)(207,638)(298,114)(206,344)631,518 6,230,883 
Invesco Variable Insurance Funds
Technology Fund590,218 299,821126,585 991 (215,563)— (31,477)374,045 254,581 554,402 1,144,620 
Diversified Dividend Fund3,273,278 168,828453,830 658 (91,187)(24,533)(33,311)(1,180,689)(875,232)(706,404)2,566,874 
Health Care Fund999,125 8,22010,639 119 (101,203)(21,987)(44,543)(60,236)(217,211)(208,991)790,134 
Global Real Estate Fund84,692 4,2552,370 — (2,260)(1,025)(4,811)(3,085)(8,811)(4,556)80,136 
International Equity Fund179,775 14,810298 — (120,914)(4,013)(14,213)161,125 22,283 37,093 216,868 
Main Street Mid Cap Fund201,986 20,819468 — (23,279)(439)(11,089)(1,621)(35,960)(15,141)186,845 
Discovery Mid Cap Growth Fund4,962,407 536,494210,698 — (245,779)(85,611)(121,227)(84,491)(326,410)210,084 5,172,491 
Global Fund5,761,990 1,807,306594,478 — (105,918)(684,792)(208,201)(24,288)(428,721)1,378,585 7,140,575 
Main Street Fund8,517,650 1,607,856164,926 — (381,749)(457,679)(189,970)(913,204)(1,777,676)(169,820)8,347,830 
Main Street Small Cap Fund7,063,355 1,224,976686,959 — (245,079)(380,698)(172,958)2,133,105 2,021,329 3,246,305 10,309,660 
Balanced-Risk Allocation Fund431,417 20,9387,742 — (7,994)1,990 (8,237)(21,680)(28,179)(7,241)424,176 
Core Plus Bond Fund4,339,505 177,319102,490 — (173,931)(396,506)(99,811)207,884 (359,874)(182,555)4,156,950 
Equity and Income Fund5,273,689 392,625571,876 150 (255,862)(119,531)(133,283)(615,245)(551,895)(159,270)5,114,419 
Small Cap Equity Fund2,212,976 374,082589,781 — (38,973)(108,656)(57,350)484,826 869,628 1,243,710 3,456,686 
Equally Weighted S&P 500 Fund3,924,433 522,3871,083,682 — (297,973)(42,239)(122,203)494,173 1,115,440 1,637,827 5,562,260 
Growth and Income Fund454,958 36,8499,845 — (84,867)(227)(16,232)(871)(92,352)(55,503)399,455 
American Value Fund112,569 12,08178 — (377)(5,072)(11,919)— (17,290)(5,209)107,360 
Lincoln Financial Variable Insurance Portfolios
Core Bond Portfolio1,367,281 57,43017,685 347 (110,259)(29,098)(59,989)36,498 (144,816)(87,386)1,279,895 
Small Cap Core Portfolio1,946,867 214,14228,908 793 (88,148)(39,790)(53,717)(61,653)(213,607)535 1,947,402 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2023
Net Increase(Restated)(Restated)Net Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in Net(Restated)(Restated)(Restated)(Restated)TransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 Fund560,713 192,038108,851 — (231,456)— (29,407)212,032 60,020 252,058 812,771 
NASDAQ-100 Fund758,701 519,05784,157 539 (245,666)— (48,122)720,486 511,394 1,030,451 1,789,152 
U.S. Government Money Market Fund255,615 7,2781 — — — (39,525)138,238 98,714 105,992 361,607 
Inverse S&P 500 Strategy Fund96,789 (7,093)44 — (11,879)— (294)(60,447)(72,576)(79,669)17,120 
Inverse NASDAQ-100 Strategy Fund44,147 (12,279)108 — (6,168)— (1,013)(1,725)(8,798)(21,077)23,070 
Inverse Government Long Bond Strategy Fund12,170 2835 — (2,092)— (120)(4,636)(6,813)(6,785)5,385 
Government Long Bond 1.2x Strategy89,929 (1,775)2 — — — (649)974 327 (1,448)88,481 
NASDAQ-100 2x Strategy Fund— —— — — — — — — — — 
Inverse Dow 2x Strategy Fund— —— — — — — — — — — 
Rydex Variable Insurance Funds
Biotechnology Fund3,230,976 117,74539,273 — (122,070)(256,255)(107,948)116,243 (330,757)(213,012)3,017,964 
S&P 500 Pure Growth Fund5,147,948 226,743865,044 — (118,705)(81,484)(137,668)(1,302,696)(775,509)(548,766)4,599,182 
S&P MidCap 400 Pure Growth Fund1,217,030 145,97417,262 — (153,539)(17,662)(21,708)(15,916)(191,563)(45,589)1,171,441 
Guggenheim Variable Insurance Funds
Long Short Equity Fund704,791 85,78821,346 — (22,550)(19,091)(11,970)206,011 173,746 259,534 964,325 
Multi-Hedge Strategies Fund1,394,523 39,3746,195 — (117,961)(127,151)(27,379)(24,211)(290,507)(251,133)1,143,390 
Global Managed Futures Strategy Fund1,302,644 10,32251,205 — (2,943)(143,172)(10,342)(819,437)(924,689)(914,367)388,277 
Small Cap Value Fund4,979,366 380,228250,380 — (311,014)(216,630)(138,046)(105,055)(520,365)(140,137)4,839,229 
ProFunds VP
Profund Access VP High Yield Fund30,492 2,0912 — — — (3,588)1,672 (1,914)177 30,669 
Asia 3053,404 800201 — — — (1,671)(266)(1,736)(936)52,468 
Banks24,342 3,019307 — — — (1,102)58,835 58,040 61,059 85,401 
Materials36,813 3,444225 — (76)— (2,276)(277)(2,404)1,040 37,853 
Bear7,558 (1,216)— — (495)— (27)(300)(822)(2,038)5,520 
Biotechnology225,765 15,679810 — (303)— (9,911)(9,851)(19,255)(3,576)222,189 
Bull375,561 80,45051,329 — (56,369)— (45,642)139,940 89,258 169,708 545,269 
Consumer Staples128,880 49855,426 — (26,006)— (4,044)(87,365)(61,989)(61,491)67,389 
Consumer Discretionary73,842 20,974243 — (95)— (5,690)9,835 4,293 25,267 99,109 
Dow 30140,786 18,994142 — (7,323)— (18,191)59,305 33,933 52,927 193,713 
Emerging Markets31,482 2,509532 — (1,008)— (5,436)36,577 30,665 33,174 64,656 
Europe 3034,588 4,947100 — (43)— (3,213)— (3,156)1,791 36,379 
Falling U.S. Dollar21,315 (1,354)1 — (1,526)— (185)1,557 (153)(1,507)19,808 
Financials18,271 1,777114 — (53)(91)(2,303)111 (2,222)(445)17,826 
Health Care294,366 (7,041)188 — (3,145)(77)(31,723)2,070 (32,687)(39,728)254,638 
Industrials66,410 13,090— — (9,648)(245)(4,733)60,433 45,807 58,897 125,307 
International31,847 3,9713 — (1,657)— (1,769)— (3,423)548 32,395 
Internet189,769 69,3913,329 — (296)(53)(5,523)(54,035)(56,578)12,813 202,582 
Japan37,037 11,437— — — — (1,033)(7,197)(8,230)3,207 40,244 
Large-Cap Growth621,851 144,43211,950 — (50,990)— (28,835)94,456 26,581 171,013 792,864 
Large-Cap Value531,311 83,20410,367 — (27,253)(40)(49,986)(3,365)(70,277)12,927 544,238 
Mid-Cap103,630 9,0434,920 — (23,769)— (2,949)(1)(21,799)(12,756)90,874 
Mid-Cap Growth269,330 31,9943,271 — (12,466)— (7,396)(17,358)(33,949)(1,955)267,375 
Mid-Cap Value106,204 9,1761,704 — (397)— (8,015)(16,226)(22,934)(13,758)92,446 
Government Money Market3,107,312 43,50710,492 — (219,786)(476)(217,250)(304,067)(731,087)(687,580)2,419,732 
Energy229,703 (15,352)44,909 — (3,575)— (14,907)35,554 61,981 46,629 276,332 
NASDAQ-100217,490 93,1223,062 — (41,380)— (17,249)(5,675)(61,242)31,880 249,370 
Pharmaceuticals55,552 (3,932)455 — — — (524)4,869 4,800 868 56,420 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2023
Net Increase(Restated)(Restated)Net Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in Net(Restated)(Restated)(Restated)(Restated)TransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 Metals280,844 (18,425)56,666 — (9,505)— (13,613)(21,139)12,409 (6,016)274,828 
Real Estate57,791 3,58719 — (2,254)(68)(1,854)1 (4,156)(569)57,222 
Rising Rates Opportunity17,427 (230)4 — (461)— (1,977)— (2,434)(2,664)14,763 
Semiconductor108,566 87,729750 — (16,915)— (6,918)9,100 (13,983)73,746 182,312 
Short Dow 301,638 (153)1 — (119)— — (1)(119)(272)1,366 
Short Emerging Markets— —— — — — — — — — — 
Short International5,620 (703)— — — — (28)— (28)(731)4,889 
Short Mid-Cap1,494 (172)— — — — — — — (172)1,322 
Short NASDAQ-100— —— — — — — — — — — 
Short Small-Cap2,105 (273)— — (54)— (27)(1)(82)(355)1,750 
Small-Cap141,401 15,444276 — (6,986)— (7,341)651 (13,400)2,044 143,445 
Small-Cap Growth135,053 14,7713,717 — (5,535)— (5,476)1,157 (6,137)8,634 143,687 
Small-Cap Value87,148 7,111323 — (96)(78)(7,051)2,064 (4,838)2,273 89,421 
Technology218,789 87,129299 — (36,731)(892)(20,031)(35,246)(92,601)(5,472)213,317 
Communication Services2,455 1221 — (1,762)(35)(415)— (2,211)(2,089)366 
U.S. Government Plus61,920 (836)64 — (310)— (1,194)4,305 2,865 2,029 63,949 
UltraBull592,893 249,6223,887 — (523)(338)(9,008)8,430 2,448 252,070 844,963 
UltraMid-Cap304,760 57,487264 — (642)(133)(12,303)14,426 1,612 59,099 363,859 
UltraNASDAQ-100301,598 322,9324,271 — (1,620)— (23,945)(7,539)(28,833)294,099 595,697 
UltraShort Dow 30346 (120)— — — — — — — (120)226 
UltraShort NASDAQ-100306 (188)— — (23)— — — (23)(211)95 
UltraSmall-Cap86,384 16,9413,509 — (228)— (3,221)6,323 6,383 23,324 109,708 
Utilities197,910 (19,564)5 — (3,314)(290)(26,630)(17,546)(47,775)(67,339)130,571 
VanEck Worldwide Insurance Trust
Global Resources Fund7,704,996 (375,684)377,679 733 (242,561)(380,602)(146,571)(1,423,437)(1,814,759)(2,190,443)5,514,553 
Emerging Markets Fund807,421 52,02418,975 (848)(62,909)(7,478)(13,704)(60,591)(126,555)(74,531)732,890 
Emerging Markets Bond Fund341,850 28,815513 — (437)(6,750)(4,520)34,098 22,904 51,719 393,569 
Janus Henderson Series
Global Technology and Innovation Portfolio8,773,284 4,949,5561,832,627 — (524,324)(484,165)(318,478)1,598,732 2,104,392 7,053,948 15,827,232 
Overseas Portfolio1,087,968 101,370215,286 — (167,908)(59,770)(6,689)302,821 283,740 385,110 1,473,078 
Research Portfolio149,236 42,262967 — (921)(57,821)(4,174)(27,824)(89,773)(47,511)101,725 
Enterprise Services Portfolio31,661,580 5,180,5082,624,874 — (1,566,719)(1,540,712)(1,164,590)2,089,485 442,338 5,622,846 37,284,426 
Global Research Portfolio1,469,892 322,518233,907 — (1,843)(11,849)(62,867)(397,222)(239,874)82,644 1,552,536 
Mid Cap Value Portfolio4,266,745 399,390255,715 — (154,356)(119,691)(134,953)32,393 (120,892)278,498 4,545,243 
Balanced Portfolio76,782,262 9,812,4725,172,115 — (3,148,894)(3,945,548)(3,113,803)(2,837,824)(7,873,954)1,938,518 78,720,780 
Flexible Bond Portfolio7,446,718 270,978132,948 — (221,707)(260,931)(208,024)(42,670)(600,384)(329,406)7,117,312 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2023
Net Increase(Restated)(Restated)Net Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in Net(Restated)(Restated)(Restated)(Restated)TransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 Portfolio30,907,266 1,280,474591,966 1,427 (1,403,888)(2,203,698)(1,154,370)840,047 (3,328,516)(2,048,042)28,859,224 
Low Duration Portfolio30,036,870 971,7401,720,216 — (1,639,205)(3,058,352)(1,124,942)1,173,562 (2,928,721)(1,956,981)28,079,889 
High Yield Portfolio8,632,214 1,002,2091,754,728 197 (820,472)(244,833)(560,293)1,619,753 1,749,080 2,751,289 11,383,503 
Real Return Portfolio23,530,989 450,175991,537 — (952,281)(1,872,684)(871,040)(687,750)(3,392,218)(2,942,043)20,588,946 
All Asset Portfolio2,965,503 176,10835,408 — (200,197)(87,951)(116,287)10,727 (358,300)(182,192)2,783,311 
Global Managed Asset Allocation Portfolio890,660 101,95553,773 — (11,494)(9,871)(13,650)2,243 21,001 122,956 1,013,616 
Short-Term Portfolio56,661,671 2,102,2393,206,336 — (5,415,107)(2,814,969)(3,951,221)(4,689,890)(13,664,851)(11,562,612)45,099,059 
Emerging Markets Bond Portfolio1,655,280 140,42617,366 — (74,056)(75,266)(50,573)(68,279)(250,808)(110,382)1,544,898 
Global Bond Opportunities Portfolio106,448 2,538— — (11)— (35)(31,966)(32,012)(29,474)76,974 
Commodity Real Return Strategy Portfolio7,817,404 (697,745)294,437 — (280,836)(313,066)(231,414)(143,360)(674,239)(1,371,984)6,445,420 
International Bond (USD-Hedged) Portfolio2,505,641 187,38459,977 — (43,135)(144,105)(44,522)174,773 2,988 190,372 2,696,013 
Dynamic Bond Adv Portfolio2,094,573 104,177475,733 — (74,154)(184,069)(45,741)(364,835)(193,066)(88,889)2,005,684 
Income Advisor Portfolio31,220,196 2,046,0891,439,033 — (1,459,434)(935,570)(1,695,926)1,016,913 (1,634,984)411,105 31,631,301 
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund1,269,059 225,7238,469 477 (68,415)(6,319)(71,572)45,059 (92,301)133,422 1,402,481 
Large Cap Value Fund554,027 16,25410,605 — (10,467)(2,120)(79,594)(332,914)(414,490)(398,236)155,791 
Mid Cap Value Fund3,110,709 273,21133,927 1,704 (162,938)(96,742)(80,575)(251,952)(556,576)(283,365)2,827,344 
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio536,207 83,85113,986 — (202,209)(8,710)(19,616)92,476 (124,073)(40,222)495,985 
AMT Mid Cap Intrinsic Value Portfolio305,694 6,8479,783 — (4,894)— (10,048)(188,730)(193,889)(187,042)118,652 
BNY Mellon Variable Investment Fund
Appreciation Portfolio307,878 41,671568 — (142,878)(25,030)(21,024)87,009 (101,355)(59,684)248,194 
Sustainable U.S. Equity Portfolio14,050 2,937457 — — — (1,340)(1)(884)2,053 16,103 
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio21,233 1,67733 — (330)(3,144)(1,278)34 (4,685)(3,008)18,225 
Emerging Markets Equity Portfolio115,114 9,9751,483 — (3,507)(1,167)(5,866)(2,678)(11,735)(1,760)113,354 
Discovery Portfolio36,101 13,369553 — (8,015)— (2,897)(993)(11,352)2,017 38,118 
U.S. Real Estate Portfolio48,527 4,34483 — (5,470)(146)(3,852)(3,306)(12,691)(8,347)40,180 
Northern Lights Variable Trust
Power Dividend Index Fund710,822 (19,281)— — (53,755)— (3,458)47,965 (9,248)(28,529)682,293 
AB Variable Products Series
Dynamic Asset Allocation Portfolio2,424,823 282,99952,895 — (76,316)(29,759)(114,821)(483)(168,484)114,515 2,539,338 
Small Cap Growth Portfolio18,765 6271 — — — (66)2,071 2,006 2,633 21,398 
Discovery Value Portfolio6,142,464 941,846860,642 — (226,965)(274,191)(180,580)(354,103)(175,197)766,649 6,909,113 
BlackRock Variable Series Fund, Inc.
Basic Value Fund3,890,440 530,811255,004 — (214,672)(425,609)(73,030)(210,656)(668,963)(138,152)3,752,288 
Capital Appreciation Fund400,206 176,495751 — (13,960)(85,993)(8,666)(6,795)(114,663)61,832 462,038 
Equity Dividend Fund27,039,392 2,323,4451,531,755 — (853,649)(479,569)(792,008)(6,998,985)(7,592,456)(5,269,011)21,770,381 
Global Allocation Fund12,171,555 1,248,670320,318 — (900,329)(691,152)(382,079)97,956 (1,555,286)(306,616)11,864,939 
Advantage Large Cap Core Fund405,050 90,17552,252 — (100)— (9,730)(119,664)(77,242)12,933 417,983 
Large Cap Focus Growth Fund8,526,239 4,222,957965,253 — (565,054)(565,389)(380,889)1,087,722 541,643 4,764,600 13,290,839 
60/40 Target Allocation ETF Fund7,596,065 896,423482,133 — (96,819)(1,177,322)(105,032)(268,759)(1,165,799)(269,376)7,326,689 
Total Return Fund1,457,503 62,78612,516 — — — (32,061)134,736 115,191 177,977 1,635,480 
S&P 500 Fund1,535,810 363,8101,852 — — (25,561)(42,063)(25,227)(90,999)272,811 1,808,621 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2023
Net Increase(Restated)(Restated)Net Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in Net(Restated)(Restated)(Restated)(Restated)TransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 Portfolio7,037,375 2,263,6151,292,805 — (830,268)(494,259)(264,636)1,964,565 1,668,207 3,931,822 10,969,197 
Dividend Opportunity Portfolio9,903,002 197,793679,836 — (389,294)(412,643)(386,252)(1,233,744)(1,742,097)(1,544,304)8,358,698 
Emerging Markets Bond Portfolio4,219,308 317,12856,912 — (295,425)(258,000)(130,628)(21,078)(648,219)(331,091)3,888,217 
High Yield Portfolio4,435,748 544,521416,575 — (304,316)(196,430)(186,018)1,769,095 1,498,906 2,043,427 6,479,175 
Select Large-Cap Value Portfolio6,954,925 411,9911,028,384 — (374,850)(169,183)(562,028)5,506,867 5,429,190 5,841,181 12,796,106 
Seligman Global Tech Portfolio9,038,981 4,274,9251,680,613 — (328,914)(360,973)(299,614)1,757,385 2,448,497 6,723,422 15,762,403 
US Government Mortgage Portfolio941,623 31,46933,680 — (92,856)(2,901)(31,756)(62,231)(156,064)(124,595)817,028 
Strategic Income Portfolio1,313,268 117,65378,992 — (26,307)(12,593)(23,547)311,468 328,013 445,666 1,758,934 
Emerging Markets Portfolio247,339 22,05233,376 — — — (957)47,065 79,484 101,536 348,875 
Select Mid Cap Value Portfolio— 11,07641,330 — — — — 62,529 103,859 114,935 114,935 
Small Cap Value Portfolio— 7,83167,732 — — — — 7,402 75,134 82,965 82,965 
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio39,215,391 9,376,4133,183,179 — (2,080,857)(2,254,688)(1,261,006)2,533,074 119,702 9,496,115 48,711,506 
Small Cap Index Portfolio7,115,261 1,026,039728,184 — (272,428)(624,354)(195,482)(224,859)(588,939)437,100 7,552,361 
Alternative Asset Allocation Portfolio1,138,480 44,74325,516 — (48,813)(73,560)(13,175)(42,878)(152,910)(108,167)1,030,313 
Global Small Cap Portfolio198,267 36,7876,328 — (38,057)(1,505)(9,643)(24,426)(67,303)(30,516)167,751 
Small Mid Cap Value Portfolio3,889,214 470,73960,237 — (274,662)(195,223)(93,105)(929)(503,682)(32,943)3,856,271 
CROCI US Portfolio151,484 28,214300 — — — (3,340)(499)(3,539)24,675 176,159 
High Income Portfolio333,640 48,09072,449 — (20,136)(4,510)(36,034)161,567 173,336 221,426 555,066 
Eaton Vance Variable Trust
Floating Rate Income Portfolio19,096,634 1,836,1891,883,350 — (945,792)(733,048)(1,068,773)564,662 (299,601)1,536,588 20,633,222 
Delaware Variable Insurance Portfolios
Total Return Portfolio121,815 10,256— — (756)(38,183)(2,657)(2,416)(44,012)(33,756)88,059 
International Portfolio993,062 121,678— — (6,650)— (4,459)(150,252)(161,361)(39,683)953,379 
Opportunity Portfolio8,087,611 1,027,16890,921 — (442,941)(749,878)(189,936)(553,800)(1,845,634)(818,466)7,269,145 
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund4,526,155 481,17335,730 — (263,403)(367,090)(181,832)(55,555)(832,150)(350,977)4,175,178 
Income Fund25,070,503 1,717,1022,348,854 — (1,127,109)(1,663,836)(1,593,872)240,917 (1,795,046)(77,944)24,992,559 
Global Bond Fund24,704,524 246,2601,247,625 — (1,289,873)(2,526,245)(731,145)(83,263)(3,382,901)(3,136,641)21,567,883 
Foreign Fund34,488,163 6,162,4442,728,153 — (1,824,748)(2,742,875)(1,005,588)(2,079,599)(4,924,657)1,237,787 35,725,950 
Developing Markets Fund2,422,020 259,57745,123 — (130,115)(91,666)(52,972)(63,359)(292,989)(33,412)2,388,608 
Mutual Global Discovery Fund4,657,252 787,53462,319 — (117,730)(550,952)(97,716)(200,147)(904,226)(116,692)4,540,560 
Rising Dividends Fund25,895,128 2,657,1081,981,696 — (1,206,591)(1,327,103)(977,209)854,810 (674,397)1,982,711 27,877,839 
DynaTech 2 Fund1,980,410 944,022917,409 — (99,786)(91,021)(84,559)447,566 1,089,609 2,033,631 4,014,041 
Global Real Estate Fund— —— — — — — — — — — 
VolSmart Allocation Fund— 2,11224 — — — — 74,911 74,935 77,047 77,047 
Delaware Ivy Variable Insurance Portfolios
Asset Strategy Portfolio2,530,912 272,99057,730 — (146,702)(250,496)(128,996)(95,657)(564,121)(291,131)2,239,781 
Balanced Portfolio5,904,604 799,23818,687 — (219,704)(210,989)(240,140)(992)(653,138)146,100 6,050,704 
Global Equity Portfolio902,366 112,34151,995 — (9,746)(26,559)(22,844)(22,144)(29,298)83,043 985,409 
Energy Portfolio1,692,405 37,87912,726 — (37,137)(21,264)(202,591)(130,654)(378,920)(341,041)1,351,364 
Natural Resources Portfolio643,386 7,4768,485 — (2,931)(79,101)(14,121)15,214 (72,454)(64,978)578,408 
Growth Portfolio2,839,211 882,10351,156 — (234,898)(273,663)(99,410)(376,987)(933,802)(51,699)2,787,512 
High Income Portfolio9,191,008 896,595154,127 — (463,586)(641,925)(327,885)429,635 (849,634)46,961 9,237,969 
International Core Equity Portfolio5,979,593 770,56026,450 — (340,587)(497,486)(102,922)(346,074)(1,260,619)(490,059)5,489,534 
Global Growth Portfolio675,775 106,374136 — (8,638)(107,640)(15,807)(32,711)(164,660)(58,286)617,489 
Mid Cap Growth Portfolio8,838,626 1,469,938102,702 — (618,862)(295,212)(354,350)(542,676)(1,708,398)(238,460)8,600,166 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2023
Net Increase(Restated)(Restated)Net Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in Net(Restated)(Restated)(Restated)(Restated)TransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 Portfolio11,649,955 3,999,268153,883 — (405,080)(765,999)(357,424)(649,409)(2,024,029)1,975,239 13,625,194 
Small Cap Growth Portfolio3,832,297 429,37023,999 — (242,427)(313,625)(102,332)89,257 (545,128)(115,758)3,716,539 
SMID Cap Core Portfolio9,460,115 1,208,174100,528 — (566,687)(599,825)(222,256)(329,831)(1,618,071)(409,897)9,050,218 
Lazard Retirement Series, Inc.
International Equity Portfolio978,957 140,5997,882 — (27,401)(9,480)(23,151)63,185 11,035 151,634 1,130,591 
Global Dynamic Multi Asset Portfolio1,045,022 79,5444,114 — (67,935)(155,152)(14,278)(30,578)(263,829)(184,285)860,737 
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio1,825,701 185,683622,330 — (39,673)(304,176)(90,888)258,491 446,084 631,767 2,457,468 
ClearBridge Variable Mid Cap Portfolio13,354,399 1,534,1291,146,842 — (320,388)(515,323)(348,616)635,944 598,459 2,132,588 15,486,987 
ClearBridge Variable Dividend Strategy Portfolio37,656,434 4,248,2181,376,502 — (1,932,544)(1,233,095)(1,937,117)(1,999,784)(5,726,038)(1,477,820)36,178,614 
ClearBridge Variable Small Cap Growth Portfolio6,078,639 461,3461,104,864 — (282,098)(133,672)(193,929)1,700,479 2,195,644 2,656,990 8,735,629 
ClearBridge Variable Aggressive Growth Portfolio694,061 151,95018,767 — — (37,821)(18,185)2,248 (34,991)116,959 811,020 
Western Asset Variable Core Bond Plus Portfolio69,205,540 3,151,6425,717,173 — (4,077,980)(6,680,324)(2,053,011)189,471 (6,904,671)(3,753,029)65,452,511 
ClearBridge Variable Large Cap Growth Portfolio20,483,212 8,157,8652,504,858 — (1,088,588)(1,901,604)(705,582)(1,413,950)(2,604,866)5,552,999 26,036,211 
Pioneer Variable Contracts Trust
Fund Portfolio1,369,738 358,125233,331 — (211,016)(99,396)(32,939)131,831 21,811 379,936 1,749,674 
Bond Portfolio45,533,637 2,230,7833,445,051 — (2,536,184)(3,977,140)(1,385,888)769,941 (3,684,220)(1,453,437)44,080,200 
Strategic Income Portfolio11,915,805 698,215286,961 — (420,421)(660,556)(339,441)(1,260,388)(2,393,845)(1,695,630)10,220,175 
Equity Income Portfolio11,893,373 632,573519,518 — (749,133)(348,873)(395,955)(818,018)(1,792,461)(1,159,888)10,733,485 
High Yield Portfolio637,612 51,9644,719 — (28,120)(88,680)(13,893)(8,217)(134,191)(82,227)555,385 
Prudential Series Funds
Natural Resources Portfolio981,876 2,8641,613 — (28,455)— (8,309)(294,291)(329,442)(326,578)655,298 
Mid-Cap Growth Portfolio122,800 25,293183 — (2,207)(6,269)(2,858)256 (10,895)14,398 137,198 
PGIM Jennison Focused Blend Portfolio400,670 (159,021)47 — 158 — (7,372)(234,482)(241,649)(400,670)— 
PGIM Jennison Blend Portfolio— 13,960256,845 — (158)— — 235,512 492,199 506,159 506,159 
Royce Capital Fund
Micro-Cap Portfolio305,792 33,14016,443 — (32,366)(66,920)(129)(50,088)(133,060)(99,920)205,872 
Small Cap Portfolio6,989,474 1,480,359111,329 — (265,220)(511,132)(194,364)(300,760)(1,160,147)320,212 7,309,686 
Alps Fund
Alerian Energy Infrastructure Portfolio5,380,535 618,415434,224 — (205,145)(47,632)(229,245)(818,057)(865,855)(247,440)5,133,095 
Global Opportunity Portfolio1,509,929 383,63136,074 — (108,309)(91,906)(24,052)(4,812)(193,005)190,626 1,700,555 
American Funds IS
Asset Allocation Fund96,708,599 10,411,3653,735,428 — (2,220,354)(4,097,050)(2,530,889)(11,940,826)(17,053,691)(6,642,326)90,066,273 
Washington Mutual Investors Fund47,176,162 6,977,0463,612,268 — (1,161,069)(1,891,775)(1,447,964)(487,900)(1,376,440)5,600,606 52,776,768 
Ultra-Short Bond Fund28,199,374 697,8041,070,656 — (2,339,374)(500,294)(992,038)(7,366,333)(10,127,383)(9,429,579)18,769,795 
Capital Income Builder Fund18,486,524 1,406,196792,254 — (468,943)(431,825)(400,071)1,177,595 669,010 2,075,206 20,561,730 
Global Growth Fund22,791,648 4,800,6691,450,301 — (977,985)(633,268)(779,739)2,818,530 1,877,839 6,678,508 29,470,156 
Capital World Growth and Income Fund17,143,652 3,097,225678,949 — (527,390)(689,787)(586,981)(467,899)(1,593,108)1,504,117 18,647,769 
Global Small Capitalization Fund5,710,606 816,414229,661 — (265,433)(107,125)(95,749)346,631 107,985 924,399 6,635,005 
Growth Fund49,719,774 17,321,7613,779,278 — (1,725,713)(3,697,488)(1,523,977)(1,110,194)(4,278,094)13,043,667 62,763,441 
Growth-Income Fund56,244,801 13,198,4055,547,923 — (2,013,990)(2,314,827)(1,488,497)(2,017,263)(2,286,654)10,911,751 67,156,552 
International Fund9,553,337 1,231,3601,218,646 — (163,869)(358,776)(242,589)(1,514,960)(1,061,548)169,812 9,723,149 
International Growth and Income Fund7,820,063 1,081,663797,905 — (184,627)(399,324)(283,387)(384,582)(454,015)627,648 8,447,711 
New World Fund32,320,958 4,311,4942,149,464 — (1,490,602)(2,328,578)(807,336)(1,056,147)(3,533,199)778,295 33,099,253 
U.S. Government Securities Fund22,468,698 277,4241,202,914 — (777,092)(1,256,019)(685,824)(5,800,019)(7,316,040)(7,038,616)15,430,082 
Global Balanced Fund— 3,19417,775 — — — — 55,690 73,465 76,659 76,659 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2023
Net Increase(Restated)(Restated)Net Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in Net(Restated)(Restated)(Restated)(Restated)TransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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— 940213 — — — — 25,155 25,368 26,308 26,308 
Invesco Oppenheimer
International Growth Fund19,669,076 3,648,8012,630,467 — (771,200)(1,661,743)(503,257)(510,780)(816,513)2,832,288 22,501,364 
T. Rowe Price
Blue Chip Growth Portfolio47,156,557 21,907,7644,864,845 — (2,132,737)(1,720,383)(1,771,131)(1,500,947)(2,260,353)19,647,411 66,803,968 
Health Sciences Portfolio29,195,820 413,1162,695,547 — (1,077,497)(724,872)(719,881)1,987,134 2,160,431 2,573,547 31,769,367 
Equity Income Portfolio— 1,18931,884 — — — — 22,206 54,090 55,279 55,279 
Mid-Cap Growth Portfolio— 2,60942,976 — — — — 1 42,977 45,586 45,586 
John Hancock Variable Insurance Trust
Financial Industries Portfolio2,695,933 75,952201,690 — (14,387)(6,442)(71,222)(145,341)(35,702)40,250 2,736,183 
Fundamental All Cap Core Portfolio178,944 58,196600 — — — (1,138)(10,983)(11,521)46,675 225,619 
Select Bond Portfolio297,416 13,46827,307 — (114)— (7,310)3,654 23,537 37,005 334,421 
Strategic Income Opportunities Portfolio629,756 37,72650,460 — (31,118)— (10,871)30,241 38,712 76,438 706,194 
Federated Hermes
High Income Bond Portfolio1,533,867 174,55351,336 — (62)— (39,363)249,194 261,105 435,658 1,969,525 
Kaufmann Portfolio5,022,734 849,735405,469 — (231,282)(2,204,926)(127,322)1,920,461 (237,600)612,135 5,634,869 
Managed Volatility Portfolio375,564 26,3623,900 — — — (3,561)7,196 7,535 33,897 409,461 
Principal Variable Contracts
Blue Chip Fund374,973 175,85159,677 — — — (6,534)282,052 335,195 511,046 886,019 
Equity Income Fund296,215 37,08299,615 — (42,424)— (4,162)40,558 93,587 130,669 426,884 
Diversified Balance Fund553,425 85,6411,330,459 — — — (29,311)119,052 1,420,200 1,505,841 2,059,266 
Diversified Growth Fund198,654 33,58125,852 — — — (1,291)12,848 37,409 70,990 269,644 
Diversified Income Fund54,133 6,644— — — — — 26,681 26,681 33,325 87,458 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2022
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 Portfolio5,927,974 (727,887)61,219 145 (73,023)(71,332)(112,514)(777,669)(973,174)(1,701,061)4,226,913 
Equity-Income Portfolio7,336,927 (482,130)45,085 (4,277)(257,378)(95,319)(176,376)255,447 (232,818)(714,948)6,621,979 
Growth Portfolio10,655,095 (2,635,854)1,079 (62)(210,177)(147,834)(189,813)(214,057)(760,864)(3,396,718)7,258,377 
Overseas Portfolio7,023,296 (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 Portfolio20,066,480 (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 Portfolio1,031,943 (167,942)19,030 (60)— (18,247)(4,694)(173)(4,144)(172,086)859,857 
Investment Grade Bond Portfolio4,023,759 (585,365)408,834 (1,265)(58,470)(26,387)(105,930)167,995 384,777 (200,588)3,823,171 
Index 500 Portfolio26,774,969 (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 Portfolio50,817,963 (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 Portfolio969,478 (174,345)42,397 (470)(9,029)(23,663)(22,627)1,008 (12,384)(186,729)782,749 
Balanced Portfolio3,990,135 (724,655)23,370 (77)(47,419)— (74,384)(257,790)(356,300)(1,080,955)2,909,180 
Growth & Income Portfolio1,912,317 (162,177)8,632 (114)(59,383)(18,033)(46,075)586,096 471,123 308,946 2,221,263 
Growth Opportunities Portfolio36,217,102 (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 Portfolio4,164,179 (344,039)24,519 406 (221,473)(266,627)(90,707)46,795 (507,087)(851,126)3,313,053 
Strategic Income Portfolio16,820,518 (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 Portfolio6,271,407 (1,349,569)341,515 — (281,073)(47,677)(133,050)45,629 (74,656)(1,424,225)4,847,182 
Real Estate Portfolio25,046,160 (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% Portfolio8,578,042 (1,266,377)574,001 — (725,988)(478,135)(282,717)286,976 (625,863)(1,892,240)6,685,802 
Funds Manager 70% Portfolio5,517,097 (935,431)246,480 — (99,097)(161,223)(70,049)36,089 (47,800)(983,231)4,533,866 
Funds Manager 85% Portfolio1,580,166 (361,300)589,838 — (70,979)— (105,971)66,745 479,633 118,333 1,698,499 
Government Money Market Portfolio Service Class 23,739,334 19,99914,575,854 — (923,132)(125,990)(748,997)(5,677,574)7,100,161 7,120,160 10,859,494 
International Capital Appreciation Portfolio3,047,690 (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 Fund4,445,373 (855,655)1,325,085 — (63,528)(202,102)(168,291)(110,836)780,328 (75,327)4,370,046 
Capital Appreciation Fund2,743,993 (771,419)5,999 297 (96,270)(52,826)(52,411)(222,996)(418,207)(1,189,626)1,554,367 
International Fund3,687,149 (939,494)12,660 637 (181,503)(34,047)(82,822)50,467 (234,608)(1,174,102)2,513,047 
Value Fund83,459,581 (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 Fund6,796,119 (1,016,301)674,540 — (243,890)(256,432)(149,938)(222,284)(198,004)(1,214,305)5,581,814 
Inflation Protection Fund10,982,251 (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 Fund581,814 (33,154)17,007 — (20,000)(2,683)(39,187)946,185 901,322 868,168 1,449,982 
Mid Cap Value Fund40,422,702 (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 Fund8,190,316 (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 Portfolio6,786,809 (1,161,748)254,259 — (281,957)(105,708)(249,613)(600,439)(983,458)(2,145,206)4,641,603 
Emerging Markets Equity Portfolio4,978,993 (1,088,946)622,659 — (56,439)(146,018)(53,244)76,852 443,810 (645,136)4,333,857 
Technology Portfolio10,190,011 (3,603,704)768,188 — (159,116)(370,589)(181,138)(667,492)(610,147)(4,213,851)5,976,160 
Global Tactical Allocation Portfolio1,431,242 (132,074)22,508 — (55,708)(30,522)(38,949)(76,299)(178,970)(311,044)1,120,198 
International Intrinsic Value Portfolio18,677,437 (4,555,425)669,857 — (745,551)(672,487)(298,001)(180,387)(1,226,569)(5,781,994)12,895,443 
Utilities Series Portfolio11,760,574 (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 Portfolio2,979,636 (640,287)171,083 — (40,511)(24,608)(41,313)1,055,958 1,120,609 480,322 3,459,958 
Global Real Estate Portfolio570,615 (277,408)432,667 — (41,424)(7,004)(114,911)310,869 580,197 302,789 873,404 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2022
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 Portfolio2,048,656 (235,549)9,533 — (62,528)(126,067)(36,010)(9,500)(224,572)(460,121)1,588,535 
Mid-Cap Stock Portfolio2,037,574 (237,634)1,549 195 (111,168)41,043 (54,738)(270,747)(393,866)(631,500)1,406,074 
Bond-Debenture Portfolio31,636,001 (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 Portfolio2,490,443 (339,974)223,889 — (94,323)(14,289)(84,671)(153,172)(122,566)(462,540)2,027,903 
Developing Growth Portfolio7,369,944 (2,650,435)50,128 — (115,153)(371,659)(86,908)(261,522)(785,114)(3,435,549)3,934,395 
Short Duration Income Portfolio22,270,009 (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 Portfolio6,353,515 (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 Portfolio5,462,834 (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 Portfolio4,377,840 (1,531,183)12,539 — (159,454)(49,959)(61,584)(493,116)(751,574)(2,282,757)2,095,083 
SmallCap Growth Portfolio906,085 (349,448)5,756 — (18,196)(6,616)(8,716)1,633 (26,139)(375,587)530,498 
Capital Appreciation Portfolio Class S53,315,224 (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 Portfolio3,630,609 (751,623)164,311 — (33,382)(217,643)(50,454)(240,651)(377,819)(1,129,442)2,501,167 
S&P 500 Index Portfolio2,415,998 (388,664)4,591 — (17,289)(88,077)(44,862)(660,156)(805,793)(1,194,457)1,221,541 
SRI Balanced Portfolio5,971,931 (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 Fund1,368,074 (515,466)2,906 (2,096)(35,978)(36,655)(38,156)(152,411)(262,390)(777,856)590,218 
Diversified Dividend Fund998,265 (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 Fund1,219,513 (172,329)4,320 — (30,848)(19,709)(26,489)24,667 (48,059)(220,388)999,125 
Global Real Estate Fund132,519 (34,192)3,008 — — — (6,963)(9,680)(13,635)(47,827)84,692 
International Equity Fund197,995 (41,424)4 — — (126)(10,335)33,661 23,204 (18,220)179,775 
Main Street Mid Cap Fund256,318 (42,127)7,762 — (1,844)(1,465)(8,721)(7,937)(12,205)(54,332)201,986 
Core Bond Fund4,303,595 (475,314)632,746 — (270,467)(2,037)(38,282)(4,150,241)(3,828,281)(4,303,595)— 
Discovery Mid Cap Growth Fund7,275,896 (2,319,548)859,396 — (118,606)(180,672)(147,503)(406,556)6,059 (2,313,489)4,962,407 
Global Fund7,192,700 (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 Fund10,955,312 (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 Fund7,917,219 (1,439,495)1,150,496 — (186,889)(154,078)(164,331)(59,567)585,631 (853,864)7,063,355 
Balanced-Risk Allocation Fund229,058 (58,691)235,438 — (34,128)— (19,854)79,594 261,050 202,359 431,417 
Core Plus Bond Fund328,678 (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 Fund3,629,645 (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 Fund1,484,271 (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 Fund1,497,330 (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 Fund561,551 (45,664)76 — (957)(28)(16,617)(43,403)(60,929)(106,593)454,958 
American Value Fund118,886 (7,266)3,487 — — (7,865)(16,330)21,657 949 (6,317)112,569 
Lincoln Financial Variable Insurance Portfolios
Core Bond Portfolio1,784,669 (240,221)8,442 (1,781)(48,237)(19,985)(49,686)(65,920)(177,167)(417,388)1,367,281 
Small Cap Core Portfolio2,934,365 (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 Fund1,293,247 (329,021)975 — (8,874)(51,578)(36,154)(307,882)(403,513)(732,534)560,713 
NASDAQ-100 Fund2,230,090 (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 Fund127,182 (1,433)750 — (226,916)— (43,596)399,628 129,866 128,433 255,615 
Inverse S&P 500 Strategy Fund825,814 99,2872,394 — (4,724)(1,385)(323)(824,274)(828,312)(729,025)96,789 
Inverse NASDAQ-100 Strategy Fund18,377 21,0992,431 — (4,590)— (929)7,759 4,671 25,770 44,147 
Inverse Government Long Bond Strategy Fund5,186 4,0042,425 — (138)— (98)791 2,980 6,984 12,170 
Government Long Bond 1.2x Strategy154,236 (63,691)— — — — (950)334 (616)(64,307)89,929 
NASDAQ-100 2x Strategy Fund— —— — — — — — — — — 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2022
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 Fund4,793,871 (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 Fund5,017,447 (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 Fund1,675,612 (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 Fund981,206 (142,704)5,199 — (48,740)(17,311)(24,597)(48,262)(133,711)(276,415)704,791 
Multi-Hedge Strategies Fund1,560,693 (72,345)14,472 — (85,658)(140,830)(37,664)155,855 (93,825)(166,170)1,394,523 
Global Managed Futures Strategy Fund276,221 (47,204)552,205 — (51,989)(6,456)(26,080)605,947 1,073,627 1,026,423 1,302,644 
Small Cap Value Fund4,701,156 (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 Fund36,416 (5,449)1 — — — (2,612)2,136 (475)(5,924)30,492 
Asia 3081,968 (20,628)194 — (1,816)(433)(1,987)(3,894)(7,936)(28,564)53,404 
Banks73,496 (7,520)290 — (15,284)— (1,323)(25,317)(41,634)(49,154)24,342 
Materials45,430 (5,252)98 — (1,016)— (2,188)(259)(3,365)(8,617)36,813 
Bear6,363 9131 — — — (27)308 282 1,195 7,558 
Biotechnology286,221 (30,635)247 — (3,378)— (7,671)(19,019)(29,821)(60,456)225,765 
Bull681,633 (136,811)369 — (4,998)(1,851)(41,580)(121,201)(169,261)(306,072)375,561 
Consumer Staples183,489 (46,100)439 — (19,402)(242)(4,785)15,481 (8,509)(54,609)128,880 
Consumer Discretionary143,440 (45,057)160 — — (1,123)(3,809)(19,769)(24,541)(69,598)73,842 
Dow 3084,542 (15,457)— — — — (14,702)86,403 71,701 56,244 140,786 
Emerging Markets43,271 (7,592)1,720 — (242)(598)(3,697)(1,380)(4,197)(11,789)31,482 
Europe 3041,130 (4,399)6,249 — — — (2,733)(5,659)(2,143)(6,542)34,588 
Falling U.S. Dollar24,053 (2,620)— — — — (119)1 (118)(2,738)21,315 
Financials32,504 (5,583)48 — (4,876)— (3,678)(144)(8,650)(14,233)18,271 
Health Care186,097 (16,929)389 — (9,945)(11,886)(26,852)173,492 125,198 108,269 294,366 
Industrials107,192 (18,842)— — (1,008)(1,065)(3,133)(16,734)(21,940)(40,782)66,410 
International43,566 (7,890)— — (2,018)(151)(1,656)(4)(3,829)(11,719)31,847 
Internet371,127 (175,563)437 — (4,113)(6,433)(6,495)10,809 (5,795)(181,358)189,769 
Japan46,278 (5,202)3,585 — — — (741)(6,883)(4,039)(9,241)37,037 
Large-Cap Growth1,399,490 (358,363)1,121 — (34,398)(6,456)(28,371)(351,172)(419,276)(777,639)621,851 
Large-Cap Value432,135 (47,177)329 — (4,264)(6,768)(38,380)195,436 146,353 99,176 531,311 
Mid-Cap132,550 (22,346)1 — (2,417)— (3,945)(213)(6,574)(28,920)103,630 
Mid-Cap Growth347,684 (76,350)173 — (8,757)— (7,723)14,303 (2,004)(78,354)269,330 
Mid-Cap Value110,789 (12,355)996 — (2,121)— (7,748)16,643 7,770 (4,585)106,204 
Government Money Market2,299,091 (48,588)7,634 — (305,222)(9,952)(276,542)1,440,891 856,809 808,221 3,107,312 
Energy246,480 107,659106 — (14,381)(6,065)(17,764)(86,332)(124,436)(16,777)229,703 
NASDAQ-100565,844 (155,604)10 — (31,387)— (22,460)(138,913)(192,750)(348,354)217,490 
Pharmaceuticals68,568 (5,244)441 — (3,534)— (728)(3,951)(7,772)(13,016)55,552 
Precious Metals370,892 (64,112)24 — (810)(3,308)(17,588)(4,254)(25,936)(90,048)280,844 
Real Estate161,457 (33,328)7 — (12,163)— (5,336)(52,846)(70,338)(103,666)57,791 
Rising Rates Opportunity12,488 6,3141 — — — (1,377)1 (1,375)4,939 17,427 
Semiconductor195,084 (74,867)— — — (1,620)(7,854)(2,177)(11,651)(86,518)108,566 
Short Dow 301,587 541 — — — — (4)(3)51 1,638 
Short Emerging Markets— —— — — — — — — — — 
Short International5,154 4971 — — — (29)(3)(31)466 5,620 
Short Mid-Cap1,398 96— — — — — — — 96 1,494 
Short NASDAQ-100— —— — — — — — — — — 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2022
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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-Cap1,865 2691 — — — (30)— (29)240 2,105 
Small-Cap198,511 (46,772)10,561 — (3,894)— (8,562)(8,443)(10,338)(57,110)141,401 
Small-Cap Growth206,794 (46,919)— — — — (6,613)(18,209)(24,822)(71,741)135,053 
Small-Cap Value113,262 (16,441)197 — (2,117)— (7,853)100 (9,673)(26,114)87,148 
Technology426,262 (144,891)5,110 — (15,308)(1,524)(20,428)(30,432)(62,582)(207,473)218,789 
Communication Services4,192 (904)— — — — (833)— (833)(1,737)2,455 
U.S. Government Plus344,411 (106,786)1 — — (279)(19,550)(155,877)(175,705)(282,491)61,920 
UltraBull1,300,929 (470,045)485 — (18,552)(1,374)(28,436)(190,114)(237,991)(708,036)592,893 
UltraMid-Cap753,391 (217,338)462 — — — (20,785)(210,970)(231,293)(448,631)304,760 
UltraNASDAQ-1001,423,356 (702,224)2,346 — — (1,622)(38,421)(381,837)(419,534)(1,121,758)301,598 
UltraShort Dow 30517 (27)— — — (144)— — (144)(171)346 
UltraShort NASDAQ-100475 118— — — (285)— (2)(287)(169)306 
UltraSmall-Cap384,718 (129,745)484 — (10,589)(682)(11,084)(146,718)(168,589)(298,334)86,384 
Utilities85,218 (17,341)3 — (6,849)(7,075)(28,146)172,100 130,033 112,692 197,910 
VanEck Worldwide Insurance Trust
Global Resources Fund5,998,442 287,626778,656 (2,972)(221,763)(42,236)(180,169)1,087,412 1,418,928 1,706,554 7,704,996 
Emerging Markets Fund1,276,537 (335,537)12,189 1,244 (116,181)— (14,646)(16,185)(133,579)(469,116)807,421 
Emerging Markets Bond Fund400,505 (38,514)566 — (11,867)(14,409)(9,366)14,935 (20,141)(58,655)341,850 
Janus Henderson Series
Global Technology and Innovation Portfolio14,336,384 (5,322,058)1,344,436 — (424,490)(711,999)(239,509)(209,480)(241,042)(5,563,100)8,773,284 
Overseas Portfolio1,196,911 (123,421)63,479 — (80,779)(958)(19,346)52,082 14,478 (108,943)1,087,968 
Research Portfolio283,269 (88,246)25,070 — (5,553)(51,205)(5,230)(8,869)(45,787)(134,033)149,236 
Enterprise Services Portfolio39,241,724 (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 Portfolio1,659,012 (359,829)78,393 — (8,830)(80,598)(19,606)201,350 170,709 (189,120)1,469,892 
Mid Cap Value Portfolio4,304,237 (280,805)831,355 — (149,425)(68,008)(138,915)(231,694)243,313 (37,492)4,266,745 
Balanced Portfolio89,831,295 (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 Portfolio11,002,406 (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 Portfolio43,643,688 (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 Portfolio37,157,037 (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 Portfolio10,193,934 (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 Portfolio28,158,458 (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 Portfolio3,850,527 (512,191)762,363 — (37,298)(727,209)(132,739)(237,950)(372,833)(885,024)2,965,503 
Global Managed Asset Allocation Portfolio1,209,638 (229,951)8,565 — (26,371)(16,335)(18,632)(36,254)(89,027)(318,978)890,660 
Short-Term Portfolio44,386,005 (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 Portfolio2,058,796 (361,347)162,304 — (88,324)(47,388)(54,018)(14,743)(42,169)(403,516)1,655,280 
Global Bond Opportunities Portfolio104,951 (11,565)— — — (5,789)(1,529)20,380 13,062 1,497 106,448 
Commodity Real Return Strategy Portfolio6,614,547 252,3851,551,312 — (588,562)(387,699)(278,758)654,179 950,472 1,202,857 7,817,404 
International Bond (USD-Hedged) Portfolio2,801,341 (321,238)225,380 — (64,731)(28,317)(61,007)(45,787)25,538 (295,700)2,505,641 
Dynamic Bond Adv Portfolio2,577,240 (183,361)47,067 — (55,601)(59,930)(45,922)(184,920)(299,306)(482,667)2,094,573 
Income Advisor Portfolio35,772,908 (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 Fund1,906,749 (351,351)5,724 661 (24,133)(219)(53,202)(215,170)(286,339)(637,690)1,269,059 
Large Cap Value Fund648,703 (64,636)12,042 — (43,294)(50,274)(19,391)70,877 (30,040)(94,676)554,027 
Mid Cap Value Fund4,110,887 (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 Portfolio1,067,354 (297,743)1,337 — (8,817)(49,781)(32,846)(143,297)(233,404)(531,147)536,207 
AMT Mid Cap Intrinsic Value Portfolio526,999 (57,960)3,182 — (14,971)— (24,504)(127,052)(163,345)(221,305)305,694 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2022
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 Portfolio619,698 (95,018)484 — (19,881)— (22,474)(174,931)(216,802)(311,820)307,878 
Sustainable U.S. Equity Portfolio18,105 (4,492)437 — — — — — 437 (4,055)14,050 
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio32,468 (7,055)2,749 — (3,257)— (1,370)(2,302)(4,180)(11,235)21,233 
Emerging Markets Equity Portfolio177,988 (46,373)143 — (1,657)(88)(7,146)(7,753)(16,501)(62,874)115,114 
Discovery Portfolio101,040 (64,138)— — — — (3,139)2,338 (801)(64,939)36,101 
U.S. Real Estate Portfolio73,352 (20,997)3,474 — (746)(20)(3,287)(3,249)(3,828)(24,825)48,527 
Northern Lights Variable Trust
Power Dividend Index Fund834,562 (93,950)4,000 — (5,392)— (7,474)(20,924)(29,790)(123,740)710,822 
AB Variable Products Series
Dynamic Asset Allocation Portfolio3,355,731 (656,971)40,915 — (22,096)(165,073)(124,295)(3,388)(273,937)(930,908)2,424,823 
Small Cap Growth Portfolio22,574 (9,059)— — — — (44)5,294 5,250 (3,809)18,765 
Discovery Value Portfolio6,375,347 (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 Fund3,425,421 (244,265)307,466 — (55,410)(221,351)(84,751)763,330 709,284 465,019 3,890,440 
Capital Appreciation Fund1,294,158 (471,136)750 — (9,494)(422,869)(6,843)15,640 (422,816)(893,952)400,206 
Equity Dividend Fund28,620,603 (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 Fund16,846,204 (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 Fund556,640 (122,248)64,620 — (67,833)(3,048)(35,316)12,235 (29,342)(151,590)405,050 
Large Cap Focus Growth Fund15,478,943 (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 Fund8,810,834 (1,448,565)1,962,359 — (348,299)(687,793)(191,190)(501,281)233,796 (1,214,769)7,596,065 
Total Return Fund1,808,464 (273,951)— — (15,773)— (43,842)(17,395)(77,010)(350,961)1,457,503 
S&P 500 Fund2,007,678 (381,310)— — (24,101)— (48,026)(18,431)(90,558)(471,868)1,535,810 
Columbia Variable Portfolio
Contrarian Core 2 Portfolio7,709,215 (1,619,571)1,617,024 — (240,825)(134,072)(210,178)(84,218)947,731 (671,840)7,037,375 
Dividend Opportunity Portfolio6,115,703 (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 Portfolio5,819,091 (984,381)62,127 — (225,876)(341,460)(145,834)35,641 (615,402)(1,599,783)4,219,308 
High Yield Portfolio6,309,076 (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 Portfolio4,356,661 (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 Portfolio12,396,518 (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 Portfolio2,353,868 (263,845)276,202 — (291,350)— (18,035)(1,115,217)(1,148,400)(1,412,245)941,623 
Strategic Income Portfolio1,453,203 (258,983)275,231 — (132,641)(42,423)(35,036)53,917 119,048 (139,935)1,313,268 
Emerging Markets Portfolio312,265 (104,407)2,786 — — — (869)37,564 39,481 (64,926)247,339 
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio49,438,343 (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 Portfolio8,842,916 (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 Portfolio1,208,102 (120,942)213,340 — (15,184)(102,338)(32,171)(12,327)51,320 (69,622)1,138,480 
Global Small Cap Portfolio306,984 (74,814)— — (18,700)(15,949)(9,578)10,324 (33,903)(108,717)198,267 
Small Mid Cap Value Portfolio5,547,055 (903,593)90,582 — (141,131)(207,236)(112,527)(383,936)(754,248)(1,657,841)3,889,214 
CROCI US Portfolio190,740 (31,079)— — — — (3,837)(4,340)(8,177)(39,256)151,484 
High Income Portfolio164,326 (24,476)84,192 — (73,371)— (450)183,419 193,790 169,314 333,640 
Eaton Vance Variable Trust
Floating Rate Income Portfolio19,913,170 (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 Portfolio199,819 (22,174)— — — (39,669)(5,625)(10,536)(55,830)(78,004)121,815 
International Portfolio1,247,847 (237,223)5,894 — (32,556)(77,903)(4,530)91,533 (17,562)(254,785)993,062 
Opportunity Portfolio10,880,222 (1,578,238)265,484 — (497,343)(364,745)(224,411)(393,358)(1,214,373)(2,792,611)8,087,611 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2022
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 Fund6,040,536 (500,239)59,956 — (420,868)(288,009)(156,591)(208,630)(1,014,142)(1,514,381)4,526,155 
Income Fund24,827,136 (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 Fund29,687,890 (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 Fund38,678,960 (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 Fund2,940,940 (695,458)219,474 — (95,703)(86,443)(65,935)205,145 176,538 (518,920)2,422,020 
Mutual Global Discovery Fund6,183,879 (353,176)31,098 — (189,073)(255,655)(163,347)(596,474)(1,173,451)(1,526,627)4,657,252 
Rising Dividends Fund29,314,921 (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 Fund1,285,808 (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 Portfolio415,063 (55,989)— — (11,551)— (6,528)(340,995)(359,074)(415,063)— 
Delaware Ivy Variable Insurance Portfolios
Asset Strategy Portfolio3,426,651 (538,458)21,686 — (101,448)(93,109)(98,945)(85,465)(357,281)(895,739)2,530,912 
Balanced Portfolio7,902,075 (1,326,681)75,747 — (95,406)(299,657)(167,169)(184,305)(670,790)(1,997,471)5,904,604 
Global Equity Portfolio1,176,882 (137,038)1,073 — (7,290)(109,334)(29,532)7,605 (137,478)(274,516)902,366 
Energy Portfolio1,689,275 784,78438,734 — (62,323)(13,629)(71,664)(672,772)(781,654)3,130 1,692,405 
Global Bond Portfolio526,885 (31,797)16,587 — (3,081)— (9,003)(499,591)(495,088)(526,885)— 
Natural Resources Portfolio792,523 121,6321,341 — (25,965)(1,375)(26,652)(218,118)(270,769)(149,137)643,386 
Growth Portfolio4,862,843 (1,238,189)32,328 — (200,070)(409,936)(90,169)(117,596)(785,443)(2,023,632)2,839,211 
High Income Portfolio12,207,324 (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 Portfolio8,091,297 (1,240,670)193,506 — (345,139)(347,855)(104,545)(267,001)(871,034)(2,111,704)5,979,593 
Global Growth Portfolio987,361 (179,792)3,354 — (32,261)(59,693)(17,770)(25,424)(131,794)(311,586)675,775 
Mid Cap Growth Portfolio15,115,909 (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 Portfolio18,479,733 (5,953,220)468,670 — (661,437)(231,249)(358,254)(94,288)(876,558)(6,829,778)11,649,955 
Small Cap Growth Portfolio6,230,393 (1,609,286)57,999 — (97,964)(397,798)(128,786)(222,261)(788,810)(2,398,096)3,832,297 
SMID Cap Core Portfolio12,726,961 (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 Portfolio1,033,501 (173,969)181,876 — (6,528)(62,735)(23,337)30,149 119,425 (54,544)978,957 
Global Dynamic Multi Asset Portfolio1,466,656 (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 Portfolio2,172,825 (320,381)359,766 — (64,109)(2,575)(130,510)(189,315)(26,743)(347,124)1,825,701 
ClearBridge Variable Mid Cap Portfolio15,388,407 (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 Portfolio44,503,516 (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 Portfolio6,932,627 (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 Portfolio1,005,438 (274,612)— — (30,002)— (16,612)9,849 (36,765)(311,377)694,061 
Western Asset Variable Core Bond Plus Portfolio87,623,863 (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 Portfolio27,674,651 (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 Portfolio1,042,537 (307,983)182,001 — (94,155)(74,518)(86,102)707,958 635,184 327,201 1,369,738 
Bond Portfolio56,314,245 (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 Portfolio14,710,111 (2,009,845)643,772 — (429,052)559,777 (386,018)(1,172,940)(784,461)(2,794,306)11,915,805 
Equity Income Portfolio14,747,291 (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 Portfolio985,864 (117,062)435 — (50,655)(97,859)(12,494)(70,617)(231,190)(348,252)637,612 
Prudential Series Funds
PGIM Jennison Focused Blend Portfolio547,410 (147,818)8 — — — (6,083)7,153 1,078 (146,740)400,670 
Natural Resources Portfolio529,150 124,1032,525 — (61,411)— (63,145)450,654 328,623 452,726 981,876 
Mid-Cap Growth Portfolio211,525 (60,737)— — (34,241)— (1,806)8,059 (27,988)(88,725)122,800 
The accompanying notes are an integral part of these financial statements




Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets
Year Ended December 31, 2022
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 Portfolio363,453 (86,478)10,384 — (2,293)— (499)21,225 28,817 (57,661)305,792 
Small Cap Portfolio8,417,375 (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 Portfolio2,270,421 382,4521,619,514 — (448,292)(200,680)(282,624)2,039,744 2,727,662 3,110,114 5,380,535 
Global Opportunity Portfolio2,187,991 (674,031)153,141 — (25,571)(69,317)(58,038)(4,246)(4,031)(678,062)1,509,929 
American Funds IS
Asset Allocation Fund119,153,303 (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 Fund49,652,767 (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 Fund19,802,623 (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 Fund19,785,719 (1,794,863)2,806,410 — (729,338)(919,195)(454,625)(207,584)495,668 (1,299,195)18,486,524 
Global Growth Fund30,392,788 (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 Fund19,850,007 (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 Fund8,014,793 (2,516,447)631,076 — (126,412)(403,451)(104,858)215,905 212,260 (2,304,187)5,710,606 
Growth Fund64,985,480 (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 Fund65,545,627 (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 Fund11,409,124 (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 Fund9,234,676 (1,571,717)988,560 — (360,955)(332,640)(245,962)108,101 157,104 (1,414,613)7,820,063 
New World Fund40,593,240 (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 Fund32,366,325 (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 Fund23,648,637 (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 Portfolio72,818,683 (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 Portfolio31,918,351 (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 Portfolio3,193,107 (522,151)643,723 — (259,246)(41,835)(61,368)(256,297)24,977 (497,174)2,695,933 
Fundamental All Cap Core Portfolio526,161 (132,942)705 — — — (3,108)(211,872)(214,275)(347,217)178,944 
Select Bond Portfolio408,926 (58,444)960 — — (30,067)(19,506)(4,453)(53,066)(111,510)297,416 
Strategic Income Opportunities Portfolio856,163 (90,741)152,427 — (192,275)(42,242)(13,177)(40,399)(135,666)(226,407)629,756 
Federated Hermes
High Income Bond Portfolio1,169,323 (213,725)199,865 — (40,744)(9,040)(51,953)480,141 578,269 364,544 1,533,867 
Kaufmann Portfolio5,839,773 (1,951,472)943,890 — (86,793)(230,285)(127,361)634,982 1,134,433 (817,039)5,022,734 
Managed Volatility Portfolio463,399 (67,692)41,731 — — (459)(588)(60,827)(20,143)(87,835)375,564 
Principal Variable Contracts
Blue Chip Fund82,878 (153,749)338,686 — — — (1,291)108,449 445,844 292,095 374,973 
Equity Income Fund135,176 (37,035)245,871 — — — (30,058)(17,739)198,074 161,039 296,215 
Diversified Balance Fund315,354 (69,063)164,357 — — — (3,574)146,351 307,134 238,071 553,425 
Diversified Growth Fund265,780 (42,941)— — — — (2,094)(22,091)(24,185)(67,126)198,654 
Diversified Income Fund780,251 (74,832)29,475 — — — — (680,761)(651,286)(726,118)54,133 
The accompanying notes are an integral part of these financial statements




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
42
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.
43
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
Split Ratio
Fund(New to Old Shares)
PF Ultrashort Dow 30 Portfolio1:8
PF Short NASDAQ-100 Portfolio1:4
PF Short Dow 30 Portfolio1:4
PF Short International Portfolio1:4
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 Portfolio3:1
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 Fund1:5
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
44
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 Portfolio1:4
PF UltraShort NASDAQ-100 Portfolio1:4
PF Short Small-Cap Portfolio1:4
PF UltraShort Dow 30 Portfolio1:5
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 Portfolio2:1
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.
45
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.

