As filed with the Securities and Exchange Commission on December 9, 2021

Registration Nos. 333-255058

811-07772

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-4/A

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. 1	☒
Post-Effective Amendment No.	☐

and

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 144	☒

MIDLAND NATIONAL LIFE SEPARATE ACCOUNT C

(Exact Name of Registrant)

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(Name of Depositor)

One Sammons Plaza, Sioux Falls, SD 57193

(Address of Depositor’s Principal Executive Offices)

Depositor’s Telephone Number, including Area Code:

(605) 335-5700

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

Title of securities being registered:

LiveWell Registered Index-Linked and Variable Annuity (LiveWell RILA)

Individual Flexible Premium Variable Annuity Contracts

Approximate Date of Proposed Public Offering:

—————————————————————————————

As soon as practicable after the effective date of the Registration Statement.

Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

Live Well Registered Index-Linked and Variable Annuity Prospectus

December 9, 2021

A Flexible Premium Deferred Registered Index Linked and Variable Annuity

issued by: Midland National Life Insurance Company

through the Midland National Life Separate Account C

This prospectus describes the Live Well Registered Index-Linked and Variable Annuity (the “Contract(s)”) 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 Contracts offer two types of investment options: (i) Cycle Investments, which are linked to the performance of the Index; and (ii) Subaccounts (“Subaccount(s)”), which, in turn, each invest in a mutual fund portfolio (“Investment Portfolio”).

• Each Cycle Investment provides a return based on the performance, positive or negative, of the Index to which it is linked for specified period of time (the “Cycle Term”). Any positive return will be subject to a Cap Rate, which is your maximum return on the last day of the Cycle Term (the “Cycle End Date”). Any negative return will be subject to a certain level of downside protection: in the form of either a Floor Rate or Buffer Rate. 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 loss in excess of the Buffer Rate.

Currently, there is only one Index available: S&P 500^® Price Return Index (Bloomberg Ticker: SPX).

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 premium payment by the Initial Cycle Investment Unit Value. On each Business Day, an independent third party (the “Fair Value Calculation Agent”) determines the Fair Value for each Cycle Investment based on the financial instruments that equal the Cycle Investment at maturity. We calculate the Cycle Investment Unit Value based on the Fair Value and incorporate the Proportional Cap Rate, if applicable, 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 Proportional Cap), 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. In each of these scenarios, if you 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, less any surrender charges, if applicable, is the amount available for withdrawals prior to the Cycle End Date, including Free Withdrawal Amounts, Systematic Withdrawals, Required Minimum Distributions, 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. You should seek advice from financial and/or tax professionals before investing in the 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.

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

There are risks associated with investing in the Cycle Investments. You may lose money, up to all or a significant amount of your principal investment and earnings from prior Cycle Investment periods that are reinvested, and this loss could be greater due to the imposition of withdrawal charges. Prior to the Cycle End Date, the Cycle Investment Unit Value is based on the Fair Value and will reflect the Proportional Cap Rate, if applicable, 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, surrender or annuitize the Contract, or if the death benefit becomes payable, your Cycle Investment Value could reflect lower gains and higher losses than on the Cycle End Date. There are also risks associated with investing in the Subaccounts, including the risk of loss of up to all or a significant amount of your principal investment and any earnings. You should not buy this Contract if you are not willing to assume these investment risks. The obligations under the Contract other than those related to the Subaccounts are subject to the creditworthiness and claims-paying ability of the Company. See RISK FACTORS on page 16 of this prospectus.

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

The Contract described in this Prospectus:

• Is not a bank deposit;

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

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

• Is subject to loss of principal.

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

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

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

The minimum initial premium payment is $25,000.

Prospectus Date: December 9, 2021

TABLE OF CONTENTS

DEFINITIONS	1
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT	5
OVERVIEW OF THE MIDLAND LIVE WELL REGISTERED INDEX-LINKED AND VARIABLE ANNUITY	9
SUMMARY OF COMMON QUESTIONS RELATED TO THE CYCLE INVESTMENTS	11
FEE TABLE	13
PRINCIPAL RISKS OF INVESTING IN THE CONTRACT	16
Risks of Investing in the Cycle Investments	16
Changes to the Cycle Investments	17
Limited Participation in Positive Performance	17
Cap Rate	17
Cycle Investment Unit Value Based Upon Fair Value During Cycle Term	17
Risk Associated with Indices	18
No Rights in the Securities Underlying the Index	18
Replacement of the Index	18
Risks of Investing in the Subacounts	19
Other General Risks of Investing in the Contract	19
THE LIVE WELL REGISTERED INDEX-LINKED AND VARIABLE ANNUITY CONTRACT	21
Purchasing the Contract	21
Right to Cancel	22
Tax-free Section 1035 Exchanges	22
Additional Premium Payments	23
Allocation of Premium Payments	23
Changing Your Premium Payment Allocation Instructions	23
The Cycle Investment Options	24
Features of a Cycle Investment	24
Investing in the Cycle Investments	26
Cycle Investment Value	28
Cycle Investment Unit Value Calculation for Cycle Investments with a Floor Rate	29
Cycle Investment Unit Value Calculation for Cycle Investments with a Buffer Rate	32
Transfers out of a Cycle Investment	35
Withdrawals from Cycle Investments	35
Cycle End Date Payments; Rollovers	36
Additional Information About the Indices	37
Replacement of the Index	37
Valuation of A Cycle Investment	37
Cycle Investment Unit.	38
Cycle Investment Unit Value.	38
The Subaccount Investment Options	40
Availability of the Investment Portfolios	41
Your Accumulation Value (Contract Value allocated to the Subaccounts)	41
Accumulation Units	42
Transfers of Accumulation Value	42
Transfer Limitations	42
Processing Surrenders and Partial Withdrawals – Cycle Investment & Subaccounts	44
Benefits Under the Contract	46
Systematic Withdrawals	47
Dollar Cost Averaging (DCA)	48
Portfolio Rebalancing	49
Death Benefit	49
CHARGES, FEES AND DEDUCTIONS	51
Transaction Expenses	51
Annual Contract Expenses	52
Investment Portfolio Charges	52
MATURITY DATE	53
Electing an Income Payment Option	53
Fixed Payment Options	54
Income Payment Options	54
FEDERAL TAX STATUS	55
Annuity Contracts in General	55
Qualified and Non-Qualified Contracts	55
Minimum Distribution Rules and Eligible Rollover Distributions	56
Diversification and Distribution Requirements	56

Owner Control	56
Surrenders and Partial Withdrawals	56
Multiple Contracts	57
Withholding	57
Annuity Payments	57
Partial Annuitization	57
Investment Income Surtax	57
Definition of Spouse under Federal Law	58
Annuity Contracts Purchased by Nonresident Aliens and Foreign Corporations	58
Taxation of Death Benefit Proceeds	58
Transfers, Assignments or Exchange of Contracts	58
Possible Tax Law Changes	58
Federal Estate, Gift and Generation-Skipping Transfer Taxes	58
Annuity Purchases by Residents of Puerto Rico	59
Foreign Tax Credits	59
MIDLAND NATIONAL LIFE INSURANCE COMPANY	59
INFORMATION ABOUT MIDLAND NATIONAL	59
Generally	59
Midland National’s Business	59
Competition	59
Financial strength ratings	60
Risk Factors Related to Midland National and Its Business	60
Directors, Executive Officers and Corporate Governance	84
Executive Officers and Directors	84
Executive Compensation	87
Security Ownership of Certain Beneficial Owners and Management	92
Transactions with Related Persons Promoters and Certain Control Persons (amounts in $1,000’s)	92
EXPERTS	95
FINANCIAL INFORMATION	96
Selected Financial Data	96
Management’s Discussion and Analysis of Financial Conditions and Results of Operation	97
Qualitative and Quantitative Disclosures about Market Risk	113
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	114
Audited Financial Statements	115
Third Quarter 2021 Financial Information	181
Third Quarter 2021 Financial Statements	199
OTHER INFORMATION	230
The Registered Separate Account	230
The Non-Registered Separate Account	231
Modification to the Contract	232
Administrative Procedures	233
Legal Proceedings	233
Distribution of the Contract	234
Portfolio Voting Rights	235
APPENDIX A – INVESTMENT PORTFOLIOS AVAILABLE UNDER THE CONTRACT	237
APPENDIX B – STATE VARIATIONS	240
APPENDIX C – CYCLE INVESTMENT UNIT VALUE EXAMPLES	240
APPENDIX D – INDEX DISCLAIMERS	248
APPENDIX E – FAIR VALUE FORMULAS	249

DEFINITIONS

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

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

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

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

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.

Beneficiary means the person or persons to whom the Contract’s Death Benefit will be paid in the event of the death of the Owner.

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 Cap. It represents the maximum potential increase in the Cycle Investment Unit Value for a Cycle Investment on the Cycle End Date.

Cap Rate Threshold means the minimum Cap Rate we will declare for any Cycle Type. Each Cycle Type will have a specific Cap Rate Threshold. A Cycle Investment will not be launched on a scheduled Start Date if the resulting Cycle Cap Rate is lower than its Cap Rate Threshold.

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 31^st; subsequent Contract months will begin on the first day of each month (March 1, March 31, May 1, May 31, etc.).

Contract Quarter means a three-month period that starts on the same date as the Issue Date in each three-month period. For this purpose, if the Issue Date is not a calendar date in every month, then we look forward to the first day of the next calendar month. For example, assume a Contract is issued on January 31^st; 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.

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

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 3^rd Thursday of each month, provided the 3^rd Thursday is a Business Day. If the 3^rd 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 Index, Cycle Term, Cycle Start Date, Cycle End Date, Floor Rate or Buffer Rate and Cap Rate.

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 will be limited by the Proportional Cap Rate, if applicable, 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, Cycle Structure, and Floor Rate or Buffer Rate.

Death Benefit means the amount that we will pay to the Beneficiary in the event of the death of the Owner if the Contract is still in force and in the Accumulation phase. The amount of the Death Benefit is equal to the Contract Value.

Default Account means the Fidelity VIP Government Money Mkt Svc 2 Money Market 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 which we have no instructions or for which the Cycle Investment does not launch. The Fidelity VIP Government Money Mkt Svc 2 Money Market Subaccount is not available for direct investment.

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.

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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 IHS Markit. 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.

Free Withdrawal Amount means the amount available for withdrawal without incurring a Surrender Charge. Beginning the second Contract Year, the Free Withdrawal Amount equals the Remaining Premium payments six years or older (i.e., no longer subject to surrender charges) plus 10% of the Remaining Premium payments less than six years old (i.e., subject to surrender charges) at the beginning of the Contract year. For this purpose, premium payments are considered to have been withdrawn in the order in which they were received (i.e., first in, first out).

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.”

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

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

Indicative Cap Rate means the rate we post and update on our website every Tuesday before any Cycle Start Date. It is the Cap Rate 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.

Issue Date means the date the Contract goes into effect.

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 115^th birthday.

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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.

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.

Proportional Cap Rate means the proportion of the Cap Rate used to determine the maximum potential increase in a Cycle Investment Unit Value before the Cycle End Date. The Proportional Cap Rate is equal to the Cap Rate multiplied by the number of days lapsed during the Cycle Term divided by the number of days in the Cycle Term. The Proportional Cap Rate does not apply if the Cap Rate is unlimited.

Remaining Premium means the premium payments made less any partial withdrawals previously taken and less any surrender charges previously deducted as a result of such partial withdrawals on a dollar-for-dollar basis.

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.

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 surrender charge and state premium tax. This may also be referred to as Cash Surrender Value.

Unit Value Cap means the maximum Cycle Investment Unit Value at any time during the Cycle Term prior to the Cycle End Date.

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, that is signed by the Owner and received by us in Good Order at our Customer Service Center, P.O. Box9261, 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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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

FEES AND EXPENSES							LOCATION IN PROSPECTUS
Charges for Early Withdrawals	If you withdraw money from your Contract within six years following your last premium payment, you may be assessed a Surrender Charge of up to 8% of the premium payment being partially or fully withdrawn. For example, if you make an early withdrawal, you could pay a withdrawal charge of up to $8,000 on a $100,000 withdrawal. If you withdraw money from a Cycle Investment Option prior to the Cycle End Date, you will receive the Cycle Investment Unit Value. We calculate the Cycle Investment Unit Value based on the Fair Value and incorporate the Proportional Cap Rate, if applicable, and the Floor Rate and the Buffer Rate do not apply. This means you can lose up to 100% of your principal invested in a Cycle Investment upon withdrawal prior to the Cycle End Date.						Charges and Fees – Surrender Charge The Cycle Investment Options - Examples
Transaction Charges	In addition to the charges for early withdrawals, 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 12 per Contract Year. We are not currently charging this fee. We will never charge for any transfers of initial or additional premium payments that included allocation instructions to Cycle Investment Options for the next Cycle Start Date.						Expenses – Transfer Fee
Ongoing Fees and Expenses (annual charges)	The table below describes the fees and expenses that you may pay each year, if you allocate premiums and/or your Contract Value to the Subaccounts, depending on the Investment Portfolios that you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you elected.						Expenses
	Annual Fee	Minimum		Maximum
	Base Contract Expenses1		1.35%		1.35%
	Investment Portfolios2 (Portfolio Company fees and expenses)		0.71%		1.06%
	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. 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 add surrender charges that substantially increase costs.						Expenses

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FEES AND EXPENSES			LOCATION IN PROSPECTUS
	Lowest Annual Cost: $ 1,832	Highest Annual Cost: $2,527
	Assumes: •  Investment of $100,000 (to the Subaccounts only) •  5% annual appreciation •  Least expensive investment portfolio fees and expenses •  Base Contract Expenses of 1.35% •  No Surrender Charges •  No additional premium Payments, transfers, or withdrawals	Assumes: •  Investment of $100,000 (to the Subaccounts only) •  5% annual appreciation •  Most expensive investment portfolio fees and expenses •  Base Contract Expenses of 1.35% •  No Surrender Charges •  No additional premium Payments, transfers, or withdrawals

RISKS		LOCATION IN PROSPECTUS
Risk of Loss	You can lose money by investing in this Contract, including loss of principal and prior Contract earnings.	Principal Risks
Not a Short-Term Investment	This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. A Surrender Charge applies for up to six years following your last premium payment. The charge will reduce the value of your Contract if you withdraw money during that time. The benefit of tax deferral also means the Contract is more beneficial to investors with a long time horizon. Prior to the Cycle End Date, the Cycle Investment Unit Value, which is based on the Fair Value, will reflect the Proportional Cap Rate, if applicable, 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 Proportional Cap), 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. In each of these scenarios, if you 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.	Principal Risks

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	Your Cycle Investment Value, less any surrender charges, if applicable, is the amount available for withdrawals prior to the Cycle End Date, including Free Withdrawal Amounts, Systematic Withdrawals, Required Minimum Distributions, 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.
Risks Associated with Investment Options	•  An investment in this Contract is subject to the risk of poor investment performance of the Cycle Investments and the Investment Portfolios that you select. •  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.	Principal Risks
Insurance Company Risks	Any obligations, guarantees, and benefits of the Contract are subject to our claims-paying ability. If Midland National experiences financial distress, it may not be able to meet its obligations to you. More information about Midland National, including its financial strength ratings, is available upon request. You may make such request by calling 1-866-747-3421 or visiting www.SRSLiveWell.com.	Principal Risks

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RESTRICTIONS		LOCATION IN PROSPECTUS
Investments	•  We reserve the right not to offer any Cycle Investments and to reject or limit the amount that may be invested in a Cycle Investment. •  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 12 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 Subaccount in circumstances of frequent or large transfers. •  We reserve the right to remove or substitute the Subaccounts and/or Cycle Investments currently available.	The Cycle Investments; Subaccounts
TAXES		LOCATION IN PROSPECTUS
Tax Implications	•  You should consult with a tax professional to determine the tax implications of an investment in, withdrawals from and payments received under the Contract. •  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.	Federal Tax Status

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CONFLICTS OF INTEREST		LOCATION IN PROSPECTUS
Investment Professional Compensation	Your registered representative may receive compensation for selling this Contract to you in the form of commissions. Cash compensation includes bonuses and allowances based on factors such as sales, productivity and persistency (the degree to which Contracts sold remain in force). Non-cash compensation includes various recognition items such as prizes and awards as well as attendance at, and payment of the costs associated with attendance at, conferences, seminars and recognition trips, and also includes contributions to certain individual plans such as pension and medical plans. Sales of the Contract may help these registered representatives and their supervisors qualify for such benefits. This compensation may influence your registered representative to recommend this Contract over another investment. In addition to the foregoing, we provide payments to certain third parties for training, product development, marketing and development efforts with selling firms, and other wholesaling and relationship management services.	Distribution of the Contract
Exchanges	Some investment professionals may have a financial incentive to offer you a new contract in place of the one you own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract.	Tax-Free Section 1035 Exchanges

OVERVIEW OF THE MIDLAND LIVE WELL REGISTERED INDEX-LINKED AND VARIABLE ANNUITY

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

A: The Midland LiveWell Registered Index-Linked and 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 Death Benefit for your designated beneficiaries, which is equal to the Contract Value.

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 Surrender Charge (which is in effect for many years), and 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. The Cycle Investment Unit Value will reflect the Proportional Cap Rate, if applicable, 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 Proportional Cap), 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. In each of these scenarios, if you 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.

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

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

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

1. Accumulation Phase

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

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

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

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

2. Income Phase

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

When you elect to annuitize the Contract, your Contract Value will be converted into income payments and you will no longer be able to make withdrawals from the Contract. At this time, the Accumulation Phase will end, and the Death Benefit will terminate.

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. The Contract permits you to take a certain amount of withdrawals without incurring a Surrender Charge, which we call the “Free Withdrawal Amount.”

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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 Death Benefit payable to your designated beneficiaries equal to the Contract Value on the date of death.

F. 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 chose 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 Proportional Cap), 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. In each of these scenarios, if you take a withdrawal, including a Systematic 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. You should consult with a financial professional before taking Systematic Withdrawals from the Cycle Investments prior to the Cycle End Date.

SUMMARY QUESTIONS RELATED TO THE CYCLE INVESTMENTS

Q: What are Cycle Investments?

A Cycle Investment provides the opportunity to tie your investment to the performance of the Index. Each

time you allocate a premium payment and/or Contract Value to a Cycle Investment, you must make the following investment decisions:

• What Index do I want my investment return to be based on? (Currently, the Contract offers Cycle Investments based on one Index.)

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

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

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

Q: What are the elements of a Cycle Investment?

The component parts of a Cycle Investment are as follows:

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The Index to which your investment linked.

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

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

The maximum rate of return at the end of the Cycle Term, or the Cap Rate.

Q: What Indexes are currently available?

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

Q: What Cycle Investments are currently available?

Index	Cycle Term (# of years)		Cycle Structure	Cycle Floor/Buffer Rate			Cap Rate Threshold
S&P500		1	Floor		-10	%		2.5	%
S&P500		1	Buffer		-10	%		5	%
S&P500		3	Floor		-10	%		2.5	%
S&P500		3	Buffer		-10	%		5	%
S&P500		6	Floor		-10	%		5	%
S&P500		6	Buffer		-20	%		10	%
S&P500		6	Buffer		-30	%		7.5	%

Q: What is the Floor Rate?

The Floor Rate is a type of downside protection available under the Contract. It is the maximum loss due to negative Index performance that the Contract Owner will absorb over the Cycle Term. 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 the Index’s performance reduces the Contract Owner’s Cycle Maturity Value up to a maximum loss of the Floor Rate. For example, if you invest $100,000 in a Cycle Investment with a Floor Rate of 10% and do not take any withdrawals, the most you can lose on the Cycle End Date is $10,000, even if the Index decreases more than 10%. For more detailed examples, see “Appendix C – Cycle Investment Unit Value Examples – Floor Protection – on the Cycle End Date.”

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

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Q: What is the Buffer Rate?

The Buffer Rate is a type of downside protection available under the Contract. It is the amount of the Index’s negative performance from which Midland will protect you on the Cycle End Date. You will be subject to any negative Index performance in excess of the Buffer Rate on the Cycle End Date. For example, if you invest $100,000 in a Cycle Investment with a Buffer Rate of 20% and do not take any withdrawals, on the Cycle End Date the Company will protect you from Index loss up to 20%, or $20,000. You would bear any Index loss in excess of 20%. This means that if the Index decreases 50%, the Company would protect you from the first $20,000 of loss, and you would bear any loss in excess of that amount, or, in this case, $30,000. For more detailed examples, see Appendix C – Cycle Investment Unit Value Examples – Buffer Protection – on the Cycle End Date

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

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

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

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

During the Cycle Term, the Cycle Investment Unit Value estimates the market value of the risk of loss and possibility of gain if the Cycle Investment is held to the Cycle End Date. Before the Cycle End Date, the value of the Cycle Investment Unit may be lower than the value on the Start Date even when the Index performance is positive due to the possibility that the Index performance could decrease before the Cycle End Date. Changes in the volatility of the Index price and interest rates also may reduce the Cycle Investment Unit Value before the Cycle End Date.

In addition, the Cycle Investment Unit Value includes the Proportional Cap Rate, if applicable, and the Floor Rate and the Buffer Rate do not apply. The Proportional Cap Rate reduces the Cap Rate based on the time lapsed during the Cycle Term relative to the Cycle Term. 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 Proportional Cap), 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. In each of these scenarios, if you 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. See “Appendix C – Cycle Investment Unit Value Examples” for examples of how the value of your Cycle Investment is determined during the Cycle Term.

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

The Cycle Maturity Value is the final Cycle Investment Unit Value for a Cycle investment on the Cycle End Date. The Cycle Maturity Value is calculated based on the Index’s performance over the Cycle Term subject to the Cap Rate, 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), subject to the full Cap Rate.

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

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

FEE TABLE

The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.

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

Transaction Expenses

Contract Owner Transaction Expenses	Charge
Sales Load Imposed on Premiums		None
Surrender Charge (as a percentage of premiums withdrawn)		8.0	%
State Premium Tax1		0% to 3.5	%
Transfer Fee2	$	15
Fair Value Calculation3 (as a percentage of premium payment)		100	%

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

² Currently the charge is $0, but we reserve the right to charge $15 per transfer for transfers in excess of 12 per Contract year. If applied, the Transfer Fee would apply both to transfers among Subaccounts and between Subaccounts and Cycle Investments. We will not charge for any transfers of initial or additional premium payments that include allocation instructions to Cycle Investment Options for the next Cycle Start Date.

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

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

Annual Contract Expenses

Annual Contract Expenses
Base Contract Expenses (as a percentage of average Accumulation Value)1	1.35	%

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.

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

Annual Investment Portfolio Expenses1 (expenses that are deducted from portfolios assets, including management fees, distribution, and/or service (12b-1) fees and other expenses)	Minimum			Maximum
Total annual operating expenses		0.71	%		1.06	%

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, 2020. 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. Because you are not permitted to invest in the Default Account directly, we have not included its fees and expenses in determining the minimum and maximum investment portfolio expenses. If we had, it would represent the least expensive investment portfolio.

Expense Examples

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

The Example assume 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. The Example assumes you do not allocate any Contract Value to the Cycle Investments and there is no Contract Value in the Default Account. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

(1) If you surrender your Contract at the end of the applicable time period:

1 Year	3 Years		5 Years		10 Years
$ 9,301	$	11,888	$	14,736	$	24,001

(2) If you annuitize your Contract at the end of the applicable time period:

1 Year	3 Years		5 Years		10 Years
$2,101	$	6,488	$	11,136	$	24,001

(3) If you do NOT surrender your Contract:

1 Year	3 Years		5 Years		10 Years
$2,101	$	6,488	$	11,136	$	24,001

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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. Each premium Payment is subject to a six year Surrender Charge, which may reduce your Surrender Value below the amount of premium payments you made.

RISKS OF INVESTING IN THE CYCLE INVESTMENTS

Risk of Loss

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

Liquidity Risk

The amount of Cycle Investment Value available for withdrawal on any Business Day is equal to the Cycle Investment Unit Value on that day multiplied by the number of Cycle Investment Units credited to your Contact. 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, 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 Cycle Investment Unit Value also reflects the Proportional Cap Rate, if applicable, 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 Proportional Cap), 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, if you take a withdrawal prior to the Cycle End Date, it would 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.

Your Cycle Investment Value, less any surrender charges, if applicable, is the amount available for withdrawals prior to the Cycle End Date, including Free Withdrawal Amounts, Systematic Withdrawals, Required Minimum Distributions, 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.

Withdrawals taken before the Cycle End Date will reduce your Cycle Investment Value dollar for dollar.

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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. We set Cap Rates at our discretion based on a variety of factors. These rates may change from Cycle Term to Cycle Term and may be less than your initial rates. Contract Owners bear the risk that the rates we set will be less favorable than they find acceptable. We will amend the prospectus should we cease offering Cycle Investments.

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

Limited Participation in Positive Performance

Any increase in the value of the Contract Owner’s Cycle Investment for any Cycle is limited by the Cycle’s Cap 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 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 at our discretion. Prior to the Cycle End Date the Cycle Investment Unit Value, which determines the amount available for withdrawal, will take into account the Proportional Cap Rate, which may reduce the Cycle Investment Unit Value based on the time remaining until the Cycle End Date relative to the Cycle Term. Generally, Cycle Investments that provide greater protection against negative Index performance through the Floor Rate or Buffer Rate have lower Cap Rates than Cycle Investments with the same Index and Cycle Term that provide less protection.

Cap Rate

The Cap Rate for a Cycle Investment on the Cycle Start Date and will be disclosed on our website www.srslivewellservice.com. Prior to the Cycle Start Date, we will post Indicative Cap Rates every Tuesday before the Cycle Start Date. The Cap Rate for a new Cycle Term may be higher, lower, or equal to the Cap Rate for the prior Cycle Term and/or the Indicative Cap Rate. There is a risk that the Cap Rate will be lower than the Index’s rate of return.

We have established a minimum Cap Rate for each available Cycle Investment, which is the Cap Rate Threshold disclosed in this prospectus. If we cannot offer the Cycle Investment with a Cap Rate that is equal to or above the applicable Cap 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 Rate applies 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 each year of the Cycle Term. It is not an annual limit. 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 of the final Cap 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 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 must notify us within 10 business days from the day we send you notice of the final Cap 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. If you do not exercise your right to bailout within 10 business days of the notice, then your Contract Value will remain invested in the Cycle Investment for the duration of the Cycle Term. This means that if you later decide to transfer or withdraw your Contract Value 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 will reflect the Proportional Cap Rate, if applicable, 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 a 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, subject to the Proportional Cap Rate, 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, 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.”

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

Risk Associated with Indices

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

While it is not possible to invest directly in the Index, if the Contract Owner chooses to allocate amounts to a Cycle Investment, the Contract Owner is indirectly exposed to the investment risks associated with the referenced Index. Because each Index is comprised or defined by a collection of equity securities, each Index is largely exposed to market risk and issuer risk. Market risk is the risk that market fluctuations may cause the value of a security to fluctuate, sometimes rapidly and unpredictably. Issuer risk is the risk that the value of an issuer’s securities may decline for reasons directly related to the issuer, as opposed to the market generally. Over time, we may also change the Indices to which the Cycle Investments are linked. Below is a summary of important investment risks to which each Index is exposed. For more information, see “Additional Information about the Indices” later in this prospectus.

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

We reference the S&P 500^® Price Return Index (Bloomberg Ticker: SPX), which is a price appreciation index that does not include dividends or distributions, so the index performance does not reflect dividends or distributions paid on the securities comprising the Index. The calculation of the Index performance for a Cycle Investment, therefore, will not reflect the full investment performance of the underlying securities.

No Rights in the Securities Underlying the Index

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

Replacement of the Index

If the 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 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 S&P 500 Price Return index (Bloomberg Ticker: SPX). If we replace the Index, any future Cycle Investments will be available with the same Cap 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. If the replacement index is not acceptable to you, there is a risk that you will have no Cycle Investments to invest in.

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

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If the S&P 500 Price Return 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 Cap Rate and the Floor or Buffer Rate, as applicable. For example, if the Index was up 12% at the time we matured the Cycle and the Cap Rate was 8%, 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 you 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.

RISKS OF INVESTING IN THE SUBACCOUNTS

Risk of Loss

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

OTHER GENERAL RISKS OF INVESTING IN THE CONTRACT

Financial Strength of Midland National

Midland National is solely responsible for all guarantees provided under the Contract, including without limitation values calculated for the Cycle Investments, the Death Benefit 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.

Adverse Tax Consequences

Certain transactions (including, but not limited to, withdrawals 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 includible 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.

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Premium Payment Risk

Your ability to make subsequent premium payments is subject to restrictions. We reserve the right to refuse any premium payment, to further limit your ability to make subsequent premium payments with advance notice, and require our prior approval before accepting premium payments. There is no guarantee that you will always be permitted to make premium payments. If 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 any Death Benefit paid.

Minimum Contract Value Risk

The minimum amount that can be left in the entire Contract after a withdrawal is $1,000.00. The entire Contract will be closed and the balance will be distributed to the Contract Owner if a withdrawal causes the Contract Value to drop below $1,000.00.

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. 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 the 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 the Index or in which a portfolio invests.

Catastrophic Events

Catastrophic events such as terrorist attacks, floods, severe storms or hurricanes, computer cyber-terrorism, 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.

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The extent to which these types of catastrophic events, including the recent COVID-19 pandemic, may impact our business, results of operations, financial condition, liquidity, or prospects will depend on future developments that are highly uncertain and cannot be predicted.

THE LIVE WELL REGISTERED INDEX-LINKED AND VARIABLE ANNUITY CONTRACT

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

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

PURCHASING THE CONTRACT

Any person wishing to purchase a Contract must submit an application form and an initial premium payment of at least $25,000. The sale must take place through a representative who is licensed, registered and authorized to sell the Contract. The maximum Issue Age for the Contract is 85years.

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.

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There may be delays in our receipt of applications that are outside of our control because of the failure of the selling registered representative 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 registered representative who sold 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 partial withdrawals.

Whether you receive your Contract Value or adjusted premium payment, we do not deduct surrender charges when you exercise your Right to Cancel during the Right to Cancel period.

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 the Proportional Cap Rate, if applicable, and does not provide the protection of the Floor Rate or Buffer Rate.

If we return the premiums paid minus any 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 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, there may be a surrender charge on this 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 (that person will generally earn a commission if you buy this Contract through an exchange or otherwise). 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.

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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. 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 we exercise our right to reject or place limitations on the acceptance and allocation of additional premiums, you may be unable or limited in your ability to increase your Contract Value through additional Premium payments, which, in turn, will affect the amounts that may be applied to an annuity payout option or toward any Death Benefit paid.

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

Allocation of Premium Payments

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

Changing Your Premium Payment Allocation Instructions

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

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THE CYCLE INVESTMENT OPTIONS

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

Index	Cycle Term (# of years)		Cycle Structure	Cycle Floor/Buffer Rate	Cap Rate Threshold
S&P500		1	Floor	-10%	2.5%
S&P500		1	Buffer	-10%	5%
S&P500		3	Floor	-10%	2.5%
S&P500		3	Buffer	-10%	5%
S&P500		6	Floor	-10%	5%
S&P500		6	Buffer	-20%	10%
S&P500		6	Buffer	-30%	7.5%

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

Features of a Cycle Investment

The key features of a Cycle Investment are:

• the Index to which it is linked;

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

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

• the maximum positive rate of return at the end of the Cycle Term, which is the Cap Rate (subject to the Cap Rate Threshold set forth in the table above).

The Index. We currently offer Cycles Investment linked to the following Index (the “Index”):

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

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

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

Floor Rate. The Floor Rate is the maximum loss you will incur due to negative Index performance for the Cycle Term. We currently offer a Floor Rate of -10% for Cycle Investments linked to each available Index, but may offer the same or different rates in the future for newly offered Cycle Investment options.

The Floor Rate provides Contract Owners protection against negative Index performance greater than the selected Floor on the Cycle End Date. For example, a Floor Rate of -10% means the rate of return on a Cycle Investment would not fall below -10% if held through the end of the Cycle Term.

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Example 1: If the performance of the 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 the 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%.

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% for Cycles linked to each available Index, but may offer the same or different rates in the future for newly offered Cycle Investment options.

Different Buffer Rates enable Contract Owners to select different levels of protection against potential losses due to negative Index performance. For example, a Buffer Rate of -20% means that Midland National will absorb negative Index performance up to -20%. The Contract Owner bears the loss to the extent negative Index performance exceeds -20%.

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

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

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

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

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

Example 1. If the performance of the 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 the 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.

The return on a Cycle Investment is measured from the Cycle Start Date through 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. Interim changes in the value of the Cycle Investment during a Cycle Term will occur, and may be higher or lower, sometimes significantly higher or lower, than the return on the Cycle Investment on the Cycle End Date.

Please note, generally the higher the Floor Rate you select, the higher the Cap Rate we will offer. For example if the Floor Rate is increased from 10% to -20%, the Cap Rate would increase. In general, the lower the Buffer Rate you select, the higher the Cap Rate we will offer. For example if the Buffer Rate is decreased from -20% to -10%, the Cap 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, giving you more exposure to upside potential.

Investing in the Cycle Investments

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

Thirty Business Days prior to any Cycle Investment Start Date, we will post information on-line about the Cycle Investments scheduled to start next. The notice, which will be posted on the Midland National’s website at www.srslivewellservice.com 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 Cap Rate (which will be updated every Tuesday before the Cycle Start Date);

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

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

We have established a minimum Cap Rate for each available Cycle Investment, which is the Cap Rate Threshold disclosed in this prospectus. If we cannot offer the Cycle Investment with a Cap Rate that is equal to or above the applicable Cap 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 in writing, or electronically, if applicable, of the final Cap 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 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 must notify us within 10 business days from the day we send you notice of the final Cap Rate(s). When you do so, you must instruct us where to reallocate your investment. If you want to exercise your right to bailout out you can do so by contacting us by telephone at 866-747-3421 or by e-mail at Securities@SFGMembers.com. If you do not exercise your right to bailout within 10 business days of the notice, then your Contract Value will remain invested in the Cycle Investment for the duration of the Cycle Term. This means that if you later decide to transfer or withdraw your Contract Value 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 will reflect the Proportional Cap Rate, if applicable, 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, 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 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 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. 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 Investments, 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 Mkt Svc 2 Money Market 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 which we have no instructions or for which the Cycle Investment does not launch. The Fidelity VIP Government Money Mkt Svc 2 Money Market Subaccount is not available for direct investment.

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

Index	Cycle Term (# of years)		Cycle Structure	Cycle Floor/Buffer Rate	Cap Rate Threshold
S&P500		1	Floor	-10%		2.5	%
S&P500		1	Buffer	-10%		5	%
S&P500		3	Floor	-10%		2.5	%
S&P500		3	Buffer	-10%		5	%
S&P500		6	Floor	-10%		5	%
S&P500		6	Buffer	-20%		10	%
S&P500		6	Buffer	-30%		7.5	%

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

Cycle Investment Value

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

In determining the Fair Value of a Cycle Investment Unit during a Cycle Term, the Fair Value Calculation Agent will take into account a variety of factors, such as the change in the Index Value from the Start Date, volatility of the Index, interest rate changes, and time remaining to the Cycle End Date. During the Cycle Term, the Cycle Investment Unit Value will also take into account the length of time since the Cycle Start Date and will reflect the Proportional Cap Rate, if applicable, but 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.

The Proportional Cap Rate. Prior to the Cycle End Date, your investment returns will be based on the Cycle Investment Unit Value, which is the Fair Value of your Cycle Investment limited by the Proportional Cap Rate. The Proportional Cap Rate reduces any positive performance based on the time lapsed during the Cycle Term relative to the Cycle Term. 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 Proportional Cap). Under this scenario, if you take a withdrawal prior to the Cycle End Date, it would 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.

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Example: The Cap Rate of a six-year Cycle Investment is set at 5%. After three years, you take a full withdrawal from the Cycle Investment. The Proportional Cap Rate would be 3/6 of the Cap Rate of 5%, or 2.5%. This means that the maximum increase in the Cycle Investment Unit Value is 2.5% above the Initial Cycle Investment Unit Value of $10 set on the Cycle Start Date, i.e. the maximum Cycle Investment Unit Value of $10.25 = $10.00 * (1+2.5%). The maximum return that you will receive at the time of your withdrawal would not be greater than 2.5%, even if the Index return were higher.

CYCLE INVESTMENT UNIT VALUE CALCULATION FOR CYCLE INVESTMENTS WITH A FLOOR 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 lesser of the result of (A) and (B) below:

(A) 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. This is equivalent to the Fair Value / number of Cycle Investment Units.

and

(B) The Cycle Investment Unit Value adjusted for the Proportional Cap Rate

The percentage gain in the Cycle Investment Unit Value, prior to the Cycle End Date, is limited by the Proportional Cap Rate, which is the Cap Rate multiplied by the amount of time that has elapsed since the Cycle Start Date.

The Proportional Cap Rate = { Initial Cycle Investment Unit Value } x {1 + (Cap Rate) x [(number of days elapsed since Cycle Start Date) / (number of days in a Cycle Term)]}.

The Proportional Cap Rate is the maximum the Cycle Investment Unit Value can be prior to the Cycle End Date.

The hypothetical examples below assumes 100,000 Cycle Investment units 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 Floor not applying before the Cycle End Date and the effects of the Proportional Cap Rate on the Cycle Investment Unit Value.

Example 1 – 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) 150 days after the Cycle Start Date. The Fair Value is $1,100,000.

(A) The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,100,000 / 100,000 = $11.00

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 20% x (150/(365 x 3)} = $10.27. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$11.00, $10.27} = $10.27, the Cycle Investment Unit Value, based on the Fair Value, is greater than the Cycle Investment Unit Value adjusted for the Proportional Cap Rate, so the Cycle Investment Unit Value is limited by the Proportional Cap Rate.

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Example 2 – 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) 150 days after the Cycle Start Date. The Fair Value is $900,000.

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 20% x (150/(365 x 3)} = $10.27. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$9.00, $10.27} = $9.00, which is a 10% decrease in the Cycle Investment Unit Value from the Initial Cycle Investment Unit Value of $10; the decrease is equal to 10% = (1 - $9.00 / $10.00) x 100%, but is within the Floor Rate of -10%.

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. The Fair Value is $880,000.

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 20% x (150/(365 x 3)} = $10.27. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$8.80, $10.27} = $8.80, which is a 12% decrease in the Cycle Investment Unit Value from the Initial Cycle Investment Unit Value of $10; the decrease is equal to 12% = (1 - $8.80 / $10.00) x 100%, which is below the Floor Rate of -10%, since the Floor Rate does not apply prior to the Cycle End Date.

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

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 20% x (750/(365 x 3)} = $11.37. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$11.60, $11.37} = $11.37, the Cycle Investment Unit Value, based on the Fair Value, is greater than the Cycle Investment Unit Value adjusted for the Proportional Cap Rate, so the Cycle Investment Unit Value is limited by the Proportional Cap Rate.

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. The Fair Value is $930,000.

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days In a Cycle Term)]} = $10 x {1+ 20% x (750/(365 x 3)} = $11.37. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$9.30, $11.37} = $9.30, which is a 7% decrease in the Cycle Investment Unit Value from the Initial Cycle Investment Unit Value of $10; the decrease is equal to 7% = (1 - $9.30 / $10.00) x 100%, but is within the Floor Rate of -10%.

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. The Fair Value is $920,000.

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 20% x (750/(365 x 3)} = $11.37. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$9.20, $11.37} = $9.20, which is a 8% decrease in the Cycle Investment Unit Value from the Initial Cycle Investment Unit Value of $10; the decrease is equal to 8% = (1 - $9.20 / $10.00) x 100%, but is within the Floor Rate of -10%.

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Example 7 — Index increases 50%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Cycle Floor Rate, and 35% Cap Rate. The index increases to 1,500 (50% gain) 150 days after the Cycle Start Date. The Fair Value is $1,055,000.

(A) The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,055,000 / 100,000 = $10.55

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 35% x (150/(365 x 6)} = $10.24. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$10.55, $10.24} = $10.24, the Cycle Investment Unit Value, based on the Fair Value, is greater than the Cycle Investment Unit Value adjusted for the Proportional Cap Rate, so the Cycle Investment Unit Value is limited by the Proportional Cap Rate.

Example 8 — Index decreases 40%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Cycle Floor Rate, and 35% Cap Rate. The index decreases to 600 (40% loss) 150 days after the Cycle Start Date. The Fair Value is $880,000.

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 35% x (150/(365 x 6)} = $10.24. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$8.80, $10.24} = $8.80, which is a 12% decrease in the Cycle Investment Unit Value from the Initial Cycle Investment Unit Value of $10; the decrease is equal to 12% = (1 - $8.80 / $10.00) x 100%, which is below the Floor Rate of -10%, since the Floor Rate does not apply prior to the Cycle End Date.

Example 9 — Index decreases 60%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Cycle Floor Rate, and 35% Cap Rate. The index decreases to 400 (60% loss) 150 days after the Cycle Start Date. The Fair Value is $850,000.

(A) The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $850,000 / 100,000 = $8.50

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 35% x (150/(365 x 6)} = $10.24. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$8.50, $10.24} = $8.50, which is a 15% decrease in the Cycle Investment Unit Value from the Initial Cycle Investment Unit Value of $10; the decrease is equal to 15% = (1 - $8.50 / $10.00) x 100%, which is below the Floor Rate of -10%, since the Floor Rate does not apply prior to the Cycle End Date.

Example 10 — Index increases 50%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Cycle Floor Rate, and 35% Cap Rate. The index increases to 1,500 (50% gain) 2,000 days after the Cycle Start Date. The Fair Value is $1,323,000.

(A) The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,323,000 / 100,000 = $13.23

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 35% x (2,000/(365 x 6)} = $13.20. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$13.23, $13.20} = $13.20, the Cycle Investment Unit Value, based on the Fair Value, is greater than the Cycle Investment Unit Value adjusted for the Proportional Cap Rate, so the Cycle Investment Unit Value is limited by the Proportional Cap Rate.

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Example 11 — Index decreases 40%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Cycle Floor Rate, and 35% Cap Rate. The index decreases to 600 (40% loss) 2,000 days after the Cycle Start Date. The Fair Value is $925,000.

(A) The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $925,000 / 100,000 = $9.25

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 35% x (2,000/(365 x 6)} = $13.20. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$9.25, $13.20} = $9.25, which is a 7.5% decrease in the Cycle Investment Unit Value from the Initial Cycle Investment Unit Value of $10; the decrease is equal to 7.5% = (1 - $9.25 / $10.00) x 100%, but is within the Floor Rate of -10%.

Example 12 — Index decreases 60%: A Cycle with a 6 year (2,190 days) Cycle Term, -10% Cycle Floor Rate, and 35% Cap Rate. The index decreases to 400 (60% loss) 2,000 days after the Cycle Start Date. The Fair Value is $920,000.

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 35% x (2,000/(365 x 6)} = $13.20. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$9.20, $13.20} = $9.20, which is a 8% decrease in the Cycle Investment Unit Value from the Initial Cycle Investment Unit Value of $10; the decrease is equal to 8% = (1 - $9.20 / $10.00) x 100%, but is within the Floor Rate of -10%.

CYCLE INVESTMENT UNIT VALUE CALCULATION FOR CYCLE INVESTMENTS WITH A BUFFER 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 lesser of the result of (A) and (B) below:

(A) 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. This is equivalent to the

Fair Value / number of Cycle Investment Units

and

(B) The Cycle Investment Unit Value adjusted for the Proportional Cap Rate

The percentage gain in the Cycle Investment Unit Value, prior to the Cycle End Date, is limited by the Proportional Cap Rate, which is the Cap Rate multiplied by the amount of time that has elapsed since the Cycle Start Date.

The Proportional Cap Rate = { Initial Cycle Investment Unit Value } x {1 + ( Cap Rate) x [(number of days elapsed since Cycle Start Date) / (number of days in a Cycle Term)]}.

The Proportional Cap Rate is the maximum that the Cycle Investment Unit Value can be prior to the Cycle End Date.

The hypothetical examples below assumes 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 and the effects of the Proportional Cap Rate on the Cycle Investment Unit Value.

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

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + (Cap Rate) x [(number of days elapsed since Cycle Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 35% x (150/(365 x 3)} = $10.48. This is the maximum that the Cycle Investment Unit Value can be.

Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$12.90, $10.48} = $10.48, the Cycle Investment Unit Value, based on the Fair Value, is greater than the Cycle Investment Unit Value adjusted for the Proportional Cap Rate, so the Cycle Investment Unit Value is limited by the Proportional Cap Rate.

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

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]}= $10 x {1+ 35% x (150/(365 x 3)} = $10.48. This is the maximum that the Cycle Investment Unit Value can be.

Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$4.90, $10.48} = $4.90, which is a 51% decrease in the Cycle Investment Unit Value from the Initial Cycle Investment Unit Value of $10; the decrease is equal to 51% = (1 - $4.90 / $10.00) x 100%. The Buffer Rate of -10% does not apply prior to the Cycle End Date, so in this case the decrease in the Cycle Investment Unit Value was not limited to 50% = (60% index loss – 10% Buffer Rate).

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

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + (Cap Rate) x [(number of days elapsed since Cycle Start Date) / (number of days In a Cycle Term)]} = $10 x {1+ 35% x (750/(365 x 3)} = $12.40. This is the maximum that the Cycle Investment Unit Value can be.

Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$13.80, $12.40} = $12.40, the Cycle Investment Unit Value, based on the Fair Value, is greater than the Cycle Investment Unit Value adjusted for the Proportional Cap Rate, so the Cycle Investment Unit Value is limited by the Proportional Cap Rate.

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

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]}= $10 x {1+ 35% x (750/(365 x 3)} = $12.40. This is the maximum that the Cycle Investment Unit Value can be.

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Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$5.10, $12.40} = $5.10, which is a 49% decrease in the Cycle Investment Unit Value from the Initial Cycle Investment Unit Value of $10; the decrease is equal to 49% = (1 - $5.10 / $10.00) x 100%. The Buffer Rate of -10% does not apply prior to the Cycle End Date, but in this case the decrease in the Cycle Investment Unit Value was within the Buffer Rate limit of 50% = (60% index loss – 10% Buffer Rate).

Example 5 — Index increases 50%: A Cycle with a 6 year (2,190 days) Cycle Term, -30% Cycle Buffer Rate, and 30% Cap Rate. The index increases to 1,500 (50% gain) 150 days after the Cycle Start Date. The Fair Value is $1,130,000.

(A) The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,130,000 / 100,000 = $11.30

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + (Cap Rate) x [(number of days elapsed since Cycle Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 30% x (150/(365 x 6)} = $10.21. This is the maximum that the Cycle Investment Unit Value can be.

Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$11.30, $10.21} = $10.21, the Cycle Investment Unit Value, based on the Fair Value, is greater than the Cycle Investment Unit Value adjusted for the Proportional Cap Rate, so the Cycle Investment Unit Value is limited by the Proportional Cap Rate.

Example 6 — Index decreases 60%: A Cycle with a 6 year (2,190 days) Cycle Term, -30% Cycle Buffer Rate, and 30% Cap Rate. The index decreases to 400 (60% loss) 150 days after the Cycle Start Date. The Fair Value is $630,000.

(A) The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $630,000 / 100,000 = $6.30

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]}= $10 x {1+ 30% x (150/(365 x 6)} = $10.21. This is the maximum that the Cycle Investment Unit Value can be.

Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$6.30, $10.21} = $6.30, which is a 37% decrease in the Cycle Investment Unit Value from the Initial Cycle Investment Unit Value of $10; the decrease is equal to 37% = (1 - $6.30 / $10.00) x 100%. The Buffer Rate of -30% does not apply prior to the Cycle End Date, so in this case the decrease in the Cycle Investment Unit Value was not limited to 30% = (60% index loss – 30% Buffer Rate).

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

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + (Cap Rate) x [(number of days elapsed since Cycle Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 30% x (2,000/(365 x 6)} = $12.74. This is the maximum that the Cycle Investment Unit Value can be.

Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$13.20, $12.74} = $12.74, the Cycle Investment Unit Value, based on the Fair Value, is greater than the Cycle Investment Unit Value adjusted for the Proportional Cap Rate, so the Cycle Investment Unit Value is limited by the Proportional Cap Rate.

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

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]}= $10 x {1+ 30% x (2,000/(365 x 6)} = $12.74. This is the maximum that the Cycle Investment Unit Value can be.

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Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$7.20, $12.74} = $7.20, which is a 28% decrease in the Cycle Investment Unit Value from the Initial Cycle Investment Unit Value of $10; the decrease is equal to 28% = (1 - $7.20 / $10.00) x 100%, the Buffer Rate of -30% does not apply prior to the Cycle End Date, but in this case the decrease in the Cycle Investment Unit Value was within the Buffer Rate limit of 30% = (60% index loss – 30% Buffer Rate).

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 will reflect the Proportional Cap Rate, if applicable, 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 Proportional Cap), 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, if you take a withdrawal prior to the Cycle End Date, including transfers to the Subaccounts, 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 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 partial withdrawal amount is $1,000. Required Minimum Distributions (“RMDs”) are not subject to this minimum. A Surrender Charge will generally apply to amounts withdrawn in excess of the Free Withdrawal Amount.

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.

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The Cycle Investment Unit Value is determined from the Cycle’s Fair Value as provided by the Fair Value Calculation Agent. The Cycle Investment Unit Value reflects the Proportional Cap Rate, if applicable, 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 Proportional Cap), 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, if you 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. See “Valuation of a Cycle Investment later in this prospectus for more information.

Required Minimum Distributions. Unless we receive instructions from you, we will deduct all RMDs 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 and the Cycle Investment Unit Value will be limited by the Proportional Cap Rate, but the Floor Rate or Buffer Rate will not apply.

The Cycle Investment Unit Value is determined from the Cycle’s Fair Value as provided by the Fair Value Calculation Agent. The Cycle Investment Unit Value reflects the Proportional Cap Rate, if applicable, 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 Proportional Cap), 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, if you take a withdrawal prior to the Cycle End Date, including an RMD, 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.

A withdrawal taken to satisfy an RMD is not subject to the deduction of a Surrender Charge. See “Charges, Fees and Deductions – Surrender Charge”.

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 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. At least one Business Day before the Cycle End Date, you may provide written instruction directing us to allocate the proceeds of your maturing Cycle Investments to a new Cycle Investment or to the Subaccounts, either based on the current allocation instructions or new allocation instructions. If you do not notify us 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.

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

Additional Information About the Indices

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

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

Replacement of the Index

In the event the 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 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.

If the 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 Cap Rate and Floor Rate or Buffer Rate, as applicable.

If we stop offering the 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 Ends Date if Index that has not been discontinued.

In replacing the 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 Downside Protection, as applicable. For example, if the Index was up 12% at the time we matured the Cycle and the Cap Rate was 8%, 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 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.

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.

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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 made prior to the Cycle End Date based on the amount withdrawn and the Cycle Investment Unit Value at the time of the withdrawal.

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

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 Proportional Cap Rate. The Buffer Rate and Floor rate do not apply.

We have contracted with IHS Markit, 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 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 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.

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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. This value is then compared to the Cycle Investment’s Proportional Cap Rate. The Cycle Investment Unit Value for that Business Day is the lesser of the Fair Value per Cycle Investment Unit outstanding and the Cycle Investment’s Proportional Cap Rate, which is the greatest possible Cycle Investment Unit Value.

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

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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, called, each of which invests exclusively in shares of one Investment Portfolio. You may allocate part or all of your premium payment to one or more Subaccounts.

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

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

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

The Investment Portfolios, their managers, or affiliates thereof, may make payments to Midland National and/or its affiliates. These payments may be derived, in whole or in part, from the fees disclosed in the Investment Portfolios’ prospectuses including investment advisory fees, 12b-1 fees and other expenses including service fees (if applicable) charged annually by each Investment Portfolio. Owners, through their indirect investment in the Investment Portfolios, bear the costs of these fees. The amount of these payments may be substantial, may vary between Investment Portfolios, and generally are based on a percentage of the assets in the Investment Portfolios that are attributable to the Contracts and other variable insurance products issued by Midland National. These percentages currently range up to 0.50% annually. Midland National may use these payments for any corporate purpose, including payment of expenses that Midland National and/or its affiliates incur in promoting, issuing, marketing, and administering the Contracts, and, that we incur in our role as intermediary, in promoting and marketing the Investment Portfolios. Midland National and its affiliates may profit from these payments.

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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 you 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 whether or not you use the service of an adviser. We are not responsible for any investment or other advice or services that you may receive.

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

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

Availability of the Investment Portfolios

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

We reserve the right, subject to applicable law, to make additions to, deletions from, or substitutions for the shares of an Investment Portfolio that are held in the Registered Separate Account. 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. Transaction charges are made on the effective date of the transaction. Charges against the Subaccounts are reflected daily.

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

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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 an 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. 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 an 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 Accumulation Units of each Subaccount will have different Accumulation Unit Values. We determine Accumulation Unit Values for the Subaccounts at the end of each Business Day. The Accumulation Unit Value for each Subaccount is initially set at $10.00. Accumulation 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 1.35%. 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.

We reserve the right to eliminate and/or restrict the transfer privilege in any manner we deem appropriate for some, all or specific Owners.

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

Transfer Limitations

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

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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 registered representative) 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 registered representative 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 registered representative 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.

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

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

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

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

PROCESSING SURRENDERS AND PARTIAL WITHDRAWALS – CYCLE INVESTMENT & SUBACCOUNTS

You may withdraw all or part of your Surrender Value by sending a written request to our Customer Service Center in Good Order. The Surrender Value is the Contract Value minus any applicable surrender charge. In some states, a state premium tax charge may also be deducted. Partial withdrawals must be made in amounts of $1,000 or more (except for RMDs and systematic withdrawals described below) 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.

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

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

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

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

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

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

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

• your premium check has not cleared your bank.

See “Payment of Contract Proceeds”.

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

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

Withdrawals from Cycle Investments prior to the Cycle End Date is determined by Cycle Investment Unit Value, which is based on the Fair Value. The Cycle Investment Unit Value reflects the Proportional Cap Rate, if applicable, 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 Proportional Cap), 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, if you 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.

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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.

BENEFITS UNDER THE CONTRACT

The following table summarizes information about the standard benefits under the Contract. None of them require an additional charge.

Name of Benefit	Purpose	Brief Description of Restrictions / Limitations
Systematic Withdrawal Program	Allows you to set up an automatic payment of up to 10% of your total premium payments each year	•  Each payment must be at least $500 (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	Your Accumulation Value must be at least $10,000 to initiate the DCA program. The minimum amount that you may transfer monthly is $100, quarterly is $300, and semi-annually is $600 and annually is $1,200. Not available during the Free Look Period. Not available if you elect Portfolio Rebalancing Transfers only available among Subaccounts – Cycle Investments are not eligible
Portfolio Rebalancing Program	Allows us to automatically rebalance your Accumulation Value to return to your original percentage allocations	Your Accumulation Value must be at least $10,000 to initiate the 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 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
Death Benefit	Pays your beneficiary your Contract Value	Terminates upon the Maturity Date

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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.

Systemic Withdrawals 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. 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, which reflects the Proportional Cap Rate, if applicable, 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 Proportional Cap), 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, if you take a withdrawal, including Systematic Withdrawals, prior to the Cycle End Date, it would 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 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 59 ¹⁄₂. Additional terms and conditions for the systematic withdrawal program are set forth in your Contract and in the application for the program.

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Dollar Cost Averaging (DCA)

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

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

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

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

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

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

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

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

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

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

You may stop the DCA program at any time by sending us Written Notice. The DCA program will automatically terminate when the source Subaccount does not have sufficient Accumulation Value to fund the DCA transfers. We reserve the right to end the DCA program by sending you 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.

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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 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 Benefit

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 equals the Contract Value on the date of death. For example, if your Contract Value is $100,000 on September 1^st and declines to $90,000 on September 10^th, which is your date of death, your death benefit will equal $90,000. It 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. Payment of the Death Benefit is not subject to the Surrender Charge.

Any death benefit payment attributable to the Cycle Investments and paid prior to the Cycle End Date will be based on the Cycle Investment Unit Value, which reflects the Proportional Cap Rate, if applicable, 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 Proportional Cap), 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.

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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 a 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 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.

If there are multiple Beneficiaries, each Beneficiary will receive their proportional share of the Death Benefit proceeds as of the date we receive an election of how that Beneficiary’s portion of the Death Benefit is to be paid (or if later, when all Good Order requirements are met). Payments will include interest to the extent required by law.

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 Default Account 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.

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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 registered representative 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.

CHARGES, FEES AND DEDUCTIONS

Transaction Expenses

Surrender Charge. The Surrender Charge is calculated as a percentage of the premium payment being partially or fully withdrawn in excess of the Free Withdrawal Amount available at the time of the Withdrawal. Withdrawals are taken first from premium payments, then from earnings. The Surrender Charge applies to each premium payment on a First-In, First-Out (FIFO) basis.

The Surrender Charge percentage varies with the number of years that have elapsed since the premium payment according to the following schedule:

Years since Premium payment	Surrender Charge (%)
0		8	%
1		7	%
2		6	%
3		5	%
4		4	%
5		3	%
6+		0	%

No surrender charge will be assessed upon:

(a) payment of Death Benefits;

(b) exercise of the Right to Cancel (i.e., during the Free Look Period);

(c) withdrawal less than or equal to the Free Withdrawal Amount;

(d) exercising your right to bailout of any Cycle Investment, subject to certain conditions; and

(e) application of Contract Value to an annuity payment option after the 1st Contract Year (i.e., annuitization).

Beginning the second Contract Year, the Free Withdrawal Amount is the amount of premium payment available for withdrawal without incurring a Surrender Charge. The Free Withdrawal Amount equals the Remaining Premium payments six years or older (i.e., no longer subject to surrender charges) plus 10% of the Remaining Premium payments less than six years old (i.e., subject to surrender charges) at the beginning of the Contract year. Like the Surrender Charge, premium payments are considered to have been withdrawn in the order in which they were received (i.e., first in, first out).

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The Surrender Value cannot be greater than the Contract Value, but in no event will it be less than the minimum required by the laws of the state in which this Contract is delivered. At the time of withdrawal, if your Contract Value is less than your Remaining Premium, the surrender charge will still be assessed (measured by) against the full Remaining Premium amount.

Amounts withdrawn under the Contract to comply with IRS minimum distribution rules and paid under a life expectancy option will not be subject to a surrender charge. The free withdrawal provision pertaining to the IRS minimum distribution will be calculated solely on the Contract Value of this Contract. Amounts withdrawn to comply with IRS minimum distribution rules will reduce the amount available under the Free Withdrawal Amount.

The Surrender Charge compensates the Company for distribution charges that otherwise would have been deducted through the end of the year.

Transfer Fee. We reserve the right to charge $15 per transfer for transfers among Subaccounts and between Subaccounts and Cycle Investments in excess of 12 per Contract year. We do not currently assess this fee. If assessed, this fee will be deducted from the amount that is transferred prior to the allocation to the new Investment Option. The fee is waived for transfers in connection with active DCA or automatic rebalancing programs. We will not charge for any transfers of initial or additional premium payments that include allocation instructions for the next Cycle Start Date.

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 1.00% and an administrative fee currently assessed at an annual rate of .35% 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 Default Account is not available for direct 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.

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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.

MATURITY DATE

The Maturity Date is the date on which income payments will begin under the annuity option you have selected. The earliest possible Maturity Date under the Contract is the first Contract Anniversary at which time you may Annuitize your full Contract Value (less any state premium taxes). The maximum Maturity Date is the Contract Anniversary immediately following the Annuitant’s 115^th 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. 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 and any surrender charge, in one lump sum, or

2. convert the Contract Value, less any state premium tax and any surrender charge, 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 1^st Contract Year. During the 1^st Contract Year, you may elect to apply the Contract Value (less any state premium taxes and less surrender charges) to any annuity payment option. However, you should be aware that surrender charges will apply if you elect to apply the Contract Value to an annuity payment option during the 1^st Contract Year (i.e., before the Maturity Date). We do not deduct a surrender charge if you annuitize after the 1^st Contract Year. 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.

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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 and any surrender charge) as of the Maturity Date will be applied to the fixed option selected. We guarantee interest under the fixed options at a rate of 1.00% a year. We may also credit interest under the fixed payment options at a rate that is above the 1.00% guaranteed rate (this is at our complete discretion). Thereafter, interest or payments are fixed according to the annuity option chosen.

Income Payment Options

The following four payout options are available:

1. Income for Specified Period: We pay installments for a specified period of 5 to 20 years. We will pay the amount applied in equal installments plus applicable interest (excess interest may be paid at our discretion). This option may not satisfy required minimum distribution rules for qualified Contracts. Consult a tax advisor before electing this option under a qualified Contract. However, by current Company practice we may offer other options.

2. Income for a Specified Amount: We pay income of the specified amount until the principal and interest are exhausted. The specified amount is subject to the limitation that principal and interest must be payable for at least 5 years and must be exhausted at the end of 20 years.

3. Payment of Life Income: We will pay monthly income for the life of a single Annuitant. Joint Annuitants are permissible only under the Joint and Survivor Income option. Under the Payment of Life Income option, you may choose from 1 of 2 ways to receive the income:

a. Life Annuity: We will pay monthly income for life. With a life annuity payment option, payments will only be made as long as the Annuitant is alive. Therefore, if the Annuitant dies after the first payment, then only one payment will be made and if the Annuitant dies before the first payment then no payments will be made.

b. Life Annuity With Certain Period: We will pay equal monthly payments for either 120 or 240 guaranteed payments, and then for as long as the Annuitant is living thereafter. The period certain options are 10 and 20 years. However, by current company practice we may offer other options.

4. Joint and Survivor Income: We will make monthly payments until the last surviving Payee’s death. Therefore, if both Payees die after the first payment, then only one payment will be made and if the both Payees die before the first payment then no payments will be made.. The Annuitant must be at least 50 years old and the Joint Annuitant/Payee must be at least 45 years old at the time of the first monthly payment.

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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 nonqualified (discussed below).

You will generally not be taxed on increases in the value of your Contract until a distribution occurs – either as a surrender or as annuity payments.

When a non-natural person (e.g., corporation or certain other entities other than tax-qualified trusts) owns a Non-Qualified Contract, the Contract will generally not be treated as an annuity for tax purposes and any increase in the excess of the Contract Value over the investment in the Contract during the taxable year must generally be included in income. There are some exceptions to this rule and a prospective Owner that is not a natural person should discuss these with a tax advisor.

Qualified and Non-Qualified Contracts

If you invest in a variable annuity as part of an individual retirement plan, your annuity is called a Qualified Contract. If your annuity is independent of any formal retirement or pension plan, it is termed a Non-Qualified Contract. The tax rules applicable to qualified Contracts vary according to the type of retirement plan and the terms and conditions of the plan.

Qualified Contracts are issued in connection with the plans listed below. There is additional information about qualified Contracts in the SAI.

• Individual Retirement Annuity (IRA): A traditional IRA allows individuals to make contributions, which may be deductible, to the annuity. Distributions from an IRA are generally subject to tax and, if made before age 59¹⁄₂, may be subject to a 10% penalty tax.

• Roth IRAs, as described in Code section 408A, permit certain eligible individuals to make non-deductible contributions to a Roth IRA in cash or as a rollover or transfer from another Roth IRA or other IRA. A rollover from or conversion of an IRA to a Roth IRA is generally subject to current tax. The Owner may wish to consult a tax adviser before combining any converted amounts with any other Roth IRA contributions, including any other conversion amounts from other tax years. Distributions from a Roth IRA generally are not taxed, except that, once aggregate distributions exceed contributions to the Roth IRA, income tax and a 10% penalty tax may apply to distributions made (1) before age 59¹⁄₂ (subject to certain exceptions) or (2) during the five taxable years starting with the year in which the first contribution is made to any Roth IRA. A 10% penalty tax may apply to amounts attributable to a conversion from an IRA if they are distributed during the five taxable years beginning with the year in which the conversion was made.

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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 nonqualified 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.

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.

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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.

Multiple Contracts

All nonqualified deferred Contracts that are issued by Midland National (or its affiliates) to the same Owner during any calendar year are treated as one annuity for purposes of determining the amount includable in the Owner’s income when a taxable distribution occurs.

Withholding

Distributions from Qualified and Non-Qualified Contracts are generally subject to withholding for your federal income tax liability. The withholding rate varies according to the type of distribution and your tax status. You will be provided the opportunity to elect not to have tax withheld from distributions when allowed by law.

Annuity Payments

Although the tax consequences may vary depending on the annuity payment option you select, in general, for Non-Qualified and certain Qualified Contracts, only a portion of the annuity payments you receive will be includable in your gross income.

In general, the excludable portion of each annuity payment you receive will be determined by dividing the “investment in the Contract” on the Maturity Date by the total expected value of the annuity payments for the term of the payments. This is the percentage of each annuity payment that is excludable.

The remainder of each annuity payment is includable in gross income. Once the “investment in the Contract” has been fully recovered, the full amount of any additional annuity payments is includable in gross income.

If, after Annuitization, annuity payments stop because an Annuitant has died, the excess (if any) of the “investment in the Contract” as of the Annuitization over the aggregate amount of annuity payments received that was excluded from gross income is generally allowable as a deduction for your last taxable year.

Partial Annuitization

If part of an annuity Contract’s value is applied to an annuity option that provides payments for one or more lives and for a period of at least ten years, those payments may be taxed as annuity payments instead of withdrawals. None of the payment options under the Contract are intended to qualify for this “partial Annuitization” treatment and, if you apply only part of the value of the Contract to a payment option, we will treat those payments as withdrawals for tax purposes.

Investment Income Surtax

Distributions from non-qualified annuity Contracts will be considered “investment income” for purposes of the investment income tax on investment income. Thus, in certain circumstances, a 3.8% tax may be applied to some or all of the taxable portion of distributions (e.g., earnings) to individuals whose income exceeds certain threshold amounts.    Please consult a tax advisor for more information.

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Definition of Spouse under Federal Law

The Contract provides that upon your death, a surviving spouse may have certain continuation rights that he or she may elect to exercise for the Contract’s Death Benefit. All Contract provisions relating to spousal continuation are available only to a person who meets the definition of “spouse” under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Domestic partnerships and civil unions that are not recognized as legal marriages under state law, however, will not be treated as marriages under federal law. Consult a tax advisor for more information on this subject.

Annuity Contracts Purchased by Nonresident Aliens and Foreign Corporations

The discussion above provided general information regarding U.S. federal income tax consequences to annuity Owners that are U.S. persons. Taxable distributions made to Owners who are not U.S. persons will generally be subject to U.S. federal income tax withholding at a 30% rate, unless a lower treaty rate applies. In addition, such distributions may be subject to state and/or municipal taxes and taxes that may be imposed by the Owner’s country of citizenship or residence. Additional withholding may occur with respect to entity purchasers (including foreign corporations, partnerships, and trusts) that are not U.S. residents. Prospective foreign Owners are advised to consult with a qualified tax advisor regarding U.S., state, and foreign taxation for any annuity Contract purchase.

Taxation of Death Benefit Proceeds

Amounts may be distributed from the Contract because of the death of the Annuitant (only if the Owner is a non-natural person) or an Owner. Generally, such amounts should be includable in the income of the recipient:

• if distributed in a lump sum, these amounts are taxed in the same manner as a full surrender; or

• if distributed under an annuity payment option, these amounts are taxed in the same manner as annuity payments.

Transfers, Assignments or Exchange of Contracts

A transfer of Ownership or absolute assignment of a Contract, the designation of an Annuitant or Payee or other Beneficiary who is not also the Owner, the selection of certain Maturity Date, or a change of Annuitant, may result in certain income or gift tax consequences to the Owner that are beyond the scope of this discussion. An Owner contemplating any such transfer, assignment, selection, or change should contact a competent tax advisor with respect to the potential tax effects of such a transaction.

Transfers of Non-Qualified Contracts for less than full and adequate consideration by the Owner at the time of such transfer, will trigger taxable income on the Gain in the Contract, with the transferee getting a step-up in basis for the amount included in the Owner’s income. This provision does not apply to transfers between spouses or transfers incident to a divorce.

Possible Tax Law Changes

Although the likelihood of legislative changes is uncertain, there is always the possibility that the tax treatment of the Contract could change by legislation or otherwise. You should consult a tax advisor with respect to legal developments and their effect on the Contract.

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.

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Under certain circumstances, the Code may impose a generation-skipping transfer (“GST”) tax when all or part of an annuity Contract is transferred to, or a Death Benefit is paid to, an individual two or more generations younger than the Owner. Regulations issued under the Code may require us to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS.

The potential application of these taxes underscores the importance of seeking guidance from a qualified adviser to help ensure that your estate plan adequately addresses your needs and those of your beneficiaries under all possible scenarios.

Annuity Purchases by Residents of Puerto Rico

The Internal Revenue Service has announced that income received by residents of Puerto Rico under life insurance or annuity Contracts issued by a Puerto Rico branch of a United States life insurance company is U.S.-source income that is generally subject to United States Federal income tax.

Foreign Tax Credits

We may benefit from any foreign tax credits attributable to taxes paid by certain portfolios to foreign jurisdictions to the extent permitted under Federal tax law.

MIDLAND NATIONAL LIFE INSURANCE COMPANY

INFORMATION ABOUT MIDLAND NATIONAL

Generally

We are Midland National Life Insurance Company, a stock life insurance company. We were organized in 1906, in South Dakota, as a mutual life insurance company at that time named “The Dakota Mutual Life Insurance Company.” We were reincorporated as a stock life insurance company, in 1909. Our name “Midland” was adopted in 1925. We were re-domesticated to Iowa in 1999. We are licensed to do business in 49 states, the District of Columbia, Puerto Rico, the Virgin Islands, Guam and the Mariana Islands.

Midland National is a subsidiary of Sammons Financial Group, which is a wholly-owned subsidiary of Sammons Enterprises, Inc., Dallas, Texas. Sammons Enterprises has controlling or substantial stock interests in a large number of other companies engaged in the areas of insurance, corporate services, and industrial distribution.

Midland National relies on the exemption from filing reports under the Securities Exchange Act of 1934 provided by Rule 12h-7.

Midland National’s Business

Midland National Life Insurance Company and Subsidiaries (“Midland National” or the “Company”) is a wholly owned subsidiary of Sammons Financial Group, Inc. (“SFG”). Midland National has three wholly owned subsidiaries. MNL Reinsurance Company (“MNL Re”), Solberg Reinsurance Company (“Solberg Re”) and Canal Reinsurance Company (“Canal Re”) are captive reinsurance companies domiciled in Iowa. Midland National offers individual life and annuity products in 49 states and the District of Columbia. The Company is affiliated through common ownership with North American Company for Life and Health Insurance (“North American”) and Sammons Institutional Group, Inc. (“SIG”).

We develop innovative products and services in order to provide our distribution partners with a comprehensive suite of insurance products and services. We rely on feedback from customers, employees, registered representatives and agents, supplemented with a variety of industry information and customer databases, to develop new products to meet the demands of an evolving market. As a result, we are typically expanding product offerings in the rapidly growing indexed annuity and life space with emphasis on multiple indexes and crediting methods as well as innovative lifetime withdrawal features. Our suite of products is balanced across the customer spectrum. We believe our products are conservatively designed to achieve appropriate levels of index-based interest crediting through market cycles. Our complementary suite of product lines is designed to allow us to meet profit targets and growth objectives.

We distribute our products through multiple channels including independent agents, broker-dealers, benefit consultants and third-party marketers. In particular, we intend to continue to leverage the independent distribution channel, which has proven to be an effective model and focus on building relationships with a core group of distribution partners that result in persistency of production.

We strive to maintain profitability of our business over varying interest rate environments by monitoring and managing a close asset and liability duration match. We employ an asset liability management program which includes quarterly projections of asset and liability cash flows over a wide range of interest rate scenarios reflecting dynamic contract holder behavior.

Our operating framework includes a focus on operational efficiency, which we believe should allow us to continue to offer competitively priced products and earn attractive returns.

Competition

The markets for insurance products and retirement solutions are highly competitive. We compete for customers and agents with a large number of other insurers as well as noninsurance financial services companies, such as banks,

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broker-dealers and investment managers, some of which may have greater financial resources and brand recognition than we do. We believe that competition is affected by various factors, including but not limited to, perceived financial strength and claims-paying ability, ratings, investment performance, size and strength of the agency force, distribution capabilities, commission structure, range of product lines and product quality, price and features, customer service and general reputation.

The level of competition among providers of life insurance, annuities and other retirement solutions products may increase as a result of the continuing consolidation of the financial services industry. Mergers and consolidations could increase, as companies seek to improve their competitive position through increased market share, economies of scale and diversification of products and services.

Financial strength ratings

An insurance company’s claims paying ability and financial strength ratings are an important factor in establishing its competitive position relative to other insurance companies. Ratings are important in maintaining public confidence in us and our ability to market our products. Rating organizations annually review the financial performance and condition of insurers, including Midland National. The current financial strength/claims paying ability ratings for Midland National are set forth in the chart below.

Midland National’s Ratings

Rating Agency	Rating	Outlook
S&P	A+ (Strong)	Stable
A.M. Best	A+ (Superior)	Stable
Fitch	A+	Stable

The ratings are meaningful to current and prospective contract holders and we believe give Midland National a competitive advantage in the Company’s target markets over competitors with lower ratings.

Risk Factors Related to Midland National and Its Business

The operating results of life and annuity insurance companies as reported under statutory accounting principles have historically been subject to significant fluctuations. The financial position and operating results of Midland National are subject to certain risk factors discussed more fully below. You should consider and read carefully all of the risks and uncertainties described below, as well as the other information contained in this prospectus, including our financial statements included elsewhere in this prospectus. This prospectus also contains forward-looking statements and estimates that involve risks and uncertainties. See “Cautionary Statement Regarding Forward-Looking Information.”

The course of the novel coronavirus (COVID-19) pandemic, and responses to it, have been and may continue to be uncertain and difficult to predict, and could materially and adversely affect the Company’s business, results of operations, and financial condition.

Major public health issues, including the novel coronavirus COVID-19 pandemic (the “COVID-19 pandemic”), have caused and may continue to cause a large number of illnesses and deaths. Government authorities and other persons exercising governmental, political, or related authority or influence and other organizations may not effectively respond to the spread and severity of the COVID-19 pandemic, and their actions and the resulting impacts are unpredictable. The ultimate spread, duration, and severity of the COVID-19 pandemic, and of government authorities’ actions to address it, are uncertain, and may persist. Adverse conditions may worsen over time. Actions to respond to the COVID-19 pandemic have reduced and altered economic activity and financial markets. New information about the severity and duration of the COVID-19 pandemic or other public health issues, and government authorities, business, and societal reactions to that information, may increase the severity or duration of the COVID-19 pandemic and its effects. The approval of vaccines being developed in connection with the COVID-19 pandemic, their effectiveness and

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availability and the distribution and administering of such vaccines remains uncertain, and lower-than-expected effectiveness, inefficient or ineffective distribution and reluctance to take the vaccine may similarly increase the severity or duration of the COVID-19 pandemic and its effects.

The COVID-19 pandemic, and its effect on financial markets, could continue to adversely impact the Company’s investment portfolio. Market volatility may slow or prevent the Company from reacting to market events as effectively as it otherwise could. When the Company sells its investment holdings, it may not receive the prices it seeks, and may sell at a price lower than its carrying value, due to market volatility or other disruptions. Borrowers may delay or fail to pay principal and interest when due, tenants and residents may delay or fail to pay rent according to the terms of their lease and government authorities may delay or place a moratorium on foreclosures, evictions or otherwise impair enforcement actions, affecting the value of the Company’s real estate investments, mortgage-backed securities, and other investments, and the cash flows they produce.

A continued slowdown in U.S. or global economic conditions brought on by the COVID-19 pandemic could adversely affect the values and cash flows of assets in the Company’s investment portfolio, especially if prolonged. Certain asset classes in the Company’s investment portfolio related to commercial real estate or companies in industries that could be most severely impacted by the economic disruption, including, but not limited to, oil and gas, gaming and lodging, retail and airlines, or tied to certain commodities, could suffer significant declines in valuation.

Government authorities’ actions, including activity by the U.S. Federal Reserve and other central banks, in response to the COVID-19 pandemic could cause a sustained low or negative interest rate environment and mean that benefits and expenses are higher than expected, which could adversely affect the Company’s business and financial results.

The COVID-19 pandemic could increase claims under many of the Company’s policies and contracts. The impact of the COVID-19 pandemic on claims in each quarter may be greater than in prior quarters. In addition, an increased number of policyholders and contract holders may have lower income or assets, and may have difficulty paying premiums and fees. Government authorities may require (or suggest) “no lapse” in policy coverage for uncertain or prolonged periods of time, regardless of whether the Company receives premiums or is able to assess fees against policyholder or contract holder account balances. Legal and regulatory responses to the COVID-19 pandemic and related public health issues may also include the extension of insurance coverage beyond the Company’s policy or contract language, and/or changes to insurance policy or annuity contract conditions such as premium grace periods, suspension of cancellations, and extensions of proof of loss deadlines. These changes may cause additional expenses to adjust or override automated notification systems. Government authorities may also purport to change policy coverage, including retroactively, exposing the Company to risks and costs it was unable to foresee or underwrite. The Company may also voluntarily (or in response to requirements, guidance, or pressure) adopt customer accommodations, such as waiving exclusions, forgoing rate increases or implementing lower rate increases than the Company would in the ordinary course of its business, relaxation of claim documentation requirements, premium credit or accommodations for customers experiencing economic or other distress as a result of the COVID-19 pandemic. Policyholders or contract holders seeking sources of liquidity due to COVID-19 pandemic-related economic uncertainty and increased unemployment may withdraw, surrender or take policy loans at greater rates than the Company expected.

As a result of the COVID-19 pandemic, the Company’s cost of reinsurance on future reinsurance agreements could increase, or it may find reinsurance less available.

Policyholders and contract holders may change their behavior in unexpected ways. For example, they may surrender policies or contracts, take withdrawals and policy loans, change their premium payment practices, exercise product options, or take other actions as a result of the COVID-19 pandemic and government authorities’ efforts to respond to it. If policyholder and contract holder lapse and surrender rates significantly exceed the Company’s expectations, it could have a material adverse effect on the Company’s business, financial condition, results of operation, liquidity and cash flows.

The Company has incurred, and may continue to incur, increased administrative and systems expenses as a result of the COVID-19 pandemic and government authorities’ efforts to respond to it. These conditions may affect the Company’s

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employees, agents, brokers and distribution partners, as well as the workforces of the Company’s vendors, service providers and counterparties. The Company may have difficulties conducting its business, including in selling its products, such as those traditionally sold in person. The Company may face increased workplace safety costs and risks, lose access to critical employees, and face increased employment-related claims and employee relations challenges, each of which may increase when the Company’s employees begin to return to its workplaces. Any of the third parties to whom the Company outsources certain critical business activities may fail to perform as a result of the COVID-19 pandemic or claim that it cannot perform due to a force majeure.

The Company’s risk management, contingency, and business continuity plans may not adequately protect its operations. Continued and prolonged remote work arrangements and other unusual business conditions and circumstances as a result of the COVID-19 pandemic could strain the Company’s business continuity plans, introduce operational risk, increase its cybersecurity risks, and impair its ability to manage its business. Such disruptions to the Company’s business operations can interfere with its issuance or processing of transactions, may interfere with its ability to receive, pickup and process mail and messages, impact its ability to calculate values, or cause other operational or system issues. In addition, the frequency and sophistication of attempts at unauthorized access to the Company’s technology systems and fraud may increase, and COVID-19 pandemic conditions may impair its cybersecurity efforts and risk management. The Company’s efforts to prevent money-laundering or other fraud, whether due to limited abilities to “know its customers,” strains on its programs to avoid and deter foreign corrupt practices, or otherwise, may increase its compliance costs and risk of violations. Furthermore, these disruptions may persist even if the Company’s employees or the employees of intermediaries or other affiliate or third-party service providers are able to work remotely.

The COVID-19 pandemic could affect the Company’s internal controls over financial reporting. The Company has developed, and may continue to develop, new and less-seasoned processes, procedures, and controls to respond to changes in its business environment, including an increase in employees and contractors working remotely from home. If any employees who are key to the Company’s controls become ill from the COVID-19 pandemic and are unable to work, this may affect the Company’s ability to operate its internal controls.

Any uncertainty as a result of any of these events, including, but not limited to, investment portfolio impact, mortality or morbidity rate changes, an increase in expenses, or policyholder or contract holder behavior changes, may require the Company to change its estimates, assumptions, models or reserves. Government authorities may not accurately report population and impact data, such as death rates, infections, morbidity, hospitalization, or illness that the Company uses in its estimates, assumptions, models or reserves.

Any of the direct or indirect effects of the COVID-19 pandemic may cause litigation or regulatory, investor, media, or public inquiries. The Company’s costs to manage and effectively respond to these matters, and to address them in settlement or other ways, may increase.

Any of the events described above have adversely affected, may continue to adversely affect, or may yet adversely affect the economy, financial markets, the Company’s business, its results of operations, or its financial condition. These events could also cause, contribute to, or exacerbate the other risks and uncertainties described herein.

We face risks related to recent increases in incidents of social, civil and political unrest, which could disrupt our operations.

Our business, including our investments, could be adversely affected by recent increases in incidents of social, civil and political unrest taking place in the U.S. and elsewhere. There can be no assurance as to when such civil unrest will end or that it will not escalate in the future. Any continuation or future escalation in such civil unrest, or a failure to restore public and social order by the governmental authorities in affected markets, could adversely affect the security and stability of the localities in which we operate, which could disrupt our operations, or the security and stability of the obligors on our investments. Any such impacts could increase the default rate, or negatively affect the carrying value, of such investments, which could have a material adverse effect on our business, financial condition and results of operations.

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If difficult conditions in the global capital markets and the economy generally persist, they may materially adversely affect our business and results of operations.

Our business and results of operations are materially affected by conditions in the global capital markets and the economy generally. Stressed conditions, volatility and disruptions in financial asset classes or various markets, including global capital markets, can have an adverse effect on us, in part because we have a large investment portfolio and our insurance liabilities are sensitive to changing market factors. Global market factors, including interest rates, credit spreads, equity prices, equity market volatility, economic uncertainty, real estate markets, consumer spending, business investment, government spending, the volatility and strength of the capital markets, deflation, inflation, counterparty risks, changes in laws or regulations (including laws relating to the financial markets generally or the taxation or regulation of the insurance industry), trade barriers, commodity prices, currency exchange rates and controls and national and international political circumstances (including governmental instability, wars, terrorist acts or security operations) can all affect our financial condition, as well as the volume, profitability and results of our business operations, either directly or by virtue of their impact on the business and economic environment generally and on general levels of economic activity, employment and customer behavior specifically. Disruptions in one market or asset class can also spread to other markets or asset classes. Upheavals in the financial markets can also affect our financial condition (including our liquidity and capital levels) as a result of mismatched impacts on the value of our assets and our liabilities.

At times, throughout the past several years, volatile conditions have characterized financial markets. Significant market volatility, and government actions taken in response thereto, may exacerbate some of the risks we face. For example, political uncertainties in Europe, in particular due to the United Kingdom leaving the EU, known as Brexit, remain a long-term threat to global capital markets.

To the extent these uncertain financial market conditions persist, our revenues and net investment income are exposed to these risks and may be adversely affected as a result. Similarly, sustained periods of low interest rates could cause our profit margins to erode. Also, in the event of extreme prolonged market events, such as a global credit crisis, we could incur significant capital and/or operating losses. Even in the absence of a market downturn, we are exposed to substantial risk of loss due to market volatility.

We are also exposed to risks associated with the potential financial instability of our customers, whether individual or institutional, many of whom may be adversely affected by the volatile conditions in the capital markets. Due to the macro-economic challenges currently affecting the economy of the U.S. and other parts of the world, customers may experience serious cash flow problems and other financial difficulties. As a result, they may modify, delay, or cancel plans to purchase our products, or may make changes in the mix of products purchased that are unfavorable to us. Any inability of current and/or potential customers to pay for our products may adversely affect our earnings and cash flow.

In addition, we are susceptible to risks associated with the potential financial instability of the vendors on which we rely to provide services or to whom we delegate certain functions. The same conditions that may affect our customers also could adversely affect our vendors, causing them to significantly and quickly increase their prices or reduce their output. Our business depends on our ability to perform, in an efficient and uninterrupted fashion, our necessary business functions, and any interruption in the services provided by third parties could also adversely affect our cash flow, profitability, and financial condition.

Adverse capital and credit market conditions may significantly affect our ability to meet liquidity needs, our access to capital and our cost of capital.

The capital and credit markets may be subject to periods of extreme volatility and disruption, which could cause our liquidity and credit capacity to be limited.

We need liquidity to pay our operating expenses, maintain our securities lending activities and replace maturing liabilities. Without sufficient liquidity, we could be forced to curtail our operations, and our business and financial results may suffer.

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In the event market or other conditions have an adverse impact on our capital and liquidity and our current resources do not satisfy our needs, we may have to seek additional financing. The availability of additional financing will depend on a variety of factors, such as the then current market conditions, regulatory considerations, availability of credit to us and the financial services industry generally, our credit ratings and credit capacity, and the perception of our customers and lenders regarding our long- or short-term financial prospects if we incur large operating or investment losses or if the level of our business activity decreases due to a market downturn. Similarly, our access to funds may be impaired if regulatory authorities or rating agencies take negative actions against us. Our internal sources of liquidity may prove to be insufficient and, in such case, we may not be able to successfully obtain additional financing on favorable terms, or at all.

Our liquidity requirements may change if, among other things, we are required to return significant amounts of cash collateral on short notice under our securities lending requirements.

Disruptions, uncertainty or volatility in the capital and credit markets may also limit our access to capital needed to operate our business, most significantly in our insurance company subsidiaries. Such market conditions may limit our ability to replace, in a timely manner, maturing liabilities; satisfy regulatory capital requirements; and access the capital necessary to grow our business. As a result, we may be forced to delay raising capital, issue different types of securities than we would have otherwise, less effectively deploy such capital, issue shorter tenor securities than we prefer, or bear an unattractive cost of capital, which could decrease our profitability and significantly reduce our financial flexibility. Our results of operations, financial condition, cash flows and statutory capital position could be materially adversely affected by disruptions in the financial markets.

We are exposed to significant financial and capital markets risks that may adversely affect our results of operations, financial condition and liquidity, and may cause our net investment income to vary from period to period.

We are exposed to significant financial and capital markets risks, including changes in interest rates, credit spreads, equity prices, real estate markets, market volatility, global economic performance in general, the performance of specific obligors, including governments, included in our investment portfolio and other factors outside our control.

Interest rate risk. Some of our products, principally life insurance and fixed annuities, expose us to the risk that changes in interest rates will reduce our investment margin or “spread,” or the difference between the amounts that we are obligated to pay under the contracts in our general account and the rate of return we earn on general account investments intended to support obligations under such contracts. Our spread is a key component of our net income.