46
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 Portfolio1:5

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.
47
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.
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.
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.
48
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.
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.
At December 31, 2023, the Company's investments were classified as follows:
Quoted pricesSignificant
in activeotherSignificant
markets forobservableunobservable
identical assetsinputsinputs
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.
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
49
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
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 2DEUT 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, Inc. ("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").
Events Subsequent to Original Issuance of Financial Statements (Unaudited)
In connection with the reissuance of the financial statements, the Company has evaluated subsequent events through January 13, 2025, the date the financial statements were available to be reissued. Excluding the events below there are no additional transactions that require disclosure in the financial statements.

Effective August 1, 2024, the JANUS Flexible Bond Portfolio, LAC Fundamental Equity Portfolio, PIONEER VCT Equity Income Portfolio, CVP Emerging Markets Portfolio, ALPS Global Opportunity Portfolio, and FED H Kaufmann were closed to new investors and the VIPF Value Strategies Portfolio was reopened to new investors.
Effective August 1, 2024, the GVIF Small Cap Value Portfolio was closed to new investors followed by a hard closure effective on October 24, 2024. The portfolio was then reorganized on October 25, 2024 into the new fund company New Age Alpha ("NAA") Small Cap Value Portfolio and remains closed to new investors.

Effective August 12, 2024, the GVIF Long Short Equity Fund was closed and on August 16, 2024, the fund was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of the Guggenheim Variable Insurance Funds. All policyowners were given the opportunity to transfer any values in these funds to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at August 16, 2024 were moved to the VIPF Government Money Market Portfolio.
Effective October 11, 2024, one PF fund had a forward share split as shown in the following table.
50
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
Split Ratio
Fund(New to Old Shares)
PF Semiconductor4:1

Effective December 4, 2024, the MSVIF U.S. Real Estate Fund was closed to new investors and liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Morgan Stanley Variable Institutional Funds. 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 December 6, 2024 were transferred to the PF Government Money Market.

51
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
Restatement of previously issued Midland National Life Separate Account C financial statements

Subsequent to the issuance of the financial statements for the year ended December 31, 2023, management identified material errors in the accounting between transactions types reported on the Statement of Changes in Net Assets. The errors impacted the classification of transactions within the Statement of Changes in Net Assets, but did not impact Net Assets Beginning of Year, Net Assets End of Year, Net Increase (Decrease) in Net Assets from Capital Share Transactions or Total Increase (Decrease) in Net Assets. As a result, the Statement of Changes in Net Assets in the accompanying financial statements have been restated from amounts previously reported to correct these material errors. There was no impact to the Statement of Net Assets, no impact to the Statement of Operations and no impact to the Notes to the Financial Statements. The following table shows the amounts as originally reported, the adjustments and the amounts as restated. The table shows only the Funds that were impacted by the errors described above.
As Reported 12/31/2023MisstatementAs Restated 12/31/2023
TransfersInterfund and NetTransfersInterfund and NetTransfersInterfund and Net
NetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) from
Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)
Fidelity Variable Insurance Products
Government Money Market Portfolio$35,021 $952 $(475,677)$(455,118)$(552,651)$(99,289)$265,301 $(598)$2,950 $— $(12,170)$(255,483)$300,322 $354 $(472,727)$(455,118)$(564,821)$(354,772)
High Income Portfolio38,301 140 (241,751)(133,834)(116,805)(166,815)60,514 (262)(66,771)(25,342)(6,698)38,559 98,815 (122)(308,522)(159,176)(123,503)(128,256)
Equity-Income Portfolio26,894 933 (403,101)(73,744)(153,082)(356,102)12,611 — 1,084 — (9,504)(4,191)39,505 933 (402,017)(73,744)(162,586)(360,293)
Growth Portfolio34,107 — (706,214)(106,263)(252,635)170,337 2,333 — 4,722 — (5,040)(2,015)36,440 — (701,492)(106,263)(257,675)168,322 
Overseas Portfolio66,364 1,409 (342,496)(118,448)(98,596)176,373 (26,520)— 4,385 — (21,047)43,182 39,844 1,409 (338,111)(118,448)(119,643)219,555 
Mid Cap Portfolio646,848 269 (574,890)(608,760)(377,964)(42,365)179,302 — 7,003 (20,161)(74,964)(91,180)826,150 269 (567,887)(628,921)(452,928)(133,545)
Asset Manager Portfolio946 — (137,064)(2,273)(8,203)(5,522)(175)— 14 — (14)175 771 — (137,050)(2,273)(8,217)(5,347)
Investment Grade Bond Portfolio270,927 1,029 (697,582)(270,830)355,519 2,093,508 213,870 — 4,612 — (541,970)323,488 484,797 1,029 (692,970)(270,830)(186,451)2,416,996 
Index 500 Portfolio32,942 2,172 (1,209,553)(402,906)(497,123)(366,095)51,675 (922)14,780 — (68,882)3,349 84,617 1,250 (1,194,773)(402,906)(566,005)(362,746)
Contrafund Portfolio1,517,615 — (1,701,878)(1,386,730)(968,348)(909,947)356,343 — (40,107)(29,065)(191,846)(95,325)1,873,958 — (1,741,985)(1,415,795)(1,160,194)(1,005,272)
Asset Manager: Growth Portfolio25,427 — (29,777)(2,222)(11,079)(197)490 — 824 — (823)(491)25,917 — (28,953)(2,222)(11,902)(688)
Balanced Portfolio56,073 119 (232,729)(76,715)(108,668)218,906 1,389 — 2,780 — (4,635)466 57,462 119 (229,949)(76,715)(113,303)219,372 
Growth & Income Portfolio12,898 365 (205,897)(24,195)(36,768)(566,398)13,800 — 4,031 — (4,031)(13,800)26,698 365 (201,866)(24,195)(40,799)(580,198)
Growth Opportunities Portfolio3,996,024 — (1,374,202)(701,464)(573,283)2,058,854 381,968 — 16,782 (98,756)(320,034)20,040 4,377,992 — (1,357,420)(800,220)(893,317)2,078,894 
Value Strategies Portfolio22,631 (428)(218,498)(236,153)(126,404)(589,603)31,371 — 3,488 — (3,592)(31,267)54,002 (428)(215,010)(236,153)(129,996)(620,870)
Strategic Income Portfolio760,470 — (700,518)(336,625)(838,710)333,899 138,498 — 23,980 (105,542)(94,469)37,533 898,968 — (676,538)(442,167)(933,179)371,432 
Emerging Markets Portfolio122,984 — (223,159)(92,594)(73,674)140,198 (5,874)— (8,993)(14,994)(13,728)43,589 117,110 — (232,152)(107,588)(87,402)183,787 
Real Estate Portfolio690,123 — (601,577)(1,101,211)(565,384)32,894 201,556 — (50,077)(134,114)(46,113)28,748 891,679 — (651,654)(1,235,325)(611,497)61,642 
Funds Manager 50% Portfolio284,410 — (257,097)(75,823)(102,360)(128,032)7,950 — 73,701 — (90,986)9,335 292,360 — (183,396)(75,823)(193,346)(118,697)
Funds Manager 70% Portfolio294,589 — (195,028)(240,602)(76,277)81,647 (42,013)— 5,798 — (7,984)44,199 252,576 — (189,230)(240,602)(84,261)125,846 
Funds Manager 85% Portfolio23,324 — (89,002)(146,399)(82,682)53,531 (3,736)— 14,842 — (14,842)3,736 19,588 — (74,160)(146,399)(97,524)57,267 
Government Money Market Portfolio Service Class 2105,927,803 — (8,786,407)(3,115,292)(11,576,160)(33,697,603)10,026,150 — (331,624)— 7,975,387 (17,669,913)115,953,953 — (9,118,031)(3,115,292)(3,600,773)(51,367,516)
International Capital Appreciation Portfolio460,501 — (104,725)(117,287)(113,871)407,488 (40,627)— 36,944 — (24,659)28,342 419,874 — (67,781)(117,287)(138,530)435,830 
American Century Variable Portfolios, Inc.
Balanced Fund261,019 119 (192,411)(98,209)(122,886)289,029 53,210 — 12,849 — (2,177)(63,882)314,229 119 (179,562)(98,209)(125,063)225,147 
Capital Appreciation Fund13,352 150 (131,912)(15,156)(30,909)175,520 (1,359)— (8,379)— (209)9,947 11,993 150 (140,291)(15,156)(31,118)185,467 
International Fund14,626 603 (224,464)(5,204)(75,224)(38,022)6,669 (1,045)3,721 — (3,725)(5,620)21,295 (442)(220,743)(5,204)(78,949)(43,642)
Value Fund4,365,922 1,359 (3,422,878)(4,802,872)(1,756,936)(1,885,393)1,417,427 (841)(219,830)(813,962)(186,670)(196,124)5,783,349 518 (3,642,708)(5,616,834)(1,943,606)(2,081,517)
Disciplined Core Value Fund190,344 — (104,397)(158,627)(129,944)(212,434)11,086 — (166,063)— (17,174)172,151 201,430 — (270,460)(158,627)(147,118)(40,283)
Inflation Protection Fund139,208 503 (675,576)(148,032)(499,472)311,099 (14,587)— 24,849 — (9,116)(1,146)124,621 503 (650,727)(148,032)(508,588)309,953 
Large Company Value Fund476 — (22,468)(9,142)(42,857)(661,706)18,590 — 4,579 — (4,578)(18,591)19,066 — (17,889)(9,142)(47,435)(680,297)
Mid Cap Value Fund2,177,779 — (1,783,266)(2,135,995)(984,468)(1,892,680)413,653 — 7,410 (254,777)(68,015)(98,271)2,591,432 — (1,775,856)(2,390,772)(1,052,483)(1,990,951)
Ultra Fund1,170,096 — (773,971)(87,291)(150,708)2,279,055 (120,983)— 27,741 (58,881)(170,840)322,963 1,049,113 — (746,230)(146,172)(321,548)2,602,018 
52
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
As Reported 12/31/2023MisstatementAs Restated 12/31/2023
TransfersInterfund and NetTransfersInterfund and NetTransfersInterfund and Net
NetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) from
Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)
MFS Variable Insurance Trust
Research Series 181 — (17,531)(6,110)(4,378)(27,228)295 — 2,803 — (2,803)(295)476 — (14,728)(6,110)(7,181)(27,523)
Growth Series 3,864 119 (58,704)(41,128)(21,854)(12,499)1,617 — 212 — (213)(1,616)5,481 119 (58,492)(41,128)(22,067)(14,115)
Investors Trust Series 407 — (38,160)(20,500)(8,533)(132,085)7,296 — 153 — (154)(7,295)7,703 — (38,007)(20,500)(8,687)(139,380)
New Discovery Series 302,844 — (492,805)(206,172)(200,587)251,539 (21,605)— (32,495)— (18,924)73,024 281,239 — (525,300)(206,172)(219,511)324,563 
Corporate Bond Portfolio736,974 — (310,307)(253,679)(187,157)(152,383)65,596 — 19,636 — 12,522 (97,754)802,570 — (290,671)(253,679)(174,635)(250,137)
Emerging Markets Equity Portfolio360,322 — (107,960)(102,915)(100,406)(101,698)55,450 — (2,164)(10,786)1,177 (43,677)415,772 — (110,124)(113,701)(99,229)(145,375)
Technology Portfolio425,607 — (351,116)(270,720)(108,199)245,248 314,608 — 18,908 — (29,124)(304,392)740,215 — (332,208)(270,720)(137,323)(59,144)
Global Tactical Allocation Portfolio25,719 — (79,451)(70,344)(32,136)(106,548)24,494 — 6,463 — (9,434)(21,523)50,213 — (72,988)(70,344)(41,570)(128,071)
International Intrinsic Value Portfolio196,784 — (521,317)(961,944)(276,504)1,038,862 3,889 — 13,687 (4,060)25,726 (39,242)200,673 — (507,630)(966,004)(250,778)999,620 
Utilities Series Portfolio785,769 — (398,738)(344,621)(578,129)(1,915,761)344,076 — 51,980 (24,568)(3,623)(367,865)1,129,845 — (346,758)(369,189)(581,752)(2,283,626)
Blended Research Core Equity Portfolio312,540 — (124,820)(131,181)(39,106)578,615 17,660 — 7,443 — (12,247)(12,856)330,200 — (117,377)(131,181)(51,353)565,759 
Global Real Estate Portfolio61,839 — (19,861)(35,035)(60,359)26,417 5,569 — 6,066 — (6,134)(5,501)67,408 — (13,795)(35,035)(66,493)20,916 
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio543 — (240,416)(5,708)(89,237)(103,551)5,462 — 1,931 — (1,950)(5,443)6,005 — (238,485)(5,708)(91,187)(108,994)
Mid-Cap Stock Portfolio77,575 183 (109,699)(17,457)(32,658)(21,208)(68,569)(320)1,997 — (2,732)69,624 9,006 (137)(107,702)(17,457)(35,390)48,416 
Bond-Debenture Portfolio538,900 — (1,173,980)(1,276,830)(791,799)(72,103)6,269 — (46,755)(23,868)25,575 38,779 545,169 — (1,220,735)(1,300,698)(766,224)(33,324)
Fundamental Equity Portfolio102,497 — (123,373)(96,974)(54,795)(65,733)22,498 — 12,315 — (12,315)(22,498)124,995 — (111,058)(96,974)(67,110)(88,231)
Developing Growth Portfolio23,993 — (165,490)(118,381)(94,615)(132,729)5,298 — 3,930 — 30,084 (39,312)29,291 — (161,560)(118,381)(64,531)(172,041)
Short Duration Income Portfolio362,272 — (801,695)(1,442,711)(503,321)(466,538)475,457 — (28,028)(45,026)(55,755)(346,648)837,729 — (829,723)(1,487,737)(559,076)(813,186)
Alger Fund
LargeCap Growth Portfolio31,152 1,604 (256,431)(41,537)(106,444)347,910 1,696 (448)3,585 — (10,503)5,670 32,848 1,156 (252,846)(41,537)(116,947)353,580 
MidCap Growth Portfolio23,778 935 (379,114)(90,683)(86,761)90,294 2,167 (186)6,403 — (14,068)5,684 25,945 749 (372,711)(90,683)(100,829)95,978 
Capital Appreciation Portfolio49,924 — (118,675)(30,180)(80,372)347,422 (25,177)— (8,050)— (5,258)38,485 24,747 — (126,725)(30,180)(85,630)385,907 
SmallCap Growth Portfolio1,197 — (18,099)(19,235)(6,290)2,681 (316)— 3,465 — (3,469)320 881 — (14,634)(19,235)(9,759)3,001 
Capital Appreciation Portfolio Class S256,462 — (1,822,449)(1,565,055)(932,799)(2,832,950)491,842 — 14,945 (130,522)(165,539)(210,726)748,304 — (1,807,504)(1,695,577)(1,098,338)(3,043,676)
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio92,140 — (33,234)(319,464)(48,334)19,376 (34,312)— 6,816 — (11,434)38,930 57,828 — (26,418)(319,464)(59,768)58,306 
S&P 500 Index Portfolio8,767 — (58,274)(85,596)(37,248)245,603 4,653 — 6,944 — (6,945)(4,652)13,420 — (51,330)(85,596)(44,193)240,951 
SRI Balanced Portfolio285,319 — (196,663)(33,953)(186,168)(74,879)295,111 — (50,406)— (21,470)(223,235)580,430 — (247,069)(33,953)(207,638)(298,114)
Invesco Variable Insurance Funds
Technology Fund159,882 991 (216,062)— (30,909)340,679 (33,297)— 499 — (568)33,366 126,585 991 (215,563)— (31,477)374,045 
Diversified Dividend Fund386,923 658 (67,755)(24,533)(31,218)(1,139,307)66,907 — (23,432)— (2,093)(41,382)453,830 658 (91,187)(24,533)(33,311)(1,180,689)
Health Care Fund7,236 119 (103,685)(21,987)(42,053)(56,841)3,403 — 2,482 — (2,490)(3,395)10,639 119 (101,203)(21,987)(44,543)(60,236)
Global Real Estate Fund2,350 — (2,536)(1,025)(4,536)(3,064)20 — 276 — (275)(21)2,370 — (2,260)(1,025)(4,811)(3,085)
International Equity Fund298 — (123,020)(4,013)(12,106)161,124 — — 2,106 — (2,107)1 298 — (120,914)(4,013)(14,213)161,125 
Main Street Mid Cap Fund403 — (16,968)(439)(10,715)(8,241)65 — (6,311)— (374)6,620 468 — (23,279)(439)(11,089)(1,621)
Discovery Mid Cap Growth Fund225,497 — (238,639)(85,611)(110,853)(116,804)(14,799)— (7,140)— (10,374)32,313 210,698 — (245,779)(85,611)(121,227)(84,491)
Global Fund468,777 — (133,151)(684,792)(181,563)102,008 125,701 — 27,233 — (26,638)(126,296)594,478 — (105,918)(684,792)(208,201)(24,288)
Main Street Fund139,754 — (390,244)(457,679)(164,548)(904,959)25,172 — 8,495 — (25,422)(8,245)164,926 — (381,749)(457,679)(189,970)(913,204)
Main Street Small Cap Fund691,216 — (254,602)(380,698)(240,736)2,206,149 (4,257)— 9,523 — 67,778 (73,044)686,959 — (245,079)(380,698)(172,958)2,133,105 
Balanced-Risk Allocation Fund7,813 — (8,490)1,990 (7,741)(21,751)(71)— 496 — (496)71 7,742 — (7,994)1,990 (8,237)(21,680)
Core Plus Bond Fund117,319 — (180,747)(396,506)(92,994)193,054 (14,829)— 6,816 — (6,817)14,830 102,490 — (173,931)(396,506)(99,811)207,884 
Equity and Income Fund556,313 150 (269,094)(119,531)(115,515)(604,218)15,563 — 13,232 — (17,768)(11,027)571,876 150 (255,862)(119,531)(133,283)(615,245)
Small Cap Equity Fund857,967 — (39,046)(67,544)(33,591)151,842 (268,186)— 73 (41,112)(23,759)332,984 589,781 — (38,973)(108,656)(57,350)484,826 
Equally Weighted S&P 500 Fund989,035 — (296,401)18,231 (96,431)501,006 94,647 — (1,572)(60,470)(25,772)(6,833)1,083,682 — (297,973)(42,239)(122,203)494,173 
Growth and Income Fund9,988 — (34,170)(227)(15,883)(52,060)(143)— (50,697)— (349)51,189 9,845 — (84,867)(227)(16,232)(871)
American Value Fund78 — (1,287)(5,072)(11,009)— — — 910 — (910)— 78 — (377)(5,072)(11,919)— 
53
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
As Reported 12/31/2023MisstatementAs Restated 12/31/2023
TransfersInterfund and NetTransfersInterfund and NetTransfersInterfund and Net
NetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) from
Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)
Lincoln Financial Variable Insurance Portfolios
Core Bond Portfolio20,485 668 (118,388)(29,098)(44,660)26,177 (2,800)(321)8,129 — (15,329)10,321 17,685 347 (110,259)(29,098)(59,989)36,498 
Small Cap Core Portfolio26,480 793 (89,239)(39,790)(47,758)(64,093)2,428 — 1,091 — (5,959)2,440 28,908 793 (88,148)(39,790)(53,717)(61,653)
Rydex Variable Trust
Nova Fund131,511 — (233,622)— (27,241)189,372 (22,660)— 2,166 — (2,166)22,660 108,851 — (231,456)— (29,407)212,032 
NASDAQ-100 Fund327,186 539 (226,923)— (47,409)458,001 (243,029)— (18,743)— (713)262,485 84,157 539 (245,666)— (48,122)720,486 
U.S. Government Money Market Fund1 — (4,120)— (35,406)138,239 — — 4,120 — (4,119)(1)1 — — — (39,525)138,238 
Inverse S&P 500 Strategy Fund255 — (11,995)— (172)(60,664)(211)— 116 — (122)217 44 — (11,879)— (294)(60,447)
Inverse NASDAQ-100 Strategy Fund403 — (2,105)— (1,001)(6,095)(295)— (4,063)— (12)4,370 108 — (6,168)— (1,013)(1,725)
Inverse Government Long Bond Strategy Fund15 — (2,123)— (77)(4,628)20 — 31 — (43)(8)35 — (2,092)— (120)(4,636)
Government Long Bond 1.2x Strategy582 — (53)— (596)394 (580)— 53 — (53)580 2 — — — (649)974 
Rydex Variable Insurance Funds
Biotechnology Fund17,641 — (132,656)(256,255)(94,456)134,969 21,632 — 10,586 — (13,492)(18,726)39,273 — (122,070)(256,255)(107,948)116,243 
S&P 500 Pure Growth Fund904,609 — (128,035)(78,745)(128,338)(1,345,000)(39,565)— 9,330 (2,739)(9,330)42,304 865,044 — (118,705)(81,484)(137,668)(1,302,696)
S&P MidCap 400 Pure Growth Fund6,068 — (155,726)(17,662)(19,521)(4,722)11,194 — 2,187 — (2,187)(11,194)17,262 — (153,539)(17,662)(21,708)(15,916)
Guggenheim Variable Insurance Funds
Long Short Equity Fund101,395 — (24,016)(19,091)(7,533)122,991 (80,049)— 1,466 — (4,437)83,020 21,346 — (22,550)(19,091)(11,970)206,011 
Multi-Hedge Strategies Fund16,017 — (87,846)(127,151)(24,864)(66,663)(9,822)— (30,115)— (2,515)42,452 6,195 — (117,961)(127,151)(27,379)(24,211)
Global Managed Futures Strategy Fund18,761 — (3,792)(110,167)31,342 (860,833)32,444 — 849 (33,005)(41,684)41,396 51,205 — (2,943)(143,172)(10,342)(819,437)
Small Cap Value Fund245,269 — (323,037)(216,630)(122,036)(103,931)5,111 — 12,023 — (16,010)(1,124)250,380 — (311,014)(216,630)(138,046)(105,055)
ProFunds VP
Profund Access VP High Yield Fund2 — (557)— (3,030)1,671 — — 557 — (558)1 2 — — — (3,588)1,672 
Asia 30181 — (473)— (1,198)(246)20 — 473 — (473)(20)201 — — — (1,671)(266)
Banks297 — (68)— (1,034)58,845 10 — 68 — (68)(10)307 — — — (1,102)58,835 
Materials215 — (197)— (2,156)(266)10 — 121 — (120)(11)225 — (76)— (2,276)(277)
Biotechnology287 — (1,842)— (8,371)(9,329)523 — 1,539 — (1,540)(522)810 — (303)— (9,911)(9,851)
Bull82,139 — (60,762)— (41,249)109,130 (30,810)— 4,393 — (4,393)30,810 51,329 — (56,369)— (45,642)139,940 
Consumer Staples27,050 — (27,212)— (2,838)(58,989)28,376 — 1,206 — (1,206)(28,376)55,426 — (26,006)— (4,044)(87,365)
Consumer Discretionary243 — (1,430)— (4,355)9,835 — — 1,335 — (1,335)— 243 — (95)— (5,690)9,835 
Dow 30142 — (8,983)— (16,530)59,304 — — 1,660 — (1,661)1 142 — (7,323)— (18,191)59,305 
Emerging Markets532 — (1,987)— (4,458)36,578 — — 979 — (978)(1)532 — (1,008)— (5,436)36,577 
Europe 30100 — (173)— (3,083)— — — 130 — (130)— 100 — (43)— (3,213)— 
Financials104 — (95)(91)(2,261)121 10 — 42 — (42)(10)114 — (53)(91)(2,303)111 
Health Care398 — (6,028)(77)(28,840)1,860 (210)— 2,883 — (2,883)210 188 — (3,145)(77)(31,723)2,070 
Industrials— — (10,316)(245)(4,065)60,433 — — 668 — (668)— — — (9,648)(245)(4,733)60,433 
International3 — (1,805)— (1,621)— — — 148 — (148)— 3 — (1,657)— (1,769)— 
Internet3,293 — (1,141)(53)(4,679)(53,998)36 — 845 — (844)(37)3,329 — (296)(53)(5,523)(54,035)
Japan— — (24)— (1,010)(7,196)— — 24 — (23)(1)— — — — (1,033)(7,197)
Large-Cap Growth11,820 — (50,628)— (25,571)90,960 130 — (362)— (3,264)3,496 11,950 — (50,990)— (28,835)94,456 
Large-Cap Value10,332 — (31,805)(40)(45,434)(3,330)35 — 4,552 — (4,552)(35)10,367 — (27,253)(40)(49,986)(3,365)
Mid-Cap4,920 — (24,172)— (2,547)— — — 403 — (402)(1)4,920 — (23,769)— (2,949)(1)
Mid-Cap Growth3,271 — (13,531)— (6,332)(17,357)— — 1,065 — (1,064)(1)3,271 — (12,466)— (7,396)(17,358)
Mid-Cap Value1,584 — (1,110)— (7,302)(16,106)120 — 713 — (713)(120)1,704 — (397)— (8,015)(16,226)
Government Money Market10,131 — (249,279)(476)(187,758)(303,705)361 — 29,493 — (29,492)(362)10,492 — (219,786)(476)(217,250)(304,067)
Energy44,899 — (7,486)— (10,996)35,564 10 — 3,911 — (3,911)(10)44,909 — (3,575)— (14,907)35,554 
NASDAQ-1003,062 — (43,296)— (15,333)(5,675)— — 1,916 — (1,916)— 3,062 — (41,380)— (17,249)(5,675)
Pharmaceuticals420 — (524)— — 4,904 35 — 524 — (524)(35)455 — — — (524)4,869 
Precious Metals56,641 — (12,730)— (10,388)(21,114)25 — 3,225 — (3,225)(25)56,666 — (9,505)— (13,613)(21,139)
54
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
As Reported 12/31/2023MisstatementAs Restated 12/31/2023
TransfersInterfund and NetTransfersInterfund and NetTransfersInterfund and Net
NetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) from
Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)
Real Estate19 — (2,324)(68)(1,784)1 — — 70 — (70)— 19 — (2,254)(68)(1,854)1 
Rising Rates Opportunity4 — (481)— (1,958)1 — — 20 — (19)(1)4 — (461)— (1,977)— 
Semiconductor761 — (16,915)— (6,918)9,089 (11)— — — — 11 750 — (16,915)— (6,918)9,100 
Small-Cap256 — (7,769)— (6,558)671 20 — 783 — (783)(20)276 — (6,986)— (7,341)651 
Small-Cap Growth3,717 — (5,950)— (5,061)1,157 — — 415 — (415)— 3,717 — (5,535)— (5,476)1,157 
Small-Cap Value303 — (534)(78)(6,613)2,084 20 — 438 — (438)(20)323 — (96)(78)(7,051)2,064 
Technology210 — (38,974)(892)(17,788)(35,157)89 — 2,243 — (2,243)(89)299 — (36,731)(892)(20,031)(35,246)
U.S. Government Plus64 — (396)— (1,108)4,305 — — 86 — (86)— 64 — (310)— (1,194)4,305 
UltraBull3,822 — (1,176)(338)(8,355)8,495 65 — 653 — (653)(65)3,887 — (523)(338)(9,008)8,430 
UltraMid-Cap264 — (2,574)(133)(10,372)14,427 — — 1,932 — (1,931)(1)264 — (642)(133)(12,303)14,426 
UltraNASDAQ-1004,094 — (7,798)— (17,766)(7,363)177 — 6,178 — (6,179)(176)4,271 — (1,620)— (23,945)(7,539)
UltraSmall-Cap3,469 — (556)— (2,893)6,363 40 — 328 — (328)(40)3,509 — (228)— (3,221)6,323 
Utilities5 — (5,206)(290)(24,738)(17,546)— — 1,892 — (1,892)— 5 — (3,314)(290)(26,630)(17,546)
VanEck Worldwide Insurance Trust
Global Resources Fund364,955 733 (232,326)(380,602)(197,327)(1,370,192)12,724 — (10,235)— 50,756 (53,245)377,679 733 (242,561)(380,602)(146,571)(1,423,437)
Emerging Markets Fund18,524 (848)(63,495)(7,478)(13,106)(60,152)451 — 586 — (598)(439)18,975 (848)(62,909)(7,478)(13,704)(60,591)
Emerging Markets Bond Fund36,415 — (836)(6,750)(4,021)(1,904)(35,902)— 399 — (499)36,002 513 — (437)(6,750)(4,520)34,098 
Janus Henderson Series
Global Technology and Innovation Portfolio1,529,230 — (505,457)(481,266)(78,189)1,640,074 303,397 — (18,867)(2,899)(240,289)(41,342)1,832,627 — (524,324)(484,165)(318,478)1,598,732 
Overseas Portfolio199,422 — (168,895)(59,770)245,895 67,088 15,864 — 987 — (252,584)235,733 215,286 — (167,908)(59,770)(6,689)302,821 
Research Portfolio— — (1,409)(57,821)(3,686)(26,857)967 — 488 — (488)(967)967 — (921)(57,821)(4,174)(27,824)
Enterprise Services Portfolio2,181,632 — (1,445,654)(1,359,063)(1,025,457)2,090,880 443,242 — (121,065)(181,649)(139,133)(1,395)2,624,874 — (1,566,719)(1,540,712)(1,164,590)2,089,485 
Global Research Portfolio232,002 — (6,823)(11,849)(40,171)(413,033)1,905 — 4,980 — (22,696)15,811 233,907 — (1,843)(11,849)(62,867)(397,222)
Mid Cap Value Portfolio263,755 — (165,610)(111,967)(134,199)27,129 (8,040)— 11,254 (7,724)(754)5,264 255,715 — (154,356)(119,691)(134,953)32,393 
Balanced Portfolio4,177,197 — (2,541,799)(3,715,025)(2,996,901)(2,797,426)994,918 — (607,095)(230,523)(116,902)(40,398)5,172,115 — (3,148,894)(3,945,548)(3,113,803)(2,837,824)
Flexible Bond Portfolio53,612 — (222,050)(260,931)(187,648)16,633 79,336 — 343 — (20,376)(59,303)132,948 — (221,707)(260,931)(208,024)(42,670)
PIMCO Variable Insurance Trust
Total Return Portfolio596,008 2,713 (1,403,007)(2,158,076)(1,034,099)667,945 (4,042)(1,286)(881)(45,622)(120,271)172,102 591,966 1,427 (1,403,888)(2,203,698)(1,154,370)840,047 
Low Duration Portfolio1,185,553 — (1,631,017)(2,711,541)(1,028,442)1,256,726 534,663 — (8,188)(346,811)(96,500)(83,164)1,720,216 — (1,639,205)(3,058,352)(1,124,942)1,173,562 
High Yield Portfolio1,697,122 197 (831,626)(233,508)(436,155)1,553,050 57,606 — 11,154 (11,325)(124,138)66,703 1,754,728 197 (820,472)(244,833)(560,293)1,619,753 
Real Return Portfolio734,809 — (920,460)(1,633,759)(908,806)(664,002)256,728 — (31,821)(238,925)37,766 (23,748)991,537 — (952,281)(1,872,684)(871,040)(687,750)
All Asset Portfolio45,982 — (181,897)(87,951)(106,813)(27,621)(10,574)— (18,300)— (9,474)38,348 35,408 — (200,197)(87,951)(116,287)10,727 
Global Managed Asset Allocation Portfolio55,043 — (12,559)(9,871)(12,586)974 (1,270)— 1,065 — (1,064)1,269 53,773 — (11,494)(9,871)(13,650)2,243 
Short-Term Portfolio4,117,581 — (5,331,899)(2,573,319)(4,048,927)(5,828,287)(911,245)— (83,208)(241,650)97,706 1,138,397 3,206,336 — (5,415,107)(2,814,969)(3,951,221)(4,689,890)
Emerging Markets Bond Portfolio14,609 — (76,815)(75,266)(47,814)(65,522)2,757 — 2,759 — (2,759)(2,757)17,366 — (74,056)(75,266)(50,573)(68,279)
Global Bond Opportunities Portfolio630 — (11)— (35)(32,596)(630)— — — — 630 — — (11)— (35)(31,966)
Commodity Real Return Strategy Portfolio66,793 — (292,642)(286,281)(283,240)121,131 227,644 — 11,806 (26,785)51,826 (264,491)294,437 — (280,836)(313,066)(231,414)(143,360)
International Bond (USD-Hedged) Portfolio3,459 — (51,146)(62,276)(30,568)143,519 56,518 — 8,011 (81,829)(13,954)31,254 59,977 — (43,135)(144,105)(44,522)174,773 
Dynamic Bond Adv Portfolio375,017 — (76,963)(184,069)(42,931)(264,120)100,716 — 2,809 — (2,810)(100,715)475,733 — (74,154)(184,069)(45,741)(364,835)
Income Advisor Portfolio1,126,330 — (1,090,615)(935,570)(1,813,338)1,078,209 312,703 — (368,819)— 117,412 (61,296)1,439,033 — (1,459,434)(935,570)(1,695,926)1,016,913 
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund52,274 661 (75,422)(6,319)(64,134)639 (43,805)(184)7,007 — (7,438)44,420 8,469 477 (68,415)(6,319)(71,572)45,059 
Large Cap Value Fund1,157 — (11,720)(2,120)(78,341)(323,466)9,448 — 1,253 — (1,253)(9,448)10,605 — (10,467)(2,120)(79,594)(332,914)
Mid Cap Value Fund22,663 1,704 (150,792)(96,742)(71,616)(261,793)11,264 — (12,146)— (8,959)9,841 33,927 1,704 (162,938)(96,742)(80,575)(251,952)
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio2,422 — (202,626)(8,710)(19,199)104,040 11,564 — 417 — (417)(11,564)13,986 — (202,209)(8,710)(19,616)92,476 
AMT Mid Cap Intrinsic Value Portfolio2,902 — (6,206)— (8,736)(181,849)6,881 — 1,312 — (1,312)(6,881)9,783 — (4,894)— (10,048)(188,730)
BNY Mellon Variable Investment Fund
55
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
As Reported 12/31/2023MisstatementAs Restated 12/31/2023
TransfersInterfund and NetTransfersInterfund and NetTransfersInterfund and Net
NetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) from
Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)
Appreciation Portfolio735 — (122,659)(25,030)(18,989)64,588 (167)— (20,219)— (2,035)22,421 568 — (142,878)(25,030)(21,024)87,009 
Sustainable U.S. Equity Portfolio422 — (319)— (1,021)34 35 — 319 — (319)(35)457 — — — (1,340)(1)
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio29 — (490)(3,144)(1,118)38 4 — 160 — (160)(4)33 — (330)(3,144)(1,278)34 
Emerging Markets Equity Portfolio1,782 — (4,031)(1,167)(5,342)(2,977)(299)— 524 — (524)299 1,483 — (3,507)(1,167)(5,866)(2,678)
Discovery Portfolio132 — (278)— (2,704)(8,502)421 — (7,737)— (193)7,509 553 — (8,015)— (2,897)(993)
U.S. Real Estate Portfolio83 — (5,975)(146)(3,347)(3,306)— — 505 — (505)— 83 — (5,470)(146)(3,852)(3,306)
Northern Lights Variable Trust
Power Dividend Index Fund1,372 — (53,824)— (3,389)46,593 (1,372)— 69 — (69)1,372 — — (53,755)— (3,458)47,965 
AB Variable Products Series
Dynamic Asset Allocation Portfolio53,265 — (88,256)(29,759)(102,881)(853)(370)— 11,940 — (11,940)370 52,895 — (76,316)(29,759)(114,821)(483)
Discovery Value Portfolio601,924 — (221,992)(244,847)(151,057)(159,225)258,718 — (4,973)(29,344)(29,523)(194,878)860,642 — (226,965)(274,191)(180,580)(354,103)
BlackRock Variable Series Fund, Inc.
Basic Value Fund248,643 — (217,704)(425,609)(67,874)(206,419)6,361 — 3,032 — (5,156)(4,237)255,004 — (214,672)(425,609)(73,030)(210,656)
Capital Appreciation Fund650 — (14,217)(85,993)(8,409)(6,694)101 — 257 — (257)(101)751 — (13,960)(85,993)(8,666)(6,795)
Equity Dividend Fund1,229,999 — (800,477)(387,753)(700,523)(6,933,702)301,756 — (53,172)(91,816)(91,485)(65,283)1,531,755 — (853,649)(479,569)(792,008)(6,998,985)
Global Allocation Fund306,878 — (887,641)(609,990)(347,247)(17,286)13,440 — (12,688)(81,162)(34,832)115,242 320,318 — (900,329)(691,152)(382,079)97,956 
Advantage Large Cap Core Fund3,894 — (1,226)— (8,605)(71,305)48,358 — 1,126 — (1,125)(48,359)52,252 — (100)— (9,730)(119,664)
Large Cap Focus Growth Fund773,358 — (641,774)(535,704)501,912 443,851 191,895 — 76,720 (29,685)(882,801)643,871 965,253 — (565,054)(565,389)(380,889)1,087,722 
60/40 Target Allocation ETF Fund481,735 — (101,459)(1,177,322)150,280 (519,033)398 — 4,640 — (255,312)250,274 482,133 — (96,819)(1,177,322)(105,032)(268,759)
Total Return Fund10,803 — (5,183)— (26,878)136,449 1,713 — 5,183 — (5,183)(1,713)12,516 — — — (32,061)134,736 
S&P 500 Fund76 — (2,106)(25,561)(39,958)(23,450)1,776 — 2,106 — (2,105)(1,777)1,852 — — (25,561)(42,063)(25,227)
Columbia Variable Portfolio
Contrarian Core 2 Portfolio1,554,417 — (866,091)(447,828)(36,469)1,464,178 (261,612)— 35,823 (46,431)(228,167)500,387 1,292,805 — (830,268)(494,259)(264,636)1,964,565 
Dividend Opportunity Portfolio634,537 — (303,540)(393,845)(368,541)(1,310,708)45,299 — (85,754)(18,798)(17,711)76,964 679,836 — (389,294)(412,643)(386,252)(1,233,744)
Emerging Markets Bond Portfolio62,756 — (230,457)(240,221)(121,640)(118,657)(5,844)— (64,968)(17,779)(8,988)97,579 56,912 — (295,425)(258,000)(130,628)(21,078)
High Yield Portfolio544,752 — (277,480)(195,607)(161,741)1,588,982 (128,177)— (26,836)(823)(24,277)180,113 416,575 — (304,316)(196,430)(186,018)1,769,095 
Select Large-Cap Value Portfolio248,431 — (192,259)(129,248)(474,775)5,977,041 779,953 — (182,591)(39,935)(87,253)(470,174)1,028,384 — (374,850)(169,183)(562,028)5,506,867 
Seligman Global Tech Portfolio1,656,417 — (345,685)(360,973)(249,685)1,748,423 24,196 — 16,771 — (49,929)8,962 1,680,613 — (328,914)(360,973)(299,614)1,757,385 
US Government Mortgage Portfolio36,342 — (92,930)(2,901)(31,683)(64,892)(2,662)— 74 — (73)2,661 33,680 — (92,856)(2,901)(31,756)(62,231)
Strategic Income Portfolio146,655 — (33,220)(12,593)(16,635)243,806 (67,663)— 6,913 — (6,912)67,662 78,992 — (26,307)(12,593)(23,547)311,468 
Emerging Markets Portfolio34,745 — (90)— (867)45,696 (1,369)— 90 — (90)1,369 33,376 — — — (957)47,065 
Select Mid Cap Value Portfolio15,402 — — — — 88,457 25,928 — — — — (25,928)41,330 — — — — 62,529 
Small Cap Value Portfolio19,402 — — — — 55,732 48,330 — — — — (48,330)67,732 — — — — 7,402 
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio2,801,585 — (1,767,111)(2,254,688)540,434 799,482 381,594 — (313,746)— (1,801,440)1,733,592 3,183,179 — (2,080,857)(2,254,688)(1,261,006)2,533,074 
Small Cap Index Portfolio770,839 — (247,313)(624,354)(214,461)(273,650)(42,655)— (25,115)— 18,979 48,791 728,184 — (272,428)(624,354)(195,482)(224,859)
Alternative Asset Allocation Portfolio29,726 — (38,756)(73,560)(11,490)(58,830)(4,210)— (10,057)— (1,685)15,952 25,516 — (48,813)(73,560)(13,175)(42,878)
Global Small Cap Portfolio475 — (37,707)(1,505)(9,046)(19,520)5,853 — (350)— (597)(4,906)6,328 — (38,057)(1,505)(9,643)(24,426)
Small Mid Cap Value Portfolio8,572 — (219,755)(151,021)(81,417)(60,061)51,665 — (54,907)(44,202)(11,688)59,132 60,237 — (274,662)(195,223)(93,105)(929)
CROCI US Portfolio300 — (129)— (3,211)(499)— — 129 — (129)— 300 — — — (3,340)(499)
High Income Portfolio34,471 — (20,480)(4,510)(32,125)195,980 37,978 — 344 — (3,909)(34,413)72,449 — (20,136)(4,510)(36,034)161,567 
Eaton Vance Variable Trust
Floating Rate Income Portfolio1,784,867 — (907,453)(688,523)(939,066)450,574 98,483 — (38,339)(44,525)(129,707)114,088 1,883,350 — (945,792)(733,048)(1,068,773)564,662 
Delaware Variable Insurance Portfolios
Total Return Portfolio— — (1,338)(38,183)(2,076)(2,415)— — 582 — (581)(1)— — (756)(38,183)(2,657)(2,416)
International Portfolio1,344 — (7,426)— (3,682)(151,597)(1,344)— 776 — (777)1,345 — — (6,650)— (4,459)(150,252)
Opportunity Portfolio1,439 — (362,811)(692,456)(173,321)(618,485)89,482 — (80,130)(57,422)(16,615)64,685 90,921 — (442,941)(749,878)(189,936)(553,800)
56
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
As Reported 12/31/2023MisstatementAs Restated 12/31/2023
TransfersInterfund and NetTransfersInterfund and NetTransfersInterfund and Net
NetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) from
Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund13,225 — (276,383)(349,600)(155,301)(64,091)22,505 — 12,980 (17,490)(26,531)8,536 35,730 — (263,403)(367,090)(181,832)(55,555)
Income Fund2,023,617 — (1,190,681)(1,626,294)(1,399,793)398,105 325,237 — 63,572 (37,542)(194,079)(157,188)2,348,854 — (1,127,109)(1,663,836)(1,593,872)240,917 
Global Bond Fund1,023,753 — (1,166,694)(2,277,134)(662,935)(299,891)223,872 — (123,179)(249,111)(68,210)216,628 1,247,625 — (1,289,873)(2,526,245)(731,145)(83,263)
Foreign Fund1,977,447 — (1,666,113)(2,270,090)(910,547)(2,055,354)750,706 — (158,635)(472,785)(95,041)(24,245)2,728,153 — (1,824,748)(2,742,875)(1,005,588)(2,079,599)
Developing Markets Fund32,891 — (123,350)(74,307)(65,690)(62,533)12,232 — (6,765)(17,359)12,718 (826)45,123 — (130,115)(91,666)(52,972)(63,359)
Mutual Global Discovery Fund11,980 — (99,465)(550,952)(87,554)(178,235)50,339 — (18,265)— (10,162)(21,912)62,319 — (117,730)(550,952)(97,716)(200,147)
Rising Dividends Fund2,031,373 — (1,126,757)(1,327,103)(886,325)634,415 (49,677)— (79,834)— (90,884)220,395 1,981,696 — (1,206,591)(1,327,103)(977,209)854,810 
DynaTech 2 Fund764,725 — (77,216)(57,658)(85,577)545,335 152,684 — (22,570)(33,363)1,018 (97,769)917,409 — (99,786)(91,021)(84,559)447,566 
VolSmart Allocation Fund74,911 — — — — 24 (74,887)— — — — 74,887 24 — — — — 74,911 
Delaware Ivy Variable Insurance Portfolios
Asset Strategy Portfolio18,450 — (145,962)(212,920)(142,140)(81,549)39,280 — (740)(37,576)13,144 (14,108)57,730 — (146,702)(250,496)(128,996)(95,657)
Balanced Portfolio16,489 — (236,694)(210,989)(223,151)1,207 2,198 — 16,990 — (16,989)(2,199)18,687 — (219,704)(210,989)(240,140)(992)
Global Equity Portfolio52,120 — (10,006)(26,559)(22,584)(22,269)(125)— 260 — (260)125 51,995 — (9,746)(26,559)(22,844)(22,144)
Energy Portfolio13,239 — (40,709)(21,264)(199,019)(131,167)(513)— 3,572 — (3,572)513 12,726 — (37,137)(21,264)(202,591)(130,654)
Natural Resources Portfolio12,851 — (4,417)(79,101)(12,635)10,848 (4,366)— 1,486 — (1,486)4,366 8,485 — (2,931)(79,101)(14,121)15,214 
Growth Portfolio776 — (212,659)(273,663)(95,633)(352,623)50,380 — (22,239)— (3,777)(24,364)51,156 — (234,898)(273,663)(99,410)(376,987)
High Income Portfolio138,894 — (459,358)(626,773)(304,089)401,692 15,233 — (4,228)(15,152)(23,796)27,943 154,127 — (463,586)(641,925)(327,885)429,635 
International Core Equity Portfolio11,903 — (307,965)(453,884)(84,217)(426,456)14,547 — (32,622)(43,602)(18,705)80,382 26,450 — (340,587)(497,486)(102,922)(346,074)
Global Growth Portfolio— — (8,768)(107,640)(15,677)(32,575)136 — 130 — (130)(136)136 — (8,638)(107,640)(15,807)(32,711)
Mid Cap Growth Portfolio18,007 — (656,100)(262,953)(434,017)(373,335)84,695 — 37,238 (32,259)79,667 (169,341)102,702 — (618,862)(295,212)(354,350)(542,676)
Science and Technology Portfolio73,292 — (425,110)(759,486)(338,966)(573,759)80,591 — 20,030 (6,513)(18,458)(75,650)153,883 — (405,080)(765,999)(357,424)(649,409)
Small Cap Growth Portfolio38,983 — (202,034)(313,625)(92,937)24,485 (14,984)— (40,393)— (9,395)64,772 23,999 — (242,427)(313,625)(102,332)89,257 
SMID Cap Core Portfolio— — (580,535)(555,717)(216,445)(265,374)100,528 — 13,848 (44,108)(5,811)(64,457)100,528 — (566,687)(599,825)(222,256)(329,831)
Lazard Retirement Series, Inc.
International Equity Portfolio13,063 — (28,922)(9,480)(21,629)58,003 (5,181)— 1,521 — (1,522)5,182 7,882 — (27,401)(9,480)(23,151)63,185 
Global Dynamic Multi Asset Portfolio4,818 — (52,228)(155,152)(12,411)(48,856)(704)— (15,707)— (1,867)18,278 4,114 — (67,935)(155,152)(14,278)(30,578)
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio674,542 — (47,025)(304,176)(83,536)206,279 (52,212)— 7,352 — (7,352)52,212 622,330 — (39,673)(304,176)(90,888)258,491 
ClearBridge Variable Mid Cap Portfolio999,999 — (351,634)(458,601)(330,014)738,709 146,843 — 31,246 (56,722)(18,602)(102,765)1,146,842 — (320,388)(515,323)(348,616)635,944 
ClearBridge Variable Dividend Strategy Portfolio900,228 — (1,329,794)(1,111,588)(1,784,660)(2,400,224)476,274 — (602,750)(121,507)(152,457)400,440 1,376,502 — (1,932,544)(1,233,095)(1,937,117)(1,999,784)
ClearBridge Variable Small Cap Growth Portfolio986,729 — (289,125)(104,387)(189,175)1,791,602 118,135 — 7,027 (29,285)(4,754)(91,123)1,104,864 — (282,098)(133,672)(193,929)1,700,479 
ClearBridge Variable Aggressive Growth Portfolio17,478 — (3,160)(37,821)(15,025)3,537 1,289 — 3,160 — (3,160)(1,289)18,767 — — (37,821)(18,185)2,248 
Western Asset Variable Core Bond Plus Portfolio3,828,856 — (3,761,115)(5,651,988)(1,787,226)466,802 1,888,317 — (316,865)(1,028,336)(265,785)(277,331)5,717,173 — (4,077,980)(6,680,324)(2,053,011)189,471 
ClearBridge Variable Large Cap Growth Portfolio1,560,110 — (1,098,799)(1,600,555)(557,699)(907,923)944,748 — 10,211 (301,049)(147,883)(506,027)2,504,858 — (1,088,588)(1,901,604)(705,582)(1,413,950)
Pioneer Variable Contracts Trust
Fund Portfolio235,755 — (211,790)(99,396)(24,103)121,345 (2,424)— 774 — (8,836)10,486 233,331 — (211,016)(99,396)(32,939)131,831 
Bond Portfolio2,388,672 — (2,389,074)(3,418,673)(1,231,413)966,268 1,056,379 — (147,110)(558,467)(154,475)(196,327)3,445,051 — (2,536,184)(3,977,140)(1,385,888)769,941 
Strategic Income Portfolio149,896 — (309,402)(553,767)(321,322)(1,359,250)137,065 — (111,019)(106,789)(18,119)98,862 286,961 — (420,421)(660,556)(339,441)(1,260,388)
Equity Income Portfolio447,560 — (767,342)(348,873)(352,983)(770,823)71,958 — 18,209 — (42,972)(47,195)519,518 — (749,133)(348,873)(395,955)(818,018)
High Yield Portfolio1,962 — (20,344)(88,680)(12,477)(14,652)2,757 — (7,776)— (1,416)6,435 4,719 — (28,120)(88,680)(13,893)(8,217)
Prudential Series Funds
Natural Resources Portfolio6,540 — (29,934)— (6,831)(299,217)(4,927)— 1,479 — (1,478)4,926 1,613 — (28,455)— (8,309)(294,291)
Mid-Cap Growth Portfolio8 — (2,242)(6,269)(2,823)431 175 — 35 — (35)(175)183 — (2,207)(6,269)(2,858)256 
PGIM Jennison Focused Blend Portfolio(971)— — — (7,214)(233,464)1,018 — 158 — (158)(1,018)47 — 158 — (7,372)(234,482)
PGIM Jennison Blend Portfolio261,882 — (158)— — 230,475 (5,037)— — — — 5,037 256,845 — (158)— — 235,512 
Royce Capital Fund
Micro-Cap Portfolio518 — (32,376)(51,100)(119)(49,983)15,925 — 10 (15,820)(10)(105)16,443 — (32,366)(66,920)(129)(50,088)
57
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
As Reported 12/31/2023MisstatementAs Restated 12/31/2023
TransfersInterfund and NetTransfersInterfund and NetTransfersInterfund and Net
NetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) from
Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)Premiums (c)Policy Loans (d)Surrenders (e)Death Benefits (f)Terminations (g)General Account (h)
Small Cap Portfolio28,763 — (266,959)(471,702)(170,942)(279,307)82,566 — 1,739 (39,430)(23,422)(21,453)111,329 — (265,220)(511,132)(194,364)(300,760)
Alps Fund
Alerian Energy Infrastructure Portfolio951,555 — (195,558)(47,632)(304,127)(1,270,093)(517,331)— (9,587)— 74,882 452,036 434,224 — (205,145)(47,632)(229,245)(818,057)
Global Opportunity Portfolio52,561 — (61,677)(91,906)(21,694)(70,289)(16,487)— (46,632)— (2,358)65,477 36,074 — (108,309)(91,906)(24,052)(4,812)
American Funds IS
Asset Allocation Fund3,380,213 — (2,202,822)(3,869,743)(3,395,930)(10,965,409)355,215 — (17,532)(227,307)865,041 (975,417)3,735,428 — (2,220,354)(4,097,050)(2,530,889)(11,940,826)
Washington Mutual Investors Fund3,181,680 — (1,223,542)(1,891,775)(1,220,978)(221,825)430,588 — 62,473 — (226,986)(266,075)3,612,268 — (1,161,069)(1,891,775)(1,447,964)(487,900)
Ultra-Short Bond Fund224,711 — (2,246,731)(500,294)(1,488,220)(6,116,849)845,945 — (92,643)— 496,182 (1,249,484)1,070,656 — (2,339,374)(500,294)(992,038)(7,366,333)
Capital Income Builder Fund743,922 — (507,184)(413,302)(310,646)1,156,220 48,332 — 38,241 (18,523)(89,425)21,375 792,254 — (468,943)(431,825)(400,071)1,177,595 
Global Growth Fund1,311,579 — (844,985)(633,268)(686,305)2,730,818 138,722 — (133,000)— (93,434)87,712 1,450,301 — (977,985)(633,268)(779,739)2,818,530 
Capital World Growth and Income Fund482,982 — (334,211)(664,819)(540,484)(536,576)195,967 — (193,179)(24,968)(46,497)68,677 678,949 — (527,390)(689,787)(586,981)(467,899)
Global Small Capitalization Fund263,460 — (284,530)(107,125)(75,200)311,380 (33,799)— 19,097 — (20,549)35,251 229,661 — (265,433)(107,125)(95,749)346,631 
Growth Fund1,590,243 — (1,637,807)(2,231,333)(1,190,921)(808,276)2,189,035 — (87,906)(1,466,155)(333,056)(301,918)3,779,278 — (1,725,713)(3,697,488)(1,523,977)(1,110,194)
Growth-Income Fund4,872,688 — (1,916,027)(2,005,777)(1,404,685)(1,832,853)675,235 — (97,963)(309,050)(83,812)(184,410)5,547,923 — (2,013,990)(2,314,827)(1,488,497)(2,017,263)
International Fund697,846 — (180,538)(358,776)(199,707)(1,020,373)520,800 — 16,669 — (42,882)(494,587)1,218,646 — (163,869)(358,776)(242,589)(1,514,960)
International Growth and Income Fund730,247 — (199,282)(376,472)(246,090)(362,418)67,658 — 14,655 (22,852)(37,297)(22,164)797,905 — (184,627)(399,324)(283,387)(384,582)
New World Fund1,610,409 — (1,402,424)(1,974,811)(707,682)(1,058,691)539,055 — (88,178)(353,767)(99,654)2,544 2,149,464 — (1,490,602)(2,328,578)(807,336)(1,056,147)
U.S. Government Securities Fund616,121 — (762,984)(1,256,019)(945,445)(4,967,713)586,793 — (14,108)— 259,621 (832,306)1,202,914 — (777,092)(1,256,019)(685,824)(5,800,019)
Global Balanced Fund49,612 — — — — 23,853 (31,837)— — — — 31,837 17,775 — — — — 55,690 
The Bond Fd of America Fund25,155 — — — — 213 (24,942)— — — — 24,942 213 — — — — 25,155 
Invesco Oppenheimer
International Growth Fund2,081,683 — (778,332)(1,372,967)(435,366)(311,531)548,784 — 7,132 (288,776)(67,891)(199,249)2,630,467 — (771,200)(1,661,743)(503,257)(510,780)
T. Rowe Price
Blue Chip Growth Portfolio3,864,425 — (2,202,281)(1,439,101)(1,448,886)(1,034,510)1,000,420 — 69,544 (281,282)(322,245)(466,437)4,864,845 — (2,132,737)(1,720,383)(1,771,131)(1,500,947)
Health Sciences Portfolio2,534,407 — (1,087,021)(724,872)(628,901)2,066,818 161,140 — 9,524 — (90,980)(79,684)2,695,547 — (1,077,497)(724,872)(719,881)1,987,134 
Equity Income Portfolio22,206 — — — — 31,884 9,678 — — — — (9,678)31,884 — — — — 22,206 
Mid-Cap Growth Portfolio8,000 — — — — 34,977 34,976 — — — — (34,976)42,976 — — — — 1 
John Hancock Variable Insurance Trust
Financial Industries Portfolio245,739 — (27,488)(6,442)(74,665)(172,846)(44,049)— 13,101 — 3,443 27,505 201,690 — (14,387)(6,442)(71,222)(145,341)
Fundamental All Cap Core Portfolio550 — (249)— (889)(10,933)50 — 249 — (249)(50)600 — — — (1,138)(10,983)
Select Bond Portfolio27,147 — (775)— (6,649)3,814 160 — 661 — (661)(160)27,307 — (114)— (7,310)3,654 
Strategic Income Opportunities Portfolio54,473 — (34,249)— (2,986)21,474 (4,013)— 3,131 — (7,885)8,767 50,460 — (31,118)— (10,871)30,241 
Federated Hermes
High Income Bond Portfolio88,980 — (2,683)— (36,741)211,549 (37,644)— 2,621 — (2,622)37,645 51,336 — (62)— (39,363)249,194 
Kaufmann Portfolio430,902 — (228,390)(2,204,926)(93,668)1,858,482 (25,433)— (2,892)— (33,654)61,979 405,469 — (231,282)(2,204,926)(127,322)1,920,461 
Managed Volatility Portfolio4,323 — (1,088)— (2,472)6,772 (423)— 1,088 — (1,089)424 3,900 — — — (3,561)7,196 
Principal Variable Contracts
Blue Chip Fund59,580 — (676)— (5,857)282,148 97 — 676 — (677)(96)59,677 — — — (6,534)282,052 
Equity Income Fund101,992 — (42,665)— (3,921)38,181 (2,377)— 241 — (241)2,377 99,615 — (42,424)— (4,162)40,558 
Diversified Balance Fund105,309 — (2,902)— (26,410)1,344,203 1,225,150 — 2,902 — (2,901)(1,225,151)1,330,459 — — — (29,311)119,052 
Diversified Growth Fund25,852 — (2)— (1,289)12,848 — — 2 — (2)— 25,852 — — — (1,291)12,848 
Diversified Income Fund1,303 — — — — 25,378 (1,303)— — — — 1,303 — — — — — 26,681 


58
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
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.