During periods when interest rates are low, we may be forced to reinvest proceeds from investments that have matured or have been prepaid or sold at lower yields, which will reduce our investment margin. Moreover, during periods when interest rates are low, borrowers may prepay or redeem fixed income securities and mortgage loans in our investment portfolio with greater frequency in order to borrow at lower market rates, thereby exacerbating this risk. Although lowering interest crediting rates can help offset decreases in spreads on some products, our ability to lower these rates could be limited by competition or contractually guaranteed minimum rates and may not match the timing or magnitude of changes in asset yields. As a result, our spread could decrease or potentially become negative.

A decline in market interest rates could also reduce our return on investments that do not support particular policy obligations. During periods of sustained lower interest rates, policy liabilities may not be sufficient to meet future policy obligations and may need to be strengthened. Accordingly, declining and sustained lower interest rates may materially affect our results of operations, financial position and cash flows and significantly reduce our profitability.

Increases in market interest rates could also negatively affect our profitability. In periods of rapidly increasing interest rates, we may not be able to replace, in a timely manner, the investments in our general account with higher yielding investments needed to fund the higher crediting rates necessary to keep interest sensitive products competitive. We, therefore, may have to accept a lower spread and, thus, lower profitability or face a decline in sales and greater loss of existing contracts and related assets. In addition, policy loans, surrenders and withdrawals may tend to increase as

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contract holders seek investments with higher perceived returns as interest rates rise. This process may result in cash outflows requiring that we sell investments at a time when the prices of those investments are adversely affected by the increase in market interest rates, which may result in realized investment losses. An increase in market interest rates could also have a material adverse effect on the value of our investment portfolio, for example, by decreasing the estimated fair values of the fixed income securities that comprise a substantial portion of our investment portfolio.

We are also affected by the monetary policies of the Federal Reserve Board. In March 2020, in response to the COVID-19 pandemic, the Board of Governors of the Federal Reserve Board lowered the target range for the benchmark federal funds rate to almost zero. Further changes to the interest rate in response to economic conditions could generate volatility in debt and equity markets, including increases in interest rates and associated declining values on fixed income investments. As the Federal Reserve Board moves towards normalizing monetary policy and moving short-term interest rates higher from their lower levels, the central bank may adversely affect prospects for continued economic recovery with little room for incremental monetary accommodation. The actions of the Federal Reserve Board may have an impact on the pricing levels of risk-bearing investments, and may adversely impact the level of product sales.

Although we take measures to manage the economic risks of investing in a changing interest rate environment, we may not be able to mitigate the interest rate risk of our fixed income investments relative to our liabilities.

Credit Spreads. Our exposure to credit spreads primarily relates to market price volatility and cash flow variability associated with changes in such spreads. Market volatility can make it difficult to value certain of our securities if trading becomes less frequent. In such case, valuations may include assumptions or estimates that may have significant period-to-period changes, which could have a material adverse effect on our results of operations or financial condition. If there is a resumption of significant volatility in the markets, it could cause changes in credit spreads and defaults and a lack of pricing transparency which, individually or in tandem, could have a material adverse effect on our results of operations, financial condition, liquidity or cash flows.

Equity Risk. Our primary exposure to equity risk relates to the potential for lower earnings associated with certain of our businesses where fee income is earned based upon the estimated fair value of the assets under administration. Downturns and volatility in securities markets can have an adverse effect on the revenues and investment returns from our investment products and services.

In addition, we invest a portion of our investments in leveraged buy-out funds, hedge funds and other private equity funds. The amount and timing of net investment income from such funds tends to be uneven as a result of the performance of the underlying investments. The timing of distributions from such funds, which depends on particular events relating to the underlying investments, as well as the funds’ schedules for making distributions and their needs for cash, can be difficult to predict. Significant volatility could adversely impact returns and net investment income on these alternative investment classes. In addition, the estimated fair value of such investments may be impacted by downturns or volatility in securities markets.

Real Estate Risk. Our primary exposure to real estate risk relates to residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and residential and commercial mortgage loans. Our exposure to these risks stems from various factors, including real estate supply and demand and interest rate fluctuations. General economic conditions and the recovery rate in the real estate sectors will continue to influence the performance of these investments. These factors, which are beyond our control, could have a material adverse effect on our results of operations, financial condition, liquidity or cash flows.

Credit Risk. There is a risk that issuers of our investments may default or that other parties may not be able to pay amounts due to us and our subsidiaries. We manage our investments to limit credit risk by diversifying our portfolio among various security types and industry sectors. In addition, we take into account default risk in our product pricing. Although we believe that we carefully manage these risks, there can be no guarantee that credit risk will be managed successfully in all situations. Any failure to successfully manage credit risk could have a material adverse effect on our results of operations, financial condition, liquidity or cash flows.

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Our participation in securities lending programs and a repurchase program subjects us to potential liquidity and other risks.

We participate in a repurchase program, which is considered part of a securities lending program, whereby we sell fixed income securities to third-party repurchase counterparties, primarily major brokerage firms and commercial banks, with a concurrent agreement to repurchase those same securities at a determined future date. Our policy requires that, at all times during the term of the repurchase agreements, cash or other types of collateral provided are sufficient to allow the counterparty to fund substantially all of the cost of purchasing replacement assets. The cash proceeds received under the repurchase program are typically invested in fixed income securities and cannot be returned prior to the scheduled repurchase date; however, market conditions on the repurchase date may limit our ability to enter into new agreements. The repurchase of securities or our inability to enter into new repurchase agreements would require us to return the cash collateral proceeds associated with such transactions on the repurchase or maturity date.

For repurchase transactions, in some cases, the maturity of the securities held as invested collateral (i.e., securities that we have purchased with cash collateral received) may exceed the term of the related securities under repurchase agreements and the estimated fair value may fall below the amount of cash received as collateral and invested. If we are required to return significant amounts of cash collateral on short notice and we are forced to sell securities to meet the return obligation, we may have difficulty selling such collateral that is invested in securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than we otherwise would have been able to realize under normal market conditions, or both. In addition, under adverse capital market and economic conditions, liquidity may broadly deteriorate, which would further restrict our ability to sell securities. If we decrease the amount of our securities lending and repurchase activities over time, the amount of net investment income generated by these activities will also likely decline.

Also, Iowa law limits the amount of securities lending (which encompasses our repurchase program) to 10% of the relevant insurance company’s legal reserve (the net present value of all outstanding policies and contracts involving life contingencies). As of December 31, 2020, Midland National’s securities lending was 9.0% of its legal reserves. If this limitation was reduced to a lower percentage, our investment income would be reduced and we might be forced to liquidate investment assets to address ongoing cash requirements. However, we are not currently aware of any pending legislation or initiatives to amend the relevant statute.

We may have difficulty selling certain holdings in our investment portfolio in a timely manner and realizing full value given their illiquid nature.

There may be a limited market for certain investments we hold in our investment portfolio, making them relatively illiquid. These include privately-placed fixed maturity securities, mortgage loans, policy loans, leveraged leases, equity real estate, such as real estate joint ventures and funds, and other limited partnership interests. In recent years, even some of our very high quality investments experienced reduced liquidity during periods of market volatility or disruption. If we were forced to sell certain of our investments during periods of market volatility or disruption, market prices may be lower than our carrying value in such investments. In the event of a forced sale, accounting guidance requires the recognition of a loss for securities in an unrealized loss position and may require the impairment of other securities based on our ability to hold those securities, which would negatively impact our financial condition. This could result in realized losses which could have a material adverse effect on our net income and financial position.

The determination of the amount of allowances and impairments taken on our investments is highly subjective and could materially impact our business, financial condition and results of operations.

The determination of the amount of allowances and impairments vary by investment type and is based on our periodic case-by-case evaluation and assessment of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available. Management updates its evaluations regularly and reflects changes in allowances and impairments in operations as such evaluations are revised. Such evaluations and assessments can change significantly from period to period, especially in times of

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high market volatility. There can be no assurance that management has identified all securities that could ultimately impact the level of impairments taken and allowances reflected in the financial statements. Furthermore, additional impairments may need to be taken or allowances provided for in the future. Historical trends may not be indicative of future impairments or allowances.

LIBOR is being discontinued as a floating rate benchmark, though not all aspects of the discontinuation are certain; the discontinuation has affected and will continue to affect financial markets generally and may also affect our operations, finances and investments specifically.

As a result of longstanding regulatory initiatives, LIBOR is being discontinued as a floating rate benchmark. The date of discontinuation will vary depending on the LIBOR currency and tenor. New LIBOR contracts are generally not expected to be entered into after December 31, 2021. Many existing LIBOR contracts will transition to another benchmark after June 30, 2023 or, in some cases, after December 31, 2021, although those transition dates may occur earlier, as described below (including as a result of the particular contractual terms for a given contract).

LIBOR has been the principal floating rate benchmark in the financial markets, and its discontinuation has affected and will continue to affect the financial markets generally and may also affect our operations, finances and investments specifically, as described below.

The UK Financial Conduct Authority (the “FCA”) is the regulator of the LIBOR administrator, which is ICE Benchmark Administration Limited (“IBA”). On March 5, 2021, the FCA announced that LIBOR settings will cease to be provided by any administrator or will no longer be representative after specified dates, which will be:

• June 30, 2023, in the case of the principal U.S. dollar LIBOR tenors (overnight and one, three, six and 12 months); and

• December 31, 2021, in all other cases (i.e., one week and two month U.S. dollar LIBOR and all tenors of non-U.S. dollar LIBOR).

The FCA’s announcement and a related announcement made by IBA on March 5, 2021 are referred to herein as the “FCA/IBA Announcements.”

As to any particular LIBOR-based security or obligation, the actual transition from LIBOR to another reference rate will generally require two separate events to occur. The first event includes the FCA/IBA Announcements; the second event is the occurrence of a contractually defined benchmark replacement date. Although most benchmark replacement dates will correspond to the dates above, some may not, depending on the relevant contractual terms, as a result of which actual transition dates in particular cases may vary.

The FCA has power under the UK benchmarks regulation to compel IBA to continue publishing LIBOR after the date on which IBA would otherwise have ceased doing so. In October 2020, the UK government introduced to Parliament legislation that would give the FCA additional regulatory powers related to the LIBOR discontinuation. That legislation has not been adopted. The proposed new regulatory powers under the legislation would enable the FCA to require changes to LIBOR, including changes to its methodology, in certain circumstances. The FCA has announced that it will consider using its powers (as proposed to be amended) to require continued publication, on a “synthetic basis,” of the principal U.S. dollar LIBOR settings for a further period after June 30, 2023. However, the FCA has also stated that any LIBOR settings published on a synthetic basis will no longer be representative for purposes of the UK benchmarks regulation. Accordingly, even if certain LIBOR settings continue on a synthetic basis, they are likely to have limited relevance to the financial markets generally and to us in particular.

In the U.S., there have been various efforts to identify a set of alternative reference interest rates for LIBOR. The market has generally coalesced around recommendations from the Alternative Reference Rates Committee (the “ARRC”) convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York. The ARRC has recommended that U.S. dollar LIBOR be replaced by the Secured Overnight Financing Rate (“SOFR”) plus, in the case of existing LIBOR contracts and obligations, a spread adjustment. As a consequence of the FCA/IBA Announcements, the spread adjustments for different tenors of U.S. dollar LIBOR have been set.

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Although the foregoing reflects the likely timing and certain details of the LIBOR discontinuance, there is no assurance that LIBOR, of any particular currency and tenor, will continue to be published until any particular date or in any particular form.

The FCA and certain U.S. regulators have emphasized that, despite expected publication of U.S. dollar LIBOR through June 30, 2023, no new contracts using U.S. dollar LIBOR should be entered into after December 31, 2021.

Financial markets, particularly the trading market for LIBOR-based obligations, may be adversely affected by the discontinuation of LIBOR, the remaining uncertainties regarding its discontinuation, the alternative reference rates that will be used when LIBOR is discontinued (including SOFR) and other reforms related to LIBOR. There is no assurance that SOFR, as modified by an applicable spread adjustment, will be the economic equivalent of U.S. dollar LIBOR. SOFR-based rates will differ from U.S. dollar LIBOR, and the differences may be material.

We are continuing to evaluate the potential impact of the LIBOR transition and the establishment of an alternative reference rate, and we cannot predict what impact any related changes may have on our business, results of operations and financial condition.

Defaults on commercial mortgage loans and volatility in performance may adversely affect our business, financial condition and results of operations.

Commercial mortgage loans face heightened delinquency and default risk due to economic conditions which have had a negative impact on the performance of the underlying collateral, resulting in declining values and an adverse impact on the obligors of such instruments. An increase in the default rate of our commercial mortgage loan investments could have an adverse effect on our business, financial condition and results of operations.

In addition, the carrying value of commercial mortgage loans is negatively impacted by such factors. The carrying value of commercial mortgage loans is stated at outstanding principal less any loan loss allowances recognized. Considerations in determining allowances include, but are not limited to, the following: (i) declining debt service coverage ratios and increasing loan to value ratios; (ii) bankruptcy filings of major tenants or affiliates of the borrower on the property; (iii) catastrophic events at the property; and (iv) other subjective events or factors, including whether the terms of the debt will be restructured. There can be no assurance that management’s assessment of loan loss allowances on commercial mortgage loans will not change in future periods, which could lead to investment losses.

GPIM manages the majority of our portfolio pursuant to broad authority and we do not approve each investment decision made by GPIM, which could result in investment returns that are substantially below expectations or that result in losses.

The majority of our portfolio is managed externally, by an affiliated company, Guggenheim Partners Investment Management, LLC (“GPIM”). Our investment portfolio adheres to investment guidelines and policies and risk limits, however our advisor is allowed considerable discretion within the context of an Enterprise Risk Management (“ERM”) overlay as well as other compliance measures authorized by our Investment Committee, of which our investment manager is not a member. The discretion afforded to GPIM may result in investment returns that are substantially below expectations or that result in losses, which would materially and adversely affect our business operations and results. Our historical investment performance should not be considered as indicative of future results of our investment portfolio.

The terms of our arrangement with GPIM may be more favorable than we would be able to obtain from an unaffiliated third-party and, as a result, we may be unable to replace the services that GPIM provides us on comparable terms.

Given that our ultimate parent company, Sammons Enterprises, indirectly owns a minority stake in GPIM’s parent company, we have been able to obtain certain pricing-related concessions from GPIM with respect to the investment

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management services it provides us. Although we expect to maintain a long-term relationship with GPIM, there can be no assurance that such relationship will be maintained. In the event that Sammons Enterprises sells its equity interest in GPIM’s parent company or we otherwise have an unaffiliated third party provide us with these services, we may not be able to obtain these services on terms and conditions, including cost, as favorable as those as we have historically obtained from GPIM.

Exposure to limited partnerships investments could adversely affect our investment portfolio.

We owned $1,494 million and $1,072 million of investments in limited partnerships at September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 and December 31, 2020, we had future funding commitments relating to limited partnerships of $921 million and $832 million, respectively. These investments consist primarily of domestic and international venture capital, mezzanine debt funds, hedge funds and other miscellaneous equity investments. These investments may produce investment income which fluctuates from period to period and is less predictable and more variable than may be the case with more conventional asset classes. In addition, many of these assets have limitations on redemptions and trading, which may cause them to be substantially less liquid than more conventional asset classes, such as publicly traded fixed income securities and equities.

If we do not appropriately structure our hedges in relation to our anticipated liabilities, our ability to conduct our businesses could be adversely affected.

We actively seek to hedge our securities market exposure, including exposure through the writing of indexed annuity products and indexed universal life products. Our ability to measure and manage risk and to implement our investment strategy and hedging arrangements is crucial to our success. If we do not properly structure such hedges to meet our expected liabilities, we could be forced to liquidate investments in order to pay any difference between the amount paid under the hedges and the amounts due for such liabilities, which could have an adverse impact on our financial condition or results of operations.

The success of our investment strategy and hedging arrangements will also be affected by general economic conditions. These conditions may cause volatile interest rates and securities markets, which in turn could increase the cost of hedging. Volatility or illiquidity in the markets could significantly and negatively affect our ability to appropriately execute our hedging strategies.

A downgrade or a potential downgrade in Midland National’s financial strength ratings could harm our competitive position.

Rating agencies regularly review the financial performance and condition of insurers, including Midland National. The current financial strength/claims paying ability ratings for Midland National as assigned by S&P, A.M. Best and Fitch were A+ (Strong), A+ (Superior) and A+, respectively. These ratings indicate a rating agency’s view of our ability to meet the obligations applicable to our in-force insurance contracts.

The rating agencies assign ratings based upon consideration of several qualitative and quantitative factors, including the rated company’s operating performance and investment results, products, risk profile, and capital resources. The rating agencies may also consider factors that may be outside of the rated company’s control, including changes in general economic conditions or their sentiment towards a particular industry. A downgrade in the ratings of Midland National could have an adverse effect on our business, financial condition and results of operations. In addition, a downgrade in the ratings of Midland National could adversely affect, among other things, (a) its ability to sell certain of its products, (b) the rate of contract surrenders and withdrawals and (c) the return on the insurance and annuity products it issues and, ultimately, the results of its operations. In addition, there can be no assurance that a rating will be maintained for any given period of time or that a rating will not be lowered or withdrawn in its entirety.

We cannot predict what actions rating agencies may take in the future that could adversely affect our business. As with other companies in the financial services industry, our ratings could be downgraded at any time and without any notice by any rating agency, and any such downgrade could adversely affect our business, financial condition and results of operations.

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We may not be able to mitigate the reserve strain associated with Regulation 830 and NAIC Actuarial Guideline 38, potentially resulting in a negative impact on our capital position or in a need to increase prices and/or reduce sales of term or universal life products.

The NAIC Model Regulation entitled “Valuation of Life Insurance Policies,” commonly known as “Regulation 830” or “Model #830,” requires insurers to establish additional statutory reserves for certain term life insurance policies with long-term premium guarantees and for certain universal life policies with secondary guarantees. In addition, NAIC Actuarial Guideline 38 (“AG38”) clarifies the application of Model #830 with respect to certain universal life insurance policies with secondary guarantees. Many of our term insurance products and an increasing number of our universal life insurance products are affected by Model #830 and AG38, respectively. The application of both Model #830 and AG38 involves numerous interpretations. At times, there may be differences of opinion between management and state insurance departments regarding the application of these and other actuarial standards. Such differences of opinion may lead to a state insurance regulator requiring greater reserves to support insurance liabilities than management estimated.

Model # 830 and AG38 require Midland National to establish statutory reserves for applicable term and universal life products at a level that exceeds what the company’s actuarial assumptions for the applicable business would otherwise require. We have implemented, and may implement in the future, reinsurance and capital management actions to mitigate the capital impact of Model #830 and AG38, including the use of letters of credit and the implementation of other transactions that provide acceptable collateral to support the reinsurance of the liabilities to wholly owned reinsurance captives or to third-party reinsurers. These arrangements are subject to review by state insurance regulators.

As of January 1, 2015, our insurance company subsidiaries became subject to a new actuarial guideline, NAIC Actuarial Guideline 48 (“AG48”), that affects the types of assets insurance companies can use in captive reinsurance companies to back the reserves they hold for term and universal life products. Specifically, AG48 prescribes an actuarial method to determine the portion of the assets held to support reserves for certain term and universal life policies that must be “primary securities,” which are defined as cash and securities rated by the Securities Valuation Office of the NAIC (subject to some limited exceptions) or, in limited cases, certain other assets. AG48 provides that reserves in excess of those calculated with the prescribed actuarial method may be supported or financed with a broader range of assets, referred to as “other securities.” AG48 applies to certain term and universal life insurance policies written from and after January 1, 2015, or written prior to January 1, 2015, but not included in a captive reinsurer financing arrangement as of December 31, 2014. The NAIC adopted a revised Credit for Reinsurance Model Law in January 2016 and the Term and Universal Life Insurance Reserve Financing Model Regulation in December 2016 to replace AG48. Effective July 1, 2017, Iowa substantially adopted the revised Credit for Reinsurance Model Law. Effective January 10, 2018, Iowa substantially adopted the Term and Universal Life Insurance Reserve Financing Model Regulation, replacing AG48 for Iowa ceding insurers.

We cannot provide assurance that there will not be regulatory challenges to the reinsurance and capital management actions we have taken to date, or those we may take in the future, or that acceptable collateral obtained through such transactions will continue to be available or available on a cost-effective basis. The result of those potential challenges, as well as the inability to obtain acceptable collateral, could require us to increase statutory reserves, incur higher operating and/or tax costs or reduce sales.

Certain of the reserve financing facilities we have put in place will mature prior to the run off of the liabilities they support. As a result, we cannot provide assurance that we will be able to continue to implement actions either to mitigate the impact of Model #830, AG38 and AG48 on future sales of term and universal life insurance products or maintain collateral support related to our captives or existing third-party reinsurance arrangements to which one of our captive reinsurance subsidiaries is a party. If we are unable to continue to implement those actions or maintain existing collateral support, we may be required to increase statutory reserves or incur higher operating costs than we currently anticipate. Because term and universal life insurance are particularly price-sensitive products, any increase in premiums charged on these products to compensate us for the increased statutory reserve requirements or higher costs of reinsurance may result in a significant loss of volume and materially and adversely affect our life insurance business.

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Changes in regulations relating to reserves, such as implementation of principle-based reserving, could adversely impact our results of operations.

There have been recent regulatory changes to life insurance reserve calculations. On January 1, 2017, the principle-based approach to life insurance company reserves became effective, with a three-year phase-in period, for all new life insurance products issued on or after such date, excluding pre-need products. Principle-based reserving went into effect on January 1, 2020 for new life insurance products. Principle-based reserving does not apply to policies in force prior to January 1, 2017. The NAIC designed principle-based reserving to tailor reserves to specific products, and it applies to all of the life insurance products currently issued by our life insurance company subsidiaries other than pre-need. As compared to the prescriptive reserving approach applicable to life products written prior to January 1, 2017, principle-based reserving gives greater credence to the insurer’s past experience, anticipated future experience and current economic conditions. Accordingly, and in contrast to the prescriptive approach, certain assumptions regarding economic conditions, mortality and policyholder behavior will no longer be required to remain constant and may be updated. As a result, principle-based reserving may cause fluctuations to the amount of reserves held by our life insurance company subsidiaries. We applied principle-based reserving to a small block of term polices in 2019, and we have applied principle-based reserving to all new individual life business issued January 1, 2020 and later. Principle-based reserving will not affect reserves held by our life insurance company subsidiaries for policies in-force prior to January 1, 2017. We cannot predict whether or in what form additional reforms will be enacted and, if so, whether the enacted reforms will positively or negatively affect the reported financial position or operations of our insurance company subsidiaries.

A significant portion of our institutional funding is obtained from a Federal Home Loan Bank, which subjects us to liquidity risks associated with sourcing a large concentration of our funding from one counterparty.

A significant portion of our institutional funding is obtained from the FHLB, which primarily serves as a source of funding to complement our securities lending program. As of September 30, 2021 and December 31, 2020, we had $3.1 billion of FHLB borrowings outstanding. Should the FHLB choose to change its definition of eligible collateral, or if the market value of the pledged collateral decreases in value due to changes in interest rates or credit ratings, we may be required to post additional amounts of collateral in the form of cash or other eligible collateral. Additionally, we may be required to find other sources to replace this funding if we lose access to the FHLB funding. This could occur if our creditworthiness falls below either of the FHLB’s requirements or if legislative or other political actions cause changes to the FHLB’s mandate or to the eligibility of life insurance companies to be members of the FHLB system.

Our products and services are complex and are frequently sold through intermediaries, and a failure to properly perform services or the misrepresentation of our products or services could have an adverse effect on our revenues and income.

Many of our products and services are complex and are frequently sold through intermediaries. In particular, our insurance businesses are reliant on intermediaries to describe and explain our products to their potential customers, and although we take precautions to avoid this result, such intermediaries may be deemed to have acted on our behalf. The intentional or unintentional misrepresentation of our products and services in advertising materials or other external communications, or inappropriate activities by our personnel or an intermediary, could result in liability for us and have an adverse effect on our reputation and business prospects, as well as lead to potential regulatory actions or litigation.

The insurance business is a heavily regulated industry and changes in state and federal regulation may affect our profitability.

We are subject to regulation under applicable insurance statutes, including insurance holding company statutes, in the various states in which Midland National transacts business. Midland National is domiciled in Iowa and is licensed to transact its insurance business in, and is subject to regulation and supervision by, insurance regulators in all U.S. states and territories, except New York and American Samoa. The ability of Midland National to continue to conduct its business is dependent upon the maintenance of its licenses in these various jurisdictions.

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State insurance laws regulate most aspects of Midland National’s insurance business. Insurance regulatory authorities in the United States have broad administrative powers with respect to, among other things:

• licensing companies and agents to transact business;

• calculating the value of assets to determine compliance with statutory requirements;

• mandating certain insurance benefits;

• regulating certain premium rates;

• reviewing and approving policy forms;

• regulating unfair trade and claims practices, including through the imposition of restrictions on marketing and sales practices, distribution arrangements and payment of inducements;

• establishing and revising statutory capital and reserve requirements and solvency standards;

• fixing maximum interest rates on insurance policy loans and minimum rates for guaranteed crediting rates on life insurance policies and annuity contracts;

• approving future rate increases;

• approving changes in control of insurance companies;

• restricting the payment of dividends and other transactions between affiliates; and

• regulating the types, amounts and valuation of investments.

These laws and regulations affecting the insurance industry are complex and subject to change. Moreover, they are administered and enforced by a number of different regulatory authorities, including state insurance regulators, state securities administrators, the SEC, the Financial Industry Regulatory Authority, Inc. (“FINRA”), the U.S. Department of Labor (the “DOL”), the U.S. Department of Justice, and state attorneys general, each of which exercises a degree of interpretive latitude. In some cases, these laws and regulations are designed to protect or benefit the interests of a specific constituency rather than a range of constituencies. For example, state insurance laws and regulations are generally intended to protect or benefit contract holders rather than shareholders or holders of other securities of insurance companies or their holding companies. These laws and regulations may in some respects limit our insurance company subsidiaries’ ability to grow and improve the profitability of their businesses.

State insurance regulators and the NAIC regularly re-examine existing laws and regulations applicable to insurance companies and their products. Changes in these laws and regulations, or in interpretations thereof, can be made for the benefit of the consumer, or for other reasons, at the expense of the insurer, and thus could have an adverse effect on the financial condition and results of operations of our insurance company subsidiaries. Midland National cannot guarantee that the impact of any NAIC recommendations or proposed or future legislation or rule-making in the U.S. or elsewhere will not have an adverse effect on the results of operations or financial condition of our insurance company subsidiaries.

As increased scrutiny has been placed upon the insurance regulatory framework, a number of state legislatures have considered or enacted legislative proposals that alter, and in many cases increase, state authority to regulate insurance companies and holding company systems. In December 2010, the NAIC adopted amendments to the Insurance Holding Company System Regulatory Act and Model Regulation (the “Amended Holding Company Model Act”). The Amended Holding Company Model Act introduced the concept of “enterprise risk” within an insurance holding company system. The Amended Holding Company Model Act imposes more extensive informational requirements on parents and other affiliates of licensed insurers with the purpose of protecting the licensed companies from enterprise risk, including requiring an annual enterprise risk report by the ultimate controlling person identifying the material risks within the insurance holding company system that could pose enterprise risk to the licensed companies. In September 2012, the NAIC adopted the Risk Management and Own Risk and Solvency Assessment (“ORSA”) Model Act, which requires insurers to maintain a framework for identifying, assessing, monitoring, managing and reporting on

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the “material and relevant risks” associated with the insurer’s (or insurance group’s) current business plans. Under the ORSA Model Act, certain insurers must undertake an internal risk management review no less often than annually (but also at any time when there are significant changes to the risk profile of the insurer or its insurance group) in accordance with the ORSA Guidance Manual adopted by the NAIC, and prepare a summary report (“ORSA Report”) assessing the adequacy of the insurer’s risk management and capital in light of its current and future business plans. The ORSA Report is filed with a company’s lead state regulator and will be available to other domiciliary regulators within the holding company system. In November 2014, the NAIC adopted the Corporate Governance Annual Disclosure Model Act and Model Regulation (together, the “Corporate Governance Model Act”), which require an insurer to provide an annual disclosure regarding its corporate governance practices to its domestic regulator and lead state regulator. As adopted by the NAIC, the requirements of the Corporate Governance Model Act were effective January 1, 2016, with the first annual disclosure due by June 1, 2016. In December 2014, the NAIC promulgated additional amendments to the Amended Holding Company Model Act (the “Revised Amended Holding Company Model Act”) for consideration by the various states that address the authority of an insurance commissioner to act as the group-wide supervisor for an internationally active insurance group or to acknowledge the authority of another regulatory official, from another jurisdiction, to so act.

Each of the Amended Holding Company Model Act, the ORSA Model Act, the Corporate Governance Model Act and the Revised Amended Holding Company Model Act must be adopted by the individual states for the new requirements to apply to U.S. domestic insurers, and specifically in Iowa for the changes to apply to our insurance company subsidiaries. Iowa has substantially adopted the Amended Holding Company Model Act, the ORSA Model Act, the Corporate Governance Model Act and the Revised Amended Holding Company Model Act.

In February 2020, the NAIC adopted changes to the Suitability in Annuity Transactions Model Regulation (the “SAT Model Regulation”). The changes to the SAT Model Regulation must be adopted by the individual states for the new requirements to apply to U.S. domestic insurers. Iowa has substantially adopted the changes to the SAT Model Regulation. The changes to the SAT Model Regulation enhance consumer protections related to annuity sales and require a producer to act in a customer’s best interest when making a recommendation to buy an annuity. To meet this standard a producer must not place his or her own financial interest ahead of the consumer’s and the producer must also satisfy four key obligations of care, disclosure, conflict of interest, and documentation.

Although the federal government currently does not directly regulate the insurance business, federal legislation and administrative policies in several areas, including pension regulation, financial services regulation, securities regulation and federal taxation, can significantly and adversely affect the insurance business.

In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) was enacted and signed into law. The Dodd-Frank Act made extensive changes to the laws regulating the financial services industry and required various federal agencies to adopt a broad range of new rules and regulations. Changes in general political, economic or market conditions, including as a result of the most recent U.S. presidential and congressional elections, could affect the scope, timing and final implementation of the Dodd-Frank Act. We cannot predict if or when future legislation or administrative guidance will be enacted or issued or what impact any changing regulation may have on our business, our customers or the insurance and financial services industries.

Among other things, the Dodd-Frank Act imposed a comprehensive new regulatory regime on the over-the-counter (“OTC”) derivatives marketplace. Title VII of the Dodd-Frank Act (“Title VII”) subjected “swap dealers”, “major swap participants”, “security-based swap dealers” and “major security-based swap participants” (each as defined in the legislation and further clarified by the rulemaking) to registration and substantial supervision and regulation, including capital standards, margin requirements, business conduct standards, recordkeeping and reporting requirements. Title VII also requires central clearing for certain derivatives transactions that the U.S. Commodities Futures Trading Commission (“CFTC”) determines must be cleared and are accepted for clearing by a “derivatives clearing organization” (subject to certain exceptions) and that certain transactions subject to the mandatory clearing requirement be executed on a regulated exchange or swap execution facility. Title VII also provided the CFTC with authority to impose position limits across markets, including the swap market. The ongoing implementation and finalization of the

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Title VII requirements and its related regulations may adversely affect our ability to hedge risks associated with our business, including our fixed index annuity business, by increasing the costs of, imposing regulatory restrictions on, or reducing liquidity for derivatives transactions that we use to hedge such risks. Further, centralized clearing of derivatives transactions exposes us to concentrated risk of default by a clearinghouse with respect to our cleared derivative transactions.

The Dodd-Frank Act also established the Financial Stability Oversight Council (the “FSOC”) and authorized the FSOC to designate non-bank financial companies as systemically important financial institutions (“SIFIs”), thereby subjecting them to enhanced prudential standards and supervision by the Board of Governors of the Federal Reserve System (“Federal Reserve”). The prudential standards for non-bank SIFIs include enhanced RBC requirements, leverage limits, liquidity requirements, single counterparty exposure limits, governance requirements for risk management, stress test requirements, special debt-to-equity limits for certain companies, early remediation procedures, and recovery and resolution planning. MNL is above the initial quantitative threshold for treatment as a non-bank SIFI (total consolidated assets of $50 billion, including the assets of its subsidiaries). If the FSOC were to designate SFG as a non-bank SIFI, SFG would become subject to certain of these enhanced prudential standards. There are currently no such non-bank financial companies designated by FSOC as “systemically significant.”

On April 21, 2017, the President of the U.S. issued an executive memorandum to the Secretary of the U.S. Department of the Treasury (the “Treasury Department”), directing the Secretary of the Treasury Department to conduct a review of, and report to the President regarding, FSOC processes and imposing a temporary moratorium on non-emergency SIFI determinations and designations pending completion of such review and receipt of such report. The requested report, which the Treasury Department published on November 17, 2017, recommends significant changes to the FSOC processes for making SIFI determinations and designations. The Economic Growth, Regulatory Relief, and Consumer Protection Act, which became effective May 24, 2018, made limited changes to Title I of the Dodd-Frank Act but did not make many of the changes recommended in the Treasury Department report. In December 2019, the FSOC released final interpretive guidance regarding a revised process for designating non-bank SIFIs that incorporates an activities-based approach to risk assessment. Pursuant to such guidance, the FSOC will pursue entity-specific determinations only if a potential risk or threat cannot be addressed through the activities-based approach. In addition, it is possible that, as a result of the most recent U.S. presidential election, the FSOC may take a more active approach in the coming years with respect to the designation of non-bank SIFIs. As a result, there is considerable uncertainty as to the future of determination of non-bank SIFIs, and whether the Company could be designated a SIFI.

The Dodd-Frank Act also established a Federal Insurance Office (the “FIO”) within the Treasury Department. The Dodd-Frank Act authorizes the FIO to assist the Secretary of the Treasury Department in negotiating covered agreements. A covered agreement is an agreement between the U.S. and one or more foreign governments, authorities or regulatory entities, regarding prudential measures with respect to insurance or reinsurance. The FIO is further charged with determining, in accordance with the procedures and standards established under the Dodd-Frank Act, whether state laws are preempted by a covered agreement.

Pursuant to this authority, in September 2017, the U.S. and the EU signed a covered agreement to address, among other things, reinsurance collateral and insurance group supervision requirements (the “EU Covered Agreement”), and the U.S. released the Policy Statement, providing the U.S.’ interpretation of certain provisions in the EU Covered Agreement. The Policy Statement provides that the U.S. expects that the group capital calculation developed by the NAIC will satisfy the EU Covered Agreement’s group capital assessment requirement. See “Regulation—Capital Requirements.” In addition, on December 18, 2018, a Bilateral Agreement between the U.S. and U.K. on Prudential Measures Regarding Insurance and Reinsurance, or the “UK Covered Agreement,” was signed in anticipation of the United Kingdom’s exit from the EU.

U.S. state regulators have until September 22, 2022 to adopt reinsurance reforms removing reinsurance collateral requirements for EU and UK reinsurers that meet the prescribed minimum conditions set forth in the applicable EU Covered Agreement or UK Covered Agreement or state laws imposing such reinsurance collateral requirements may be subject to federal preemption. The NAIC has adopted revisions to the Credit for Reinsurance Model Law and Model

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Regulation that would, if adopted into law by state legislatures, implement the reinsurance collateral provisions of the EU Covered Agreement and UK Covered Agreement. Iowa has substantially adopted such amendments to the Credit for Reinsurance Model Law and Regulation. We cannot predict with any certainty what the impact of implementation of the EU Covered Agreement or the UK Covered Agreement will be on our business and whether the interpretation of the provisions of the EU Covered Agreement and the UK Covered Agreement will change.

The Company is required to comply with Statutory Accounting Principles (“SAP”). SAP and various components of SAP (such as actuarial reserving methodologies) are subject to review by the NAIC and its task forces and committees, as well as state insurance departments, in an effort to address emerging issues and otherwise improve or alter financial reporting. Various proposals are currently pending before committees and task forces of the NAIC, some of which, if adopted, would negatively affect our reported financial position or operations. See “Regulation—NAIC—Recent Statutory Accounting Principles Working Group Proposals.”

Compliance with applicable laws and regulations is time consuming and personnel-intensive, and changes in these laws and regulations may materially increase the Company’s direct and indirect compliance efforts and other expenses of doing business.

The regulatory framework at the state and federal level applicable to our insurance company subsidiaries’ products is evolving, particularly as a result of the most recent U.S. presidential and congressional elections. The changing regulatory framework could affect the design of such products and our insurance company subsidiaries’ ability to sell certain products. Any changes in these laws and regulations could materially and adversely affect Midland National’s business, financial condition or results of operations. In addition, there is risk that any particular regulator’s or enforcement authority’s interpretation of a legal issue may change over time to Midland National’s detriment, or that changes in the overall legal environment may, even absent any particular regulator’s or enforcement authority’s interpretation of a legal issue changing, cause Midland National to change its views regarding the actions it needs to take from a legal risk management perspective, thus necessitating changes to its practices that may, in some cases, limit its ability to grow and improve the profitability of its business.

We face risks relating to litigation, including the costs of such litigation, management distraction and the potential for damage awards, which may adversely impact our business.

We are occasionally involved in litigation, both as a defendant and as a plaintiff. In addition, state regulatory bodies, such as state insurance departments, the SEC, FINRA, the DOL and other regulatory bodies regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, ERISA, and laws governing the activities of broker-dealers. Such regulatory examinations and investigations may result in fines, recommendations for corrective action or other regulatory actions. Companies in the life insurance and annuity business have faced litigation, including class action lawsuits, alleging improper product design, improper sales practices and similar claims. Plaintiffs in class action and other lawsuits against Midland National may seek very large or indeterminate amounts, including compensatory, liquidated, punitive and/or treble damages, which may remain unknown for substantial periods of time. Civil jury verdicts have been returned against insurers and other financial services companies involving sales, underwriting practices, product design, product disclosure, administration, denial or delay of benefits, charging excessive or impermissible fees, recommending unsuitable products to customers, breaching fiduciary or other duties to customers, refund or claims practices, alleged agent misconduct, failure to properly supervise representatives, relationships with agents or other persons with whom the insurer does business, payment of sales or other contingent commissions and other matters. Such lawsuits can result in substantial judgments that are disproportionate to actual damages, including material amounts of punitive or non-economic compensatory damages. In some states, juries, judges and arbitrators have substantial discretion in awarding punitive, or non-economic, compensatory damages, which creates the potential for unpredictable material adverse judgments or awards in any given lawsuit or arbitration. Arbitration awards are subject to very limited appellate review. In addition, in some class action and other lawsuits, financial services companies have made material settlement payments. In any event, responding to any such inquiries, examinations, investigations and lawsuits, regardless of the ultimate outcome of the proceeding, is time-consuming and expensive and can divert the time and

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effort of our management from its business. Moreover, even if we ultimately prevail in any such litigation, regulatory action or investigation, we could suffer significant harm to our reputation, which could have a material adverse effect on our business, financial condition and results of operations, including our ability to attract new customers, retain current customers and recruit and retain employees and agents.

Our business may be negatively affected by adverse publicity or increased governmental and regulatory actions with respect to us, other well-known companies or the financial services industry in general.

Governmental scrutiny with respect to matters relating to compensation and other business practices in the financial services industry has increased dramatically in the past several years and has resulted in more aggressive and intense regulatory supervision and the application and enforcement of more stringent standards. The 2008 financial crisis and the current political and public sentiment regarding financial institutions has resulted in a significant amount of adverse press coverage, as well as adverse statements or charges by regulators and elected officials. Press coverage and other public statements that assert some form of wrongdoing, regardless of the factual basis for the assertions being made, could result in some type of inquiry or investigation by regulators, legislators and/or law enforcement officials or in lawsuits. Responding to these inquiries, investigations and lawsuits, regardless of the ultimate outcome of the proceeding, is time-consuming and expensive and can divert the time and effort of our senior management from its business. Adverse publicity, governmental scrutiny, pending or future investigations by regulators or law enforcement agencies and/or legal proceedings involving us can also have a negative impact on our reputation and on the morale and performance of employees, and on business retention and new sales, which could adversely affect our businesses and results of operations.

Changes in U.S. federal and state securities laws and regulations may affect our operations and our profitability.

U.S. federal and state securities laws, and FINRA rules apply to sales of our variable annuity products (which are considered to be both insurance products and securities) as well as to sales of third-party investment products. As a result, some of our subsidiaries and the products they offer are subject to regulation under these federal and state securities laws. Our insurance subsidiaries’ separate accounts are registered as investment companies under the Investment Company Act of 1940. Some variable annuity contracts issued by our insurance company subsidiaries also are registered under the Securities Act of 1933. One of our other subsidiaries is registered as a broker-dealer under the Securities Exchange Act of 1934 with the SEC and is a member of, and subject to, regulation by FINRA, and is also registered as a broker-dealer in various states, as applicable. Securities laws and regulations are primarily intended to ensure the integrity of the financial markets and to protect the securities markets and investment advisory and brokerage clients. Broker-dealers are subject to laws and regulations governing all aspects of the securities business including, but not limited to, sales and trading practices. These laws and regulations generally grant supervisory agencies broad administrative powers, including the power to limit or restrict the conduct of business for failure to comply with those laws and regulations. A number of changes have recently been proposed to the laws and regulations that govern the conduct of our variable insurance products and retirement business and our distributors that could have a material adverse effect on our results of operations and financial condition. Changes to these laws or regulations that restrict the conduct of our business could have an adverse effect on our results of operations and financial condition.

Changes in federal income taxation laws, including any reduction in individual income tax rates, may affect sales of our products and profitability.

The annuity and life insurance products that we market generally provide the contract holder with certain federal income tax advantages. For example, federal income taxation on any increases in non-qualified Insurance Contract values (i.e. the “inside build-up”) is deferred until it is received by the contract holder. With other savings investments, such as certificates of deposit and taxable bonds, the increase in value is generally taxed each year as it is realized. Additionally, life insurance death benefits are generally exempt from income tax.

From time to time, various tax law changes have been proposed that could have an adverse effect on our business, including the elimination of all or a portion of the income tax advantages described above for annuities and life

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insurance. If legislation were enacted to eliminate all or a portion of the tax deferral for annuities, such a change would have an adverse effect on our ability to sell non-qualified annuities. Non-qualified annuities are annuities that are not sold to a qualified retirement vehicle.

Also, legislation has been proposed in recent years that could eliminate the “dividends received deduction” with respect to investment earnings on assets in insurance company separate accounts. The elimination or restriction of this deduction by legislative or regulatory action would adversely impact our results of operations.

Distributions from non-qualified annuity policies are considered “investment income” for purposes of the Medicare tax on investment income contained in the Health Care and Education Reconciliation Act of 2010. As a result, in certain circumstances a 3.8% tax may be applied to some or all of the taxable portion of distributions from non-qualified annuities to individuals whose income exceeds certain threshold amounts. This tax may have an adverse effect on our ability to sell non-qualified annuities to individuals whose income exceeds these threshold amounts.

The amount of Midland National’s statutory capital it must hold can vary significantly from time to time and is sensitive to a number of factors outside of our control, including securities market and credit market conditions.

Insurance regulators and the NAIC prescribe accounting standards and statutory capital and reserve requirements for SFG’s insurance company subsidiaries. The NAIC has established regulations that provide minimum capitalization requirements based on RBC formulas for life, health and property and casualty companies. The RBC formula for life companies establishes capital requirements relating to insurance, business, asset and interest rate risks, including equity, interest rate and expense recovery risks associated with variable life, annuities and group annuities that contain death benefits or certain living benefits.

In any particular year, statutory surplus amounts and RBC ratios may increase or decrease depending on a variety of factors, including the amount of statutory income or losses, the amount of additional capital Midland National must hold to support business growth, changes in securities market levels, the value of certain fixed maturity and equity securities in Midland National’s investment portfolio, changes in interest rates, as well as changes to the NAIC RBC formulas. Increases in the amount of required statutory reserves reduce the statutory capital used in calculating Midland National’s RBC ratios.

In addition, there have been recent regulatory changes made by, and continue to be projects underway with various working groups of the NAIC that may impact the classification and capital charges of our investments held by our insurance company subsidiaries. Such changes could lead to a lower RBC ratio for our insurance company subsidiaries. A material decrease in our insurance company subsidiaries’ RBC ratios could adversely affect our business. See “Regulation—NAIC—Recent VOS Task Force Actions and Proposals.”

Reinsurance may not be available, affordable or adequate to protect us against losses.

As part of our overall risk management strategy, we purchase reinsurance for certain risks underwritten by our various business segments. While reinsurance agreements generally bind the reinsurer for the life of the business reinsured at generally fixed pricing, market conditions beyond our control determine the availability and cost of the reinsurance protection for new business. In certain circumstances, the price of reinsurance for business already reinsured may also increase. Any decrease in the amount of reinsurance will increase our risk of loss and any increase in the cost of reinsurance will, absent a decrease in the amount of reinsurance, reduce our earnings. Accordingly, we may be forced to incur additional expenses for reinsurance or may not be able to obtain sufficient reinsurance on acceptable terms, which could adversely affect our ability to write future business or result in the assumption of more risk with respect to those policies we issue. If the counterparties to our reinsurance or indemnification arrangements or to the derivatives we use to hedge our business risks default or fail to perform, we may be exposed to risks we had sought to mitigate, which could materially adversely affect our financial condition and results of operations.

We use reinsurance, indemnification and derivatives to mitigate our risks in various circumstances. In general, reinsurance does not relieve us of our direct liability to our contract holders, even when the reinsurer is liable to us.

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Accordingly, we bear credit risk with respect to our reinsurers and indemnitors. A reinsurer’s or indemnitor’s insolvency, inability or unwillingness to make payments under the terms of reinsurance agreements or indemnity agreements with us could have a material adverse effect on our financial condition and results of operations, including our liquidity.

Differences between actual claims experience and underwriting and reserving assumptions may adversely affect our financial results.

Our earnings significantly depend upon the extent to which our actual claims experience is consistent with the assumptions we use in setting prices for our products and establishing liabilities for future policy benefits and claims. Such amounts are established based on estimates by actuaries of how much we will need to pay for future benefits and claims. To the extent that actual claims experience is less favorable than the underlying assumptions we used in establishing such liabilities, we could be required to increase our liabilities.

Due to the nature of the underlying risks and the high degree of uncertainty associated with the determination of liabilities for future policy benefits and claims, we cannot determine precisely the amounts which we will ultimately pay to settle our liabilities. Such amounts may vary from the estimated amounts, particularly when those payments may not occur until well into the future (including deviations resulting from errors in the calculation of estimated amounts). We evaluate our liabilities periodically based on accounting requirements, which change from time to time, the assumptions used to establish the liabilities, as well as our actual experience. If the liabilities originally established for future benefit payments prove inadequate, we must increase them. Such increases would affect earnings negatively in the period in which the increase is made and have a material adverse effect on our business, results of operations and financial condition.

Our risk management policies and procedures, including hedging programs, may prove inadequate for the risks we face, which could negatively affect our business or result in losses.

We have developed risk management policies and procedures and expect to continue to do so in the future. Nonetheless, our policies and procedures to identify, monitor and manage risks may not be fully effective, particularly during extremely turbulent times. Many of our methods of managing risk and exposures are based upon observed historical market behavior or statistics based on historical models. As a result, these methods may not predict future exposures, which could be significantly greater than historical measures indicate. Other risk management methods depend on the evaluation of information regarding markets, customers, catastrophe occurrence or other matters that is publicly available or otherwise accessible to us. This information may not always be accurate, complete, up-to-date or properly evaluated. Management of operational, legal and regulatory risks requires, among other things, policies and procedures to record and verify large numbers of transactions and events. These policies and procedures may not be fully effective.

We employ various strategies, including hedging and reinsurance, with the objective of mitigating risks inherent in our business and operations. These risks include current or future changes in the fair value of our assets and liabilities, current or future changes in cash flows, the effect of interest rates, securities markets and credit spread changes, the occurrence of credit defaults, currency fluctuations and changes in mortality and longevity. We seek to control these risks by, among other things, entering into reinsurance contracts and derivative instruments, such as swaps, options, futures and forward contracts. Developing an effective strategy for dealing with these risks is complex, and no strategy can completely insulate us from such risks. Our hedging strategies also rely on assumptions and projections regarding our assets, liabilities, general market factors and the creditworthiness of our counterparties that may prove to be incorrect or prove to be inadequate. Accordingly, our hedging activities may not have the desired beneficial impact on our results of operations or financial condition. Hedging strategies involve transaction costs and other costs, and if we terminate a hedging arrangement, we may also be required to pay additional costs, such as transaction fees or breakage costs. We may incur losses on transactions after taking into account our hedging strategies. Further, the nature, timing, design or execution of our hedging transactions could actually increase our risks and losses. Our hedging strategies and the derivatives that we use, or may use in the future, may not adequately mitigate or offset the hedged risk and our hedging transactions may result in losses.

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We face competition from companies that have greater financial resources, broader arrays of products, higher ratings and stronger financial performance, which may impair our ability to retain existing customers, attract new customers and maintain our profitability and financial strength.

We operate in a highly competitive industry. Many of our competitors are substantially larger and enjoy substantially greater financial resources, higher ratings by rating agencies, broader and more diversified product lines and more widespread agency relationships. Our annuity products compete with index, fixed rate and variable annuities sold by other insurance companies and also with mutual fund products, traditional bank investments and other retirement funding alternatives offered by asset managers, banks and broker-dealers. Our insurance products compete with those of other insurance companies, financial intermediaries and other institutions based on a number of factors, including premium rates, policy terms and conditions, service provided to distribution channels and contract holders, ratings by rating agencies, reputation and commission structures.

Our ability to compete depends in part on returns and other benefits we make available to our contract holders through our life insurance and annuity products. We will not be able to accumulate and retain assets under management for our products if our investment results underperform the market or the competition, since such underperformance likely would result in asset withdrawals and reduced sales.

The level of competition among providers of life insurance, annuities and other retirement solutions products may increase as a result of the continuing consolidation of the financial services industry. Mergers and consolidations could increase, as companies seek to improve their competitive position through increased market share, economies of scale and diversification of products and services.

We compete for distribution sources for our products. We believe that our success in competing for distributors depends on our financial strength, the services we provide to and the relationships we develop with these distributors, as well as offering competitive commission structures. Our distributors are generally free to sell products from whichever providers they wish, which makes it important for us to continually offer distributors products and services they find attractive. If our products or services fall short of distributors’ needs, we may not be able to establish and maintain satisfactory relationships with distributors of our life insurance and annuity products. Our ability to compete in the past has also depended in part on our ability to develop innovative new products and bring them to market more quickly than our competitors. In order for us to compete in the future, we will need to continue to bring innovative products to market in a timely fashion. Otherwise, our revenues and profitability could suffer.

If we are unable to attract and retain national marketing organizations and independent agents, sales of our products may be reduced.

We distribute our life insurance and annuity products through a variable cost distribution network. We must attract and retain such marketers and agents to sell our products. Insurance companies compete vigorously for productive agents. We compete with other life insurance companies for marketers and agents primarily on the basis of our financial position, support services, compensation and product features. Such marketers and agents may promote products offered by other life insurance companies that may offer a larger variety of products than we do. Our competitiveness for such marketers and agents also depends upon the long-term relationships we develop with them. There can be no assurance that such relationships will continue in the future. If we are unable to attract and retain sufficient marketers and agents to sell our products, our ability to compete and our revenues would suffer.

Potential use of new distribution channels and use of direct to consumer distribution channels involves risks.

In 2020, we established Heyday as an online education platform that focuses on creating lifetime income through annuities. Heyday directly markets to consumers through social media and other digital methods. As a consumer becomes interested in an annuity purchase, the consumer has options on how they would like to interact with Heyday agents, including digitally, by telephone or in-person. There can be no assurance that this strategy will be successfully implemented. The inherent costs involved to launch products through a new distribution channel and the ongoing

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administration thereof may cause a financial burden that could outweigh the financial benefits we expect to receive. If we pursue such new distribution channel, we may have to incur significant expense to build out our administration and compliance systems and other related corporate functionality relating to such channel, and it may take time to generate sufficient business to make any such investment profitable. Accordingly, no assurances can be made that our products will be provided through this new channel, or that such utilization of new distribution channel will be successful.

The success of such new distribution channel would be largely reliant on the related technology. Developing and maintaining such a technology platform is expensive and complex and its continuous development, maintenance and operation would be costly. It may also expose us to additional risks in the event of material performance problems or defects, including heightened cyber security risks.

Additionally, the digital distribution channel is a developing market. Regulators continue to review and update the manner in which these types of distribution platforms operate and we may face administrative and compliance issues related to our use of online direct to consumer distribution channels, through Heyday or otherwise. Any of these eventualities could materially and negatively affect our reputation or our results of operations and financial condition.

Offering products through a digital direct distribution model may expose us to additional legal and regulatory risks. Plaintiffs’ lawyers are particularly active in the life insurance industry in bringing class actions and individual suits alleging, among other things, issues relating to sales or underwriting practices, claims payments and procedures, product design, disclosure, administration, investments, denial or delay of benefits and breaches of fiduciary or other duties to policyholders. Plaintiffs in class actions and other lawsuits against us may seek very large and/or indeterminate amounts, including punitive and treble damages. Even if we ultimately prevail in the litigation, regulatory action or investigation, our ability to attract new policyholders and recruit and retain employees could be materially and adversely impacted.

Our profitability may decline if mortality rates or persistency rates or other assumptions differ significantly from pricing expectations.

We set prices for many of our insurance and annuity products based upon expected claims and payment patterns, using assumptions for mortality, persistency (how long a contract stays in force) and interest rates. In addition to the potential effect of natural or man-made disasters and catastrophic occurrences and pandemics, significant changes in mortality could emerge gradually over time, due to changes in the natural environment, the health habits of the insured population, effectiveness of treatment for disease or disability, or other factors. In addition, we could fail to accurately anticipate changes in other pricing assumptions, including changes in interest and inflation rates. Significant negative deviations in actual experience from our pricing assumptions could have a material adverse effect on the profitability of our products. Our earnings are significantly influenced by the claims paid under our insurance contracts and will vary from period to period depending upon the amount of claims incurred. There is only limited predictability of claims experience within any given month or year. Our future experience may not match our pricing assumptions or our past results. As a result, our business, financial condition and results of operations could be materially adversely affected.

Guarantees within certain of our products may decrease our earnings, increase the volatility of our results, result in higher risk costs and expose us to increased counterparty risk.

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

We use hedging and risk management strategies to mitigate the liability exposure and the volatility of net income associated with these liabilities. These strategies involve the use of reinsurance and derivatives, which may not be

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completely effective. For example, in the event that reinsurers or derivative counterparties are unable or unwilling to pay, we remain liable for the guaranteed benefits.

In addition, hedging instruments may not effectively offset the costs of guarantees or may otherwise be insufficient in relation to our obligations. Furthermore, we are subject to the risk that changes in contract holder behavior or mortality, combined with adverse market events, produce economic losses not addressed by the risk management techniques employed. These, individually or collectively, may have a material adverse effect on our results of operations, including net income, financial condition or liquidity.

The loss of key employees could disrupt our operations.

Our success depends in part on the continued service of key executives and our ability to attract and retain additional executives and employees. The loss of key employees, or our inability to recruit and retain additional qualified personnel, could cause disruption in our business and prevent us from fully implementing our business strategies, which could materially and adversely affect our business, growth and profitability. We also rely upon the knowledge and experience of employees involved in functions that require technical expertise in order to provide for sound operational controls for our overall enterprise, including the accurate and timely preparation of required regulatory filings and financial statements and operation of internal controls. A loss of such employees could adversely impact our ability to execute key operational functions and could adversely affect our operational controls.

Any failure to protect the confidentiality of client information could adversely affect our reputation and have a material adverse effect on our business, financial condition and results of operations and other aspects of our business.

Pursuant to U.S. federal and state laws, and laws of other jurisdictions in which we operate, various government agencies have established rules protecting the privacy and security of personal information, including personally identifiable policyholder information. In addition, most U.S. states and a number of jurisdictions outside the U.S., have enacted laws, which vary significantly from jurisdiction to jurisdiction, to safeguard the privacy and security of personal information, including personally identifiable policyholder information. Further, the Gramm-Leach-Bliley Act of 1999, imposes privacy and data security requirements on financial institutions, including obligations to protect and safeguard consumers’ nonpublic personal information and records, and limits the ability to share and reuse such information with third parties. Many regulators have indicated an intention to take more aggressive enforcement actions regarding cybersecurity and data privacy matters, and private litigation resulting from such matters is increasing and resulting in progressively larger judgments and settlements.

Many of our employees have access to, and routinely process, personal information of clients through a variety of media, including IT systems. We rely on various internal processes and controls to protect the confidentiality of client information that is accessible to, or in the possession of, our company and our employees. It is possible that an employee could, intentionally or unintentionally, disclose or misappropriate confidential client information, including personally identifiable policyholder information, or our data could be the subject of a cybersecurity attack. If we fail to maintain adequate internal controls or if our employees fail to comply with our policies and procedures, misappropriation or intentional or unintentional inappropriate disclosure or misuse of client information, including personally identifiable policyholder information, could occur. Such internal control inadequacies or non-compliance could materially damage our reputation or lead to civil or criminal penalties, which, in turn, could have a material adverse effect on our business, financial condition and results of operations. Further, our third-party service providers, including third parties to whom we outsource certain of our functions, are also subject to the risks outlined above, any one of which could result in damage to our reputation, our incurring substantial costs or other negative consequences to us. If we or any of our third-party service providers fail to protect the confidentiality of client information, it could have a material adverse effect on our business, financial condition and results of operations.

In addition, we analyze customer data to better manage our business. There has been increased scrutiny, including from regulators, regarding the use of “big data,” such as using it to set product pricing. Our ability to use data to gain

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insights into and manage our business may be limited in the future by regulatory scrutiny. We cannot predict what, if any, actions may be taken with regard to “big data,” but any inquiries into such use by regulators or other governmental authorities could cause reputational harm and any limitations could have a material impact on our business, financial condition and results of operations.

Controls and business continuity plans surrounding our IT could fail or security could be compromised, which could damage our business and adversely affect our financial condition and results of operations.

Our business is highly dependent upon the effective operation of our IT. We rely on IT throughout our business for a variety of functions, including processing claims and applications, providing information to contract holders and distributors, performing actuarial analyses and maintaining financial records. We have also begun to offer term life insurance products, and may in the future offer other of our products, through digital distribution platforms. Despite the implementation of security and back-up measures, our IT may be vulnerable to physical or electronic intrusions, computer viruses or other attacks, programming errors and similar disruptive problems. The failure of controls and/or business continuity plans surrounding our IT for any reason could cause significant interruptions to our operations, which could result in a material adverse effect on our business, financial condition or results of operations. We plan to continue to make significant investments in IT to support the growth of our business.

We retain confidential information within our IT, and we rely on sophisticated commercial technologies to maintain the security of those systems. Anyone who is able to circumvent our security measures and penetrate our IT could access, view, misappropriate, alter, or delete any information in the systems, including personally identifiable contract holder information and proprietary business information. Federal regulatory requirements and all fifty states require entities to provide notification to affected state residents and, in certain instances, state and federal regulators in the event of certain security breaches affecting personal information or information systems that contain personal information or confidential information. See “Regulation—Privacy and Cybersecurity Regulation” in this Offering Memorandum. Any compromise of the security of our computer systems or those of our third-party business partners and service providers, that results in unauthorized access to our data could expose us to a disruption and challenges relating to our daily operations, as well as to data loss, litigation, damages, fines and penalties, significant increases in compliance costs and reputational damage, any of which could have an adverse effect on our business, financial condition and results of operations and other expenses.

We may not be successful in implementing our business strategy of developing new products and services.

As part of our business strategy, we plan to develop innovative products and services in order to provide our distribution partners with a comprehensive suite of life and annuity products and services. Due to the inherent uncertainties, such new and expanded strategic initiatives expose us to a number of risks and challenges, including the following:

new and expanded business activities may require unanticipated capital expenditures and involve additional compliance requirements;

new and expanded business activities may result in less growth or profit from what we currently anticipate, and there can be no assurance that such business activities will become profitable at the level we desire or at all;

we may fail to identify and enter into new business opportunities in a timely fashion, putting us at a disadvantage vis-à-vis competitors; and

we may need to hire or retrain personnel who are able to supervise and conduct the relevant business activities.

We may also seek, evaluate or engage in potential acquisitions, mergers, joint ventures, strategic alliances or other similar opportunities. The prospects of these initiatives are uncertain, and there can be no assurance that we will be able to successfully implement or grow new ventures, and these ventures may prove more difficult or costly than what

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we originally anticipated. In addition, we regularly review the profitability and growth potential of our existing and new business. As a result of such review, we may decide to exit from or to reduce the resources that we allocate to new ventures in the future. There is a risk that these ventures may not achieve profitability or operational efficiencies to the extent originally anticipated, and we may fail to recover investments or expenditures that we have already made. Any of the foregoing may have a material adverse effect on our business, results of operations, financial condition and cash flows.

The financial services industry faces great uncertainty from a regulatory perspective.

On April 6, 2016, the DOL issued an amendment to the DOL regulations defining the term “fiduciary” that significantly expanded the circumstances under which certain insurance companies may become fiduciaries of employee benefit plans and individual retirement accounts (“IRAs”). The rule became applicable on June 9, 2017 with a phased implementation period ending on July 1, 2019. However, on March 15, 2018, the Fifth Circuit Court of Appeals vacated the amendment to the DOL regulations. In June 2020, the DOL proposed a “best interest” prohibited transaction exemption (“PTE”) for investment advice fiduciaries under ERISA. The proposal restored the five-part test for determining fiduciary status that was in effect prior to the 2016 DOL fiduciary rule. If fiduciary status is triggered, the PTE provides an exemption from the prohibited transaction provisions of ERISA and Section 4975 of the Code for conflict of interest transactions if the impartial conduct standards and disclosure obligations set forth in the PTE are satisfied. The DOL released the final version of the PTE as PTE 2020-02 in December 2020, and the PTE became effective on February 16, 2021. The final version of the PTE confirmed that advice to roll over assets from a qualified plan or an IRA may constitute investment advice under the five-part test for determining fiduciary status.

In addition, the financial services industry has seen additional instances of regulations being implemented at both the state and federal levels, which will and may continue to impact the way retirement advice is provided and products are manufactured, distributed and sold. For example, the NAIC adopted changes to the SAT Model Regulation. See “Regulation—Annuity Suitability.” The SEC created an entirely new set of rules revising, and in some cases, interpreting standard of care rules for securities transactions. See “Regulation—SEC’s Regulation Best Interest.” Individual states have adopted individual state fiduciary rules, including proposals in Nevada, New Jersey, Massachusetts, and others.

Regulatory uniformity may not be possible as a result of individual state actions, even as the SEC and NAIC have attempted to provide a roadmap for a new broadly uniform standard. This regulatory uncertainty will continue into 2021 and beyond as additional state proposals are introduced and deliberated.

Catastrophic event risks such as terrorist attacks, floods, severe storms or hurricanes, computer cyber-terrorism, 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, including the recent COVID-19 pandemic, may impact our business, results of operations, financial condition, liquidity, or prospects will depend on future developments that are highly uncertain and cannot be predicted.

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Directors, Executive Officers and Corporate Governance

Set out below are the names and ages, as of July 30, 2021, of the directors and executive officers of Midland National and a description of the business experience of each of the respective individuals.

Name	Age	Position
Esfandyar E. Dinshaw	62	Chairman of the Board & Chief Executive Officer
William L. Lowe	57	President – Sammons Institutional Group
Ronovan G. Ottenbacher	66	President – Sammons Corporate Markets
Steven C. Palmitier	65	President & Chief Operating Officer and Director
Teri L. Ross	56	President – Shared Services
Robert R. TeKolste	54	President – SIAG
David C. Attaway	48	Vice President, Chief Financial Officer & Treasurer
Darron K. Ash	56	Director
Willard Bunn, III	77	Director
James Roderick Clark	71	Director
Thomas Corcoran	72	Director
George A. Fisk	72	Director
William D. Heinz	73	Director
Heather Kreager	63	Director
Michael M. Masterson	74	Director

Executive Officers and Directors

Esfandyar Dinshaw currently serves as Chief Executive Officer and Chairman of the Board of the Company. Mr. Dinshaw also is President of Sammons Enterprises, Inc., and Chief Executive Officer, Chairman, and President of Sammons Financial Group, Inc. He also serves as Chairman of the Board for North American Company for Life and Health Insurance, Sammons Financial Group, Inc., Canal Reinsurance, Midland National Life Reinsurance and Solberg Reinsurance. Mr. Dinshaw has more than 37 years of experience in the insurance industry with four different companies. Mr. Dinshaw has Bachelor of Science degrees from both the University of Karachi and Drake University. He currently serves on the Board of the American Council of Life Insurers and is a past Chairman of the Board for LL Global (parent organization of LIMRA & LOMA), both insurance industry-related organizations.

William Lowe is President – Sammons Institutional Group at the Company, a group that specializes in developing and distributing individual retirement products through broker/dealers. He has served in that role since May 2011 when he joined the Company with more than 29 years of financial services experience. He has served in a variety of leadership and executive roles in product distribution and business line management and has a history of success in the distribution of 401(k) plans, variable annuities, fixed annuities, life insurance, mutual fund products and managed accounts. He is a General Securities Principal, Investment Advisory Representative, Chartered Life Underwriter, Chartered Financial Consultant, and Fellow of the Life Management Institute. Bill has completed the General Management Program at the European Centre for Executive Development at INSEAD in Fontainebleau, France. He is currently on the boards of the Insured Retirement Institute in Washington, D.C., Freedom for Youth and the Principal Charity Classic in Des Moines, Iowa.

Ronovan Ottenbacher is President – Sammons Corporate Markets at the Company. Mr. Ottenbacher has more than 30 years in the financial services industry. He is a Chartered Life Underwriter, Fellow, Life Management Institute, and a Chartered Financial Consultant. He joined the Company in 2003, after serving as vice president at Clarica Life Insurance Company. Prior to his position at Clarica, Mr. Ottenbacher spent more than ten years with John Deere Insurance and AgCountry Financial Services in marketing and sales. He holds a Bachelor of Science degree in business from Northern State University, a Juris Doctor degree from Drake University and graduate degrees in law and a Master of Business Administration from Sangamore State University.

Steven Palmitier is President, Chief Operating Officer at the Company and a Director of Midland National Life Insurance Company, North American Company for Life and Health Insurance, Canal Reinsurance, Midland National

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Life Reinsurance, Solberg Reinsurance and Sammons Securities, Inc. Mr. Palmitier has more than 40 years of experience in the insurance industry, with a wide background in sales, marketing, and operations, serving at several different financial services companies in a variety of roles such as agent, field management, and as sales and marketing officer. He joined Midland National in 1996 as senior vice president and chief marketing officer. He has been active in the industry’s research and marketing organization (LIMRA) as a board member and has served on several of its committees. Mr. Palmitier holds a Bachelor of Arts degree from the University of Northern Iowa.

Teri Ross is President – Shared Services at the Company. As president of this division, Ms. Ross is responsible for the operations of the agency, new business, underwriting, policy administration, and claims departments. She also oversees the information technology functions for the Company. Shared Services is the largest division at the Company, with over 950 employees who provide service to more than 1.6 million in-force life and annuity policies. She has over 30 years of experience in the financial services industry. Ms. Ross is a member of the LOMA Operations Leaders Roundtable Committee, and she has received numerous designations including Fellow, Life Management Institute (FLMI); LIMRA Leadership Institute Fellow (LLIF); Associate, Annuity Products and Administration (AAPA); and Associate, Customer Service (ACS). She previously served on the board for Big Brothers Big Sisters of Central Iowa. Ms. Ross is a graduate of the University of Northern Iowa where she received a B.A. in management.

Robert TeKolste, CLU, LLIF, is President, Sammons Independent Annuity Group at the Company. With more than 25 years of experience in the insurance industry, he has a diverse background including sales, marketing, and operations management, and has served in sales and marketing management roles for industry-leading insurance companies. He previously served as president of the Company’s Shared Services division, and was responsible for the agency, new business, underwriting, policy administration, claims, and information technology business functions. Mr. TeKolste has a Bachelor of Science degree from Drake University in Des Moines, Iowa.

David Attaway is Vice President, Chief Financial Officer & Treasurer of the Company. Prior to joining Midland National Life Insurance Company in 2018, Mr. Attaway was the Chief Financial Officer at a large life insurance and annuity carrier from October 2013 to May 2018. Mr. Attaway has a Bachelor of Science degree in accounting from Clemson University in Clemson, South Carolina. He is a licensed Certified Public Accountant and is a member of both the American Institute of CPA’s and the Iowa Association of CPA’s.

Darron Ash currently serves on the board of directors for Midland National Life Insurance Company, North American Company for Life and Health Insurance and Sammons Financial Group, Inc. Mr. Ash is the Senior Vice President and Executive Committee member for Sammons Enterprises, Inc., and has been with Sammons since 2006. Mr. Ash joined Sammons with 17 years of experience in the public accounting, private equity, consumer products manufacturing, and professional services industries. Mr. Ash has a B.B.A degree in science from Texas A&M University and a Master of Business Administration in finance from the University of Texas.

Willard Bunn, III is an Independent Director of Midland National Life Insurance Company, North American Company for Life and Health Insurance, and Sammons Financial Group, Inc. Mr. Bunn currently is the Managing Director of Colonnade Advisors. He has served as chairman, chief executive, and/or director of several commercial banks in the course of his 50-year career. Mr. Bunn’s long career in the banking industry began at Chemical Bank in New York before he returned to Springfield, Illinois in 1978 to serve as Executive Vice President, and eventually Chairman and Chief Executive Officer of Marine Corporation, a multibank holding company with $1.2 billion of assets. Following Marine’s merger with Banc One, he was appointed Chairman and Chief Executive Officer of Banc One Illinois Corporation, a position which he held until 1994. Mr. Bunn went on to serve in various management positions with two investment banking firms. He served as a Director of Baytree Bank of Lake Forest, Illinois from its founding in 2000 and as Chairman of the Bank from April 2010 to August 2012. He served on the Board of Directors of CIB Marine Bancshares, Inc. until April 2020, a bank holding company based in Waukesha, Wisconsin. In addition, he served as Chairman of the Board for the Poetry Foundation until June 2020, a literary organization and publisher of Poetry magazine. Mr. Bunn is currently a Trustee Emeritus at Lawrenceville School. He serves as an advisory director of Chicago-based Campus2Career Transition Services, and a member of the valuation committee of The Banc Funds Company. Mr. Bunn holds a BA from Princeton University and an MBA from the University of Virginia. In addition, he holds the Series 79 securities license.

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James Roderick Clark is an Independent Director serving on the board of directors for Sammons Enterprises, Inc., Midland National Life Insurance Company, North American Company for Life and Health Insurance, and Sammons Financial Group, Inc. Mr. Clark retired in 2009, after 35 years in the oilfield services business. Prior to retirement, he was President and Chief Operating Officer of Baker Hughes Incorporated, and was responsible for 30,000 employees operating in more than 90 countries. Before Baker Hughes, Mr. Clark was President of Sperry-Sun, a Halliburton company, from 1996 to 1999. He served on the Board of Directors of Ensco plc from 2008 to 2019 when Ensco merged with Rowan Companies plc, forming Valaris plc. Mr. Clark retired from the Board of Directors of Valaris in December 2019. He has served on the Board of Trustees of the Dallas Theological Seminary since 2006. Mr. Clark has a Bachelor of Arts degree from the University of Texas and a Master of Business Administration from the University of Texas.

Thomas Corcoran is an Independent Director serving on the board of directors of Midland National Life Insurance Company, North American Company for Life and Health Insurance, and Sammons Financial Group, Inc., and also as Chairman of Sammons Enterprises, Inc. He was a founder of FelCor Lodging Trust in 1991, a publicly-traded real estate investment trust focused exclusively on hotels. He served as Chief Executive Officer of FelCor from its founding until beginning his tenure as non-executive Chairman of its Board in 2006. Mr. Corcoran served as Chairman of FelCor until its merger with RLJ Lodging Trust in 2017. In addition to his role with Sammons, he is the Chairman and CEO of TCOR Hotel Partners, LLC. TCOR owns four hotels in Dallas, Texas, Tampa and Jacksonville, Florida and Baltimore, Maryland and seeks to acquire additional premium select service hotels. Mr. Corcoran’s other board appointments include the American Hotel & Lodging Association (AH&LA) and Dallas County Community College District Foundation. He is Past Chairman of AH&LA and Past Chairman of the IHG Owners Association. Mr. Corcoran has a Bachelor of Arts degree from Washburn University and a Juris Doctor degree from Washburn University Law School.

George A. Fisk is an Independent Director serving on the board of directors for Sammons Enterprises, Inc., Midland National Life Insurance Company, North American Company for Life and Health Insurance, and Sammons Financial Group, Inc. Mr. Fisk joined the Board of Directors of Prosperity Bankshares on November 1, 2019 in connection with the Legacy Texas Financial Group. Inc. merger. Mr. Fisk served on the Board as Vice Chairman of both Legacy Texas and Legacy Texas Bank since January 2015, following completion of the merger of Viewpoint Financial Group, Inc. with Legacy Texas Group, Inc., where Mr. Fisk served as Chief Executive Officer and Vice Chairman since 2004. Between 2001 and 2004, Mr. Fisk served as shareholder of Fisk & Robinson, P.C., which merged with McGladrey LLP in 2001. He has worked in the financial services sector for more than 40 years. He currently serves as a board member of the Independent Bankers Financial Corporation. Mr. Fisk is a member of the Chief Executives Round Table, a former director of the Federal Reserve Bank of Dallas and the Freeman Company, and a former advisory board member of the College of Business of the University of North Texas and the Texas Tech University Graduate School of Banking. Mr. Fisk holds a B.A in government from Texas Tech University and an M.B.A. in banking and finance from the University of North Texas. Mr. Fisk is a Certified Public Accountant.

William Heinz is a director of Midland National Life Insurance Company and North American Company for Life and Health Insurance. He currently is a partner at the law firm Jenner & Block LLP in Chicago. He previously served on the Board of Directors of Partners Financial Group, a bank holding company, for approximately 10 years, from the time of its founding through its subsequent acquisition. He currently serves as counsel to the board of trustees of a Big Ten university, and has served as counsel on Sarbanes Oxley issues to the Audit Committees of publicly traded companies. Mr. Heinz is a Fellow of the American College of Trial Lawyers. He has served as the past State Chair for Upstate Illinois for the American College of Trial Lawyers, and has served in a variety of leadership roles at the Illinois State Bar Association, the Chicago Bar Association and the Association of Professional Responsibility Mr. Heinz has a Bachelor of Science degree from Millikin University and a Juris Doctor degree from the University of Illinois.

Heather Kreager is a director of Midland National Life Insurance Company, North American Company for Life and Health Insurance, Sammons Financial Group, Inc., Canal Reinsurance, Midland National Life Reinsurance, Solberg Reinsurance, Sammons Institutional Group, Inc., and Sammons Securities, Inc. Ms. Kreager is the Chief Executive Officer of Sammons Enterprises, Inc. and a member of its Board of Directors, chairing the company’s Executive Committee. She also serves as Chairman of Compatriot Capital, a Sammons Enterprises’ real estate subsidiary. She

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joined the Sammons organization in 1985, and served as General Counsel for Sammons Enterprises, Inc. and Sammons Communications Inc. as well as President of Sammons Enterprises, Inc. prior to her appointment as Chief Executive Officer (CEO) of Sammons Enterprises in 2014. She has served on the Executive Committee and Board since 2008. In addition to her role as CEO of Sammons Enterprises, Inc., Heather is CEO for Sammons Equity Alliance, Inc., the holding company for Sammons’ real estate and investment businesses. Ms. Kreager received her Bachelor of Arts degree from Vanderbilt University. She received her Juris Doctorate degree from Southern Methodist University School of Law and received her MBA from the University of Dallas.

Michael Masterson is a director of Midland National Life Insurance Company and North American Company for Life and Health Insurance. Mr. Masterson was the Company’s past Chairman and CEO prior to his retirement in 2011. Mr. Masterson earned a Bachelor of Arts degree from the University of Minnesota and is a graduate of the University of Minnesota Executive Program, the Harvard Executive Program in Competitive Strategies, and the LIMRA Leadership Institute. He has also earned his CLU, ChFC, and LLIF designations and has been a member of various industry boards, including the LIMRA International Board, the National Endowment for Financial Education and the American Council of Life Insurers (ACLI) Board.

Executive Compensation

This section is a review, summary and overview of our executive compensation program.

Compensation Philosophy and Strategy

The focus when designing Midland National’s Executive Compensation program is on recruitment, retention and to reward talented individuals and we do so by providing fair and competitive total compensation. This is accomplished through structured compensation to avoid excessive risk taking and/or behaviors, but which encourages entrepreneurship and promotes exceptional performance. Our compensation programs are also designed to promote ethical long-term thinking consistent with our objective of creating ever increasing enterprise economic value through solid financial performance. We provide incentives to enhance shareholder value, drive value creation, increase profits and promote the best returns on capital invested. We recognize individuals who make significant contributions to Midland National’s performance.

Total compensation is based on a holistic approach and may include any or all of the following: annual base salary, annual bonus or incentive compensation, long-term bonus or other long-term compensation, deferred compensation, retirement plans such as ESOP, supplemental executive retirement plans and welfare benefits such as life, health and disability insurance.

Compensation will be market driven as determined by periodic independent surveys. We will regularly survey the marketplace to determine how our total compensation compares with similar positions, as well as comparison with peer companies where possible. The mix of compensation elements may vary due to specific market conditions for specialized jobs.

As an ESOP owned enterprise, it may not be possible to be competitive with the stock equity programs of peer publicly held companies or total compensation plans of private equity firms. Executive compensation must be consistent with the principles of employer ownership and long term value creation. While Executives have higher levels of responsibility and accountability, Midland National’s results reflect the efforts of all employees.

Performance-based compensation will be discretionary and not strictly formulaic. Discretion includes consideration of circumstances (positive or negative) beyond the control of the Executive that affect performance. In making decisions on compensation for Executives, both the Executive Committee and Independent Committee (Compensation Committee) will be guided by the fundamental principles of fairness. Both Committees have the discretion to make compensation decisions that reflect the individual contributions of an Executive to perpetuate Midland National’s existence by creating ever increasing enterprise economic value for the benefit of current and future generations of its employees in order to achieve equity, both internally and in the relevant marketplace.

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Since the Executive Committee’s principal focus and duties concern perpetuating Midland National’s existence by creating ever increasing enterprise economic value for the benefit of current and future generations of its employees, it is desirable that the design of compensation programs for members support this focus.

Variable compensation elements for members should emphasize a focus on both the overall performance of Midland National, plus the performance of the Controlled Investments over which any member has lead management oversight responsibility. The overall performance of Midland National will generally be determined by the change in value year to year.

The Executive Committee will have oversight responsibility for the compensation of Midland National Senior Executives. As a general rule, this “covered group” will include the senior most leaders of any business unit, and their direct reports. There may be exceptions warranted where more are included in the covered group, however it will be rare to have fewer covered by this oversight. All recommendations for compensation changes, promotions, bonuses and awards will be reviewed on a “one over one” basis. For example, compensation changes requested for a subordinate will require the approval of at least one level above the requestor. The direct superior will have responsibility for making the compensation recommendation for a subordinate. Executive Committee approval will be required for any changes impacting the people and positions they oversee. With the exception of Executive Committee compensation, all recommendations will be reviewed and approved by the next higher level of management.

Annual rewards/incentives for team results should keenly focus leaders on a balance of both short and long term financial results. Individual Leadership Development Plans (LDP’s) and Discretionary Bonus Objectives (DBO’s) will also be reflected in the annual rewards/incentives.

Through this strategy, not only will we be able to attract and retain the top talent needed to achieve our growth and financial performance objectives, we will also incentivize our top talent to achieve the best possible results.

Compensation Principles:

Determination of annual and long-term incentive awards is discretionary and will not use indexes or mechanical formulas. When a percentage of base pay is used to calculate a variable compensation award, the base compensation on the last day of the performance period should be used to determine the amount of variable award.

Role of the Executive Committee and Board of Directors

The Board of Directors consists of the Executive Committee members and the Independent Directors. The Executive Committee will have oversight responsibility for the compensation of Midland National Senior Executives. As a general rule, this “covered group” will include the senior most leaders of any business unit, and their direct reports.

Role of the Compensation Committee of the Board of Directors of Midland National

The Independent Directors serve as the Compensation Committee. The Compensation Committee is responsible for reviewing and approving the Compensation Philosophy and Programs as recommended by the Executive Committee. The Compensation Committee is also responsible for creating the compensation incentive programs and plans for the Executive Committee. The Compensation Committee reviews and approves the compensation recommendations for the Executive Committee direct reports. The Compensation Committee is responsible for determining and approving the compensation awards (base, bonus, L-TIP) for the Executive Committee and Key Officers.

Role of Human Resources

The Human Resources Department is responsible for the administrative and support tasks related to compensation review and administration, as assigned by the Executive Committee and Compensation Committee. The Human Resources’ role includes preparing the compensation materials for the review of the Executive Committee and

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Compensation Committee, evaluating outside data and comparing to our organization, researching and understanding compensation plans in the market and assisting with the design of Company compensation programs and plans, and assisting the Compensation Consultant with relevant information and data.

Role of Compensation Consultant

When needed, the Company has retained Compensation consultants to assist and provide services including serving as an advisor to senior management on various issues relating to executive compensation practices. They also provide relevant market data and analysis and assist us in evaluating the competitiveness of the total compensation program.

Elements of the Total Rewards for our Executive Officers Compensation

• Base Salary

• Annual Executive Incentive Plan

• Employee Stock Ownership Plan (ESOP) (for some)

• Supplemental ESOP Plan (for some)

• Long-Term Incentive Plan (for some)

• Deferred Compensation Plan (for some)

• Executive Perquisites (Club memberships, cars, etc.)

Base Salary

Our base compensation is designed to be competitive with our industry peers for each position. We do not seek to be the highest or the lowest, but strive to maintain a balanced mid-range approach, recognizing the value of all other forms of compensation. Base compensation may vary between individuals in like positions based on comparative job performance and experience. Additionally, we will attempt to promote exceptional performance through forms of variable pay which are intended to recognize and reward both individual and collective performance.

Compensation for Senior Executives is market driven as determined by periodic independent surveys (typically conducted every two to three years) for comparable responsibilities. Time in position, performance and experience will be used to determine positioning in the range.

Base salary is considered to be the least effective compensation tool for driving desired business results.

Annual Executive Incentive Plan (Bonus)

Focus is on variable “at risk” compensation. There are two components, operational performance and accomplishment of Discretionary Bonus Objectives (DBO’s).

We place a significant emphasis on operational performance such as annual financial results, with the balance of focus on personal accomplishments and DBO’s. Awards are not linear and not formulaic. Fairness and equity should be the benchmark rather than mechanical formulas. Awards should be based on what the individual has accomplished. A participant should not be rewarded for results that were due primarily to positive external factors, nor should a participant be significantly penalized for economic conditions that were uncontrollable and unavoidable.

Awards are based on a look back over the previous year’s results.

• Were the business initiatives identified in the prior year implemented in a timely and competent manner?

• Were there any unforeseen obstacles encountered and how well were these managed?

• Were overall business results achieved in a collaborative and sustainable manner?

• What was the degree of stretch in the business plan targets?

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Changes to the design and format of this plan are made periodically as market conditions warrant and may occur during a plan year.

ESOP

Currently, the value of the ESOP as a retirement plan far exceeds that of most other retirement plans in existence. It is a long term plan that focuses employees on their contribution to value creation. For the Senior Executives participating in this plan, the portion of the ESOP that exceeds typical retirement plans is considered to be a form of long term compensation. This important component of compensation must be taken into consideration when determining the total rewards associated with a position.

ESOP Supplemental Executive Retirement Plan (SERP)

ESOP SERP A

IRS regulations limit qualified retirement plan contributions for highly compensated employees. This plan provides a “make whole” for qualified retirement benefits lost due to treasury limitations. There is an ESOP SERP A Plan and an ESOP SERP B Plan. Previous participation in the ESOP SERP A plan has been limited to the top leaders in each Business Unit. The ESOP award for each participant will be determined and any “lost benefit” not received from the ESOP due to maximum allocation limitations is calculated for each participant and placed in a phantom share account. The account can only be accessed after separation from service. If an individual is a participant in the ESOP SERP A they should also be a candidate for entry into the Deferred Compensation plan.

Contributions grow in value on the same basis as the qualified plan contributions. Timing and form of payment must be elected in advance. Changes to the design and format of this plan are made periodically as market conditions warrant.

ESOP SERP B

For the ESOP SERP B there is a review each year of potential new participants. The ESOP SERP B plan is not a phantom share account as is the ESOP SERP A plan but is instead a cash account. The cash account will be credited with an annual interest at the Executive Committee’s discretion. There is also a specific vesting requirement for the ESOP SERP B plan. The account can only be accessed after separation from service and upon attainment of 55 years of age and 10 years of service.

Long-Term Incentive Plan (LTIP)

Focus is on achievement of critical long-term financial goals, with particular emphasis on the creation of shareholder value. When reviewing business unit value we will look at value growth realized at the annual valuation, as well as dividends from the Business Units and cash invested in the Business Units. Not formulaic, to the extent possible performance and awards should be determined based on individual business unit results.

Participation typically includes the top operational leader in the business unit (President or CEO of a business unit) as well as designated participants considered to be high potentials in the business unit.

Currently, LTIP bonus targets are a percentage of a participant’s base salary. The LTIP bonus target percentage varies by participant. Performance is measured over a three-year period and awards vest over the three-year period following the end of the performance period. 50% of the award vests in the year following the performance period and 25% vesting occurs in each of the following two years.

Changes to the design and format of this plan are made periodically in order to respond to changes in the operating environment.

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Deferred Compensation Plan

This plan provides a limited number of executives an opportunity to defer any form of cash compensation (base salary, annual Incentive or L-TIP).

This core purpose of Deferred Compensation is to increase focus on value creation. Therefore, it is desirable to link the interest credit or growth factor of these deferrals to the value created at SFG. This can be accomplished in a variety of ways such as stock price growth, Return on Investment (ROI), etc. Limitations on upside potential and downside risk are provided in the current plan.

Taxes are deferred until actual receipt of funds. Timing and form of payments must be elected in advance. Currently, both a lump sum and annual installment option are available. Changes to the design and format of this plan are made periodically as market conditions warrant.

Executive Perquisites

Automobile allowances and club memberships are provided where competitive market conditions warrant.

Other Compensation and Benefits

In addition to the compensation and benefits noted, we also offer our employees, including our Named Executive Officers (defined below), a benefits package that includes group health, dental and vision coverage, group life insurance, short and long-term disability coverage and various deferred compensation and retirement benefits.