•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.
ProductM&E ChargeAdmin FeeMaintenance 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 Annuity1.00% 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 Annuity1.00%0.35%$0.00
*New contracts are no longer being issued for this product

59
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:
20232022
PortfolioPurchasesSalesPurchasesSales
Fidelity Variable Insurance Products
Government Money Market Portfolio$2,798,762 $4,028,717 $4,536,385 $6,114,865 
High Income Portfolio480,510933,146392,1091,199,811
Equity-Income Portfolio405,6151,162,916949,068925,640
Growth Portfolio873,5671,467,691915,7371,127,041
Overseas Portfolio601,811931,005569,689815,435
Mid Cap Portfolio2,551,7443,201,5633,739,3954,022,540
Asset Manager Portfolio28,757166,61499,08038,035
Investment Grade Bond Portfolio4,138,4202,312,8221,428,888812,970
Index 500 Portfolio602,2112,855,539815,3102,738,755
Contrafund Portfolio6,223,8458,686,1497,022,4258,444,581
Asset Manager: Growth Portfolio69,36984,387108,93564,978
Balanced Portfolio467,599488,682310,881465,379
Growth & Income Portfolio98,667856,605940,615420,480
Growth Opportunities Portfolio11,440,6768,469,33417,097,5867,645,164
Value Strategies Portfolio375,7451,444,839721,6921,087,096
Strategic Income Portfolio2,516,7382,891,8032,664,1563,517,594
Emerging Markets Portfolio864,784959,2151,340,4461,403,624
Real Estate Portfolio2,742,3733,440,7693,723,7144,799,754
Funds Manager 50% Portfolio593,676794,9603,212,1512,488,161
Funds Manager 70% Portfolio513,276618,9051,304,173452,782
Funds Manager 85% Portfolio141,263381,1351,148,444395,970
Government Money Market Portfolio Service Class 2186,144,001136,117,38422,791,61915,671,459
International Capital Appreciation Portfolio1,338,987855,9982,422,554601,460
Energy Portfolio3,4086——
American Century Variable Portfolios, Inc.
Balanced Fund1,261,5851,102,9452,680,0211,279,148
Capital Appreciation Fund207,543219,627489,140660,978
International Fund774,9361,108,160788,369595,690
Value Fund15,963,02416,795,76720,229,07917,227,600
Disciplined Core Value Fund710,3301,129,2493,732,3822,402,032
Inflation Protection Fund2,260,7372,979,2076,317,7766,502,073
Large Company Value Fund291,6551,002,6651,361,345406,787
Mid Cap Value Fund9,456,1059,551,46812,851,7518,056,434
Ultra Fund6,461,8503,645,5383,851,3532,878,590
MFS Variable Insurance Trust
Research Series 22,26161,940216,063249,244
Growth Series 246,166281,943210,613344,641
Investors Trust Series 68,402253,310137,555197,342
New Discovery Series 1,358,8431,791,9574,567,2011,699,303
Corporate Bond Portfolio1,658,5331,707,6961,116,9771,728,686
60
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
20232022
PortfolioPurchasesSalesPurchasesSales
Emerging Markets Equity Portfolio722,176778,6181,398,184514,180
Technology Portfolio1,848,1631,999,2462,528,0882,552,699
Global Tactical Allocation Portfolio146,565383,565250,768335,235
International Intrinsic Value Portfolio3,062,8302,653,2561,904,7722,647,754
Utilities Series Portfolio3,184,7454,686,5448,725,7734,062,792
Blended Research Core Equity Portfolio1,442,535533,9262,176,129475,475
Global Real Estate Portfolio211,709192,284939,738298,787
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio47,458468,188359,192456,466
Mid-Cap Stock Portfolio136,006213,214150,761463,345
Bond-Debenture Portfolio3,056,6534,908,6866,937,8806,750,806
Fundamental Equity Portfolio241,825437,307656,361510,471
Developing Growth Portfolio189,752726,720522,9381,370,852
Short Duration Income Portfolio4,158,2956,527,1467,805,38910,566,727
Alger Fund
LargeCap Growth Portfolio578,474662,291729,273882,335
MidCap Growth Portfolio335,051827,163574,253630,748
Capital Appreciation Portfolio709,952579,737327,663931,036
SmallCap Growth Portfolio4,33251,571112,93549,986
Capital Appreciation Portfolio Class S1,596,7758,942,2797,983,3846,995,183
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio246,013561,089890,048735,449
S&P 500 Index Portfolio763,851613,005443,3821,149,444
SRI Balanced Portfolio1,292,7541,452,6002,025,712829,549
Invesco Variable Insurance Funds
Technology Fund573,924332,381373,109361,976
Diversified Dividend Fund1,023,8031,690,3503,863,0251,138,398
Health Care Fund21,783248,973226,288145,661
Global Real Estate Fund8,56518,63948,70862,685
International Equity Fund460,559447,34775,40537,595
Main Street Mid Cap Fund40,32581,375127,00398,321
Core Bond Fund——1,168,6034,895,820
Discovery Mid Cap Growth Fund625,0651,014,9383,142,8341,514,157
Global Fund2,211,0671,936,1933,252,9401,133,867
Main Street Fund1,149,6082,422,3725,040,5871,571,080
Main Street Small Cap Fund6,344,2274,353,8943,576,2062,169,625
Balanced-Risk Allocation Fund18,15751,523509,176205,464
Core Plus Bond Fund712,1821,016,8725,049,794761,994
Equity and Income Fund1,887,1012,177,0214,398,5821,769,301
Small Cap Equity Fund1,612,651719,2152,174,202617,005
Equally Weighted S&P 500 Fund3,867,5292,344,4795,682,1912,654,761
Growth and Income Fund91,671135,070109,378133,269
American Value Fund30,48628,67564,59144,402
Lincoln Financial Variable Insurance Portfolios
Core Bond Portfolio135,871250,584127,636286,189
61
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
20232022
PortfolioPurchasesSalesPurchasesSales
Small Cap Core Portfolio160,391357,470661,577646,987
Rydex Variable Trust
Nova Fund367,135319,223245,826574,441
NASDAQ-100 Fund1,212,404723,469133,5101,012,080
U.S. Government Money Market Fund173,45767,465402,045273,612
Inverse S&P 500 Strategy Fund14,88187,686186,2311,022,226
Inverse NASDAQ-100 Strategy Fund17,34326,527202,129199,457
Inverse Government Long Bond Strategy Fund7027,64245,54642,936
Government Long Bond 1.2x Strategy3,6661,7622,8932,991
NASDAQ-100 2x Strategy Fund————
Inverse Dow 2x Strategy Fund————
Rydex Variable Insurance Funds
Biotechnology Fund218,661556,693480,4491,102,658
S&P 500 Pure Growth Fund2,385,8393,223,9264,326,9541,736,568
S&P MidCap 400 Pure Growth Fund28,988235,037363,191195,512
Guggenheim Variable Insurance Funds
Long Short Equity Fund264,39198,88034,204174,509
Multi-Hedge Strategies Fund102,028372,730291,384370,826
Global Managed Futures Strategy Fund266,5601,168,7712,070,781982,177
Small Cap Value Fund981,3741,208,2432,213,0421,511,203
ProFunds VP
Profund Access VP High Yield Fund33,99435,40082,42882,971
Asia 302,6603,42712,89314,751
Banks94,18936,90622,95165,178
Materials11,25414,39032,75236,657
Bear19994309225
Biotechnology140,202135,123196,126187,892
Bull486,533324,863301,609422,226
Consumer Staples55,789108,35896,835103,128
Consumer Discretionary24,44117,41934,83560,697
Dow 3059,36829,092111,34817,192
Emerging Markets82,64052,33226,44031,311
Europe 3016,34219,49422,32823,204
Falling U.S. Dollar39,08039,84617,65918,281
Financials2,0253,90111,88920,828
Health Care134,785144,944397,717260,673
Industrials123,88769,41947,72270,412
International14,0961,5994,586
Internet136,730170,996209,993132,762
Japan—9,0879,82512,358
Large-Cap Growth319,241188,435278,827567,748
Large-Cap Value572,409617,492558,261413,837
Mid-Cap4,98629,46152,31440,225
Mid-Cap Growth20,91259,95396,73247,168
Mid-Cap Value20,05839,66043,64724,160
Government Money Market1,172,5261,860,1062,419,1151,610,894
Energy271,826211,279218,794347,288
NASDAQ-100150,853217,614241,240378,429
Pharmaceuticals6,6701,65614,69320,313
62
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
20232022
PortfolioPurchasesSalesPurchasesSales
Precious Metals227,471224,029440,559476,392
Real Estate25,38019,64296,311163,495
Rising Rates Opportunity2,7065,47251,719
Semiconductor177,851194,911135,604143,872
Short Dow 30—1571,5421,585
Short Emerging Markets————
Short International941613,5323,707
Short Mid-Cap12341,4831,519
Short NASDAQ-100————
Short Small-Cap106137—88
Small-Cap5,05621,91464,31959,168
Small-Cap Growth32,01337,84445,14551,093
Small-Cap Value173,595176,76622,94818,614
Technology171,891249,180199,900218,137
Communication Services3272,5551,4522,295
U.S. Government Plus6,8492,611108,819288,354
UltraBull96,793109,810332,470396,996
UltraMid-Cap79,33886,829326,921413,773
UltraNASDAQ-100126,638168,595728,754838,017
UltraShort Dow 30—67—217
UltraShort NASDAQ-100—58—359
UltraSmall-Cap48,13844,313107,387258,193
Utilities10,51160,672247,251117,367
VanEck Worldwide Insurance Trust
Global Resources Fund1,572,7553,314,9854,369,8602,930,542
Emerging Markets Fund173,428282,254262,603231,497
Emerging Markets Bond Fund367,426335,216150,156160,046
Janus Henderson Series
Global Technology and Innovation Portfolio5,275,1463,330,8504,903,2803,473,619
Overseas Portfolio845,984559,367420,970402,000
Research Portfolio2,26993,59277,59289,855
Enterprise Services Portfolio8,675,1376,002,5309,920,3835,262,165
Global Research Portfolio509,223716,962980,783657,843
Mid Cap Value Portfolio694,497711,5001,869,3591,320,041
Balanced Portfolio10,550,42918,070,83719,058,72613,299,228
Flexible Bond Portfolio747,4471,183,3481,360,2183,185,756
PIMCO Variable Insurance Trust
Total Return Portfolio4,117,2176,820,5476,087,61611,810,957
Low Duration Portfolio4,911,0917,211,3437,654,51012,176,513
High Yield Portfolio11,317,3549,096,3268,682,4468,618,191
Real Return Portfolio2,652,8605,697,5698,825,8008,130,017
All Asset Portfolio310,220626,6001,541,8921,425,717
Global Managed Asset Allocation Portfolio84,50454,992227,448136,894
Short-Term Portfolio16,090,54228,270,84438,308,45025,075,722
Emerging Markets Bond Portfolio123,822308,495306,886288,219
Global Bond Opportunities Portfolio4,97535,08568,80454,459
Commodity Real Return Strategy Portfolio2,840,9012,518,2497,159,9414,434,405
International Bond (USD-Hedged) Portfolio416,937315,206598,811570,205
Dynamic Bond Adv Portfolio777,188925,834942,175992,413
63
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
20232022
PortfolioPurchasesSalesPurchasesSales
Income Advisor Portfolio5,977,2346,398,4474,689,1315,182,211
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund332,171434,708453,901745,576
Large Cap Value Fund39,207440,558393,398371,542
Mid Cap Value Fund266,439764,116655,013743,105
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio207,133338,949170,790281,736
AMT Mid Cap Intrinsic Value Portfolio15,893204,897211,674335,194
BNY Mellon Variable Investment Fund
Appreciation Portfolio404,307485,473208,226340,342
Sustainable U.S. Equity Portfolio3,0812,3521,561295
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio10,71314,21919,24321,969
Emerging Markets Equity Portfolio120,538131,197146,518152,129
Discovery Portfolio70313,03529,0746,006
U.S. Real Estate Portfolio14,55827,65233,98725,472
Northern Lights Variable Trust
Power Dividend Index Fund57,39563,90120,08548,952
AB Variable Products Series
Dynamic Asset Allocation Portfolio73,734259,8911,071,093432,170
Small Cap Growth Portfolio31,72130,07512,727269
Discovery Value Portfolio2,145,3981,780,1503,598,2811,794,848
BlackRock Variable Series Fund, Inc.
Basic Value Fund854,0401,372,2491,899,270789,479
Capital Appreciation Fund36,395130,91467,192463,372
Equity Dividend Fund4,152,67910,598,1878,886,6445,680,794
Global Allocation Fund1,311,9172,733,737943,9762,755,353
Advantage Large Cap Core Fund57,783138,60492,934118,580
Large Cap Focus Growth Fund3,768,0563,169,7042,723,5553,238,699
60/40 Target Allocation ETF Fund1,335,0012,460,2152,250,2111,969,987
Total Return Fund220,79070,26591,967158,716
S&P 500 Fund131,283156,629133,563148,512
Columbia Variable Portfolio
Contrarian Core 2 Portfolio5,128,5833,575,3502,655,3411,799,756
Dividend Opportunity Portfolio1,705,7723,565,4336,093,5942,306,039
Emerging Markets Bond Portfolio367,231862,489397,189885,845
High Yield Portfolio2,965,8651,230,2821,100,3752,089,581
Select Large-Cap Value Portfolio10,452,8685,168,3744,283,8861,515,207
Seligman Global Tech Portfolio6,713,8353,733,6797,034,1283,577,006
US Government Mortgage Portfolio80,588226,005463,7331,612,922
Strategic Income Portfolio731,632372,3541,354,0861,116,154
64
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
20232022
PortfolioPurchasesSalesPurchasesSales
Emerging Markets Portfolio100,22724,466163,76247,379
Select Mid Cap Value Portfolio103,837152——
Small Cap Value Portfolio75,12972——
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio11,800,3239,558,31412,932,76411,019,956
Small Cap Index Portfolio1,539,1981,983,3162,964,7771,362,037
Alternative Asset Allocation Portfolio160,112248,651437,199315,004
Global Small Cap Portfolio4,36071,66565,65857,741
Small Mid Cap Value Portfolio393,721764,590190,536914,840
CROCI US Portfolio4,5107,9466,59512,101
High Income Portfolio485,518287,163404,173204,780
Eaton Vance Variable Trust
Floating Rate Income Portfolio6,930,3535,872,61314,011,97413,128,335
Delaware Variable Insurance Portfolios
Total Return Portfolio13,57755,85420,03257,976
International Portfolio27,345187,311213,625141,793
Opportunity Portfolio739,2972,037,5291,021,3341,615,018
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund538,675984,849713,9211,156,428
Income Fund7,893,9327,253,7749,250,2945,714,900
Global Bond Fund2,092,0915,765,4272,256,2075,773,796
Foreign Fund5,250,1449,519,3225,062,3835,290,175
Developing Markets Fund121,765394,639747,464345,956
Mutual Global Discovery Fund405,2971,026,404645,4231,397,654
Rising Dividends Fund7,826,5845,741,4287,472,5664,282,207
DynaTech 2 Fund2,940,7681,888,6943,963,1221,330,391
Multi-Asset Dynamic Multi-Strategy Portfolio——8,437362,493
Global Real Estate Fund————
VolSmart Allocation Fund74,92440——
Delaware Ivy Variable Insurance Portfolios
Asset Strategy Portfolio113,849663,511380,865511,635
Balanced Portfolio98,041783,0652,634,037827,276
Global Equity Portfolio113,680122,620281,142172,479
Energy Portfolio323,015675,805118,310873,355
Global Bond Portfolio——68,026539,166
Natural Resources Portfolio58,721124,51924,628292,219
Growth Portfolio343,1641,022,3661,063,2981,082,651
High Income Portfolio1,407,5561,812,0701,158,2812,195,501
International Core Equity Portfolio183,6861,422,4381,064,9761,335,377
Global Growth Portfolio126,748172,563133,761151,464
Mid Cap Growth Portfolio1,244,0282,049,7703,037,1092,525,135
Science and Technology Portfolio1,157,8772,646,0762,956,5582,271,176
65
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
20232022
PortfolioPurchasesSalesPurchasesSales
Small Cap Growth Portfolio791,494762,9811,328,1591,155,965
SMID Cap Core Portfolio1,126,9701,934,0522,757,2551,920,062
Lazard Retirement Series, Inc.
International Equity Portfolio151,199140,289384,233122,440
Global Dynamic Multi Asset Portfolio69,562295,750122,642219,204
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio1,620,7091,083,159830,712763,184
ClearBridge Variable Mid Cap Portfolio2,550,3322,039,7407,388,3244,250,427
ClearBridge Variable Dividend Strategy Portfolio7,868,4368,350,7978,332,9977,589,164
ClearBridge Variable Small Cap Growth Portfolio3,843,6171,743,4192,911,1371,431,013
ClearBridge Variable Aggressive Growth Portfolio110,21276,232125,73773,468
Western Asset Variable Core Bond Plus Portfolio11,067,47916,584,66413,741,40115,563,735
ClearBridge Variable Large Cap Growth Portfolio4,397,5677,099,9846,273,6952,692,426
Pioneer Variable Contracts Trust
Fund Portfolio837,973764,7961,272,282391,474
Bond Portfolio7,425,91610,050,0258,015,6778,584,549
Strategic Income Portfolio882,8063,032,0263,191,9003,300,055
Equity Income Portfolio1,797,9572,752,4353,027,4663,066,973
High Yield Portfolio43,111154,93948,468251,895
Prudential Series Funds
Natural Resources Portfolio173,775512,6171,159,049839,043
Mid-Cap Growth Portfolio1,39713,9408,89438,794
PGIM Jennison Focused Blend Portfolio757248,1057,40212,283
PGIM Jennison Blend Portfolio809,071317,163——
Royce Capital Fund
Micro-Cap Portfolio21,486157,805143,38118,942
Small Cap Portfolio1,078,3481,694,1381,181,4091,665,521
Alps Fund
Alerian Energy Infrastructure Portfolio2,610,3823,328,5835,797,2592,897,102
Global Opportunity Portfolio196,645409,905813,678482,975
American Funds IS
Asset Allocation Fund11,345,00524,288,88723,244,58216,885,002
Washington Mutual Investors Fund7,774,6148,495,40522,280,1448,818,775
Ultra-Short Bond Fund4,474,83613,998,75925,550,46017,300,178
Capital Income Builder Fund3,472,9822,527,7974,228,8523,491,761
Global Growth Fund8,523,4924,774,4858,190,7275,222,397
Capital World Growth and Income Fund1,952,6643,472,3607,424,9472,310,869
Global Small Capitalization Fund916,854808,4493,313,5681,075,396
Growth Fund12,294,38013,923,70422,853,1079,860,709
Growth-Income Fund14,199,02813,319,79719,601,85710,971,861
International Fund2,485,7843,566,3683,691,8791,503,140
International Growth and Income Fund1,581,9781,951,9865,786,9731,804,549
New World Fund3,546,4037,102,3628,310,2853,930,693
U.S. Government Securities Fund3,551,52410,515,19418,374,38924,378,965
Global Balanced Fund73,63647——
The Bond Fd of America Fund26,07226——
Invesco Oppenheimer
International Growth Fund3,963,4124,984,8438,752,8422,419,864
66
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
20232022
PortfolioPurchasesSalesPurchasesSales
T. Rowe Price
Blue Chip Growth Portfolio9,119,47612,127,97913,643,1788,380,428
Health Sciences Portfolio7,250,1964,285,7936,650,1454,790,891
Equity Income Portfolio55,14919——
Mid-Cap Growth Portfolio45,63539——
John Hancock Variable Insurance Trust
Financial Industries Portfolio893,601812,6432,449,1831,889,096
Fundamental All Cap Core Portfolio27,02314,67277,188277,507
Select Bond Portfolio59,68630,44516,33262,255
Strategic Income Opportunities Portfolio126,50674,433243,806368,539
Federated Hermes
High Income Bond Portfolio639,313321,3701,296,216658,203
Kaufmann Portfolio2,868,6563,174,8772,610,622888,399
Managed Volatility Portfolio16,4828,074158,23896,961
Principal Variable Contracts
Blue Chip Fund707,936380,079671,612230,091
Equity Income Fund194,70180,172439,226187,672
Diversified Balance Fund1,635,164158,492438,15777,009
Diversified Growth Fund67,28811,97825,76629,799
Diversified Income Fund30,6651,11532,575684,427

67
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:
20232022
Net Increase/Net Increase/
PortfolioPurchasesSales(Decrease)PurchasesSales(Decrease)
Fidelity Variable Insurance Products
Government Money Market Portfolio240,337366,960(126,623)442,969650,126(207,157)
High Income Portfolio19,75960,770(41,011)9,30961,094(51,785)
Equity-Income Portfolio4,76730,851(26,084)19,16222,970(3,808)
Growth Portfolio8,06320,076(12,013)3,41313,133(9,720)
Overseas Portfolio22,94038,597(15,657)22,17131,724(9,553)
Mid Cap Portfolio119,530143,845(24,315)155,007192,408(37,401)
Asset Manager Portfolio(116)4,082(4,198)519640(121)
Investment Grade Bond Portfolio424,352188,963235,389121,74158,97562,766
Index 500 Portfolio16,10886,544(70,436)15,83969,194(53,355)
Contrafund Portfolio227,065337,961(110,896)270,839321,607(50,768)
Asset Manager: Growth Portfolio2,0392,508(469)1,2041,541(337)
Balanced Portfolio9,64612,000(2,354)1,02910,977(9,948)
Growth & Income Portfolio35123,402(23,051)24,53910,98713,552
Growth Opportunities Portfolio852,540593,204259,336927,671521,766405,905
Value Strategies Portfolio15,21256,930(41,718)17,55237,530(19,978)
Strategic Income Portfolio188,657252,964(64,307)199,183295,466(96,283)
Emerging Markets Portfolio85,98480,8885,096110,387124,675(14,288)
Real Estate Portfolio241,670335,533(93,863)194,934285,264(90,330)
Funds Manager 50% Portfolio42,84163,131(20,290)124,509154,452(29,943)
Funds Manager 70% Portfolio30,42134,306(3,885)21,31523,305(1,990)
Funds Manager 85% Portfolio5,82818,680(12,852)42,17921,02121,158
Government Money Market Portfolio Service Class 218,517,83413,391,1085,126,7262,355,5841,597,485758,099
International Capital Appreciation Portfolio125,15175,12250,029195,57750,084145,493
Energy Portfolio347—347———
American Century Variable Portfolios, Inc.
Balanced Fund90,74677,12513,621179,45791,26488,193
Capital Appreciation Fund4,3823,8085744,25312,115(7,862)
International Fund37,23654,237(17,001)14,75525,030(10,275)
Value Fund764,8051,024,975(260,170)704,343747,204(42,861)
Disciplined Core Value Fund56,09878,374(22,276)157,327160,767(3,440)
Inflation Protection Fund228,172312,602(84,430)556,536630,915(74,379)
Large Company Value Fund10,66445,560(34,896)55,87216,46139,411
Mid Cap Value Fund367,040512,825(145,785)364,940323,64541,295
Ultra Fund190,77989,980100,799120,13089,94430,186
MFS Variable Insurance Trust
Research Series 511,321(1,270)3,8256,040(2,215)
Growth Series 2,4515,008(2,557)6216,548(5,927)
Investors Trust Series 1,3547,034(5,680)2,6155,305(2,690)
New Discovery Series 89,93788,1131,824109,67175,09534,576
Corporate Bond Portfolio140,872152,923(12,051)66,707155,269(88,562)
Emerging Markets Equity Portfolio90,44991,567(1,118)98,45351,19047,263
Technology Portfolio72,92777,845(4,918)92,17079,30712,863
Global Tactical Allocation Portfolio12,01230,639(18,627)12,37026,127(13,757)
International Intrinsic Value Portfolio161,959154,6217,33878,846128,113(49,267)
68
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
20232022
Net Increase/Net Increase/
PortfolioPurchasesSales(Decrease)PurchasesSales(Decrease)
Utilities Series Portfolio146,324282,969(136,645)442,956221,542221,414
Blended Research Core Equity Portfolio59,69826,92332,77593,06027,10065,960
Global Real Estate Portfolio20,20123,066(2,865)72,82326,62946,194
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio40915,738(15,329)7,49315,352(7,859)
Mid-Cap Stock Portfolio3,3376,084(2,747)1,63314,036(12,403)
Bond-Debenture Portfolio254,530479,008(224,478)479,976515,858(35,882)
Fundamental Equity Portfolio11,69223,167(11,475)24,37529,363(4,988)
Developing Growth Portfolio15,06648,307(33,241)36,05256,247(20,195)
Short Duration Income Portfolio421,191698,651(277,460)732,9071,022,856(289,949)
Alger Fund
LargeCap Growth Portfolio18,43418,854(420)14,83225,208(10,376)
MidCap Growth Portfolio11,97827,304(15,326)13,84718,892(5,045)
Capital Appreciation Portfolio16,45213,4902,9622,70419,424(16,720)
SmallCap Growth Portfolio1571,403(1,246)4571,602(1,145)
Capital Appreciation Portfolio Class S143,360362,324(218,964)233,298248,525(15,227)
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio18,73533,192(14,457)20,64635,596(14,950)
S&P 500 Index Portfolio22,10319,5832,52013,38650,212(36,826)
SRI Balanced Portfolio88,28498,187(9,903)110,44660,16150,285
Invesco Variable Insurance Funds
Technology Fund16,7379,7267,0112,43710,377(7,940)
Diversified Dividend Fund74,687151,544(76,857)309,09381,646227,447
Health Care Fund9307,427(6,497)2,7354,061(1,326)
Global Real Estate Fund7211,642(921)3,3294,496(1,167)
International Equity Fund38,11237,3707424,6932,5882,105
Main Street Mid Cap Fund2,5664,591(2,025)2,2562,916(660)
Core Bond Fund———95,588473,779(378,191)
Discovery Mid Cap Growth Fund41,44254,124(12,682)83,76974,6299,140
Global Fund108,989134,098(25,109)154,83178,36976,462
Main Street Fund49,228148,907(99,679)80,02586,151(6,126)
Main Street Small Cap Fund421,981285,805136,176164,406132,75331,653
Balanced-Risk Allocation Fund2,2635,416(3,153)49,20222,06127,141
Core Plus Bond Fund80,957124,078(43,121)566,99283,408483,584
Equity and Income Fund139,082198,892(59,810)388,926182,599206,327
Small Cap Equity Fund182,56081,744100,816207,76575,023132,742
Equally Weighted S&P 500 Fund326,523215,473111,050557,749277,536280,213
Growth and Income Fund1,6776,215(4,538)1,3224,137(2,815)
American Value Fund4021,210(808)1,7471,777(30)
Lincoln Financial Variable Insurance Portfolios
Core Bond Portfolio8,53521,457(12,922)7,39722,091(14,694)
Small Cap Core Portfolio4,00710,539(6,532)4,53415,845(11,311)
Rydex Variable Trust
Nova Fund8,1046,8481,2563,76011,971(8,211)
NASDAQ-100 Fund17,8099,8487,9611,57814,154(12,576)
U.S. Government Money Market Fund6347,342(6,708)52,22536,52815,697
Inverse S&P 500 Strategy Fund18,688123,387(104,699)261,1551,525,075(1,263,920)
Inverse NASDAQ-100 Strategy Fund72,580116,977(44,397)821,072745,24375,829
Inverse Government Long Bond Strategy Fund2943,288(2,994)21,42219,3292,093
Government Long Bond 1.2x Strategy1027230856718
NASDAQ-100 2x Strategy Fund——————
69
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
20232022
Net Increase/Net Increase/
PortfolioPurchasesSales(Decrease)PurchasesSales(Decrease)
Inverse Dow 2x Strategy Fund——————
Rydex Variable Insurance Funds
Biotechnology Fund12,95628,737(15,781)10,05247,685(37,633)
S&P 500 Pure Growth Fund173,789221,971(48,182)210,06989,423120,646
S&P MidCap 400 Pure Growth Fund5,64918,272(12,623)6,79710,707(3,910)
Guggenheim Variable Insurance Funds
Long Short Equity Fund20,8696,78514,0842,50612,152(9,646)
Multi-Hedge Strategies Fund19,27545,270(25,995)22,81131,344(8,533)
Global Managed Futures Strategy Fund25,213120,544(95,331)198,90096,381102,519
Small Cap Value Fund42,43768,347(25,910)125,78291,32134,461
ProFunds VP
Profund Access VP High Yield Fund2,5482,687(139)5,8055,950(145)
Asia 3036223(187)5651,249(684)
Banks16,0737,1708,9034,23210,159(5,927)
Materials605751(146)1,8082,015(207)
Bear—1,010(1,010)39638358
Biotechnology3,4794,144(665)3,7654,551(786)
Bull17,87015,0432,8277,87617,267(9,391)
Consumer Staples1,8234,673(2,850)3,7614,036(275)
Consumer Discretionary7955702251,0342,064(1,030)
Dow 303,1241,2661,8583,7177252,992
Emerging Markets14,9249,7045,2204,9525,633(681)
Europe 301,4791,807(328)1,4861,736(250)
Falling U.S. Dollar10,50510,906(401)4,2034,17429
Financials109312(203)3121,139(827)
Health Care3,7945,008(1,214)12,2577,8554,402
Industrials5,1903,1552,0352,2263,249(1,023)
International—506(506)—609(609)
Internet3,2634,938(1,675)3,4903,608(118)
Japan—699(699)500903(403)
Large-Cap Growth6,0606,456(396)3,31314,812(11,499)
Large-Cap Value29,90834,518(4,610)33,72323,8439,880
Mid-Cap3011,599(1,298)1,4321,789(357)
Mid-Cap Growth1,0382,804(1,766)1,3101,171139
Mid-Cap Value8012,184(1,383)1,7661,229537
Government Money Market146,515249,053(102,538)302,612185,081117,531
Energy25,64919,8115,83822,15734,850(12,693)
NASDAQ-1003,5624,919(1,357)3,7797,595(3,816)
Pharmaceuticals27136235611954(343)
Precious Metals61,42562,241(816)91,665101,224(9,559)
Real Estate1,0151,367(352)6,50011,524(5,024)
Rising Rates Opportunity1,7923,336(1,544)21,191(1,189)
Semiconductor4,7565,223(467)4,2434,549(306)
Short Dow 30—194(194)2,0522,02032
Short Emerging Markets——————
Short International—17(17)1,6571,6498
Short Mid-Cap———2,0992,06633
Short NASDAQ-100——————
Short Small-Cap1142(141)—50(50)
Small-Cap3621,308(946)1,9282,632(704)
Small-Cap Growth1,4971,828(331)5001,453(953)
70
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
20232022
Net Increase/Net Increase/
PortfolioPurchasesSales(Decrease)PurchasesSales(Decrease)
Small-Cap Value11,46711,845(378)335931(596)
Technology3,2995,612(2,313)3,1264,568(1,442)
Communication Services27223(196)91155(64)
U.S. Government Plus3961532437,26919,275(12,006)
UltraBull3,2953,213824,08610,963(6,877)
UltraMid-Cap3,7813,684976,06415,320(9,256)
UltraNASDAQ-1001,0481,270(222)2,6805,501(2,821)
UltraShort Dow 30—906(906)—2,882(2,882)
UltraShort NASDAQ-10015,291(5,290)—27,978(27,978)
UltraSmall-Cap4,7734,2904836,66818,921(12,253)
Utilities4933,146(2,653)11,7995,4376,362
VanEck Worldwide Insurance Trust
Global Resources Fund146,839262,914(116,075)332,867193,485139,382
Emerging Markets Fund5,1429,588(4,446)2,2786,873(4,595)
Emerging Markets Bond Fund24,93523,5921,3439,20310,919(1,716)
Janus Henderson Series
Global Technology and Innovation Portfolio146,19682,71763,479114,207110,3833,824
Overseas Portfolio62,21237,71824,49434,34536,280(1,935)
Research Portfolio1123,073(2,961)1,3753,136(1,761)
Enterprise Services Portfolio388,413310,46877,945236,031211,74724,284
Global Research Portfolio19,86438,684(18,820)48,69429,04419,650
Mid Cap Value Portfolio34,45739,211(4,754)99,04878,21220,836
Balanced Portfolio557,360952,458(395,098)933,164718,877214,287
Flexible Bond Portfolio90,493148,852(58,359)107,480301,546(194,066)
PIMCO Variable Insurance Trust
Total Return Portfolio416,692719,699(303,007)459,4781,027,128(567,650)
Low Duration Portfolio692,081996,778(304,697)748,9011,236,412(487,511)
High Yield Portfolio835,101704,034131,067617,310628,500(11,190)
Real Return Portfolio407,001742,785(335,784)649,865728,227(78,362)
All Asset Portfolio21,70149,474(27,773)84,617101,794(17,177)
Global Managed Asset Allocation Portfolio6,2844,6161,6683,37710,386(7,009)
Short-Term Portfolio1,869,2373,224,922(1,355,685)3,792,8732,483,5811,309,292
Emerging Markets Bond Portfolio6,94230,801(23,859)20,92324,541(3,618)
Global Bond Opportunities Portfolio5184,129(3,611)7,3165,7281,588
Commodity Real Return Strategy Portfolio330,539410,567(80,028)546,772491,90454,868
International Bond (USD-Hedged) Portfolio37,12336,60451954,85251,3753,477
Dynamic Bond Adv Portfolio74,93394,340(19,407)65,71093,656(27,946)
Income Advisor Portfolio545,414697,275(151,861)347,928473,060(125,132)
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund13,94519,755(5,810)21,14331,829(10,686)
Large Cap Value Fund91219,846(18,934)13,09314,969(1,876)
Mid Cap Value Fund5,84223,095(17,253)4,46520,996(16,531)
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio6,2028,855(2,653)9647,432(6,468)
AMT Mid Cap Intrinsic Value Portfolio3669,060(8,694)6,76713,879(7,112)
BNY Mellon Variable Investment Fund
Appreciation Portfolio14,36918,171(3,802)4,50312,134(7,631)
Sustainable U.S. Equity Portfolio4275(33)15114
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio7381,122(384)1,2381,580(342)
Emerging Markets Equity Portfolio10,53511,763(1,228)11,03312,607(1,574)
71
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
20232022
Net Increase/Net Increase/
PortfolioPurchasesSales(Decrease)PurchasesSales(Decrease)
Discovery Portfolio40503(463)147163(16)
U.S. Real Estate Portfolio1,2432,351(1,108)1,3851,678(293)
Northern Lights Variable Trust
Power Dividend Index Fund5,2366,082(846)9543,826(2,872)
AB Variable Products Series
Dynamic Asset Allocation Portfolio7,76420,648(12,884)10,24332,598(22,355)
Small Cap Growth Portfolio1,1961,211(15)2261225
Discovery Value Portfolio85,21590,683(5,468)132,90996,23036,679
BlackRock Variable Series Fund, Inc.
Basic Value Fund37,27476,703(39,429)87,31037,87349,437
Capital Appreciation Fund4303,814(3,384)1,04016,105(15,065)
Equity Dividend Fund163,745488,209(324,464)296,502273,14523,357
Global Allocation Fund86,102194,316(108,214)58,567181,372(122,805)
Advantage Large Cap Core Fund1,9754,512(2,537)2,8004,083(1,283)
Large Cap Focus Growth Fund125,992148,086(22,094)125,938121,7984,140
60/40 Target Allocation ETF Fund66,288158,295(92,007)160,306145,29915,007
Total Return Fund19,7567,82011,9366,76914,202(7,433)
S&P 500 Fund3,4469,297(5,851)2,8048,688(5,884)
Columbia Variable Portfolio
Contrarian Core 2 Portfolio252,005168,74783,258143,42983,36360,066
Dividend Opportunity Portfolio121,547211,716(90,169)369,225135,213234,012
Emerging Markets Bond Portfolio41,268105,009(63,741)22,26582,558(60,293)
High Yield Portfolio217,78794,696123,09170,284160,674(90,390)
Select Large-Cap Value Portfolio760,244401,803358,441285,615105,629179,986
Seligman Global Tech Portfolio303,030171,870131,160240,186202,82537,361
US Government Mortgage Portfolio7,81225,294(17,482)49,170171,504(122,334)
Strategic Income Portfolio72,05838,85733,201112,577108,1784,399
Emerging Markets Portfolio13,67260313,06913,4326,3957,037
Select Mid Cap Value Portfolio9,820—9,820———
Small Cap Value Portfolio6,827—6,827———
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio402,667368,05834,609467,758419,35248,406
Small Cap Index Portfolio82,65799,612(16,955)97,20578,69818,507
Alternative Asset Allocation Portfolio14,45027,875(13,425)29,70526,2663,439
Global Small Cap Portfolio1,5706,053(4,483)1,5983,868(2,270)
Small Mid Cap Value Portfolio22,17152,611(30,440)6,19650,917(44,721)
CROCI US Portfolio154365(211)119597(478)
High Income Portfolio58,83940,02918,81042,31521,78220,533
Eaton Vance Variable Trust
Floating Rate Income Portfolio469,818496,094(26,276)1,149,4141,142,0397,375
Delaware Variable Insurance Portfolios
Total Return Portfolio9424,141(3,199)14,098(4,097)
International Portfolio1,41712,665(11,248)8,77910,749(1,970)
Opportunity Portfolio44,262159,147(114,885)18,53396,283(77,750)
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund10,98761,437(50,450)4,54864,827(60,279)
Income Fund375,297496,592(121,295)539,896375,348164,548
Global Bond Fund462,071863,632(401,561)265,267630,690(365,423)
Foreign Fund597,8781,015,507(417,629)404,144467,301(63,157)
Developing Markets Fund11,74740,752(29,005)52,19232,42719,765
Mutual Global Discovery Fund30,93580,493(49,558)9,93879,043(69,105)
72
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
20232022
Net Increase/Net Increase/
PortfolioPurchasesSales(Decrease)PurchasesSales(Decrease)
Rising Dividends Fund238,084271,872(33,788)220,618186,46734,151
DynaTech 2 Fund304,766164,084140,682395,236192,305202,931
Multi-Asset Dynamic Multi-Strategy Portfolio———2931,199(31,170)
Global Real Estate Fund——————
VolSmart Allocation Fund6,972—6,972———
Delaware Ivy Variable Insurance Portfolios
Asset Strategy Portfolio7,61446,044(38,430)8,37333,475(25,102)
Balanced Portfolio5,28941,388(36,099)4,63641,864(37,228)
Global Equity Portfolio4,1525,675(1,523)1,3378,406(7,069)
Energy Portfolio55,689103,405(47,716)6,333112,833(106,500)
Global Bond Portfolio———3,72049,248(45,528)
Natural Resources Portfolio6,62715,082(8,455)1,47334,163(32,690)
Growth Portfolio2,64030,741(28,101)7,70531,108(23,403)
High Income Portfolio102,974173,761(70,787)43,151170,639(127,488)
International Core Equity Portfolio23,769108,466(84,697)30,14991,331(61,182)
Global Growth Portfolio5418,706(8,165)5247,216(6,692)
Mid Cap Growth Portfolio21,34786,640(65,293)34,32194,784(60,463)
Science and Technology Portfolio21,41884,642(63,224)46,94574,825(27,880)
Small Cap Growth Portfolio17,61545,288(27,673)17,03153,943(36,912)
SMID Cap Core Portfolio30,901110,952(80,051)28,82988,090(59,261)
Lazard Retirement Series, Inc.
International Equity Portfolio10,7019,78192017,2418,5078,734
Global Dynamic Multi Asset Portfolio7,18028,087(20,907)3,71314,723(11,010)
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio106,64959,53847,11162,04063,639(1,599)
ClearBridge Variable Mid Cap Portfolio153,556128,54525,011326,675218,813107,862
ClearBridge Variable Dividend Strategy Portfolio137,423361,186(223,763)215,366312,460(97,094)
ClearBridge Variable Small Cap Growth Portfolio197,30574,354122,951151,72271,50480,218
ClearBridge Variable Aggressive Growth Portfolio3,2516,257(3,006)2,2615,466(3,205)
Western Asset Variable Core Bond Plus Portfolio1,651,9992,360,203(708,204)1,330,6631,537,819(207,156)
ClearBridge Variable Large Cap Growth Portfolio443,637563,831(120,194)355,675166,109189,566
Pioneer Variable Contracts Trust
Fund Portfolio25,00220,4094,59337,91714,49523,422
Bond Portfolio1,033,8201,356,386(322,566)579,974736,059(156,085)
Strategic Income Portfolio191,556404,679(213,123)220,446283,376(62,930)
Equity Income Portfolio69,666146,608(76,942)75,727131,295(55,568)
High Yield Portfolio11,17921,520(10,341)79418,471(17,677)
Prudential Series Funds
Natural Resources Portfolio16,80045,315(28,515)114,13985,37128,768
Mid-Cap Growth Portfolio143574(431)3661,634(1,268)
PGIM Jennison Focused Blend Portfolio 4018,205(18,165)31926455
PGIM Jennison Blend Portfolio17,708317,705———
Royce Capital Fund
Micro-Cap Portfolio76310,027(9,264)3,1621,1432,019
Small Cap Portfolio47,023115,996(68,973)80,853110,485(29,632)
Alps Fund
Alerian Energy Infrastructure Portfolio254,791326,098(71,307)558,947275,874283,073
Global Opportunity Portfolio17,50031,085(13,585)29,92532,415(2,490)
American Funds IS
Asset Allocation Fund444,4841,658,766(1,214,282)786,8351,082,534(295,699)
Washington Mutual Investors Fund464,359528,347(63,988)691,833512,857178,976
73
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
20232022
Net Increase/Net Increase/
PortfolioPurchasesSales(Decrease)PurchasesSales(Decrease)
Ultra-Short Bond Fund695,8821,776,117(1,080,235)2,763,2911,849,830913,461
Capital Income Builder Fund252,094196,89355,201312,463275,88336,580
Global Growth Fund410,421300,548109,873349,494323,96725,527
Capital World Growth and Income Fund129,080229,711(100,631)228,511154,49374,018
Global Small Capitalization Fund64,56558,9305,635101,63679,88521,751
Growth Fund530,429586,987(56,558)774,390463,424310,966
Growth-Income Fund549,220642,846(93,626)799,180591,574207,606
International Fund168,693266,254(97,561)205,299136,59768,702
International Growth and Income Fund134,265177,725(43,460)187,630175,19712,433
New World Fund425,715696,197(270,482)448,131315,047133,084
U.S. Government Securities Fund422,5381,178,565(756,027)1,765,4592,380,861(615,402)
Global Balanced Fund6,917—6,917———
The Bond Fd of America Fund2,457—2,457———
Invesco Oppenheimer
International Growth Fund525,985575,882(49,897)492,535211,507281,028
T. Rowe Price
Blue Chip Growth Portfolio842,267883,440(41,173)795,020478,525316,495
Health Sciences Portfolio492,618340,114152,504459,045323,802135,243
Equity Income Portfolio4,903—4,903———
Mid-Cap Growth Portfolio3,880—3,880———
John Hancock Variable Insurance Trust
Financial Industries Portfolio69,40874,313(4,905)146,836149,191(2,355)
Fundamental All Cap Core Portfolio37725(688)3,75919,088(15,329)
Select Bond Portfolio3,2658042,4614855,534(5,049)
Strategic Income Opportunities Portfolio18,27114,0594,21222,71235,923(13,211)
Federated Hermes
High Income Bond Portfolio57,70432,74824,956116,28061,82654,454
Kaufmann Portfolio305,817311,482(5,665)196,27083,245113,025
Managed Volatility Portfolio1,1184097096,5908,154(1,564)
Principal Variable Contracts
Blue Chip Fund71,60436,06635,53870,54828,62541,923
Equity Income Fund14,5264,8379,68938,22219,66418,558
Diversified Balance Fund154,6158,781145,83440,8557,95532,900
Diversified Growth Fund4,5374994,0383452,850(2,505)
Diversified Income Fund2,966192,9473,02472,289(69,265)