The programs are reviewed annually to ensure that the benefits offered are beneficial to our employees, cost-effective and are competitive within our industry.

Tax-Qualified Retirement Plans

The following tax-qualified retirement plans are offered to eligible employees, including our Named Executive Officers:

Sammons Enterprises, Inc. 401(k) Plan

Sammons Enterprises, Inc. sponsors the 401(k) Plan, a tax-qualified plan for its eligible employees, including the Named Executive Officers. Eligible employees may contribute to the 401(k) Plan on a before tax or after tax Roth 401(k) basis (or any combination of the foregoing), up to a percentage of annual eligible compensation as defined in the plan. Before-tax and Roth 401(k) contributions are subject to contribution limits ($19,500 in 2021) and compensation limits ($290,000 in 2021) imposed by the Internal Revenue Code of 1986, as amended (the “Code”). There is no company match.

For 2021, our Named Executive Officers were:

• Esfand Dinshaw, Chairman and Chief Executive Officer

• Donald T. Lyons, President and Chief Financial Officer

• Steve Palmitier, President and Chief Operating Officer MNL & NA

• Rob TeKolste, President, SIAG

• Bill Lowe, Chief Executive Officer and President, SIG & SFN

Sammons Enterprises, Inc. Employee Stock Ownership Plan (“ESOP”). The ESOP is a plan designed to allow employees of a Sammons Enterprises, Inc. (“Sammons”) company that has adopted the ESOP, to accumulate a

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retirement benefit based on the value of Sammons Stock while an individual is actively employed by a Sammons company. The ESOP enables employees to acquire a retirement benefit based on the value of Sammons Stock without cost to the employee. Employees can use this benefit to increase their income in their retirement years.

Summary Compensation Table

The following table is a summary of information regarding the total compensation paid to our Named Executive Officers for the periods indicated.

Name and Principal Position	Year		Salary ($)		Bonus ($)		Stock Awards ($)	Option Awards ($)	Non-equity incentive plan compensation ($)	Change in pension value and nonqualified deferred compensation earnings ($)	All Other Compensation ($)		Totals ($)
Esfandyar E. Dinshaw		2020		919,117		2,860,490						2,407,228		6,186,835
Chairman & CEO		2019		873,160		856,440						2,393,871		4,123,471
		2018		846,867		2,292,000						2,135,478		5,274,345
David C. Attaway		2020		311,250		117,786						59,331		488,367
Vice President, Chief		2019		293,334		133,757						16,694		443,785
Financial Officer & Treasurer		2018		173,333		93,240						9,598		276,171
Steven C. Palmitier		2020		665,441		967,761						1,189,467		2,822,669
President and Chief		2019		646,488		950,513						1,158,403		2,755,404
Operating Officer		2018		625,300		815,768						964,196		2,405,264
Robert R. TeKolste		2020		576,439		1,174,607						757,713		2,508,759
President—Sammons		2019		559,650		1,071,368						693,864		2,324,882
Institutional Annuity Group		2018		542,500		921,389						634,293		2,098,182
William L. Lowe		2020		571,279		1,357,130						279,788		2,208,197
President—Sammons		2019		552,923		1,190,358						70,184		1,813,465
Institutional Group		2018		525,798		766,182						66,504		1,358,484

Security Ownership of Certain Beneficial Owners and Management

SEI indirectly owns 100% of the voting securities of Midland National. SEI’s principal executive offices are located at 5949 Sherry Lane Dallas, Texas 75225. SEI is 100% owned by its Employee Stock Ownership Plan (ESOP).

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

The Company pays fees to SEI under management contracts that cover certain investment, accounting, employee benefit and management services. The Company was charged $31,765, $34,493 and $35,522 in 2020, 2019 and 2018, 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. These contracts totaling $0 and $202,579 in 2020 and 2019, respectively, 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 $3,114, $4,932 and $3,190 in 2020, 2019 and 2018, respectively.

The Company pays investment management fees to an affiliate, Guggenheim Partners Investment Management Inc. (“GPIM”). SEI holds an indirect interest in Guggenheim. During 2020, 2019 and 2018, the Company incurred fees of $47,585, $44,239 and $42,095, respectively, for these investment management services. The fees are calculated based on the average fair value of invested assets under management multiplied by a contractual rate.

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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 $7,776, $8,109 and $8,036 in 2020, 2019 and 2018, 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.

SEI has a noncontrolling interest in KDC Holdings, LLC (“KDC”), a real estate development and investment company focusing on office build-to-suite facilities. KDC Des Moines Development One, LLC, (“KDCDM”) a subsidiary of KDC, provided services to the Company associated with the construction of a new home office building in West Des Moines, Iowa. During 2020 and 2019, the Company paid KDCDM $2,909 and $1,059, respectively, for these services, and capitalized those costs as building and improvements reported as a component of real estate in the statements of admitted assets, liabilities and capital and surplus.

In December 2020, the Company originated a commercial mortgage loan for Pathfinder Ranches, LLC, which is an indirect subsidiary of SEI. The reported value was $25,000 and is reported in mortgage loans in the statements of admitted assets, liabilities and capital and surplus at December 31, 2020. The loan was issued at 4.35% and matures in 2027.

At December 31, 2020, the Company holds an investment security issued by GPIM. The security is reported in invested assets in the statements of admitted assets, liabilities, and capital and surplus at December 31, 2020 (3.50% interest, $52,413 par, $52,355 reported value, due 2023). At December 31, 2019, the security was reported in invested assets in the statements of admitted assets, liabilities, and capital and surplus (3.50% interest, $52,972 par, $52,899 reported value, due 2023).

The Company holds $566,036 and $619,268 of investments in debt securities issued by affiliates which are reported in bonds in the statement of admitted assets, liabilities, and capital and surplus at December 31, 2020 and December 31, 2019, respectively. The Company also holds $605,653 and $573,383 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, 2020 and 2019, respectively.

The Company provided certain investment, accounting, policy administration and management services to North American. The Company received reimbursements of $128,942, $132,296 and $134,271 in 2020, 2019 and 2018, 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 2020, 2019 and 2018 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 2020, 2019 and 2018 for the costs incurred to render such services.

The Company provides certain insurance and noninsurance services to Canal Re. The Company received reimbursements of $125 and $0 in 2020 and 2019, respectively.

The Company provided certain investment, accounting, payroll administration and management series to SIG for which it was reimbursed $6,333, $5,527 and $6,676 in 2020, 2019 and 2018, 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 $19,750, $22,304 and $26,134 in 2020, 2019 and 2018, respectively, for costs incurred to render such services.

The Company issued surplus notes payable to SFG in 2013 for $142,000, in 2014 for $200,000, in 2017 for $495,000, and in 2020 for $200,000. The interest rates on the surplus notes range from 6.0% to 7.5%. The surplus notes totaled $1,037,000 and $837,000 as of December 31, 2020 and 2019 respectively. The Company paid interest to SFG on these surplus notes in the amount of $54,350 in each 2020, 2019 and 2018.

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The Company is party to a reinsurance agreement with Guggenheim Life and Annuity Company (“GLAC”), an affiliate. This is an indemnity agreement and covers 100% of all policies issued from January 1, 2008 through September 30, 2009 of specific annuity plans. Reserve credits of $127,537 and $135,843, associated with this agreement are reported as a component of liabilities for future policy benefits as of December 31, 2020 and 2019, respectively. In addition, reserve credits of $816 and $1,252 associated with this agreement are reported as a component of policy and contract claims as of December 31, 2020 and 2019, respectively.

The Company is party to a coinsurance agreement with North American. In this indemnity agreement, the Company assumes 80% of all policies issued by North American on or after January 1, 2014 of specific annuity plans. The Company recognized $12,929, $43,733 and $104,501 at December 31, 2020, 2019 and 2018, respectively, of premium under this agreement in the statement of operations. The Company retrocedes 100% of this business to a third party reinsurer through a modified coinsurance agreement.

The Company has a coinsurance agreement with MNL Re, an affiliated limited purpose subsidiary life insurance company. The agreement has subsequently been amended to extend the term and increase the life insurance policies covered under the agreement. The Company ceded a defined block of permanent life insurance products to MNL Re. The Company recognized reserve credits of $1,067,683 and $974,256 under this agreement on December 31, 2020 and 2019, respectively, which are reflected as a component of liabilities for future policy benefits. The Company recognized $626,778 and $540,386 at December 31, 2020 and 2019, 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 $440,905 and $433,870 for 2020 and 2019, respectively. The LLC Note held by MNL Re, which functions in a manner similar to a standby letter of credit and which Midland National is a beneficiary, is an admitted asset under Iowa prescribed practice and the surplus generated by this prescribed practice has been retained in the carrying value of MNL Re.

The Company has a coinsurance agreement with Solberg Re, an affiliated limited purpose subsidiary life insurance company. The agreement has subsequently been amended to extend the term and increase the life insurance policies covered under the agreement. The Company ceded a defined block of term life insurance to Solberg Re. The Company received experience refunds related to this agreement of $18,170, $12,105 and $27,409 during the years ended December 31, 2020, 2019 and 2018, respectively. The Company recognized reserve credits of $540,543, and $535,803 under this agreement on December 31, 2020 and 2019, respectively, which are reflected as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The Company recognized $191,472 and $179,766 at December 31, 2020 and 2019, 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 $349,070 and $356,037 for 2020 and 2019, 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 $44,467 and $0 during the years ended December 31, 2020 and 2019, respectively. The Company recognized reserve credits of $294,576 and $240,667 under this agreement on December 31, 2020 and 2019, 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 $113,471 and $83,095 at December 31, 2020 and 2019 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 $181,105 and $157,571 for 2020 and 2019, 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.

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EXPERTS

The financial statements of Midland National Life Insurance Company as of December 31, 2020 and December 31, 2019 and for each of the three years in the period ended December 31, 2020 included in this Prospectus have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The financial statements of Midland National Life Insurance Company Separate Account C are in the SAI. The SAI is part of the registration statement filed on Form N-4.

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FINANCIAL INFORMATION

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

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

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

Selected Financial Data

	Year Ended December 31,
	2020		2019		2018		2017		2016
	(dollars in thousands)
Statement of Operations Data:
Premium considerations:
Life	$	862,658	$	834,451	$	1,154,707	$	1,422,912	$	1,203,090
Annuity		5,587,095		2,421,597		2,526,365		2,620,471		3,751,312
Total premium considerations		6,449,753		3,256,048		3,681,072		4,043,383		4,954,402
Net investment income and other revenues		1,982,908		2,262,883		2,350,711		3,096,197		3,677,128
Total revenues		8,432,661		5,518,931		6,031,783		7,139,580		8,631,530
Total benefits and expenses		7,961,534		5,042,205		5,522,022		6,438,281		7,912,080
Net gain from operations before federal income taxes and before realized capital gains or (losses)		471,127		476,726		509,761		701,299		719,450
Net income	$	152,626	$	371,200	$	401,605	$	545,794	$	546,417
	As of December 31,
	2020		2019		2018		2017		2016
	(dollars in thousands)
Balance Sheet Data:
Cash and invested assets	$	59,094,762	$	53,060,013	$	51,705,164	$	50,942,825	$	46,055,443
Total admitted assets		67,262,504		60,416,251		57,914,703		56,495,203		51,098,306
Aggregate reserves for life and annuity contracts		43,223,475		38,935,399		37,541,225		35,492,546		32,010,416
Other liabilities		19,833,970		17,628,421		16,802,270		17,588,595		15,988,766
Total liabilities		63,057,445		56,563,820		54,343,495		53,081,141		47,999,182
Total capital and surplus		4,205,059		3,852,431		3,571,208		3,414,062		3,099,124

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

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

Cautionary Statement Regarding Forward-Looking Statements

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

Overview

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

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

Analysis of Results of Operations—Years Ended December 31, 2020 and 2019

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

	Years Ended December 31,						% Change
	2020			2019
	(dollars in thousands)
Revenues:
Life premium	$	862,658		$	834,451			3	%
Annuity considerations		5,587,095			2,421,597			131	%
Net investment income		2,320,212			2,353,707			-1	%
Other income		(337,304	)		(90,824	)		271	%
Total Revenues		8,432,661			5,518,931			53	%
Benefits and Expenses:
Policyholder benefits		2,969,121			2,981,481			0	%
Change in policyholder reserves		4,300,648			1,394,173			208	%
Operating costs and other items		694,142			596,035			16	%
Net transfers to (from) separate accounts		(2,377	)		70,516			-103	%
Total Benefits and Expenses		7,961,534			5,042,205			58	%
Operating results before Federal income taxes and realized capital gains (losses)		471,127			476,726			-1	%
Federal income taxes		125,687			70,237			79	%
Operating results before realized gains (losses)		345,440			406,489			-15	%
Realized gains (losses) net of Federal income taxes		(192,814	)		(35,289	)		446	%
Net income	$	152,626		$	371,200			-59	%

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Operating results before Federal income taxes and realized capital gains (losses) decreased by 1% for the twelve months ended December 31, 2020 compared to the twelve-month period ended December 31, 2019. This decrease is primarily attributable to increases in certain statutory excess reserves established during the 2020 period due to declines in interest rates offset, in part, by increased earnings generated from the growth in inforce life and annuity business in 2020.

Net income decreased 59% in 2020 compared to 2019. This decrease was largely driven by higher realized losses incurred in 2020 compared to 2019. The realized losses in 2020 were primarily related to intent to sell designations on securities with oil and gas exposure that were uniquely impacted by the COVID-19 pandemic and the impact it had on energy prices, recognition of impairment losses on specific asset-backed securities in the aircraft and CLO sectors and certain commercial mortgage loans uniquely impacted by the COVID-19 pandemic. The losses reported in 2019 are primarily attributable to other than temporary impairments recognized on several oil and gas exploration and production securities, and impairments on certain private bank loan securities.

Revenues

Total revenues increased 53% in the twelve months ended December 31, 2020 compared to the twelve months ended December 31, 2019. Following is a discussion of the primary contributors to this increase.

Life insurance premiums increased 3%. Direct premium was up 34% primarily due to increases in sales of bank owned life and credit union owned life insurance. This was offset by an increase in ceded premium, primarily due to a large initial ceded premium on the reinsurance of an inforce life block in 2020. Annuity considerations in 2020 were 2.3 times higher than 2019. This increase was primarily due to sales of Multi-Year Guarantee fixed annuities (MYG). The higher production is directly related to the increase in policyholder reserves as well.

Net investment income decreased 1% in the 2020 period compared to 2019. The following table provides a summary of the components of net investment income:

	Years Ended December 31,				% Change
	2020		2019
	(dollars in thousands)
Net Investment Income:
Bonds	$	2,058,710	$	2,080,762		-1	%
Preferred stocks		25,166		13,650		84	%
Common stocks		11,850		7,813		52	%
Mortgage loans		204,361		215,349		-5	%
Real estate		2,607		1,992		31	%
Policy loans		22,860		22,797		0	%
Cash and short-term investments		5,046		15,115		-67	%
Derivative instruments		100,840		170,565		-41	%
Other invested assets		127,347		118,396		8	%
Other investment income		1,152		2,105		-45	%
Total gross investment income		2,559,939		2,648,544		-3	%
Less: investment expenses		239,727		294,837		-19	%
Net investment income	$	2,320,212	$	2,353,707		-1	%

The decrease in 2020 is primarily attributable to a decrease in income from derivative instruments. Derivative instruments primarily consist of derivatives purchased to economically hedge our exposure to fixed indexed annuity and universal life insurance policyholder obligations. Midland National recognizes index options and futures payouts as investment income. This income is offset by a corresponding increase in policyholder reserves. Index option and futures payouts decreased in 2020 compared to 2019 due to the relative decrease in annual returns on equity market

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indices during 2020 compared to 2019. Excluding derivative instruments, net investment income increased 2% in 2020 compared to 2019. The increase in net investment income, excluding derivative instruments, is attributable to increased earnings from higher levels of invested assets, partially offset by decreased earned yields as general market interest rates decreased during 2020. In addition, the impact from the Company’s additional allocation of assets to its company owned life insurance in mid-2019 decreased income from its bond portfolio and increased other income.

The decrease in other income is attributable to a larger reserve adjustment on reinsurance ceded in 2020 (negative $524 million) compared to 2019 (negative $103 million). The reserve adjustments on reinsurance ceded relate to a large modified coinsurance agreement with an unaffiliated party and the decrease in other income related to this item is offset by a corresponding increase in net policy outflows ceded on the block reinsured. These decreases were partially offset by an increase in earnings from MNL’s company owned life insurance (income of $90.1 million in 2020 compared to $28.2 million in 2019) and increased reinsurance experience refund (income of $62.6 million in 2020 compared to $12.1 million in 2019).

Benefits and Expenses

Policyholder benefits remained flat in 2020 compared to 2019. This was primarily attributable to an increase in life and annuity death benefits offset by a reduction in life and annuity surrender benefits. Surrender and withdrawal benefits are offset by a corresponding decrease in policyholder reserves. The life death benefits result in an impact to operating earnings by the amount of benefit paid above the amount of policyholder reserve released, net of reinsurance.

Change in policyholder reserves increased 208% in 2020 compared to 2019. This increase was largely driven by an increase in reserves due to a significant increase in MYG annuity sales offset somewhat by ceded reserves associated with the execution of a new life reinsurance agreement with an unaffiliated third party.

Operating costs and other items increased 16% in 2020 compared to 2019. This is primarily due to an increase in commissions on the increased sales.

Net transfers to (from) separate accounts were ($2.4) million in 2020 compared to $70.5 million in 2019, due to a decline in variable annuity premium in 2020. Transfers to (from) separate accounts consist of the net transfer of premiums and benefits related to our variable life, variable annuity and bank owned life insurance. This transfer has no impact on the Company’s operations as the transferred premiums and benefits are reported elsewhere in the statement of operations. The net transfer decreased in 2020 due to the reductions in variable annuity premiums received.

Federal Income Taxes

The effective Federal income tax rate applicable to operations in 2020 was 27% compared to 15% in 2019. The increase in the effective tax rate is primarily attributable to taxes reported in 2020 associated with a financial reinsurance transaction in which the company ceded a block of life insurance business.

Realized Gains (Losses) Net of Federal Income Taxes

Realized losses in 2020 were $192.8 million compared to losses of $35.3 million in 2019. For statutory reporting purposes, realized gains (losses) reported on the statement of operations are net of gains and losses transferred to the Interest Maintenance Reserve (“IMR”). Amounts transferred to IMR, which is a liability reported in the statement of financial position, are gains and losses resulting from changes in interest rates and are amortized into operations over the estimated remaining lives of the securities sold. Gains and losses reported in the statement of operations are credit and non-interest related. The losses reported in 2020 were primarily related to intent to sell designations on securities with oil and gas exposure that were uniquely impacted by the COVID-19 pandemic and the impact it had on energy prices, recognition of impairment losses on specific asset-backed securities in the aircraft and CLO sectors and certain commercial mortgage loans uniquely impacted by the COVID-19 pandemic. The losses reported in 2019 are primarily attributable to other than temporary impairments recognized on several oil and gas exploration and production securities, and impairments on certain private bank loan securities.

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Analysis of Results of Operations—Years Ended December 31, 2019 and 2018

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

	Years Ended December 31,						% Change
	2019			2018
	(dollars in thousands)
Revenues:
Life premium	$	834,451		$	1,154,707			-28	%
Annuity considerations		2,421,597			2,526,365			-4	%
Net investment income		2,353,707			2,252,880			4	%
Other income		(90,824	)		97,831			-193	%
Total Revenues		5,518,931			6,031,783			-9	%
Benefits and Expenses:
Policyholder benefits		2,981,481			2,735,271			9	%
Change in policyholder reserves		1,394,173			2,048,680			-32	%
Operating costs and other items		596,035			642,919			-7	%
Net transfers to (from) separate accounts		70,516			95,152			-26	%
Total Benefits and Expenses		5,042,205			5,522,022			-9	%
Operating results before Federal income taxes and realized capital gains (losses)		476,726			509,761			-6	%
Federal income taxes		70,237			25,179			179	%
Operating results before realized gains (losses)		406,489			484,582			-16	%
Realized gains (losses) net of Federal income taxes		(35,289	)		(82,977	)		-57	%
Net income	$	371,200		$	401,605			-8	%

Operating results before Federal income taxes and realized capital gains (losses) decreased by 6% for the twelve months ended December 31, 2019 compared to the twelve-month period ended December 31, 2018. This decrease is primarily attributable to increases in certain statutory excess reserves during the 2019 period offset, in part, by increased earnings generated from the growth in inforce business in 2019.

Operating results before realized gains and losses decreased 16% in 2019 compared to 2018. This decrease is larger than the decrease in operating earnings before income taxes primarily due to lower Federal income taxes in 2018 compared to 2019. Midland National incurred realized losses on fixed maturity securities in 2018 as it sold lower yielding securities and purchased higher yielding securities as interest rates increased in 2018. These losses in 2018 were the result of increasing interest rates and not due to credit deterioration in the portfolio. These losses qualify as capital losses for Federal income tax purposes and Midland National had the ability to carry these losses back to offset prior years’ capital gains and receive a benefit equal to the 35% effective rate in those carryback years. The incremental benefit of the difference between the prior effective tax rate of 35% and the current effective tax rate of 21% is recognized as a reduction in the current year tax provision applicable to operations. The recognition of the 14% differential as a component of Federal income taxes applicable to operations significantly reduced the 2018 effective tax rate applicable to operations. There was no similar Federal income tax item in the 2019 tax provision.

Revenues

Total revenues decreased 8% in the twelve months ended December 31, 2019 compared to the twelve months ended December 31, 2018. Following is a discussion of the primary contributors to this decrease.

Life insurance premiums decreased 28%. Excluding an initial ceded premium of $241.9 million paid to Canal Re on September 20, 2019, life insurance premiums decreased 9%. Midland National took steps to limit the amount of

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additional premium above target premium that could be deposited on certain universal life products. The reduction in premium due to additional premium above target premium has a direct offset in change in policyholder reserves. First year target premium written in 2019 was lower than the comparable 2018 period. Target premium for indexed universal life insurance decreased in 2019 compared to 2018, which decrease was partially offset by increased term premiums. Annuity considerations decreased 4% in 2019 compared to 2018. This decrease was the result of increased competition in the marketplace. The lower production is directly offset by a lower change in policyholder reserves. Net investment income increased 4% in the 2019 period compared to 2018.

The following table provides a summary of the components of net investment income:

	Years Ended December 31,				% Change
	2019		2018
	(dollars in thousands)
Net Investment Income:
Bonds	$	2,080,762	$	2,090,330		0	%
Preferred stocks		13,650		16,168		-16	%
Common stocks		7,813		6,126		28	%
Mortgage loans		215,349		208,887		3	%
Real estate		1,992		2,737		-27	%
Policy loans		22,797		23,371		-2	%
Cash and short-term investments		15,115		11,415		32	%
Derivative instruments		170,565		46,616		266	%
Other invested assets		118,396		120,039		-1	%
Other investment income		2,105		4,913		-57	%
Total gross investment income		2,648,544		2,530,602		5	%
Less: investment expenses		294,837		277,722		6	%
Net investment income	$	2,353,707	$	2,252,880		4	%

The increase in 2019 is primarily attributable to an increase in income from derivative instruments. Derivative instruments primarily consist of derivatives purchased to economically hedge our exposure to fixed indexed annuity and universal life insurance policyholder obligations. Midland National recognizes index options and futures payouts as investment income. This income is offset by a corresponding increase in policyholder reserves. Index option and futures payouts increased in 2019 compared to 2018 due to the increase in equity market indices in 2019. Lower index option and futures payouts in the latter half of 2018 were due to the significant decrease in the equity market indices during that period. Excluding derivative instruments, net investment income decreased 1% in 2019 compared to 2018. The decrease in net investment income, excluding derivative instruments, is attributable to decreased earned yields on bonds and preferred stocks as general market interest rates decreased during 2019 partially offset by increased earnings from higher levels of bonds and commercial mortgage loans. In addition, the impact from the Company’s allocation of assets to its company owned life insurance at the end of 2018 decreased income from its bond portfolio and increased other income.

The decrease in other income is attributable to a reduction in experience refunds received from an affiliated limited purpose captive subsidiary ($12.1 million in 2019 compared to $27.4 million in 2018) and a significant decrease in net reserve adjustments on reinsurance ceded (reduction of other income of $102.7 million in 2019 compared an increase in other income of $159.4 million in 2018). The reserve adjustments on reinsurance ceded relate to a large modified coinsurance agreement with an unaffiliated party and the decrease in other income related to this item is offset by a corresponding decrease in policy reserves. These decreases were partially offset by an increase in earnings from MNL’s company owned life insurance (income of $28.2 million in 2019 compared to a loss of $11.3 million in 2018) and increased amortization of the interest maintenance reserve (income of $28.7 million in 2019 compared to income of $19.5 million in 2018).

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Benefits and Expenses

Policyholder benefits increased 9% in 2019 compared to 2018. This increase was primarily attributable to a 11% increase in life and annuity surrender benefits and a 3% increase in life and annuity death benefits. The annuity benefits are offset by a corresponding decrease in policyholder reserves. The life death benefits result in an impact to operating earnings by the amount of benefit paid above the amount of policyholder reserve released, net of reinsurance.

Change in policyholder reserves decreased 32% in 2019 compared to 2018. This is the result of lower life and annuity considerations received and significant decrease in reserves applicable to index credits applied to policyholder values offset, in part, by higher excess reserve increases on certain life insurance business.

Operating costs and other items decreased 7% in 2019 compared to 2018. This decrease is the net of a decrease in general operating expenses and a decrease in commission expenses during 2019Commissions have decreased as a result of our lower life and annuity premium considerations.

Net transfers to (from) separate accounts decreased 26% in 2019 compared to 2018. Transfers to (from) separate accounts consist of the net transfer of premiums and benefits related to our variable life, variable annuity and bank owned life insurance. This transfer has no impact on the Company’s operations as the transferred premiums and benefits are reported elsewhere in the statement of operations. The net transfer decreased in 2019 due to the reductions in variable annuity premiums received.

Federal Income Taxes

The effective Federal income tax rate applicable to operations in 2019 was 15% compared to 5% in 2018. The increase in the effective tax rate is primarily attributable to Midland National’s realized capital losses in 2018 that were carried back to previous periods resulting in a recognized tax benefit of 35%, which rate was effective in the carryback periods. The differential in the rates of 35% and 21% was recognized as a benefit in the 2018 tax provision applicable to operations. The effective Federal income tax rate in 2019 aligns with Company expectations on a going forward basis. The expected effective Federal income tax rate is lower than the statutory rate of 21% due to tax credits from qualified tax credit bonds held by the Company and other tax exempt bond income.

Realized Gains (Losses) Net of Federal Income Taxes

Realized losses in 2019 were $35.3 million compared to losses of $83.0 million in 2018. For statutory reporting purposes, realized gains (losses) reported on the statement of operations are net of gains and losses transferred to the Interest Maintenance Reserve (“IMR”). Amounts transferred to IMR, which is a liability reported in the statement of financial position, are gains and losses resulting from changes in interest rates and are amortized into operations over the estimated remaining lives of the securities sold. Gains and losses reported in the statement of operations are credit and non-interest related. The losses reported in 2019 were primarily related to other than temporary impairments recognized on several oil and gas exploration and production securities, an impairment on a private debt fund security and additional impairments on real estate owned. The losses reported in 2018 are primarily attributable to a loss of $71 million on the liquidation of a service company subsidiary. This loss was offset by the release of a corresponding unrealized loss directly in surplus. The balance of the losses in 2018 were primarily applicable to an impairment on real estate owned.

Liquidity and Capital Resources

Liquidity

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

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Midland National structures its investment portfolio to provide liquidity for timely payment of policy benefits, operational expenses and other obligations such as dividends. Midland National’s cash and short-term invested assets were $1,448.0 million and $494.4 million at December 31, 2020 and December 31, 2019, respectively.

Net cash provided by operating activities was $4,520.7 million and $1,689.5 million for the years ended December 31, 2020 and December 31, 2019, respectively. Net cash flow from operating activities primarily consists of net investment income and premium receipts from insurance contracts less benefit payments, operating expenses and income taxes. The increase in cash provided by operating activities in 2020 is primarily due to higher premiums collected during 2020 compared to 2019, specifically on higher sales of multi-year guarantee fixed annuities, offset by an increase in benefit payments due to the aging of the Company’s inforce blocks of business.

Cash flow (used by) or from financing activities was $1,624.0 million and ($545.9) million for the years ended December 31, 2020 and 2019, respectively. The increase of cash in 2020 was primarily related to net change in repurchase agreements and FHLB advances of $1,067 million, increases in funds held under coinsurance of $321 billion and increases in remittances of $352 million. The cash used by financing activities in 2019 was primarily related to the initial purchase of company owned life insurance of $522 million.

Midland National is a member of the FHLB of Des Moines. The FHLB membership provides the Company a borrowing facility with access to low cost funding. As members of the FHLB, Midland National is required to purchase and hold the FHLB common stock. In addition, Midland National is required to purchase activity common stock equal to 5.0% of outstanding borrowings. As of December 31, 2020, Midland National owned a total of $132.9 million of membership and activity common stock of the FHLB.

The Company utilizes the FHLB borrowing ability as a source of funding to complement its security lending program. The Company had total outstanding borrowings from the FHLB of $3.1 billion at December 31, 2020 and $2.3 billion at December 31, 2019. These borrowings are fully secured by assets pledged as collateral to the FHLB. The total borrowing capacity available to the Company is dependent on the type and amount of assets eligible to be pledged as collateral. The Company believes it has sufficient assets available to be pledged as collateral to meet any unexpected liquidity need in the foreseeable future.

The Company utilizes a security lending program (primarily repurchase agreements) to enhance investment income. This program could be used as a source of short-term funds if the need arose. As of December 31, 2020 and December 31, 2019, the Company had outstanding repurchase agreements of $4.2 billion and $3.9 billion, respectively. The repurchase agreements involve the sale of securities and an agreement to repurchase the same securities at a later date at an agreed- upon price. Our policy requires that, at all times during the term of the repurchase agreements, cash or other types of collateral provided is sufficient to allow the counterparty to fund substantially all of the cost of purchasing replacement assets. The cash proceeds received under these repurchase agreements are typically invested in fixed income securities. The Company accounts for these transactions as secured borrowings, where the amount borrowed is tied to the fair value of the underlying collateral securities. The collateral for these agreements is reported in bonds in the balance sheet of the Company. Iowa, the state of domicile for the Company, limits the amount of securities lending to 10% of policyholder legal reserves. As of December 31, 2020, Midland National’s securities lending was 9% of policyholder legal reserves.

At December 31, 2020 Midland National had outstanding capital commitments to limited partnerships of $832.3 million.

Insurance Policyholder Liabilities

Liquidity needs vary by product. Factors that affect each product’s need for liquidity include interest rate levels, contract size, competitive products, termination or surrender charges, market value adjustments, federal income taxes, benefit levels and level of underwriting risk. To help assure that obligations will be met when they fall due, the Company uses asset/liability cash flow management techniques that take into consideration current and total

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investment return requirements, asset and liability durations, risk tolerance, and cash flow requirements. The Company closely monitors the general account to assess asset/liability matching and to modify investment strategies and rebalance investment portfolio durations as necessary. The fair values for liabilities under all insurance contracts are taken into consideration in the overall management of interest rate risk.

The Company’s product features enhance its liquidity position. Virtually all individual deferred annuity products and universal life products contain surrender charges for varying durations, reducing the risk that customers will seek withdrawals during the period surrender charges are in place. Surrender charges allow the Company to better plan the maturities of its invested assets by reducing the risk that future cash outflows will exceed anticipated levels. Also, 69% of the Company’s in-force annuity products (measured by reserves) at December 31, 2019 had a market value adjustment (“MVA”) that protects the Company when surrenders occur as a result of changes in market interest rates.

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

	December 31, 2020:
(dollars in millions)	Annuity Reserve Amount			Percent of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	24,484			66	%
At fair value		2,029			5	%
At book value less surrender charge of 5% or more		260			1	%
Total with adjustment or fair value		26,773			72	%
At book value without adjustment		10,023			27	%
Not subject to discretionary withdrawal		560			1	%
Total		37,356			100	%
Reinsurance ceded		(3,354	)
Total net of reinsurance	$	34,002

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

As indicated in the table above, 1% of policyholder funds at December 31, 2020 were not subject to discretionary withdrawal and another 72% were subject to adjustments and charges that are designed to protect the Company from early withdrawals in the event that they occur. We believe that this structure provides the Company with a relatively stable block of deposit liabilities which helps reduce the risk of unexpected cash withdrawals and the adverse financial effects cash withdrawals could cause.

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

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

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

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Capital Resources

As of December 31, 2020 and 2019, Midland National’s total adjusted capital (“TAC”), as defined by the NAIC, was $4,712 million and $4,349 million, respectively. The TAC is used to calculate the Company’s risk based capital (“RBC”) at the end of each reporting period. As of December 31, 2020 and 2019, Midland National’s authorized control level RBC was 804% and 931%, respectively. Midland National’s TAC is well in excess of all RBC standards as of both indicated reporting dates. In addition, Midland National monitors its capital levels as determined by each of its rating agencies (AM Best, Standard & Poor’s and Fitch). As of December 31, 2020 and 2019 Midland National’s capital exceeds the amount necessary to maintain its current ratings.

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

	December 31,
(dollars in thousands)	2020		2019
Capital and surplus	$	4,205,059	$	3,852,431
Asset valuation reserve		506,759		496,408
Subsidiaries’ asset valuation reserve		636		617
Total Adjusted Capital	$	4,712,454	$	4,349,456

The Company is wholly owned by SFG and its ability to pay dividends is limited by the laws of the state of Iowa, its state of domicile. Without prior approval of the commissioner of the Iowa Insurance Division, MNL is limited to pay ordinary dividends to SFG of $420.5 million in 2021. MNL paid dividends to SFG of $205.1 million in 2020, $222.3 million in 2019 and $232.4 million in 2018.

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

Solberg Reinsurance Company (“Solberg Re”), a wholly owned limited purpose subsidiary domiciled in the state of Iowa, secured a contingent note guarantee from an unrelated third party insurance company. The contingent note guarantee supports redundant statutory required reserves on certain term life insurance policies assumed from Midland National and North American Company for Life and Health Insurance (“North American”), an affiliate of Midland National. The contingent note guarantee has a term of 18 years and has a maximum issuance amount of $726 million. The contingent note guarantee can be drawn upon when actual policy benefits applicable to the specific life insurance term policies exceed specified thresholds. Solberg Re does not anticipate drawing funds against the contingent note guarantee. The amount of the contingent note guarantee is reported as an admitted asset by Solberg Re.

MNL Reinsurance Company (“MNL Re”), another wholly owned limited purpose subsidiary domiciled in the state of Iowa, secured a contingent note guarantee by an unrelated third party for specific risks on certain permanent life insurance policies assumed by MNL Re from Midland National and North American. The contingent note guarantee has a term of 18 years and an aggregate maximum amount of $1,432 million. The contingent note can be drawn upon when actual policy benefits applicable to the specific permanent life insurance policies exceed certain thresholds. MNL Re does not anticipate drawing funds against the contingent note. The amount of the contingent note guarantee is reported as an admitted asset by MNL Re.

Canal Reinsurance Company (“Canal Re”), a wholly owned limited purpose subsidiary domiciled in the state of Iowa, was launched on September 30, 2019 at which time it secured a contingent note guarantee from an unrelated third party insurance company. The contingent note guarantee supports redundant statutory required reserves on certain term life insurance policies assumed from Midland National and North American. The contingent note guarantee has a term of 18 years and has a maximum issuance amount of $411 million. The contingent note guarantee can be drawn upon when actual policy benefits applicable to the specific life insurance term policies exceed specified thresholds. Canal Re does

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not anticipate drawing funds against the contingent note guarantee. The amount of the contingent note guarantee is reported as an admitted asset by Canal Re.

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

Midland National’s parent, SFG, has issued senior notes in 2013, 2017 and 2021. The proceeds from these notes issued in 2013 and 2017 were used to purchase surplus notes from SFG’s insurance subsidiaries to support business growth. Midland National received $142 million in 2013 and $295 million in 2017 as capital contributions from these senior note offerings to support its business growth. The proceeds from the notes issued in 2021 were used to support continued business growth. SFG has the ability to issue additional debt in order to support future business growth of Midland National and other insurance subsidiaries. SEI also has access a bank line of credit and other sources of capital that can be contributed to SFG and its insurance subsidiaries to support business growth.

Investments

Midland National had total cash and invested assets of $59,095 million and $53,060 million at December 31, 2020 and 2019, respectively, as illustrated below:

	December 31, 2020					December 31, 2019
(dollars in thousands)	Admitted Value		% of Total Admitted Value			Admitted Value		% of Total Admitted Value
Cash and invested assets
Bonds	$	48,452,287		81.9	%	$	44,434,060		83.7	%
Stocks
Preferred		771,536		1.3	%		261,244		0.5	%
Common-subsidiaries		279,528		0.5	%		348,159		0.7	%
Common-other		433,602		0.7	%		266,377		0.5	%
Mortgage loans		4,403,274		7.4	%		4,538,436		8.6	%
Real estate		100,995		0.2	%		38,774		0.1	%
Policy loans		404,383		0.7	%		395,058		0.7	%
Cash, cash equivalents and short-term investments		1,448,036		2.5	%		494,409		0.9	%
Receivable for securities		3,720		0.0	%		4,835		0.0	%
Derivative securities		459,488		0.8	%		321,814		0.6	%
Other invested assets		2,337,913		4.0	%		1,956,847		3.7	%
Total cash and invested assets	$	59,094,762		100.0	%	$	53,060,013		100.0	%

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

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Bonds

The following table summarizes the admitted values and estimated fair values of the Company’s bond portfolio for the years ended December 31, 2020 and 2019:

	At December 31, 2020							At December 31, 2019
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total Admitted Value			Estimated Fair Value		Admitted Value		% of Total Admitted Value
Bonds
U.S. government	$	3,294,399	$	2,857,238		5.9	%	$	4,215,110	$	3,897,795		8.8	%
All other government		378,280		356,028		0.7	%		130,336		118,217		0.3	%
U.S. special revenue & special assessment obligations, non-guaranteed		14,871,124		12,770,970		26.4	%		13,986,819		12,666,754		28.5	%
Industrial and miscellaneous		33,355,239		30,616,769		63.2	%		28,107,007		26,641,842		59.9	%
Bank Loans		1,245,769		1,232,890		2.5	%		437,992		437,285		1.0	%
Parent, subsidiaries and affliates		618,850		618,392		1.3	%		673,577		672,167		1.5	%
Total bonds	$	53,763,661	$	48,452,287		100.0	%	$	47,550,841	$	44,434,060		100.0	%
Preferred stock	$	831,674	$	771,536		100.0	%	$	287,527	$	261,244		100.0	%
Common stock
Parent, subsidiaries and affliates	$	279,528	$	279,528		39.2	%	$	348,159	$	348,159		56.7	%
Other		433,602		433,602		60.8	%		266,377		266,377		43.3	%
Total common stock	$	713,130	$	713,130		100.0	%	$	614,536	$	614,536		100.0	%

The Company’s rating designations are based on ratings from nationally recognized rating organizations, primarily those assigned by S&P, Moody’s Investor Service, Inc. (“Moody’s”) and Fitch. The Company’s bond portfolio consisted of 93.4% and 96.4% of investment grade securities at December 31, 2020 and 2019, respectively. The NAIC Securities Valuation Office (“SVO”) is responsible for the day-to-day credit quality assessment and valuation of securities owned by state-regulated insurance companies. Comparisons between the NAIC ratings and rating agency designations are published by the NAIC. The NAIC assigns securities quality ratings and uniform valuations, which are used by insurers when preparing their annual statements to their state insurance regulators. The NAIC ratings are similar to the rating agency designations of the Nationally Recognized Statistical Rating Organizations (“NRSRO”) for marketable bonds. NAIC ratings 1 and 2 include bonds generally considered investment grade (rated Baa3 or higher by Moody’s, or BBB- or higher by S&P and Fitch), by such ratings organizations. NAIC ratings 3 through 6 include bonds generally considered below investment grade (rated Ba1 or lower by Moody’s, or rated BB+ or lower by S&P and Fitch). Typically, if a security has been rated by an NRSRO, the SVO utilizes that rating and assigns an NAIC designation based on the following system:

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

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

(dollars in thousands)
	At December 31, 2020					At December 31, 2019
NAIC Rating	Admitted Value		% of Total			Admitted Value		% of Total
1	$	31,497,837		65.1	%	$	33,718,813		75.9	%
2		13,763,416		28.4	%		9,121,019		20.5	%
3		1,597,634		3.3	%		1,089,424		2.5	%
4		1,323,549		2.7	%		347,273		0.8	%
5		251,811		0.5	%		139,595		0.3	%
6		18,040		0.0	%		17,936		0.0	%
Total Bonds	$	48,452,287		100.0	%	$	44,434,060		100.0	%

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

	At December 31, 2020					At December 31, 2019
(dollars in thousands)	Admitted Values		% of Total			Admitted Values		% of Total
Contractual maturity
Due in one year or less	$	727,317		1.5	%	$	575,267		1.3	%
Due after one year through five years		4,804,693		9.9	%		3,648,990		8.2	%
Due after five years through ten years		6,321,205		13.0	%		5,771,953		13.0	%
Due after ten years		18,302,170		37.8	%		15,419,563		34.7	%
Securities not due at a single maturity date (primarily mortgage-backed securities)		18,296,902		37.8	%		19,018,287		42.8	%
Total Bonds	$	48,452,287		100.0	%	$	44,434,060		100.0	%

Important factors in the selection of investments include diversification, credit quality, liquidity, yield and call protection. The relative importance of these factors is determined by market conditions and underlying product or portfolio characteristics. The largest asset class in which bonds were invested was Industrial and Miscellaneous, which constituted 63.2% and 59.9% of bonds at December 31, 2020 and 2019, respectively.