74
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 which 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 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Net assets represented by
Fidelity Variable Insurance Products
Government Money Market Portfolio
2023788,167$7.67 to 13.63$8,371,8404.77 %0.95% to 1.55%2.16% to 3.90%
2022914,7907.51 to 13.17$9,601,7951.38 %0.95% to 1.55%-1.21% to 0.48%
20211,121,9477.60 to 13.17$11,180,2750.01 %0.95% to 1.55%-2.61% to -0.94%
2020930,1357.81 to 13.36$9,787,4270.30 %0.95% to 1.55%-2.30% to -0.63%
2019609,5947.99 to 13.50$6,389,7171.45 %0.95% to 1.55%-0.90% to 1.05%
High Income Portfolio
2023252,4399.81 to 28.10$3,945,9995.40 %0.95% to 1.65%7.85% to 9.25%
2022293,4509.00 to 25.73$4,226,9134.49 %0.95% to 1.65%-13.59% to -12.46%
2021345,23510.30 to 29.41$5,927,9745.15 %0.95% to 1.65%2.02% to 3.30%
2020378,90910.83 to 28.47$6,587,0493.59 %0.95% to 1.65%0.19% to 1.45%
2019597,93911.01 to 28.06$12,059,6877.32 %0.95% to 1.55%12.27% to 13.68%
Equity-Income Portfolio
2023134,61423.52 to 79.96$6,185,2951.72 %0.95% to 1.55%7.50% to 9.34%
2022160,69821.84 to 73.28$6,621,9791.74 %0.95% to 1.55%-7.72% to -6.14%
2021164,50623.62 to 78.19$7,336,9271.77 %0.95% to 1.55%21.35% to 23.43%
2020185,46819.42 to 63.49$6,685,1081.54 %0.95% to 1.55%3.66% to 5.43%
2019208,65717.05 to 60.34$7,166,8661.91 %0.95% to 1.55%23.47% to 25.91%
Growth Portfolio
202380,38942.26 to 128.67$8,692,3550.11 %0.95% to 1.55%32.81% to 34.61%
202292,40231.82 to 95.77$7,258,3770.53 %0.95% to 1.55%-26.36% to -25.36%
2021102,12243.21 to 128.57$10,655,0950.00 %0.95% to 1.55%20.11% to 21.74%
2020103,34239.25 to 105.81$9,135,4760.07 %0.95% to 1.55%40.08% to 42.19%
2019130,72826.82 to 74.57$7,729,1190.22 %0.95% to 1.55%30.73% to 32.71%
75
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Overseas Portfolio
2023217,85117.32 to 35.74$5,558,6460.85 %0.95% to 1.65%17.09% to 19.09%
2022233,50814.77 to 30.07$4,973,4910.76 %0.95% to 1.65%-26.65% to -25.39%
2021243,06120.09 to 40.38$7,023,2960.34 %0.95% to 1.65%16.27% to 18.26%
2020282,89517.25 to 34.21$6,929,6330.22 %0.95% to 1.65%12.32% to 14.24%
2019307,08313.23 to 30.01$6,565,3741.55 %0.95% to 1.55%23.86% to 26.30%
Mid Cap Portfolio
2023650,62411.00 to 62.36$16,736,4150.39 %0.95% to 1.65%12.93% to 13.78%
2022674,9399.71 to 54.84$15,717,0660.26 %0.95% to 1.65%-17.02% to -2.88%
2021712,34011.81 to 65.11$20,066,4800.40 %0.95% to 1.65%22.27% to 24.12%
2020665,75713.35 to 52.45$16,098,6890.36 %0.95% to 1.65%14.67% to 16.75%
2019722,87211.47 to 44.93$15,243,0460.71 %0.95% to 1.55%19.83% to 22.01%
Asset Manager Portfolio
202327,30718.90 to 40.62$790,2452.17 %0.95% to 1.55%10.10% to 11.59%
202231,50517.17 to 36.47$859,8571.93 %0.95% to 1.55%-17.08% to -15.95%
202131,62620.70 to 43.48$1,031,9431.45 %0.95% to 1.55%7.19% to 8.64%
202035,85319.31 to 40.11$1,116,3021.28 %0.95% to 1.55%11.93% to 13.45%
201944,47917.25 to 35.41$1,184,7091.78 %0.95% to 1.55%15.33% to 16.90%
Investment Grade Bond Portfolio
2023535,5848.93 to 24.88$5,806,6522.75 %0.95% to 1.55%3.44% to 5.00%
2022300,1958.56 to 23.76$3,823,1712.23 %0.95% to 1.55%-15.18% to -14.03%
2021237,42910.03 to 27.68$4,023,7591.96 %0.95% to 1.55%-3.15% to 0.62%
2020166,40513.39 to 28.24$3,431,4172.08 %0.95% to 1.55%6.52% to 8.13%
2019177,52011.74 to 26.18$3,418,4702.67 %0.95% to 1.55%6.28% to 8.37%
Index 500 Portfolio
2023615,85717.59 to 115.86$21,699,3241.31 %0.95% to 1.65%22.48% to 24.69%
2022686,29314.15 to 93.10$19,650,7801.21 %0.95% to 1.65%-20.63% to -19.19%
2021739,64817.56 to 115.43$26,774,9691.10 %0.95% to 1.65%24.78% to 27.05%
2020824,90313.87 to 91.04$23,666,0181.51 %0.95% to 1.65%14.75% to 16.83%
2019785,62911.91 to 78.08$21,551,0041.90 %0.95% to 1.55%27.28% to 29.78%
Contrafund Portfolio
20231,200,51512.24 to 134.37$41,188,5670.30 %0.95% to 1.65%29.91% to 31.93%
20221,311,4119.29 to 102.10$34,343,8860.27 %0.95% to 1.65%-28.27% to -27.15%
20211,362,17912.78 to 140.51$50,817,9630.03 %0.95% to 1.65%24.43% to 26.31%
20201,178,77612.37 to 111.47$39,822,4280.10 %0.95% to 1.65%27.08% to 29.00%
20191,216,39913.18 to 86.57$33,859,5640.27 %0.95% to 1.55%28.10% to 30.03%
Asset Manager: Growth Portfolio
202323,40920.81 to 46.27$877,0801.79 %0.95% to 1.55%13.42% to 14.95%
202223,87818.35 to 40.32$782,7491.70 %0.95% to 1.55%-18.93% to -17.83%
202124,21522.63 to 49.19$969,4781.38 %0.95% to 1.55%11.10% to 12.61%
202024,80320.37 to 43.77$887,4210.99 %0.95% to 1.55%14.29% to 15.84%
201925,82017.82 to 37.86$798,0181.52 %0.95% to 1.55%19.71% to 21.34%
76
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Balanced Portfolio
202385,05528.79 to 45.95$3,323,2611.61 %0.95% to 1.55%18.49% to 20.09%
202287,40924.30 to 38.34$2,909,1801.07 %0.95% to 1.55%-20.04% to -18.96%
202197,35730.39 to 47.38$3,990,1350.80 %0.95% to 1.55%15.31% to 16.88%
2020107,17226.36 to 40.63$3,734,9621.23 %0.95% to 1.55%19.35% to 20.97%
2019103,23921.05 to 33.66$2,994,6311.68 %0.95% to 1.55%22.78% to 28.45%
Growth & Income Portfolio
202333,07230.22 to 57.97$1,679,9241.33 %0.95% to 1.55%15.51% to 17.25%
202256,12326.17 to 49.51$2,221,2631.73 %0.95% to 1.55%-7.46% to -6.07%
202142,57128.28 to 52.82$1,912,3172.49 %0.95% to 1.55%22.60% to 24.45%
202040,12922.03 to 42.53$1,519,4821.81 %0.95% to 1.55%4.68% to 6.58%
201946,71020.57 to 39.99$1,666,4714.65 %0.95% to 1.55%21.11% to 28.24%
Growth Opportunities Portfolio
20232,438,6939.51 to 72.01$40,676,6210.00 %0.95% to 1.65%41.8% to 44.01%
20222,179,3576.62 to 50.03$25,629,5810.00 %0.95% to 1.65%-39.81% to -14.52%
20211,773,45210.85 to 82.38$36,217,1020.00 %0.95% to 1.65%8.97% to 10.61%
2020859,73015.19 to 75.22$19,518,7720.00 %0.95% to 1.65%64.16% to 66.64%
2019236,12810.94 to 45.59$4,894,7680.07 %0.95% to 1.55%9.44% to 39.17%
Value Strategies Portfolio
202383,51318.18 to 40.78$2,609,6020.74 %0.95% to 1.65%17.70% to 19.47%
2022125,23115.27 to 34.13$3,313,0530.80 %0.95% to 1.65%-9.59% to -8.22%
2021145,20916.68 to 37.19$4,164,1791.29 %0.95% to 1.65%30.12% to 32.08%
2020158,85512.67 to 28.16$3,461,7820.93 %0.95% to 1.65%5.41% to 7.00%
2019207,89811.88 to 26.31$4,212,0641.46 %0.95% to 1.55%30.85% to 32.83%
Strategic Income Portfolio
20231,151,1229.66 to 12.57$13,738,5574.25 %1.15% to 1.65%7.40% to 8.20%
20221,215,4298.95 to 11.65$13,518,3693.20 %1.15% to 1.65%-12.96% to -12.31%
20211,311,71210.23 to 13.32$16,820,5182.66 %1.15% to 1.65%2.04% to 2.35%
20201,058,57010.85 to 13.01$13,485,8313.11 %1.15% to 1.65%5.72% to 5.93%
2019985,29910.81 to 12.28$11,890,4303.47 %1.15% to 1.35%9.17% to 9.39%
Emerging Markets Portfolio
2023383,6137.73 to 14.70$5,081,2951.99 %1.15% to 1.65%7.70% to 8.51%
2022378,5177.14 to 13.58$4,847,1821.46 %1.15% to 1.65%-21.67% to -21.08%
2021392,8059.07 to 17.25$6,271,4072.11 %1.15% to 1.65%-3.72% to -3.53%
2020307,44316.41 to 17.88$5,427,6300.56 %1.15% to 1.65%29.12% to 29.38%
2019298,92212.70 to 13.82$4,085,6531.44 %1.15% to 1.35%27.46% to 27.72%
Real Estate Portfolio
2023999,26110.88 to 17.19$16,155,3682.21 %1.15% to 1.65%9.08% to 9.90%
20221,093,1249.92 to 15.68$16,300,3621.11 %1.15% to 1.65%-28.88% to -28.34%
20211,183,45413.87 to 21.94$25,046,1600.96 %1.15% to 1.65%36.38% to 37.06%
20201,174,54110.54 to 16.01$18,444,7351.83 %1.15% to 1.65%-8.04% to -7.86%
20191,123,07411.45 to 17.37$19,207,9431.71 %1.15% to 1.35%21.30% to 21.54%
77
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Funds Manager 50% Portfolio
2023455,94810.25 to 17.02$7,145,8572.42 %1.15% to 1.65%10.92% to 11.53%
2022476,2389.20 to 15.29$6,685,8021.75 %1.15% to 1.65%-15.19% to -14.89%
2021506,18110.82 to 17.99$8,578,0420.90 %1.15% to 1.65%8.40% to 8.62%
2020652,74313.07 to 16.56$10,514,3941.07 %1.15% to 1.65%12.36% to 12.58%
2019390,64211.62 to 14.71$5,531,5501.77 %1.15% to 1.35%16.11% to 16.34%
Funds Manager 70% Portfolio
2023268,04410.67 to 20.65$5,018,9271.88 %1.15% to 1.65%13.68% to 14.31%
2022271,9299.34 to 18.07$4,533,8661.40 %1.15% to 1.65%-17.17% to -16.71%
2021273,91911.21 to 21.71$5,517,0970.94 %1.15% to 1.65%12.90% to 13.13%
2020211,34313.83 to 19.19$3,988,6910.75 %1.15% to 1.65%14.38% to 14.61%
2019195,11312.07 to 16.74$3,215,5441.29 %1.15% to 1.35%20.85% to 21.09%
Funds Manager 85% Portfolio
202385,81710.94 to 23.73$1,713,5061.40 %1.15% to 1.65%15.56% to 16.43%
202298,6699.42 to 20.43$1,698,4991.04 %1.15% to 1.65%-18.55% to -17.93%
202177,51111.50 to 24.96$1,580,1660.90 %1.15% to 1.65%16.06% to 16.30%
202051,99414.43 to 21.46$1,025,0470.67 %1.15% to 1.65%15.69% to 15.92%
201958,24312.46 to 18.51$957,2801.10 %1.15% to 1.35%24.45% to 24.70%
Government Money Market Portfolio Service Class 2
20236,294,3679.39 to 10.37$60,886,1114.92 %1.15% to 1.65%2.93% to 3.60%
20221,167,6419.09 to 10.04$10,859,4941.20 %1.15% to 1.65%-0.09% to 0.44%
2021409,5429.10 to 9.79$3,739,3340.01 %1.15% to 1.65%-1.33% to -1.13%
2020471,5509.22 to 9.34$4,357,2770.22 %1.15% to 1.65%-1.11% to -0.91%
2019404,6599.33 to 9.43$3,782,3512.05 %1.15% to 1.35%0.40% to 0.60%
International Capital Appreciation Portfolio
2023397,406-$5,284,0100.17 %1.15% to 1.65%n/a
2022347,3777.98 to 11.17$3,744,4800.10 %1.15% to 1.65%-27.77% to -27.23%
2021201,88410.99 to 15.39$3,047,6900.00 %1.15% to 1.65%10.61% to 10.83%
202046,56413.87 to 13.89$646,2740.18 %1.15% to 1.65%38.70% to 38.88%
Energy Portfolio
20233479.67 to 9.67$3,3593.64 %1.15% to 1.65%-3.33% to -3.33%
American Century Variable
 Portfolios, Inc.
Balanced Fund
2023395,04320.62 to 36.28$5,152,1801.73 %0.95% to 1.65%13.26% to 15.31%
2022381,4229.25 to 31.60$4,370,0461.01 %0.95% to 1.65%-19.51% to -18.05%
2021293,22911.34 to 38.74$4,445,3730.55 %0.95% to 1.65%12.63% to 14.68%
2020171,88611.17 to 33.93$2,639,9981.04 %0.95% to 1.65%9.48% to 11.46%
201985,77310.64 to 30.58$1,630,6771.46 %0.95% to 1.55%6.42% to 18.72%
Capital Appreciation Fund
202330,62945.76 to 71.24$1,866,3270.00 %0.95% to 1.55%17.78% to 19.55%
202230,05539.48 to 59.86$1,554,3670.00 %0.95% to 1.55%-29.67% to -28.79%
202137,91755.38 to 84.43$2,743,9930.00 %0.95% to 1.55%8.46% to 10.10%
202035,59151.06 to 77.03$2,380,6000.00 %0.95% to 1.55%39.01% to 41.11%
201950,29636.73 to 54.84$2,336,7830.00 %0.95% to 1.55%32.28% to 34.28%
78
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
International Fund
2023103,28610.70 to 26.93$2,435,4971.38 %0.95% to 1.90%8.41% to 11.37%
2022120,2879.87 to 24.26$2,513,0471.20 %0.95% to 1.90%-27.55% to -25.57%
2021130,56213.63 to 32.70$3,687,1490.04 %0.95% to 1.90%4.71% to 7.57%
2020145,05213.01 to 30.49$3,854,2840.37 %0.95% to 1.90%21.15% to 24.47%
2019170,77410.74 to 24.56$3,652,6450.73 %0.95% to 1.90%23.55% to 26.93%
Value Fund
20233,319,35810.94 to 61.69$76,369,7292.16 %0.95% to 1.65%6.18% to 16.43%
20223,579,52811.64 to 57.34$78,502,1761.93 %0.95% to 1.65%-2.31% to -0.59%
20213,622,38911.73 to 57.84$83,459,5811.65 %0.95% to 1.65%21.03% to 23.11%
20203,366,38411.91 to 47.11$65,728,7991.93 %0.95% to 1.65%-1.81% to -0.12%
20193,224,42211.96 to 47.31$63,837,4121.97 %0.95% to 1.55%23.30% to 25.72%
Disciplined Core Value Fund
2023379,13810.97 to 36.43$5,523,2551.28 %0.95% to 1.90%4.32% to 7.27%
2022401,41410.24 to 34.00$5,581,8141.51 %0.95% to 1.90%-15.99% to -13.61%
2021404,85411.88 to 39.51$6,796,1190.90 %0.95% to 1.90%18.86% to 22.18%
2020169,69111.78 to 32.40$2,829,6391.62 %0.95% to 1.90%7.40% to 10.39%
201986,21010.71 to 29.39$1,786,9971.86 %0.95% to 1.90%7.12% to 22.58%
Inflation Protection Fund
2023758,6429.25 to 14.29$7,908,1153.13 %0.95% to 1.65%0.90% to 2.48%
2022843,0729.05 to 13.95$8,589,2195.82 %0.95% to 1.65%-15.18% to -13.85%
2021917,45110.52 to 16.20$10,982,2512.94 %0.95% to 1.65%3.70% to 5.26%
2020499,76810.42 to 15.39$6,057,6181.30 %0.95% to 1.65%6.90% to 8.52%
2019474,7129.64 to 14.18$5,470,3822.29 %0.95% to 1.55%5.79% to 7.87%
Large Company Value Fund
202330,72017.00 to 27.66$709,9931.70 %0.95% to 1.90%0.22% to 2.80%
202265,61616.96 to 26.91$1,449,9822.12 %0.95% to 1.90%-3.87% to -1.40%
202126,20517.64 to 27.29$581,8141.48 %0.95% to 1.90%17.35% to 20.38%
202022,00815.03 to 22.67$410,3051.24 %0.95% to 1.90%-1.04% to 1.52%
201931,86515.19 to 22.33$581,9622.52 %0.95% to 1.90%22.93% to 26.10%
Mid Cap Value Fund
20231,552,30012.06 to 42.69$35,532,8832.13 %0.95% to 1.90%2.19% to 5.08%
20221,698,08511.50 to 40.65$38,660,8962.06 %0.95% to 1.90%-4.96% to -2.27%
20211,656,79011.79 to 41.61$40,422,7021.07 %0.95% to 1.90%18.55% to 21.85%
20201,465,15811.72 to 34.15$30,621,8991.49 %0.95% to 1.90%-2.56% to 0.15%
20191,368,06611.73 to 34.10$28,990,4381.91 %0.95% to 1.90%24.31% to 27.77%
Ultra Fund
2023340,50711.66 to 54.73$10,956,2650.00 %0.95% to 1.90%38.43% to 41.99%
2022239,7088.23 to 38.57$5,798,2870.00 %0.95% to 1.90%-34.78% to -33.07%
2021209,52212.31 to 57.65$8,190,3160.00 %0.95% to 1.90%18.77% to 21.83%
2020176,50613.73 to 47.32$6,680,5410.00 %0.95% to 1.90%44.41% to 48.14%
2019185,61615.24 to 31.94$4,847,1380.00 %0.95% to 1.90%29.84% to 33.19%
79
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
MFS Variable Insurance Trust
Research Series
20237,59041.57 to 50.06$355,3430.44 %0.95% to 1.40%19.77% to 20.97%
20228,86034.62 to 41.80$345,4560.36 %0.95% to 1.40%-19.02% to -18.21%
202111,07542.65 to 51.62$522,7280.46 %0.95% to 1.40%22.11% to 23.34%
202011,62229.91 to 42.27$449,6730.58 %0.95% to 1.40%13.50% to 15.21%
201915,53526.35 to 37.06$524,3430.64 %0.95% to 1.40%29.39% to 31.35%
Growth Series
202325,12652.17 to 68.54$1,542,8450.00 %0.95% to 1.40%32.90% to 34.23%
202227,68335.64 to 51.57$1,263,4630.00 %0.95% to 1.40%-33.25% to -32.45%
202133,61053.40 to 77.11$2,249,5710.00 %0.95% to 1.40%20.26% to 22.07%
202035,03143.03 to 63.80$1,922,5070.00 %0.95% to 1.40%28.35% to 30.29%
201954,31733.48 to 49.46$2,277,5550.00 %0.95% to 1.40%34.44% to 36.48%
Investors Trust Series
20236,79337.14 to 43.78$275,5920.55 %0.95% to 1.40%16.09% to 17.55%
202212,47327.48 to 37.25$424,7380.39 %0.95% to 1.40%-18.70% to -17.47%
202115,16333.80 to 45.13$629,4380.64 %0.95% to 1.40%23.45% to 25.31%
20209,83128.48 to 36.02$330,2720.53 %0.95% to 1.40%11.35% to 12.53%
201910,49725.58 to 32.01$312,9690.65 %0.95% to 1.40%28.65% to 30.01%
New Discovery Series
2023298,0987.52 to 75.81$6,943,9120.00 %0.95% to 1.65%11.50% to 13.23%
2022296,2746.65 to 67.19$6,468,8010.00 %0.95% to 1.65%-31.41% to -30.62%
2021261,6989.61 to 97.00$8,911,4620.00 %0.95% to 1.65%-0.89% to 0.61%
2020242,60314.37 to 96.63$8,811,1760.00 %0.95% to 1.65%42.06% to 44.21%
2019206,82915.43 to 67.17$5,768,5640.00 %0.95% to 1.40%37.86% to 39.94%
Corporate Bond Portfolio
2023444,7478.73 to 11.37$4,815,7153.77 %1.15% to 1.65%7.12% to 7.92%
2022456,7988.11 to 10.56$4,641,6032.82 %1.15% to 1.65%-17.99% to -17.37%
2021545,3609.83 to 12.81$6,786,8092.79 %1.15% to 1.65%-3.07% to -2.78%
2020507,62310.69 to 13.18$6,553,2103.23 %1.15% to 1.65%8.86% to 9.07%
2019336,78811.11 to 12.08$3,996,9543.40 %1.15% to 1.35%12.92% to 13.15%
Emerging Markets Equity Portfolio
2023489,3927.63 to 10.90$4,674,8791.20 %1.15% to 1.65%8.90% to 9.72%
2022490,5106.96 to 9.99$4,333,8573.83 %1.15% to 1.65%-21.25% to -20.66%
2021443,2478.80 to 12.66$4,978,9930.29 %1.15% to 1.65%-8.55% to -8.09%
2020347,96312.31 to 13.80$4,326,0302.65 %1.15% to 1.65%8.85% to 9.07%
2019347,53711.31 to 11.86$3,967,4950.39 %1.15% to 1.35%18.57% to 18.81%
Technology Portfolio
2023250,44610.98 to 47.83$8,931,0340.00 %1.15% to 1.65%51.31% to 52.44%
2022255,3647.22 to 31.45$5,976,1600.00 %1.15% to 1.65%-36.90% to -36.43%
2021242,50111.37 to 49.60$10,190,0110.00 %1.15% to 1.65%11.91% to 12.13%
2020223,56822.64 to 44.24$9,325,7050.00 %1.15% to 1.65%44.44% to 44.73%
2019159,50415.66 to 30.56$4,536,4020.00 %1.15% to 1.35%34.05% to 34.32%
80
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Global Tactical Allocation Portfolio
202369,0259.96 to 14.18$931,4400.14 %1.15% to 1.65%7.67% to 8.15%
202287,6529.21 to 13.11$1,120,1981.93 %1.15% to 1.65%-8.68% to -8.50%
2021101,40911.81 to 14.33$1,431,2420.74 %1.15% to 1.65%1.21% to 1.41%
2020102,24111.66 to 14.13$1,425,1621.41 %1.15% to 1.65%4.56% to 4.77%
2019102,34711.14 to 13.49$1,362,7222.64 %1.15% to 1.35%12.77% to 12.99%
International Intrinsic Value Portfolio
2023713,6279.58 to 22.97$14,421,8360.48 %1.15% to 1.65%15.45% to 16.32%
2022706,2898.25 to 19.79$12,895,4430.43 %1.15% to 1.65%-25.00% to -24.44%
2021755,55610.94 to 26.26$18,677,4370.13 %1.15% to 1.65%8.58% to 9.02%
2020727,65912.25 to 24.09$17,035,6930.76 %1.15% to 1.65%18.59% to 18.83%
2019754,24612.56 to 20.27$14,878,5991.49 %1.15% to 1.35%23.97% to 24.22%
Utilities Series Portfolio
2023652,65110.63 to 20.63$12,646,2042.97 %1.15% to 1.65%-3.93% to -3.20%
2022789,29611.00 to 21.36$15,660,1162.32 %1.15% to 1.65%-1.16% to -0.42%
2021567,88211.07 to 21.50$11,760,5741.60 %1.15% to 1.65%12.07% to 12.52%
2020584,08511.45 to 19.11$10,974,0162.18 %1.15% to 1.65%4.20% to 4.41%
2019611,78913.03 to 18.30$11,022,0163.98 %1.15% to 1.35%23.13% to 23.37%
Blended Research Core Equity Portfolio
2023247,42213.36 to 21.67$5,023,4721.02 %1.15% to 1.65%26.11% to 27.06%
2022214,64710.54 to 17.10$3,459,9580.93 %1.15% to 1.65%-17.57% to -16.95%
2021148,68712.72 to 20.64$2,979,6360.91 %1.15% to 1.65%27.07% to 27.71%
2020111,34712.16 to 16.16$1,773,8751.22 %1.15% to 1.65%13.51% to 13.74%
2019129,33512.97 to 14.21$1,822,2951.51 %1.15% to 1.35%27.15% to 27.40%
Global Real Estate Portfolio
202384,59010.31 to 11.98$926,2390.47 %1.15% to 1.65%9.39% to 10.21%
202287,4559.37 to 10.93$873,4041.57 %1.15% to 1.65%-28.26% to -27.79%
202141,26113.01 to 15.19$570,6151.29 %1.15% to 1.65%27.87% to 28.39%
202020,45310.90 to 11.88$223,7972.29 %1.15% to 1.65%-0.21% to -0.01%
201930,84410.93 to 10.94$337,1782.13 %1.15% to 1.35%9.26% to 9.41%
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio
202335,34421.73 to 41.53$1,289,0350.81 %0.95% to 1.40%10.46% to 12.12%
202250,67319.68 to 37.21$1,588,5351.18 %0.95% to 1.40%-11.63% to -10.29%
202158,53222.26 to 41.67$2,048,6561.12 %0.95% to 1.40%25.90% to 27.80%
202057,71921.11 to 32.75$1,601,0941.53 %0.95% to 1.40%0.71% to 1.73%
201960,14820.84 to 32.34$1,652,4121.69 %0.95% to 1.40%20.13% to 21.33%
Mid-Cap Stock Portfolio
202338,95822.05 to 53.40$1,485,3040.43 %0.95% to 1.40%12.92% to 14.33%
202241,70519.50 to 46.92$1,406,0740.69 %0.95% to 1.40%-13.45% to -12.05%
202154,10821.13 to 53.59$2,037,5740.59 %0.95% to 1.40%25.46% to 27.48%
202059,65917.80 to 42.22$1,760,1510.90 %0.95% to 1.40%-0.08% to 1.53%
201970,76417.04 to 41.78$2,067,6590.90 %0.95% to 1.40%19.55% to 21.48%
81
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
International Opportunities Portfolio
2019—-$01.92 %0.95% to 1.40%n/a
Bond-Debenture Portfolio
20231,956,2689.22 to 13.65$24,840,8904.87 %1.15% to 1.65%4.81% to 5.60%
20222,180,7468.75 to 12.95$26,358,6224.23 %1.15% to 1.65%-14.23% to -13.58%
20212,216,62810.15 to 15.03$31,636,0013.44 %1.15% to 1.65%1.59% to 2.10%
20201,665,76011.23 to 14.72$23,849,2333.66 %1.15% to 1.65%5.86% to 6.07%
20191,691,83311.07 to 13.88$23,012,6034.29 %1.15% to 1.35%11.83% to 12.06%
Fundamental Equity Portfolio
2023114,24112.04 to 23.65$2,034,5140.55 %1.15% to 1.65%12.76% to 13.61%
2022125,71610.62 to 20.87$2,027,9031.00 %1.15% to 1.65%-13.25% to -12.77%
2021130,70412.19 to 23.98$2,490,4430.97 %1.15% to 1.65%25.61% to 25.86%
202094,54111.98 to 19.06$1,711,1301.12 %1.15% to 1.65%0.40% to 0.61%
201995,55711.92 to 18.94$1,757,5211.30 %1.15% to 1.35%19.89% to 20.13%
Developing Growth Portfolio
2023222,8106.07 to 25.35$3,699,7110.00 %1.15% to 1.65%6.41% to 7.21%
2022256,0515.68 to 23.70$3,934,3950.00 %1.15% to 1.65%-37.03% to -36.56%
2021276,2468.96 to 37.46$7,369,9440.00 %1.15% to 1.65%-4.34% to -3.86%
2020162,72815.76 to 38.96$6,096,9510.00 %1.15% to 1.65%70.28% to 70.62%
2019132,52415.77 to 22.83$2,951,7620.00 %1.15% to 1.35%30.00% to 30.26%
Short Duration Income Portfolio
20231,529,3479.70 to 10.49$15,715,0074.21 %1.15% to 1.65%3.34% to 4.11%
20221,806,8079.34 to 10.10$17,956,4082.58 %1.15% to 1.65%-6.61% to -5.91%
20212,096,7569.94 to 10.76$22,270,0092.39 %1.15% to 1.65%-0.72% to -0.52%
20201,794,04210.58 to 10.82$19,215,1692.70 %1.15% to 1.65%1.74% to 1.95%
20191,853,38610.39 to 10.61$19,527,9573.11 %1.15% to 1.35%3.65% to 3.85%
Alger Fund
LargeCap Growth Portfolio
2023126,10226.52 to 48.29$4,725,9980.00 %0.95% to 1.40%29.21% to 31.42%
2022126,52220.27 to 37.11$3,604,0090.00 %0.95% to 1.40%-40.26% to -39.23%
2021136,89833.51 to 61.68$6,353,5150.00 %0.95% to 1.40%8.92% to 10.78%
2020176,15430.39 to 56.24$7,542,4350.16 %0.95% to 1.40%62.67% to 65.45%
2019215,05418.45 to 34.33$5,626,2990.00 %0.95% to 1.40%23.79% to 26.23%
MidCap Growth Portfolio
2023107,54325.43 to 41.53$3,577,0410.00 %0.95% to 1.40%19.96% to 22.01%
2022122,86921.16 to 34.38$3,329,4770.00 %0.95% to 1.40%-37.74% to -36.68%
2021127,91433.91 to 54.84$5,462,8340.00 %0.95% to 1.40%1.48% to 3.22%
2020141,56333.35 to 53.66$5,958,2030.00 %0.95% to 1.40%60.33% to 63.07%
2019168,04818.08 to 33.24$4,401,2750.00 %0.95% to 1.40%26.53% to 29.02%
82
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Capital Appreciation Portfolio
202360,81639.36 to 80.09$3,173,2070.00 %0.95% to 1.40%39.68% to 41.78%
202257,85427.89 to 57.05$2,095,0830.00 %0.95% to 1.40%-38.06% to -37.12%
202174,57444.55 to 91.64$4,377,8400.00 %0.95% to 1.40%16.24% to 18.00%
202087,87737.93 to 78.45$4,581,9150.00 %0.95% to 1.40%38.33% to 40.41%
201996,42627.13 to 56.43$3,519,2210.00 %0.95% to 1.40%30.47% to 32.44%
SmallCap Growth Portfolio
202321,14822.95 to 47.35$567,2140.00 %1.30% to 1.90%13.74% to 15.39%
202222,39419.98 to 41.03$530,4980.00 %1.30% to 1.90%-39.48% to -38.60%
202123,53932.68 to 66.83$906,0850.00 %1.30% to 1.90%-8.29% to -6.95%
202024,92935.28 to 71.82$1,036,8080.98 %1.30% to 1.90%63.19% to 65.57%
201928,71721.40 to 43.38$725,0700.00 %1.30% to 1.90%26.27% to 28.11%
Capital Appreciation Portfolio Class S
20231,090,09010.49 to 38.80$36,877,0260.00 %1.15% to 1.65%40.45% to 41.51%
20221,309,0547.43 to 27.49$31,891,7790.00 %1.15% to 1.65%-37.72% to -37.25%
20211,324,28111.86 to 43.92$53,315,2240.00 %1.15% to 1.65%16.89% to 17.47%
20201,414,53413.04 to 37.38$50,279,3820.00 %1.15% to 1.65%39.50% to 39.78%
20191,652,50014.64 to 26.74$42,742,2630.00 %1.15% to 1.35%31.46% to 31.72%
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio
2023128,8319.76 to 34.20$2,446,6530.18 %0.95% to 1.65%9.49% to 10.64%
2022143,2888.84 to 31.23$2,501,1670.00 %0.95% to 1.65%-21.04% to -20.21%
2021158,23811.10 to 39.56$3,630,6090.22 %0.95% to 1.65%12.81% to 13.94%
2020169,49214.52 to 35.07$3,619,7120.37 %0.95% to 1.65%10.03% to 11.19%
2019135,21519.06 to 31.85$2,765,7800.45 %0.95% to 1.40%28.50% to 30.12%
S&P 500 Index Portfolio
202343,91912.73 to 51.85$1,606,7991.46 %0.95% to 1.65%23.37% to 24.73%
202241,39810.22 to 41.57$1,221,5410.91 %0.95% to 1.65%-19.99% to -19.11%
202178,22420.25 to 51.39$2,415,9981.57 %0.95% to 1.65%25.81% to 27.20%
202077,84315.96 to 40.40$1,945,1241.37 %0.95% to 1.65%15.71% to 16.98%
201957,82213.69 to 34.53$1,444,3941.70 %0.95% to 1.40%28.49% to 29.91%
SRI Balanced Portfolio
2023437,93610.89 to 14.75$6,230,8831.70 %0.95% to 1.65%14.75% to 15.38%
2022447,8399.49 to 12.82$5,599,3651.21 %0.95% to 1.65%-16.68% to -16.22%
2021397,55411.35 to 15.34$5,971,9311.40 %0.95% to 1.65%13.18% to 13.41%
2020199,72713.45 to 13.52$2,690,9291.72 %0.95% to 1.65%13.22% to 13.44%
201981,47311.88 to 11.92$969,3050.94 %0.95% to 1.40%22.61% to 22.86%
Invesco Variable Insurance Funds
Technology Fund
202327,43234.67 to 52.65$1,144,6200.00 %0.95% to 1.40%43.40% to 45.56%
202220,42124.08 to 36.54$590,2180.00 %0.95% to 1.40%-41.40% to -40.52%
202128,36140.13 to 62.04$1,368,0740.00 %0.95% to 1.40%11.64% to 13.33%
202042,16936.52 to 55.29$1,828,2800.00 %0.95% to 1.40%42.58% to 44.73%
201939,95725.06 to 38.59$1,198,2330.00 %0.95% to 1.40%32.59% to 34.59%
83
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Managed Volatility Fund
2021—-$04.22 %0.95% to 1.40%n/a
202023,14023.78 to 30.76$648,4721.75 %0.95% to 1.40%-3.64% to -2.42%
201930,56022.80 to 31.84$886,0211.35 %0.95% to 1.40%15.37% to 17.46%
Diversified Dividend Fund
2023217,64710.80 to 17.46$2,566,8741.48 %0.95% to 1.40%6.41% to 8.02%
2022294,50410.10 to 16.16$3,273,2782.50 %0.95% to 1.40%-4.05% to -2.61%
202167,05710.48 to 16.59$998,2652.36 %0.95% to 1.40%4.80% to 17.77%
202057,07011.42 to 14.09$745,1032.77 %0.95% to 1.40%-2.04% to -0.81%
201961,14110.28 to 14.20$804,6404.09 %0.95% to 1.40%21.70% to 23.91%
Health Care Fund
202322,36429.19 to 37.15$790,1340.00 %0.95% to 1.40%0.94% to 2.05%
202228,86128.92 to 36.40$999,1250.00 %0.95% to 1.40%-15.20% to -14.14%
202130,18733.17 to 42.39$1,219,5130.18 %0.95% to 1.40%9.58% to 11.24%
202042,26230.27 to 38.11$1,535,5260.27 %0.95% to 1.40%11.69% to 13.38%
201953,18127.10 to 33.62$1,694,9970.04 %0.95% to 1.40%29.30% to 31.25%
Global Real Estate Fund
20237,7608.91 to 12.69$80,1361.14 %1.30% to 1.90%5.04% to 7.16%
20228,6818.49 to 11.85$84,6922.31 %1.30% to 1.90%-27.75% to -26.29%
20219,84811.75 to 16.07$132,5192.59 %1.30% to 1.90%21.07% to 23.52%
202010,6209.70 to 13.01$116,6662.86 %1.30% to 1.90%-15.62% to -13.91%
201921,49211.50 to 15.12$271,3114.65 %1.30% to 1.90%18.37% to 20.76%
International Equity Fund
202316,03711.98 to 16.62$216,8680.00 %1.30% to 1.90%13.94% to 16.06%
202215,29510.52 to 14.32$179,7751.13 %1.30% to 1.90%-21.23% to -19.76%
202113,19013.35 to 17.84$197,9950.90 %1.30% to 1.90%2.08% to 3.98%
202018,88813.08 to 17.16$274,2662.29 %1.30% to 1.90%9.94% to 11.99%
201924,01811.90 to 15.32$313,8351.24 %1.30% to 1.90%23.95% to 26.27%
Main Street Mid Cap Fund
20239,88116.63 to 22.07$186,8450.04 %1.30% to 1.90%10.40% to 12.17%
202211,90615.07 to 19.67$201,9860.07 %1.30% to 1.90%-17.27% to -15.94%
202112,56618.50 to 23.77$256,3180.25 %1.30% to 1.90%18.94% to 20.85%
202016,78515.33 to 19.67$291,3980.43 %1.30% to 1.90%5.35% to 7.16%
201918,12014.55 to 18.48$295,4380.19 %1.30% to 1.90%20.92% to 23.05%
Core Bond Fund
2022—-$05.57 %1.15% to 1.65%n/a
2021378,1919.77 to 11.73$4,303,5951.87 %1.15% to 1.65%-3.16% to -2.97%
2020329,08311.56 to 12.08$3,936,5033.07 %1.15% to 1.65%7.96% to 8.17%
2019225,42510.70 to 11.17$2,497,1242.74 %1.15% to 1.35%7.79% to 8.00%
Discovery Mid Cap Growth Fund
2023278,8818.63 to 22.23$5,172,4910.00 %1.15% to 1.65%11.01% to 11.84%
2022291,5637.73 to 19.93$4,962,4070.00 %1.15% to 1.65%-32.26% to -31.75%
2021282,42311.35 to 29.27$7,275,8960.00 %1.15% to 1.65%16.85% to 17.43%
2020167,26813.48 to 24.92$3,961,7270.00 %1.15% to 1.65%38.36% to 38.63%
2019144,89414.57 to 17.98$2,537,5120.00 %1.15% to 1.35%37.15% to 37.42%
84
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Global Multi-Alternatives Fund
2019—-$01.96 %1.15% to 1.35%n/a
Global Fund
2023401,94910.32 to 19.05$7,140,5750.00 %1.15% to 1.65%32.25% to 33.25%
2022427,0587.76 to 14.33$5,761,9900.00 %1.15% to 1.65%-33.05% to -32.55%
2021350,59611.53 to 21.30$7,192,7000.00 %1.15% to 1.65%13.40% to 13.85%
2020317,45613.41 to 18.71$5,816,0260.40 %1.15% to 1.65%25.63% to 25.88%
2019344,19613.00 to 14.86$5,016,0480.66 %1.15% to 1.35%29.69% to 29.95%
Main Street Fund
2023459,82311.91 to 21.34$8,347,8300.47 %1.15% to 1.65%20.83% to 21.73%
2022559,5029.81 to 17.58$8,517,6501.06 %1.15% to 1.65%-21.61% to -21.02%
2021565,62812.44 to 22.31$10,955,3120.51 %1.15% to 1.65%25.15% to 25.78%
2020599,10612.16 to 17.74$9,305,0311.03 %1.15% to 1.65%12.16% to 12.39%
2019678,26011.64 to 15.78$9,695,2190.75 %1.15% to 1.35%29.97% to 30.23%
Main Street Small Cap Fund
2023588,78910.88 to 20.21$10,309,6601.02 %1.15% to 1.65%15.90% to 16.77%
2022452,6139.34 to 17.35$7,063,3550.26 %1.15% to 1.65%-17.41% to -16.79%
2021420,96011.25 to 20.91$7,917,2190.20 %1.15% to 1.65%20.38% to 20.62%
2020317,90513.69 to 17.30$5,299,3450.31 %1.15% to 1.65%18.03% to 18.26%
2019351,56011.68 to 14.63$4,988,9170.00 %1.15% to 1.35%24.44% to 24.69%
Balanced-Risk Allocation Fund
202346,0139.19 to 9.30$424,1760.00 %1.15% to 1.65%4.98% to 5.45%
202249,1668.76 to 8.82$431,4179.54 %1.15% to 1.65%-15.66% to -15.28%
202122,02510.38 to 10.41$229,0584.74 %1.15% to 1.65%3.84% to 3.84%
Core Plus Bond Fund
2023473,4018.72 to 8.87$4,156,9502.63 %1.15% to 1.65%4.22% to 4.90%
2022516,5228.36 to 8.45$4,339,5051.07 %1.15% to 1.65%-15.82% to -15.61%
202132,9389.97 to 9.99$328,6782.07 %1.15% to 1.65%-0.31% to -0.18%
Equity and Income Fund
2023492,94310.27 to 10.60$5,114,4191.60 %1.15% to 1.65%7.89% to 9.51%
2022552,7539.50 to 9.68$5,273,6891.46 %1.15% to 1.65%-9.74% to -8.38%
2021346,42610.45 to 10.57$3,629,6452.31 %1.15% to 1.65%4.48% to 4.69%
Small Cap Equity Fund
2023380,2649.00 to 9.18$3,456,6860.00 %1.15% to 1.65%14.36% to 15.22%
2022279,4487.87 to 7.97$2,212,9760.00 %1.15% to 1.65%-22.03% to -21.44%
2021146,70610.09 to 10.14$1,484,271— %1.15% to 1.65%0.94% to 1.28%
Equally Weighted S&P 500 Fund
2023530,12910.39 to 10.58$5,562,2601.34 %1.15% to 1.65%11.58% to 12.30%
2022419,0799.31 to 9.40$3,924,4331.13 %1.15% to 1.65%-13.32% to -12.93%
2021138,86610.77 to 10.80$1,497,3301.34 %1.15% to 1.65%7.73% to 7.89%
85
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Growth and Income Fund
202318,82118.99 to 25.20$399,4551.31 %1.30% to 1.90%8.71% to 10.46%
202223,35917.47 to 22.82$454,9581.18 %1.30% to 1.90%-9.09% to -7.63%
202126,17419.52 to 25.09$561,5511.26 %1.30% to 1.90%24.09% to 26.09%
202029,34015.50 to 19.90$505,2121.60 %1.30% to 1.90%-1.51% to 0.18%
201933,87715.74 to 20.55$591,1151.26 %1.30% to 1.90%20.74% to 23.11%
Value Opportunities Fund
2021—11.62 to 14.28$00.25 %1.30% to 1.90%2.17% to 3.61%
20202,10711.62 to 14.28$25,8250.07 %1.30% to 1.90%2.17% to 3.61%
20192,17111.38 to 13.78$25,8140.00 %1.30% to 1.90%26.21% to 27.99%
American Value Fund
20234,47519.59 to 26.93$107,3600.35 %1.30% to 1.90%11.28% to 13.30%
20225,28317.60 to 24.17$112,5690.46 %1.30% to 1.90%-6.25% to -4.45%
20215,31318.78 to 25.29$118,8860.22 %1.30% to 1.90%23.18% to 25.54%
20206,84115.24 to 20.15$120,2490.49 %1.30% to 1.90%-2.66% to -0.79%
20198,78815.66 to 20.31$157,6440.43 %1.30% to 1.90%20.36% to 22.67%
Lincoln Financial Variable Insurance Portfolios
Core Bond Portfolio
2023108,6579.39 to 13.08$1,279,8953.65 %0.95% to 1.40%3.50% to 4.91%
2022121,5799.05 to 12.47$1,367,2812.00 %0.95% to 1.40%-14.56% to -13.40%
2021136,27310.58 to 14.40$1,784,6691.90 %0.95% to 1.40%-3.60% to -2.29%
2020138,04310.95 to 14.73$1,863,7052.04 %0.95% to 1.40%5.39% to 6.83%
2019163,0899.12 to 13.79$2,079,0022.55 %0.95% to 1.40%5.08% to 7.15%
Small Cap Core Portfolio
202352,24624.89 to 43.68$1,947,4021.32 %0.95% to 1.40%10.15% to 12.03%
202258,77822.55 to 39.38$1,946,8670.41 %0.95% to 1.40%-21.46% to -20.11%
202170,08928.65 to 49.79$2,934,3650.58 %0.95% to 1.40%18.21% to 20.24%
202069,70824.19 to 41.83$2,429,4250.83 %0.95% to 1.40%10.71% to 12.61%
201970,90119.61 to 37.52$2,187,2630.39 %0.95% to 1.40%21.02% to 23.40%
Rydex Variable Trust
Nova Fund
202315,98340.79 to 63.37$812,7710.00 %0.95% to 1.40%31.82% to 33.80%
202214,72730.95 to 47.84$560,7130.32 %0.95% to 1.40%-31.95% to -30.92%
202122,93845.48 to 69.95$1,293,2470.29 %0.95% to 1.40%38.75% to 40.84%
202013,91432.78 to 50.16$559,8980.65 %0.95% to 1.40%17.13% to 18.90%
201924,63227.98 to 42.62$847,2281.18 %0.95% to 1.40%41.53% to 43.67%
NASDAQ-100 Fund
202322,22859.42 to 93.42$1,789,1520.00 %0.95% to 1.40%49.53% to 51.78%
202214,26739.74 to 62.17$758,7010.00 %0.95% to 1.40%-35.73% to -34.76%
202126,84361.84 to 96.25$2,230,0900.00 %0.95% to 1.40%22.51% to 24.36%
202033,37750.48 to 78.18$2,274,5280.25 %0.95% to 1.40%41.46% to 43.59%
201928,22435.68 to 54.99$1,340,8770.12 %0.95% to 1.40%33.55% to 35.57%
86
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
U.S. Government Money Market Fund
202323,3447.06 to 9.67$361,6074.17 %0.95% to 1.45%1.25% to 2.73%
202230,0526.97 to 9.41$255,6150.93 %0.95% to 1.45%-1.65% to -0.22%
202114,3567.09 to 9.52$127,1820.00 %0.95% to 1.45%-2.75% to -0.88%
20209,5547.26 to 9.52$86,3030.07 %0.95% to 1.45%-2.75% to -0.88%
201913,6227.43 to 9.60$124,0311.11 %0.95% to 1.45%-1.53% to -0.09%
Inverse S&P 500 Strategy Fund
202326,0540.53 to 0.75$17,1200.79 %0.95% to 1.40%-17.01% to -15.76%
2022130,7530.64 to 0.89$96,7890.00 %0.95% to 1.40%13.78% to 15.49%
20211,394,6730.56 to 0.77$825,8140.00 %0.95% to 1.40%-26.16% to -25.16%
202050,8560.75 to 1.03$45,6641.08 %0.95% to 1.40%-26.62% to -25.73%
201932,9261.02 to 1.63$41,6580.81 %0.95% to 1.40%-24.55% to -23.64%
Inverse NASDAQ-100 Strategy Fund
2023112,5010.17 to 0.28$23,0700.44 %0.95% to 1.40%-33.50% to -32.50%
2022156,8980.26 to 0.42$44,1470.00 %0.95% to 1.40%31.59% to 33.56%
202181,0690.19 to 0.26$18,3770.00 %0.95% to 1.40%-26.90% to -26.16%
202055,0510.26 to 0.35$17,0100.58 %0.95% to 1.40%-39.20% to -38.59%
201971,8580.43 to 0.57$35,7870.53 %0.95% to 1.40%-29.90% to -29.20%
Inverse Government Long Bond Strategy Fund
20232,0552.36 to 2.87$5,3850.00 %0.95% to 1.40%2.23% to 3.25%
20225,0492.31 to 2.78$12,1700.00 %0.95% to 1.40%43.40% to 44.83%
20212,9561.61 to 1.92$5,1860.00 %0.95% to 1.40%-0.98% to 0.01%
20205,5761.62 to 1.92$9,5800.24 %0.95% to 1.40%-22.61% to -21.84%
20194,9852.10 to 2.46$11,1980.00 %0.95% to 1.40%-15.04% to -14.18%
Government Long Bond 1.2x Strategy
20237,15110.48 to 12.67$88,4812.85 %0.95% to 1.40%-2.94% to -1.97%
20227,12110.80 to 12.93$89,9291.44 %0.95% to 1.40%-41.97% to -41.39%
20217,10317.09 to 22.06$154,2360.26 %0.95% to 1.40%-9.73% to -8.37%
202013,41018.94 to 24.07$310,7860.25 %0.95% to 1.40%19.01% to 20.81%
20196,45715.91 to 19.93$124,6692.48 %0.95% to 1.40%13.99% to 15.71%
Rydex Variable Insurance Funds
Biotechnology Fund
2023128,14013.06 to 24.59$3,017,9640.00 %1.15% to 1.65%4.12% to 4.33%
2022143,92112.53 to 23.57$3,230,9760.00 %1.15% to 1.65%-14.47% to -14.30%
2021181,55414.63 to 27.51$4,793,8710.00 %1.15% to 1.65%0.06% to 0.26%
2020259,74814.61 to 27.44$6,893,2920.00 %1.15% to 1.65%19.68% to 19.92%
2019274,82112.19 to 22.88$6,058,5570.00 %1.15% to 1.35%23.00% to 23.24%
S&P 500 Pure Growth Fund
2023226,8489.28 to 27.05$4,599,1820.00 %1.15% to 1.65%4.73% to 5.52%
2022275,0308.81 to 25.70$5,147,9480.00 %1.15% to 1.65%-29.52% to -28.99%
2021154,38412.43 to 36.28$5,017,4470.00 %1.15% to 1.65%25.75% to 26.13%
2020149,92112.85 to 28.76$4,004,3390.00 %1.15% to 1.65%25.61% to 25.87%
2019196,55013.13 to 22.85$4,290,5160.00 %1.15% to 1.35%24.90% to 25.15%
87
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
S&P MidCap 400 Pure Growth Fund
202364,12112.98 to 18.47$1,171,4410.00 %1.15% to 1.65%13.15% to 13.37%
202276,74411.46 to 16.30$1,217,0300.00 %1.15% to 1.65%-23.66% to -23.51%
202180,65414.99 to 21.30$1,675,6120.00 %1.15% to 1.65%10.71% to 10.93%
202090,50513.53 to 19.20$1,698,9380.00 %1.15% to 1.65%28.71% to 28.97%
2019108,64110.50 to 14.89$1,585,4080.00 %1.15% to 1.35%13.86% to 14.09%
Guggenheim Variable Insurance Funds
Long Short Equity Fund
202368,14811.36 to 19.62$964,3250.24 %0.95% to 1.65%10.75% to 11.69%
202254,06410.18 to 17.57$704,7910.41 %0.95% to 1.65%-15.91% to -15.20%
202163,71014.66 to 20.71$981,2060.62 %0.95% to 1.65%21.59% to 22.63%
202081,31012.01 to 16.89$1,020,7150.78 %0.95% to 1.65%3.06% to 3.94%
201967,71911.60 to 16.25$825,2760.52 %0.95% to 1.40%4.12% to 5.02%
Multi-Hedge Strategies Fund
2023101,57010.44 to 11.46$1,143,3902.87 %1.15% to 1.65%2.97% to 3.44%
2022127,56510.11 to 11.11$1,394,5231.24 %1.15% to 1.65%-4.69% to -4.26%
2021136,09810.61 to 11.63$1,560,6930.00 %1.15% to 1.65%6.65% to 6.87%
2020178,74710.53 to 10.88$1,928,8791.27 %1.15% to 1.65%5.94% to 6.16%
2019197,1229.93 to 10.25$2,005,1732.27 %1.15% to 1.35%3.60% to 3.81%
Global Managed Futures Strategy Fund
202338,2919.67 to 11.47$388,2772.18 %1.15% to 1.65%2.21% to 2.87%
2022133,6229.45 to 11.18$1,302,6442.69 %1.15% to 1.65%9.80% to 10.29%
202131,1038.60 to 10.17$276,2210.00 %1.15% to 1.65%-0.41% to -0.21%
202034,1188.64 to 10.20$296,6743.56 %1.15% to 1.65%1.22% to 1.42%
201942,5588.53 to 10.06$367,2260.87 %1.15% to 1.35%6.69% to 6.91%
Small Cap Value Fund
2023263,26912.10 to 21.09$4,839,2291.23 %1.15% to 1.65%8.48% to 9.30%
2022289,17911.09 to 19.34$4,979,3660.64 %1.15% to 1.65%-5.31% to -4.60%
2021254,71811.65 to 20.33$4,701,1560.86 %1.15% to 1.65%24.37% to 24.74%
2020188,89410.46 to 16.30$2,995,9150.87 %1.15% to 1.65%-2.30% to -2.11%
2019167,90910.69 to 16.65$2,747,7250.82 %1.15% to 1.35%20.93% to 21.18%
ProFunds VP
Profund Access VP High Yield Fund
20232,03113.17 to 16.43$30,6694.97 %1.30% to 1.90%10.40% to 11.79%
20222,17011.93 to 14.70$30,4923.02 %1.30% to 1.90%-13.98% to -12.90%
20212,31513.87 to 17.97$36,4162.44 %1.30% to 1.90%-3.08% to -1.47%
20202,60014.31 to 18.23$41,7968.74 %1.30% to 1.90%-3.41% to -1.80%
20198,28814.42 to 19.48$145,2874.11 %1.30% to 1.90%8.46% to 10.87%
Asia 30
20235,3378.61 to 11.63$52,4680.11 %1.30% to 1.90%0.99% to 2.71%
20225,5248.53 to 11.32$53,4040.46 %1.30% to 1.90%-26.84% to -25.59%
20216,20811.66 to 15.22$81,9680.00 %1.30% to 1.90%-21.13% to -19.78%
20204,76215.91 to 18.97$80,0090.95 %1.30% to 1.90%31.87% to 33.46%
20195,45612.06 to 14.21$69,8470.26 %1.30% to 1.90%22.88% to 24.36%
88
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Banks
202313,0585.72 to 7.07$85,4011.77 %1.30% to 1.90%6.87% to 8.16%
20224,1555.05 to 6.54$24,3420.58 %1.30% to 1.90%-22.71% to -21.51%
202110,0826.53 to 8.53$73,4961.31 %1.30% to 1.90%29.35% to 31.57%
20204,6575.43 to 6.48$27,5781.38 %1.30% to 1.90%-17.80% to -16.81%
20197,2796.52 to 7.79$52,3861.04 %1.30% to 1.90%32.13% to 33.86%
Materials
20232,16115.01 to 20.82$37,8530.46 %1.30% to 1.90%8.79% to 10.82%
20222,30713.80 to 18.79$36,8130.17 %1.30% to 1.90%-12.04% to -10.40%
20212,51415.69 to 20.97$45,4300.75 %1.30% to 1.90%21.61% to 23.88%
20201,69613.89 to 16.93$25,4670.58 %1.30% to 1.90%13.32% to 14.87%
20191,89211.68 to 14.74$24,9690.29 %1.30% to 1.90%14.12% to 16.08%
Bear
20237,6830.65 to 0.82$5,5200.29 %1.30% to 1.90%-17.97% to -16.86%
20228,6930.79 to 0.99$7,5580.00 %1.30% to 1.90%13.38% to 14.92%
20218,3350.70 to 0.86$6,3630.00 %1.30% to 1.90%-27.04% to -26.05%
202028,5410.96 to 1.17$29,6850.47 %1.30% to 1.90%-28.00% to -27.02%
201938,3151.33 to 1.60$54,5390.09 %1.30% to 1.90%-25.41% to -24.40%
Biotechnology
20235,86931.01 to 43.76$222,1890.00 %1.30% to 1.90%6.26% to 8.35%
20226,53429.18 to 40.39$225,7650.00 %1.30% to 1.90%-10.97% to -9.22%
20217,32033.03 to 44.49$286,2210.00 %1.30% to 1.90%11.70% to 13.84%
20207,64129.36 to 39.09$264,3580.02 %1.30% to 1.90%11.30% to 13.49%
201910,54826.38 to 34.44$319,0690.00 %1.30% to 1.90%12.34% to 14.55%
Bull
202320,30020.05 to 29.58$545,2690.00 %1.30% to 1.90%19.50% to 22.15%
202217,47316.78 to 24.21$375,5610.00 %1.30% to 1.90%-22.49% to -20.77%
202126,86421.65 to 30.09$681,6330.00 %1.30% to 1.90%21.99% to 24.58%
202016,08617.74 to 24.51$334,7020.02 %1.30% to 1.90%12.04% to 14.53%
201969,01515.84 to 21.40$1,324,5520.35 %1.30% to 1.90%24.45% to 27.22%
Consumer Staples
20233,12918.52 to 25.23$67,3890.16 %1.30% to 1.90%0.36% to 2.13%
20225,97918.15 to 24.71$128,8800.05 %1.30% to 1.90%-27.36% to -26.00%
20216,25424.98 to 33.39$183,4890.44 %1.30% to 1.90%15.42% to 17.57%
20209,39521.65 to 28.40$237,1870.59 %1.30% to 1.90%26.42% to 28.78%
20197,32717.60 to 22.05$144,5142.14 %1.30% to 1.90%22.33% to 24.37%
Consumer Discretionary
20233,33224.25 to 34.23$99,1090.00 %1.30% to 1.90%27.40% to 29.90%
20223,10719.19 to 26.35$73,8420.00 %1.30% to 1.90%-33.92% to -32.65%
20214,13728.82 to 39.12$143,4400.00 %1.30% to 1.90%6.33% to 8.43%
20205,63327.10 to 36.08$176,9390.00 %1.30% to 1.90%23.81% to 26.25%
20194,39722.04 to 28.58$115,0440.00 %1.30% to 1.90%20.29% to 22.60%
Dow 30
20238,72419.01 to 25.22$193,7130.04 %1.30% to 1.90%10.31% to 12.08%
20226,86617.23 to 22.50$140,7860.00 %1.30% to 1.90%-11.45% to -10.03%
20213,87419.46 to 25.01$84,5420.00 %1.30% to 1.90%14.15% to 15.99%
202011,74017.05 to 21.56$229,5190.55 %1.30% to 1.90%4.34% to 6.02%
89
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
20197,81216.34 to 20.34$140,0000.09 %1.30% to 1.90%18.69% to 20.60%
Emerging Markets
202311,2025.11 to 7.16$64,6562.71 %1.30% to 1.90%11.36% to 13.71%
20225,9824.59 to 6.30$31,4820.66 %1.30% to 1.90%-19.07% to -17.36%
20216,6635.67 to 7.62$43,2710.00 %1.30% to 1.90%-20.84% to -19.15%
20207,2147.16 to 9.43$58,7420.50 %1.30% to 1.90%22.36% to 24.96%
20199,2115.85 to 7.55$60,9420.48 %1.30% to 1.90%19.96% to 22.51%
Europe 30
20233,4138.99 to 12.04$36,3792.08 %1.30% to 1.90%13.95% to 15.84%
20223,7417.89 to 10.39$34,5881.37 %1.30% to 1.90%-10.53% to -9.04%
20213,9918.82 to 11.42$41,1300.94 %1.30% to 1.90%20.79% to 22.80%
20204,2537.30 to 9.30$35,8781.79 %1.30% to 1.90%-11.96% to -10.50%
20196,9198.29 to 10.39$65,2882.63 %1.30% to 1.90%14.25% to 16.15%
Falling U.S. Dollar
20234,8384.07 to 4.24$19,8080.00 %1.30% to 1.90%0.80% to 1.06%
20225,2394.04 to 4.20$21,3150.00 %1.30% to 1.90%-10.92% to -10.70%
20215,2104.60 to 4.70$24,0530.00 %1.30% to 1.90%-10.12% to -9.99%
20205,2105.05 to 5.22$26,7560.39 %1.30% to 1.90%2.32% to 2.58%
20195,7674.94 to 5.15$28,6780.04 %1.30% to 1.90%-4.66% to -4.32%
Financials
20231,5709.39 to 12.91$17,8260.43 %1.30% to 1.90%9.92% to 11.91%
20221,7738.54 to 11.73$18,2710.10 %1.30% to 1.90%-18.10% to -16.53%
20212,60010.43 to 14.05$32,5041.32 %1.30% to 1.90%25.57% to 27.97%
20202,4498.25 to 10.98$24,8800.32 %1.30% to 1.90%-5.24% to -3.38%
20197,5238.70 to 11.36$73,0350.22 %1.30% to 1.90%25.67% to 28.14%
Health Care
20238,56625.44 to 35.91$254,6380.00 %1.30% to 1.90%-2.73% to -0.82%
20229,78026.16 to 36.21$294,3660.00 %1.30% to 1.90%-9.34% to -7.56%
20215,37829.31 to 39.17$186,0970.04 %1.30% to 1.90%17.36% to 19.55%
20209,86724.61 to 32.77$285,9480.00 %1.30% to 1.90%10.39% to 12.56%
201912,06322.29 to 29.11$310,5280.00 %1.30% to 1.90%15.15% to 17.42%
Industrials
20235,19419.90 to 27.35$125,3070.00 %1.30% to 1.90%12.42% to 14.29%
20223,15917.55 to 23.90$66,4100.00 %1.30% to 1.90%-18.46% to -16.94%
20214,18221.03 to 28.77$107,1920.00 %1.30% to 1.90%12.29% to 14.55%
20207,40318.73 to 24.93$163,5420.11 %1.30% to 1.90%12.63% to 14.85%
20199,69216.97 to 21.71$187,6930.00 %1.30% to 1.90%26.07% to 28.36%
International
20234,4565.94 to 7.38$32,3950.00 %1.30% to 1.90%11.70% to 13.22%
20224,9625.32 to 6.52$31,8470.00 %1.30% to 1.90%-19.24% to -18.14%
20215,5716.58 to 7.96$43,5660.00 %1.30% to 1.90%5.18% to 6.61%
20205,7996.26 to 7.47$42,5800.45 %1.30% to 1.90%1.39% to 2.77%
20196,3456.17 to 7.27$45,3900.26 %1.30% to 1.90%15.28% to 16.85%
90
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Internet
20234,77737.95 to 50.80$202,5820.00 %1.30% to 1.90%44.86% to 47.26%
20226,45225.98 to 35.07$189,7690.00 %1.30% to 1.90%-47.96% to -47.01%
20216,57049.91 to 66.19$371,1270.00 %1.30% to 1.90%1.73% to 3.58%
20206,64149.06 to 63.90$363,5900.00 %1.30% to 1.90%45.71% to 48.36%
20197,21133.44 to 43.07$268,0720.00 %1.30% to 1.90%13.97% to 16.10%
Japan
20233,4089.64 to 12.80$40,2440.00 %1.30% to 1.90%30.22% to 32.32%
20224,1077.41 to 9.67$37,0370.00 %1.30% to 1.90%-12.80% to -11.40%
20214,5108.49 to 10.91$46,2780.00 %1.30% to 1.90%0.57% to 2.19%
20204,5168.44 to 10.68$45,3320.29 %1.30% to 1.90%12.23% to 14.04%
20194,4217.52 to 9.49$38,8510.14 %1.30% to 1.90%16.16% to 18.15%
Large-Cap Growth
202324,12125.75 to 38.66$792,8640.00 %1.30% to 1.90%23.36% to 26.22%
202224,51720.87 to 30.63$621,8510.00 %1.30% to 1.90%-33.09% to -31.53%
202136,01631.20 to 44.74$1,399,4900.00 %1.30% to 1.90%25.27% to 28.19%
202035,78524.90 to 34.90$1,091,9990.00 %1.30% to 1.90%26.30% to 29.24%
201937,39719.99 to 27.01$868,6750.00 %1.30% to 1.90%24.46% to 27.22%
Large-Cap Value
202329,12015.25 to 21.15$544,2380.47 %1.30% to 1.90%15.86% to 18.01%
202233,73013.17 to 17.92$531,3110.56 %1.30% to 1.90%-10.11% to -8.44%
202123,85014.88 to 19.58$432,1350.96 %1.30% to 1.90%18.70% to 20.79%
202025,06112.53 to 16.21$377,8590.86 %1.30% to 1.90%-3.50% to -1.79%
201937,19112.99 to 16.50$570,1901.00 %1.30% to 1.90%25.31% to 27.52%
Mid-Cap
20234,91816.31 to 21.09$90,8740.00 %1.30% to 1.90%9.92% to 11.69%
20226,21614.83 to 18.89$103,6300.00 %1.30% to 1.90%-17.84% to -16.52%
20216,57318.06 to 22.62$132,5500.00 %1.30% to 1.90%18.01% to 19.91%
20207,82215.10 to 20.41$133,3300.07 %1.30% to 1.90%6.84% to 9.33%
2019192,85414.13 to 18.67$2,977,6270.01 %1.30% to 1.90%19.16% to 21.93%
Mid-Cap Growth
202311,77518.62 to 25.15$267,3750.00 %1.30% to 1.90%11.49% to 13.39%
202213,54116.70 to 22.18$269,3300.00 %1.30% to 1.90%-23.16% to -21.84%
202113,40221.73 to 29.05$347,6840.00 %1.30% to 1.90%12.83% to 14.94%
202015,75819.26 to 25.27$354,2600.00 %1.30% to 1.90%16.62% to 18.80%
201915,43016.98 to 21.72$297,8100.00 %1.30% to 1.90%20.09% to 22.27%
Mid-Cap Value
20234,56416.51 to 22.11$92,4460.26 %1.30% to 1.90%9.45% to 11.27%
20225,94715.09 to 19.87$106,2040.13 %1.30% to 1.90%-11.68% to -10.22%
20215,41017.91 to 22.83$110,7890.30 %1.30% to 1.90%24.36% to 26.30%
20205,20114.19 to 18.08$86,2320.33 %1.30% to 1.90%-1.12% to 0.52%
20196,03114.16 to 17.62$99,6340.18 %1.30% to 1.90%19.81% to 21.75%
91
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Government Money Market
2023322,0226.07 to 9.11$2,419,7323.84 %1.30% to 1.90%0.47% to 2.81%
2022424,5606.04 to 8.86$3,107,3121.28 %1.30% to 1.90%-2.52% to -0.26%
2021307,0296.19 to 8.88$2,299,0910.01 %1.30% to 1.90%-3.52% to -1.28%
2020532,1316.42 to 9.00$4,022,8960.04 %1.30% to 1.90%-3.49% to -1.25%
2019370,0186.65 to 9.11$2,912,3270.74 %1.30% to 1.90%-2.79% to -0.53%
Energy
202327,0399.03 to 12.98$276,3322.49 %1.30% to 1.90%-5.93% to -3.99%
202221,2019.60 to 14.10$229,7030.92 %1.30% to 1.90%53.81% to 57.38%
202133,8946.24 to 8.96$246,4802.20 %1.30% to 1.90%46.57% to 49.97%
202028,0104.32 to 5.76$134,5451.81 %1.30% to 1.90%-36.72% to -35.47%
201938,0286.83 to 8.92$283,1971.36 %1.30% to 1.90%4.78% to 6.85%
NASDAQ-100
20234,81645.36 to 60.18$249,3700.00 %1.30% to 1.90%46.96% to 49.32%
20226,17330.86 to 40.30$217,4900.00 %1.30% to 1.90%-36.18% to -35.15%
20219,98948.36 to 68.28$565,8440.00 %1.30% to 1.90%20.51% to 23.19%
202012,97340.13 to 55.42$615,1780.00 %1.30% to 1.90%40.57% to 43.69%
201920,36828.55 to 38.57$685,3800.00 %1.30% to 1.90%32.00% to 34.94%
Pharmaceuticals
20232,87415.75 to 21.46$56,4200.52 %1.30% to 1.90%-8.64% to -7.04%
20222,63917.24 to 23.09$55,5520.07 %1.30% to 1.90%-9.26% to -7.66%
20212,98219.00 to 25.00$68,5680.27 %1.30% to 1.90%7.48% to 9.38%
20203,03617.68 to 22.86$63,9330.09 %1.30% to 1.90%8.75% to 10.67%
20194,42516.26 to 20.66$83,6080.96 %1.30% to 1.90%10.23% to 12.17%
Precious Metals
202374,7693.36 to 4.70$274,8280.00 %1.30% to 1.90%-1.96% to -0.08%
202275,5853.43 to 4.90$280,8440.00 %1.30% to 1.90%-14.04% to -12.17%
202185,1443.99 to 5.58$370,8920.00 %1.30% to 1.90%-12.02% to -10.11%
202091,3744.43 to 5.99$446,0260.24 %1.30% to 1.90%19.72% to 22.20%
2019172,9783.70 to 4.90$725,9310.04 %1.30% to 1.90%40.82% to 43.74%
Real Estate
20234,72510.60 to 14.57$57,2221.12 %1.30% to 1.90%6.21% to 8.13%
20225,0779.92 to 13.73$57,7910.48 %1.30% to 1.90%-29.31% to -27.76%
202110,10114.00 to 19.01$161,4570.03 %1.30% to 1.90%32.23% to 34.83%
20207,52110.67 to 14.10$91,8820.74 %1.30% to 1.90%-9.56% to -7.83%
201918,67111.80 to 15.51$250,3211.95 %1.30% to 1.90%22.34% to 24.81%
Rising Rates Opportunity
20238,9241.46 to 1.68$14,7630.12 %1.30% to 1.90%-1.10% to -0.30%
202210,4681.47 to 1.68$17,4270.00 %1.30% to 1.90%54.04% to 55.27%
202111,6570.95 to 1.14$12,4880.00 %1.30% to 1.90%-2.93% to -1.81%
202017,4740.98 to 1.16$19,1580.54 %1.30% to 1.90%-28.80% to -27.97%
201923,8111.27 to 1.61$36,0980.10 %1.30% to 1.90%-20.26% to -18.85%
92
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Semiconductor
20233,51948.11 to 63.28$182,3120.00 %1.30% to 1.90%87.14% to 90.04%
20223,98625.71 to 33.30$108,5660.00 %1.30% to 1.90%-39.62% to -38.68%
20214,29242.58 to 54.30$195,0840.00 %1.30% to 1.90%43.46% to 45.70%
20204,64129.68 to 37.27$144,7030.26 %1.30% to 1.90%39.94% to 42.13%
20195,10821.21 to 26.22$112,7700.32 %1.30% to 1.90%44.70% to 46.96%
Short Dow 30
20232,0570.54 to 0.66$1,3660.00 %1.30% to 1.90%-11.26% to -10.19%
20222,2510.60 to 0.75$1,6380.00 %1.30% to 1.90%2.09% to 3.42%
20212,2190.59 to 0.74$1,5870.00 %1.30% to 1.90%-22.57% to -21.44%
202010,2640.77 to 0.95$9,6440.42 %1.30% to 1.90%-23.69% to -22.58%
20192,4201.07 to 1.18$2,8210.04 %1.30% to 1.90%-21.71% to -21.16%
Short Emerging Markets
2023—-$00.00 %1.30% to 1.90%n/a
2022—-$00.00 %1.30% to 1.90%n/a
2021—-$00.00 %1.30% to 1.90%n/a
2020—-$00.00 %1.30% to 1.90%n/a
2019—-$00.00 %1.30% to 1.90%n/a
Short International
20232,6451.80 to 1.88$4,8891.79 %1.30% to 1.90%-12.63% to -12.42%
20222,6622.06 to 2.17$5,6200.00 %1.30% to 1.90%9.52% to 9.90%
20212,6541.88 to 1.98$5,1540.00 %1.30% to 1.90%-15.67% to -15.37%
20202,6702.23 to 2.34$6,1330.63 %1.30% to 1.90%-19.12% to -18.83%
20192,7072.76 to 2.84$7,6130.32 %1.30% to 1.90%-19.58% to -19.38%
Short Mid-Cap
20232,0990.63 to 0.63$1,3220.83 %1.30% to 1.90%-11.49% to -11.49%
20222,0990.71 to 0.72$1,4940.00 %1.30% to 1.90%6.78% to 6.89%
20212,0660.68 to 0.68$1,3980.00 %1.30% to 1.90%-25.80% to -25.80%
20202,0660.81 to 0.91$1,8841.18 %1.30% to 1.90%-28.89% to -28.32%
20192,4251.14 to 1.26$3,0070.27 %1.30% to 1.90%-23.57% to -23.04%
Short NASDAQ-100
2023—-$00.00 %1.30% to 1.90%n/a
2022—-$00.00 %1.30% to 1.90%n/a
2021—0.32 to 0.32$00.00 %1.30% to 1.90%-26.73% to -26.73%
20207,9090.37 to 0.43$3,4050.41 %1.30% to 1.90%-44.53% to -43.99%
20193600.67 to 0.67$2430.14 %1.30% to 1.90%-30.25% to -30.25%
Short Small-Cap
20232,9220.51 to 0.60$1,7500.26 %1.30% to 1.90%-14.02% to -13.20%
20223,0630.59 to 0.69$2,1050.00 %1.30% to 1.90%13.66% to 14.74%
20213,1130.52 to 0.60$1,8650.00 %1.30% to 1.90%-21.92% to -21.17%
20204,6660.66 to 0.76$3,5180.57 %1.30% to 1.90%-34.38% to -33.75%
20195,0241.08 to 1.18$5,7150.06 %1.30% to 1.90%-23.20% to -22.74%
93
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Small-Cap
20238,88813.38 to 17.76$143,4450.00 %1.30% to 1.90%10.97% to 12.75%
20229,83412.06 to 15.75$141,4010.00 %1.30% to 1.90%-24.53% to -23.32%
202110,53815.98 to 20.54$198,5110.00 %1.30% to 1.90%9.00% to 10.76%
202010,95314.66 to 20.25$188,2320.04 %1.30% to 1.90%13.03% to 15.54%
201918,22212.97 to 17.53$284,2320.00 %1.30% to 1.90%19.35% to 22.01%
Small-Cap Growth
20236,75719.84 to 24.53$143,6870.00 %1.30% to 1.90%11.69% to 13.03%
20227,08817.76 to 23.98$135,0530.00 %1.30% to 1.90%-24.78% to -23.41%
20218,04123.07 to 31.32$206,7940.00 %1.30% to 1.90%16.78% to 19.08%
202011,09519.75 to 24.08$237,3900.00 %1.30% to 1.90%13.64% to 15.18%
201911,69616.80 to 22.70$221,2100.00 %1.30% to 1.90%15.02% to 17.58%
Small-Cap Value
20235,07315.63 to 21.11$89,4210.02 %1.30% to 1.90%9.33% to 11.20%
20225,45114.29 to 18.98$87,1480.00 %1.30% to 1.90%-15.21% to -13.76%
20216,04716.86 to 22.01$113,2620.10 %1.30% to 1.90%24.45% to 26.58%
202013,19113.85 to 17.39$205,8660.01 %1.30% to 1.90%-2.02% to -0.49%
20196,37814.13 to 17.47$97,2190.00 %1.30% to 1.90%18.82% to 20.68%
Technology
20233,91444.47 to 63.32$213,3170.00 %1.30% to 1.90%52.39% to 55.45%
20226,22729.18 to 40.73$218,7890.00 %1.30% to 1.90%-38.00% to -36.74%
20217,66947.07 to 64.39$426,2620.00 %1.30% to 1.90%30.19% to 32.82%
202011,88836.15 to 48.13$504,0190.00 %1.30% to 1.90%39.69% to 42.44%
201910,67825.88 to 33.79$321,4080.00 %1.30% to 1.90%40.05% to 42.81%
Communication Services
20232813.23 to 15.51$3660.24 %1.30% to 1.90%28.38% to 29.54%
202222410.30 to 12.17$2,4551.74 %1.30% to 1.90%-23.27% to -22.50%
202128813.43 to 15.71$4,1921.40 %1.30% to 1.90%15.32% to 16.48%
202047411.65 to 13.49$5,9000.89 %1.30% to 1.90%0.45% to 1.46%
201940211.59 to 13.29$5,0061.88 %1.30% to 1.90%11.77% to 12.89%
U.S. Government Plus
20235,4848.64 to 12.20$63,9494.05 %1.30% to 1.90%-3.51% to -1.61%
20225,2418.96 to 13.14$61,9200.00 %1.30% to 1.90%-43.76% to -42.45%
202117,24715.93 to 22.84$344,4110.00 %1.30% to 1.90%-10.37% to -8.29%
202018,15317.77 to 24.90$396,4180.02 %1.30% to 1.90%16.42% to 19.13%
20198,23715.26 to 20.90$147,0730.74 %1.30% to 1.90%14.04% to 16.69%
UltraBull
202320,10832.32 to 47.26$844,9630.00 %1.30% to 1.90%39.98% to 43.01%
202220,02623.09 to 33.05$592,8930.00 %1.30% to 1.90%-41.33% to -40.06%
202126,90339.35 to 57.34$1,300,9290.00 %1.30% to 1.90%52.40% to 56.10%
202031,32825.82 to 36.73$988,6660.82 %1.30% to 1.90%15.47% to 18.28%
201921,80622.36 to 30.63$593,7490.32 %1.30% to 1.90%54.35% to 57.94%
94
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
UltraMid-Cap
202314,64821.80 to 30.24$363,8590.00 %1.30% to 1.90%17.90% to 20.10%
202214,55118.49 to 25.61$304,7600.00 %1.30% to 1.90%-34.57% to -33.28%
202123,80728.26 to 38.38$753,3910.00 %1.30% to 1.90%41.49% to 44.27%
202029,38319.98 to 26.60$648,3910.20 %1.30% to 1.90%1.49% to 3.50%
201918,61120.09 to 25.70$412,7360.00 %1.30% to 1.90%42.78% to 45.37%
UltraNASDAQ-100
20233,559145.92 to 215.26$595,6970.00 %1.30% to 1.90%107.88% to 112.48%
20223,78170.19 to 103.01$301,5980.00 %1.30% to 1.90%-62.31% to -61.44%
20216,602186.26 to 267.12$1,423,3560.00 %1.30% to 1.90%47.12% to 50.54%
20206,221126.6 to 174.85$882,2580.00 %1.30% to 1.90%79.72% to 83.71%
20195,81271.90 to 95.18$466,1100.00 %1.30% to 1.90%73.58% to 77.17%
UltraShort Dow30
20234,2710.05 to 0.05$2260.14 %1.30% to 1.90%-21.04% to -21.04%
20225,1770.07 to 0.07$3460.00 %1.30% to 1.90%4.29% to 4.29%
20218,0590.06 to 0.06$5170.00 %1.30% to 1.90%-37.28% to -37.28%
20209,2030.10 to 0.10$9417.11 %1.30% to 1.90%-46.98% to -46.98%
20199,8030.19 to 0.19$1,8903.03 %1.30% to 1.90%-38.64% to -38.64%
UltraShort NASDAQ-100
202315,5150.01 to 0.01$950.00 %1.30% to 1.90%-58.88% to -58.70%
202220,8050.01 to 0.01$3060.00 %1.30% to 1.90%51.02% to 51.63%
202148,7830.01 to 0.01$4750.00 %1.30% to 1.90%-44.71% to -44.36%
202033,7690.02 to 0.02$5900.65 %1.30% to 1.90%-72.44% to -72.27%
201935,1160.06 to 0.06$2,2120.74 %1.30% to 1.90%-52.20% to -51.90%
UltraSmall-Cap
20238,61710.73 to 14.49$109,7080.00 %1.30% to 1.90%17.99% to 20.01%
20228,1349.09 to 12.07$86,3840.00 %1.30% to 1.90%-45.73% to -44.80%
202120,38716.75 to 21.87$384,7180.00 %1.30% to 1.90%18.83% to 20.86%
202026,00414.10 to 18.10$409,7740.15 %1.30% to 1.90%12.16% to 14.08%
201910,00612.57 to 15.86$139,9990.00 %1.30% to 1.90%41.98% to 44.41%
Utilities
20237,39715.46 to 21.44$130,5711.23 %1.30% to 1.90%-11.82% to -10.17%
202210,05017.53 to 24.26$197,9101.50 %1.30% to 1.90%-3.77% to -1.88%
20213,68818.50 to 24.73$85,2181.31 %1.30% to 1.90%11.44% to 13.52%
20205,86416.60 to 21.78$115,2891.51 %1.30% to 1.90%-5.76% to -4.00%
20194,18618.23 to 22.69$87,1573.33 %1.30% to 1.90%18.95% to 20.86%
VanEck Worldwide Insurance Trust
Global Resources Fund
2023406,4207.09 to 36.00$5,514,5532.43 %0.95% to 1.90%-7.14% to -4.49%
2022522,4957.63 to 37.70$7,704,9961.76 %0.95% to 1.90%4.41% to 7.37%
2021383,1137.31 to 35.11$5,998,4420.43 %0.95% to 1.90%14.60% to 17.8%
2020479,8866.38 to 29.80$6,663,3380.72 %0.95% to 1.90%14.74% to 17.99%
2019455,6825.56 to 25.26$5,651,5430.00 %0.95% to 1.90%7.71% to 10.81%
95
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Emerging Markets Fund
202319,89023.59 to 38.73$732,8903.45 %0.95% to 1.40%7.28% to 8.74%
202224,33621.78 to 35.61$807,4210.24 %0.95% to 1.40%-26.09% to -25.09%
202128,93124.19 to 47.68$1,276,5370.97 %0.95% to 1.40%-14.00% to -12.70%
202029,83528.12 to 55.17$1,536,9381.76 %0.95% to 1.40%14.07% to 16.14%
201936,38529.02 to 47.98$1,622,5870.53 %0.95% to 1.40%27.05% to 29.36%
Emerging Markets Bond Fund
202324,05613.02 to 18.57$393,5693.94 %0.95% to 1.40%9.15% to 10.35%
202222,71311.84 to 16.83$341,8504.10 %0.95% to 1.40%-8.72% to -7.81%
202124,42912.90 to 18.26$400,5054.90 %0.95% to 1.40%-6.00% to -4.96%
202032,46713.62 to 19.21$554,81412.28 %0.95% to 1.40%6.71% to 7.89%
201928,85011.55 to 17.81$461,8610.63 %0.95% to 1.40%10.39% to 11.55%
Janus Henderson Series
Global Technology and Innovation Portfolio
2023410,82311.12 to 57.53$15,827,2320.00 %1.15% to 1.65%51.76% to 52.90%
2022347,3447.29 to 37.72$8,773,2840.00 %1.15% to 1.65%-38.15% to -37.69%
2021343,52011.72 to 60.68$14,336,3840.11 %1.15% to 1.65%16.05% to 16.40%
2020227,66513.89 to 52.13$11,077,2500.00 %1.15% to 1.65%48.70% to 49.00%
2019171,19417.10 to 34.99$5,605,2460.00 %1.15% to 1.35%42.88% to 43.16%
Overseas Portfolio
2023115,91610.66 to 14.99$1,473,0781.43 %1.15% to 1.65%9.00% to 9.60%
202291,4229.74 to 13.72$1,087,9681.66 %1.15% to 1.65%-10.15% to -9.65%
202193,35710.81 to 15.24$1,196,9111.19 %1.15% to 1.65%11.77% to 11.99%
202055,05011.34 to 13.62$656,2990.97 %1.15% to 1.65%14.46% to 14.69%
201948,6829.91 to 11.89$488,3021.74 %1.15% to 1.35%25.01% to 25.26%
Research Portfolio
20232,76736.66 to 37.36$101,7250.06 %1.15% to 1.65%40.90% to 41.18%
20225,72826.02 to 26.46$149,2360.00 %1.15% to 1.65%-31.00% to -30.86%
20217,48937.71 to 38.27$283,2690.02 %1.15% to 1.65%18.44% to 18.68%
202017,58931.84 to 32.25$561,4640.19 %1.15% to 1.65%30.79% to 31.06%
201921,96124.34 to 24.61$536,1010.29 %1.15% to 1.35%33.41% to 33.68%
Enterprise Services Portfolio
20231,491,48410.98 to 29.64$37,284,4260.09 %1.15% to 1.65%15.85% to 16.72%
20221,413,5399.42 to 25.46$31,661,5800.08 %1.15% to 1.65%-17.52% to -16.90%
20211,389,25511.36 to 30.71$39,241,7240.24 %1.15% to 1.65%14.63% to 15.21%
20201,214,72312.77 to 26.66$30,922,0870.00 %1.15% to 1.65%17.58% to 17.82%
20191,142,75915.07 to 22.63$24,865,8390.06 %1.15% to 1.35%33.34% to 33.61%
Global Research Portfolio
202367,82311.49 to 26.90$1,552,5360.71 %1.15% to 1.65%24.41% to 25.34%
202286,6439.18 to 21.52$1,469,8920.83 %1.15% to 1.65%-20.85% to -20.33%
202166,99311.55 to 27.07$1,659,0120.38 %1.15% to 1.65%16.22% to 16.45%
202048,04015.58 to 23.25$1,089,2760.49 %1.15% to 1.65%18.15% to 18.39%
201950,45413.17 to 19.64$969,2670.93 %1.15% to 1.35%26.99% to 27.24%
96
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Mid Cap Value Portfolio
2023238,61411.72 to 21.57$4,545,2430.92 %1.15% to 1.65%9.29% to 10.11%
2022243,36810.67 to 19.64$4,266,7451.12 %1.15% to 1.65%-7.31% to -6.62%
2021222,53211.45 to 21.08$4,304,2370.31 %1.15% to 1.65%17.82% to 18.06%
2020208,42111.63 to 17.86$3,568,7211.02 %1.15% to 1.65%-2.54% to -2.34%
2019197,11811.92 to 18.29$3,477,4941.07 %1.15% to 1.35%28.30% to 28.56%
Balanced Portfolio
20233,844,04110.95 to 22.96$78,720,7801.75 %1.15% to 1.65%13.26% to 14.11%
20224,239,1399.61 to 20.17$76,782,2620.96 %1.15% to 1.65%-17.98% to -17.36%
20214,024,85211.65 to 24.47$89,831,2950.70 %1.15% to 1.65%15.00% to 15.57%
20202,669,62811.61 to 21.17$55,162,8631.43 %1.15% to 1.65%12.50% to 12.72%
20192,251,19613.21 to 18.78$41,323,1811.72 %1.15% to 1.35%20.63% to 20.88%
Flexible Bond Portfolio
2023678,4878.74 to 10.77$7,117,3123.52 %1.15% to 1.65%3.57% to 4.35%
2022736,8468.39 to 10.34$7,446,7181.77 %1.15% to 1.65%-15.31% to -14.67%
2021930,9129.86 to 12.15$11,002,4061.68 %1.15% to 1.65%-2.44% to -2.24%
2020788,94211.56 to 12.43$9,649,5112.53 %1.15% to 1.65%8.77% to 8.99%
2019621,44310.61 to 11.40$6,994,5242.64 %1.15% to 1.35%7.81% to 8.03%
GI Unconstrained Bond Portfolio
2019—-$01.29 %1.15% to 1.35%n/a
PIMCO Variable Insurance Trust
Total Return Portfolio
20232,547,2698.70 to 17.31$28,859,2243.42 %0.95% to 1.90%2.09% to 4.93%
20222,850,2768.32 to 16.50$30,907,2662.45 %0.95% to 1.90%-17.41% to -15.11%
20213,417,9269.82 to 19.44$43,643,6881.74 %0.95% to 1.90%-4.81% to -2.20%
20203,527,60310.27 to 19.87$46,554,3572.03 %0.95% to 1.90%4.76% to 7.62%
20194,050,36010.68 to 18.47$50,056,3753.04 %0.95% to 1.90%4.48% to 7.34%
Low Duration Portfolio
20232,902,0308.19 to 13.21$28,079,8893.47 %0.95% to 1.90%1.27% to 3.98%
20223,206,7278.29 to 12.70$30,036,8701.50 %0.95% to 1.90%-8.93% to -6.63%
20213,694,2389.10 to 13.61$37,157,0370.43 %0.95% to 1.90%-4.29% to -1.86%
20202,779,8159.51 to 13.86$28,712,5511.14 %0.95% to 1.90%-0.50% to 2.02%
20192,486,5079.37 to 13.59$25,289,7382.68 %0.95% to 1.90%0.36% to 3.05%
High Yield Portfolio
2023751,37910.06 to 26.72$11,383,5036.29 %0.95% to 1.90%8.05% to 11.16%
2022620,3129.08 to 24.04$8,632,2145.11 %0.95% to 1.90%-13.63% to -11.13%
2021631,50210.24 to 27.05$10,193,9344.50 %0.95% to 1.90%-0.23% to 2.65%
2020633,05811.59 to 26.35$10,181,9044.17 %0.95% to 1.90%1.80% to 4.75%
2019766,90211.11 to 25.16$11,878,6574.84 %0.95% to 1.90%10.46% to 13.66%
Real Return Portfolio
20232,005,0349.33 to 17.64$20,588,9462.89 %0.95% to 1.90%0.01% to 2.69%
20222,340,8189.11 to 17.18$23,530,9897.20 %0.95% to 1.90%-15.01% to -12.74%
20212,419,18010.46 to 19.68$28,158,4584.78 %0.95% to 1.90%1.85% to 4.59%
20202,135,71010.60 to 18.82$24,012,4681.30 %0.95% to 1.90%7.76% to 10.66%
20192,122,1369.97 to 17.01$21,521,0581.56 %0.95% to 1.90%4.61% to 7.42%
97
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
All Asset Portfolio
2023216,63910.41 to 17.93$2,783,3112.82 %0.95% to 1.90%4.31% to 7.05%
2022244,4129.74 to 16.86$2,965,5037.48 %0.95% to 1.90%-14.90% to -12.66%
2021261,58911.17 to 19.43$3,850,52710.69 %0.95% to 1.90%12.05% to 14.71%
2020304,90812.76 to 17.00$3,938,9784.41 %0.95% to 1.90%4.20% to 6.67%
2019358,01911.99 to 16.34$4,350,2242.78 %0.95% to 1.90%7.90% to 10.47%
Global Managed Asset Allocation Portfolio
202377,4869.98 to 13.45$1,013,6162.20 %1.15% to 1.65%11.01% to 11.84%
202275,8188.94 to 12.06$890,6601.77 %1.15% to 1.65%-19.73% to -19.13%
202182,82711.08 to 14.95$1,209,6382.13 %1.15% to 1.65%11.09% to 11.32%
202067,35413.26 to 13.43$893,0688.44 %1.15% to 1.65%15.14% to 15.38%
201949,47511.51 to 11.64$569,7262.22 %1.15% to 1.35%15.39% to 15.62%
Short-Term Portfolio
20234,336,79810.12 to 10.58$45,099,0594.18 %1.15% to 1.65%4.07% to 4.85%
20225,692,4839.73 to 10.11$56,661,6711.66 %1.15% to 1.65%-1.88% to -1.14%
20214,383,1919.86 to 10.25$44,386,0050.93 %1.15% to 1.65%-1.79% to -1.30%
20205,617,64510.09 to 10.39$57,770,2301.27 %1.15% to 1.65%0.77% to 0.97%
20194,389,65110.18 to 10.29$44,795,8272.25 %1.15% to 1.35%1.32% to 1.52%
Emerging Markets Bond Portfolio
2023137,4028.96 to 11.79$1,544,8985.39 %1.15% to 1.65%9.19% to 10.01%
2022161,2618.16 to 10.75$1,655,2804.53 %1.15% to 1.65%-17.18% to -16.55%
2021164,8799.80 to 12.91$2,058,7964.54 %1.15% to 1.65%-3.96% to -3.77%
2020168,48411.53 to 13.42$2,203,4104.38 %1.15% to 1.65%5.16% to 5.38%
2019160,28610.95 to 12.73$1,987,5624.33 %1.15% to 1.35%13.12% to 13.34%
Global Bond Opportunities Portfolio
20238,4419.12 to 9.29$76,9742.11 %1.15% to 1.65%3.75% to 3.75%
202212,0528.79 to 8.94$106,4481.26 %1.15% to 1.65%-12.28% to -12.11%
202110,46410.02 to 10.17$104,9513.71 %1.15% to 1.65%-5.54% to -5.35%
202017,48310.61 to 10.75$185,6602.05 %1.15% to 1.65%8.53% to 8.75%
201935,8259.77 to 9.88$351,7382.34 %1.15% to 1.35%4.60% to 4.81%
Commodity Real Return Strategy Portfolio
2023944,5696.42 to 16.61$6,445,42015.25 %1.15% to 1.65%-9.44% to -8.76%
20221,024,5977.07 to 18.31$7,817,40426.22 %1.15% to 1.65%6.89% to 7.69%
2021969,7296.59 to 17.09$6,614,5474.38 %1.15% to 1.65%31.33% to 31.59%
2020976,2465.02 to 9.73$4,932,2285.48 %1.15% to 1.65%-0.13% to 0.07%
20191,039,0335.03 to 9.73$5,244,2094.40 %1.15% to 1.35%9.86% to 10.08%
International Bond (USD-Hedged) Portfolio
2023252,9129.27 to 10.94$2,696,0132.46 %1.15% to 1.65%7.13% to 7.93%
2022252,3938.60 to 10.16$2,505,6411.37 %1.15% to 1.65%-11.53% to -11.05%
2021248,9169.69 to 11.45$2,801,3411.44 %1.15% to 1.65%-3.37% to -3.17%
2020201,36911.19 to 11.83$2,355,4595.88 %1.15% to 1.65%4.03% to 4.24%
2019179,47910.74 to 11.35$2,017,0251.70 %1.15% to 1.35%5.47% to 5.68%
98
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Dynamic Bond Adv Portfolio
2023187,2099.76 to 10.89$2,005,6843.39 %1.15% to 1.65%5.56% to 6.04%
2022206,6169.22 to 10.30$2,094,5732.52 %1.15% to 1.65%-7.70% to -7.47%
2021234,5629.97 to 11.14$2,577,2401.94 %1.15% to 1.65%-0.17% to 0.03%
2020211,42610.84 to 11.13$2,333,7122.50 %1.15% to 1.65%3.30% to 3.50%
2019241,09510.49 to 10.76$2,574,9034.13 %1.15% to 1.35%3.42% to 3.63%
Income Advisor Portfolio
20232,887,9019.83 to 11.11$31,631,3015.19 %1.15% to 1.65%6.38% to 7.18%
20223,039,7629.19 to 10.39$31,220,1963.51 %1.15% to 1.65%-9.38% to -8.69%
20213,164,89410.09 to 11.41$35,772,9082.80 %1.15% to 1.65%0.23% to 0.73%
20202,554,04810.78 to 11.33$28,750,3873.74 %1.15% to 1.65%4.97% to 5.19%
20193,177,13010.72 to 10.77$34,058,3143.40 %1.15% to 1.35%7.00% to 7.22%
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund
202352,96917.93 to 30.24$1,402,4810.97 %0.95% to 1.90%15.19% to 18.15%
202258,77915.57 to 25.60$1,269,0590.23 %0.95% to 1.90%-22.15% to -20.14%
202169,46520.00 to 32.05$1,906,7490.53 %0.95% to 1.90%19.53% to 22.62%
202058,33616.73 to 26.14$1,341,7250.17 %0.95% to 1.90%4.85% to 7.56%
201973,89215.96 to 24.30$1,622,1800.47 %0.95% to 1.90%20.55% to 23.66%
Large Cap Value Fund
20235,72621.71 to 28.87$155,7910.78 %0.95% to 1.40%10.28% to 11.95%
202224,66019.68 to 25.79$554,0271.26 %0.95% to 1.40%-8.63% to -7.25%
202126,53621.54 to 27.80$648,7031.62 %0.95% to 1.40%21.13% to 22.96%
202011,22019.27 to 22.61$239,4121.30 %0.95% to 1.40%1.97% to 3.00%
201911,82318.61 to 21.95$245,2890.82 %0.95% to 1.40%23.37% to 24.74%
Mid Cap Value Fund
202378,53427.92 to 38.56$2,827,3440.94 %0.95% to 1.40%8.51% to 10.37%
202295,78725.73 to 34.94$3,110,7090.63 %0.95% to 1.40%-12.34% to -10.84%
2021112,31829.35 to 39.19$4,110,8870.47 %0.95% to 1.40%27.53% to 29.71%
2020125,10923.01 to 30.21$3,558,5190.59 %0.95% to 1.40%5.57% to 7.38%
2019123,12819.28 to 28.13$3,256,7460.81 %0.95% to 1.40%27.77% to 30.28%
Mid-Cap Growth Portfolio
202312,50033.09 to 43.99$495,9850.00 %0.95% to 1.40%15.12% to 16.85%
202215,15330.34 to 37.65$536,2070.00 %0.95% to 1.40%-30.34% to -29.50%
202121,62143.18 to 53.40$1,067,3540.00 %0.95% to 1.40%10.27% to 11.66%
202022,31739.16 to 47.83$991,4220.00 %0.95% to 1.40%36.67% to 38.39%
201930,99627.60 to 34.56$991,7970.00 %0.95% to 1.40%29.28% to 31.23%
AMT Mid Cap Intrinsic Value Portfolio
20234,45021.97 to 29.22$118,6520.59 %0.95% to 1.40%8.32% to 9.96%
202213,14420.28 to 26.57$305,6940.44 %0.95% to 1.40%-11.93% to -10.61%
202120,25622.86 to 29.73$526,9990.76 %0.95% to 1.40%29.59% to 31.54%
20205,81617.45 to 22.60$122,4150.53 %0.95% to 1.40%-4.98% to -3.54%
201916,41718.18 to 23.43$347,1810.85 %0.95% to 1.40%13.92% to 15.64%
99
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
BNY Mellon Variable Investment Fund
Appreciation Portfolio
20238,03225.03 to 35.32$248,1940.62 %1.30% to 1.90%16.30% to 18.58%
202211,83421.52 to 29.79$307,8780.28 %1.30% to 1.90%-21.22% to -19.67%
202119,46527.32 to 37.08$619,6980.16 %1.30% to 1.90%22.17% to 24.57%
202012,48622.36 to 29.77$332,9220.56 %1.30% to 1.90%18.90% to 21.24%
201916,17218.81 to 25.06$357,3790.96 %1.30% to 1.90%30.85% to 33.63%
International Value Portfolio
2020—-$04.78 %1.30% to 1.90%n/a
20191,4717.52 to 9.55$12,5522.06 %1.30% to 1.90%17.91% to 19.99%
Sustainable U.S. Equity Portfolio
202350129.20 to 33.34$16,1030.54 %1.30% to 1.90%20.47% to 21.37%
202253424.24 to 27.47$14,0500.28 %1.30% to 1.90%-24.96% to -24.40%
202152029.64 to 36.33$18,1050.41 %1.30% to 1.90%22.88% to 24.48%
20201,11124.12 to 29.19$28,7621.01 %1.30% to 1.90%20.14% to 21.71%
20192,53120.08 to 23.98$55,0401.02 %1.30% to 1.90%29.99% to 31.69%
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio
20231,51010.57 to 15.45$18,2258.92 %1.30% to 1.90%7.80% to 10.14%
20221,8949.80 to 14.03$21,2338.06 %1.30% to 1.90%-21.64% to -19.94%
20212,23612.51 to 17.52$32,4685.06 %1.30% to 1.90%-5.39% to -3.33%
20202,31113.22 to 18.13$35,1014.09 %1.30% to 1.90%1.85% to 4.07%
20194,27412.98 to 17.42$63,4836.40 %1.30% to 1.90%10.19% to 12.58%
Emerging Markets Equity Portfolio
202310,6818.59 to 12.12$113,3541.52 %1.30% to 1.90%8.12% to 10.25%
202211,9097.94 to 10.99$115,1140.32 %1.30% to 1.90%-27.70% to -26.28%
202113,48310.98 to 14.91$177,9880.82 %1.30% to 1.90%-0.59% to 1.37%
202017,15511.05 to 14.71$223,9091.03 %1.30% to 1.90%10.43% to 12.60%
201917,83910.00 to 13.06$209,4841.12 %1.30% to 1.90%15.40% to 17.68%
Discovery Portfolio
20231,39325.20 to 27.53$38,1180.00 %1.30% to 1.90%40.03% to 40.73%
20221,85618.00 to 19.56$36,1010.00 %1.30% to 1.90%-64.03% to -63.85%
20211,87250.03 to 54.11$101,0400.00 %1.30% to 1.90%-13.74% to -13.30%
20203,15158.00 to 62.41$192,1130.00 %1.30% to 1.90%144.86% to 146.08%
20193,35223.05 to 26.43$82,7560.00 %1.30% to 1.90%35.69% to 37.06%
U.S. Real Estate Portfolio
20233,23810.76 to 15.32$40,1801.80 %1.30% to 1.90%10.25% to 12.47%
20224,3469.76 to 13.63$48,5270.96 %1.30% to 1.90%-29.75% to -28.33%
20214,63913.89 to 19.01$73,3522.07 %1.30% to 1.90%34.58% to 37.29%
20206,16910.32 to 13.85$74,2452.00 %1.30% to 1.90%-19.99% to -18.38%
20198,17512.90 to 16.97$121,3821.78 %1.30% to 1.90%14.54% to 16.85%
Northern Lights Variable Trust
Power Income Fund
2021—-$00.00 %1.15% to 1.65%n/a
202066,5349.41 to 9.53$626,1721.85 %1.15% to 1.65%-7.24% to -7.05%
201980,71310.14 to 10.25$819,1162.05 %1.15% to 1.35%6.28% to 6.49%
100
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Power Dividend Index Fund
202372,4339.38 to 9.50$682,2931.61 %1.15% to 1.65%-2.90% to -2.71%
202273,2799.66 to 9.77$710,8221.38 %1.15% to 1.65%-11.55% to -11.38%
202176,15110.92 to 11.02$834,5621.19 %1.15% to 1.65%28.55% to 28.81%
2020108,0128.50 to 8.56$919,9901.25 %1.15% to 1.65%-8.50% to -8.32%
2019885,3909.29 to 9.33$8,225,0592.07 %1.15% to 1.35%-4.42% to -3.88%
AB Variable Products Series
Real Estate Investment Portfolio
2019—-$02.22 %1.15% to 1.35%n/a
Dynamic Asset Allocation Portfolio
2023190,3539.70 to 13.71$2,539,3380.59 %1.15% to 1.65%11.85% to 12.18%
2022203,2379.66 to 12.22$2,424,8232.40 %1.15% to 1.65%-19.77% to -19.61%
2021225,59212.48 to 15.20$3,355,7311.54 %1.15% to 1.65%7.81% to 8.03%
2020243,82611.57 to 14.07$3,330,9171.48 %1.15% to 1.65%3.45% to 3.66%
2019230,65511.17 to 13.57$3,039,4102.65 %1.15% to 1.35%13.70% to 13.92%
Small Cap Growth Portfolio
202378827.14 to 27.66$21,3980.00 %1.15% to 1.65%16.15% to 16.15%
202280323.37 to 23.77$18,7650.00 %1.15% to 1.65%-40.08% to -39.96%
202157839.00 to 39.58$22,5740.00 %1.15% to 1.65%7.74% to 7.95%
202067636.20 to 36.67$24,4970.00 %1.15% to 1.65%51.58% to 51.88%
20192,87023.88 to 24.14$68,8150.00 %1.15% to 1.35%34.18% to 34.45%
Discovery Value Portfolio
2023325,46912.15 to 25.70$6,909,1130.83 %1.15% to 1.65%14.96% to 15.82%
2022330,93710.51 to 22.25$6,142,4640.80 %1.15% to 1.65%-17.19% to -16.57%
2021294,25812.63 to 26.73$6,375,3470.72 %1.15% to 1.65%33.79% to 34.06%
2020159,47011.09 to 19.94$2,910,0760.69 %1.15% to 1.65%1.67% to 1.87%
2019164,92110.90 to 19.58$2,957,1260.34 %1.15% to 1.35%18.29% to 18.53%
BlackRock Variable Series Fund, Inc.
Basic Value Fund
2023171,35012.46 to 25.24$3,752,2881.43 %1.15% to 1.65%14.46% to 15.20%
2022210,77910.84 to 21.96$3,890,4401.30 %1.15% to 1.65%-6.58% to -6.16%
2021161,34211.55 to 23.42$3,425,4211.20 %1.15% to 1.65%19.59% to 19.95%
2020146,53812.15 to 19.52$2,741,3091.57 %1.15% to 1.65%1.74% to 1.95%
2019178,97111.98 to 19.15$3,350,5272.07 %1.15% to 1.35%21.87% to 22.12%
Capital Appreciation Fund
202312,06822.74 to 38.53$462,0380.00 %1.15% to 1.65%46.61% to 46.90%
202215,45215.49 to 26.23$400,2060.00 %1.15% to 1.65%-38.64% to -38.52%
202130,51725.23 to 42.67$1,294,1580.00 %1.15% to 1.65%19.27% to 19.51%
202035,19921.13 to 35.70$1,249,0340.00 %1.15% to 1.65%39.62% to 39.90%
201936,20125.24 to 25.52$920,9910.00 %1.15% to 1.35%29.78% to 30.04%
Equity Dividend Fund
2023899,78712.07 to 26.28$21,770,3811.65 %1.15% to 1.65%10.16% to 10.99%
20221,224,25110.90 to 23.74$27,039,3921.45 %1.15% to 1.65%-5.67% to -4.96%
20211,200,89411.49 to 25.04$28,620,6031.35 %1.15% to 1.65%18.33% to 18.92%
2020974,22111.85 to 21.05$19,808,3631.72 %1.15% to 1.65%2.18% to 2.38%
2019813,65812.81 to 20.56$16,238,9951.83 %1.15% to 1.35%25.75% to 26.00%
101
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Global Allocation Fund
2023785,2099.66 to 15.90$11,864,9392.39 %1.15% to 1.65%10.88% to 11.48%
2022893,4238.68 to 14.29$12,171,5550.00 %1.15% to 1.65%-17.45% to -16.82%
20211,016,22810.46 to 17.23$16,846,2040.83 %1.15% to 1.65%4.99% to 5.20%
20201,023,27113.48 to 16.38$16,519,1191.20 %1.15% to 1.65%19.09% to 19.32%
20191,083,82111.31 to 13.72$14,718,8671.25 %1.15% to 1.35%16.18% to 16.41%
Advantage Large Cap Core Fund
202313,02631.97 to 32.58$417,9830.52 %1.15% to 1.65%23.23% to 23.48%
202215,56325.94 to 26.38$405,0500.63 %1.15% to 1.65%-21.23% to -21.07%
202116,84632.93 to 33.43$556,6400.07 %1.15% to 1.65%26.35% to 26.60%
202019,67826.07 to 26.40$514,5090.71 %1.15% to 1.65%17.89% to 18.13%
201930,46622.11 to 22.35$675,8151.00 %1.15% to 1.35%26.83% to 27.09%
Large Cap Focus Growth Fund
2023470,56511.06 to 41.18$13,290,8390.00 %1.15% to 1.65%49.98% to 51.11%
2022492,6597.33 to 27.32$8,526,2390.00 %1.15% to 1.65%-39.26% to -38.81%
2021488,51912.01 to 44.75$15,478,9430.00 %1.15% to 1.65%16.09% to 16.43%
2020462,24113.02 to 38.43$13,103,3580.00 %1.15% to 1.65%41.50% to 41.79%
2019395,90111.45 to 27.11$7,798,9460.00 %1.15% to 1.35%30.56% to 30.82%
60/40 Target Allocation ETF Fund
2023503,44610.50 to 14.92$7,326,6891.75 %1.15% to 1.65%13.55% to 14.06%
2022595,4539.21 to 13.09$7,596,0651.81 %1.15% to 1.65%-16.34% to -15.96%
2021580,44610.96 to 15.58$8,810,8341.99 %1.15% to 1.65%10.09% to 10.42%
2020428,53211.70 to 14.11$5,985,1331.66 %1.15% to 1.65%12.81% to 13.04%
2019277,72812.11 to 12.49$3,443,4812.65 %1.15% to 1.35%19.60% to 19.84%
Total Return Fund
2023165,0979.94 to 9.94$1,635,4803.53 %1.15% to 1.65%4.11% to 4.11%
2022153,1619.54 to 9.54$1,457,5031.81 %1.15% to 1.65%-15.33% to -15.33%
2021160,59411.27 to 11.27$1,808,4641.41 %1.15% to 1.65%-2.92% to -2.92%
2020134,91811.61 to 11.61$1,564,1321.93 %1.15% to 1.65%7.20% to 7.20%
2019101,92910.83 to 10.83$1,101,8281.70 %1.15% to 1.35%7.79% to 7.79%
S&P 500 Fund
2023104,74117.27 to 17.27$1,808,6211.12 %1.15% to 1.65%24.34% to 24.34%
2022110,59213.89 to 13.89$1,535,8101.15 %1.15% to 1.65%-19.43% to -19.43%
2021116,47617.24 to 17.24$2,007,6781.03 %1.15% to 1.65%26.64% to 26.64%
2020130,93113.61 to 13.61$1,782,0811.55 %1.15% to 1.65%16.46% to 16.46%
2019114,29111.69 to 11.69$1,335,7842.69 %1.15% to 1.35%29.34% to 29.34%
Columbia Variable Portfolio
Contrarian Core 2 Portfolio
2023457,93312.79 to 28.82$10,969,1970.00 %1.15% to 1.65%29.74% to 30.71%
2022374,6759.81 to 22.11$7,037,3750.00 %1.15% to 1.65%-20.18% to -19.58%
2021314,60912.22 to 27.56$7,709,2150.00 %1.15% to 1.65%22.30% to 22.55%
2020224,79315.76 to 22.49$4,776,7950.00 %1.15% to 1.65%20.36% to 20.60%
2019218,43213.08 to 18.65$3,895,6130.00 %1.15% to 1.35%31.03% to 31.29%
102
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Dividend Opportunity Portfolio
2023470,70912.27 to 19.81$8,358,6980.00 %1.15% to 1.65%3.13% to 3.90%
2022560,87811.84 to 19.11$9,903,0020.00 %1.15% to 1.65%-3.00% to -2.27%
2021326,86612.14 to 19.60$6,115,7030.00 %1.15% to 1.65%23.96% to 24.45%
2020273,53011.50 to 15.75$4,233,6020.00 %1.15% to 1.65%-0.46% to -0.26%
2019265,52012.41 to 15.79$4,140,1190.00 %1.15% to 1.35%22.10% to 22.34%
Emerging Markets Bond Portfolio
2023361,4058.88 to 10.98$3,888,2175.03 %1.15% to 1.65%8.33% to 8.77%
2022425,1468.16 to 10.09$4,219,3083.73 %1.15% to 1.65%-17.45% to -17.12%
2021485,4399.84 to 12.18$5,819,0913.64 %1.15% to 1.65%-3.76% to -3.57%
2020517,41311.16 to 12.63$6,464,5033.01 %1.15% to 1.65%5.72% to 5.93%
2019608,74910.54 to 11.92$7,190,8694.95 %1.15% to 1.35%10.58% to 10.80%
High Yield Portfolio
2023492,50310.09 to 13.71$6,479,1755.65 %1.15% to 1.65%10.04% to 10.87%
2022369,4129.12 to 12.39$4,435,7484.44 %1.15% to 1.65%-12.24% to -11.58%
2021459,80210.34 to 14.05$6,309,0764.29 %1.15% to 1.65%3.28% to 3.59%
2020363,61711.03 to 13.56$4,867,4074.89 %1.15% to 1.65%4.88% to 5.09%
2019359,05211.14 to 12.91$4,594,4765.47 %1.15% to 1.35%14.96% to 15.19%
Select Large-Cap Value Portfolio
2023822,76311.80 to 16.00$12,796,1060.00 %1.15% to 1.65%3.39% to 4.17%
2022464,32211.35 to 15.40$6,954,9250.00 %1.15% to 1.65%-3.66% to -2.94%
2021284,33611.72 to 15.91$4,356,6610.00 %1.15% to 1.65%23.92% to 24.54%
202057,35612.69 to 12.77$729,1420.00 %1.15% to 1.65%5.37% to 5.58%
2019113,04612.04 to 12.10$1,362,0840.00 %1.15% to 1.35%24.73% to 24.98%
Seligman Global Tech Portfolio
2023649,97412.66 to 28.61$15,762,4030.00 %1.15% to 1.65%42.51% to 43.58%
2022518,8148.83 to 19.98$9,038,9810.00 %1.15% to 1.65%-32.97% to -32.47%
2021481,45313.11 to 29.66$12,396,5180.26 %1.15% to 1.65%36.83% to 37.10%
2020236,40221.48 to 21.63$5,089,3240.00 %1.15% to 1.65%43.84% to 44.13%
2019167,47014.94 to 15.01$2,505,0800.00 %1.15% to 1.35%52.89% to 53.20%
US Government Mortgage Portfolio
202388,7118.59 to 9.42$817,0282.53 %1.15% to 1.65%3.71% to 4.38%
2022106,1938.24 to 9.04$941,6231.06 %1.15% to 1.65%-15.72% to -15.18%
2021228,5279.72 to 10.67$2,353,8681.81 %1.15% to 1.65%-2.53% to -2.33%
2020211,41110.85 to 10.92$2,294,0241.88 %1.15% to 1.65%3.44% to 3.65%
201965,78310.49 to 10.54$690,2020.39 %1.15% to 1.35%5.07% to 5.28%
Strategic Income Portfolio
2023165,9429.48 to 10.83$1,758,9343.20 %1.15% to 1.65%7.42% to 8.23%
2022132,7418.78 to 10.03$1,313,2684.04 %1.15% to 1.65%-12.96% to -12.31%
2021128,34210.03 to 11.47$1,453,2037.94 %1.15% to 1.65%0.27% to 0.47%
202022,58111.40 to 11.42$257,5430.00 %1.15% to 1.65%14.02% to 14.17%
103
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Emerging Markets Portfolio
202355,5176.24 to 6.31$348,8750.00 %1.15% to 1.65%7.52% to 8.00%
202242,4485.80 to 5.85$247,3390.00 %1.15% to 1.65%-34.10% to -33.81%
202135,4118.80 to 8.83$312,2650.00 %1.15% to 1.65%-11.96% to -11.78%
Select Mid Cap Value Portfolio
20239,82011.70 to 11.71$114,9350.00 %1.15% to 1.65%17.01% to 17.08%
Small Cap Value Portfolio
20236,82712.15 to 12.16$82,9650.00 %1.15% to 1.65%21.45% to 21.56%
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio
20231,756,42911.49 to 33.56$48,711,5060.99 %1.15% to 1.65%23.44% to 24.37%
20221,721,8209.28 to 27.05$39,215,3910.82 %1.15% to 1.65%-19.95% to -7.21%
20211,673,41412.61 to 33.62$49,438,3431.03 %1.15% to 1.65%25.94% to 26.45%
20201,478,69712.36 to 26.59$37,096,1591.23 %1.15% to 1.65%16.05% to 16.28%
20191,334,19711.65 to 22.87$29,072,8361.45 %1.15% to 1.35%28.91% to 29.17%
Small Cap Index Portfolio
2023378,5119.45 to 23.26$7,552,3610.85 %1.15% to 1.65%14.43% to 15.29%
2022395,4668.22 to 20.22$7,115,2610.62 %1.15% to 1.65%-22.18% to -21.60%
2021376,95910.50 to 25.86$8,842,9160.52 %1.15% to 1.65%12.31% to 12.88%
2020290,84013.81 to 22.91$6,400,7250.72 %1.15% to 1.65%17.49% to 17.72%
2019275,71211.74 to 19.46$5,275,4930.72 %1.15% to 1.35%23.20% to 23.44%
Alternative Asset Allocation Portfolio
202388,90310.46 to 12.00$1,030,3136.31 %1.15% to 1.65%3.95% to 4.73%
2022102,32810.01 to 11.52$1,138,4807.33 %1.15% to 1.65%-9.25% to -8.57%
202198,88910.96 to 12.67$1,208,1021.69 %1.15% to 1.65%10.84% to 11.06%
2020107,42411.00 to 11.14$1,184,7952.20 %1.15% to 1.65%3.90% to 4.11%
2019136,25110.58 to 10.70$1,446,6833.82 %1.15% to 1.35%12.82% to 13.04%
Global Small Cap Growth Portfolio
202310,06910.10 to 17.02$167,7510.68 %1.15% to 1.65%22.54% to 22.84%
202214,5528.22 to 13.86$198,2670.24 %1.15% to 1.65%-25.24% to -25.09%
202116,82215.00 to 18.50$306,9840.08 %1.15% to 1.65%13.12% to 13.34%
202022,13516.11 to 16.32$357,9840.54 %1.15% to 1.65%15.37% to 15.60%
201929,36213.97 to 14.12$411,5290.00 %1.15% to 1.35%19.45% to 19.69%
Small Mid Cap Value Portfolio
2023208,92112.34 to 19.58$3,856,2710.80 %1.15% to 1.65%12.94% to 13.28%
2022239,36110.90 to 17.29$3,889,2140.44 %1.15% to 1.65%-17.51% to -17.10%
2021284,08213.17 to 20.85$5,547,0550.96 %1.15% to 1.65%28.30% to 28.55%
2020321,16810.25 to 16.22$4,977,7660.94 %1.15% to 1.65%-2.44% to -2.24%
2019328,83710.50 to 16.59$5,248,1490.38 %1.15% to 1.35%19.37% to 19.61%
104
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
CROCI US Portfolio
20239,75017.99 to 18.34$176,1591.35 %1.15% to 1.65%18.76% to 19.00%
20229,96115.15 to 15.41$151,4841.38 %1.15% to 1.65%-16.80% to -16.63%
202110,43918.21 to 18.48$190,7401.52 %1.15% to 1.65%24.58% to 24.83%
202011,52314.62 to 14.81$168,7981.84 %1.15% to 1.65%-13.59% to -13.42%
201915,67016.92 to 17.10$265,9191.74 %1.15% to 1.35%30.71% to 30.97%
High Income Portfolio
202355,5159.92 to 10.04$555,0667.11 %1.15% to 1.65%9.47% to 9.97%
202236,7059.06 to 9.13$333,6403.63 %1.15% to 1.65%-10.59% to -10.37%
202116,17210.16 to 10.17$164,3260.00 %1.15% to 1.65%1.55% to 1.69%
Eaton Vance Variable Trust
Floating Rate Income Portfolio
20231,640,31210.74 to 12.99$20,633,2228.12 %1.15% to 1.65%9.42% to 10.24%
20221,666,5889.76 to 11.81$19,096,6344.98 %1.15% to 1.65%-4.32% to -3.61%
20211,659,21310.15 to 12.29$19,913,1702.83 %1.15% to 1.65%2.24% to 2.44%
20201,453,63910.64 to 11.99$17,199,8033.04 %1.15% to 1.65%0.63% to 0.83%
20192,087,37910.56 to 11.90$24,554,9134.27 %1.15% to 1.35%5.64% to 5.86%
Delaware Variable Insurance Portfolios
Total Return Portfolio
20235,94214.79 to 15.07$88,0590.00 %1.15% to 1.65%11.13% to 11.35%
20229,14113.31 to 13.54$121,8150.00 %1.15% to 1.65%-11.76% to -11.58%
202113,23815.08 to 15.31$199,8190.00 %1.15% to 1.65%14.81% to 15.04%
202025,52813.14 to 13.31$335,5970.00 %1.15% to 1.65%-0.45% to -0.25%
201931,19413.20 to 13.34$411,8630.00 %1.15% to 1.35%17.29% to 17.52%
International Portfolio
202367,54814.07 to 14.34$953,3791.52 %1.15% to 1.65%12.06% to 12.28%
202278,79612.56 to 12.77$993,0621.41 %1.15% to 1.65%-18.44% to -18.28%
202180,76615.40 to 15.63$1,247,8470.93 %1.15% to 1.65%5.43% to 5.64%
202077,01514.60 to 14.79$1,128,2200.00 %1.15% to 1.65%5.72% to 5.93%
2019101,66113.81 to 13.97$1,408,2520.80 %1.15% to 1.35%23.23% to 23.48%
Opportunity Portfolio
2023416,17015.49 to 17.70$7,269,1450.64 %1.15% to 1.65%14.74% to 14.97%
2022531,05513.49 to 15.40$8,087,6110.22 %1.15% to 1.65%-14.84% to -14.67%
2021608,80515.82 to 18.05$10,880,2221.26 %1.15% to 1.65%21.48% to 21.72%
2020778,55913.01 to 14.83$11,448,0020.59 %1.15% to 1.65%9.31% to 9.53%
2019892,05611.89 to 13.54$11,982,4241.33 %1.15% to 1.35%28.37% to 28.62%
Covered Call Strategy Portfolio
2020—-$05.69 %1.15% to 1.65%n/a
201911,93211.14 to 11.19$133,1721.04 %1.15% to 1.35%19.74% to 19.98%
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund
2023217,60111.73 to 20.10$4,175,1781.82 %1.15% to 1.65%11.95% to 12.23%
2022268,05110.46 to 17.92$4,526,1551.72 %1.15% to 1.65%-8.67% to -8.44%
2021328,33011.42 to 19.58$6,040,5362.81 %1.15% to 1.65%17.57% to 17.81%
2020397,09510.45 to 16.62$6,253,6972.47 %1.15% to 1.65%-6.32% to -6.13%
2019417,78811.15 to 17.70$7,147,1581.85 %1.15% to 1.35%20.93% to 21.17%
105
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Income Fund
20231,602,65611.39 to 16.55$24,992,5594.97 %1.15% to 1.65%6.85% to 7.65%
20221,723,95110.60 to 15.41$25,070,5035.06 %1.15% to 1.65%-7.02% to -6.32%
20211,559,40311.34 to 16.49$24,827,1364.73 %1.15% to 1.65%15.19% to 15.42%
20201,549,89411.33 to 14.29$21,672,0795.55 %1.15% to 1.65%-0.66% to -0.46%
20191,636,88811.40 to 14.35$23,159,3635.26 %1.15% to 1.35%14.50% to 14.73%
Global Bond Fund
20232,459,7438.25 to 9.08$21,567,8830.00 %1.15% to 1.65%1.20% to 1.96%
20222,861,3048.12 to 8.90$24,704,5240.00 %1.15% to 1.65%-6.50% to -5.80%
20213,226,7278.65 to 9.45$29,687,8900.00 %1.15% to 1.65%-6.55% to -6.08%
20202,977,8239.22 to 9.92$29,210,5658.18 %1.15% to 1.65%-6.56% to -6.37%
20192,977,0389.86 to 10.59$31,244,9576.93 %1.15% to 1.35%0.64% to 0.85%
Foreign Fund
20232,851,79410.90 to 13.66$35,725,9503.16 %1.15% to 1.65%18.79% to 19.68%
20223,269,4239.12 to 11.48$34,488,1632.93 %1.15% to 1.65%-9.12% to -8.43%
20213,332,5809.98 to 12.60$38,678,9601.83 %1.15% to 1.65%2.45% to 2.97%
20203,210,3449.78 to 12.28$36,392,8042.97 %1.15% to 1.65%-2.49% to -2.29%
20193,218,80010.02 to 11.78$37,432,0291.69 %1.15% to 1.35%11.02% to 11.24%
Developing Markets Fund
2023227,0817.51 to 11.51$2,388,6082.08 %1.15% to 1.65%10.78% to 11.62%
2022256,0866.75 to 10.34$2,422,0202.48 %1.15% to 1.65%-23.26% to -22.87%
2021236,32112.40 to 13.42$2,940,9400.87 %1.15% to 1.65%-7.00% to -6.82%
2020264,79013.34 to 14.41$3,538,9043.70 %1.15% to 1.65%15.61% to 15.84%
2019322,11911.54 to 12.44$3,721,2150.98 %1.15% to 1.35%25.00% to 25.25%
Mutual Global Discovery Fund
2023229,23613.72 to 20.20$4,540,5602.34 %1.15% to 1.65%18.70% to 18.94%
2022278,79411.55 to 16.99$4,657,2521.29 %1.15% to 1.65%-6.02% to -5.84%
2021347,89912.28 to 18.04$6,183,8792.89 %1.15% to 1.65%17.53% to 17.77%
2020396,05310.43 to 15.32$5,988,0072.06 %1.15% to 1.65%-5.75% to -5.56%
2019440,99011.06 to 16.22$7,050,0171.67 %1.15% to 1.35%22.70% to 22.95%
Rising Dividends Fund
20231,009,79612.21 to 31.93$27,877,8390.93 %1.15% to 1.65%10.25% to 11.07%
20221,043,58411.02 to 28.82$25,895,1280.75 %1.15% to 1.65%-12.03% to -11.37%
20211,009,43312.46 to 32.60$29,314,9210.84 %1.15% to 1.65%24.84% to 25.34%
2020861,59712.29 to 26.01$21,466,4101.15 %1.15% to 1.65%14.41% to 14.64%
2019965,03613.38 to 22.69$21,134,8141.24 %1.15% to 1.35%27.50% to 27.75%
DynaTech 2 Fund
2023470,6878.43 to 8.59$4,014,0410.00 %1.15% to 1.65%41.43% to 42.49%
2022330,0055.96 to 6.03$1,980,4100.00 %1.15% to 1.65%-40.94% to -40.49%
2021127,07410.10 to 10.13$1,285,8080.00 %1.15% to 1.65%0.96% to 1.22%
106
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Multi-Asset Dynamic Multi-Strategy Portfolio
2022—-$00.00 %1.15% to 1.65%n/a
202131,17013.28 to 13.48$415,0632.30 %1.15% to 1.65%11.14% to 11.36%
202033,89211.95 to 12.11$405,8811.59 %1.15% to 1.65%-9.55% to -9.37%
201932,49813.21 to 13.36$430,2182.04 %1.15% to 1.35%13.96% to 14.19%
Global Real Estate Fund
2023—-$00.00 %1.15% to 1.65%n/a
VolSmart Allocation Fund
20236,97211.05 to 11.05$77,0470.00 %1.15% to 1.65%10.51% to 10.51%
Delaware Ivy Variable Insurance Portfolios
Asset Strategy Portfolio
2023142,15314.35 to 16.04$2,239,7811.92 %1.15% to 1.65%12.41% to 12.64%
2022180,58312.76 to 14.24$2,530,9121.41 %1.15% to 1.65%-15.88% to -15.71%
2021205,68515.15 to 16.90$3,426,6511.47 %1.15% to 1.65%8.96% to 9.18%
2020258,49613.89 to 15.48$3,950,8711.71 %1.15% to 1.65%12.35% to 12.57%
2019338,15912.35 to 13.75$4,602,6732.12 %1.15% to 1.35%20.15% to 20.39%
Balanced Portfolio
2023306,62410.86 to 20.05$6,050,7040.77 %1.15% to 1.65%14.48% to 14.76%
2022342,7239.46 to 17.48$5,904,6041.07 %1.15% to 1.65%-17.18% to -16.98%
2021379,95111.39 to 21.06$7,902,0751.01 %1.15% to 1.65%14.41% to 14.64%
2020409,88113.64 to 18.37$7,454,8251.39 %1.15% to 1.65%12.58% to 12.81%
2019493,77812.11 to 16.29$7,972,7591.76 %1.15% to 1.35%20.46% to 20.70%
Global Equity Portfolio
202348,38920.27 to 20.65$985,4091.81 %1.15% to 1.65%12.57% to 12.80%
202249,91218.01 to 18.31$902,3663.42 %1.15% to 1.65%-12.49% to -12.32%
202156,98120.58 to 20.88$1,176,8822.16 %1.15% to 1.65%15.41% to 15.64%
202061,05217.83 to 18.06$1,093,8822.41 %1.15% to 1.65%1.76% to 1.97%
201968,92817.52 to 17.71$1,212,0702.84 %1.15% to 1.35%21.50% to 21.74%
Energy Portfolio
2023147,7907.69 to 24.77$1,351,3642.95 %1.15% to 1.65%2.32% to 3.09%
2022195,5067.49 to 24.16$1,692,4053.00 %1.15% to 1.65%48.02% to 49.13%
2021302,0065.05 to 16.29$1,689,2751.78 %1.15% to 1.65%40.10% to 40.38%
2020217,4853.60 to 4.20$800,6711.23 %1.15% to 1.65%-37.69% to -37.56%
2019249,9905.78 to 6.73$1,459,5710.00 %1.15% to 1.35%2.09% to 2.29%
Global Bond Portfolio
2022—-$09.93 %1.15% to 1.65%n/a
202145,5289.85 to 11.74$526,8855.19 %1.15% to 1.65%-2.17% to -1.97%
202088,18111.53 to 11.97$1,044,0853.21 %1.15% to 1.65%6.70% to 6.91%
201998,47310.80 to 11.20$1,093,8553.47 %1.15% to 1.35%7.95% to 8.17%
Natural Resources Portfolio
202368,7557.95 to 16.50$578,4082.31 %1.15% to 1.65%-0.07% to 0.43%
202277,2107.93 to 16.47$643,3861.83 %1.15% to 1.65%15.85% to 16.43%
2021109,9006.82 to 14.19$792,5232.06 %1.15% to 1.65%24.86% to 25.23%
2020110,0005.46 to 11.37$638,9311.75 %1.15% to 1.65%-13.17% to -13.00%
2019135,8076.29 to 8.91$858,0390.86 %1.15% to 1.35%7.99% to 8.20%
107
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Growth Portfolio
202366,06213.09 to 45.69$2,787,5120.00 %1.15% to 1.65%35.67% to 36.69%
202294,1639.54 to 33.51$2,839,2110.00 %1.15% to 1.65%-28.38% to -27.84%
2021117,56613.25 to 46.56$4,862,8430.00 %1.15% to 1.65%28.16% to 28.54%
2020127,71512.43 to 36.22$4,364,0190.00 %1.15% to 1.65%28.79% to 29.05%
2019127,51615.60 to 28.07$3,490,0020.00 %1.15% to 1.35%34.75% to 35.02%
High Income Portfolio
2023710,39510.10 to 13.29$9,237,9696.09 %1.15% to 1.65%9.93% to 10.75%
2022781,1829.14 to 12.03$9,191,0086.38 %1.15% to 1.65%-12.42% to -11.76%
2021908,67010.38 to 13.66$12,207,3246.82 %1.15% to 1.65%4.64% to 4.85%
20201,094,36411.37 to 13.03$14,059,6076.07 %1.15% to 1.65%4.60% to 4.81%
20191,124,51210.86 to 12.43$13,827,9067.36 %1.15% to 1.35%9.70% to 9.92%
International Core Equity Portfolio
2023351,08110.60 to 16.32$5,489,5341.65 %1.15% to 1.65%13.85% to 14.59%
2022435,7789.27 to 14.28$5,979,5932.19 %1.15% to 1.65%-15.62% to -15.15%
2021496,96010.93 to 16.85$8,091,2971.08 %1.15% to 1.65%12.65% to 12.87%
2020532,32511.10 to 14.93$7,775,7812.14 %1.15% to 1.65%5.75% to 5.96%
2019556,16210.49 to 14.09$7,688,5311.54 %1.15% to 1.35%17.10% to 17.34%
Global Growth Portfolio
202327,18517.24 to 23.07$617,4890.08 %1.15% to 1.65%18.38% to 18.62%
202235,35014.55 to 19.45$675,7750.74 %1.15% to 1.65%-18.67% to -18.50%
202142,04217.87 to 23.87$987,3610.05 %1.15% to 1.65%16.28% to 16.52%
202045,22815.35 to 20.48$912,6470.39 %1.15% to 1.65%18.96% to 19.20%
201950,32612.89 to 17.19$853,0710.61 %1.15% to 1.35%24.24% to 24.49%
Mid Cap Growth Portfolio
2023302,1899.02 to 31.02$8,600,1660.00 %1.15% to 1.65%17.66% to 18.55%
2022367,4827.62 to 26.23$8,838,6260.00 %1.15% to 1.65%-31.93% to -31.41%
2021427,94511.13 to 38.34$15,115,9090.00 %1.15% to 1.65%14.45% to 15.02%
2020407,45213.97 to 33.33$12,968,0740.00 %1.15% to 1.65%47.00% to 47.29%
2019336,36515.48 to 22.63$7,345,0620.00 %1.15% to 1.35%36.09% to 36.36%
Science and Technology Portfolio
2023391,33910.43 to 41.69$13,625,1940.00 %1.15% to 1.65%36.80% to 37.82%
2022454,5637.58 to 30.32$11,649,9550.00 %1.15% to 1.65%-32.96% to -32.45%
2021482,44311.25 to 45.00$18,479,7330.00 %1.15% to 1.65%13.40% to 13.85%
2020450,13113.71 to 39.53$16,169,4460.00 %1.15% to 1.65%33.54% to 33.81%
2019397,84015.88 to 29.54$11,002,7760.00 %1.15% to 1.35%47.48% to 47.78%
Small Cap Growth Portfolio
2023189,1437.89 to 20.86$3,716,5390.00 %1.15% to 1.65%11.30% to 12.03%
2022216,8167.06 to 18.67$3,832,2970.00 %1.15% to 1.65%-27.89% to -27.42%
2021253,7289.75 to 25.78$6,230,3930.98 %1.15% to 1.65%2.49% to 2.80%
2020286,57813.99 to 25.08$6,879,8090.00 %1.15% to 1.65%35.81% to 36.09%
2019350,29913.00 to 18.43$6,262,8690.00 %1.15% to 1.35%21.71% to 21.96%
108
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
SMID Cap Core Portfolio
2023373,79510.76 to 25.93$9,050,2180.20 %1.15% to 1.65%13.78% to 14.63%
2022453,8469.41 to 22.67$9,460,1150.00 %1.15% to 1.65%-16.20% to -15.57%
2021513,10711.16 to 26.92$12,726,9610.00 %1.15% to 1.65%18.81% to 19.40%
2020575,13112.46 to 22.55$12,291,8980.00 %1.15% to 1.65%5.59% to 5.80%
2019597,78111.80 to 21.31$12,108,9580.00 %1.15% to 1.35%22.66% to 22.91%
Lazard Retirement Series, Inc.
International Equity Portfolio
202377,2159.92 to 14.95$1,130,5911.30 %1.15% to 1.65%14.33% to 14.56%
202276,29510.64 to 13.05$978,9573.79 %1.15% to 1.65%-16.15% to -15.98%
202167,56112.67 to 15.54$1,033,5010.96 %1.15% to 1.65%4.41% to 4.62%
202079,83512.13 to 14.85$1,161,5592.11 %1.15% to 1.65%6.78% to 7.00%
201978,29311.35 to 13.88$1,066,6240.36 %1.15% to 1.35%19.38% to 19.62%
Global Dynamic Multi Asset Portfolio
202357,4759.91 to 15.22$860,7370.00 %1.15% to 1.65%9.33% to 9.55%
202278,38210.71 to 13.89$1,045,0220.08 %1.15% to 1.65%-18.48% to -18.32%
202189,39213.13 to 17.01$1,466,6562.50 %1.15% to 1.65%10.44% to 10.66%
202089,61711.88 to 15.37$1,333,9790.58 %1.15% to 1.65%-0.55% to -0.35%
201995,02911.93 to 15.42$1,423,6300.05 %1.15% to 1.35%16.21% to 16.44%
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio
2023203,9249.30 to 13.26$2,457,4685.59 %1.15% to 1.65%8.16% to 8.97%
2022156,8138.55 to 12.20$1,825,7015.91 %1.15% to 1.65%-15.27% to -14.64%
2021158,41210.04 to 14.33$2,172,8254.82 %1.15% to 1.65%-0.31% to -0.11%
2020102,34111.58 to 14.34$1,448,6583.65 %1.15% to 1.65%5.68% to 5.89%
201990,68510.95 to 13.55$1,216,5485.73 %1.15% to 1.35%12.48% to 12.71%
ClearBridge Variable Mid Cap Portfolio
2023727,43210.01 to 23.96$15,486,9870.02 %1.15% to 1.65%10.78% to 11.61%
2022702,4218.99 to 21.53$13,354,3990.09 %1.15% to 1.65%-26.72% to -26.17%
2021594,55912.20 to 29.23$15,388,4070.03 %1.15% to 1.65%26.29% to 26.92%
2020474,70713.18 to 23.03$10,335,5980.04 %1.15% to 1.65%13.56% to 13.78%
2019465,16512.06 to 20.24$8,962,1130.38 %1.15% to 1.35%30.87% to 31.13%
ClearBridge Variable Dividend Strategy Portfolio
20231,311,87312.89 to 28.93$36,178,6141.87 %1.15% to 1.65%12.15% to 12.99%
20221,535,63611.43 to 25.67$37,656,4341.17 %1.15% to 1.65%-9.73% to -9.05%
20211,632,73012.60 to 28.30$44,503,5161.48 %1.15% to 1.65%24.54% to 25.17%
20201,361,02111.89 to 22.61$30,049,7011.24 %1.15% to 1.65%6.05% to 6.26%
20191,081,56613.57 to 21.27$22,541,0181.28 %1.15% to 1.35%29.65% to 29.91%
ClearBridge Variable Small Cap Growth Portfolio
2023439,8397.79 to 26.72$8,735,6290.00 %1.15% to 1.65%6.36% to 7.16%
2022316,8887.29 to 24.99$6,078,6390.00 %1.15% to 1.65%-30.17% to -29.64%
2021236,67010.38 to 35.61$6,932,6270.00 %1.15% to 1.65%10.47% to 11.03%
2020177,25314.24 to 32.08$5,195,4870.00 %1.15% to 1.65%40.99% to 41.27%
2019193,41214.51 to 22.70$4,103,4000.00 %1.15% to 1.35%24.86% to 25.11%
109
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
ClearBridge Variable Aggressive Growth Portfolio
202361,93211.80 to 13.31$811,0200.06 %1.15% to 1.65%22.23% to 22.72%
202264,9389.66 to 10.85$694,0610.00 %1.15% to 1.65%-27.71% to -27.43%
202168,14313.36 to 14.94$1,005,4380.22 %1.15% to 1.65%8.57% to 8.78%
202072,62713.57 to 13.74$988,7420.49 %1.15% to 1.65%16.15% to 16.38%
201993,42611.67 to 11.80$1,094,6900.77 %1.15% to 1.35%23.07% to 23.32%
Western Asset Variable Core Bond Plus Portfolio
20236,687,0968.42 to 10.10$65,452,5113.34 %1.15% to 1.65%4.70% to 5.48%
20227,395,3007.99 to 9.60$69,205,5401.69 %1.15% to 1.65%-18.63% to -18.02%
20217,602,4569.77 to 11.74$87,623,8632.44 %1.15% to 1.65%-3.80% to -3.31%
20206,118,74410.55 to 12.15$73,589,5371.86 %1.15% to 1.65%7.59% to 7.80%
20196,142,26910.90 to 11.27$68,641,2634.58 %1.15% to 1.35%10.32% to 10.54%
ClearBridge Variable Large Cap Growth Portfolio
20231,382,33811.65 to 20.67$26,036,2110.00 %1.15% to 1.65%41.32% to 42.38%
20221,502,5328.20 to 14.55$20,483,2120.00 %1.15% to 1.65%-33.52% to -33.02%
20211,312,96612.27 to 21.78$27,674,6510.00 %1.15% to 1.65%19.64% to 20.24%
20201,060,09112.65 to 18.12$19,100,6020.02 %1.15% to 1.65%28.66% to 28.92%
20191,029,47113.99 to 14.05$14,416,0520.16 %1.15% to 1.35%30.07% to 30.33%
Pioneer Variable Contracts Trust
Fund Portfolio
202357,9089.93 to 28.46$1,749,6740.58 %1.15% to 1.65%-20.75% to -20.56%
202253,3159.93 to 28.46$1,369,7380.52 %1.15% to 1.65%-20.75% to -20.56%
202129,89312.50 to 35.85$1,042,5370.08 %1.15% to 1.65%25.94% to 26.19%
202029,11828.04 to 28.41$821,2870.45 %1.15% to 1.65%22.29% to 22.54%
201929,90922.93 to 23.18$688,9840.75 %1.15% to 1.35%29.27% to 29.53%
Bond Portfolio
20234,056,5198.89 to 11.33$44,080,2003.64 %1.15% to 1.65%4.94% to 5.73%
20224,379,1008.42 to 10.74$45,533,6372.12 %1.15% to 1.65%-15.86% to -15.23%
20214,535,1859.96 to 12.70$56,314,2451.91 %1.15% to 1.65%-1.42% to -0.93%
20203,942,63810.73 to 12.82$49,841,0412.72 %1.15% to 1.65%6.97% to 7.18%
20193,923,82710.67 to 11.96$46,394,7353.03 %1.15% to 1.35%7.43% to 7.64%
Strategic Income Portfolio
2023884,8469.31 to 11.90$10,220,1753.47 %1.15% to 1.65%6.29% to 7.09%
20221,097,9578.71 to 11.14$11,915,8052.80 %1.15% to 1.65%-14.27% to -13.62%
20211,160,88710.11 to 12.93$14,710,1113.06 %1.15% to 1.65%0.36% to 0.57%
20201,079,62611.31 to 12.85$13,675,2013.14 %1.15% to 1.65%5.93% to 6.14%
20191,105,59810.66 to 12.11$13,237,4963.06 %1.15% to 1.35%8.05% to 8.26%
Equity Income Portfolio
2023489,12611.59 to 25.45$10,733,4851.55 %1.15% to 1.65%5.42% to 6.22%
2022566,06810.93 to 24.02$11,893,3731.45 %1.15% to 1.65%-9.45% to -8.77%
2021621,63612.01 to 26.39$14,747,2911.21 %1.15% to 1.65%23.28% to 23.9%
2020638,00511.62 to 21.30$12,659,7882.13 %1.15% to 1.65%-1.61% to -1.41%
2019683,27712.34 to 21.61$13,842,9682.46 %1.15% to 1.35%23.55% to 23.80%
110
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
High Yield Portfolio
202340,16113.81 to 14.07$555,3855.11 %1.15% to 1.65%9.50% to 9.72%
202250,46712.61 to 12.83$637,6124.74 %1.15% to 1.65%-12.62% to -12.45%
202168,14414.43 to 14.65$985,8644.85 %1.15% to 1.65%4.03% to 4.24%
202074,35113.87 to 14.05$1,033,8794.56 %1.15% to 1.65%0.61% to 0.81%
201989,05113.79 to 13.94$1,231,9544.69 %1.15% to 1.35%12.75% to 12.98%
Prudential Series Funds
PGIM Jennison Blend Portfolio
202317,70528.59 to 28.59$506,1590.00 %1.15% to 1.65%29.61% to 29.61%
PGIM Jennison Focused Blend Portfolio
2023—-$00.00 %1.15% to 1.65%n/a
202218,16522.06 to 22.06$400,6700.00 %1.15% to 1.65%-27.03% to -27.03%
202118,11030.23 to 30.23$547,4100.00 %1.15% to 1.65%14.79% to 14.79%
202018,43626.33 to 26.33$485,4800.00 %1.15% to 1.65%28.66% to 28.66%
201919,30020.47 to 20.47$395,0340.00 %1.15% to 1.35%26.68% to 26.68%
Natural Resources Portfolio
202371,9408.72 to 20.45$655,2980.00 %1.15% to 1.65%0.12% to 0.47%
2022100,4558.70 to 20.43$981,8760.00 %1.15% to 1.65%19.92% to 20.16%
202171,6877.26 to 12.93$529,1500.00 %1.15% to 1.65%23.35% to 23.60%
202094,4695.88 to 10.47$564,2540.00 %1.15% to 1.65%10.31% to 10.53%
2019165,5965.33 to 9.47$890,0710.00 %1.15% to 1.35%8.78% to 8.99%
Mid-Cap Growth Portfolio
20234,92527.67 to 28.20$137,1980.00 %1.15% to 1.65%21.4% to 21.64%
20225,35622.79 to 23.18$122,8000.00 %1.15% to 1.65%-28.22% to -28.07%
20216,62431.75 to 32.23$211,5250.00 %1.15% to 1.65%8.75% to 8.97%
20209,23629.20 to 29.58$270,6410.00 %1.15% to 1.65%44.92% to 45.22%
201918,29020.15 to 20.37$370,3900.00 %1.15% to 1.35%35.32% to 35.59%
Royce Capital Fund
Micro-Cap Portfolio
202312,65016.21 to 16.57$205,8720.00 %1.15% to 1.65%16.97% to 17.21%
202221,91413.85 to 14.18$305,7920.00 %1.15% to 1.65%-23.69% to -23.53%
202119,89518.15 to 18.43$363,4530.00 %1.15% to 1.65%27.79% to 28.04%
202027,08714.21 to 14.39$387,1370.00 %1.15% to 1.65%21.89% to 22.14%
201940,44811.65 to 11.78$473,3540.00 %1.15% to 1.35%17.64% to 17.87%
Small Cap Portfolio
2023376,48413.07 to 20.22$7,309,6860.63 %1.15% to 1.65%23.61% to 24.41%
2022445,45710.53 to 16.29$6,989,4740.07 %1.15% to 1.65%-10.81% to -10.22%
2021475,08911.75 to 18.19$8,417,3751.21 %1.15% to 1.65%26.60% to 26.98%
2020557,86310.31 to 14.33$7,891,3510.70 %1.15% to 1.65%-8.57% to -8.39%
2019574,36311.26 to 15.64$8,893,2390.42 %1.15% to 1.35%16.85% to 17.08%
Alps Fund
Alerian Energy Infrastructure Portfolio
2023487,5629.85 to 18.38$5,133,0953.09 %1.15% to 1.65%12.05% to 12.89%
2022558,8698.77 to 16.37$5,380,5356.10 %1.15% to 1.65%15.41% to 16.27%
2021275,7967.57 to 14.16$2,270,4212.42 %1.15% to 1.65%35.79% to 36.20%
111
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
2020272,4755.57 to 10.43$1,604,6482.67 %1.15% to 1.65%-26.14% to -25.99%
2019229,6087.54 to 9.27$1,759,5511.69 %1.15% to 1.35%18.80% to 19.04%
Global Opportunity Portfolio
2023102,72611.13 to 17.01$1,700,5550.00 %1.15% to 1.65%26.70% to 27.65%
2022116,3118.75 to 13.36$1,509,92911.11 %1.15% to 1.65%-30.07% to -29.54%
2021118,80112.44 to 19.01$2,187,9914.71 %1.15% to 1.65%22.27% to 22.52%
2020111,26314.27 to 15.52$1,697,63110.68 %1.15% to 1.65%7.78% to 8.00%
2019111,69413.23 to 14.37$1,583,0620.00 %1.15% to 1.35%37.96% to 38.24%
American Funds IS
Asset Allocation Fund
20235,701,68110.69 to 17.08$90,066,2731.90 %1.15% to 1.65%12.16% to 13.01%
20226,915,9639.63 to 15.15$96,708,5991.58 %1.15% to 1.65%-15.07% to -14.43%
20217,211,66211.27 to 17.75$119,153,3031.46 %1.15% to 1.65%12.96% to 13.53%
20206,004,70111.50 to 15.64$88,570,7311.49 %1.15% to 1.65%10.65% to 10.87%
20194,963,24612.13 to 14.10$67,128,5321.88 %1.15% to 1.35%19.30% to 19.54%
Washington Mutual Investors Fund
20232,795,84812.92 to 20.72$52,776,7681.65 %1.15% to 1.65%15.06% to 15.93%
20222,859,83611.17 to 17.92$47,176,1621.71 %1.15% to 1.65%-10.18% to -9.50%
20212,680,86012.36 to 19.85$49,652,7671.33 %1.15% to 1.65%25.43% to 26.05%
20202,417,35111.40 to 15.75$36,024,9451.46 %1.15% to 1.65%7.01% to 7.23%
20192,386,96210.64 to 14.68$33,582,9031.99 %1.15% to 1.35%19.41% to 19.65%
Ultra-Short Bond Fund
20231,999,2059.30 to 10.18$18,769,7953.84 %1.15% to 1.65%2.74% to 3.51%
20223,079,4409.02 to 9.84$28,199,3740.44 %1.15% to 1.65%-0.82% to -0.17%
20212,165,9799.07 to 9.83$19,802,6230.00 %1.15% to 1.65%-2.05% to -1.86%
20202,435,3889.26 to 9.79$22,701,5430.25 %1.15% to 1.65%-1.59% to -1.40%
20191,167,7839.41 to 9.93$11,045,2801.66 %1.15% to 1.35%0.04% to 0.24%
Capital Income Builder Fund
20231,577,76411.00 to 13.28$20,561,7302.70 %1.15% to 1.65%6.98% to 7.78%
20221,522,56310.23 to 12.35$18,486,5242.54 %1.15% to 1.65%-8.89% to -8.20%
20211,485,98311.16 to 13.49$19,785,7192.55 %1.15% to 1.65%13.14% to 13.37%
20201,419,41811.64 to 11.90$16,723,6702.52 %1.15% to 1.65%2.71% to 2.92%
20191,503,12111.32 to 11.56$17,233,3472.68 %1.15% to 1.35%16.04% to 16.27%
Global Growth Fund
20231,524,25710.22 to 21.38$29,470,1560.73 %1.15% to 1.65%20.30% to 21.20%
20221,414,3848.45 to 17.69$22,791,6480.40 %1.15% to 1.65%-26.15% to -25.59%
20211,388,85711.38 to 23.83$30,392,7880.21 %1.15% to 1.65%14.24% to 14.81%
2020960,02813.10 to 20.76$18,882,7350.13 %1.15% to 1.65%28.42% to 28.67%
2019762,11513.60 to 16.13$11,989,5701.05 %1.15% to 1.35%33.07% to 33.33%
Capital World Growth and Income Fund
20231,122,07710.92 to 17.24$18,647,7691.71 %1.15% to 1.65%18.68% to 19.57%
20221,222,7089.15 to 14.46$17,143,6522.09 %1.15% to 1.65%-18.92% to -18.31%
20211,148,69011.22 to 17.74$19,850,0071.59 %1.15% to 1.65%12.82% to 13.15%
112
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
2020969,70612.58 to 15.68$14,909,6311.05 %1.15% to 1.65%7.09% to 7.30%
2019798,02213.04 to 14.61$11,434,3511.85 %1.15% to 1.35%28.98% to 29.24%
Global Small Capitalization Fund
2023485,1938.09 to 14.74$6,635,0050.03 %1.15% to 1.65%13.90% to 14.75%
2022479,5587.07 to 12.88$5,710,6060.00 %1.15% to 1.65%-30.84% to -30.32%
2021457,80710.16 to 18.53$8,014,7930.00 %1.15% to 1.65%4.79% to 5.21%
2020336,46513.96 to 17.61$5,852,8380.10 %1.15% to 1.65%27.65% to 27.91%
2019341,55212.91 to 13.77$4,652,4070.01 %1.15% to 1.35%29.48% to 29.74%
Growth Fund
20232,384,09311.16 to 31.91$62,763,4410.17 %1.15% to 1.65%35.89% to 36.90%
20222,440,6518.17 to 23.37$49,719,7740.10 %1.15% to 1.65%-31.26% to -30.74%
20212,129,68511.82 to 33.82$64,985,4800.06 %1.15% to 1.65%19.69% to 20.29%
20201,663,31414.25 to 28.11$44,819,7810.20 %1.15% to 1.65%49.68% to 49.98%
20191,654,36214.29 to 18.75$29,881,6130.59 %1.15% to 1.35%28.69% to 28.95%
Growth-Income Fund
20233,221,49512.52 to 22.95$67,156,5521.18 %1.15% to 1.65%23.77% to 24.70%
20223,315,12110.06 to 18.45$56,244,8011.05 %1.15% to 1.65%-18.07% to -17.45%
20213,107,51512.21 to 22.40$65,545,6271.02 %1.15% to 1.65%21.77% to 22.38%
20202,356,95311.95 to 18.31$41,994,5851.11 %1.15% to 1.65%11.73% to 11.95%
20192,283,14113.49 to 16.35$36,495,2231.61 %1.15% to 1.35%24.17% to 24.42%
International Fund
2023853,1508.49 to 11.87$9,723,1491.12 %1.15% to 1.65%13.67% to 14.52%
2022950,7117.43 to 10.39$9,553,3371.47 %1.15% to 1.65%-22.31% to -21.73%
2021882,0099.51 to 13.31$11,409,1242.66 %1.15% to 1.65%-3.32% to -2.84%
2020642,75413.34 to 13.70$8,717,5020.41 %1.15% to 1.65%12.13% to 12.36%
2019645,00311.92 to 12.19$7,796,9621.31 %1.15% to 1.35%21.02% to 21.27%
International Growth and Income Fund
2023735,7039.74 to 12.62$8,447,7112.32 %1.15% to 1.65%13.77% to 14.63%
2022779,1638.52 to 11.07$7,820,0632.58 %1.15% to 1.65%-16.90% to -16.28%
2021766,73010.19 to 13.29$9,234,6763.01 %1.15% to 1.65%3.58% to 3.89%
2020640,89111.54 to 12.83$7,449,8031.17 %1.15% to 1.65%4.31% to 4.52%
2019618,11611.06 to 11.83$6,885,7082.48 %1.15% to 1.35%20.82% to 21.06%
New World Fund
20232,617,5188.95 to 13.50$33,099,2531.20 %1.15% to 1.65%13.78% to 14.64%
20222,888,0007.82 to 11.81$32,320,9581.03 %1.15% to 1.65%-23.52% to -22.95%
20212,754,91610.17 to 15.37$40,593,2400.67 %1.15% to 1.65%2.92% to 3.43%
20202,532,53213.72 to 14.87$36,511,1580.04 %1.15% to 1.65%21.64% to 21.88%
20192,582,95911.78 to 12.21$30,590,0940.80 %1.15% to 1.35%27.09% to 27.34%
U.S. Government Securities Fund
20231,593,4518.64 to 9.84$15,430,0823.02 %1.15% to 1.65%0.95% to 1.70%
20222,349,4788.55 to 9.70$22,468,6982.92 %1.15% to 1.65%-12.65% to -11.99%
20212,964,8809.79 to 11.05$32,366,3251.10 %1.15% to 1.65%-2.50% to -2.01%
20203,117,01310.04 to 11.28$34,858,0712.24 %1.15% to 1.65%8.01% to 8.23%
20191,397,20410.22 to 10.42$14,512,2392.15 %1.15% to 1.35%3.73% to 3.94%
113
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
Global Balanced Fund
20236,91711.08 to 11.09$76,6590.48 %1.15% to 1.65%10.82% to 10.85%
The Bond Fd of America Fund
20232,45710.71 to 10.71$26,3085.38 %1.15% to 1.65%7.08% to 7.08%
Invesco Oppenheimer
International Equity Fund
20231,869,9159.37 to 12.76$22,501,3640.30 %1.15% to 1.65%18.67% to 19.56%
20221,919,8127.85 to 10.70$19,669,0760.00 %1.15% to 1.65%-28.36% to -27.82%
20211,638,78410.90 to 14.86$23,648,6370.00 %1.15% to 1.65%8.32% to 8.86%
20201,158,92413.06 to 13.65$15,661,0180.62 %1.15% to 1.65%19.41% to 19.65%
20191,012,46611.19 to 11.41$11,452,4520.64 %1.15% to 1.35%26.24% to 26.49%
T. Rowe Price
Blue Chip Growth Portfolio
20233,279,69610.56 to 23.29$66,803,9680.00 %1.15% to 1.65%46.53% to 47.63%
20223,320,8697.17 to 15.82$47,156,5570.00 %1.15% to 1.65%-39.67% to -39.21%
20213,004,37411.81 to 26.09$72,818,6830.00 %1.15% to 1.65%15.41% to 15.99%
20202,532,77212.62 to 22.49$55,679,3990.00 %1.15% to 1.65%32.12% to 32.38%
20192,495,80415.03 to 16.99$41,710,9400.00 %1.15% to 1.35%27.84% to 28.10%
Health Sciences Portfolio
20232,109,4899.29 to 17.44$31,769,3670.00 %1.15% to 1.65%1.01% to 1.77%
20221,956,9859.15 to 17.19$29,195,8200.00 %1.15% to 1.65%-14.11% to -13.47%
20211,821,74210.60 to 19.92$31,918,3510.00 %1.15% to 1.65%11.09% to 11.54%
20201,456,73812.30 to 17.87$23,872,6150.00 %1.15% to 1.65%27.53% to 27.79%
20191,244,90812.68 to 13.99$15,981,0660.00 %1.15% to 1.35%26.91% to 27.16%
Equity Income Portfolio
20234,90311.27 to 11.28$55,2790.37 %1.15% to 1.65%12.74% to 12.76%
Mid-Cap Growth Portfolio
20233,88011.75 to 11.75$45,5860.00 %1.15% to 1.65%17.46% to 17.53%
John Hancock Variable Insurance Trust
Financial Industries Portfolio
2023221,31610.99 to 13.91$2,736,1831.46 %1.15% to 1.65%3.26% to 4.04%
2022226,22110.59 to 13.44$2,695,9332.14 %1.15% to 1.65%-15.24% to -14.60%
2021228,57612.42 to 15.83$3,193,1070.84 %1.15% to 1.65%27.65% to 27.90%
202071,20010.91 to 10.96$778,0021.12 %1.15% to 1.65%0.61% to 0.82%
201946,12910.84 to 10.88$500,7054.14 %1.15% to 1.35%29.75% to 30.01%
Fundamental All Cap Core Portfolio
202311,97618.79 to 19.00$225,6190.20 %1.15% to 1.65%33.29% to 33.56%
202212,6649.52 to 14.23$178,9440.01 %1.15% to 1.65%-25.45% to -25.30%
202127,99312.73 to 19.05$526,1610.00 %1.15% to 1.65%28.59% to 28.72%
114
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
20206,56014.70 to 14.74$96,4730.18 %1.15% to 1.65%24.95% to 25.07%
20196,56611.77 to 11.79$77,2740.28 %1.15% to 1.35%34.36% to 34.49%
Select Bond Portfolio
202333,7838.70 to 10.08$334,4213.06 %1.15% to 1.65%4.15% to 4.94%
202231,3228.34 to 9.63$297,4162.51 %1.15% to 1.65%-15.78% to -15.14%
202136,3719.83 to 11.38$408,9262.62 %1.15% to 1.65%-2.72% to -2.52%
202027,25511.61 to 11.67$317,1213.30 %1.15% to 1.65%7.39% to 7.61%
201914,69710.81 to 10.85$159,1574.16 %1.15% to 1.35%7.27% to 7.49%
Strategic Income Opportunities Portfolio
202369,0399.40 to 10.43$706,1943.27 %1.15% to 1.65%5.59% to 6.28%
202264,8278.86 to 9.84$629,7562.73 %1.15% to 1.65%-11.68% to -11.10%
202178,0389.98 to 11.09$856,1633.33 %1.15% to 1.65%-0.85% to -0.45%
202040,27910.91 to 11.14$446,6401.75 %1.15% to 1.65%6.91% to 7.12%
201927,21810.37 to 10.40$282,3243.43 %1.15% to 1.35%9.27% to 9.48%
Federated Hermes
High Income Bond Portfolio
2023184,6469.97 to 10.86$1,969,5254.37 %1.15% to 1.65%10.63% to 11.46%
2022159,6908.96 to 9.80$1,533,8675.89 %1.15% to 1.65%-13.36% to -12.71%
2021105,23610.29 to 11.28$1,169,3232.80 %1.15% to 1.65%3.04% to 3.25%
202039,06410.79 to 10.83$422,1947.23 %1.15% to 1.65%4.04% to 4.25%
201933,41910.37 to 10.38$346,7850.00 %1.15% to 1.35%3.74% to 3.81%
Kaufmann Portfolio
2023536,7167.81 to 10.98$5,634,8690.00 %1.15% to 1.65%12.98% to 13.83%
2022542,3816.87 to 9.67$5,022,7340.00 %1.15% to 1.65%-31.40% to -30.88%
2021429,3569.96 to 14.03$5,839,7730.00 %1.15% to 1.65%0.59% to 1.09%
2020296,26111.99 to 13.88$4,080,4880.00 %1.15% to 1.65%26.76% to 27.01%
201967,81710.91 to 10.92$740,1880.00 %1.15% to 1.35%9.10% to 9.25%
Managed Volatility Portfolio
202336,56110.51 to 11.53$409,4611.52 %1.15% to 1.65%6.56% to 7.36%
202235,8529.81 to 10.82$375,5640.00 %1.15% to 1.65%-15.40% to -14.77%
202137,41611.53 to 12.79$463,3990.52 %1.15% to 1.65%16.67% to 16.90%
20206,46310.64 to 10.67$68,7942.50 %1.15% to 1.65%-0.65% to -0.45%
20192,42510.71 to 10.72$25,9830.00 %1.15% to 1.35%7.08% to 7.23%
Principal Variable Contracts
Blue Chip Fund
202384,84710.37 to 10.58$886,0190.00 %1.15% to 1.65%36.82% to 37.85%
202249,3097.58 to 7.67$374,9730.00 %1.15% to 1.65%-32.12% to -32.12%
20217,38611.22 to 11.22$82,8780.00 %1.15% to 1.65%12.20% to 12.20%
Equity Income Fund
202340,73510.33 to 10.54$426,8842.01 %1.15% to 1.65%9.19% to 10.01%
202231,0469.46 to 9.58$296,2153.80 %1.15% to 1.65%-12.14% to -11.65%
202112,48810.80 to 10.84$135,1760.81 %1.15% to 1.65%8.03% to 8.10%
Diversified Balance Fund
2023208,7239.80 to 9.97$2,059,2661.13 %1.15% to 1.65%12.09% to 12.71%
115
Midland National Life Insurance Company
Separate Account C
Notes to Financial Statements
December 31Year Ended December 31
Unit Fair ValueInvestmentExpense RatioTotal Return
Lowest toIncomeLowest toLowest to
UnitsHighestNet AssetsRatio*Highest**Highest***
202262,8898.77 to 8.85$553,4252.87 %1.15% to 1.65%-16.46% to -16.00%
202129,98910.49 to 10.53$315,3541.14 %1.15% to 1.65%4.93% to 5.14%
Diversified Growth Fund
202326,45710.16 to 10.23$269,6441.72 %1.15% to 1.65%14.84% to 14.96%
202222,4198.85 to 8.88$198,6542.01 %1.15% to 1.65%-16.97% to -16.89%
202124,92410.66 to 10.67$265,7800.00 %1.15% to 1.65%6.56% to 6.63%
Diversified Income Fund
20239,1629.51 to 9.59$87,4580.79 %1.15% to 1.65%9.48% to 9.87%
20226,2158.68 to 8.73$54,1330.00 %1.15% to 1.65%-15.95% to -15.79%
202175,48010.33 to 10.34$780,2513.86 %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




