The following tables summarize the Company’s sector allocation, admitted values, estimated fair values and ratings distribution for Industrial and Miscellaneous bonds at December 31, 2020 and 2019:

(In thousands)
	At December 31, 2020							At December 31, 2019
	Estimated Fair Value		Admitted Value		% of total			Estimated Fair Value		Admitted Value		% of total
Industrial & Miscellaneous
Transportation	$	3,214,333	$	3,189,192		10.5	%	$	3,100,495	$	3,045,885		11.5	%
Banking		3,615,914		3,185,241		10.4	%		3,413,390		3,153,664		11.9	%
CLO		2,973,461		2,992,733		9.8	%		2,961,452		2,991,400		11.3	%
Military Housing		3,482,090		2,966,823		9.7	%		3,204,453		2,863,600		10.7	%
Insurance		2,742,090		2,448,455		8.0	%		2,286,426		2,115,433		7.9	%
Energy		1,904,907		1,689,109		5.5	%		1,162,098		1,079,257		4.1	%
Consumer Non Cyclical		1,372,387		1,187,632		3.9	%		627,489		589,390		2.2	%
Consumer Cyclical		1,174,442		1,092,933		3.6	%		539,905		514,715		1.9	%
Financial		1,077,172		1,041,630		3.4	%		1,384,775		1,357,590		5.1	%
Brokerage/Asset Managers/Exchanges		1,092,236		1,003,906		3.3	%		683,665		651,847		2.4	%
Agency		943,617		857,921		2.8	%		918,743		883,875		3.3	%
Whole Business		896,729		839,597		2.7	%		981,771		942,379		3.5	%
Communications		882,382		763,192		2.5	%		484,641		438,622		1.6	%

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(In thousands)
	At December 31, 2020							At December 31, 2019
	Estimated Fair Value		Admitted Value		% of total			Estimated Fair Value		Admitted Value		% of total
Basic		845,333		748,082		2.4	%		369,996		345,511		1.3	%
Technology		788,445		683,326		2.2	%		602,301		552,445		2.1	%
Traditional-Conduit		675,783		665,047		2.2	%		857,927		841,408		3.2	%
Capital Goods		572,811		496,366		1.6	%		127,423		120,733		0.5	%
CTL		477,830		454,509		1.5	%		193,995		180,195		0.7	%
CRE-CLO		415,701		415,519		1.4	%		277,275		276,839		1.0	%
Other Financials		406,821		380,015		1.2	%		218,971		206,967		0.8	%
Triple Net Lease		331,019		323,517		1.1	%		296,114		288,890		1.1	%
Cell Tower		333,448		311,405		1.0	%		161,988		155,736		0.6	%
Other Industrials		324,834		299,058		1.0	%		89,589		81,279		0.3	%
Electric		304,363		256,497		0.8	%		214,130		185,288		0.7	%
Alt-A		267,713		249,515		0.8	%		323,662		293,456		1.1	%
CDO		249,918		249,343		0.8	%		193,586		191,313		0.7	%
REIT		252,052		226,929		0.7	%		325,338		306,204		1.1	%
Finance Company		247,178		224,011		0.7	%		170,933		160,967		0.6	%
Sovereign		252,125		223,605		0.7	%		165,181		149,620		0.6	%
Prime		229,419		212,283		0.7	%		507,672		481,645		1.8	%
Other ABS		178,310		175,138		0.6	%		196,967		193,161		0.7	%
Other		188,330		160,911		0.5	%		226,727		206,074		0.8	%
Credit Card		118,708		118,000		0.4	%		118,885		118,000		0.4	%
Traditional-Single Borrower		120,380		113,902		0.4	%		122,390		116,314		0.4	%
Subprime		99,886		89,608		0.3	%		127,576		115,178		0.4	%
Diversified Payment Rights		92,396		86,704		0.3	%		97,014		93,919		0.4	%
Power		51,617		47,921		0.2	%		50,325		48,052		0.2	%
Automotive		46,057		45,330		0.1	%		157,685		156,194		0.6	%
Re-Remic		44,800		35,903		0.1	%		48,345		36,933		0.1	%
Consumer Unsecured		34,995		34,343		0.1	%		54,419		53,490		0.2	%
Non-Traditional		29,611		28,045		0.1	%		34,903		31,827		0.1	%
Servicing Advance		3,596		3,573		0.0	%		2,803		2,800		0.0	%
Net Lease		0		0		0.0	%		23,584		23,747		0.1	%
Total Industrial & Miscellanous	$	33,355,239	$	30,616,769		100.0	%	$	28,107,007	$	26,641,842		100.0	%

	At December 31, 2020							At December 31, 2019
NAIC Designation	Estimated Fair Value		Admitted Value		% of total			Estimated Fair Value		Admitted Value		% of total
1	$	16,675,679	$	15,468,238		50.6	%	$	17,877,818	$	17,038,330		64.0	%
2		14,591,125		13,217,252		43.2	%		9,170,734		8,588,159		32.2	%
3		1,506,851		1,372,208		4.5	%		863,565		826,304		3.1	%
4		503,199		474,083		1.5	%		142,777		138,306		0.5	%
5		69,605		76,413		0.2	%		43,389		42,112		0.2	%
6		8,780		8,575		0.0	%		8,724		8,631		0.0	%
Total Industrial & Miscellaneous	$	33,355,239	$	30,616,769		100.0	%	$	28,107,007	$	26,641,842		100.0	%

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The following table summarizes the Company’s sector allocation, admitted values, estimated fair values and ratings distribution for Bank Loans at December 31, 2020 and 2019:

(In thousands)
	At December 31, 2020							At December 31, 2019
	Estimated Fair Value		Admitted Value		% of total			Estimated Fair Value		Admitted Value		% of total
Bank Loans
Technology	$	283,507	$	282,201		22.9	%	$	123,032	$	122,789		28.2	%
Consumer Non Cyclical		231,520		226,283		18.4	%		79,652		79,693		18.2	%
Consumer Cyclical		146,588		151,419		12.3	%		44,785		45,155		10.2	%
Transportation		122,177		118,519		9.6	%		—		—		0.0	%
Communications		86,842		85,635		6.9	%		44,331		43,936		10.1	%
Capital Goods		81,592		80,081		6.5	%		21,616		21,638		4.9	%
Brokerage/Asset Managers/Exchanges		69,835		68,866		5.6	%		6,180		6,175		1.4	%
Energy		66,340		64,720		5.2	%		16,158		16,389		3.7	%
Electric		49,642		47,838		3.9	%		282		301		0.1	%
Other Industrials		40,546		39,713		3.2	%		34,775		33,557		7.9	%
Finance Company		30,823		31,191		2.5	%		53,250		53,649		12.2	%
Basic		29,399		29,205		2.4	%		9,164		9,158		2.1	%
Other Financials		4,566		4,608		0.4	%		4,589		4,653		1.0	%
REIT		2,392		2,611		0.2	%		—		—		0.0	%
Insurance		—		—		0.0	%		178		192		0.0	%
Total Banks Loans	$	1,245,769	$	1,232,890		100.0	%	$	437,992	$	437,285		100.0	%
	At December 31, 2020							At December 31, 2019
NAIC Designation	Estimated Fair Value		Admitted Value		% of total			Estimated Fair Value		Admitted Value		% of total
1	$	—	$	—		0.0	%	$	—	$	—		0.0	%
2		189,552		186,723		15.1	%		108,183		108,104		24.7	%
3		74,137		73,368		6.0	%		22,303		22,295		5.1	%
4		799,119		787,935		63.9	%		199,925		200,097		45.8	%
5		170,513		175,399		14.2	%		96,953		97,484		22.3	%
6		12,448		9,465		0.8	%		10,628		9,305		2.1	%
Total Bank Loans	$	1,245,769	$	1,232,890		100.0	%	$	437,992	$	437,285		100.0	%

The following tables summarize the security type, admitted values, estimated fair values and ratings distribution for the Company’s investments in Parents, Subsidiaries and Affiliates at December 31, 2020 and 2019:

(In thousands)
	At December 31, 2020							At December 31, 2019
	Estimated Fair Value		Admitted Value		% of total			Estimated Fair Value		Admitted Value		% of total
Issuer Obligations/Affiliates	$	32,599	$	28,612		4.6	%	$	45,862	$	42,085		6.3	%
Structured Securities/Affiliates		533,762		537,425		86.9	%		574,638		577,183		85.8	%
Bank Loans/Affiliates		52,489		52,355		8.5	%		53,077		52,899		7.9	%
Total Parent, Subsidiaries and Affiliates	$	618,850	$	618,392		100.0	%	$	673,577	$	672,167		100.0	%

110

	At December 31, 2020							At December 31, 2019
NAIC Designation	Estimated Fair Value		Admitted Value		% of total			Estimated Fair Value		Admitted Value		% of total
1	$	362,161	$	358,142		57.9	%	$	391,056	$	388,576		57.8	%
2		104,760		105,459		17.1	%		106,960		110,215		16.4	%
3		98,003		94,135		15.2	%		165,294		164,507		24.5	%
4		53,926		60,656		9.8	%		10,267		8,869		1.3	%
5		—		—		0.0	%		—		—		0.0	%
6		—		—		0.0	%		—		—		0.0	%
Total Parent, Subsidiaries and Affiliates	$	618,850	$	618,392		100.0	%	$	673,577	$	672,167		100.0	%

Mortgage Loans

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

(in thousands)
Property Type	At December 31, 2020						At December 31, 2019
	Admitted Value			% of total			Admitted Value			% of total
Office	$	1,733,208			39.3	%	$	1,899,670			41.8	%
Retail		941,150			21.3	%		921,727			20.3	%
Hotel		610,441			13.9	%		607,454			13.4	%
Multi-family		523,106			11.9	%		567,151			12.5	%
Other		272,365			6.2	%		167,845			3.7	%
Industrial		259,261			5.9	%		290,673			6.4	%
Medical		59,936			1.4	%		75,112			1.7	%
Residential		10,000			0.2	%		10,000			0.2	%
Less: Allowance		(6,193	)		-0.1	%		(1,196	)		0.0	%
	$	4,403,274			100	%	$	4,538,436			100	%

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

(in thousands)
Geographic Location	At December 31, 2020						At December 31, 2019
	Admitted Value			% of total			Admitted Value			% of total
Pacific	$	1,318,536			30.0	%	$	1,182,441			26.1	%
South Atlantic		1,298,280			29.5	%		1,355,706			29.8	%
Middle Atlantic		705,709			16.0	%		823,340			18.1	%
Mountain		309,142			7.0	%		338,985			7.5	%
East North Central		271,257			6.2	%		342,792			7.6	%
New England		225,913			5.1	%		229,114			5.0	%
West South Central		151,767			3.4	%		181,445			4.0	%
West North Central		70,802			1.6	%		71,536			1.6	%
East South Central		58,061			1.3	%		14,273			0.3	%
Less: Allowance		(6,193	)		-0.1	%		(1,196	)		0.0	%
	$	4,403,274			100	%	$	4,538,436			100	%

111

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

(in thousands)
Year of Origination	Original Amount		Interest Rate Range		Range of LTV at Origination		Admitted Value as of December 31, 2020			% of Total
2016 and Prior	$	2,849,523		3.53%-9.97%		48%-76%	$	2,619,375			59.4	%
2017		319,543		4.10%-8.50%		27%-73%		284,906			6.5	%
2018		646,629		2.99%-11.00%		27%-73%		707,818			16.1	%
2019		571,346		3.49%-8.00%		48%-75%		599,514			13.6	%
2020		193,326		2.65%-4.85%		44%-75%		197,854			4.5	%
Less: Allowance								(6,193	)		-0.1	%
	$	4,580,367					$	4,403,274			100.0	%

Other Invested Assets

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

	At December 31, 2020				At December 31, 2019
(dollars in thousands)	Admitted Value		Unfunded commitments		Admitted Value		Unfunded commitments
Investments that have underlying characteristics of:
Mortgage loans	$	169,986	$	141,549	$	13,705	$	5,511
Fixed income instruments-Unafilliated		44,249		606,701		28,711		105,970
Fixed income instruments-Afilliated		302,943		—		314,525		—
Common stocks-Unaffiliated		364,692		526,561		443,005		225,638
Common stocks-Affiliated		198,545		41,837		198,859		2,315
Real estate		99,575		24,531		103,536		21,469
Surplus notes		822,580		—		585,088		—
Collateral loans-Unaffiliated		151,919		138,232		127,072		—
Collateral loans-Affiliated		104,166		100,622		60,000		—
Miscellaneous other		79,258		25,229		82,346		19,133
Total other invested assets	$	2,337,913	$	1,605,262	$	1,956,847	$	380,036

Derivatives

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

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

112

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

	At December 31, 2020				At December 31, 2019
(dollars in thousands)	Admitted Value		Estimated Fair Value		Admitted Value		Estimated Fair Value
Derivative instruments:
Assets:
Call options	$	411,350	$	1,555,260	$	304,759	$	1,083,632
Futures		40,466		40,466		11,476		11,476
Interest rate floors		7,670		7,670		5,200		5,200
Interest rate swaps		—		—		362		362
Foreign exchange forwards		2		2		17		17
Total derivative instruments assets	$	459,488	$	1,603,398	$	321,814	$	1,100,687
	Reported Value		Estimated Fair Value		Reported Value		Estimated Fair Value
Liabilities:
Written options	$	174,648	$	847,281	$	87,323	$	422,670
Foreign exchange forwards		1,754		1,754		159		159
Total derivative instruments liabilities	$	176,402	$	849,035	$	87,482	$	422,829

Off Balance Sheet Arrangements

None.

Critical Accounting Estimates

The preparation of financial statements of insurance companies requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. The most significant areas that require the use of management’s estimates relate to the determination of the fair values of financial assets and liabilities, derivatives and derivative instruments, impairments of securities, income taxes and liabilities for future policy benefits. Note 1 of the 2020 Midland National Audited Statutory Financial Statements provides a summary of significant accounting policies.

Qualitative and Quantitative Disclosures about Market Risk

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

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

There may be a limited market for certain investments we hold in our investment portfolio. These investments, which may be illiquid under certain circumstances, include privately-placed bonds, mortgage loans, policy loans, real estate and other limited partnerships. Under certain market conditions, some of our very high quality bonds can experience

113

reduced liquidity such as during periods of market volatility or disruption. Under these circumstances market prices may be lower than our carrying value and we could be forced to sell these investments at a loss.

The credit risk in our investment portfolio is related to the risk of default by the issuers of fixed income invested assets and mortgages held in our portfolio. Our product pricing incorporates a certain level of defaults within our portfolio. Historically, the actual level of defaults has not exceeded the assumed level built into our product pricing. Our investment manager applies vigorous credit analysis prior to the purchase of a security and during the holding period in order to minimize the negative impact from security defaults.

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

Midland National sells life and annuity products that provide for a guarantee base return and a higher return tied to several major equity market indices. In order to mitigate this market risk, Midland National purchases over-the-counter index options and futures contracts that compensate us for any appreciation over the strike price and offsets the corresponding increase in the policyholder obligation. Midland National purchases index call options on applicable indices and enters futures contract during the year to fund the annual index credits on our fixed indexed life and annuity policies. The risk associated with these purchases is the fluctuation of costs from period to period. We manage this risk by adjusting caps and participation rates on the applicable indexed products within contractual limitations. By managing the caps and participation rates we can limit the cost of the options and futures to be within product pricing assumptions subject to contractual limitations. For the past three years, index credits to policyholders were $520.5 million in 2020, $444.1 million in 2019 and $823.2 million in 2018. Proceeds from option payouts and futures contracts were $529.0 million in 2020, $456.3 million in 2019 and $832.0 million in 2018. The difference between proceeds received and index credits is the result of over-hedging that occurs as a result of policyholder behavior.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

114

Audited Financial Statements

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

FINANCIAL STATEMENTS—STATUTORY BASIS

FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 and 2018

115

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

TABLE OF CONTENTS

DECEMBER 31, 2020, 2019 and 2018

	Page(s)
Midland National Life Insurance Company
Financial Statements
Report of Independent Auditors		117
Statements of Admitted Assets, Liabilities and Capital and Surplus—Statutory Basis		119
Statements of Operations—Statutory Basis		120
Statements of Changes in Capital and Surplus—Statutory Basis		121
Statements of Cash Flow—Statutory Basis		122
Notes to Statutory Financial Statements—Statutory Basis		123

116

Report of Independent Auditors

To the Board of Directors and Management of Midland National Life Insurance Company

We have audited the accompanying statutory 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, 2020 and 2019, 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, 2020.

Management’s Responsibility 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.

Auditors’ Responsibility

Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company’s preparation and fair presentation of the financial statements 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, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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.

PricewaterhouseCoopers LLP, Hub Tower, 699 Walnut Street, Des Moines Iowa 50309

T: (515) 246 3800, www.pwc.com/us

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.

117

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” paragraph, the financial statements referred to above 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, 2020 and 2019, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2020.

Opinion on Statutory Basis of Accounting

In our opinion, the financial statements referred to above present fairly, in all material respects, the admitted assets, liabilities and surplus of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division described in Note 1.

April 21, 2021

118

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, 2020 and 2019

(Dollars in Thousands, except par value)

	2020		2019
ADMITTED ASSETS
Bonds	$	48,452,287	$	44,434,060
Stocks
Preferred		771,536		261,244
Common—subsidiaries		279,528		348,159
Common—other		433,602		266,377
Mortgage loans		4,403,274		4,538,436
Real estate		100,995		38,774
Policy loans		404,383		395,058
Cash, cash equivalents and short-term investments		1,448,036		494,409
Receivable for securities		3,720		4,835
Derivative instruments		459,488		321,814
Other invested assets		2,337,913		1,956,847
Total cash and invested assets		59,094,762		53,060,013
Policy premiums due, deferred or uncollected		158,947		164,952
Accrued investment income		461,240		411,378
Current federal income tax		74,525		116,918
Net deferred tax asset		303,318		264,147
Company owned life insurance		1,124,804		1,036,490
Other admitted assets		265,303		46,246
Separate account assets		5,779,605		5,316,107
Total admitted assets	$	67,262,504	$	60,416,251
LIABILITIES AND CAPITAL AND SURPLUS
Liabilities for future policy benefits	$	43,223,475	$	38,935,399
Liabilities for deposit-type contracts		344,604		548,418
Policy and contract claims		246,619		161,253
Other policyholder funds		2,958		3,006
Total policyholder liabilities		43,817,656		39,648,076
Amounts payable for reinsurance		62,382		100,821
Interest maintenance reserve		60,632		41,232
Asset valuation reserve		506,759		496,408
Repurchase agreements, FHLB advances and collateral on derivatives		7,548,006		6,488,170
Payable for securities		110,817		97,691
Funds held under coinsurance		4,545,324		4,224,140
Derivative instruments		176,402		87,482
Accrued expenses and other liabilities		688,153		289,004
Separate account liabilities		5,541,314		5,090,796
Total liabilities		63,057,445		56,563,820
Capital and surplus
Common stock—$1 par value; 2,549,439 shares authorized, issued, and outstanding		2,549		2,549
Surplus notes		1,037,000		837,000
Additional paid-in capital		793,927		618,927
Unassigned surplus		2,371,583		2,393,955
Total capital and surplus		4,205,059		3,852,431
Total liabilities and capital and surplus	$	67,262,504	$	60,416,251

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

119

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, 2020, 2019 and 2018

(Dollars in Thousands)

	2020			2019			2018
REVENUES
Life insurance and annuity premiums and other considerations	$	6,462,830		$	3,266,328		$	3,701,003
Net investment income		2,320,212			2,353,707			2,252,880
Commissions and expense allowances on reinsurance ceded		96,559			76,949			53,974
Amortization of interest maintenance reserve		22,463			28,652			19,540
Reserve adjustments on reinsurance ceded		(523,700	)		(102,717	)		159,419
Investment income ceded—funds withheld reinsurance		(187,482	)		(225,489	)		(242,236	)
Other income		241,779			121,501			87,203
Total revenues		8,432,661			5,518,931			6,031,783
BENEFITS AND EXPENSES
Life and annuity policy benefits		2,969,121			2,981,481			2,735,271
Increase in liabilities for future life and annuity policy benefits		4,300,648			1,394,173			2,048,680
Commissions		393,037			335,074			351,193
General expenses		252,016			220,706			248,132
Insurance taxes, licenses and fees		49,089			40,255			43,594
Net transfers to (from) separate accounts		(2,377	)		70,516			95,152
Total benefits and expenses		7,961,534			5,042,205			5,522,022
Net gain from operations before federal income taxes and net realized capital gains		471,127			476,726			509,761
Federal income tax expense		125,687			70,237			25,179
Net gain from operations before net realized capital gains		345,440			406,489			484,582
Net realized capital losses		(192,814	)		(35,289	)		(82,977	)
Net income	$	152,626		$	371,200		$	401,605

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

120

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, 2020, 2019 and 2018

(Dollars in Thousands)

	Common Stock		Surplus Note		Additional Paid-In Capital		Unassigned Surplus			Total Capital and Surplus
Balances at December 31, 2017	$	2,549	$	837,000	$	594,686	$	1,979,827		$	3,414,062
Net income		—		—		—		401,605			401,605
Change in net unrealized capital gains (losses)		—		—		—		45,243			45,243
Change in net deferred income tax		—		—		—		26,898			26,898
Change in nonadmitted assets		—		—		—		(86,770	)		(86,770	)
Change in asset valuation reserve		—		—		—		(17,356	)		(17,356	)
Additional paid in surplus		—		—		24,241		—			24,241
Change in surplus as a result of reinsurance		—		—		—		(8,259	)		(8,259	)
Dividends to stockholder		—		—		—		(232,437	)		(232,437	)
OPEB SSAP92 adjustment		—		—		—		(350	)		(350	)
Correction of errors from prior periods		—		—		—		4,331			4,331
Balances at December 31, 2018		2,549		837,000		618,927		2,112,732			3,571,208
Net income		—		—		—		371,200			371,200
Change in net unrealized capital gains (losses)		—		—		—		101,239			101,239
Change in net deferred income tax		—		—		—		39,873			39,873
Change in nonadmitted assets		—		—		—		(1,163	)		(1,163	)
Change in asset valuation reserve		—		—		—		(49,507	)		(49,507	)
Change in surplus as a result of reinsurance		—		—		—		66,800			66,800
Dividends to stockholder		—		—		—		(222,306	)		(222,306	)
OPEB SSAP92 adjustment		—		—		—		(2,919	)		(2,919	)
Correction of errors from prior periods		—		—		—		(21,994	)		(21,994	)
Balances at December 31, 2019		2,549		837,000		618,927		2,393,955			3,852,431
Net income		—		—		—		152,626			152,626
Change in net unrealized capital gains (losses)		—		—		—		(114,070	)		(114,070	)
Change in net deferred income tax		—		—		—		116,682			116,682
Change in nonadmitted assets		—		—		—		(84,726	)		(84,726	)
Change in liability for reinsurance in unauthorized and certified companies		—		—		—		(221	)		(221	)
Change in reserve on account of change in valuation basis		—		—		—		12,573			12,573
Change in asset valuation reserve		—		—		—		(10,351	)		(10,351	)
Surplus (contributed to) withdrawn from Separate Accounts during period		—		—		—		41,000			41,000
Other changes in surplus in Separate Accounts statement		—		—		—		(41,000	)		(41,000	)
Change in surplus notes		—		200,000		—		—			200,000
Additional paid in surplus		—		—		175,000		—			175,000
Change in surplus as a result of reinsurance		—		—		—		113,521			113,521
Dividends to stockholder		—		—		—		(205,109	)		(205,109	)
OPEB SSAP92 adjustment		—		—		—		(3,297	)		(3,297	)
Balances at December 31, 2020	$	2,549	$	1,037,000	$	793,927	$	2,371,583		$	4,205,059

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

121

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, 2020, 2019 and 2018

(Dollars in Thousands)

	2020			2019			2018
OPERATING ACTIVITIES
Life insurance and annuity premiums and other considerations	$	6,461,161		$	3,264,196		$	3,700,644
Net investment income		2,136,137			2,236,611			2,073,937
Other income		278,494			207,103			94,948
Benefits paid		(3,391,507	)		(3,082,581	)		(2,561,745	)
Net transfers (to) from separate account		1,447			(72,759	)		(101,977	)
Insurance expenses paid		(873,997	)		(836,727	)		(880,509	)
Federal income taxes paid		(91,074	)		(26,315	)		(90,618	)
Net cash provided by operating activities		4,520,661			1,689,528			2,234,680
INVESTING ACTIVITIES
Proceeds from investments sold, matured or repaid
Bonds		9,537,519			7,027,473			12,680,499
Preferred and common stocks		117,277			90,107			59,565
Mortgage loans		312,026			647,329			673,385
Real estate		63			9,078			—
Other invested assets		261,725			149,623			262,268
Miscellaneous proceeds		14,373			5,475			510,828
Cost of investments acquired
Bonds		(13,616,114	)		(7,934,329	)		(14,012,547	)
Preferred and common stocks		(770,254	)		(222,779	)		(41,658	)
Mortgage loans		(239,315	)		(662,356	)		(789,416	)
Real estate		(62,948	)		(20,461	)		(1,588	)
Other invested assets		(599,269	)		(369,157	)		(287,159	)
Miscellaneous applications		(136,699	)		(22,385	)		(370,032	)
Net change in policy loans		(9,424	)		(20,206	)		(18,417	)
Net cash used in investing activities		(5,191,040	)		(1,322,588	)		(1,334,272	)
FINANCING ACTIVITIES
Surplus notes		200,000			—			—
Company owned life insurance		834			(521,516	)		(488,711	)
Capital and paid in surplus		—			—			24,241
Net change in collateral liability		(6,987	)		253,511			(322,002	)
Net change in repurchase agreements and FHLB advances		1,066,824			(22,332	)		149,125
Net withdrawals on deposit-type contract		(219,853	)		(17,199	)		(26,865	)
Dividends paid to stockholder		(205,109	)		(222,306	)		(232,437	)
Net change in funds held under coinsurance		321,184			(100,073	)		(138,564	)
Net change in remittances and items not allocated		352,580			11,107			34,087
Other cash provided		114,533			72,931			17,080
Net cash provided (used) by financing activity and other sources		1,624,006			(545,877	)		(984,046	)
RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Net change in cash, cash equivalents and short-term investments		953,627			(178,937	)		(83,638	)
Cash, cash equivalents and short-term investments:
Beginning of year		494,409			673,346			756,984
End of year	$	1,448,036		$	494,409		$	673,346
SUPPLEMENTAL CASH FLOW
Non-cash transactions:
Accrued capital contribution from parent	$	175,000		$	—		$	—
Capitalized Interest		75,078			64,135			72,000

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

122

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(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. The Company is affiliated through common ownership with North American Company for Life and Health Insurance (“North American”), Sammons Securities, Inc. (“Sammons Securities”), Sammons Financial Network, LLC (“SFN”), Sammons Institutional Group, Inc. (“SIG”), SFG Tenura LLC (“Tenura”), Heyday Insurance Agency, LLC (“Heyday”), and Property Disposition, Inc. (“PDI”).

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 2020, 2019 and 2018:

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”) Separate Account at book value. The impact of applying this prescribed practice had no impact on 2020 statutory net income; however, Capital and Surplus as of December 31, 2020 is decreased by $312,374 as a result of this prescribed practice. The impact of applying this prescribed practice had no impact on 2019 statutory net income; however, Capital and Surplus as of December 31, 2019 is decreased by $191,482 as a result of this prescribed practice. The impact of applying this prescribed practice had no impact on 2018 statutory net income; however, Capital and Surplus as of December 31, 2018 is decreased by $54,923 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

123

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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, 2020 by $35,751 and the cumulative effect on Capital and Surplus at December 31, 2020 was a decrease of $251,909. The impact of applying this prescribed practice decreased the Company’s statutory net income for the year ended December 31, 2019 by $278,340 and the cumulative effect on Capital and Surplus at December 31, 2019 was a decrease of $216,158. The impact of applying this prescribed practice increased the Company’s statutory net income for the year ended December 31, 2018 by $124,181 and the cumulative effect on Capital and Surplus at December 31, 2018 was an increase of $62,182.

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, 2020 is $126,888 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 $378,798 would have been established as of December 31, 2020 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, 2020 and there was no cumulative impact to the Company’s Capital and Surplus at December 31, 2020. The voluntary reserve established as of December 31, 2019 is $102,324 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 $318,482 would have been established as of December 31, 2019 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 $62,182 for the year ended December 31, 2019 and there was no cumulative impact to the Company’s Capital and Surplus at December 31, 2019. The voluntary reserve established as of December 31, 2018 is $0 as the timing mismatch between the futures and the hedged liabilities results in a $42,978 decrease to the Company’s statutory net income and surplus under the prescribed practice. Under the NAIC basis, a voluntary reserve of $0 would have been established as of December 31, 2018 as the timing mismatch between the futures and hedged liabilities would have resulted in a $105,160 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 $62,182 for the year ended December 31, 2018 and increased the Company’s Capital and Surplus by $62,182 at December 31, 2018.

124

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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, 2020 by $3,295 and the cumulative effect on Capital and Surplus at December 31, 2020 was an increase of $57,271. The impact of applying this prescribed practice increased the Company’s statutory net income for the year ended December 31, 2019 by $1,641 and the cumulative effect on Capital and Surplus at December 31, 2019 was an increase of $53,976. The impact of applying this prescribed practice increased the Company’s statutory net income for the year ended December 31, 2018 by $11,911 and the cumulative effect on Capital and Surplus at December 31, 2018 was an increase of $52,335.

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,
	2020			2019			2018
Net Income:
(1) Midland National state basis	$	152,626		$	371,200		$	401,605
(2) State prescribed practice that increase(decrease) NAIC SAP:
(a) Economic hedge of call option derivative assets (IAC 191-97)		(35,751	)		(278,340	)		124,181
(b) Deferral of 2012 annuity mortality table (IAC 191-43)		3,295			1,641			11,911
(3) NAIC SAP (1-2=3)	$	185,082		$	647,899		$	265,513
Surplus:
(4) Midland National state basis	$	4,205,059		$	3,852,431		$	3,571,208
(5) State prescribed practices that increase(decrease) NAIC SAP:
(a) Book value of BOLI separate account assets (Bulletin 07-06)		(312,374	)		(191,482	)		(54,923	)
(b) Economic hedge of call option derivative assets (IAC 191-97)		(251,909	)		(216,158	)		62,182
(c) Deferral of 2012 annuity mortality table (IAC 191-43)		57,271			53,976			52,335
(6) NAIC SAP (4-5=6)	$	4,712,071		$	4,206,095		$	3,511,614

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 $1,969,923, $1,899,476, and $1,700,984 as of December 31, 2020, 2019, and 2018, respectively.

125

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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, 2020 was $53,086, $92,387 and $134,055, 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, 2020, respectively, would have been negative $972,878, negative $510,423 and negative $207,094.

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:

• 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;

• 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 which is not admitted and is charged directly to unassigned surplus. There were no disallowed IMR liabilities recorded at 2020 and 2019;

• 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;

126

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(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:

	2020		2019		Changes in 2020
Policy loans	$	1,289	$	1,191	$	98
Other invested assets		891		500		391
Agents’ balances		13,939		9,738		4,201
Amounts recoverable from reinsurers		7,392		6,267		1,125
Net deferred tax asset		152,426		65,682		86,744
Electronic data processing equipment		32,143		46,243		(14,100	)
Furniture and Equipment		571		628		(57	)
Other assets		31,316		24,992		6,324
Total nonadmitted assets	$	239,967	$	155,241	$	84,727

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 cost or fair value with changes in fair value reported as a change in surplus. Under GAAP reporting, available-for-sale and trading bonds are reported at fair value with changes in fair value presented as a component of other comprehensive income for available-for-sale securities and as a component of net income for trading securities;

• Redeemable and perpetual preferred stocks rated four or higher are reported at amortized cost rather than fair value. Redeemable and perpetual preferred stocks rated by the NAIC as five or lower are reported at the lower of cost or fair value with changes in fair value reported as a change in surplus. Under GAAP, redeemable and perpetual preferred stocks are reported at fair value with changes in fair value presented as a component of other comprehensive income for redeemable preferred stocks and as a component of net income for perpetual preferred stocks;

• Common stocks, other than common stocks of affiliates, are reported at fair value with changes in fair value reported as a change in surplus. Under GAAP, common stocks, other than common stocks of affiliates, are reported at fair value with changes in fair value presented as a component of net income;

• Common stock of subsidiaries is recorded based on the underlying audited statutory equity of the respective entity’s financial statements. GAAP requires consolidation of subsidiaries;

• The assets and liabilities for reinsurance transactions are generally recorded on a net basis versus a gross basis for GAAP;

• In accordance with IAC 191-97, option derivative instruments that hedge the growth in interest credited to the hedged policy as a direct result of changes in the related indices are carried on the statutory statements of admitted assets, liabilities and capital and surplus at amortized cost and any amortization or proceeds from

127

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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.

Other significant accounting policies are as follows:

Use of estimates

The preparation of the financial statements in conformity with SAP requires management to make estimates and assumptions that affect the reported amounts of admitted assets and liabilities and disclosure of contingent assets and liabilities at the dates of the statements of admitted assets, liabilities and capital and surplus, and reported amounts of revenues and benefits and expenses during the reporting periods. Actual results could differ significantly from those estimates.

The most significant areas that require the use of management’s estimates relate to the determination of the fair values of financial assets and liabilities, derivatives and derivative instruments, impairments of securities, income taxes, and liabilities for future policy benefits.

Fair value of financial assets, financial liabilities and financial instruments

Fair value estimates are significantly affected by the assumptions used, including discount rates and estimates of future cash flows. Although fair value estimates are calculated using assumptions that management believes are

128

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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. The Company has reviewed the creditworthiness of these financial institutions and believes there is minimal risk of material loss. Fair value approximates amortized cost due to the nature and short-term duration of cash, cash equivalents and short-term investments.

Derivative instruments

Fair value for options is based on internal financial models or counterparty quoted prices. Variation margin accounts, consisting of cash balances applicable to open futures contracts, held by counterparties are reported at the cash balances, which is equal to fair value. Fair value for interest rate swaps, interest rate floors and foreign currency forwards is based on exchange prices, broker quoted prices or fair values provided by the counterparties.

129

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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:

	2020		2019
Bonds	$	446,516	$	380,905
Mutual funds		32,566		—
Cash and short-term investments		236,418		372,298
Other invested assets		409,304		283,287
Total company owned life insurance	$	1,124,804	$	1,036,490

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 an additional provision for adverse deviation.

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 at maturity of the contract. The fair value of collateral on derivative instruments approximates the carrying value due to the short-term nature of the investment. These investments primarily consist of cash and fixed income securities.

Investments and Investment Income

Bonds

Bonds not backed by other loans, loan-backed bonds, collateralized mortgage obligations (“CMOs”) and other structured securities are carried at amortized cost using the interest method, except for those bonds with an NAIC

130

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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 $95,792 and $169,790 of mortgage-backed securities that are all or partially collateralized by sub-prime mortgages at December 31, 2020 and 2019, 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, 2020 and 2019, 98% and 100% of the Company’s securities with sub-prime exposure are rated as investment grade, respectively.

Stocks

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.

Investments in common stocks are stated 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 has not been reduced for 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 8 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.

Mortgage loans

Mortgage loans consist principally of commercial mortgage loans and are carried at the adjusted unpaid balances. The Company’s lending policies allow for primarily first-lien mortgages that generally do not exceed 77% of the fair market value of the property allowing for sufficient excess collateral to absorb losses should the Company be required to foreclose and take possession of the collateral. The mortgage portfolio invests primarily in larger metropolitan areas across the U.S. and is diversified by type of property. Property and casualty insurance is required on all properties covered by mortgage loans at least equal to the excess of the loan over the maximum loan which would be permitted by law on the land without the buildings. Interest income on non-performing loans is generally recognized on a cash basis.

Policy loans

Policy loans are carried at the unpaid principal balance to the extent it does not exceed the cash surrender value. Amounts in excess of cash surrender value are non-admitted.

131

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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 balance sheet 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 balance sheet date.

When an other-than-temporary impairment (“OTTI”) has occurred, the amount of the impairment charged against earnings depends on whether the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis, the entire impairment is recognized as a charge against earnings. If the Company does not intend to sell the security and it is not more likely than not it will be required to sell the security before recovery of its amortized cost basis, the impairment is bifurcated into an interest related loss and a non-interest related loss for loan-backed and structured securities. The non-interest related loss is measured as the difference between the present value of cash flows expected to be collected from the loan-backed security and the loan-backed security’s amortized cost. The amount of the non-interest related loss is recognized as a charge against earnings. The difference between the fair value of the impaired loan-backed security and the present value of cash flows expected to be collected is the interest related impairment. For stocks, non loan-backed and other than structured securities the impairment is not bifurcated and is charged against earnings.

The Company uses a single best estimate of cash flows approach and uses the effective yield prior to the date of impairment to calculate the present value of cash flows. The Company’s assumptions for residential mortgage-

132

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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 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

Derivatives 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 IAC191-97 as discussed in the prescribed practice footnote.

The Company uses derivative instruments to manage its fixed indexed and policy obligation interest guarantees and interest rate and credit 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

133

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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 qualify as effective hedges. The Company also uses foreign currency forwards to protect itself against currency fluctuations between trade and settlement dates on foreign financial instruments.

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.

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.

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 2.5% to 6.0% 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 3.50% to 4.25% 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 Company has calculated its gross and net of reinsurance reserves under both methods described above and holds the greater of the two reserves

134

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

calculated on both a gross and net basis. The 2020 impact of performing the VM method calculations resulted in a gross reserve increase of $575,587 and a net reserve increase of $331,650 over what would have been calculated if only using the 2011 method. The 2019 impact of performing the VM method calculations resulted in a gross reserve increase of $309,524 and a net reserve increase of $63,182 over what would have been calculated if only using the 2011 method.

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.

The Company has coinsurance agreements with MNL Re, Solberg Re and Canal Re. Reinsurance premiums, claims and expenses and reserves under those agreements are accounted for in accordance with the terms of the reinsurance contracts.

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

135

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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 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. 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.

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.

Bank owned life insurance products

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. These amounts are subject to limited discretionary withdrawal at book value without a market value adjustment. The assets in this separate account are carried at book value in accordance with the prescribed practice promulgated by the State of Iowa. The Company assumes the underlying risk for the performance of the assets in this separate account. 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.

Accounting changes and correction of prior period errors

During 2019, the Company recorded a correction of error related to a block of interest only bonds. The amortization of the book value of these securities had been calculated incorrectly resulting in a cumulative overstatement of book value and overstatement of investment income related to amortization, which was corrected during 2019. The statements of changes in capital and surplus contains an adjustment of negative $21,994 in 2019 to correct this error.

136

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(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, 2020
											Not
	Estimated		Carrying								Practicable
Type of Financial Instrument					(Level 1)		(Level 2)		(Level 3)		(Carrying
	Fair Value		Value								Value)
Financial assets:
Bonds	$	53,763,661	$	48,452,287	$	—	$	48,422,711	$	5,340,950	$	—
Preferred stocks		831,674		771,536		—		831,209		465		—
Common stocks		433,602		433,602		287,409		135,273		10,920		—
Mortgage loans		4,540,386		4,403,274		—		4,540,386		—		—
Policy loans		404,383		404,383		—		404,383		—		—
Cash, cash equivalents and short-term investments		1,448,042		1,448,036		923,238		524,804		—		—
Derivative instruments		1,603,398		459,488		40,466		1,562,932		—		—
Other invested assets		1,420,580		1,266,969		—		906,090		514,490		28,079
Separate accounts		6,174,350		5,779,605		2,839,353		3,127,820		207,177		—
Financial liabilities:
Liabilities for deposit-type contracts	$	353,341	$	344,604	$	—	$	—	$	353,341	$	—
Repurchase agreements, FHLB advances and collateral on derivative instruments		7,614,421		7,548,006		295,682		7,318,739		—		—
Derivative instruments		849,035		176,402		—		849,035		—		—

			December 31, 2019
											Not
	Estimated		Carrying								Practicable
Type of Financial Instrument					(Level 1)		(Level 2)		(Level 3)		(Carrying
	Fair Value		Value								Value)
Financial assets:
Bonds	$	47,550,841	$	44,434,060	$	—	$	42,793,468	$	4,757,373	$	—
Preferred stocks		287,527		261,244		—		247,892		39,635		—
Common stocks		266,377		266,377		149,344		105,246		11,787		—
Mortgage loans		4,659,340		4,538,436		—		4,659,340		—		—
Policy loans		395,058		395,058		—		395,058		—		—
Cash, cash equivalents and short-term investments		494,409		494,409		361,888		132,521		—		—
Derivative instruments		1,100,687		321,814		11,476		1,089,211		—		—
Other invested assets		1,155,654		1,011,464		—		609,603		546,051		33,552
Separate accounts		5,558,510		5,316,107		2,415,392		2,975,999		167,119		—
Financial liabilities:
Liabilities for deposit-type contracts	$	560,192	$	548,418	$	—	$	—	$	560,192	$	—
Repurchase agreements, FHLB advances and collateral on derivative instruments		6,507,033		6,488,170		302,669		6,204,364		—		—
Derivative instruments		422,829		87,482		—		422,829		—		—

137

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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.

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.

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.

138

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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.

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, 2020
	Level 1		Level 2		Level 3		Net Asset Value		Total
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous	$	—	$	10,609	$	7,430	$	—	$	18,039
Common stocks—other		287,409		135,273		10,920		—		433,602
Derivative instruments—interest rate floors		—		7,670		—		—	$	7,670
Derivative instruments—foreign exchange forwards		—		2		—		—		2
Derivative instruments—futures		40,466		—		—		—		40,466
Separate account assets (a)		2,765,174		—		—		—		2,765,174
Financial liabilities (carried at fair value):
Derivative instruments—foreign exchange forwards	$	—	$	1,754	$	—	$	—	$	1,754

139

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	December 31, 2019
	Level 1		Level 2		Level 3		Net Asset Value		Total
Financial assets (carried at fair value):
Bonds—industrial & miscellaneous	$	—	$	1,464	$	—	$	—	$	1,464
Common stocks—other		149,344		105,246		11,787		—		266,377
Derivative instruments—interest rate floors and swaps		—		5,563		—		—		5,563
Derivative instruments—foreign exchange forwards		—		17		—		—		17
Derivative instruments—futures		11,476		—		—		—		11,476
Separate account assets (a)		2,381,598		—		—		—		2,381,598
Financial liabilities (carried at fair value):
Derivative instruments—foreign exchange forwards	$	—	$	159	$	—	$	—	$	159

^(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 bank owned life insurance separate accounts.