Midland National Life Insurance Company
Separate Account C
Financial Statements
September 30, 2024
(Unaudited)
117
Midland National Life Insurance Company
Separate Account C (Unaudited)
Index
Page(s)
Financial Statements
Statements of Net Assets    1–8
Statements of Operations    9–16
Statements of Changes in Net Assets    17–24
Note to Financial Statements    25–33
118
Midland National Life Insurance Company
Separate Account C
Statements of Net Assets (Unaudited)
September 30, 2024
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Fidelity Variable Insurance Products
Government Money Market Portfolio7,369,190 $7,369,190 $7,369,190 
High Income Portfolio820,027 4,004,182 3,912,819 
Equity-Income Portfolio234,765 5,389,865 6,735,071 
Growth Portfolio84,954 7,173,996 9,884,699 
Overseas Portfolio171,691 4,103,562 5,010,149 
Mid Cap Portfolio484,372 17,444,995 19,503,212 
Asset Manager Portfolio48,601 722,671 822,407 
Investment Grade Bond Portfolio508,115 5,708,160 5,752,970 
Index 500 Portfolio42,542 12,521,282 23,650,934 
Contrafund Portfolio890,631 40,446,514 54,033,808 
Asset Manager: Growth Portfolio33,858 652,649 804,125 
Balanced Portfolio172,418 3,497,629 4,178,857 
Growth & Income Portfolio59,476 1,359,918 1,914,675 
Growth Opportunities Portfolio656,419 36,138,624 49,273,315 
Value Strategies Portfolio147,028 2,180,146 2,693,554 
Strategic Income Portfolio1,358,981 14,979,789 15,016,741 
Emerging Markets Portfolio411,673 5,235,207 5,191,199 
Real Estate Portfolio829,596 14,918,517 15,870,175 
Funds Manager 50% Portfolio538,122 6,522,479 6,721,140 
Funds Manager 70% Portfolio386,465 4,896,241 5,275,251 
Funds Manager 85% Portfolio174,790 2,114,787 2,410,348 
Government Money Market Portfolio Service Class 294,008,386 94,008,386 94,008,386 
International Capital Appreciation Portfolio244,873 4,699,277 5,832,887 
Energy Portfolio18,388 496,526 477,348 
Lincoln VIP American Century
Balanced Fund667,096 5,206,772 5,729,720 
Capital Appreciation Fund109,441 1,573,324 1,762,757 
International Fund227,201 2,454,154 2,648,838 
Value Fund6,031,181 70,004,323 77,674,911 
Disciplined Core Value Fund659,003 5,629,606 5,804,127 
Inflation Protection Fund674,610 6,677,729 6,587,562 
Large Company Value Fund35,982 648,959 725,467 
Mid Cap Value Fund1,708,228 34,947,767 35,874,493 
Ultra Fund460,971 10,618,223 12,773,975 
MFS Variable Insurance Trust
Research Series 11,595 398,724 402,354 
Growth Series 27,824 1,763,669 1,904,935 
Investors Trust Series 7,951 269,346 311,240 
New Discovery Series 604,147 6,883,375 6,679,087 
Corporate Bond Portfolio522,409 5,225,311 4,989,004 
Emerging Markets Equity Portfolio379,751 5,346,844 5,392,463 
Technology Portfolio358,057 9,846,994 12,732,524 
Global Tactical Allocation Portfolio64,445 915,595 920,922 
International Intrinsic Value Portfolio479,399 14,251,809 15,096,276 
The accompanying notes are an integral part of these financial statements