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. 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, 2020
	Beginning Balance		Transfers into Level 3		Transfers out of Level 3		Total gains and (losses) included in Net Income		Total gains and (losses) in Surplus			Purchases		Sales			Ending Balance
Financial assets (carried at fair value):
Bonds—industrial & miscellaneous	$	—	$	7,430	$	—	$	—	$	—		$	—	$	—		$	7,430
Common stocks—other		11,787		—		—		—		(953	)		163		(77	)		10,920
Total assets	$	11,787	$	7,430	$	—	$	—	$	(953	)	$	163	$	(77	)	$	18,350
	December 31, 2019
	Beginning Balance		Transfers into Level 3		Transfers out of Level 3		Total gains and (losses) included in Net Income		Total gains and (losses) in Surplus			Purchases		Sales			Ending Balance
Financial assets (carried at fair value):
Common stocks—other	$	7,906	$	—	$	—	$	—	$	(899	)	$	4,780	$	—		$	11,787
Total assets	$	7,906	$	—	$	—	$	—	$	(899	)	$	4,780	$	—		$	11,787

140

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(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, 2020
	Admitted Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Bonds
U.S. governments	$	2,857,238	$	438,404	$	1,243	$	3,294,399
All other governments		356,028		23,382		1,130		378,280
U.S. special revenue & special assessment obligations, non-guaranteed		12,770,970		2,101,652		1,498		14,871,124
Industrial and miscellaneous		30,616,769		2,923,759		185,289		33,355,239
Bank loans		1,232,890		21,697		8,818		1,245,769
Parent, subsidiaries and affiliates		618,392		12,368		11,910		618,850
Total bonds	$	48,452,287	$	5,521,262	$	209,888	$	53,763,661
Preferred stocks	$	771,536	$	60,144	$	6	$	831,674
	December 31, 2019
	Admitted Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Bonds
U.S. governments	$	3,897,795	$	320,357	$	3,042	$	4,215,110
All other governments		118,217		12,119		—		130,336
U.S. special revenue & special assessment obligations, non-guaranteed		12,666,754		1,330,300		10,235		13,986,819
Industrial and miscellaneous		26,641,842		1,557,875		92,710		28,107,007
Bank loans		437,285		2,822		2,115		437,992
Parent, subsidiaries and affiliates		672,167		11,516		10,106		673,577
Total bonds	$	44,434,060	$	3,234,989	$	118,208	$	47,550,841
Preferred stocks	$	261,244	$	27,925	$	1,642	$	287,527

141

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

The cost and admitted value of common stocks—subsidiaries and common stocks—other are as follows:

	December 31, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Admitted Value
Subsidiaries	$	71,422	$	208,106	$	—	$	279,528
Other		409,489		28,443		4,330		433,602
Total	$	480,911	$	236,549	$	4,330	$	713,130
	December 31, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Admitted Value
Subsidiaries	$	57,422	$	290,737	$	—	$	348,159
Other		267,099		2,007		2,729		266,377
Total	$	324,521	$	292,744	$	2,729	$	614,536

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:

	2020
	Admitted Value		Estimated Fair Value
Due in one year or less	$	727,317	$	733,984
Due after one year through five years		4,804,693		5,251,829
Due after five years through ten years		6,321,205		7,204,541
Due after ten years		18,302,170		20,914,961
Securities not due at a single maturity date (primarily mortgage-backed securities)		18,296,902		19,658,346
Total bonds	$	48,452,287	$	53,763,661

142

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(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, 2020
	Less than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Bonds
U.S. governments	$	296,626	$	1,243	$	—	$	—	$	296,626	$	1,243
All other governments		127,302		1,130		—		—		127,302		1,130
U.S. special revenue & special assessment obligations, non-guaranteed		93,664		1,252		18,798		246		112,462		1,498
Industrial and miscellaneous		2,595,001		111,608		3,083,063		73,683		5,678,064		185,291
Bank loans		87,699		7,555		68,708		1,263		156,407		8,818
Parent, subsidiaries and affiliates		29,364		2,537		93,411		9,373		122,775		11,910
Total bonds		3,229,656		125,325		3,263,980		84,565		6,493,636		209,890
Preferred stocks		22		6		—		—		22		6
Total bonds and preferred stocks	$	3,229,678	$	125,331	$	3,263,980	$	84,565	$	6,493,658	$	209,896

	December 31, 2019
	Less than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Bonds
U.S. government	$	138,671	$	2,834	$	53,802	$	208	$	192,473	$	3,042
U.S. special revenue & special assessment obligations, non-guaranteed		638,598		7,917		181,248		2,318		819,846		10,235
Industrial and miscellaneous		1,606,354		11,765		3,444,911		80,945		5,051,265		92,710
Bank loans		61,938		316		61,723		1,799		123,661		2,115
Parent, subsidiaries and affiliates		28,623		1,377		146,720		8,729		175,343		10,106
Total bonds		2,474,184		24,209		3,888,404		93,999		6,362,588		118,208
Preferred stocks		—		—		17,521		1,642		17,521		1,642
Total bonds and preferred stocks	$	2,474,184	$	24,209	$	3,905,925	$	95,641	$	6,380,109	$	119,850

At December 31, 2020, the Company held 12,531 positions in bonds and preferred stocks. The table above includes 696 securities of 523 issuers as of December 31, 2020. As of December 31, 2020, 93% 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, 2020, bonds and preferred stocks in an unrealized loss position had fair value equal to 97% of amortized cost.

143

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

The following summarizes the unrealized losses by investment category as of December 31, 2020.

U.S. government

The unrealized losses on U.S. government securities represent 1% of total unrealized losses at December 31, 2020. The total unrealized losses in this category have decreased at December 31, 2020 compared to December 31, 2019. The unrealized losses are applicable to securities with yields lower than the market yield available on similar securities at December 31, 2020. The previous table indicates 100% 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 intent and 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, 2020.

All other governments

The unrealized losses on all other governments represent 1% of total unrealized losses at December 31, 2020. The Company did not own any other government securities prior to 2020. The unrealized losses are applicable to securities with yields lower than the market yield available on similar securities at December 31, 2020. The previous table indicates 100% 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 intent and 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, 2020.

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 1% of total unrealized losses at December 31, 2020. The total unrealized losses in this category have decreased at December 31, 2020 compared to December 31, 2019. The unrealized losses are applicable to securities with yields higher than the market yield available on similar securities at December 31, 2020. The table indicates 84% of the unrealized losses have been in an unrealized loss position for twelve months or less. Yields decreased during 2020 causing increases in the fair values of investments of this category compared to 2019. The Company does not intend to sell and has the intent and 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, 2020.

Industrial and miscellaneous

The unrealized losses on industrial and miscellaneous, represent 88% of unrealized losses at December 31, 2020 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 increased at December 31, 2020 compared to December 31, 2019. The table indicates 60% of the unrealized losses have been in an unrealized loss position for twelve months or less. The increase in unrealized losses is largely attributable to high yield credit spreads widening during 2020. 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. In all other cases, if the Company does not intend to sell these securities prior to recovery and has the intent and ability to retain the investment until recovery of each security’s amortized cost, the security is not considered to be other-than-temporarily impaired.

144

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Bank loans

The unrealized losses on bank loans, represent 4% of unrealized losses at December 31, 2020. The unrealized losses in this category have increased at December 31, 2020 compared to December 31, 2019. The increase in unrealized losses is largely attributable to high yield credit spreads widening during 2020. The table indicates 86% 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 intent and 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, 2020.

Parent, subsidiaries and affiliates

The unrealized losses on parent, subsidiaries and affiliates, represent 5% of unrealized losses at December 31, 2020. The unrealized losses in this category have increased at December 31, 2020 compared to December 31, 2019. The table indicates 21% 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 intent and 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, 2020.

Preferred stocks

This category, which represents less than 1% of unrealized losses at December 31, 2020, consists of perpetual and redeemable preferred stocks in the industrial and miscellaneous sector, primarily financial institutions. The unrealized losses in this category have decreased at December 31, 2020 compared to December 31, 2019. The table indicates 100% 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. In all other cases, if the Company does not intend to sell these stocks prior to recovery and has the intent and ability to retain the investment until recovery of each stocks amortized cost, the security is not considered to be other-than- temporarily impaired.

145

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Other-than-temporary impairments

As a result of the Company’s review of OTTI of investment securities, OTTI recognized on loan-backed and structured securities is summarized in the following table:

CUSIP	Book/Adjusted Carrying Value Amortized Cost Before Current Period OTTI		Recognized Other-Than- Temporary Impairment		Amortized Cost After Other-Than- Temporary Impairment		Fair Value at time of OTTI		Date of Financial Statement Where Reported
89989FAB0	$	1,495	$	660	$	835	$	835		6/30/2020
BGH3K2V74		9,048		3,648		5,400		5,400		9/30/2020
BGH4HBXH2		3,301		809		2,492		2,492		9/30/2020
00037UAC4		7,056		4,190		2,866		2,866		9/30/2020
89473MAD4		17,484		3,099		14,385		14,385		9/30/2020
001406AA5		22,332		6,233		16,099		17,630		12/31/2020
04301YAA1		36,631		21,561		15,070		16,675		12/31/2020
82323MAA7		37,028		19,316		17,712		19,359		12/31/2020
87404LAA0		59,421		6,233		53,187		57,168		12/31/2020
89989FAA2		50,166		9,697		40,470		40,979		12/31/2020
05580HAE9		1,328		646		682		682		12/31/2020
67105VAQ7		1,004		995		9		50		12/31/2020
			$	77,086

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:

	2020		2019		2018
Bonds	$	2,058,710	$	2,080,762	$	2,090,330
Preferred stocks		25,166		13,650		16,168
Common stocks - other		11,850		7,813		6,126
Mortgage loans		204,361		215,349		208,887
Real estate		2,607		1,992		2,737
Policy loans		22,860		22,797		23,371
Cash, cash equivalents and short-term investments		5,046		15,115		11,415
Derivative instruments		100,840		170,565		46,616
Other invested assets		127,347		118,396		120,039
Other investment income		1,152		2,105		4,913
Total gross investment income		2,559,939		2,648,544		2,530,602
Less: Investment expenses		239,727		294,837		277,722
Net investment income	$	2,320,212	$	2,353,707	$	2,252,880

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.

146

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

The Company recognized $16,408, $30,680, and $20,788 of net investment income for the years ended December 31, 2020, 2019, and 2018, 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 58, 42, and 51 for the years ended December 31, 2020, 2019, and 2018, respectively.

The Company recognized $523, $806, and $815 of net investment income for the years ended December 31, 2020, 2019, and 2018, 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 7, 10, and 16 for the years ended December 31, 2020, 2019, and 2018, respectively.

The major categories of net realized capital gains (losses) reflected in the statements of operations are summarized as follows:

	2020			2019			2018
Bonds	$	(59,149	)	$	(41	)	$	(255,994	)
Preferred stocks		13,775			875			2,009
Common stocks - subsidiaries		—			—			(70,826	)
Common stocks - other		(40	)		(95	)		1,741
Mortgage loans		(57,455	)		—			—
Real Estate		63			(5,922	)		(7,004	)
Short-term investments		3			—			—
Derivative instruments		(1,382	)		(812	)		(43,511	)
Other invested assets		(46,265	)		(6,573	)		401
Realized capital losses		(150,450	)		(12,568	)		(373,184	)
Income tax effects		(7,780	)		(7,214	)		56,963
Amounts transferred to IMR (net of federal income taxes of $9,193, $4,122 and $(62,002))		(34,584	)		(15,507	)		233,244
Net realized capital losses	$	(192,814	)	$	(35,289	)	$	(82,977	)

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:

	2020			2019			2018
Proceeds from sales	$	4,076,564		$	1,377,110		$	7,829,963
Gross realized gains		76,899			20,678			38,002
Gross realized losses		(95,042	)		(18,358	)		(332,565	)

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.

147

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Mortgage loans

The following table summarizes the Company’s mortgage loans by property type:

	2020					2019
	Carrying Value		% of Total			Carrying Value		% of Total
Office	$	1,733,208		40	%	$	1,899,670		43	%
Retail		941,150		21	%		921,727		20	%
Hotel		610,441		14	%		607,454		13	%
Multi-family		523,106		12	%		567,151		12	%
Other		272,365		6	%		167,845		4	%
Industrial		259,261		6	%		290,673		6	%
Medical		59,936		1	%		75,112		2	%
Residential		10,000		0	%		10,000		0	%
Total	$	4,409,467		100	%	$	4,539,632		100	%

Mortgage loans by United States geographic locations are as follows:

	2020					2019
	Carrying Value		% of Total			Carrying Value		% of Total
Pacific	$	1,318,536		31	%	$	1,182,441		26	%
South Atlantic		1,298,280		29	%		1,355,706		30	%
Middle Atlantic		705,709		16	%		823,340		18	%
Mountain		309,142		7	%		338,985		7	%
East North Central		271,257		6	%		342,792		8	%
New England		225,913		5	%		229,114		5	%
West South Central		151,767		3	%		181,445		4	%
West North Central		70,802		2	%		71,536		2	%
East South Central		58,061		1	%		14,273		0	%
	$	4,409,467		100	%	$	4,539,632		100	%

The Company’s mortgage loans by origination year are as follows:

	Carrying Value		% of Total
2020	$	197,854		4	%
2019		599,514		14	%
2018		707,818		16	%
2017		284,906		6	%
2016 and prior		2,619,375		60	%
	$	4,409,467		100	%

The Company has no outstanding commitments on mortgage loans at December 31, 2020.

Any loan delinquent on contractual payments over 90 days past due is considered non-performing. At December 31, 2020 and 2019, there were no non-performing commercial mortgage loans that were over 90 days past due on contractual payments.

148

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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.

Information regarding the Company’s credit quality indicators for its recorded investment in mortgage loans, gross of valuation allowances is as follows:

	December 31, 2020					December 31, 2019
	Carrying Value		% of Total			Carrying Value		% of Total
Internal credit risk grade:
High quality	$	2,849,152		65	%	$	3,550,369		78	%
Medium quality		526,561		12	%		526,125		12	%
Low quality		1,023,754		23	%		453,138		10	%
Residential - unrated		10,000		0	%		10,000		0	%
Total mortgage loans	$	4,409,467		100	%	$	4,539,632		100	%

The Company acquired 14 new commercial mortgage loans in 2020 with interest rates ranging from 2.65 to 4.85%.

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, 2020					December 31, 2019
	Carrying Value		% of Total			Carrying Value		% of Total
Less than 50%	$	358,963		8	%	$	250,318		6	%
50% to 60%		2,025,036		46	%		2,081,040		46	%
61% to 70%		1,847,531		42	%		2,055,030		45	%
71% to 80%		177,937		4	%		153,244		3	%
81% to 90%		—		0	%		—		0	%
91% to 100%		—		0	%		—		0	%
Total mortgage loans	$	4,409,467		100	%	$	4,539,632		100	%

The loan-to-value ratio is determined using the most recent appraised value. Appraisals are updated periodically when 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 $6,193 and $1,196 at December 31, 2020 and 2019, respectively.

149

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Three mortgage loans were impaired during the year ended December 31, 2020, via direct write down of the carrying amount of the loans in the amount of $47,012. 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 $59,719 and $106,731, respectively, as of December 31, 2020. The average recorded investment in impaired loans was $83,749 and $0 for the years ended December 31, 2020 and 2019, respectively. No mortgage loans were impaired during the year ended December 31, 2019.

The Company did not restructure or take ownership of real estate in satisfaction of any mortgage loans during 2020 and 2019. 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. Other than investments in U.S. governments and U.S. special revenue bonds, the Company had no investments that exceeded 10% of the Company’s capital and surplus at December 31, 2020.

Restricted assets

The following assets are subject to applicable restrictions under each of the following areas:

	December 31, 2020
Restricted Asset Category	Total Admitted Restricted		Gross Restricted to Total Assets			Admitted Restricted to Total Admitted Assets
Subject to repurchase agreements	$	3,983,845		6	%		6	%
FHLB capital stock		132,912		0	%		0	%
On deposit with states		3,207		0	%		0	%
Pledged as collateral to FHLB		3,072,795		5	%		5	%
Pledged as collateral not captured in other categories		60,500		0	%		0	%
Total restricted assets	$	7,253,259		11	%		11	%

	December 31, 2019
	Total		Gross			Admitted
						Restricted to
Restricted Asset Category	Admitted		Restricted to			Total Admitted
	Restricted		Total Assets			Assets
Subject to repurchase agreements	$	3,969,921		7	%		7	%
FHLB capital stock		100,912		0	%		0	%
On deposit with states		3,212		0	%		0	%
Pledged as collateral to FHLB		2,272,795		4	%		4	%
Pledged as collateral not captured in other categories		60,893		0	%		0	%
Total restricted assets	$	6,407,733		11	%		11	%

150

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(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, 2020 and 2019, the Company owns common stock totaling $132,912 and $100,912, 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, 2020 and 2019, the Company had outstanding advances of $3,072,795 and $2,272,795, respectively, from FHLB (see Note 7).

Deposits with regulatory authorities

At December 31, 2020 and 2019, securities (primarily bonds) with admitted carrying values of $3,207 and $3,212 respectively, were on deposit with regulatory authorities as required by law.

4. DERIVATIVES AND DERIVATIVE INSTRUMENTS

The following table presents the notional amounts, amortized cost, estimated fair value and carrying value of derivatives:

	December 31, 2020
	Notional		Amortized		Estimated		Carrying
	Amount		Cost		Fair Value		Value
Assets:
Derivative instruments:
Call options	$	18,411,245	$	411,350	$	1,555,260	$	411,350
Futures		899,525		—		40,466		40,466
Interest rate floors		113,000		716		7,670		7,670
Foreign exchange forwards		482		—		2		2
			$	412,066	$	1,603,398	$	459,488
Liabilities:
Derivative instruments:
Foreign exchange forwards	$	49,346	$	—	$	1,754	$	1,754
Written options		6,119,887		174,648		847,281		174,648
			$	174,648	$	849,035	$	176,402

151

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	December 31, 2019
	Notional		Amortized		Estimated		Carrying
	Amount		Cost		Fair Value		Value
Assets:
Derivative instruments:
Call options	$	17,286,953	$	304,759	$	1,083,632	$	304,759
Futures		1,138,155		—		11,476		11,476
Interest rate floors		113,000		981		5,200		5,200
Foreign exchange forwards		4,772		—		17		17
Interest rate swaps		80,900		—		362		362
			$	305,740	$	1,100,687	$	321,814
Liabilities:
Derivative instruments:
Foreign exchange forwards	$	30,300	$	—	$	159	$	159
Written options		5,836,983		87,323		422,670		87,323
			$	87,323	$	422,829	$	87,482

The following table presents the impact of derivatives on net investment income and change in unrealized capital gains (losses):

	2020			2019			2018
Gain (loss) recognized in net investment income
Options	$	65,988		$	7,106		$	81,266
Futures		32,028			163,155			(35,550	)
Interest rate swaps		726			(83	)		195
Interest rate floors		2,098			387			705
	$	100,840		$	170,565		$	46,616
Gain (loss) recognized in net unrealized gains (losses):
Interest rate swaps	$	(362	)	$	769		$	(956	)
Interest rate floors		2,735			2,185			(2,278	)
Interest rate caps		—			—			47,092
Foreign exchange derivatives		(1,610	)		209			380
	$	763		$	3,163		$	44,238

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.

152

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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.

The adoption of IAC 191-97 has resulted in a timing variance between the emergence of income on futures and the emergence of the reserve increase associated with the hedged liabilities. The futures earnings are realized daily as they are earned, but the impact to the reserve of market appreciation does not occur until the policy anniversary. To mitigate this variance, to the extent the variance accelerates earnings, the Company has set up a voluntary statutory reserve. The amount of this reserve was $126,888 and $102,234 at December 31, 2020 and 2019, respectively, and is reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The voluntary reserve is not reported at a value below zero. Futures losses are recognized as incurred as a reduction in investment income.

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 and credit events. 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 recognized income (expense) on interest rate 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 financial instruments. These forwards are reported at fair value in the 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 3-month LIBOR:

	2020			2019
Interest rate swaps:
Fixed rates		—		2.14% to 2.62%
Variable rates		—		1.91% to 1.95%
Interest rate floors, strike rates		3.00	%	3.00%

153

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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 $295,681 and $302,379 at December 31, 2020 and 2019, 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, 2020, no counterparty had more than 3% 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 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, 2020
	Gross Amounts Presented in the Balance Sheet		Collateral- Financial Instruments and/or Cash		Net Amount
Offsetting of financial assets:
Derivatives	$	459,488	$	295,681	$	163,807
Total financial assets	$	459,488	$	295,681	$	163,807
Offsetting of financial liabilities:
Derivatives	$	176,402	$	—	$	176,402
Repurchase agreements		4,179,530		4,179,530		—
Total financial liabilities	$	4,355,932	$	4,179,530	$	176,402

154

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	December 31, 2019
	Gross Amounts Presented in the Balance Sheet		Collateral- Financial Instruments and/or Cash		Net Amount
Offsetting of financial assets:
Derivatives	$	321,814	$	302,379	$	19,435
Total financial assets	$	321,814	$	302,379	$	19,435
Offsetting of financial liabilities:
Derivatives	$	87,482	$	—	$	87,482
Repurchase agreements		3,912,706		3,912,706		—
Total financial liabilities	$	4,000,188	$	3,912,706	$	87,482

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 2020, 2019 and 2018 was $26,478, $27,200 and $28,789, 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:

	Range of		2020			2019
	Useful Lives
Land		N/A	$	10,936		$	10,936
Land improvements		15 years		1,057			835
Buildings and improvements		39 years		95,694			32,967
Leasehold improvements		Remaining		3,466			3,454
		Life of Lease
Furniture and fixtures		7 years		9,054			8,710
Computer equipment and software		3 years		228,492			218,360
Other		5 years		38			38
				348,737			275,300
Accumulated depreciation				(209,810	)		(184,400	)
Nonadmitted				(33,079	)		(47,382	)
Net admitted value			$	105,848		$	43,518

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:

	2020		2019
Real Estate	$	100,995	$	38,774
Other admitted assets		4,853		4,744

At December 31, 2020 and 2019, real estate consists of $100,995 and $38,774, respectively, for the Company’s offices.

155

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

The Company recorded impairment losses net of reinsurance of $6,000 in 2019 related to a commercial property foreclosed on in 2016. The property was sold during 2019 for a gain of $78. An additional gain of $63 was recorded for this property due to a residual amount received in 2020.

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 $32,000 and $0 of additional common stock in 2020 and 2019, respectively. The Company did not sell any common stock in 2020 or 2019. 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:

	2020		2019
Membership stock—class A	$	10,000	$	10,000
Activity stock		122,912		90,912
Total	$	132,912	$	100,912

The Class A Membership Stock is not eligible for redemption.

156

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

At December 31, 2020 and 2019, the Company had outstanding advances of $3,072,795 and $2,272,795, respectively. 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. The borrowings outstanding at December 31, 2020 is as follows:

Maturity Date	Advance		Rate
1/11/2021	$	75,000		2.38	%
3/31/2021		57,000		2.03	%
11/22/2021		150,000		2.03	%
11/23/2021		149,000		2.16	%
11/23/2021		8,800		3.14	%
12/20/2021		195,000		2.42	%
12/20/2021		65,000		2.02	%
2/11/2022		88,960		2.84	%
3/16/2022		400,000		1.05	%
3/18/2022		200,000		2.70	%
5/2/2022		90,000		2.63	%
6/27/2022		155,455		2.55	%
9/9/2022		203,125		3.03	%
1/10/2023		75,000		2.03	%
1/13/2023		70,000		1.76	%
2/3/2023		50,000		1.75	%
2/14/2023		130,000		1.75	%
3/16/2023		400,000		1.18	%
5/18/2023		70,000		1.35	%
6/26/2023		155,455		0.93	%
10/5/2023		70,000		1.50	%
10/30/2023		150,000		1.48	%
12/18/2023		65,000		1.98	%
	$	3,072,795

Additionally, the Company has entered into borrowings commencing January and March of 2021 with maturity dates of January and April of 2024 and interest rates ranging from 0.57% to 1.93% to lock in future interest rates on our FHLB borrowings. Interest expense incurred during 2020, 2019 and 2018 was $57,271, $48,817 and $40,075, respectively, and is reported as a component of net investment income in the statement of operations. The Company has determined the actual maximum borrowing capacity as $3,880,047. 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 date	Fair Value		Carrying Value		Aggregate total borrowing
2020		4,932,421		4,349,009		3,072,795
2019		4,004,442		3,825,232		2,272,795

157

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Maximum amount pledged during reporting period	Fair Value		Carrying Value		Amount borrowed at time of maximum collateral
2020		5,034,115		4,624,514		3,072,795
2019		4,146,848		3,959,207		2,272,795

8. REPURCHASE AGREEMENTS

The following tables summarizes the repurchase agreements accounted for as a secured borrowing for the Company:

Type of Repo Trades Used

	2020
	First Quarter	Second Quarter	Third Quarter	Fourth Quarter
Bilateral (YES/NO)	YES	YES	YES	YES
Tri-party (YES/NO)	NO	NO	NO	YES

Original (flow) & residual maturity

	2020
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Maximum amount
Open—no maturity	$	19,323	$	16,978	$	20,530	$	17,701
Overnight		40,066		75,509		175,000		246,392
2 days to 1 week		65,637		163,507		175,000		246,392
>1 week to 1 month		179,005		228,964		175,000		246,392
>1 month to 3 months		40,093		271,000		271,000		364,000
>3 months to 1 year		881,392		1,002,025		1,105,525		859,133
>1 year		3,352,138		3,138,138		2,914,005		3,320,397
Ending balance
Open—no maturity	$	16,956	$	14,046	$	17,701	$	—
Overnight		—		—		—		—
2 days to 1 week		—		—		—		—
>1 week to 1 month		179,005		—		25,051		60,000
>1 month to 3 months		—		271,000		246,938		304,000
>3 months to 1 year		881,392		1,002,025		859,133		495,133
>1 year		3,138,138		2,746,505		2,914,005		3,320,397

158

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Securities sold under repo-secured borrowing

	2020
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Maximum amount
Book adjusted carrying value (“BACV”)		XXX		XXX		XXX	$	4,042,952
Nonadmitted—subset of BACV		XXX		XXX		XXX		XXX
Fair value	$	4,710,117	$	4,682,917	$	4,711,770	$	4,666,137
Ending Balance
BACV		XXX		XXX		XXX	$	3,983,845
Nonadmitted—subset of BACV		XXX		XXX		XXX		XXX
Fair value	$	4,710,117	$	4,554,482	$	4,531,764	$	4,595,530

Securities sold under repo-secured borrowing by NAIC designation

	As of December 31, 2020
	NONE		NAIC 1		NAIC 2		NAIC 3
Bonds—BACV	$	—	$	1,897,177	$	181,390	$	—
Bonds—FV		—		2,172,569		215,764		—
LB & SS—BACV		—		1,905,278		—		—
LB&SS—FV		—		2,207,198		—		—
Total assets—BACV	$	—	$	3,802,455	$	181,390	$	—
Total assets—FV	$	—	$	4,379,767	$	215,764	$	—

	As of December 31, 2020
	NAIC 4		NAIC 5		NAIC 6		Non- Admitted
Bonds—BACV	$	—		—	$	—	$	—
Bonds—FV		—		—		—		—
LB & SS—BACV		—		—		—		—
LB&SS—FV		—		—		—		—
Total assets—BACV	$	—	$	—	$	—	$	—
Total assets—FV	$	—	$	—	$	—	$	—

Collateral received-secured borrowing

	2020
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Maximum Amount
Cash	$	4,577,653	$	4,896,121	$	4,836,059	$	5,300,407
Securities (FV)		—		—		—		—
Ending Balance
Cash	$	4,215,490	$	4,033,576	$	4,062,281	$	4,179,530
Securities (FV)		—		—		—		—

159

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Cash and non-cash collateral received-secured borrowing by NAIC designation

	As of December 31, 2020
	NONE		NAIC 1		NAIC 2		NAIC 3
Ending balance
Cash	$	4,179,530	$	—	$	—	$	—
Total collateral assets—FV	$	4,179,530	$	—	$	—	$	—

	As of December 31, 2020
	NAIC 4		NAIC 5		NAIC 6		Does Not Qualify As Admitted
Ending balance
Cash	$	—	$	—	$	—	$	—
Total collateral assets—FV	$	—	$	—	$	—	$	—

Allocation of aggregate collateral by remaining contractual maturity

	As of December 31, 2020
	Fair Value
30 days or less	$	60,000
31 to 90 days		304,000
> 90 days		3,815,530

Allocation of aggregate collateral reinvested by remaining contractual maturity

	As of December 31, 2020
	Amortized Cost		Fair Value
30 days or less	$	33,750	$	33,818
121 to 180 days		1,243		1,246
181 to 365 days		51,749		51,420
1 to 2 years		12,375		11,916
2 to 3 years		53,792		54,951
> 3 years		3,982,248		4,026,187

Liability to return collateral-secured borrowing

	2020
	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum amount
Cash (collateral - all)	$	4,577,653	$	4,896,121	$	4,836,059	$	5,300,407
Securities collateral (FV)		—		—		—		—
Ending balance
Cash (collateral - all)	$	4,215,490	$	4,033,576	$	4,062,281	$	4,179,530
Securities collateral (FV)		—		—		—		—

160

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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:

	2020					2019					2018
	Ceded		Assumed			Ceded			Assumed		Ceded			Assumed
Premiums written	$	1,120,417	$	13,064		$	744,001		$	43,933	$	600,377		$	104,815
Claims incurred		491,553		25,763			395,999			23,976		367,303			15,810
Reserve changes		432,783		(169,129	)		(128,679	)		4,008		(189,364	)		109,412

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 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 $12,929, $43,733 and $104,501 at December 31, 2020, 2019 and 2018, respectively, of premium under this agreement in the statement of operations. The Company retrocedes 100% of this business to a third party reinsurer through a modified coinsurance agreement.

The Company 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 $2,600,569 and $3,003,696 at December 31, 2020 and 2019, 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 $276,549 and $285,182 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, 2020 and 2019, 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,

161

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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 $3,092,420 and $3,380,688 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, 2020 and 2019, respectively.

The Company is also a party to a coinsurance agreement with Guggenheim Life and Annuity Company (“GLAC”), an affiliate. This is an indemnity agreement that covers 100% of all policies issued from January 1, 2008 through September 30, 2009 of specific annuity plans. Reserve credits of $127,537 and $135,843, 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, 2020 and 2019, respectively. In addition, reserve credits of $816 and $1,252 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, 2020 and 2019, 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 $18,050, $15,687 and $14,721 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, 2020, 2019 and 2018, respectively. Reserve credits of $127,750 and $107,123 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, 2020 and 2019, respectively. A funds withheld liability of $55,331 and $40,205 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, 2020 and 2019, respectively.

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 $1,067,683 and $974,256 under this agreement on December 31, 2020 and 2019, 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 $626,778 and $540,386 at December 31, 2020 and 2019, 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 $440,905 and $433,870 for 2020 and 2019, 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 $18,170, $12,015 and $27,409 during the years ended December 31, 2020, 2019 and 2018, respectively. The Company recognized reserve credits of $540,543 and $535,803 under this agreement on December 31, 2020 and 2019, respectively, which are reflected as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The Company recognized $191,472 and $179,766 at December 31, 2020 and 2019, respectively, of funds held under coinsurance under this agreement which is reported as funds held under

162

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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 $349,070 and $356,037 for 2020 and 2019, 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 $44,467 and $0 during the years ended December 31, 2020 and 2019, respectively. The Company recognized reserve credit of $294,576 and $240,667 under this agreement on December 31, 2020 and 2019, 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 $113,471 and $83,095 at December 31, 2020 and 2019, 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 $181,105 and $157,571 for 2020 and 2019, 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. Initial premiums ceded under this agreement of $626,313 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, 2020. The Company recognized $465,852 at December 31, 2020 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 $626,313 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, 2020.

The Company is a party to several reinsurance agreements with Scottish Re (U.S.), Inc. (“SRUS”) for cession of mortality risks on its life insurance business. SRUS was put into rehabilitation in 2019. In 2020, as a result of the Company’s ongoing assessment of the rehabilitation proceedings, it was deemed unlikely that the Company would be able to recover from SRUS the full amount of reserve credit recognized for business ceded to SRUS. The Company recorded an impairment of $17,830 which was reflected in increase in liabilities for future life and annuity policy benefits in the statement of operations and as an increase of liabilities for future policy benefits on the statement of admitted assets, liabilities, and capital and surplus. As of December 31, 2020, reserve credit of $14,801, net of impairment, was included in liabilities for future policy benefits on the statement of admitted assets, liabilities, and capital and surplus related to the Company’s reinsurance contracts with SRUS.

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 $907,896 as of December 31, 2020.

163

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(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, 2020 and 2019, the Company had $16,571,341 and $19,833,836, 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, 2020 and 2019, reserves to cover the above insurance totaled $273,443 and $282,724, respectively, before reinsurance ceded. The Company anticipates investment income as a factor in the calculations of its premium deficiency reserves.

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.

164

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(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

	2020
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	22,180,061	$	—	$	—	$	22,180,061		70	%
At book value less current surrender charge of 5% or more		254,248		—		—		254,248		1	%
At fair value—separate account non-guaranteed		—		—		2,029,339		2,029,339		7	%
Total with market value adjustment		22,434,309		—		2,029,339		24,463,648		78	%
At book value without adjustment (minimal or no charge or adjustment)		6,432,378		—		—		6,432,378		21	%
Not subject to discretionary withdrawal		287,636		—		—		287,636		1	%
Total		29,154,323		—		2,029,339		31,183,662		100	%
Reinsurance ceded		2,017,289		—		—		2,017,289
Total (gross - ceded)	$	27,137,034	$	—	$	2,029,339	$	29,166,373
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:	$	5,105

	2019
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	19,058,891	$	—	$	—	$	19,058,891		70	%
At book value less current surrender charge of 5% or more		359,067		—		—		359,067		1	%
At fair value—separate account non-guaranteed		—		—		1,758,597		1,758,597		7	%
Total with market value adjustment		19,417,958		—		1,758,597		21,176,555		78	%
At book value without adjustment (minimal or no charge or adjustment)		5,577,166		—		—		5,577,166		21	%
Not subject to discretionary withdrawal		289,376		—		—		289,376		1	%
Total		25,284,500		—		1,758,597		27,043,097		100	%
Reinsurance ceded		2,112,056		—		—		2,112,056
Total (gross - ceded)	$	23,172,444	$	—	$	1,758,597	$	24,931,041
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:	$	51,832

165

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Group Annuities

	2020
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	2,298,845	$	—	$	—	$	2,298,845		39	%
At book value less current surrender charge of 5% or more		5,850		—		—		5,850		0	%
At fair value—separate account non-guaranteed		—		—		—		—		0	%
Total with market value adjustment		2,304,695		—		—		2,304,695		39	%
At book value without adjustment (minimal or no charge or adjustment)		3,491,299		—		—		3,491,299		60	%
Not subject to discretionary withdrawal		32,157		—		—		32,157		1	%
Total (gross: direct + assumed		5,828,151		—		—		5,828,151		100	%
Reinsurance ceded		1,336,896		—		—		1,336,896
Total (gross - ceded)	$	4,491,255	$	—	$	—	$	4,491,255
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:	$	—

	2019
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	2,633,236	$	—	$	—	$	2,633,236		41	%
At book value less current surrender charge of 5% or more		6,882		—		—		6,882		0	%
At fair value—separate account non-guaranteed		—		—		—		—		0	%
Total with market value adjustment		2,640,118		—		—		2,640,118		41	%
At book value without adjustment (minimal or no charge or adjustment)		3,778,829		—		—		3,778,829		59	%
Not subject to discretionary withdrawal		31,331		—		—		31,331		0	%
Total (gross: direct + assumed		6,450,278		—		—		6,450,278		100	%
Reinsurance ceded		1,526,864		—		—		1,526,864
Total (gross - ceded)	$	4,923,414	$	—	$	—	$	4,923,414
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:	$	746

166

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Deposit-type Contracts

	2020
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	5,243	$	—	$	—	$	5,243		2	%
At book value less current surrender charge of 5% or more		—		—		—		—		0	%
At fair value—separate account non-guaranteed		—		—		—		—		0	%
Total with market value adjustment		5,243		—		—		5,243		2	%
At book value without adjustment (minimal or no charge or adjustment)		100,256		—		—		100,256		29	%
Not subject to discretionary withdrawal		239,837		—		—		239,837		69	%
Total (gross: direct + assumed		345,336		—		—		345,336		100	%
Reinsurance ceded		732		—		—		732
Total (gross - ceded)	$	344,604	$	—	$	—	$	344,604
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:	$	—

	2019
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	6,676	$	—	$	—		6,676		1	%
At book value less current surrender charge of 5% or more		—		—		—		—		0	%
At fair value—separate account non-guaranteed		—		—		—		—		0	%
Total with market value adjustment		6,676		—		—		6,676		1	%
At book value without adjustment (minimal or no charge or adjustment)		292,385		—		—		292,385		53	%
Not subject to discretionary withdrawal		250,067		—		—		250,067		46	%
Total (gross: direct + assumed		549,128		—		—		549,128		100	%
Reinsurance ceded		710		—		—		710
Total (gross - ceded)	$	548,418	$	—	$	—	$	548,418
Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:	$	—

167

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Analysis of life actuarial reserves by withdrawal characteristics

	2020
	General Account
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	6,466,529	$	6,436,172	$	6,374,205
Universal life with secondary guarantees		641,475		477,144		2,163,479
Indexed universal life		3,536,864		3,151,404		3,170,802
Indexed universal life with secondary guarantees		632,652		461,587		875,618
Other permanent cash value life insurance		181,692		181,692		286,980
Variable universal life		83,276		82,000		87,144
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		1,331,863
Accidental death benefits		—		—		760
Disability—active lives		—		—		8,927
Disability—disabled lives		—		—		41,791
Miscellaneous reserves		—		—		399,619
Total		11,542,488		10,789,999		14,741,188
Reinsurance ceded		232,935		233,111		3,146,075
Total net of reinsurance ceded	$	11,309,553	$	10,556,888	$	11,595,113

	2020
	Separate Account with Guarantees
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	2,735,962	$	2,735,962	$	2,735,375
Universal life with secondary guarantees		—		—		—
Indexed universal life		—		—		—
Indexed universal life with secondary guarantees		—		—		—
Other permanent cash value life insurance		—		—		—
Variable universal life		—		—		—
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		—
Accidental death benefits		—		—		—
Disability—active lives		—		—		—
Disability—disabled lives		—		—		—
Miscellaneous reserves		—		—		—
Total		2,735,962		2,735,962		2,735,375
Reinsurance ceded		—		—		—
Total net of reinsurance ceded	$	2,735,962	$	2,735,962	$	2,735,375

168

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	2020
	Separate Account Non-guaranteed
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	—	$	—	$	—
Universal life with secondary guarantees		—		—		—
Indexed universal life		—		—		—
Indexed universal life with secondary guarantees		—		—		—
Other permanent cash value life insurance		—		—		—
Variable universal life		710,833		695,326		698,073
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		—
Accidental death benefits		—		—		—
Disability—active lives		—		—		—
Disability—disabled lives		—		—		—
Miscellaneous reserves		—		—		—
Total		710,833		695,326		698,073
Reinsurance ceded		—		—		—
Total net of reinsurance ceded	$	710,833	$	695,326	$	698,073

	2019
	General Account
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	5,711,104	$	5,678,300	$	5,624,035
Universal life with secondary guarantees		653,733		469,884		1,948,256
Indexed universal life		3,258,804		2,893,816		2,913,988
Indexed universal life with secondary guarantees		556,485		399,922		718,637
Other permanent cash value life insurance		178,753		178,753		280,931
Variable universal life		81,263		79,673		85,269
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		1,278,182
Accidental death benefits		—		—		806
Disability—active lives		—		—		9,737
Disability—disabled lives		—		—		40,745
Miscellaneous reserves		—		—		384,369
Total		10,440,142		9,700,348		13,284,955
Reinsurance ceded		—		—		2,445,414
Total net of reinsurance ceded	$	10,440,142	$	9,700,348	$	10,839,541

169

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	2019
	Separate Account with Guarantees
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	—	$	—	$	—
Universal life with secondary guarantees		—		—		—
Indexed universal life		—		—		—
Indexed universal life with secondary guarantees		—		—		—
Other permanent cash value life insurance		—		—		—
Variable universal life		—		—		—
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		—
Accidental death benefits		—		—		—
Disability—active lives		—		—		—
Disability—disabled lives		—		—		—
Miscellaneous reserves		—		—		—
Total		—		—		—
Reinsurance ceded		—		—		—
Total net of reinsurance ceded	$	—	$	—	$	—

	2019
	Separate Account Non-guaranteed
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	—	$	—	$	—
Universal life with secondary guarantees		—		—		—
Indexed universal life		—		—		—
Indexed universal life with secondary guarantees		—		—		—
Other permanent cash value life insurance		—		—		—
Variable universal life		601,207		580,476		586,170
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		—
Accidental death benefits		—		—		—
Disability—active lives		—		—		—
Disability—disabled lives		—		—		—
Miscellaneous reserves		—		—		—
Total		601,207		580,476		586,170
Reinsurance ceded		—		—		—
Total net of reinsurance ceded	$	601,207	$	580,476	$	586,170

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

170

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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.

Due, deferred and uncollected life insurance premiums (net of reinsurance ceded) are summarized as follows at December 31:

	2020				2019
	Gross		Net of Loading		Gross		Net of Loading
Ordinary—new business	$	7,632	$	319	$	6,866	$	6,352
Ordinary—renewal		77,002		158,628		76,110		158,600
	$	84,634	$	158,947	$	82,976	$	164,952

11. SEPARATE ACCOUNTS

The Company has separate accounts for its variable life and annuity business and a portion of its bank owned life insurance business. Information regarding the separate accounts of the Company is as follows:

	2020		2019
Reserves at December 31 for accounts with assets at:
Market value	$	2,727,412	$	2,344,767
Amortized cost		2,735,375		2,691,631
Total reserves	$	5,462,787	$	5,036,398
By withdrawal characteristics:
At book value without MV adjustment and with current surrender charges less than 5%	$	5,462,787	$	5,036,398
Not subject to discretionary withdrawal		—		—
Reserves for asset default risk in lieu of AVR	$	5,462,787	$	5,036,398

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:

	2020			2019			2018
Reconciliations of net transfers to (from) separate accounts
Transfers of premiums to separate accounts	$	295,797		$	353,359		$	373,063
Transfers from separate accounts		(298,174	)		(282,843	)		(277,911	)
Net transfers to (from) the separate accounts as reported in the statements of operations	$	(2,377	)	$	70,516		$	95,152

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 $48,759, $48,744, $85,497, $47,313 and $51,719 as of December 31, 2020, 2019, 2018, 2017 and

171

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

2016, respectively. The risk charges remitted to the general account associated with these guarantees was $747, $512, $590, $638 and $682 for 2020, 2019, 2018, 2017 and 2016, respectively.

12. CAPITAL AND SURPLUS AND DIVIDEND RESTRICTIONS

The Company has 2,549,439 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 $420,506 in 2021 an amount that is based on restrictions relating to the 2020 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 $2,371,583 is unrestricted and held for the benefit of the Company’s stockholder.

During 2020, the Company paid ordinary cash dividends in the amounts of $63,365 on March 31; $47,829 on June 30 and $93,915 on September 30 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 2020, 2019 and 2018. The Company has recognized life-to-date interest of $74,200.

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 2020, 2019 and 2018. The Company has recognized life-to-date interest of $84,000.

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 2020, 2019, and 2018. The Company has recognized life-to-date interest of $59,647.

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 2020, 2019, and 2018. The Company has recognized life-to-date interest of $36,000.

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 did not incur interest expense in 2020.