119
Midland National Life Insurance Company
Separate Account C
Statements of Net Assets (Unaudited)
September 30, 2024
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Utilities Series Portfolio406,063 13,818,370 14,687,301 
Blended Research Core Equity Portfolio112,698 6,443,324 6,959,087 
Global Real Estate Portfolio63,756 1,053,286 1,086,408 
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio36,028 1,296,641 1,551,358 
Mid-Cap Stock Portfolio54,410 1,401,136 1,626,331 
Bond-Debenture Portfolio2,175,674 25,604,325 24,149,975 
Fundamental Equity Portfolio110,200 1,961,263 2,165,437 
Developing Growth Portfolio134,789 4,969,347 3,908,873 
Short Duration Income Portfolio1,177,869 15,885,828 16,089,690 
Alger Fund
LargeCap Growth Portfolio58,652 3,986,283 4,706,807 
MidCap Growth Portfolio188,205 4,011,444 3,624,828 
Capital Appreciation Portfolio36,228 2,947,432 3,792,348 
SmallCap Growth Portfolio31,312 717,009 567,060 
Capital Appreciation Portfolio Class S446,189 34,267,058 41,433,133 
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio86,091 2,418,243 2,452,730 
SRI Balanced Portfolio2,715,648 6,517,539 7,522,344 
Calvert Variable Trust, Inc.
S&P 500 Index Portfolio7,269 1,167,338 1,531,509 
Invesco Variable Insurance Funds
Technology Fund52,079 925,586 1,166,567 
Diversified Dividend Fund120,232 3,052,069 3,287,733 
Health Care Fund27,764 776,074 837,076 
Global Real Estate Fund4,723 70,813 70,427 
International Equity Fund5,877 193,877 213,685 
Main Street Mid Cap Fund17,633 171,096 189,377 
Discovery Mid Cap Growth Fund95,216 6,177,943 6,130,006 
Global Fund169,418 6,166,052 7,047,802 
Main Street Fund439,061 8,263,018 9,501,289 
Main Street Small Cap Fund363,744 8,891,531 10,752,263 
Balanced-Risk Allocation Fund55,372 488,848 512,193 
Core Plus Bond Fund670,419 3,844,375 4,015,810 
Equity and Income Fund266,098 4,414,923 4,869,679 
Small Cap Equity Fund263,089 4,085,763 4,704,024 
Equally Weighted S&P 500 Fund272,135 6,907,665 7,861,990 
Growth and Income Fund20,624 391,152 447,947 
American Value Fund5,144 75,519 86,626 
Lincoln Financial Variable Insurance Portfolios
Core Bond Portfolio118,283 1,302,615 1,224,586 
Small Cap Core Portfolio90,814 1,841,635 2,022,438 
Rydex Variable Trust
Nova Fund3,574 418,533 743,975 
NASDAQ-100 Fund15,265 870,149 1,257,527 
The accompanying notes are an integral part of these financial statements



120
Midland National Life Insurance Company
Separate Account C
Statements of Net Assets (Unaudited)
September 30, 2024
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
U.S. Government Money Market Fund310,522 310,523 310,522 
Inverse S&P 500 Strategy Fund641 30,675 14,687 
Inverse NASDAQ-100 Strategy Fund1,742 34,560 23,280 
Inverse Government Long Bond Strategy Fund19 1,749 1,980 
Government Long Bond 1.2x Strategy3,313 130,388 69,047 
NASDAQ-100 2x Strategy Fund— — — 
Inverse Dow 2x Strategy Fund— — — 
Rydex Variable Insurance Funds
Biotechnology Fund34,365 3,222,082 2,801,786 
S&P 500 Pure Growth Fund87,717 3,999,350 4,668,312 
S&P MidCap 400 Pure Growth Fund27,955 993,853 1,087,714 
Guggenheim Variable Insurance Funds
Long Short Equity Fund— — — 
Multi-Hedge Strategies Fund40,446 1,055,420 995,773 
Global Managed Futures Strategy Fund19,607 339,973 318,815 
Small Cap Value Fund107,591 4,624,808 4,747,998 
ProFunds VP
Profund Access VP High Yield Fund1,015 26,691 25,854 
Asia 301,484 85,584 62,522 
Banks3,532 96,501 109,597 
Materials568 44,501 54,484 
Bear457 7,379 5,064 
Biotechnology4,607 260,851 206,074 
Bull9,545 534,553 548,385 
Consumer Staples2,072 85,242 69,463 
Consumer Discretionary1,271 85,302 84,273 
Dow 3011,810 248,581 265,008 
Emerging Markets2,112 56,988 68,704 
Europe 301,615 39,748 44,315 
Falling U.S. Dollar1,335 20,217 19,811 
Financials615 28,652 30,624 
Health Care1,909 133,660 137,338 
Industrials1,612 137,546 146,802 
International561 10,773 12,347 
Internet9,134 179,319 212,733 
Japan682 36,700 44,763 
Large-Cap Growth12,303 702,454 789,260 
Large-Cap Value8,282 373,137 415,744 
Mid-Cap4,808 87,703 87,023 
Mid-Cap Growth5,055 203,282 204,073 
Mid-Cap Value1,958 81,957 85,261 
Government Money Market2,259,120 2,259,119 2,259,120 
Energy5,058 188,194 211,412 
NASDAQ-1004,580 243,252 276,240 
Pharmaceuticals1,554 54,972 50,844 
The accompanying notes are an integral part of these financial statements



121
Midland National Life Insurance Company
Separate Account C
Statements of Net Assets (Unaudited)
September 30, 2024
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Precious Metals10,815 288,119 331,152 
Real Estate1,221 66,544 62,467 
Rising Rates Opportunity62 2,257 1,559 
Semiconductor6,448 171,937 308,536 
Short Dow 3064 1,273 1,244 
Short Emerging Markets— — — 
Short International199 4,611 4,452 
Short Mid-Cap194 1,204 1,202 
Short NASDAQ-100— — — 
Short Small-Cap81 1,753 1,570 
Small-Cap2,620 96,051 97,137 
Small-Cap Growth4,504 139,873 143,004 
Small-Cap Value1,998 90,471 88,990 
Technology3,476 237,419 261,047 
Communication Services8 275 363 
U.S. Government Plus5,503 106,808 67,803 
UltraBull29,410 898,809 1,215,202 
UltraMid-Cap10,456 375,489 433,909 
UltraNASDAQ-10017,474 405,918 711,021 
UltraShort Dow 3052 220 134 
UltraShort NASDAQ-1002 156 44 
UltraSmall-Cap9,016 137,264 139,650 
Utilities1,116 48,459 52,979 
VanEck Worldwide Insurance Trust
Global Resources Fund186,231 4,646,748 4,990,444 
Emerging Markets Fund80,071 931,776 816,719 
Emerging Markets Bond Fund43,294 336,504 331,636 
Janus Henderson Series
Global Technology and Innovation Portfolio980,776 13,963,437 20,115,715 
Overseas Portfolio33,376 1,286,621 1,496,914 
Research Portfolio1,659 63,300 88,751 
Enterprise Services Portfolio510,516 36,026,356 38,258,073 
Global Research Portfolio44,223 2,678,282 3,072,592 
Mid Cap Value Portfolio288,362 4,725,260 5,262,600 
Balanced Portfolio1,496,738 70,520,966 82,126,025 
Flexible Bond Portfolio644,769 8,191,359 7,395,502 
Forty Portfolio1,010 50,295 50,467 
PIMCO Variable Insurance Trust
Total Return Portfolio3,240,590 33,607,053 30,461,547 
Low Duration Portfolio2,736,579 27,214,189 26,654,287 
High Yield Portfolio1,941,004 13,915,739 14,285,780 
Real Return Portfolio1,668,240 21,465,943 19,885,418 
All Asset Portfolio285,839 3,000,236 2,686,890 
Global Managed Asset Allocation Portfolio106,277 1,189,581 1,097,838 
Short-Term Portfolio3,694,125 37,496,593 37,975,604 
The accompanying notes are an integral part of these financial statements



122
Midland National Life Insurance Company
Separate Account C
Statements of Net Assets (Unaudited)
September 30, 2024
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Emerging Markets Bond Portfolio132,833 1,596,330 1,459,837 
Global Bond Opportunities Portfolio8,138 91,220 79,425 
Commodity Real Return Strategy Portfolio968,645 6,453,270 5,530,964 
International Bond (USD-Hedged) Portfolio267,189 2,794,828 2,666,543 
Dynamic Bond Adv Portfolio220,162 1,965,037 1,933,025 
Income Advisor Portfolio3,014,772 31,166,825 30,509,495 
StocksPLUS Global Portfolio97 750 768 
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund106,574 1,319,291 1,548,525 
Large Cap Value Fund23,268 211,934 233,140 
Mid Cap Value Fund162,580 2,647,069 2,945,944 
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio19,411 492,973 521,585 
AMT Mid Cap Intrinsic Value Portfolio7,406 119,881 125,910 
BNY Mellon Variable Investment Fund
Appreciation Portfolio7,420 254,351 268,146 
Sustainable U.S. Equity Portfolio460 20,773 24,745 
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio2,588 16,047 14,051 
Emerging Markets Equity Portfolio7,826 104,261 115,036 
Discovery Portfolio8,831 55,864 41,240 
U.S. Real Estate Portfolio2,345 36,178 38,267 
Northern Lights Variable Trust
Power Dividend Index Fund33,972 465,245 555,783 
AB Variable Products Series
Dynamic Asset Allocation Portfolio274,868 2,996,773 2,732,189 
Small Cap Growth Portfolio2,658 36,678 25,114 
Discovery Value Portfolio392,913 6,976,436 7,107,798 
BlackRock Variable Series Fund, Inc.
Basic Value Fund271,440 3,540,480 3,906,022 
Capital Appreciation Fund39,819 340,021 389,824 
Equity Dividend Fund1,880,502 20,932,165 22,359,175 
Global Allocation Fund805,991 11,748,653 11,582,086 
Advantage Large Cap Core Fund17,524 381,022 473,512 
Large Cap Focus Growth Fund671,794 12,170,519 15,075,064 
60/40 Target Allocation ETF Fund580,938 7,724,927 8,655,981 
Total Return Fund182,059 2,100,032 1,866,105 
S&P 500 Fund57,160 1,441,213 2,021,164 
Columbia Variable Portfolio
Contrarian Core 2 Portfolio286,535 11,196,211 14,664,844 
Dividend Opportunity Portfolio214,598 7,607,656 9,511,002 
Emerging Markets Bond Portfolio451,001 4,104,785 3,689,186 
High Yield Portfolio1,096,606 6,633,034 6,678,328 
Select Large-Cap Value Portfolio314,638 11,435,414 13,608,077 
Seligman Global Tech Portfolio707,135 16,077,783 18,583,501 
The accompanying notes are an integral part of these financial statements



123
Midland National Life Insurance Company
Separate Account C
Statements of Net Assets (Unaudited)
September 30, 2024
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
US Government Mortgage Portfolio102,983 980,976 939,205 
Strategic Income Portfolio561,281 2,067,474 2,082,354 
Emerging Markets Portfolio40,597 536,687 425,453 
Select Mid Cap Value Portfolio16,278 609,033 675,227 
Small Cap Value Portfolio75,440 965,129 979,216 
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio2,011,603 52,234,608 61,233,187 
Small Cap Index Portfolio520,692 7,519,122 7,550,041 
Alternative Asset Allocation Portfolio76,371 1,019,415 1,017,264 
Global Small Cap Portfolio— — — 
Small Mid Cap Value Portfolio241,344 2,827,499 3,383,636 
CROCI US Portfolio— — — 
High Income Portfolio— — — 
Eaton Vance Variable Trust
Floating Rate Income Portfolio2,490,643 21,612,959 21,394,626 
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund240,024 3,706,560 4,186,015 
Income Fund1,746,515 25,634,966 25,743,636 
Global Bond Fund1,565,895 22,107,553 20,293,996 
Foreign Fund2,326,340 30,788,050 35,406,902 
Developing Markets Fund263,976 2,404,738 2,388,979 
Mutual Global Discovery Fund223,824 3,648,492 4,525,721 
Rising Dividends Fund1,026,709 28,061,772 29,569,222 
DynaTech 2 Fund1,220,876 5,329,069 6,458,435 
Global Real Estate Fund189 2,243 2,572 
VolSmart Allocation Fund9,561 122,788 130,604 
Macquarie Variable Insurance Portfolio
Asset Strategy Portfolio222,234 2,057,867 2,226,784 
Balanced Portfolio1,051,729 6,371,860 6,499,687 
Energy Portfolio225,698 911,011 1,067,552 
Natural Resources Portfolio115,650 455,239 549,335 
Growth Portfolio290,155 2,794,700 3,011,806 
High Income Portfolio2,981,809 9,385,983 8,796,336 
International Core Equity Portfolio361,327 5,505,183 6,342,368 
Global Growth Portfolio452,615 1,524,213 1,679,202 
Mid Cap Growth Portfolio705,501 8,399,751 7,294,882 
Science and Technology Portfolio519,823 13,900,677 14,851,331 
Small Cap Growth Portfolio545,052 4,151,522 3,553,737 
SMID Cap Core Portfolio659,452 7,857,327 8,559,691 
Total Return Portfolio7,015 81,721 96,037 
International Portfolio— — — 
Opportunity Portfolio384,468 5,648,320 7,189,558 
Lazard Retirement Series, Inc.
International Equity Portfolio119,296 1,101,259 1,216,819 
Global Dynamic Multi Asset Portfolio61,657 819,971 829,898 
The accompanying notes are an integral part of these financial statements



124
Midland National Life Insurance Company
Separate Account C
Statements of Net Assets (Unaudited)
September 30, 2024
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio326,504 2,077,081 2,184,313 
ClearBridge Variable Mid Cap Portfolio672,973 16,031,750 16,191,724 
ClearBridge Variable Dividend Strategy Portfolio1,448,297 32,555,013 34,063,948 
ClearBridge Variable Small Cap Growth Portfolio337,466 8,436,061 8,767,358 
ClearBridge Variable Growth Portfolio48,867 1,140,259 858,102 
Western Asset Variable Core Bond Plus Portfolio12,745,147 70,568,361 65,000,250 
ClearBridge Variable Large Cap Growth Portfolio634,068 22,656,075 29,820,218 
Pioneer Variable Contracts Trust
Fund Portfolio177,756 2,860,496 3,372,025 
Bond Portfolio4,625,836 48,378,053 45,286,938 
Strategic Income Portfolio1,094,344 10,557,826 10,057,019 
Equity Income Portfolio824,764 12,208,184 11,084,824 
High Yield Portfolio61,572 548,060 524,591 
Prudential Series Funds
Natural Resources Portfolio14,628 520,470 645,518 
Mid-Cap Growth Portfolio5,098 88,690 141,051 
PGIM Jennison Blend Portfolio5,103 473,719 588,409 
Royce Capital Fund
Micro-Cap Portfolio22,880 214,903 219,417 
Small Cap Portfolio830,576 6,831,366 8,206,095 
Alps Fund
Alerian Energy Infrastructure Portfolio453,734 5,018,981 6,211,617 
Global Opportunity Portfolio134,524 1,706,473 1,934,460 
American Funds IS
Asset Allocation Fund3,888,908 95,887,315 99,283,819 
Washington Mutual Investors Fund3,750,685 51,674,554 61,923,806 
Ultra-Short Bond Fund1,457,003 16,116,158 16,522,411 
Capital Income Builder Fund1,845,056 20,416,746 23,875,027 
Global Growth Fund853,714 29,842,546 31,869,137 
Capital World Growth and Income Fund1,267,057 17,602,351 19,702,731 
Global Small Capitalization Fund391,243 8,042,391 6,909,348 
Growth Fund665,529 64,748,095 76,203,110 
Growth-Income Fund1,252,247 70,862,998 82,723,444 
International Fund525,146 9,313,866 10,098,558 
International Growth and Income Fund819,684 8,126,533 8,762,421 
New World Fund1,242,542 31,660,421 35,039,696 
U.S. Government Securities Fund954,561 9,462,762 9,641,071 
Global Balanced Fund33,740 419,716 452,112 
The Bond Fd of America Fund115,212 1,074,088 1,116,402 
Invesco Oppenheimer
International Growth Fund9,861,035 22,889,758 23,074,821 
T. Rowe Price
Blue Chip Growth Portfolio1,381,224 58,596,616 76,892,756 
Health Sciences Portfolio586,985 31,847,729 34,684,926 
The accompanying notes are an integral part of these financial statements



125
Midland National Life Insurance Company
Separate Account C
Statements of Net Assets (Unaudited)
September 30, 2024
Assets:
Investments in portfolio shares, at fair value (Note 1):SharesCostNet Assets
Equity Income Portfolio12,622 373,045 395,697 
Mid-Cap Growth Portfolio23,193 650,921 685,110 
John Hancock Variable Insurance Trust
Financial Industries Portfolio224,238 2,624,111 2,921,823 
Fundamental All Cap Core Portfolio7,568 245,332 261,401 
Select Bond Portfolio29,501 374,164 364,634 
Strategic Income Opportunities Portfolio88,279 1,141,818 1,169,693 
Federated Hermes
High Income Bond Portfolio265,448 1,482,080 1,502,436 
Kaufmann Portfolio314,420 4,966,753 5,571,527 
Managed Volatility Portfolio26,572 254,940 278,475 
Principal Variable Contracts
Blue Chip Fund112,311 1,300,952 1,615,029 
Equity Income Fund16,892 467,381 523,329 
Diversified Balance Fund162,901 2,319,753 2,415,821 
Diversified Growth Fund61,496 1,123,673 1,134,606 
Diversified Income Fund7,058 97,388 95,703 
Putnam Variable Trust
Core Equity Fund— — — 
Emerging Markets Equity Fund— — — 
Focused International Equity Fund— — — 
George Putnam Balanced Fund111 1,696 1,739 
Global Asset Allocation Fund— — — 
Global Health Care Fund— — — 
High Yield Fund— — — 
International Equity Fund— — — 
International Value Fund12,454 159,226 160,778 
Large Cap Growth Fund3,890 61,034 62,634 
Large Cap Value Fund16,920 553,741 561,411 
Research Fund— — — 
Small Cap Growth Fund1,399 29,017 30,846 
Small Cap Value Fund— — — 
The accompanying notes are an integral part of these financial statements



126
Midland National Life Insurance Company
Separate Account C
Statements of Operations (Unaudited)
Period Ended September 30, 2024
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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$316,356 $— $316,356 $77,341 $335 $77,676 $238,680 $— $— $— $238,680 
High Income Portfolio225 — 225 37,683 123 37,806 (37,581)(74,099)382,656 308,557 270,976 
Equity-Income Portfolio— 34,088 34,088 66,300 899 67,199 (33,111)189,750 880,093 1,069,843 1,036,732 
Growth Portfolio— 126,535 126,535 98,201 2,826 101,027 25,508 605,265 1,528,633 2,133,898 2,159,406 
Overseas Portfolio12,497 7,660 20,157 53,558 322 53,880 (33,723)266,026 422,248 688,274 654,551 
Mid Cap Portfolio— 317,383 317,383 174,316 383 174,699 142,684 388,501 2,246,757 2,635,258 2,777,942 
Asset Manager Portfolio602 3,313 3,915 8,983 207 9,190 (5,275)3,799 71,553 75,352 70,077 
Investment Grade Bond Portfolio30,952 — 30,952 54,766 248 55,014 (24,062)(35,890)258,152 222,262 198,200 
Index 500 Portfolio58,240 — 58,240 228,618 1,964 230,582 (172,342)1,887,289 2,528,934 4,416,223 4,243,881 
Contrafund Portfolio15,908 159,081 174,989 480,694 1,737 482,431 (307,442)2,985,498 8,975,515 11,961,013 11,653,571 
Asset Manager: Growth Portfolio414 8,816 9,230 9,477 224 9,701 (471)33,089 60,361 93,450 92,979 
Balanced Portfolio11,385 102,197 113,582 37,142 194 37,336 76,246 35,947 382,710 418,657 494,903 
Growth & Income Portfolio125 10,570 10,695 19,307 474 19,781 (9,086)69,096 261,288 330,384 321,298 
Growth Opportunities Portfolio— — — 451,240 593 451,833 (451,833)(156,064)11,799,566 11,643,502 11,191,669 
Value Strategies Portfolio— 34,046 34,046 25,645 — 25,645 8,401 111,239 126,026 237,265 245,666 
Strategic Income Portfolio5,394 — 5,394 137,375 — 137,375 (131,981)(147,645)1,086,869 939,224 807,243 
Emerging Markets Portfolio4,082 — 4,082 49,520 — 49,520 (45,438)(162,281)1,020,838 858,557 813,119 
Real Estate Portfolio47,111 — 47,111 146,732 — 146,732 (99,621)(324,826)2,225,874 1,901,048 1,801,427 
Funds Manager 50% Portfolio4,097 — 4,097 65,026 — 65,026 (60,929)(81,508)737,985 656,477 595,548 
Funds Manager 70% Portfolio2,467 — 2,467 48,939 — 48,939 (46,472)68,759 544,257 613,016 566,544 
Funds Manager 85% Portfolio708 — 708 19,659 — 19,659 (18,951)(15,925)297,240 281,315 262,364 
Government Money Market Portfolio Service Class 22,975,222 — 2,975,222 763,511 — 763,511 2,211,711 — — — 2,211,711 
International Capital Appreciation Portfolio— — — 51,575 — 51,575 (51,575)(11,617)716,724 705,107 653,532 
Energy Portfolio400 — 400 2,739 — 2,739 (2,339)2,020 (19,135)(17,115)(19,454)
Lincoln VIP American Century
Balanced Fund25,724 — 25,724 51,671 24 51,695 (25,971)(12,636)636,833 624,197 598,226 
Capital Appreciation Fund— 60,777 60,777 19,402 325 19,727 41,050 33,834 187,888 221,722 262,772 
International Fund20,919 — 20,919 27,664 201 27,865 (6,946)43 243,482 243,525 236,579 
Value Fund498,793 3,700,734 4,199,527 737,820 392 738,212 3,461,315 756,215 3,384,784 4,140,999 7,602,314 
Disciplined Core Value Fund17,866 — 17,866 60,665 60 60,725 (42,859)(186,082)973,201 787,119 744,260 
Inflation Protection Fund29,685 — 29,685 67,104 — 67,104 (37,419)(267,950)518,706 250,756 213,337 
Large Company Value Fund3,751 7,308 11,059 9,635 — 9,635 1,424 4,104 72,927 77,031 78,455 
Mid Cap Value Fund148,731 1,039,500 1,188,231 342,260 — 342,260 845,971 20,960 2,647,178 2,668,138 3,514,109 
Ultra Fund— 876,870 876,870 127,060 — 127,060 749,810 297,082 1,133,448 1,430,530 2,180,340 
MFS Variable Insurance Trust
Research Series 1,944 22,062 24,006 3,911 155 4,066 19,940 (9,397)41,186 31,789 51,729 
Growth Series — 140,954 140,954 18,990 406 19,396 121,558 64,794 189,648 254,442 376,000 
Investors Trust Series 1,874 21,356 23,230 3,054 29 3,083 20,147 2,075 23,825 25,900 46,047 
New Discovery Series — — — 66,051 328 66,379 (66,379)(1,113,344)1,538,114 424,770 358,391 
Corporate Bond Portfolio184,567 — 184,567 48,032 — 48,032 136,535 (199,557)298,220 98,663 235,198 
Emerging Markets Equity Portfolio109,028 — 109,028 46,140 — 46,140 62,888 (95,395)839,101 743,706 806,594 
Technology Portfolio— 131,185 131,185 107,946 — 107,946 23,239 412,787 2,145,444 2,558,231 2,581,470 
Global Tactical Allocation Portfolio4,663 4,725 9,388 8,710 — 8,710 678 (8,916)71,536 62,620 63,298 
International Intrinsic Value Portfolio167,214 650,775 817,989 142,677 — 142,677 675,312 143,877 1,172,162 1,316,039 1,991,351 
Utilities Series Portfolio280,086 389,964 670,050 123,936 — 123,936 546,114 (192,999)2,098,047 1,905,048 2,451,162 
Blended Research Core Equity Portfolio50,654 452,075 502,729 58,477 — 58,477 444,252 17,119 657,895 675,014 1,119,266 
The accompanying notes are an integral part of these financial statements



127
Midland National Life Insurance Company
Separate Account C
Statements of Operations (Unaudited)
Period Ended September 30, 2024
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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 Portfolio14,812 — 14,812 9,070 — 9,070 5,742 (62,676)138,624 75,948 81,690 
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio— — — 14,170 275 14,445 (14,445)14,664 238,826 253,490 239,045 
Mid-Cap Stock Portfolio26 3,672 3,698 15,929 288 16,217 (12,519)89,114 142,259 231,373 218,854 
Bond-Debenture Portfolio— — — 238,237 — 238,237 (238,237)(622,221)2,387,754 1,765,533 1,527,296 
Fundamental Equity Portfolio— — — 20,188 — 20,188 (20,188)42,625 293,037 335,662 315,474 
Developing Growth Portfolio— — — 37,661 — 37,661 (37,661)(585,212)1,311,796 726,584 688,923 
Short Duration Income Portfolio— — — 155,307 — 155,307 (155,307)(214,185)961,846 747,661 592,354 
Alger Fund
LargeCap Growth Portfolio— — — 49,479 154 49,633 (49,633)101,952 1,128,940 1,230,892 1,181,259 
MidCap Growth Portfolio— — — 36,981 142 37,123 (37,123)(286,116)773,282 487,166 450,043 
Capital Appreciation Portfolio— — — 37,699 318 38,017 (38,017)137,820 893,842 1,031,662 993,645 
SmallCap Growth Portfolio— — — 5,699 87 5,786 (5,786)(26,272)76,665 50,393 44,607 
Capital Appreciation Portfolio Class S— — — 387,736 — 387,736 (387,736)748,844 10,780,491 11,529,335 11,141,599 
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio— — — 22,685 — 22,685 (22,685)(100,669)373,062 272,393 249,708 
SRI Balanced Portfolio— — — 64,738 — 64,738 (64,738)(51,679)1,175,198 1,123,519 1,058,781 
Calvert Variable Trust, Inc.
S&P 500 Index Portfolio— — — 15,221 — 15,221 (15,221)84,692 234,030 318,722 303,501 
Invesco Variable Insurance Funds
Technology Fund— — — 13,550 — 13,550 (13,550)64,032 169,793 233,825 220,275 
Diversified Dividend Fund— — — 27,113 8 27,121 (27,121)(32,147)400,520 368,373 341,252 
Health Care Fund— — — 7,497 9 7,506 (7,506)8,692 109,329 118,021 110,515 
Global Real Estate Fund— — — 1,410 — 1,410 (1,410)(582)5,971 5,389 3,979 
International Equity Fund— — — 4,874 — 4,874 (4,874)7,540 10,723 18,263 13,389 
Main Street Mid Cap Fund— — — 3,642 — 3,642 (3,642)(3,525)28,281 24,756 21,114 
Discovery Mid Cap Growth Fund— — — 57,165 — 57,165 (57,165)(588,194)1,577,595 989,401 932,236 
Global Fund— — — 70,470 — 70,470 (70,470)(467,927)1,607,264 1,139,337 1,068,867 
Main Street Fund— — — 88,851 — 88,851 (88,851)(616,692)2,399,946 1,783,254 1,694,403 
Main Street Small Cap Fund— — — 100,106 — 100,106 (100,106)157,785 1,086,283 1,244,068 1,143,962 
Balanced-Risk Allocation Fund— — — 4,425 — 4,425 (4,425)(7,336)47,510 40,174 35,749 
Core Plus Bond Fund— — — 37,985 — 37,985 (37,985)(3,814)213,961 210,147 172,162 
Equity and Income Fund— — — 51,726 — 51,726 (51,726)(55,516)612,535 557,019 505,293 
Small Cap Equity Fund— — — 40,528 — 40,528 (40,528)(98,013)708,155 610,142 569,614 
Equally Weighted S&P 500 Fund— — — 60,868 — 60,868 (60,868)31,960 923,930 955,890 895,022 
Growth and Income Fund— — — 8,696 — 8,696 (8,696)3,438 55,931 59,369 50,673 
American Value Fund— — — 1,842 — 1,842 (1,842)(264)21,455 21,191 19,349 
Lincoln Financial Variable Insurance Portfolios
Core Bond Portfolio1,929 — 1,929 12,425 — 12,425 (10,496)(23,727)80,030 56,303 45,807 
The accompanying notes are an integral part of these financial statements



128
Midland National Life Insurance Company
Separate Account C
Statements of Operations (Unaudited)
Period Ended September 30, 2024
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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)
Small Cap Core Portfolio1,062 — 1,062 19,868 — 19,868 (18,806)(13,353)238,658 225,305 206,499 
Rydex Variable Trust
Nova Fund— — — 11,030 — 11,030 (11,030)77,988 135,051 213,039 202,009 
NASDAQ-100 Fund2,838 26,270 29,108 19,809 — 19,809 9,299 203,675 41,917 245,592 254,891 
U.S. Government Money Market Fund9,813 80 9,893 4,072 — 4,072 5,821 — — — 5,821 
Inverse S&P 500 Strategy Fund2,030 — 2,030 183 — 183 1,847 (3,404)(876)(4,280)(2,433)
Inverse NASDAQ-100 Strategy Fund2,626 — 2,626 326 — 326 2,300 (249)(5,481)(5,730)(3,430)
Inverse Government Long Bond Strategy Fund190 — 190 50 — 50 140 809 (650)159 299 
Government Long Bond 1.2x Strategy1,760 — 1,760 601 — 601 1,159 (21,527)17,734 (3,793)(2,634)
NASDAQ-100 2x Strategy Fund— — — — — — — — — — — 
Inverse Dow 2x Strategy Fund— — — — — — — — — — — 
Rydex Variable Insurance Funds
Biotechnology Fund— 245,620 245,620 27,641 — 27,641 217,979 (73,309)32,490 (40,819)177,160 
S&P 500 Pure Growth Fund2,857 19,989 22,846 45,523 — 45,523 (22,677)72,138 773,359 845,497 822,820 
S&P MidCap 400 Pure Growth Fund— 87 87 10,747 — 10,747 (10,660)12,795 191,908 204,703 194,043 
Guggenheim Variable Insurance Funds
Long Short Equity Fund1,974 — 1,974 10,040 — 10,040 (8,066)218,681 (126,024)92,657 84,591 
Multi-Hedge Strategies Fund50,728 — 50,728 10,474 — 10,474 40,254 15,155 (63,837)(48,682)(8,428)
Global Managed Futures Strategy Fund9,610 5,137 14,747 3,632 — 3,632 11,115 (10,310)(14,449)(24,759)(13,644)
Small Cap Value Fund56,793 209,363 266,156 46,293 — 46,293 219,863 (44,580)147,851 103,271 323,134 
ProFunds VP
Profund Access VP High Yield Fund1,067 — 1,067 487 — 487 580 (329)1,075 746 1,326 
Asia 30435 — 435 1,006 — 1,006 (571)(1,047)10,924 9,877 9,306 
Banks1,941 — 1,941 1,768 — 1,768 173 52 11,634 11,686 11,859 
Materials216 39 255 887 — 887 (632)3,052 3,598 6,650 6,018 
Bear421 191 612 109 — 109 503 (2,241)868 (1,373)(870)
Biotechnology— 77,026 77,026 3,775 — 3,775 73,251 (8,344)(50,368)(58,712)14,539 
Bull3,943 26,347 30,290 8,431 — 8,431 21,859 (11,464)82,625 71,161 93,020 
Consumer Staples1,024 22,027 23,051 1,283 — 1,283 21,768 (6,842)(6,209)(13,051)8,717 
Consumer Discretionary— 7,609 7,609 1,377 — 1,377 6,232 893 52 945 7,177 
Dow 306,594 — 6,594 3,694 — 3,694 2,900 (874)21,588 20,714 23,614 
Emerging Markets1,006 — 1,006 1,330 — 1,330 (324)1,361 7,747 9,108 8,784 
Europe 30792 1,414 2,206 635 — 635 1,571 784 1,756 2,540 4,111 
Falling U.S. Dollar1,231 — 1,231 342 — 342 889 (630)(256)(886)3 
Financials86 2,919 3,005 588 — 588 2,417 98 1,712 1,810 4,227 
Health Care76 5,477 5,553 3,729 — 3,729 1,824 (10,227)26,308 16,081 17,905 
Industrials270 19,208 19,478 2,472 — 2,472 17,006 1,231 3,228 4,459 21,465 
International1,115 — 1,115 517 — 517 598 (872)2,872 2,000 2,598 
Internet— 4,207 4,207 4,251 — 4,251 (44)(15,167)36,166 20,999 20,955 
Japan1,109 5,661 6,770 714 — 714 6,056 975 (479)496 6,552 
Large-Cap Growth— 14,567 14,567 13,551 — 13,551 1,016 (13,051)188,849 175,798 176,814 
Large-Cap Value1,550 51,132 52,682 8,661 — 8,661 44,021 22,346 (12,572)9,774 53,795 
Mid-Cap2,631 — 2,631 1,910 — 1,910 721 (1,637)9,066 7,429 8,150 
Mid-Cap Growth— 8,122 8,122 4,570 — 4,570 3,552 (1,576)30,753 29,177 32,729 
Mid-Cap Value208 3,553 3,761 1,518 — 1,518 2,243 (990)3,877 2,887 5,130 
Government Money Market74,667 — 74,667 41,375 — 41,375 33,292 — — — 33,292 
Energy4,603 10,024 14,627 5,085 — 5,085 9,542 8,356 (5,906)2,450 11,992 
NASDAQ-1001,088 32,114 33,202 5,404 — 5,404 27,798 15,199 (5,247)9,952 37,750 
The accompanying notes are an integral part of these financial statements



129
Midland National Life Insurance Company
Separate Account C
Statements of Operations (Unaudited)
Period Ended September 30, 2024
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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)
Pharmaceuticals— 5,030 5,030 712 — 712 4,318 (1,236)(313)(1,549)2,769 
Precious Metals9,660 — 9,660 6,226 — 6,226 3,434 (3,264)57,746 54,482 57,916 
Real Estate664 1,742 2,406 1,169 — 1,169 1,237 (769)5,519 4,750 5,987 
Rising Rates Opportunity594 6,655 7,249 220 — 220 7,029 (7,140)534 (6,606)423 
Semiconductor— 19,997 19,997 6,367 — 6,367 13,630 18,404 83,726 102,130 115,760 
Short Dow 3043 — 43 24 — 24 19 (227)89 (138)(119)
Short Emerging Markets— — — — — — — — — — — 
Short International177 — 177 91 — 91 86 (1,860)1,367 (493)(407)
Short Mid-Cap129 — 129 23 — 23 106 (339)112 (227)(121)
Short NASDAQ-100— — — — — — — — — — — 
Short Small-Cap89 — 89 36 — 36 53 (1,247)1,042 (205)(152)
Small-Cap1,333 — 1,333 2,272 — 2,272 (939)178 7,961 8,139 7,200 
Small-Cap Growth— 6,556 6,556 2,898 — 2,898 3,658 (4,351)12,587 8,236 11,894 
Small-Cap Value317 514 831 1,649 — 1,649 (818)(2,023)5,045 3,022 2,204 
Technology— 19,378 19,378 4,803 — 4,803 14,575 10,403 8,108 18,511 33,086 
Communication Services— — — 7 — 7 (7)2 76 78 71 
U.S. Government Plus1,692 — 1,692 974 — 974 718 (13,836)13,306 (530)188 
UltraBull7,575 — 7,575 17,275 — 17,275 (9,700)1,851 325,144 326,995 317,295 
UltraMid-Cap2,516 — 2,516 8,476 — 8,476 (5,960)(2,612)70,506 67,894 61,934 
UltraNASDAQ-1002,011 — 2,011 14,123 — 14,123 (12,112)62,463 120,878 183,341 171,229 
UltraShort Dow 305 — 5 63 — 63 (58)(21)(12)(33)(91)
UltraShort NASDAQ-1002 — 2 31 — 31 (29)(55)34 (21)(50)
UltraSmall-Cap1,003 — 1,003 2,449 — 2,449 (1,446)(1,882)18,058 16,176 14,730 
Utilities763 — 763 1,948 — 1,948 (1,185)(3,746)27,153 23,407 22,222 
VanEck Worldwide Insurance Trust
Global Resources Fund123,095 — 123,095 52,299 61 52,360 70,735 (64,856)200,926 136,070 206,805 
Emerging Markets Fund13,211 — 13,211 6,590 — 6,590 6,621 (33,937)110,842 76,905 83,526 
Emerging Markets Bond Fund23,758 — 23,758 4,175 — 4,175 19,583 (1,512)1,752 240 19,823 
Janus Henderson Series
Global Technology and Innovation Portfolio— — — 180,127 — 180,127 (180,127)(199,016)4,570,333 4,371,317 4,191,190 
Overseas Portfolio6,483 — 6,483 14,118 — 14,118 (7,635)19,201 144,431 163,632 155,997 
Research Portfolio— 3,616 3,616 1,106 — 1,106 2,510 19,174 4,071 23,245 25,755 
Enterprise Services Portfolio214,913 1,665,397 1,880,310 366,304 — 366,304 1,514,006 (331,244)3,923,557 3,592,313 5,106,319 
Global Research Portfolio7,491 61,235 68,726 18,536 — 18,536 50,190 2,686 335,503 338,189 388,379 
Mid Cap Value Portfolio20,919 253,512 274,431 46,639 — 46,639 227,792 175,267 274,811 450,078 677,870 
Balanced Portfolio674,233 — 674,233 789,274 — 789,274 (115,041)2,600,821 8,041,457 10,642,278 10,527,237 
Flexible Bond Portfolio140,957 — 140,957 68,674 — 68,674 72,283 (176,165)381,417 205,252 277,535 
Forty Portfolio— — — 11 — 11 (11)— 172 172 161 
PIMCO Variable Insurance Trust
Total Return Portfolio840,779 — 840,779 287,748 74 287,822 552,957 (870,862)1,552,051 681,189 1,234,146 
Low Duration Portfolio784,252 — 784,252 266,535 — 266,535 517,717 (297,123)680,289 383,166 900,883 
High Yield Portfolio548,649 — 548,649 132,437 19 132,456 416,193 53,175 256,656 309,831 726,024 
Real Return Portfolio431,961 — 431,961 195,697 22 195,719 236,242 (215,003)795,324 580,321 816,563 
All Asset Portfolio130,498 — 130,498 26,517 — 26,517 103,981 (42,808)99,163 56,355 160,336 
Global Managed Asset Allocation Portfolio25,336 — 25,336 10,595 — 10,595 14,741 (13,434)112,646 99,212 113,953 
Short-Term Portfolio1,561,170 — 1,561,170 412,500 — 412,500 1,148,670 97,554 123,384 220,938 1,369,608 
Emerging Markets Bond Portfolio68,269 — 68,269 14,685 — 14,685 53,584 (59,781)119,230 59,449 113,033 
Global Bond Opportunities Portfolio1,885 — 1,885 776 — 776 1,109 (248)1,405 1,157 2,266 
The accompanying notes are an integral part of these financial statements



130
Midland National Life Insurance Company
Separate Account C
Statements of Operations (Unaudited)
Period Ended September 30, 2024
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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)
Commodity Real Return Strategy Portfolio91,476 — 91,476 54,024 — 54,024 37,452 (1,120,121)1,372,481 252,360 289,812 
International Bond (USD-Hedged) Portfolio68,384 — 68,384 25,952 — 25,952 42,432 (40,396)79,336 38,940 81,372 
Dynamic Bond Adv Portfolio71,362 — 71,362 19,711 — 19,711 51,651 (111,514)134,460 22,946 74,597 
Income Advisor Portfolio1,354,074 — 1,354,074 305,540 — 305,540 1,048,534 (501,891)1,011,040 509,149 1,557,683 
StocksPLUS Global Portfolio— — — — — — — — 19 19 19 
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund— — — 17,809 21 17,830 (17,830)39,297 215,009 254,306 236,476 
Large Cap Value Fund— — — 2,294 — 2,294 (2,294)11,581 29,841 41,422 39,128 
Mid Cap Value Fund— — — 27,991 — 27,991 (27,991)51,589 303,681 355,270 327,279 
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio— — — 5,661 — 5,661 (5,661)23,107 55,404 78,511 72,850 
AMT Mid Cap Intrinsic Value Portfolio— — — 1,430 — 1,430 (1,430)652 9,289 9,941 8,511 
BNY Mellon Variable Investment Fund
Appreciation Portfolio415 21,685 22,100 5,419 — 5,419 16,681 1,257 12,637 13,894 30,575 
Sustainable U.S. Equity Portfolio69 119 188 273 — 273 (85)2,058 1,655 3,713 3,628 
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio1,409 — 1,409 314 — 314 1,095 (1,677)1,791 114 1,209 
Emerging Markets Equity Portfolio1,420 — 1,420 1,907 — 1,907 (487)(710)15,830 15,120 14,633 
Discovery Portfolio— — — 687 — 687 (687)(7,688)13,227 5,539 4,852 
U.S. Real Estate Portfolio840 — 840 741 — 741 99 (2,556)6,833 4,277 4,376 
Northern Lights Variable Trust
Power Dividend Index Fund6,250 — 6,250 6,109 — 6,109 141 50,853 29,835 80,688 80,829 
AB Variable Products Series
Dynamic Asset Allocation Portfolio28,171 — 28,171 26,043 — 26,043 2,128 (36,090)327,079 290,989 293,117 
Small Cap Growth Portfolio— — — 231 — 231 (231)(540)4,487 3,947 3,716 
Discovery Value Portfolio45,035 354,886 399,921 68,769 — 68,769 331,152 (264,203)531,361 267,158 598,310 
BlackRock Variable Series Fund, Inc.
Basic Value Fund— 1,604 1,604 35,147 — 35,147 (33,543)(75,568)518,264 442,696 409,153 
Capital Appreciation Fund— 12,152 12,152 3,930 — 3,930 8,222 (20,378)103,790 83,412 91,634 
Equity Dividend Fund217,565 99,538 317,103 211,181 — 211,181 105,922 (875,230)3,367,150 2,491,920 2,597,842 
Global Allocation Fund9,953 98,817 108,770 112,547 — 112,547 (3,777)(64,376)1,192,310 1,127,934 1,124,157 
Advantage Large Cap Core Fund122 — 122 4,341 — 4,341 (4,219)(2,838)93,180 90,342 86,123 
Large Cap Focus Growth Fund— 215,314 215,314 144,070 — 144,070 71,244 (43,916)2,865,795 2,821,879 2,893,123 
60/40 Target Allocation ETF Fund— — — 75,264 — 75,264 (75,264)(38,820)1,014,733 975,913 900,649 
Total Return Fund53,711 — 53,711 16,658 — 16,658 37,053 (7,622)40,496 32,874 69,927 
S&P 500 Fund402 11,453 11,855 17,833 — 17,833 (5,978)40,498 317,778 358,276 352,298 
Columbia Variable Portfolio
Contrarian Core 2 Portfolio— — — 123,078 — 123,078 (123,078)498,969 1,814,026 2,312,995 2,189,917 
Dividend Opportunity Portfolio— — — 84,643 — 84,643 (84,643)230,709 1,162,770 1,393,479 1,308,836 
Emerging Markets Bond Portfolio144,304 — 144,304 36,610 — 36,610 107,694 (151,717)302,830 151,113 258,807 
High Yield Portfolio390,742 — 390,742 68,042 — 68,042 322,700 (168,981)243,278 74,297 396,997 
Select Large-Cap Value Portfolio— — — 131,537 — 131,537 (131,537)403,620 1,556,895 1,960,515 1,828,978 
Seligman Global Tech Portfolio— 1,396,831 1,396,831 170,358 — 170,358 1,226,473 8,475 1,435,911 1,444,386 2,670,859 
US Government Mortgage Portfolio27,894 — 27,894 8,668 — 8,668 19,226 (14,246)38,272 24,026 43,252 
Strategic Income Portfolio85,812 — 85,812 18,022 — 18,022 67,790 (27,048)61,227 34,179 101,969 
The accompanying notes are an integral part of these financial statements



131
Midland National Life Insurance Company
Separate Account C
Statements of Operations (Unaudited)
Period Ended September 30, 2024
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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)
Emerging Markets Portfolio3,925 — 3,925 3,709 — 3,709 216 (5,968)41,032 35,064 35,280 
Select Mid Cap Value Portfolio— — — 3,483 — 3,483 (3,483)7,279 54,956 62,235 58,752 
Small Cap Value Portfolio4,423 36,368 40,791 4,283 — 4,283 36,508 5,198 6,187 11,385 47,893 
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio476,596 3,228,389 3,704,985 533,277 — 533,277 3,171,708 2,176,473 4,696,639 6,873,112 10,044,820 
Small Cap Index Portfolio66,828 206,971 273,799 72,505 — 72,505 201,294 (352,067)828,898 476,831 678,125 
Alternative Asset Allocation Portfolio34,301 604 34,905 9,905 — 9,905 25,000 (615)46,420 45,805 70,805 
Global Small Cap Portfolio1,408 5,595 7,003 815 — 815 6,188 (7,123)(1,386)(8,509)(2,321)
Small Mid Cap Value Portfolio30,112 179,640 209,752 35,011 — 35,011 174,741 48,247 (5,448)42,799 217,540 
CROCI US Portfolio1,380 — 1,380 912 — 912 468 31,213 (18,060)13,153 13,621 
High Income Portfolio20,165 — 20,165 2,096 — 2,096 18,069 7,432 (21,333)(13,901)4,168 
Eaton Vance Variable Trust
Floating Rate Income Portfolio1,307,683 — 1,307,683 211,958 — 211,958 1,095,725 (198,775)50,249 (148,526)947,199 
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund— — — 41,030 — 41,030 (41,030)(77,827)610,171 532,344 491,314 
Income Fund1,281,523 104,996 1,386,519 240,316 — 240,316 1,146,203 (100,760)1,080,937 980,177 2,126,380 
Global Bond Fund— — — 193,927 — 193,927 (193,927)(829,644)965,627 135,983 (57,944)
Foreign Fund832,525 — 832,525 339,560 — 339,560 492,965 (6,748)2,361,108 2,354,360 2,847,325 
Developing Markets Fund92,354 17,749 110,103 23,247 — 23,247 86,856 (66,380)290,216 223,836 310,692 
Mutual Global Discovery Fund— — — 44,544 — 44,544 (44,544)34,352 391,019 425,371 380,827 
Rising Dividends Fund288,642 1,373,345 1,661,987 281,620 — 281,620 1,380,367 324,463 1,679,851 2,004,314 3,384,681 
DynaTech 2 Fund— — — 49,750 — 49,750 (49,750)175,659 803,153 978,812 929,062 
Global Real Estate Fund46 — 46 106 — 106 (60)345 328 673 613 
VolSmart Allocation Fund3,849 2,535 6,384 1,341 — 1,341 5,043 10,484 5,655 16,139 21,182 
Macquarie Variable Insurance Portfolio
Asset Strategy Portfolio3,196 — 3,196 22,442 — 22,442 (19,246)13,877 287,120 300,997 281,751 
Balanced Portfolio82,387 — 82,387 61,602 — 61,602 20,785 (178,843)1,017,797 838,954 859,739 
Global Equity Portfolio41,918 — 41,918 4,321 — 4,321 37,597 (51,415)66,404 14,989 52,586 
Energy Portfolio35,544 — 35,544 11,243 — 11,243 24,301 87,598 (177,066)(89,468)(65,167)
Natural Resources Portfolio31,548 — 31,548 5,644 — 5,644 25,904 22,098 (17,742)4,356 30,260 
Growth Portfolio— 379,327 379,327 27,698 — 27,698 351,629 (56,179)208,615 152,436 504,065 
High Income Portfolio578,902 — 578,902 87,084 — 87,084 491,818 (109,548)127,570 18,022 509,840 
International Core Equity Portfolio79,744 14,434 94,178 57,218 — 57,218 36,960 49,709 438,863 488,572 525,532 
Global Growth Portfolio15,247 12,404 27,651 11,705 — 11,705 15,946 9,468 179,883 189,351 205,297 
Mid Cap Growth Portfolio— 226,892 226,892 77,272 — 77,272 149,620 (1,285,188)1,550,278 265,090 414,710 
Science and Technology Portfolio— 451,848 451,848 139,400 — 139,400 312,448 (419,550)3,596,663 3,177,113 3,489,561 
Small Cap Growth Portfolio— — — 36,239 — 36,239 (36,239)(275,418)742,996 467,578 431,339 
SMID Cap Core Portfolio25,397 14,195 39,592 81,675 — 81,675 (42,083)(188,658)1,190,697 1,002,039 959,956 
Total Return Portfolio2,460 247 2,707 919 — 919 1,788 625 7,935 8,560 10,348 
International Portfolio19,877 — 19,877 4,220 — 4,220 15,657 (77,582)84,400 6,818 22,475 
The accompanying notes are an integral part of these financial statements



132
Midland National Life Insurance Company
Separate Account C
Statements of Operations (Unaudited)
Period Ended September 30, 2024
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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)
Opportunity Portfolio46,586 338,990 385,576 68,173 — 68,173 317,403 79,717 438,329 518,046 835,449 
Lazard Retirement Series, Inc.
International Equity Portfolio33,614 2,720 36,334 11,692 — 11,692 24,642 (3,698)138,382 134,684 159,326 
Global Dynamic Multi Asset Portfolio— — — 7,973 — 7,973 (7,973)(11,277)107,563 96,286 88,313 
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio— — — 21,510 — 21,510 (21,510)(49,391)195,114 145,723 124,213 
ClearBridge Variable Mid Cap Portfolio20,926 53,919 74,845 146,362 — 146,362 (71,517)(161,843)1,170,411 1,008,568 937,051 
ClearBridge Variable Dividend Strategy Portfolio136,149 326,176 462,325 349,439 — 349,439 112,886 1,023,190 3,678,723 4,701,913 4,814,799 
ClearBridge Variable Small Cap Growth Portfolio— 7,333 7,333 86,636 — 86,636 (79,303)(796,382)1,012,296 215,914 136,611 
ClearBridge Variable Growth Portfolio920 18,861 19,781 8,076 — 8,076 11,705 (17,848)66,433 48,585 60,290 
Western Asset Variable Core Bond Plus Portfolio228,800 — 228,800 620,815 — 620,815 (392,015)(1,455,805)3,265,355 1,809,550 1,417,535 
ClearBridge Variable Large Cap Growth Portfolio— 21,594 21,594 270,777 — 270,777 (249,183)1,467,619 4,458,536 5,926,155 5,676,972 
Pioneer Variable Contracts Trust
Fund Portfolio7,596 122,799 130,395 24,398 — 24,398 105,997 25,198 368,197 393,395 499,392 
Bond Portfolio1,263,068 — 1,263,068 423,758 — 423,758 839,310 (906,134)2,206,915 1,300,781 2,140,091 
Strategic Income Portfolio297,278 — 297,278 98,808 — 98,808 198,470 (170,373)551,101 380,728 579,198 
Equity Income Portfolio157,048 2,054,128 2,211,176 107,626 — 107,626 2,103,550 (340,162)(682,331)(1,022,493)1,081,057 
High Yield Portfolio22,016 — 22,016 5,447 — 5,447 16,569 (11,627)33,075 21,448 38,017 
Prudential Series Funds
Natural Resources Portfolio— — — 6,231 — 6,231 (6,231)9,661 45,274 54,935 48,704 
Mid-Cap Growth Portfolio— — — 1,339 — 1,339 (1,339)4,798 6,877 11,675 10,336 
PGIM Jennison Focused Blend Portfolio— — — — — — — — — — — 
PGIM Jennison Blend Portfolio— — — 5,636 — 5,636 (5,636)4,212 106,788 111,000 105,364 
Royce Capital Fund
Micro-Cap Portfolio— — — 2,070 — 2,070 (2,070)(2,760)19,296 16,536 14,466 
Small Cap Portfolio— — — 69,953 — 69,953 (69,953)68,136 356,431 424,567 354,614 
Alps Fund
Alerian Energy Infrastructure Portfolio— — — 50,565 — 50,565 (50,565)278,225 969,527 1,247,752 1,197,187 
Global Opportunity Portfolio— — — 17,286 — 17,286 (17,286)(41,005)335,365 294,360 277,074 
American Funds IS
Asset Allocation Fund414,967 4,118,130 4,533,097 918,617 — 918,617 3,614,480 968,725 7,706,800 8,675,525 12,290,005 
Washington Mutual Investors Fund193,276 465,387 658,663 542,896 — 542,896 115,767 992,279 8,151,717 9,143,996 9,259,763 
Ultra-Short Bond Fund142,833 — 142,833 167,212 — 167,212 (24,379)56,429 388,779 445,208 420,829 
Capital Income Builder Fund334,670 — 334,670 210,050 — 210,050 124,620 428,254 1,994,811 2,423,065 2,547,685 
Global Growth Fund168,175 922,067 1,090,242 306,717 — 306,717 783,525 (595,450)4,354,050 3,758,600 4,542,125 
Capital World Growth and Income Fund68,595 — 68,595 184,644 — 184,644 (116,049)69,150 2,663,761 2,732,911 2,616,862 
Global Small Capitalization Fund51,048 243,570 294,618 64,936 — 64,936 229,682 (462,107)553,319 91,212 320,894 
Growth Fund98,966 1,694,992 1,793,958 676,010 — 676,010 1,117,948 1,112,408 11,405,255 12,517,663 13,635,611 
Growth-Income Fund186,437 3,487,163 3,673,600 724,404 — 724,404 2,949,196 1,699,426 8,936,371 10,635,797 13,584,993 
International Fund17,683 — 17,683 95,953 — 95,953 (78,270)(542,201)1,666,728 1,124,527 1,046,257 
International Growth and Income Fund40,140 — 40,140 84,462 — 84,462 (44,322)(986,856)1,857,203 870,347 826,025 
New World Fund111,015 157,954 268,969 321,426 — 321,426 (52,457)224,878 3,909,605 4,134,483 4,082,026 
U.S. Government Securities Fund63,074 — 63,074 113,664 — 113,664 (50,590)(762,969)915,716 152,747 102,157 
Global Balanced Fund1,561 — 1,561 2,378 — 2,378 (817)1,399 29,326 30,725 29,908 
The Bond Fd of America Fund4,234 — 4,234 5,973 — 5,973 (1,739)2,037 42,052 44,089 42,350 
Invesco Oppenheimer
International Growth Fund— — — 215,744 — 215,744 (215,744)(499,199)2,509,242 2,010,043 1,794,299 
The accompanying notes are an integral part of these financial statements



133
Midland National Life Insurance Company
Separate Account C
Statements of Operations (Unaudited)
Period Ended September 30, 2024
AdministrativeChange in NetRealized and ChangeNet Increase (Decrease)
InvestmentExpense andContractNet InvestmentNet RealizedUnrealized Appreciationin Unrealized Gainsin Net Assets
DividendCapital GainsIncomeMortality andMaintenanceExpensesIncome (Loss) Gain (Loss) on(Depreciation) on (Losses) on InvestmentsResulting 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)
T. Rowe Price
Blue Chip Growth Portfolio— — — 706,546 — 706,546 (706,546)3,752,272 14,043,995 17,796,267 17,089,721 
Health Sciences Portfolio— — — 324,953 — 324,953 (324,953)843,448 3,557,799 4,401,247 4,076,294 
Equity Income Portfolio3,680 — 3,680 2,373 — 2,373 1,307 8,776 22,503 31,279 32,586 
Mid-Cap Growth Portfolio— — — 3,488 — 3,488 (3,488)(1,320)34,201 32,881 29,393 
John Hancock Variable Insurance Trust
Financial Industries Portfolio— — — 27,445 — 27,445 (27,445)(231,390)753,378 521,988 494,543 
Fundamental All Cap Core Portfolio— — — 2,392 — 2,392 (2,392)(1,208)46,713 45,505 43,113 
Select Bond Portfolio— — — 2,930 — 2,930 (2,930)(29,920)44,926 15,006 12,076 
Strategic Income Opportunities Portfolio— — — 7,409 — 7,409 (7,409)(28,162)67,696 39,534 32,125 
Federated Hermes
High Income Bond Portfolio101,080 — 101,080 16,665 — 16,665 84,415 (75,195)63,056 (12,139)72,276 
Kaufmann Portfolio37,849 176,510 214,359 54,217 — 54,217 160,142 (105,497)740,207 634,710 794,852 
Managed Volatility Portfolio8,302 — 8,302 3,147 — 3,147 5,155 (73,600)110,133 36,533 41,688 
Principal Variable Contracts
Blue Chip Fund— — — 14,369 — 14,369 (14,369)28,344 203,870 232,214 217,845 
Equity Income Fund9,862 4,836 14,698 3,910 — 3,910 10,788 (2,078)63,417 61,339 72,127 
Diversified Balance Fund46,575 71,720 118,295 20,641 — 20,641 97,654 (7,437)114,270 106,833 204,487 
Diversified Growth Fund22,444 35,670 58,114 7,847 — 7,847 50,267 (841)42,767 41,926 92,193 
Diversified Income Fund1,770 1,957 3,727 893 — 893 2,834 (378)4,773 4,395 7,229 
Putnam Variable Trust
Core Equity Fund— — — — — — — — — — — 
Emerging Markets Equity Fund— — — — — — — — — — — 
Focused International Equity Fund— — — — — — — — — — — 
George Putnam Balanced Fund— — — 1 — 1 (1)— 43 43 42 
Global Asset Allocation Fund— — — — — — — — — — — 
Global Health Care Fund— — — — — — — — — — — 
High Yield Fund— — — — — — — — — — — 
International Equity Fund— — — — — — — — — — — 
International Value Fund— — — 68 — 68 (68)9 1,553 1,562 1,494 
Large Cap Growth Fund— — — 39 — 39 (39)1 1,599 1,600 1,561 
Large Cap Value Fund— — — 228 — 228 (228)24 7,669 7,693 7,465 
Research Fund— — — — — — — — — — — 
Small Cap Growth Fund— — — 46 — 46 (46)1 1,830 1,831 1,785 
Small Cap Value Fund— — — — — — — — — — — 
The accompanying notes are an integral part of these financial statements



134
Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets (Unaudited)
Period Ended September 30, 2024
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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$8,371,840 $238,680 $8,211 $3,199 $(449,220)$(382,452)$(173,765)$(247,303)$(1,241,330)$(1,002,650)$7,369,190 
High Income Portfolio3,945,999 270,9768,898 14 (176,099)(80,858)(46,514)(9,597)(304,156)(33,180)3,912,819 
Equity-Income Portfolio6,185,295 1,036,73257,430 2,013 (173,991)(153,693)(131,254)(87,461)(486,956)549,776 6,735,071 
Growth Portfolio8,692,355 2,159,40655,389 (294)(970,353)(200,966)(171,259)320,421 (967,062)1,192,344 9,884,699 
Overseas Portfolio5,558,646 654,55115,722 2,966 (230,619)(173,749)(125,886)(691,482)(1,203,048)(548,497)5,010,149 
Mid Cap Portfolio16,736,415 2,777,942946,783 (281)(737,168)(455,452)(389,780)624,753 (11,145)2,766,797 19,503,212 
Asset Manager Portfolio790,245 70,077272 180 (37,765)— (1,140)538 (37,915)32,162 822,407 
Investment Grade Bond Portfolio5,806,652 198,200298,860 1,472 (303,561)(159,882)(115,290)26,519 (251,882)(53,682)5,752,970 
Index 500 Portfolio21,699,324 4,243,88123,644 4,055 (1,450,606)(108,040)(366,225)(395,099)(2,292,271)1,951,610 23,650,934 
Contrafund Portfolio41,188,567 11,653,5715,619,954 (248)(2,491,976)(1,685,021)(1,530,687)1,279,648 1,191,670 12,845,241 54,033,808 
Asset Manager: Growth Portfolio877,080 92,97920,920 1,235 (19,946)(12,806)(155,026)(311)(165,934)(72,955)804,125 
Balanced Portfolio3,323,261 494,90314,946 193 (49,064)(44,663)(24,453)463,734 360,693 855,596 4,178,857 
Growth & Income Portfolio1,679,924 321,29810,260 729 (55,404)(20,130)(59,443)37,441 (86,547)234,751 1,914,675 
Growth Opportunities Portfolio40,676,621 11,191,6692,994,573 — (1,753,929)(645,424)(811,501)(2,378,694)(2,594,975)8,596,694 49,273,315 
Value Strategies Portfolio2,609,602 245,66612,770 (450)(89,400)(67,013)(29,684)12,063 (161,714)83,952 2,693,554 
Strategic Income Portfolio13,738,557 807,2431,280,443 — (560,295)(589,170)(192,829)532,792 470,941 1,278,184 15,016,741 
Emerging Markets Portfolio5,081,295 813,119167,621 — (145,453)(150,046)(41,448)(533,889)(703,215)109,904 5,191,199 
Real Estate Portfolio16,155,368 1,801,427219,314 — (599,632)(698,030)(379,483)(628,789)(2,086,620)(285,193)15,870,175 
Funds Manager 50% Portfolio7,145,857 595,548107,130 — (198,774)(627,538)(79,601)(221,482)(1,020,265)(424,717)6,721,140 
Funds Manager 70% Portfolio5,018,927 566,544313,549 — (143,502)(353,877)(63,250)(63,140)(310,220)256,324 5,275,251 
Funds Manager 85% Portfolio1,713,506 262,364745,597 — (67,972)(98,604)(184,911)40,368 434,478 696,842 2,410,348 
Government Money Market Portfolio Service Class 260,886,111 2,211,711259,723,519 — (12,782,045)(2,003,767)(4,253,450)(209,773,693)30,910,564 33,122,275 94,008,386 
International Capital Appreciation Portfolio5,284,010 653,532331,758 — (109,751)(100,007)(91,996)(134,659)(104,655)548,877 5,832,887 
Energy Portfolio3,359 (19,454)208,304 — — — (20,764)305,903 493,443 473,989 477,348 
Lincoln VIP American Century
Balanced Fund5,152,180 598,226452,156 13 (97,032)(223,033)(191,839)39,049 (20,686)577,540 5,729,720 
Capital Appreciation Fund1,866,327 262,7729,559 — (196,991)(830)(15,372)(162,708)(366,342)(103,570)1,762,757 
International Fund2,435,497 236,5799,386 53 (163,190)(32,415)(41,439)204,367 (23,238)213,341 2,648,838 
Value Fund76,369,729 7,602,3142,838,519 1,622 (2,712,163)(3,804,326)(1,553,781)(1,067,003)(6,297,132)1,305,182 77,674,911 
Disciplined Core Value Fund5,523,255 744,26089,861 — (331,084)(185,916)(105,544)69,295 (463,388)280,872 5,804,127 
Inflation Protection Fund7,908,115 213,33773,219 672 (186,018)(241,984)(194,573)(985,206)(1,533,890)(1,320,553)6,587,562 
Large Company Value Fund709,993 78,45517,126 — (26,768)— (16,925)(36,414)(62,981)15,474 725,467 
Mid Cap Value Fund35,532,883 3,514,109665,331 — (806,908)(1,484,038)(795,799)(751,085)(3,172,499)341,610 35,874,493 
Ultra Fund10,956,265 2,180,340849,487 — (569,424)(246,328)(276,116)(120,249)(362,630)1,817,710 12,773,975 
MFS Variable Insurance Trust
Research Series 355,343 51,729127 — (48,275)(56,405)(4,040)103,875 (4,718)47,011 402,354 
Growth Series 1,542,845 376,0002,887 13 (166,236)(1,941)(11,057)162,424 (13,910)362,090 1,904,935 
Investors Trust Series 275,592 46,047196 — (3,110)(3,436)(3,215)(834)(10,399)35,648 311,240 
New Discovery Series 6,943,912 358,391165,938 — (186,691)(164,000)(160,275)(278,188)(623,216)(264,825)6,679,087 
Corporate Bond Portfolio4,815,715 235,198109,025 — (247,766)(181,455)(108,393)366,680 (61,909)173,289 4,989,004 
Emerging Markets Equity Portfolio4,674,879 806,594276,302 — (107,876)(137,810)(103,430)(16,196)(89,010)717,584 5,392,463 
Technology Portfolio8,931,034 2,581,4702,031,762 — (438,344)(198,887)(198,151)23,640 1,220,020 3,801,490 12,732,524 
Global Tactical Allocation Portfolio931,440 63,29834,270 — (22,895)(44,493)(25,228)(15,470)(73,816)(10,518)920,922 
International Intrinsic Value Portfolio14,421,836 1,991,351315,209 — (478,279)(258,204)(663,796)(231,841)(1,316,911)674,440 15,096,276 
Utilities Series Portfolio12,646,204 2,451,162730,308 — (394,481)(359,404)(261,980)(124,508)(410,065)2,041,097 14,687,301 
Blended Research Core Equity Portfolio5,023,472 1,119,266486,136 — (160,054)(56,049)(159,760)706,076 816,349 1,935,615 6,959,087 
The accompanying notes are an integral part of these financial statements



135
Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets (Unaudited)
Period Ended September 30, 2024
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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 Portfolio926,239 81,69012,716 — (1,180)(15,390)(28,854)111,187 78,479 160,169 1,086,408 
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio1,289,035 239,0453,830 — (37,263)— (39,123)95,834 23,278 262,323 1,551,358 
Mid-Cap Stock Portfolio1,485,304 218,85415,119 19 (181,063)(9,486)(42,791)140,375 (77,827)141,027 1,626,331 
Bond-Debenture Portfolio24,840,890 1,527,296765,566 — (1,099,010)(1,035,048)(721,099)(128,620)(2,218,211)(690,915)24,149,975 
Fundamental Equity Portfolio2,034,514 315,47432,550 — (144,048)(40,356)(50,971)18,274 (184,551)130,923 2,165,437 
Developing Growth Portfolio3,699,711 688,92317,031 — (202,607)(234,350)(71,348)11,513 (479,761)209,162 3,908,873 
Short Duration Income Portfolio15,715,007 592,354889,134 — (477,150)(714,407)(412,157)496,909 (217,671)374,683 16,089,690 
Alger Fund
LargeCap Growth Portfolio4,725,998 1,181,25913,497 2,266 (795,533)(35,070)(104,665)(280,945)(1,200,450)(19,191)4,706,807 
MidCap Growth Portfolio3,577,041 450,04325,756 1,946 (194,494)(51,145)(111,881)(72,438)(402,256)47,787 3,624,828 
Capital Appreciation Portfolio3,173,207 993,6458,996 — (351,314)(3,553)(26,981)(1,652)(374,504)619,141 3,792,348 
SmallCap Growth Portfolio567,214 44,6071,192 — (16,701)(20,442)(9,410)600 (44,761)(154)567,060 
Capital Appreciation Portfolio Class S36,877,026 11,141,599478,158 — (1,828,161)(2,697,797)(873,662)(1,664,030)(6,585,492)4,556,107 41,433,133 
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio2,446,653 249,708157,118 — (238,066)(44,634)(59,462)(58,587)(243,631)6,077 2,452,730 
SRI Balanced Portfolio6,230,883 1,058,781543,110 — (315,213)(6,103)(224,415)235,301 232,680 1,291,461 7,522,344 
Calvert Variable Trust, Inc.
S&P 500 Index Portfolio1,606,799 303,50110,676 — (86,232)(191,698)(26,969)(84,568)(378,791)(75,290)1,531,509 
Invesco Variable Insurance Funds
Technology Fund1,144,620 220,2752,043 501 (264,512)(2,036)(28,649)94,325 (198,328)21,947 1,166,567 
Diversified Dividend Fund2,566,874 341,252510,405 424 (38,442)(36,626)(51,496)(4,658)379,607 720,859 3,287,733 
Health Care Fund790,134 110,51517,619 13 (85,074)(22,652)(18,920)45,441 (63,573)46,942 837,076 
Global Real Estate Fund80,136 3,979497 — (1,764)— (2,291)(10,130)(13,688)(9,709)70,427 
International Equity Fund216,868 13,3893 — (19,593)— (7,360)10,378 (16,572)(3,183)213,685 
Main Street Mid Cap Fund186,845 21,1141,077 — (12,822)— (6,916)79 (18,582)2,532 189,377 
Discovery Mid Cap Growth Fund5,172,491 932,236406,722 — (218,190)(86,457)(99,397)22,601 25,279 957,515 6,130,006 
Global Fund7,140,575 1,068,867348,235 — (458,347)(390,661)(113,482)(547,385)(1,161,640)(92,773)7,047,802 
Main Street Fund8,347,830 1,694,403115,580 — (53,454)(359,093)(181,931)(62,046)(540,944)1,153,459 9,501,289 
Main Street Small Cap Fund10,309,660 1,143,962519,613 — (222,490)(131,148)(698,394)(168,940)(701,359)442,603 10,752,263 
Balanced-Risk Allocation Fund424,176 35,74967,815 — (15,287)(7,911)(2,422)10,073 52,268 88,017 512,193 
Core Plus Bond Fund4,156,950 172,162114,361 — (136,421)(104,122)(89,431)(97,689)(313,302)(141,140)4,015,810 
Equity and Income Fund5,114,419 505,293608,680 — (891,686)(126,438)(90,116)(250,473)(750,033)(244,740)4,869,679 
Small Cap Equity Fund3,456,686 569,614529,727 — (89,012)(115,483)(122,444)474,936 677,724 1,247,338 4,704,024 
Equally Weighted S&P 500 Fund5,562,260 895,0221,851,109 — (144,689)(212,435)(36,709)(52,568)1,404,708 2,299,730 7,861,990 
Growth and Income Fund399,455 50,6731 — (16,824)— (11,035)25,677 (2,181)48,492 447,947 
American Value Fund107,360 19,349— — (25,423)— (5,249)(9,411)(40,083)(20,734)86,626 
Lincoln Financial Variable Insurance Portfolios
Core Bond Portfolio1,279,895 45,80710,213 252 (74,454)(31,574)(29,466)23,913 (101,116)(55,309)1,224,586 
The accompanying notes are an integral part of these financial statements



136
Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets (Unaudited)
Period Ended September 30, 2024
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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)
Small Cap Core Portfolio1,947,402 206,49910,247 2,061 (77,613)(2,058)(56,275)(7,825)(131,463)75,036 2,022,438 
Rydex Variable Trust
Nova Fund812,771 202,0091,125 — (107,800)— (15,983)(148,147)(270,805)(68,796)743,975 
NASDAQ-100 Fund1,789,152 254,8912,184 411 (264,093)— (24,740)(500,278)(786,516)(531,625)1,257,527 
U.S. Government Money Market Fund361,607 5,821— — — — (56,905)(1)(56,906)(51,085)310,522 
Inverse S&P 500 Strategy Fund17,120 (2,433)2 — (177)(339)(17)531 — (2,433)14,687 
Inverse NASDAQ-100 Strategy Fund23,070 (3,430)44 — — — — 3,596 3,640 210 23,280 
Inverse Government Long Bond Strategy Fund5,385 2997 — — (1,370)(70)(2,271)(3,704)(3,405)1,980 
Government Long Bond 1.2x Strategy88,481 (2,634)7 — — (4,628)(394)(11,785)(16,800)(19,434)69,047 
NASDAQ-100 2x Strategy Fund— —— — — — — — — — — 
Inverse Dow 2x Strategy Fund— —— — — — — — — — — 
Rydex Variable Insurance Funds
Biotechnology Fund3,017,964 177,1605,067 — (183,919)(145,512)(71,899)2,925 (393,338)(216,178)2,801,786 
S&P 500 Pure Growth Fund4,599,182 822,820148,486 — (497,529)(74,477)(106,198)(223,972)(753,690)69,130 4,668,312 
S&P MidCap 400 Pure Growth Fund1,171,441 194,043292 — (96,428)(163,887)(9,888)(7,859)(277,770)(83,727)1,087,714 
Guggenheim Variable Insurance Funds
Long Short Equity Fund964,325 84,591357,202 — (14,552)(85,192)(8,628)(1,297,746)(1,048,916)(964,325)— 
Multi-Hedge Strategies Fund1,143,390 (8,428)9,869 — (33,134)(137,704)(13,068)34,848 (139,189)(147,617)995,773 
Global Managed Futures Strategy Fund388,277 (13,644)3,566 — (9,875)(34,400)(6,849)(8,260)(55,818)(69,462)318,815 
Small Cap Value Fund4,839,229 323,13483,015 — (134,396)(169,526)(69,234)(124,224)(414,365)(91,231)4,747,998 
ProFunds VP
Profund Access VP High Yield Fund30,669 1,326— — (6,781)— (1,384)2,024 (6,141)(4,815)25,854 
Asia 3052,468 9,306141 — — — (94)701 748 10,054 62,522 
Banks85,401 11,859939 — (1,252)— (1,583)14,233 12,337 24,196 109,597 
Materials37,853 6,01871 — — — (1,820)12,362 10,613 16,631 54,484 
Bear5,520 (870)2 — — — (23)435 414 (456)5,064 
Biotechnology222,189 14,539126 — (12,724)— (5,200)(12,856)(30,654)(16,115)206,074 
Bull545,269 93,020— — (215)— (54,323)(35,366)(89,904)3,116 548,385 
Consumer Staples67,389 8,717131 — (5,067)— (1,882)175 (6,643)2,074 69,463 
Consumer Discretionary99,109 7,1774 — (6,001)— (3,419)(12,597)(22,013)(14,836)84,273 
Dow 30193,713 23,614869 — — — (12,946)59,758 47,681 71,295 265,008 
Emerging Markets64,656 8,7841 — (734)— (4,000)(3)(4,736)4,048 68,704 
Europe 3036,379 4,1111 — (4,132)— (2,780)10,736 3,825 7,936 44,315 
Falling U.S. Dollar19,808 3— — — — — — — 3 19,811 
Financials17,826 4,22770 — (1,035)— (2,236)11,772 8,571 12,798 30,624 
Health Care254,638 17,9056 — (19,859)(6)(14,687)(100,659)(135,205)(117,300)137,338 
Industrials125,307 21,465871 — (9,782)— (3,283)12,224 30 21,495 146,802 
International32,395 2,5981 — (21,156)— (1,491)— (22,646)(20,048)12,347 
Internet202,582 20,95557 — — (3,944)(4,500)(2,417)(10,804)10,151 212,733 
Japan40,244 6,552— — — — (1,254)(779)(2,033)4,519 44,763 
Large-Cap Growth792,864 176,8141,171 — (150,888)— (23,141)(7,560)(180,418)(3,604)789,260 
Large-Cap Value544,238 53,795132 — (42,556)— (26,525)(113,340)(182,289)(128,494)415,744 
Mid-Cap90,874 8,1504 — (9,330)— (2,719)44 (12,001)(3,851)87,023 
Mid-Cap Growth267,375 32,7291 — (88,558)— (7,303)(171)(96,031)(63,302)204,073 
Mid-Cap Value92,446 5,1301,039 — (8,836)— (4,634)116 (12,315)(7,185)85,261 
Government Money Market2,419,732 33,292111,261 — (205,913)(45,378)(111,953)58,079 (193,904)(160,612)2,259,120 
Energy276,332 11,99269 — (752)— (9,797)(66,432)(76,912)(64,920)211,412 
NASDAQ-100249,370 37,750— — (503)— (14,551)4,174 (10,880)26,870 276,240 
The accompanying notes are an integral part of these financial statements



137
Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets (Unaudited)
Period Ended September 30, 2024
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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)
Pharmaceuticals56,420 2,769128 — (9,071)— (522)1,120 (8,345)(5,576)50,844 
Precious Metals274,828 57,91611,935 — (1,295)— (7,264)(4,968)(1,592)56,324 331,152 
Real Estate57,222 5,9871 — — — (745)2 (742)5,245 62,467 
Rising Rates Opportunity14,763 4233 — (11,808)— (1,822)— (13,627)(13,204)1,559 
Semiconductor182,312 115,7602,595 — (5,368)— (8,210)21,447 10,464 126,224 308,536 
Short Dow 301,366 (119)— — — — — (3)(3)(122)1,244 
Short Emerging Markets— —— — — — — — — — — 
Short International4,889 (407)— — — — (27)(3)(30)(437)4,452 
Short Mid-Cap1,322 (121)1 — — — — — 1 (120)1,202 
Short NASDAQ-100— —— — — — — — — — — 
Short Small-Cap1,750 (152)— — — — (28)— (28)(180)1,570 
Small-Cap143,445 7,200142 — (49,987)— (6,571)2,908 (53,508)(46,308)97,137 
Small-Cap Growth143,687 11,894— — (8,964)— (6,866)3,253 (12,577)(683)143,004 
Small-Cap Value89,421 2,204141 — — — (4,531)1,755 (2,635)(431)88,990 
Technology213,317 33,086139 — (9,907)(7,932)(12,993)45,337 14,644 47,730 261,047 
Communication Services366 71— — — — (74)— (74)(3)363 
U.S. Government Plus63,949 188— — (9,275)— (1,765)14,706 3,666 3,854 67,803 
UltraBull844,963 317,2952,918 — (8,909)— (25,270)84,205 52,944 370,239 1,215,202 
UltraMid-Cap363,859 61,9342,487 — — — (4,985)10,614 8,116 70,050 433,909 
UltraNASDAQ-100595,697 171,2292,486 — (5,290)— (41,753)(11,348)(55,905)115,324 711,021 
UltraShort Dow 30226 (91)— — — — — (1)(1)(92)134 
UltraShort NASDAQ-10095 (50)— — — — — (1)(1)(51)44 
UltraSmall-Cap109,708 14,7302,805 — (3,881)— (1,633)17,921 15,212 29,942 139,650 
Utilities130,571 22,22265 — (1,752)(64)(9,799)(88,264)(99,814)(77,592)52,979 
VanEck Worldwide Insurance Trust
Global Resources Fund5,514,553 206,80529,280 1,321 (229,024)(208,740)(78,776)(244,975)(730,914)(524,109)4,990,444 
Emerging Markets Fund732,890 83,5263,341 (1,049)(23,415)(1,207)(9,356)31,989 303 83,829 816,719 
Emerging Markets Bond Fund393,569 19,823145 — (15,826)(8,235)(2,976)(54,864)(81,756)(61,933)331,636 
Janus Henderson Series
Global Technology and Innovation Portfolio15,827,232 4,191,1901,996,711 — (382,174)(893,302)(452,495)(171,447)97,293 4,288,483 20,115,715 
Overseas Portfolio1,473,078 155,997111,180 — (58,133)(56,544)(15,622)(113,042)(132,161)23,836 1,496,914 
Research Portfolio101,725 25,75554 — (15,996)(17,695)(2,306)(2,786)(38,729)(12,974)88,751 
Enterprise Services Portfolio37,284,426 5,106,3191,536,603 — (2,209,775)(1,542,334)(1,402,548)(514,618)(4,132,672)973,647 38,258,073 
Global Research Portfolio1,552,536 388,379167,306 — (94,217)(5,808)(34,638)1,099,034 1,131,677 1,520,056 3,072,592 
Mid Cap Value Portfolio4,545,243 677,870237,831 — (280,801)(137,703)(84,110)304,270 39,487 717,357 5,262,600 
Balanced Portfolio78,720,780 10,527,2373,992,026 — (6,604,606)(1,756,060)(2,548,193)(205,159)(7,121,992)3,405,245 82,126,025 
The accompanying notes are an integral part of these financial statements



138
Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets (Unaudited)
Period Ended September 30, 2024
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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)
Flexible Bond Portfolio7,117,312 277,535148,033 — (73,465)(179,508)(157,790)263,385 655 278,190 7,395,502 
Forty Portfolio— 16150,306 — — — — — 50,306 50,467 50,467 
PIMCO Variable Insurance Trust
Total Return Portfolio28,859,224 1,234,1461,593,607 2,630 (1,138,499)(1,078,100)(682,232)1,670,771 368,177 1,602,323 30,461,547 
Low Duration Portfolio28,079,889 900,8831,517,818 — (1,186,047)(1,951,373)(1,020,558)313,675 (2,326,485)(1,425,602)26,654,287 
High Yield Portfolio11,383,503 726,0241,195,341 316 (394,920)(363,430)(400,391)2,139,337 2,176,253 2,902,277 14,285,780 
Real Return Portfolio20,588,946 816,563518,776 — (680,546)(958,996)(460,169)60,844 (1,520,091)(703,528)19,885,418 
All Asset Portfolio2,783,311 160,33678,909 — (103,673)(130,802)(88,176)(13,015)(256,757)(96,421)2,686,890 
Global Managed Asset Allocation Portfolio1,013,616 113,9539,987 — (25,363)(7,807)(6,669)121 (29,731)84,222 1,097,838 
Short-Term Portfolio45,099,059 1,369,6081,223,746 — (2,559,424)(2,820,327)(1,700,049)(2,637,009)(8,493,063)(7,123,455)37,975,604 
Emerging Markets Bond Portfolio1,544,898 113,03310,544 — (38,922)(166,536)(36,186)33,006 (198,094)(85,061)1,459,837 
Global Bond Opportunities Portfolio76,974 2,266— — — — — 185 185 2,451 79,425 
Commodity Real Return Strategy Portfolio6,445,420 289,81265,861 — (286,762)(258,455)(104,457)(620,455)(1,204,268)(914,456)5,530,964 
International Bond (USD-Hedged) Portfolio2,696,013 81,37226,217 — (47,688)(48,351)(110,526)69,506 (110,842)(29,470)2,666,543 
Dynamic Bond Adv Portfolio2,005,684 74,59733,249 — (40,604)(18,368)(145,275)23,742 (147,256)(72,659)1,933,025 
Income Advisor Portfolio31,631,301 1,557,6831,826,724 — (5,191,000)(430,450)(1,145,009)2,260,246 (2,679,489)(1,121,806)30,509,495 
StocksPLUS Global Portfolio— 19— — — — — 749 749 768 768 
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund1,402,481 236,4765,893 433 (83,288)(18,305)(59,074)63,909 (90,432)146,044 1,548,525 
Large Cap Value Fund155,791 39,1284,228 — (43,423)(14,687)(8,238)100,341 38,221 77,349 233,140 
Mid Cap Value Fund2,827,344 327,27910,745 3,000 (68,119)(8,280)(97,613)(48,412)(208,679)118,600 2,945,944 
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio495,985 72,8501,112 — (179,301)(13,266)(9,204)153,409 (47,250)25,600 521,585 
AMT Mid Cap Intrinsic Value Portfolio118,652 8,5111,658 — (3,085)— (1,518)1,692 (1,253)7,258 125,910 
BNY Mellon Variable Investment Fund
Appreciation Portfolio248,194 30,575180 — (37,234)— (13,394)39,825 (10,623)19,952 268,146 
Sustainable U.S. Equity Portfolio16,103 3,628131 — — — (601)5,484 5,014 8,642 24,745 
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio18,225 1,209167 — (4,491)— (1,043)(16)(5,383)(4,174)14,051 
Emerging Markets Equity Portfolio113,354 14,633755 — (6,036)(2,866)(4,832)28 (12,951)1,682 115,036 
Discovery Portfolio38,118 4,852— — — — (1,681)(49)(1,730)3,122 41,240 
U.S. Real Estate Portfolio40,180 4,376— — (4,315)— (1,975)1 (6,289)(1,913)38,267 
Northern Lights Variable Trust
Power Dividend Index Fund682,293 80,82970 — (112,232)(99,035)(1,917)5,775 (207,339)(126,510)555,783 
AB Variable Products Series
Dynamic Asset Allocation Portfolio2,539,338 293,117— — (934)— (86,128)(13,204)(100,266)192,851 2,732,189 
Small Cap Growth Portfolio21,398 3,716— — — — — — — 3,716 25,114 
Discovery Value Portfolio6,909,113 598,310462,039 — (218,306)(166,074)(108,127)(369,157)(399,625)198,685 7,107,798 
BlackRock Variable Series Fund, Inc.
Basic Value Fund3,752,288 409,153210,067 — (123,514)(166,734)(52,391)(122,847)(255,419)153,734 3,906,022 
Capital Appreciation Fund462,038 91,634577 — (55,815)(80,289)(3,776)(24,545)(163,848)(72,214)389,824 
Equity Dividend Fund21,770,381 2,597,8422,680,326 — (1,287,819)(770,282)(656,950)(1,974,323)(2,009,048)588,794 22,359,175 
Global Allocation Fund11,864,939 1,124,157598,326 — (920,308)(622,414)(234,363)(228,251)(1,407,010)(282,853)11,582,086 
Advantage Large Cap Core Fund417,983 86,1235,026 — — — (14,849)(20,771)(30,594)55,529 473,512 
Large Cap Focus Growth Fund13,290,839 2,893,1231,020,010 — (590,332)(274,362)(238,601)(1,025,613)(1,108,898)1,784,225 15,075,064 
The accompanying notes are an integral part of these financial statements



139
Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets (Unaudited)
Period Ended September 30, 2024
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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)
60/40 Target Allocation ETF Fund7,326,689 900,649386,613 — (241,106)(37,800)(51,654)372,590 428,643 1,329,292 8,655,981 
Total Return Fund1,635,480 69,92715 — — — (25,528)186,211 160,698 230,625 1,866,105 
S&P 500 Fund1,808,621 352,298— — — (10,435)(26,509)(102,811)(139,755)212,543 2,021,164 
Columbia Variable Portfolio
Contrarian Core 2 Portfolio10,969,197 2,189,9171,240,277 — (287,856)(195,426)(201,323)950,058 1,505,730 3,695,647 14,664,844 
Dividend Opportunity Portfolio8,358,698 1,308,836674,942 — (167,782)(236,689)(190,469)(236,534)(156,532)1,152,304 9,511,002 
Emerging Markets Bond Portfolio3,888,217 258,80724,056 — (142,286)(276,320)(66,184)2,896 (457,838)(199,031)3,689,186 
High Yield Portfolio6,479,175 396,997807,145 — (273,569)(114,500)(280,596)(336,324)(197,844)199,153 6,678,328 
Select Large-Cap Value Portfolio12,796,106 1,828,978828,347 — (2,355,411)(342,623)(461,238)1,313,918 (1,017,007)811,971 13,608,077 
Seligman Global Tech Portfolio15,762,403 2,670,8591,595,080 — (367,253)(303,931)(601,987)(171,670)150,239 2,821,098 18,583,501 
US Government Mortgage Portfolio817,028 43,252136,739 — (11,790)— (46,297)273 78,925 122,177 939,205 
Strategic Income Portfolio1,758,934 101,969108,741 — (48,972)(7,103)(21,688)190,473 221,451 323,420 2,082,354 
Emerging Markets Portfolio348,875 35,28012,874 — — (8,058)(1,897)38,379 41,298 76,578 425,453 
Select Mid Cap Value Portfolio114,935 58,752366,661 — (5,465)— (23,325)163,669 501,540 560,292 675,227 
Small Cap Value Portfolio82,965 47,893601,141 — (8,717)(729)(11,616)268,279 848,358 896,251 979,216 
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio48,711,506 10,044,8206,035,603 — (964,740)(1,968,285)(909,603)283,886 2,476,861 12,521,681 61,233,187 
Small Cap Index Portfolio7,552,361 678,125328,792 — (265,139)(272,087)(95,280)(376,731)(680,445)(2,320)7,550,041 
Alternative Asset Allocation Portfolio1,030,313 70,8053,882 — (23,602)(54,430)(8,662)(1,042)(83,854)(13,049)1,017,264 
Global Small Cap Portfolio167,751 (2,321)— — (5,547)— (75)(159,808)(165,430)(167,751)— 
Small Mid Cap Value Portfolio3,856,271 217,54014,091 — (155,790)(289,075)(65,936)(193,465)(690,175)(472,635)3,383,636 
CROCI US Portfolio176,159 13,621— — — (31,762)(3,351)(154,667)(189,780)(176,159)— 
High Income Portfolio555,066 4,16834,257 — (85,980)(7,712)(7,070)(492,729)(559,234)(555,066)— 
Eaton Vance Variable Trust
Floating Rate Income Portfolio20,633,222 947,1992,394,479 — (1,094,264)(757,074)(1,047,313)318,377 (185,795)761,404 21,394,626 
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund4,175,178 491,31414,936 — (170,130)(131,047)(107,976)(86,260)(480,477)10,837 4,186,015 
Income Fund24,992,559 2,126,3802,679,386 — (1,334,390)(1,194,206)(1,000,449)(525,644)(1,375,303)751,077 25,743,636 
Global Bond Fund21,567,883 (57,944)339,323 — (829,506)(846,842)(469,294)590,376 (1,215,943)(1,273,887)20,293,996 
Foreign Fund35,725,950 2,847,3251,407,565 — (1,247,036)(2,145,233)(783,789)(397,880)(3,166,373)(319,048)35,406,902 
Developing Markets Fund2,388,608 310,6925,938 — (103,710)(120,606)(38,451)(53,492)(310,321)371 2,388,979 
Mutual Global Discovery Fund4,540,560 380,82715,401 — (170,376)(84,700)(110,172)(45,819)(395,666)(14,839)4,525,721 
Rising Dividends Fund27,877,839 3,384,6811,332,035 — (783,848)(1,391,862)(560,825)(288,798)(1,693,298)1,691,383 29,569,222 
DynaTech 2 Fund4,014,041 929,062945,873 — (55,247)(19,461)(127,661)771,828 1,515,332 2,444,394 6,458,435 
Global Real Estate Fund— 6132,374 — — — (953)538 1,959 2,572 2,572 
VolSmart Allocation Fund77,047 21,18276,882 — (2,924)(70,850)(3)29,270 32,375 53,557 130,604 
Macquarie Variable Insurance Portfolio
Asset Strategy Portfolio2,239,781 281,7516,111 — (128,752)(63,905)(33,172)(75,030)(294,748)(12,997)2,226,784 
Balanced Portfolio6,050,704 859,73915,630 — (190,615)(43,757)(173,552)(18,462)(410,756)448,983 6,499,687 
Global Equity Portfolio985,409 52,586362 — — (5,038)(3,692)(1,029,627)(1,037,995)(985,409)— 
Energy Portfolio1,351,364 (65,167)2,932 — (71,636)(19,677)(17,606)(112,658)(218,645)(283,812)1,067,552 
Natural Resources Portfolio578,408 30,260743 — (40,263)— (19,386)(427)(59,333)(29,073)549,335 
Growth Portfolio2,787,512 504,06526,691 — (120,948)(31,554)(64,512)(89,448)(279,771)224,294 3,011,806 
High Income Portfolio9,237,969 509,84085,078 — (376,334)(280,060)(251,188)(128,969)(951,473)(441,633)8,796,336 
International Core Equity Portfolio5,489,534 525,53239,997 — (225,310)(215,542)(82,423)810,580 327,302 852,834 6,342,368 
Global Growth Portfolio617,489 205,297454 — (54,600)— (100,796)1,011,358 856,416 1,061,713 1,679,202 
Mid Cap Growth Portfolio8,600,166 414,710132,285 — (381,773)(772,411)(197,705)(500,390)(1,719,994)(1,305,284)7,294,882 
Science and Technology Portfolio13,625,194 3,489,561120,573 — (723,207)(320,631)(273,404)(1,066,755)(2,263,424)1,226,137 14,851,331 
The accompanying notes are an integral part of these financial statements



140
Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets (Unaudited)
Period Ended September 30, 2024
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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)
Small Cap Growth Portfolio3,716,539 431,33926,620 — (121,231)(332,315)(74,997)(92,218)(594,141)(162,802)3,553,737 
SMID Cap Core Portfolio9,050,218 959,95619,441 — (250,553)(352,548)(199,386)(667,437)(1,450,483)(490,527)8,559,691 
Total Return Portfolio88,059 10,348— — — — (903)(1,467)(2,370)7,978 96,037 
International Portfolio953,379 22,475— — (8,864)— (1,513)(965,477)(975,854)(953,379)— 
Opportunity Portfolio7,269,145 835,44936,810 — (362,541)(321,423)(114,079)(153,803)(915,036)(79,587)7,189,558 
Lazard Retirement Series, Inc.
International Equity Portfolio1,130,591 159,3263,872 — (3,071)(34,246)(29,457)(10,196)(73,098)86,228 1,216,819 
Global Dynamic Multi Asset Portfolio860,737 88,313179 — (34,712)(61,435)(9,487)(13,697)(119,152)(30,839)829,898 
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio2,457,468 124,21315,671 — (111,443)(220,072)(50,024)(31,500)(397,368)(273,155)2,184,313 
ClearBridge Variable Mid Cap Portfolio15,486,987 937,0511,120,307 — (369,912)(676,199)(237,945)(68,565)(232,314)704,737 16,191,724 
ClearBridge Variable Dividend Strategy Portfolio36,178,614 4,814,7991,390,119 — (6,789,354)(463,721)(1,566,303)499,794 (6,929,465)(2,114,666)34,063,948 
ClearBridge Variable Small Cap Growth Portfolio8,735,629 136,611940,753 — (202,014)(210,119)(178,463)(455,039)(104,882)31,729 8,767,358 
ClearBridge Variable Growth Portfolio811,020 60,290— — (1,441)— (14,787)3,020 (13,208)47,082 858,102 
Western Asset Variable Core Bond Plus Portfolio65,452,511 1,417,5353,990,738 — (2,188,147)(4,030,924)(1,595,944)1,954,481 (1,869,796)(452,261)65,000,250 
ClearBridge Variable Large Cap Growth Portfolio26,036,211 5,676,9722,380,422 — (763,120)(1,815,363)(680,612)(1,014,292)(1,892,965)3,784,007 29,820,218 
Pioneer Variable Contracts Trust
Fund Portfolio1,749,674 499,392193,884 — (16,444)(46,357)(46,871)1,038,747 1,122,959 1,622,351 3,372,025 
Bond Portfolio44,080,200 2,140,0913,589,899 — (1,461,351)(2,608,534)(1,371,184)917,817 (933,353)1,206,738 45,286,938 
Strategic Income Portfolio10,220,175 579,19862,147 — (208,954)(284,582)(216,072)(94,893)(742,354)(163,156)10,057,019 
Equity Income Portfolio10,733,485 1,081,057485,601 — (107,127)(631,934)(239,479)(236,779)(729,718)351,339 11,084,824 
High Yield Portfolio555,385 38,017111 — (62,233)— (11,651)4,962 (68,811)(30,794)524,591 
Prudential Series Funds
Natural Resources Portfolio655,298 48,7041,554 — (3,074)— (12,144)(44,820)(58,484)(9,780)645,518 
Mid-Cap Growth Portfolio137,198 10,336— — (4,810)— (1,802)129 (6,483)3,853 141,051 
PGIM Jennison Focused Blend Portfolio— —— — — — — — — — — 
PGIM Jennison Blend Portfolio506,159 105,36410,192 — (11,578)(2,456)(5,552)(13,720)(23,114)82,250 588,409 
Royce Capital Fund
Micro-Cap Portfolio205,872 14,466381 — (670)— (283)(349)(921)13,545 219,417 
Small Cap Portfolio7,309,686 354,614234,547 — (350,750)(260,414)(123,037)1,041,449 541,795 896,409 8,206,095 
Alps Fund
Alerian Energy Infrastructure Portfolio5,133,095 1,197,187245,776 — (155,181)(317,985)(96,039)204,764 (118,665)1,078,522 6,211,617 
Global Opportunity Portfolio1,700,555 277,07449,128 — (26,244)(20,377)(15,591)(30,085)(43,169)233,905 1,934,460 
American Funds IS
Asset Allocation Fund90,066,273 12,290,0055,222,407 — (3,563,106)(2,009,430)(3,794,430)1,072,100 (3,072,459)9,217,546 99,283,819 
Washington Mutual Investors Fund52,776,768 9,259,7634,746,246 — (1,524,898)(2,430,186)(1,126,463)222,576 (112,725)9,147,038 61,923,806 
Ultra-Short Bond Fund18,769,795 420,829530,759 — (624,060)(510,304)(417,255)(1,647,353)(2,668,213)(2,247,384)16,522,411 
Capital Income Builder Fund20,561,730 2,547,6851,635,128 — (770,475)(378,552)(462,063)741,574 765,612 3,313,297 23,875,027 
Global Growth Fund29,470,156 4,542,1252,356,359 — (1,258,510)(1,710,378)(565,844)(964,771)(2,143,144)2,398,981 31,869,137 
Capital World Growth and Income Fund18,647,769 2,616,862776,385 — (991,266)(407,087)(533,311)(406,621)(1,561,900)1,054,962 19,702,731 
Global Small Capitalization Fund6,635,005 320,894267,235 — (201,203)(246,920)(46,255)180,592 (46,551)274,343 6,909,348 
Growth Fund62,763,441 13,635,6116,357,042 — (2,097,492)(2,003,513)(1,049,695)(1,402,284)(195,942)13,439,669 76,203,110 
Growth-Income Fund67,156,552 13,584,9937,796,293 — (1,639,128)(1,434,581)(1,104,901)(1,635,784)1,981,899 15,566,892 82,723,444 
International Fund9,723,149 1,046,257335,752 — (498,657)(663,985)(160,998)317,040 (670,848)375,409 10,098,558 
International Growth and Income Fund8,447,711 826,025525,041 — (167,435)(365,759)(140,363)(362,799)(511,315)314,710 8,762,421 
New World Fund33,099,253 4,082,0261,549,163 — (1,106,340)(1,635,078)(655,842)(293,486)(2,141,583)1,940,443 35,039,696 
The accompanying notes are an integral part of these financial statements



141
Midland National Life Insurance Company
Separate Account C
Statements of Changes in Net Assets (Unaudited)
Period Ended September 30, 2024
Net IncreaseNet Increase (Decrease)Total IncreaseNet Assets
Net Assets(Decrease) in NetTransfersInterfund and Netin Net Assets from(Decrease) inEnd of
BeginningAssets ResultingNetTransfers ofTransfers ofTransfers ofof OtherTransfers (to) fromCapital Share TransactionsNet AssetsYear
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)
U.S. Government Securities Fund15,430,082 102,157508,359 — (487,117)(4,953,497)(310,759)(648,154)(5,891,168)(5,789,011)9,641,071 
Global Balanced Fund76,659 29,908280,363 — (1,435)— (1)66,618 345,545 375,453 452,112 
The Bond Fd of America Fund26,308 42,350631,618 — (7,525)— (6,614)430,265 1,047,744 1,090,094 1,116,402 
Invesco Oppenheimer
International Growth Fund22,501,364 1,794,2991,617,171 — (799,001)(1,206,132)(476,102)(356,778)(1,220,842)573,457 23,074,821 
T. Rowe Price
Blue Chip Growth Portfolio66,803,968 17,089,7215,561,980 — (3,235,849)(3,445,542)(1,862,140)(4,019,382)(7,000,933)10,088,788 76,892,756 
Health Sciences Portfolio31,769,367 4,076,2941,867,071 — (857,654)(1,570,849)(737,834)138,531 (1,160,735)2,915,559 34,684,926 
Equity Income Portfolio55,279 32,586240,171 — — — (2,484)70,145 307,832 340,418 395,697 
Mid-Cap Growth Portfolio45,586 29,393529,624 — (5,403)(87,422)(6,507)179,839 610,131 639,524 685,110 
John Hancock Variable Insurance Trust
Financial Industries Portfolio2,736,183 494,543195,406 — (128,748)(129,809)(134,485)(111,267)(308,903)185,640 2,921,823 
Fundamental All Cap Core Portfolio225,619 43,113450 — — — (2,646)(5,135)(7,331)35,782 261,401 
Select Bond Portfolio334,421 12,07680,575 — (63,935)— (2,720)4,217 18,137 30,213 364,634 
Strategic Income Opportunities Portfolio706,194 32,125545,668 — (70,295)(18,424)(1,093)(24,482)431,374 463,499 1,169,693 
Federated Hermes
High Income Bond Portfolio1,969,525 72,27639,879 — (2,636)(472,730)(37,728)(66,150)(539,365)(467,089)1,502,436 
Kaufmann Portfolio5,634,869 794,85292,355 — (198,285)(99,535)(75,972)(576,757)(858,194)(63,342)5,571,527 
Managed Volatility Portfolio409,461 41,68867,327 — (754)(13,987)(2,212)(223,048)(172,674)(130,986)278,475 
Principal Variable Contracts
Blue Chip Fund886,019 217,84586,967 — — (30,937)(11,667)466,802 511,165 729,010 1,615,029 
Equity Income Fund426,884 72,12749,336 — (18,126)— (6,790)(102)24,318 96,445 523,329 
Diversified Balance Fund2,059,266 204,487186,682 — (57,518)(103,332)(5,417)131,653 152,068 356,555 2,415,821 
Diversified Growth Fund269,644 92,193225,090 — (817)(16,298)(697)565,491 772,769 864,962 1,134,606 
Diversified Income Fund87,458 7,229— — — — (3,024)4,040 1,016 8,245 95,703 
Putnam Variable Trust
Core Equity Fund— —— — — — — — — — — 
Emerging Markets Equity Fund— —— — — — — — — — — 
Focused International Equity Fund— —— — — — — — — — — 
George Putnam Balanced Fund— 421,697 — — — — — 1,697 1,739 1,739 
Global Asset Allocation Fund— —— — — — — — — — — 
Global Health Care Fund— —— — — — — — — — — 
High Yield Fund— —— — — — — — — — — 
International Equity Fund— —— — — — — — — — — 
International Value Fund— 1,494152,615 — — — (86)6,755 159,284 160,778 160,778 
Large Cap Growth Fund— 1,56161,072 — — — — 1 61,073 62,634 62,634 
Large Cap Value Fund— 7,465533,645 — — — (302)20,603 553,946 561,411 561,411 
Research Fund— —— — — — — — — — — 
Small Cap Growth Fund— 1,785— — — — — 29,061 29,061 30,846 30,846 
Small Cap Value Fund— —— — — — — — — — — 
The accompanying notes are an integral part of these financial statements



142
Midland National Life Insurance Company
Separate Account C
Note to Financial Statements (Unaudited)
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”), Lincoln Variable Insurance Portfolio American Century Funds (“LVIP ACVP”), MFS Variable Insurance Trust (“MFS”), Lord Abbett Series Fund, Inc. (“LAC”), Alger Fund (“FAM”), Calvert Variable Series, Inc. (“CAM”), Calvert Variable Trust, Inc. ("CVT"), 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 Franklin Templeton Variable Insurance Products Trust (“FTVIP”), the Macquarie Variable Insurance Portfolios ("MVIP"), 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”), the Principal Variable Contracts ("PRIN"), and the Putnam Variable Trust ("PVT"), (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 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
143
Midland National Life Insurance Company
Separate Account C
Note to Financial Statements (Unaudited)
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 Fund1:5
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 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 Portfolio1:4
PF UltraShort NASDAQ-100 Portfolio1:4
PF Short Small-Cap Portfolio1:4
PF UltraShort Dow 30 Portfolio1:5
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 Portfolio2:1
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
144
Midland National Life Insurance Company
Separate Account C
Note to Financial Statements (Unaudited)
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.
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.
145
Midland National Life Insurance Company
Separate Account C
Note to Financial Statements (Unaudited)
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.

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 Portfolio1:5

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
146
Midland National Life Insurance Company
Separate Account C
Note to Financial Statements (Unaudited)
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.
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.

Effective April 26, 2024, the American Century Variable Portfolios, Inc. (“ACVP”) was reorganized into the Lincoln Variable Insurance Portfolio American Century Funds ("LVIP ACVP") and the DEL Global Equity Portfolio was merged into the DEL IVY VIP Global Growth Portfolio.
Effective April 30, 2024, the DEUT VIP High Income Portfolio, VIP Global Small Cap Portfolio, and VIP CROCI US Portfolio were closed and on June 17, 2024, the fund was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of the DWS Variable Insurance Portfolios. All policyowners were given the opportunity to transfer any values in these funds to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at June 17, 2024 were moved to the VIPF Government Money Market Portfolio.
Effective May 1, 2024, the CAM S&P 500 Index Portfolio was renamed the Calvert Variable Trust, Inc. ("CVT") S&P 500 Index Portfolio and the LMVET ClearBridge Variable Aggressive Growth Portfolio was 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") was renamed the Macquarie Variable Insurance Portfolios ("MVIP").
147
Midland National Life Insurance Company
Separate Account C
Note to Financial Statements (Unaudited)
Effective May 7, 2024, the following portfolios were introduced, the AFIS Asset Allocation Fund, AFIS Global Growth Fund, the VIPF Government Money Market Portfolio Service Class 2, the VIPF Growth Opportunities Portfolio and LAC Short Duration Income Portfolio.
Effective August 1, 2024, the JANUS Flexible Bond Portfolio, LAC Fundamental Equity Portfolio, PIONEER VCT Equity Income Portfolio, CVP Emerging Markets Portfolio, ALPS Global Opportunity Portfolio, and FED H Kaufmann were closed to new investors.
Effective August 1, 2024, the GVIF Small Cap Value Portfolio was closed to new investors.

Effective August 1, 2024, the Separate Account began offering a new portfolio of funds, provided by Putnam Variable Trust (“PVT”). The funds available under this portfolio include the PVT Core Equity Portfolio, the PVT Emerging Markets Equity Portfolio, the PVT Focused International Equity Portfolio, PVT George Putnam Balanced Portfolio, the PVT Global Asset Allocation Portfolio, the PVT Global Health Care Portfolio, the PVT High Yield Portfolio, the PVT International Equity Portfolio, the PVT International Value Portfolio, the PVT Large Cap Growth Portfolio, the PVT Large Cap Value Portfolio, the PVT Research Portfolio, the PVT Small Cap Growth Portfolio, and the PVT Small Cap Value Portfolio. In addition, the JANUS Forty Portfolio, the PIMCO StocksPLUS Global Portfolio, and the LVIP ACVP Capital Appreciation Portfolio were introduced on August 1 2024.
Effective August 12, 2024, the GVIF Long Short Equity Fund was closed and on August 16, 2024, the fund was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of the Guggenheim Variable Insurance Funds. All policyowners were given the opportunity to transfer any values in these funds to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at August 16, 2024 were moved to the VIPF Government Money Market Portfolio.
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.
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
148
Midland National Life Insurance Company
Separate Account C
Note to Financial Statements (Unaudited)
best information available in the circumstances and may incorporate management’s own assumptions, which involves 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 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.
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.
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.
At September 30, 2024, the Company's investments were classified as follows:
Quoted pricesSignificant
in activeotherSignificant
markets forobservableunobservable
identical assetsinputsinputs
Assets(Level 1)(Level 2)(Level 3)Total
Mutual Funds$2,449,074,353 $— $— $2,449,074,353 
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 September 30, 2024.
The contracts do not provide for a variable payout option; therefore all assets in the Separate Account are in the accumulation phase.
149
Midland National Life Insurance Company
Separate Account C
Note to Financial Statements (Unaudited)
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.
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 January 13, 2025, which is the date the unaudited financial statements were available to be issued. Excluding the events below there are no additional transactions that require disclosure in the financial statements.

Effective October 11, 2024, one PF fund will have a forward share split as shown in the following table.
Split Ratio
Fund(New to Old Shares)
PF Semiconductor4:1

Effective October 24, 2024, the GVIF Small Cap Value Portfolio was hard-closed, and then reorganized on October 25, 2024 into the new fund company New Age Alpha ("NAA") Small Cap Value Portfolio and remains closed to new investors.

Effective December 4, 2024, the MSVIF U.S. Real Estate Fund was closed to new investors and liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Morgan Stanley Variable Institutional Funds. 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 December 6, 2024 were transferred to the PF Government Money Market.



150

Part C
OTHER INFORMATION
Item 27. Exhibits


(a)
(b)
Not Applicable
(c)
(1)
(2)
(d)
(1)
(2)
(3)
(4)
(5)
(e)
(1)
(2)
(f)
(1)
(2)
(g)
Not Applicable
(h)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
151

(24)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
152

(56)
(57)
(58)
(59)
(60)
(61)
(k)
(l)
(m)
Not Applicable
(n)
Not Applicable
(o)
Not Applicable
(p)
(q)
Not Applicable
(r)
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)
153

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
Incorporated herein by reference to Post-Effective Amendment No. 3 for Form N-4 on April 19, 2024 (File No. 333-262682.
24
Incorporated herein by reference to Post-Effective Amendment No. 1 for Form N-4 on October 11, 2024 (File No. 333-282591.
25
Filed herewith.

Item 28. Directors and Officers of the Depositor

Name and Principal Business Address1
Position and Offices with Depositor
Esfandyar E. DinshawPresident, Chairman of the Board & Chief Executive Officer
Darron K. AshDirector
Willard Bunn, IIIDirector
James Roderick ClarkDirector
Thomas J. CorcoranDirector
Susan T. DeakinsDirector
George A. FiskDirector
William D. HeinzDirector
Carl M. Harris
Director
Gina A. Norris
Director
Gerald R. Blair3
President – Sammons Life Insurance Group
Casey C. Decker
Chief Operating Officer
William L. LowePresident – Sammons Institutional Group and Director
Joseph E. PaulPresident – Sammons Corporate Markets
Robert R. TeKolstePresident – Sammons Independent Annuity Group and Director
Brett L. Agnew
Senior Vice President, Deputy General Counsel – Securities & Investments and Assistant Secretary
David C. AttawaySenior Vice President, Chief Financial Officer & Treasurer
Kathleen Bartling2
Chief People Officer
Kelly L. Coomer3
Senior Vice President & Chief Information Officer
Brian D. Hansen
Senior Vice President & Chief Development Officer
Eric Y. LinSenior Vice President & Corporate Actuary
Donald T. LyonsSenior Vice President
John D. MelvinSenior Vice President & Chief Investment Officer
Michael L. MockSenior Vice President – Wealth Management Strategy
Amy E. Teas
Senior Vice President, General Counsel & Secretary
Stacy L. Bagby
Vice President – Sales & Compliance Administration
Marcy L. Baker
Vice President – Risk & Asset Liability Management
Neil A.Berns
Vice President & Chief Strategy Officer-Life
Jamie Beyer2
Vice President – Valuation
Bryce A. BiklenVice President and Chief Distribution Officer SIAG
Lori L. BochnerVice President – Marketing
Gregory J. BonzagniVice President – National Sales
Kerry Cahill
Vice President – Business & Sales Development
Jackie CockrumVice President – Administration
Timothy CrawfordVice President & Associate General Counsel-Life & Annuity Operations
Casey C. DeckerVice President - Strategic Partnerships & Digital Experience
154

Pam DoeppeVice President
Linda M. Durman
Vice President – Annuity Product Development & Inforce Management
Daniel EdsenVice President – Finance Reporting
Adora M. Ellis
Vice President – Investment Portfolio Management
Kirk P. EvansVice President – Product Development & Risk Management
Lynne M. Flater
Vice President & Chief Tax Officer
Trent FreierVice President - Corporate Markets
Christie GoodrichVice President – Life Product
Cyndi HallVice 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. KennedyVice President – Sales Independent Broker Dealer
Tracey E. KnudtsonVice President – Talent & Organizational Development and HR Business Partner
Khen Leuk3
Vice President – Chief Underwriting Officer, SFG Bermuda Ltd.
Brent A. MardisVice President - Chief Strategy Officer
Kevin MechtleyVice President – Business Development & Chief Innovation Officer
Paul J. MocarskiVice President & Chief Information Security Officer
Seth NailorVice President – Agency Services
Nicholas NelsonVice President – Centralized Services
Adam W. Newland
Vice President – Audit
Thomas A. NucaroVice President & Chief Tax Officer
Jackson OdeVice President – Sales MNL
Cheryl O’Heath3
Vice President – Information Technology
Susan B. OsweilerVice President – Chief Risk Officer
Varun Parekh3
Vice President - Information Technology
Matthew P. Pelham
Vice President – Information Technology
Melissa R. PhillipsVice President – Sales Operations Life
Michael A. PietigVice President – Annuity New Business and Suitability
Henry Pietrkowski3
Vice President – Associate General Counsel – Litigation
Amy E. Rider
Vice President – Strategic Risk and Mortality Management
Jeffery S. StoutVice President – Corporate Actuarial Modeling
Sarah TheisVice President & Chief Strategy Officer
Rachelle Tieszen2
Vice President – Total Rewards and HR Business Partner
Carmen WalterVice President – Product Development Corporate Markets
Heath C. Williams2
Vice President – Information Technology
Aaron D. Witt
Vice President – Chief Digital & Data Officer
Pat GloverAssociate Vice President – Financial Reporting
 Jodi Schultz
Associate Vice President – Finance
Logan S. Veurink2
Associate Vice President – Capital Planning & Analysis
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 September 30, 2024, are:
155



Name of Parent, Subsidiaries Or AffiliatesDomiciliary LocationIf Control is Ownership Provide Percentage
19160 West Bellfort Richmond Owner, LLCDE100.00
215 Castro LLCDE100.00
49 North, LLCDE100.00
5 Burlington Woods JV, LLCDE44.00
5 Burlington Woods, LLCDE100.00
550 Capital, Inc.DE100.00
800 Main Street Providence Village Owner, LLCDE100.00
ABV Holdings, LLCNC100.00
Access Plus (Scotland) Ltd.ZZZ100.00
Aerial Platform Hire LimitedIRL100.00
AIS SIND, LLCDE100.00
AJ Highland Park Investors, LLCDE100.00
AJ Renaissance Place Investors, LLC DE100.00
AK St. Louis Holdings, LLCDE100.00
AK St. Louis Manager, LLCDE50.00
AK St. Louis Owner, LLCDE100.00
Albemarle Solar Center, LLCNC100.00
Albion 636 Division, LLCDE100.00
Albion at Beachwood LLCDE50.00
Albion at Evanston Investors I, LLCDE100.00
Albion at Evanston, LLCDE100.00
Albion at Highland Park, LLCDE100.00
Albion at Murfreesboro, LLCDE100.00
Albion at New Forum Member, LLCDE100.00
Albion at Oak Park Investors I, LLCDE100.00
Albion at Oak Park Member, LLCDE100.00
Albion at Oak Park, LLCDE100.00
Albion at Palatine, LLCDE100.00
Albion at Parklane GP, LLCDE100.00
Albion at Parklane Limited Partner, LLC DE100.00
Albion at Renaissance Place, LLC DE100.00
Albion Columbus 1, LLCDE100.00
Albion Columbus Investors 1, LLCDE20.00
Albion Construction LLCDE100.00
Albion DeVille Member LLCDE100.00
Albion HoldCo LLCDE100.00
Albion in the Gulch Investors, LLCDE100.00
Albion in the Gulch Member, LLCDE100.00
Albion in the Gulch, LLCDE100.00
Albion Jacobs Highland Park, LLCDE100.00
Albion Jacobs Renaissance Place, LLC DE100.00
Albion Lawrenceville, LLCDE100.00
Albion Murfreesboro Investors, LLCDE20.00
Albion Murfreesboro Member, LLCDE100.00
Albion Music Row II, LLCDE100.00
Albion Music Row, LLCDE100.00
Albion on Lake Cook Mezz, LLCDE100.00
156

Albion on Lake Cook, LLCDE100.00
Albion Residential LLCDE100.00
Albion St. Louis, LLCDE100.00
AmeyBriggs Services Holding LimitedGBR50.00
AmeyBriggs Services LimitedGBR100.00
Asheville Resolution CorporationDE100.00
Aspen Solar, LLCNC100.00
ATCAP-CCI Atlanta Industrial II, LLCDE95.00
ATCAP-CCI Atlanta Industrial, LLCDE92.50
Atlas Atlanta Cobb International, LLCDE100.00
Atlas Atlanta II Doan, LLCDE100.00
Atlas Atlanta II International, LLCDE100.00
Atlas Atlanta II Park, LLCDE100.00
Atlas Atlanta II Shackleford, LLCDE100.00
Atlas Atlanta Mountain Industrial, LLCDE100.00
Atlas Atlanta Oakcliff, LLCDE100.00
Atlas Atlanta Royal Atlanta, LLCDE100.00
Atlas Atlanta Tuckerstone, LLCDE100.00
Balloo Hire Centre LimitedIRL100.00
Balloo Hire LimitedIRL100.00
Balsam Solar, LLCNC100.00
Bannagroe LimitedIRL100.00
BE Finance LimitedGBR100.00
Beachwood Apartments LLCDE100.00
Beacon Capital Management, Inc.OH100.00
Bestow Life Insurance CompanyIA100.00
Beulah Belle Grazing Association, LLCWY100.00
Blulift LimitedIRL100.00
BRE NC Solar 1, LLCNC100.00
Briggs Equipment Ireland LimitedIRL100.00
Briggs Equipment Mexico, Inc.DE100.00
Briggs Equipment UK LimitedGBR100.00
Briggs Equipment, S.A. de C.V.MEX 99.00
Briggs Equipment, S.A. de C.V.MEX 1.00
Briggs Industrial Solutions, Inc.DE100.00
Briggs International, Inc.DE100.00
Briggs UK Holdings, Inc.DE100.00
Broadway Solar Center, LLCNC100.00
Burleson Wilshire Investment Partners, LLCDE100.00
Canal Reinsurance CompanyIA100.00
CCE Funding LLCDE100.00
CCI Alexandria SL LLCDE100.00
CCI Atlanta Industrial LLCDE100.00
CCI Bethesda SL LLCDE100.00
CCI GG Prime 1 LLCDE100.00
CCI Historic, Inc.DE100.00
CCI Horizon LLCDE100.00
CCI Industrial - ATCAP Atlanta II Investor LLCDE100.00
CCI Industrial - JSC Lakeview I Investor LLCDE100.00
CCI Industrial - JSC Lakeview II - SAF BTS Investor LLCDE100.00
157

CCI Industrial - JSC Lakeview II Investor LLCDE100.00
CCI Industrial - JSC Landis I Investor LLCDE100.00
CCI Industrial - JSC Landis II Investor LLCDE100.00
CCI Industrial - KDC Oncor Investor LLCDE100.00
CCI Industrial - SM Cary Investor LLCDE100.00
CCI Industrial - SM Locust Grove Investor LLCDE100.00
CCI Industrial Holdings LLCDE100.00
CCI JSC Holdings LLCDE100.00
CCI MAC 5BW LLCDE100.00
CCI Manager LLCDE100.00
CCI MF Holdings LLCDE100.00
CCI MFH - KV San Cierra Investor LLCDE100.00
CCI MFH - KV Tribeca/Encore Investor LLCDE100.00
CCI Residential LLCDE100.00
CCI Retail – GBT TX Sprouts Investor LLCDE100.00
CCI Retail Holdings LLCDE100.00
CCI SSL Funding LLCDE100.00
CCI SSL Holding LLCDE100.00
CCI Tysons SL, LLCDE100.00
CCI Westfields Investor LLC (fka CCI Ohana LLC)DE100.00
CCI/HTC, Inc.DE100.00
Cedar Solar, LLCNC100.00
Clemina Hydro Power GP Ltd.CAN100.00
Clemina Hydro Power LPCAN99.00
Clemina Hydro Power LPCAN0.01
Columbia Mountains Power GP Ltd.CAN100.00
Columbia Mountains Power LPCAN99.00
Columbia Mountains Power LPCAN0.01
Community Investments, Inc.DE100.00
Compatriot Capital, Inc.DE100.00
Connect18 Energy Holdings, Inc.DE100.00
Consolidated Investment Services, Inc.DE100.00
Constitution, LLCDE100.00
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
Cornwall Solar Center, LLCNC100.00
Crestwood Solar Center, LLCNC100.00
DC Solutions LLCDE100.00
Dement Farm, LLCNC100.00
Duplin Solar II, LLCNC100.00
Durham Solar, LLCNC100.00
E2M Holdings, LLCDE30.00
E2M Partners, LLCDE100.00
Elm Solar, LLCNC100.00
English Hydro Power GP Ltd.CAN100.00
English Hydro Power LPCAN0.01
English Hydro Power LPCAN99.00
Enterhealth, LLCTX21.30
ESA Newton Grove 1 NC, LLCNC100.00
ESA Selma NC 1, LLCNC100.00
158

ESA Smithfield 1 NC, LLCNC100.00
Flagship Energy, LLCDE100.00
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) LimitedGBR100.00
Forkway Group LimitedGBR100.00
Forkway LimitedGBR100.00
Foundation X, LLCDE100.00
Galway Pland and Tool Hire LimitedIRL100.00
GBT-CCI TX Sprouts JV, LLCDE82.00
Gerrity Group, LLCDE100.00
Gerrity Holdings LLCDE40.00
Gerrity Prime 1, LLCDE99.00
Gerrity Prime 1, LLCDE1.00
Gerrity Retail Fund 3 Management, LLCDE100.00
Gerrity Retail Fund 3, L.P.DE40.00
Gerrity Retail Fund 3, L.P.DE0.00
Gerrity Retail Fund 3, L.P.DE4.30
Gerrity Retail Investors 3, LLCDE94.70
Gerrity Retail Partners 3, LLCDE100.00
GFL Access LimitedGBR100.00
GFL Holdings LimitedGBR100.00
Gila Bend Power Partners, LLCDE100.00
GRF Special, LLCDE0.00
GRF Special, LLCDE100.00
Gwynedd Forklifts LimitedGBR100.00
H2 Fuels, Inc.DE100.00
Harrell's Hill Solar Center, LLCNC100.00
Heelstone Energy II, LLCDE100.00
Heelstone Energy III, LLCDE100.00
Heelstone Energy IV, LLCDE100.00
Heelstone Energy V, LLCDE100.00
Heelstone Energy VI, LLCDE100.00
Heelstone Energy VIII, LLCDE100.00
Heelstone Energy, LLCDE100.00
Heelstone Land Holdings, LLCDE100.00
Heestone Energy VII, LLCDE100.00
Heyday Insurance Agency LLCDE100.00
Highland Solar Center, LLCNC100.00
Hiremech Holdings LimitedGBR100.00
Hiremech LimitedGBR100.00
Hitec Lift Trucks LimitedGBR100.00
HyElement Power, Inc.DE100.00
Industrial US Holdings, Inc.DE100.00
Innovative Solar 23, LLCNC100.00
J.B. Plant Hire (Dungannon) LimitedGBR100.00
J.B. Plant Hire LimitedGBR100.00
Jackson-Shaw Company LLCDE100.00
Jackson-Shaw Holdings LLCDE44.75
JLB 2728 Cedar Springs, LPTX30.00
159

JLB 2728 Cedar Springs, LPTX70.00
JLB BUILDERS LLCTX100.00
JLB CCI Westfields LLCDE80.00
JLB CCI Westfields LLCDE11.62
JLB Chapman GP LLCDE100.00
JLB Chapman LPDE98.00
JLB Chapman LPDE100.00
JLB Chapman LPDE2.00
JLB McLean LLCDE39.00
JLB McLean LLCDE21.90
JLB McLean Partners LPDE65.70
JLB Partners LLCDE40.00
JLB REALTY LLCTX100.00
JLB RESIDENTIAL LLCTX100.00
JLB Stafford Land LPTX100.00
JLB West Paces Phase I GP LLCTX100.00
JLB West Paces Phase I L.P.TX80.00
JLB West Paces Phase I L.P.TX19.00
JLB West Paces Phase I L.P.TX1.00
JSC Manager LLCDE100.00
JSC-CCI Lakeview I JV LLCDE95.00
JSC-CCI Lakeview I JV LLCDE3.50
JSC-CCI Lakeview I LLCDE100.00
JSC-CCI Lakeview I Mezz LLCDE100.00
JSC-CCI Lakeview II - SAF BTS, LLCDE95.00
JSC-CCI Lakeview II - SAF BTS, LLCDE3.50
JSC-CCI Lakeview II JV LLCDE95.00
JSC-CCI Lakeview II JV LLCDE3.50
JSC-CCI Landis I, LLCDE95.00
JSC-CCI Landis I, LLCDE3.50
JSC-CCI Landis II, LLCDE95.00
JSC-CCI Landis II, LLCDE3.50
K2 Development, LLCDE100.00
KDC HoldCo LLCDE25.00
KDC OEDC Investments One LPTX75.00
KDC Real Estate JV I Controlling GP LLCDE25.00
KDC Real Estate JV I General Partner LPDE48.50
KDC Real Estate JV I General Partner LPDE0.00
KDC Real Estate JV I LPDE48.40
KDC Real Estate JV I LPDE0.20
KDC Real Estate JV I Operating LLCDE100.00
KDC Real Estate JV I REIT LLCDE100.00
KDC Real Estate JV I REIT LLCDE0.00
KDC Real Estate JV I REIT Manager LLCDE25.00
Kenansville Solar Farm, LLCNC100.00
KV Encore Apartments, LLCDE100.00
KV San Cierra Apartments, LLCDE100.00
KV San Cierra Holdings, LLC DE85.00
KV Tribeca Apartments, LLCDE100.00
KV Tribeca/Encore Holdings, LLC DE75.00
160

Kyle Kohlers Crossing, LLCDE100.00
Lafayette Solar I, LLCNC100.00
Laois Hire Services LimitedIRL100.00
Laurinburg Solar, LLCNC100.00
Legacy KDC Holdings, LLCDE35.60
Littlefield Solar Center, LLCNC100.00
Maxim (GB) LimitedGBR100.00
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 CompanyIA100.00
Midway Wind, LLCDE100.00
MNL Reinsurance CompanyIA100.00
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, LLCNC100.00
My Financial Freedom LLCDE100.00
Nashville Farms, LLCNC100.00
Neckar Investments LimitedGBR100.00
New Forum Apartments JV Investors, LLCDE10.00
New Forum Owner LLCDE100.00
New Roots M TrustDE100.00
New Roots N TrustDE100.00
Neworld Energy Investor LLCDE90.00
Neworld.Energy Holdings, LLCDE25.00
Neworld.Energy Holdings, LLCDE3.00
Neworld.Energy LLCNV100.00
Nextgen Re Holdings, LLCDE100.00
Nishhen Denshi LimitedGBR100.00
North American Company for Life and Health InsuranceIA100.00
North Carolina Solar III, LLCNC100.00
Northern Forklift (Scotland) LimitedGBR100.00
Northrock Financial Services, LLCDE100.00
Northrock Partners Holdco, LLCDE55.00
NorthRock Partners Intermediate, LLCDE55.00
NorthRock Partners Tax Services, LLCDE100.00
NorthRock Partners, LLCDE100.00
NRX Hockey, LLCDE100.00
NRX Holding, LLCDE100.00
Otter, Inc.OK100.00
Parkway Mortgage, Inc.DE100.00
Pathfinder Bison Bend, LLCWY100.00
Pathfinder Buzzard Bird Ranch, LLCWY100.00
Pathfinder Cardwell Access Ranch, LLCWY100.00
Pathfinder Cardwell Ranch, LLCWY100.00
Pathfinder Dumbell Ranch, LLCWY100.00
Pathfinder Land and Ranch Management, LLCWY100.00
Pathfinder Miracle Mile Ranch, LLCWY100.00
Pathfinder Pathfinder Ranch, LLCWY100.00
Pathfinder Perkins Ranch, LLCWY100.00
Pathfinder Ranches, LLCWY100.00
161

Pathfinder Renewable Wind Energy, LLCWY100.00
Pathfinder Sand Creek, LLCWY100.00
Pathfinder Stewart Creek Ranch, LLCWY100.00
Pathfinder Sun Ranch, LLCWY100.00
Pathfinder Two Iron Ranch, LLCWY100.00
Pent House AssociatesDE99.00
Pent House AssociatesDE1.00
PR Holdings Inc.DE100.00
Private Tax Services, LLCDE100.00
Property Disposition, Inc.DE100.00
PV Project Holdings I, LLCNC100.00
PV Project Holdings II, LLCNC100.00
PV Project Holdings III, LLCNC100.00
PV Project Holdings IV, LLCNC100.00
PV Project Holdings V, LLCNC100.00
Raeford Farm, LLCNC100.00
Red Hill Solar Center, LLCNC100.00
Red Toad 1425 A Powatan Road, LLCNC100.00
Relay Energy Partners, LLCDE100.00
Rio Bravo Wind Capital, LLCDE100.00
Rio Bravo Wind Holdings, LLCDE100.00
Rio Bravo Wind Renewables, LLCDE100.00
Rio Bravo Windpower, LLCDE100.00
Rockingham Solar, LLCNC100.00
Rosemount Holdings LtdZZZ100.00
RSG Hockey, LLCDE100.00
SAGE Assets, Inc.DE100.00
Samarcand Solar Farm, LLCNC100.00
Sammons BW, Inc.DE100.00
Sammons CAES Holdings, LLCDE100.00
Sammons Capital, Inc.DE100.00
Sammons CorporationDE100.00
Sammons Distribution Holdings, Inc.DE100.00
Sammons Energy Storage Holdings LLCWY100.00
Sammons Enterprises, Inc. DE100.00
Sammons Enterprises, Inc. ESOTTX
Sammons Equity Alliance, Inc.DE100.00
Sammons Financial Group Asset Management, LLCDE100.00
Sammons Financial Group U.S. Insurance Holdings, LLCDE100.00
Sammons Financial Group Wealth Management Holdings, LLCDE100.00
Sammons Financial Group, Inc.DE100.00
Sammons Financial Network, LLCDE100.00
Sammons Industrial Capital, LLCDE100.00
Sammons Industrial, Inc.DE100.00
Sammons Infrastructure, Inc.DE100.00
Sammons Institutional Group, Inc.DE100.00
Sammons Power Development, Inc.DE100.00
Sammons Renewable Energy Canada Holdings Inc.CAN100.00
Sammons Renewable Energy Holdings, Inc.DE100.00
Sammons Securities, Inc.DE100.00
162

Sammons Warehouse Solutions, Inc.DE100.00
Serpentine Hydro Power GP Ltd.CAN100.00
Serpentine Hydro Power LPCAN99.00
Serpentine Hydro Power LPCAN0.01
SFG Bermuda, LTDBM100.00
SFG Cary Investors, LLCDE95.00
SFG Cary, LLCDE100.00
SFG Fortuna, LLCDE100.00
SFG Locust Grove Investors, LLCDE95.00
SFG Locust Grove, LLCGA100.00
SFG Tenura, LLCDE100.00
Shelby Randolph Road Solar I, LLCNC100.00
SID Solar I, LLCNC100.00
Silverstone Alexandria II Owner, LLCDE100.00
Silverstone Alexandria II, LPDE90.00
Silverstone Bethesda Owner, LLCDE100.00
Silverstone Bethesda, LPDE85.00
Silverstone Senior Living, LLCDE37.33
Silverstone Tysons Owner, LLCDE100.00
Silverstone Tysons, LPDE85.00
SitePro Rentals, Inc.DE100.00
Ski Partners II, LLCDE32.75
Ski Partners, LLCDE32.74
SLBCA Holding LLCDE100.00
Solberg Reinsurance CompanyIA100.00
Solent Forklift Trucks LimitedGBR100.00
Soo Line Building City Apartments LLCDE100.00
SP Land Company, LLCDE80.00
SRE Blocker #1, Inc.DE100.00
SRE Blocker #2, Inc.DE100.00
SRE Blocker #3, Inc.DE100.00
SRE Blocker #4, Inc.DE100.00
SRE Blocker #5, Inc.DE100.00
SRE Blocker #6, Inc.DE100.00
SRE Blocker #7, Inc.DE100.00
SRE Blocker #8, Inc.DE100.00
SRE DevCo, Inc.DE100.00
SRE Focalpoint Holdings, Inc.DE100.00
SRE Focalpoint Member, LLCDE100.00
SRE Focalpoint, LLCDE99.50
SRE Hydro Canada CorpCAN100.00
SRE Hydro Canada General Services Ltd.CAN100.00
SRE Hydro Canada-1, LLCDE99.50
SRE Hydro DevCo, Inc.DE100.00
SRE Midway HoldCo LLCDE100.00
SRE Midway LLCDE99.50
SRE Midway Member LLCDE100.00
SRE NC Solar, LLCDE99.50
SRE OpCo, Inc.DE100.00
SRE Rio Bravo, LLCDE99.50
163

SRE Solar OpCo, Inc.DE100.00
SRE Utility Solar 1, LLCDE100.00
SRE Wind OpCo Inc.DE100.00
SRK Holdings, LLCNC100.00
SSL CCI Funding, LLCDE85.00
Stewart Creek Grazing Association, LLCWY50.00
Stewart Creek Grazing Association, LLCWY50.00
Stone Roots M TrustDE100.00
Stone Roots N TrustDE100.00
Sweetgum Solar, LLCNC100.00
Sweetwater River Conservancy Bald and Golden Eagle Bank, LLCWY100.00
Sweetwater River Conservancy Greater Sage-Grouse Habitat Bank, LLCWY100.00
Sweetwater River Conservancy Wetland Mitigation Bank, LLCWY100.00
Sweetwater River Conservancy, LLCWY100.00
SWS ServiceCo, Inc.DE100.00
Sync Storage Solutions, Inc.DE100.00
Trail Boss Partners, LLCDE100.00
Trainingplus.Com Ltd.ZZZ100.00
Two Crosses Grazing Association, LLCWY25.00
Two Crosses Grazing Association, LLCWY25.00
Two Crosses Grazing Association, LLCWY25.00
Two Crosses Grazing Association, LLCWY25.00
Van Slyke Solar Center, LLCNC100.00
VGH/Dallas LLCDE70.00
Woodbine Legacy Holdings, LLCDE93.00
Woodbine Legacy Holdings, LLCDE7.00
Woodbine Legacy Investment Partners, LPDE45.70
Woodbine Legacy Pref Partners, LPDE42.10
Wooden Rifle Grazing Association, LLCWY20.00
Wooden Rifle Grazing Association, LLCWY20.00
Wooden Rifle Grazing Association, LLCWY20.00
Wooden Rifle Grazing Association, LLCWY20.00
Wooden Rifle Grazing Association, LLCWY20.00
York Road Solar I, LLCNC100.00
ZV Solar 3, LLCNC100.00
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
164

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
Christopher Kobes
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 31A. Information about Contract with Index-Linked Options

Name of the ContractNumber of Contracts OutstandingTotal Value Attributable to the Index-Option Subject to an AdjustmentNumber of Contracts Sold During the Prior Calendar YearGross Premiums Received During the Prior Calendar YearAmount of Contract Value Redeemed During the Prior Calendar YearCombination Contract (Yes/No)
Oak Elite Advisory Registered Index-Linked Variable Annuity
00000
Yes

Item 33. Management Services
No management related services are provided to the Registrant, except as discussed in Parts A and B.
165

Item 34. Fee Representation and Undertakings
With regard to the offering of the variable Subaccounts under this registration statement, 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.

With regard to the offering of the index-linked Cycle Investments under this registration statement, Midland National Life Insurance Company hereby undertakes:
1. To file, during any period in which offers or sales are being made, a post-effective amendment to
the registration statement to include any prospectus required by section 10(a)(3) of the Securities
Act; and
2. That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.

Section 403(b) Representation
On behalf of Midland National Life Separate Account C, Midland National Life Insurance Company represents that the Separate Account 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.

166

SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, Midland National Life Separate Account C certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to the Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned thereunto duly authorized, in Des Moines, Iowa on this thirteenth day of January, 2025.

Pursuant to the requirements of the Securities Act of 1933, Midland National Life Insurance Company certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to the Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned thereunto duly authorized, in Des Moines, Iowa on this thirteenth day of January, 2025.

MIDLAND NATIONAL LIFE INSURANCE COMPANY (INSURANCE COMPANY)
By:
/s/ *
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 below by the following persons in the capacities and on the date indicated.
1


Signatures
 
Title
 
/s/ *

ESFANDYAR E. DINSHAW
President, Chairman of the Board of Directors, Chief Executive Officer (Principal Executive Officer)
/s/ *

DAVID C. ATTAWAY
Senior Vice President, Chief Financial Officer & Treasurer
(Principal Financial & Accounting Officer)
/s/ *

DARRON K. ASH
Director
/s/ *

JAMES RODERICK CLARK
Director
/s/ *

THOMAS J. CORCORAN
Director
/s/ *

SUSAN T. DEAKINS
Director
/s/ *

GEORGE A. FISK
Director
/s/ *

WILLIAM D. HEINZ
Director
/s/ *

WILLIAM L. LOWE
Director
/s/ *

ROBERT R. TEKOLSTE
Director
 
*By:/s/ Brett L. Agnew
January 13, 2025
Brett L. Agnew
Attorney-in-Fact
Pursuant to Power of Attorney

2

 
EXHIBIT INDEX

Item
 
Exhibit
 
27(k)
27(l)
27(r)


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