172

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

13. INCOME TAXES

The components of the net deferred tax asset recognized by the Company at December 31 are as follows:

	2020						2019						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital		Total
Gross deferred tax asset	$	560,764	$	61,252	$	622,016	$	485,449	$	15,404	$	500,853	$	75,315		$	45,848	$	121,163
Statutory valuation allowance		—		—		—		—		—		—		—			—		—
Adjusted gross deferred tax assets		560,764		61,252		622,016		485,449		15,404		500,853		75,315			45,848		121,163
Deferred tax assets nonadmitted		152,426		—		152,426		65,682		—		65,682		86,744			—		86,744
Subtotal net admitted deferred tax asset		408,338		61,252		469,590		419,767		15,404		435,171		(11,429	)		45,848		34,419
Deferred tax liabilities		166,272		—		166,272		171,024		—		171,024		(4,752	)		—		(4,752	)
Net admitted deferred tax asset (liability)	$	242,066	$	61,252	$	303,318	$	248,743	$	15,404	$	264,147	$	(6,677	)	$	45,848	$	39,171
Admission Calculation
Components SSAP No. 101:
(a) Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—
(b) Adjusted gross deferred tax assets expected to be realized after application of the threshold limitation		242,066		61,252	$	303,318		248,444		15,404	$	263,848		(6,378	)		45,848	$	39,470
Adjusted gross deferred be realized following the balance sheet date		242,066		61,252	$	303,318		248,444		15,404		263,848		(6,378	)		45,848		39,470
Adjusted gross deferred tax assets allowed per limitation threshold		XXX		XXX		584,533		XXX		XXX		541,356		XXX			XXX		43,177
(c) Adjusted gross deferred tax assets offset by gross deferred tax liabilities		166,272		—	$	166,272		171,024		—		171,024		(4,752	)		—	$	(4,752	)
Deferred tax assets admitted as the result of application of SSAP No. 101 (a)+(b)+(c)	$	408,338	$	61,252	$	469,590	$	419,468	$	15,404	$	434,872	$	(11,130	)	$	45,848	$	34,718

	2020			2019
Ratio percentage used to determine recovery period and threshold limitation amount		752	%		875	%
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation	$	3,896,885		$	3,583,536

173

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

The impact of tax planning strategies at December 31 is as follows:

	2020						2019						Change
	(1)			(2)			(3)			(4)			(5)			(6)
													(Col 1-3)			(Col 2-4)
	Ordinary			Capital			Ordinary			Capital			Ordinary			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)	$	560,764		$	61,252		$	485,449		$	15,404		$	75,315		$	45,848
2. Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies		1.4	%		9.8	%		3.6	%		3.1	%		(2.2	)%		6.7	%
3. Net admitted adjusted gross DTAs amount from note 9A1(e)	$	408,338		$	61,252		$	419,767		$	15,404		$	(11,429	)	$	45,848
4. Percentage of net admitted adjusted gross DTAs by tax character admitted because of the impact of tax planning strategies		2.8	%		20.2	%		6.9	%		5.8	%		(4.1	)%		14.4	%

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:

	2020		2019		2018
Current income tax:
Federal income tax on operations	$	120,855	$	63,666	$	39,739
Federal income tax on net capital gains		7,780		7,214		(56,963	)
Other		4,832		6,571		(14,560	)
Federal and foreign income taxes incurred	$	133,467	$	77,451	$	(31,784	)

174

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

The components of deferred tax assets and deferred tax liabilities are as follows:

	2020			2019		Change
Deferred tax assets:
Ordinary
Policyholder reserves	$	316,834		$	259,319	$	57,515
Investments		2,722			11,884		(9,162	)
Deferred acquisition costs		187,240			161,491		25,749
Fixed assets		6,870			9,843		(2,973	)
Compensation and benefits accrual		2,927			2,045		882
Pension accrual		29,005			27,976		1,029
Receivables—nonadmitted		1,552			1,316		236
Other (including items <5% of total ordinary tax assets)		13,614			11,575		2,039
Subtotal		560,764			485,449		75,315
Nonadmitted		152,426			65,682		86,744
Admitted ordinary deferred tax assets		408,338			419,767		(11,429	)
Capital
Investments		61,252			15,404		45,848
Admitted capital deferred tax assets		61,252			15,404		45,848
Admitted deferred tax assets	$	469,590		$	435,171	$	34,419
Deferred Tax Liabilities:
Ordinary
Investments	$	58,225		$	49,995	$	8,230
Fixed assets		11,015			10,244		771
Deferred and uncollected premium		33,379			34,640		(1,261	)
Policyholder reserves		64,829			76,145		(11,316	)
Other (including items <5% of total ordinary tax liabilities)		(1,176	)		—		(1,176	)
Subtotal		166,272			171,024		(4,752	)
Deferred tax liabilities		166,272			171,024		(4,752	)
Net deferred tax assets	$	303,318		$	264,147	$	39,171

175

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(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, 2020, are as follows:

	Tax Effect			Effective Tax Rate
Provision computed at statutory rate	$	67,342			21.0	%
IMR amortization		(2,624	)		-0.8	%
Tax exempt income		(34,437	)		-10.7	%
Tax credits		(40,519	)		-12.6	%
Change in nonadmitted assets		424			0.0	%
Other		26,599			8.3	%
Total statutory income taxes	$	16,785			5.2	%
Federal income taxes incurred	$	133,467			41.6	%
Change in net deferred income taxes		(116,682	)		-36.4	%
Total statutory income taxes	$	16,785			5.2	%

At December 31, 2020, 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.

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.

The Company anticipates contributing $1,068 to its health care plan in 2021.

The following table summarizes the assets, benefit obligations and other information related to these plans as of December 31, 2020 and 2019:

Change in Postretirement Benefits	Underfunded
	2020			2019			2018
Benefit obligation at beginning of year	$	30,335		$	26,488		$	25,584
Service cost		1,319			1,141			1,215
Interest cost		939			1,050			912
Contribution by plan participants		523			390			205
Actuarial gain (loss)		3,929			2,629			(546	)
Benefits paid		(1,214	)		(1,363	)		(882	)
Plan amendments		(682	)		—			—
Benefit obligation at end of year	$	35,149		$	30,335		$	26,488

176

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Change in plan assets	Postretirement Benefits
	2020			2019
Fair value of plan assets at beginning of year	$	—		$	—
Actual return on plan assets		—			—
Foreign currency exchange rate changes		—			—
Reporting entity contribution		690			973
Aplan participants’ contributions		523			390
Benefits paid		(1,213	)		(1,363	)
Business combinations, divestitures and settlements		—			—
Fair value of plan assets at end of year	$	—		$	—

	Postretirement Benefits
Components of net periodic benefit costs	2020			2019		2018
Service cost	$	1,319		$	1,141	$	1,215
Interest cost		939			1,050		912
Gains and losses		210			—		48
Prior service cost or credits		(81	)		104		104
Total net periodic benefit cost	$	2,387		$	2,295	$	2,279

Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost	Postretirement Benefits
	2020			2019			2018
Net prior service cost or credit arising during the period	$	(683	)	$	—		$	—
Net prior service cost or credit recognized		81			(104	)		(104	)
Net gain and loss arising during the period		3,929			2,629			(546	)
Net gain and loss recognized		(210	)		—			(48	)
Items not yet recognized as a component of net periodic cost—current year	$	3,117		$	2,525		$	(698	)

Amounts in unassigned funds (surplus) that have not yet been recognized as components of net periodic benefit cost	Postretirement Benefits
	2020			2019
Net prior service cost or credit	$	(96	)	$	15
Net recognized gains and losses		449			4,306

Weighted-average assumptions used to determine	Postretirement Benefits
net periodic benefit cost as of December 31	2020			2019
Weighted-average discount rate		3.12	%		4.12	%
Expected long-term rate of return on plan assets		n/a			n/a
Rate of compensation increase		n/a			n/a

Weighted-average assumptions used to determine projected benefit obligation as of December 31	Postretirement Benefits
	2020			2019
Weighted average discount rate		2.40	%		3.12	%
Rate of compensation increase		n/a			n/a

The Company participates in an Employee Stock Ownership Plan (“ESOP”) sponsored by SEI covering eligible employees of SFG. SFG pays and recognizes as an expense the current year allocation to its employees pursuant

177

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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 2020, 2019 and 2018 was $17,501, $22,136 and $24,241, respectively.

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 $31,765, $34,493 and $35,522 in 2020, 2019 and 2018 , 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. These contracts totaling $0 and $202,579 in 2020 and 2019, respectively, 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 $3,114, $4,932 and $3,190 in 2020, 2019 and 2018, respectively.

The Company pays investment management fees to an affiliate, Guggenheim Partners Investment Management Inc. (“GPIM”). SEI holds an indirect interest in Guggenheim. During 2020, 2019 and 2018, the Company incurred fees of $47,585, $44,239 and $42,095, respectively, for these investment management services. The fees are 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 $7,776, $8,109 and $8,036 in 2020, 2019 and 2018, 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.

SEI has a noncontrolling interest in KDC Holdings, LLC (“KDC”), a real estate development and investment company focusing on office build-to-suite facilities. KDC Des Moines Development One, LLC, (“KDCDM”) a subsidiary of KDC, provided services to the Company associated with the construction of a new home office building in West Des Moines, Iowa. During 2020 and 2019, the Company paid KDCDM $2,909 and $1,059, respectively, for these services, and capitalized those costs as building and improvements reported as a component of real estate in the statements of admitted assets, liabilities and capital and surplus.

In December 2020, the Company originated a commercial mortgage loan for Pathfinder Ranches, LLC, which is an indirect subsidiary of SEI. The reported value was $25,000 and is reported in mortgage loans in the statements of admitted assets, liabilities and capital and surplus at December 31, 2020. The loan was issued at 4.35% and matures in 2027.

At December 31, 2020, the Company holds an investment security issued by GPIM. The security is reported in invested assets in the statements of admitted assets, liabilities, and capital and surplus at December 31, 2020 (3.50% interest, $52,413 par, $52,355 reported value, due 2023). At December 31, 2019, the security was reported in invested assets in the statements of admitted assets, liabilities, and capital and surplus (3.50% interest, $52,972 par, $52,899 reported value, due 2023).

The Company holds $566,036 and $619,268 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, 2020

178

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

and December 31, 2019, respectively. The Company also holds $605,653 and $573,383 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, 2020 and 2019, respectively.

The Company provided certain investment, accounting, policy administration and management services to North American. The Company received reimbursements of $128,942, $132,296 and $134,271 in 2020, 2019 and 2018, 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 2020, 2019 and 2017 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 2020, 2019 and 2018 for the costs incurred to render such services.

The Company provides certain insurance and noninsurance services to Canal Re. The Company received reimbursements of $125 and $0 in 2020 and 2019, respectively.

The Company provided certain investment, accounting, payroll administration and management series to SIG for which it was reimbursed $6,333, $5,527 and $6,676 in 2020, 2019 and 2018, respectively, for costs incurred to render such services.

The Company provided certain investment, accounting, payroll administration and management series to SFN for which it was reimbursed $19,750, $22,304 and $26,134 in 2020, 2019 and 2018, respectively, for costs incurred to render such services.

The Company issued surplus notes payable to SFG. The borrowings were $1,037,000 and $837,000 as of December 31, 2020 and 2019, respectively. The Company paid interest to SFG in the amount of $54,350 in 2020, 2019 and 2018.. See Note 12 for further discussion of these surplus notes.

The Company is party to a reinsurance agreement with GLAC. See Note 9 for further discussion of this transaction.

The Company is party to a coinsurance agreement with North American. See Note 9 for further discussion on these transactions.

The Company is party to coinsurance agreements with MNL Re, Solberg Re and Canal Re. See Note 9 for further discussion of these transactions.

16. COMMITMENTS AND CONTINGENCIES

Limited partnership commitments

At December 31, 2020, the Company had outstanding capital commitments to limited partnerships of $832,285.

179

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS—STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Lease commitments

The Company leases certain equipment and office space. Rental expense on operating leases of $4,055, $4,323 and $4,468 were incurred in 2020, 2019 and 2018, respectively. The approximate future minimum lease payments under these non-cancelable leases at December 31, 2020 are as follows:

2021	$	383
2022		367
2023		370
2024		142
2025		96
Thereafter		—

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 21, 2021, the date the financial statements were available to be issued. There were no subsequent event transactions that required disclosure in the financial statements.

180

Third Quarter 2021 Financial Information

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SEI indirectly owns 100% of the voting securities of Midland National. SEI’s principal executive offices are located at 5949 Sherry Lane Dallas, Texas 75225. SEI is 100% owned by its Employee Stock Ownership Plan (ESOP).

TRANSACTIONS WITH RELATED PERSONS PROMOTERS AND CERTAIN CONTROL PERSONS

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, has issued surplus notes to its parent and holds certain investments in bonds and limited partnership interests in affiliated companies.

SELECTED FINANCIAL DATA

	Quarter Ended September 30,					Year to Date September 30,
	2021		2020			2021		2020
	(dollars in thousands)					(dollars in thousands)
Statement of Operations Data:
Premium considerations:
Life	$	738,244	$	322,732		$	1,966,097	$	908,009
Annuity		1,196,529		2,668,376			3,516,951		4,422,134
Total premium considerations		1,934,773		2,991,108			5,483,048		5,330,143
Net investment income and other revenues		377,026		583,758			1,150,288		1,415,770
Total revenues		2,311,799		3,574,866			6,633,336		6,745,913
Total benefits and expenses		2,033,044		3,472,187			5,870,723		6,374,513
Net gain from operations before federal income taxes and before realized capital gains or (losses)		278,755		102,679			762,613		371,400
Net income	$	240,338	$	(50,464	)	$	666,821	$	96,794

	As of September 30,		December 31,
	2021		2020
	(dollars in thousands)
Balance Sheet Data:
Cash and invested assets	$	63,275,287	$	59,094,762
Total admitted assets		72,059,213		67,262,504
Aggregate reserves for life and annuity contracts		45,814,227		43,223,475
Other liabilities		21,638,480		19,833,970
Total liabilities		67,452,707		63,057,445
Total capital and surplus		4,606,506		4,205,059

181

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATION

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

Overview

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

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

Analysis of Results of Operations –

Quarters Ended September 30, 2021 and 2020 and Year to Date September 30, 2021 and 2020

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

	Quarter Ended September 30,						% Change			Year to Date September 30,						% Change
	2021			2020						2021			2020
	(dollars in thousands)									(dollars in thousands)
Revenues:
Life premium	$	738,244		$	322,732			129	%	$	1,966,097		$	908,009			117	%
Annuity considerations		1,196,529			2,668,376			-55	%		3,516,951			4,422,134			-20	%
Net investment income		816,005			609,494			34	%		2,491,175			1,625,131			53	%
Other income		(438,979	)		(25,736	)		1606	%		(1,340,887	)		(209,361	)		540	%
Total Revenues		2,311,799			3,574,866			-35	%		6,633,336			6,745,913			-2	%
Benefits and Expenses:
Policyholder benefits		828,018			680,292			22	%		2,487,845			2,213,037			12	%
Change in policyholder reserves		939,776			2,620,225			-64	%		2,590,752			3,653,257			-29	%
Operating costs and other items		202,878			185,928			9	%		577,699			511,058			13	%
Net transfers to (from) separate accounts		62,372			(14,258	)		N/A			214,427			(2,839	)		N/A
Total Benefits and Expenses		2,033,044			3,472,187			-41	%		5,870,723			6,374,513			-8	%
Operating results before Federal income taxes and realized capital gains (losses)		278,755			102,679			171	%		762,613			371,400			105	%
Federal income taxes		52,104			49,717			5	%		127,878			96,377			33	%
Operating results before realized gains (losses)		226,651			52,962			328	%		634,735			275,023			131	%
Realized gains (losses) net of federal income taxes		13,687			(103,426	)		N/A			32,086			(178,229	)		N/A
Net income	$	240,338		$	(50,464	)		N/A		$	666,821		$	96,794			589	%

Operating results before federal income taxes and realized capital gains (losses) increased by 171% for the three months ended September 30, 2021 compared to the same period ended September 30, 2020 and increased 105% year to date September 30, 2021 compared to year to date same period 2020. The increase in earnings for the quarter was driven by spread on higher assets under management and by the fact that third quarter earnings in 2020 were negatively impacted by statutory up front losses on very high sales of multi-year-guarantee annuities, which were $2.1 billion for the three months ended September 30, 2020 and $0.2 billion for the three months ended September 30, 2021. For the nine months ended September 30, 2021, operating earnings greatly exceeded the earnings for the comparable prior year period due to higher investment earnings on alternative investments, higher earnings from spread due to the growth in assets under management, reduced impacts of statutory up front losses on MYG sales due to lower 2021 MYG production and stronger earnings on the Company’s life insurance business as a result of lower reserve increases in 2021 compared to what was experienced in 2020. The December 31, 2020 implementation of a coinsurance agreement associated with a defined block of permanent life insurance products has reduced the level of net increases in reserves.

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Net income of $240 million for the nine months ended September 30, 2021 was $291 million higher than the $50 million net loss in the comparable period 2020. Net income of $667 million for the nine months ended September 30, 2021 was 589% higher than the $97 million net income in the comparable period of 2020. The increase in earnings was due to the same items that drove the increase in operating results before federal income taxes and realized capital gains. In addition, 2021 experienced capital gains, while 2020 experienced credit related losses. The losses reported in 2020 were primarily related to intent to sell designations on securities with oil and gas exposure that were uniquely impacted by the COVID-19 pandemic and the impact it had on energy prices, recognition of impairment losses on specific asset-backed securities in the aircraft and CLO sectors and certain commercial mortgage loans uniquely impacted by the COVID-19 pandemic.

Revenues

Total revenues decreased 35% in the three months ended September 30, 2021 compared to the three months ended September 30, 2020 and decreased 2% in the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020. Following is a discussion of the primary contributors to these decreases.

Life insurance premiums increased 129% for the quarter ended September 30, 2021 and increased 117% for the nine months ended September 30, 2021 over the comparable prior year periods due to increases in sales of bank owned life and credit union owned life insurance. Annuity considerations in the quarter ended September 30, 2021 decreased 55% compared to annuity considerations in the comparable period of 2020 and year to date 2021 was 20% less than the same time period year to date 2020. This decrease was primarily due to a reduction of sales of multi-year guarantee fixed annuities (MYG) back to normal levels in 2021, partially offset by an increase in fixed indexed annuity sales in 2021 compared to 2020.

Net investment income increased 34% in the third quarter of 2021 compared to the third quarter of 2020 and increased 53% year to date 2021 compared to year to date 2020. The following table provides a summary of the components of net investment income:

	Quarter Ended September 30,				% Change			Year to Date September 30,					% Change
	2021		2020					2021		2020
	(dollars in thousands)							(dollars in thousands)
Net Investment Income:
Bonds	$	594,970	$	510,044		17	%	$	1,768,395	$	1,531,688			15	%
Preferred stocks		11,512		3,649		216	%		32,214		17,466			84	%
Common stocks		3,303		3,127		6	%		9,436		7,591			24	%
Mortgage loans		43,432		52,284		-17	%		144,113		153,200			-6	%
Real estate		2,519		500		404	%		7,556		1,500			404	%
Policy loans		4,454		5,571		-20	%		15,713		16,776			-6	%
Cash and short-term investments		457		944		-52	%		920		4,634			-80	%
Derivative instruments		159,463		59,456		168	%		542,840		(4,165	)		N/A
Other invested assets		43,966		18,466		138	%		131,670		70,804			86	%
Other investment income		99		247		-60	%		957		608			57	%
Total gross investment income		864,175		654,288		32	%		2,653,814		1,800,102			47	%
Less: investment expenses		48,170		44,794		8	%		162,639		174,971			-7	%
Net investment income	$	816,005	$	609,494		34	%	$	2,491,175	$	1,625,131			53	%

For the three months ended September 30, 2021, the increase in investment income in 2021 over the comparable prior year period is primarily attributable to an increase in income from derivative instruments. Derivative instruments primarily consist of derivatives purchased to economically hedge our exposure to fixed indexed annuity and universal life insurance policyholder obligations. Midland National recognizes amortization of index options, proceeds from index option payouts and all earnings from futures as investment income. This income is offset by a corresponding increase in policyholder reserves. Income from derivatives was largely impacted by higher index performance 2021 compared to the prior period based on the underlying movement in equity markets. Due to the Company’s use of the prescribed practice, changes in fair value of options are not recorded until the options mature. Excluding derivative instruments, net investment income was 19% higher in the three months ended September 30, 2021 than the comparable period of 2020. The increase in net investment income, excluding derivative instruments, is attributable to increased earnings from higher levels of invested assets and higher yields on other invested assets.

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For the nine months ended September 30, the increase in investment income in 2021 over the comparable prior year period is also primarily attributable to an increase in income from derivative instruments. Income from derivatives was largely impacted by higher index performance in 2021, especially compared to the 1^st half of 2020 based on the underlying movement in equity markets. Excluding derivative instruments, net investment income was 20% higher in the third quarter of 2021 compared to the third quarter of 2020. The increase in net investment income, excluding derivative instruments, is attributable to increased earnings from higher levels of invested assets as well as higher yields on other invested assets.

The 60% decrease in other income in the third quarter of 2021 compared to 2020 and the 57% decrease in other income in the nine months ended September 30, 2021 compared to the prior year is attributable to a larger Modco reserve adjustment on reinsurance ceded. The reserve adjustments on reinsurance ceded relate to a large modified coinsurance agreement with an unaffiliated party and the decrease in other income related to this item is offset by a corresponding increase in net policy outflows ceded on the block reinsured. The outflows on this coinsurance agreement are exceeding inflows due to a large portion of this block being comprised of a block of 5 year MYG product that was issued in 2016 and has experienced high surrenders due to it reaching the end of its guarantee period. The reserve adjustment in reinsurance ceded offsets ceded premium and ceded surrenders, withdrawals and deaths on this treaty. The net outflows are much larger in 2021 compare to 2020, which is driving the larger negative revenue. These decreases in other income were partially offset by an increase in earnings from MNL’s company owned life insurance (income of $48 million in the third quarter of 2021 compared to $34 million in the third quarter of 2020 and income of $127 million for the nine months ended September 30, 2021 compared to $90 million in the comparable period of 2020).

Benefits and Expenses

Policyholder benefits increased 22% in the third quarter of 2021 compared to the third quarter of 2020 and increased 12% for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020. This was primarily attributable to the growth and aging of the inforce life and annuity blocks. Policyholder benefits are largely offset by a corresponding decrease in policyholder reserves. The life death benefits result in an impact to operating earnings by the amount of benefit paid above the amount of policyholder reserve released, net of reinsurance.

Change in policyholder reserves decreased 64% in the third quarter of 2021 compared to the third quarter of 2020 and decreased 29% for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020. This decrease was largely driven by the decrease in sales of annuities in the third quarter of 2021 compared to the third quarter of 2020 as well as an increase in the level of surrenders on the 5 year MYG block that is largely reinsured on a Modco basis. On this Modco treaty, the surrenders are reported on the Policyholder benefits line, the release of the associated direct reserves is reported as a reduction in the Change in Policyholder Reserves line and the reserves adjustment on Modco reserves is reported as a reduction of Other Income.

Operating costs and other items increased 9% in the third quarter of 2021 compared to the third quarter of 2020 and increased 13% for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020. This is primarily due to an increase in commissions on the increased sales.

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Realized Gains (Losses) Net of Federal Income Taxes

Realized gains of $14 million in the third quarter of 2021 compared to losses of $103 million in the third quarter of 2020. Realized gains of $32 million for the nine months ended September 30, 2021 compared to losses of $178 million for the nine months ended September 30, 2020. For statutory reporting purposes, realized gains (losses) reported on the statement of operations are net of gains and losses transferred to the Interest Maintenance Reserve (“IMR”). Amounts transferred to IMR, which is a liability reported in the statement of financial position, are gains and losses resulting from changes in interest rates and are amortized into operations over the estimated remaining lives of the securities sold. Gains and losses reported in the statement of operations are credit and non-interest related. The losses reported in 2020 were primarily related to intent to sell designations on securities with oil and gas exposure that were uniquely impacted by the COVID-19 pandemic and the impact it had on energy prices, recognition of impairment losses on specific asset-backed securities in the aircraft and CLO sectors and certain commercial mortgage loans uniquely impacted by the COVID-19 pandemic. The gains reported in 2021 were largely attributable to sales on securities that were previously impaired and had recovered in value prior to their disposal in 2021.

Liquidity and Capital Resources

Liquidity

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

Midland National structures its investment portfolio to provide liquidity for timely payment of policy benefits, operational expenses and other obligations such as dividends. Midland National’s cash and short-term invested assets were $1,027 million and $1,448 million at September 30, 2021 and December 31, 2020, respectively.

Net cash provided by operating activities was $1,057 million and $2,553 million for the quarters ended September 30, 2021 and September 30, 2020, respectively. Net cash flow from operating activities primarily consists of net investment income and premium receipts from insurance contracts less benefit payments, operating expenses and income taxes. The decrease in cash provided by operating activities in 2021 is primarily due to a reduction in premiums collected during 2021 compared to 2020 due primarily to the unusually high sales of MYG annuities in the third quarter of 2020. Net cash provided by operating activities was $2,835 million and $3,731 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. The decrease compared to the prior year was also primarily due a reduction in sales of MYG annuities, partially offset by increases in sales of fixed indexed annuity and bank owned life insurance.

Net cash used by investing activities was $1,054 million and $2,332 million for the quarters ended September 30, 2021 and September 30, 2020, respectively. Net cash used by investing activities was $4,099 million and $3,561 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. Net cash flow used by investing activities primarily consists of the purchase or sale of securities generated from or required to fund operating and financing cash flows. Since operating and financing cash flows are generally positive, the cash used by investing activities reflects the investment of those cash flows. The fluctuations from period to period are driven by the variations in those operating and financing cash flows.

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Cash flow from financing activities was negative $155 million and positive $176 million for the quarters ended September 30, 2021 and 2020, respectively. Cash flow from financing activities was $844 million and $835 million for the nine months ended September 30, 2021 and 2020, respectively. 2021 included a $175 million capital contribution received, an $83 million net loan from its parent company, $217 million of net proceeds on deposit type contracts, primarily from $200 million of Guaranteed Interest Contracts issued to SEI, $479 million associated with increases in repurchase agreements and $82 million associated with increases in funds withheld liabilities, partially offset by $219 million in dividends paid. 2020 included an $800 million increase in FHLB advances, $150 million associated with repurchase agreements, $293 million increase in remittances and premium suspense, partially offset by a $97 million reduction of collateral liability, a $160 million reduction in funds withheld liabilities and $205 million of dividends paid.

Midland National is a member of the FHLB of Des Moines. The FHLB membership provides the Company a borrowing facility with access to low cost funding. As members of the FHLB, Midland National is required to purchase and hold the FHLB common stock. In addition, Midland National is required to purchase activity common stock equal to 5.0% of outstanding borrowings. As of September 30, 2021 and December 31, 2020, Midland National owned a total of $133 million of membership and activity common stock of the FHLB.

The Company utilizes the FHLB borrowing ability as a source of funding to complement its security lending program. The Company had total outstanding borrowings from the FHLB of $3.1 billion at September 30, 2021 and December 31, 2020. These borrowings are fully secured by assets pledged as collateral to the FHLB. The total borrowing capacity available to the Company is dependent on the type and amount of assets eligible to be pledged as collateral. The Company believes it has sufficient assets available to be pledged as collateral to meet any unexpected liquidity need in the foreseeable future.

The Company utilizes a security lending program (primarily repurchase agreements) to enhance investment income. This program could be used as a source of short-term funds if the need arose. As of September 30, 2021 and December 31, 2020, the Company had outstanding repurchase agreements of $4.7 billion and $4.2 billion, respectively. The repurchase agreements involve the sale of securities and an agreement to repurchase the same securities at a later date at an agreed-upon price. Our policy requires that, at all times during the term of the repurchase agreements, cash or other types of collateral provided is sufficient to allow the counterparty to fund substantially all of the cost of purchasing replacement assets. The cash proceeds received under these repurchase agreements are typically invested in fixed income securities. The Company accounts for these transactions as secured borrowings, where the amount borrowed is tied to the fair value of the underlying collateral securities. The collateral for these agreements is reported in bonds in the balance sheet of the Company. Iowa, the state of domicile for the Company, limits the amount of securities lending to 10% of policyholder legal reserves. As of December 31, 2020, Midland National’s securities lending was 9.0% of policyholder legal reserves.

At December 31, 2020 Midland National had outstanding capital commitments to limited partnerships of $832 million.

Insurance Policyholder Liabilities

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

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The Company’s product features enhance its liquidity position. Virtually all individual deferred annuity products and universal life products contain surrender charges for varying durations, reducing the risk that customers will seek withdrawals during the period surrender charges are in place. Surrender charges allow the Company to better plan the maturities of its invested assets by reducing the risk that future cash outflows will exceed anticipated levels.

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

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

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

Capital Resources

As of September 30, 2021 and December 31, 2020, Midland National’s total adjusted capital (“TAC”), as defined by the NAIC, was $5,260 million and $4,712 million, respectively. The TAC is used to calculate the Company’s risk based capital (“RBC”) at the end of each reporting period. As of December 31, 2020, Midland National’s authorized control level RBC was 804%, respectively. Midland National’s TAC is well in excess of all RBC standards. In addition, Midland National monitors its capital levels as determined by each of its rating agencies (AM Best, Standard & Poor’s and Fitch). As of September 30, 2021 and December 31, 2020 Midland National’s capital exceeds the amount necessary to maintain its current ratings.

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

	September 30,		December 31,
(dollars in thousands)	2021		2020
Capital and surplus	$	4,606,506	$	4,205,059
Asset valuation reserve		653,062		506,759
Subsidiaries’ asset valuation reserve		695		636
Total Adjusted Capital	$	5,260,263	$	4,712,454

The Company is wholly owned by SFG and its ability to pay dividends is limited by the laws of the state of Iowa, its state of domicile. Without prior approval of the commissioner of the Iowa Insurance Division, MNL is limited to pay ordinary dividends to SFG of $420.5 million in 2021. MNL paid dividends to SFG of $219.7 million in the nine months ended September 30, 2021, $0 in the third quarter of 2021, $205 million in the nine months ended September 30, 2020, $63.4 million in the third quarter of 2020 and $205.1 million in 2020.

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

Solberg Reinsurance Company (“Solberg Re”), a wholly owned limited purpose subsidiary domiciled in the state of Iowa, secured a contingent note guarantee from an unrelated third party insurance company. The contingent note guarantee supports redundant statutory required reserves on certain term life insurance policies assumed from Midland National and North American Company for Life and Health Insurance (“North American”), an affiliate of Midland National. The contingent note guarantee has a term of 18 years and has a maximum issuance amount of $726 million. The contingent note guarantee can be drawn upon when actual policy benefits applicable to the specific life insurance term policies exceed specified thresholds. Solberg Re does not anticipate drawing funds against the contingent note guarantee. The amount of the contingent note guarantee is reported as an admitted asset by Solberg Re.

MNL Reinsurance Company (“MNL Re”), another wholly owned limited purpose subsidiary domiciled in the state of Iowa, secured a contingent note guarantee by an unrelated third party for specific risks on certain permanent life insurance policies assumed by MNL Re from Midland National and North American. The contingent note guarantee has a term of 18 years and an aggregate maximum amount of $1,432 million. The contingent note can be drawn upon when actual policy benefits applicable to the specific permanent life insurance policies exceed certain thresholds. MNL Re does not anticipate drawing funds against the contingent note. The amount of the contingent note guarantee is reported as an admitted asset by MNL Re.

Canal Reinsurance Company (“Canal Re”), a wholly owned limited purpose subsidiary domiciled in the state of Iowa, was launched on September 30, 2019 at which time it secured a contingent note guarantee from an unrelated third party insurance company. The contingent note guarantee supports redundant statutory required reserves on certain term life insurance policies assumed from Midland National and North American. The contingent note guarantee has a term of 18 years and has a maximum issuance amount of $411 million. The contingent note guarantee can be drawn upon when actual policy benefits applicable to the specific life insurance term policies exceed specified thresholds. Canal Re does not anticipate drawing funds against the contingent note guarantee. The amount of the contingent note guarantee is reported as an admitted asset by Canal Re.

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

Midland National’s parent, SFG, has issued senior notes in 2013, 2017 and 2021. The proceeds from these notes issued in 2013 and 2017 were used to purchase surplus notes from SFG’s insurance subsidiaries to support business growth. Midland National received $142 million in 2013 and $295 million in 2017 as capital contributions from these senior note offerings to support its business growth. The proceeds from the notes issued in 2021 were used to support continued business growth. A portion of the proceeds were loaned to Midland National. The outstanding balance of the note as of September 30, 2021 is $88 million and is due on December 31, 2021. SFG has the ability to issue additional debt in order to support future business growth of Midland National and other insurance subsidiaries. SEI also has access to a bank line of credit and other sources of capital that can be contributed to SFG and its insurance subsidiaries to support business growth.

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Investments

Midland National had total cash and invested assets of $63,275 million and $59,095 million at September 30, 2021 and December 31, 2020, respectively, as illustrated below:

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

	September 30, 2021					December 31, 2020
(dollars in thousands)	Admitted Value		% of Total Admitted Value			Admitted Value		% of Total Admitted Value
Cash and invested assets
Bonds	$	52,211,561		82.4	%	$	48,452,287		81.9	%
Stocks
Preferred		1,135,414		1.8	%		771,536		1.3	%
Common-subsidiaries		248,870		0.4	%		279,528		0.5	%
Common-other		602,151		1.0	%		433,602		0.7	%
Mortgage loans		3,892,075		6.2	%		4,403,274		7.4	%
Real estate		100,702		0.2	%		100,995		0.2	%
Policy loans		411,505		0.7	%		404,383		0.7	%
Cash, cash equivalents and short-term investments		1,027,129		1.6	%		1,448,036		2.5	%
Receivable for securities		119,526		0.2	%		3,720		0.0	%
Derivative securities		454,404		0.7	%		459,488		0.8	%
Other invested assets		3,071,950		4.8	%		2,337,913		4.0	%
Total cash and invested assets	$	63,275,287		100.0	%	$	59,094,762		100.0	%

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Bonds

The following table summarizes the admitted values and estimated fair values of the Company’s bond portfolio as of September 30, 2021 and December 31, 2020:

	At September 30, 2021							At December 31, 2020
(dollars in thousands)	Estimated Fair Value		Admitted Value		% of Total Admitted Value			Estimated Fair Value		Admitted Value		% of Total Admitted Value
Bonds
U.S. government	$	3,376,181	$	3,077,324		5.9	%	$	3,294,399	$	2,857,238		5.9	%
All other government		1,304,750		1,323,410		2.5	%		378,280		356,028		0.7	%
U.S. special revenue & special assessment obligations, non-guaranteed		14,525,387		12,874,940		24.7	%		14,871,124		12,770,970		26.4	%
Industrial and miscellaneous		35,389,026		33,146,715		63.5	%		33,355,239		30,616,769		63.2	%
Bank Loans		1,330,923		1,305,983		2.5	%		1,245,769		1,232,890		2.5	%
Parent, subsidiaries and affliates		488,164		483,189		0.9	%		618,850		618,392		1.3	%
Total bonds	$	56,414,431	$	52,211,561		100.0	%	$	53,763,661	$	48,452,287		100.0	%
Preferred stock	$	1,187,221	$	1,135,414		100.0	%	$	831,674	$	771,536		100.0	%
Common stock
Parent, subsidiaries and affliates	$	248,870	$	248,870		29.2	%	$	279,528	$	279,528		39.2	%
Other		602,151		602,151		70.8	%		433,602		433,602		60.8	%
Total common stock	$	851,021	$	851,021		100.0	%	$	713,130	$	713,130		100.0	%

The Company’s rating designations are based on ratings from nationally recognized rating organizations, primarily those assigned by S&P, Moody’s Investor Service, Inc. (“Moody’s”) and Fitch. The Company’s bond portfolio consisted of 92.9% and 93.4% of investment grade securities at September 30, 2021 and December 31, 2020, respectively. The NAIC Securities Valuation Office (“SVO”) is responsible for the day-to-day credit quality assessment and valuation of securities owned by state-regulated insurance companies. Comparisons between the NAIC ratings and rating agency designations are published by the NAIC. The NAIC assigns securities quality ratings and uniform valuations, which are used by insurers when preparing their annual statements to their state insurance regulators. The NAIC ratings are similar to the rating agency designations of the Nationally Recognized Statistical Rating Organizations (“NRSRO”) for marketable bonds. NAIC ratings 1 and 2 include bonds generally considered investment grade (rated Baa3 or higher by Moody’s, or BBB- or higher by S&P and Fitch), by such ratings organizations. NAIC ratings 3 through 6 include bonds generally considered below investment grade (rated Ba1 or lower by Moody’s, or rated BB+ or lower by S&P and Fitch). Typically, if a security has been rated by an NRSRO, the SVO utilizes that rating and assigns an NAIC designation based on the following system:

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

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

	At September 30, 2021					At December 31, 2020
NAIC Rating (dollars in thousands)	Admitted Value		% of Total			Admitted Value		% of Total
1	$	31,802,468		60.9	%	$	31,497,837		65.1	%
2		16,710,018		32.0	%		13,763,416		28.4	%
3		2,075,748		4.0	%		1,597,634		3.3	%
4		1,372,058		2.6	%		1,323,549		2.7	%
5		217,527		0.4	%		251,811		0.5	%
6		33,742		0.1	%		18,040		0.0	%
Total Bonds	$	52,211,561		100.0	%	$	48,452,287		100.0	%

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

	At September 30, 2021					At December 31, 2020
(dollars in thousands)	Admitted Values		% of Total			Admitted Values		% of Total
Contractual maturity
Due in one year or less	$	466,309		0.9	%	$	727,317		1.5	%
Due after one year through five years		4,770,455		9.1	%		4,804,693		9.9	%
Due after five years through ten years		8,180,182		15.7	%		6,321,205		13.0	%
Due after ten years		26,206,890		50.2	%		18,302,170		37.8	%
Securities not due at a single maturity date (primarily mortgage-backed securities)		12,587,725		24.1	%		18,296,902		37.8	%
Total Bonds	$	52,211,561		100.0	%	$	48,452,287		100.0	%

Important factors in the selection of investments include diversification, credit quality, liquidity, yield and call protection. The relative importance of these factors is determined by market conditions and underlying product or portfolio characteristics. The largest asset class in which bonds were invested was Industrial and Miscellaneous, which constituted 63.5% and 63.2% of bonds at September 30, 2021 and December 31, 2020, respectively.

191

The following tables summarize the Company’s sector allocation, admitted values, estimated fair values and ratings distribution for Industrial and Miscellaneous bonds at September 30, 2021 and December 31, 2020:

(In thousands)
	At September 30, 2021							At December 31, 2020
	Estimated Fair Value		Admitted Value		% of total			Estimated Fair Value		Admitted Value		% of total
Industrial & Miscellanous
Banking	$	3,501,610	$	3,162,135		9.5	%	$	3,615,914	$	3,185,241		10.4	%
Insurance		3,391,964		3,142,478		9.5	%		2,742,090		2,448,455		8.0	%
Military Housing		3,460,153		3,031,579		9.2	%		3,482,090		2,966,823		9.7	%
Transportation		2,739,581		2,650,196		8.0	%		3,214,333		3,189,192		10.5	%
CLO		2,487,842		2,476,030		7.5	%		2,973,461		2,992,733		9.8	%
Energy		2,311,487		2,127,823		6.4	%		1,904,907		1,689,109		5.5	%
Consumer Non Cyclical		1,871,568		1,728,619		5.2	%		1,372,387		1,187,632		3.9	%
Brokerage/Asset Managers/Exchanges		1,210,536		1,143,581		3.5	%		1,092,236		1,003,906		3.3	%
Consumer Cyclical		1,221,389		1,143,115		3.4	%		1,174,442		1,092,933		3.6	%
Technology		1,164,360		1,094,982		3.3	%		788,445		683,326		2.2	%
Financial		1,103,888		1,092,825		3.3	%		1,077,172		1,041,630		3.4	%
Basic		1,129,166		1,080,915		3.3	%		845,333		748,082		2.4	%
Communications		1,148,683		1,068,646		3.2	%		882,382		763,192		2.5	%
Whole Business		1,059,996		1,010,380		3.0	%		896,729		839,597		2.7	%
Agency		764,785		705,249		2.1	%		943,617		857,921		2.8	%
Capital Goods		655,399		594,661		1.8	%		572,811		496,366		1.6	%
Other Industrials		582,363		563,114		1.7	%		324,834		299,058		1.0	%
Sovereign		511,985		491,976		1.5	%		252,125		223,605		0.7	%
Other Financials		496,000		485,696		1.5	%		406,821		380,015		1.2	%
CTL		488,887		465,615		1.4	%		477,830		454,509		1.5	%
CRE-CLO		445,671		438,268		1.3	%		415,701		415,519		1.4	%
Electric		412,623		373,976		1.1	%		304,363		256,497		0.8	%
CDO		358,981		356,450		1.1	%		249,918		249,343		0.8	%
Triple Net Lease		359,762		351,187		1.1	%		331,019		323,517		1.1	%
Other ABS		332,703		335,904		1.0	%		178,310		175,138		0.6	%
Traditional-Conduit		315,489		302,419		0.9	%		675,783		665,047		2.2	%
Cell Tower		293,241		280,629		0.8	%		333,448		311,405		1.0	%
Finance Company		294,316		277,732		0.8	%		247,178		224,011		0.7	%
REIT		260,344		242,259		0.7	%		252,052		226,929		0.7	%
Other		184,675		161,323		0.5	%		188,330		160,911		0.5	%
Alt-A		168,903		155,062		0.5	%		267,713		249,515		0.8	%
Credit Card		119,106		118,000		0.4	%		118,708		118,000		0.4	%
Prime		125,800		117,172		0.4	%		229,419		212,283		0.7	%
Traditional-Single Borrower		112,894		106,852		0.3	%		120,380		113,902		0.4	%
Diversified Payment Rights		80,440		76,485		0.2	%		92,396		86,704		0.3	%
Subprime		72,835		62,867		0.2	%		99,886		89,608		0.3	%
Power		50,950		46,459		0.1	%		51,617		47,921		0.2	%
Re-Remic		42,714		33,906		0.1	%		44,800		35,903		0.1	%
Non-Traditional		29,593		24,449		0.1	%		29,611		28,045		0.1	%
Automotive		21,669		21,068		0.1	%		46,057		45,330		0.1	%
Servicing Advance		3,601		3,572		0.0	%		3,596		3,573		0.0	%
Consumer Unsecured		1,074		1,061		0.0	%		34,995		34,343		0.1	%
Total Industrial & Miscellanous	$	35,389,026	$	33,146,715		100.0	%	$	33,355,239	$	30,616,769		100.0	%

	At September 30, 2021							At December 31, 2020
NAIC Designation	Estimated Fair Value		Admitted Value		% of total			Estimated Fair Value		Admitted Value		% of total
1	$	15,890,963	$	14,924,629		45.1	%	$	16,675,679	$	15,468,238		50.6	%
2		17,052,749		15,916,646		48.0	%		14,591,125		13,217,252		43.2	%
3		1,903,908		1,767,392		5.3	%		1,506,851		1,372,208		4.5	%
4		482,423		480,272		1.4	%		503,199		474,083		1.5	%
5		32,240		30,974		0.1	%		69,605		76,413		0.2	%
6		26,743		26,802		0.1	%		8,780		8,575		0.0	%
Total Industrial & Miscellaneous	$	35,389,026	$	33,146,715		100.0	%	$	33,355,239	$	30,616,769		100.0	%

192

The following table summarizes the Company’s sector allocation, admitted values, estimated fair values and ratings distribution for Bank Loans at September 30, 2021 and December 31, 2020:

(In thousands)
	At September 30, 2021							At December 31, 2020
	Estimated Fair Value		Admitted Value		% of total			Estimated Fair Value		Admitted Value		% of total
Bank Loans
Technology	$	298,023	$	289,764		22.1	%	$	283,507	$	282,201		22.9	%
Consumer Non Cyclical		226,193		224,086		17.1	%		231,520		226,283		18.4	%
Consumer Cyclical		206,612		207,306		15.9	%		146,588		151,419		12.3	%
Transportation		134,552		129,869		9.9	%		122,177		118,519		9.6	%
Capital Goods		110,502		108,591		8.3	%		81,592		80,081		6.5	%
Communications		73,854		72,821		5.6	%		86,842		85,635		6.9	%
Brokerage/Asset Managers/Exchanges		62,014		61,136		4.7	%		69,835		68,866		5.6	%
Other Industrials		59,962		59,632		4.6	%		40,546		39,713		3.2	%
Electric		48,800		47,154		3.6	%		49,642		47,838		3.9	%
Other Financials		43,103		42,507		3.3	%		4,566		4,608		0.4	%
Basic		27,059		26,871		2.1	%		29,399		29,205		2.4	%
Finance Company		24,032		24,237		1.9	%		30,823		31,191		2.5	%
Energy		13,679		9,407		0.7	%		66,340		64,720		5.2	%
REIT		2,538		2,602		0.2	%		2,392		2,611		0.2	%
Total Banks Loans	$	1,330,923	$	1,305,983		100.0	%	$	1,245,769	$	1,232,890		100.0	%
	At September 30, 2021							At December 31, 2020
NAIC Designation	Estimated Fair Value		Admitted Value		% of total			Estimated Fair Value		Admitted Value		% of total
1	$	16,573	$	16,508		1.3	%	$	—	$	—		0.0	%
2		139,086		133,804		10.2	%		189,552		186,723		15.1	%
3		129,003		128,781		9.9	%		74,137		73,368		6.0	%
4		897,953		883,555		67.7	%		799,119		787,935		63.9	%
5		136,172		136,394		10.4	%		170,513		175,399		14.2	%
6		12,136		6,941		0.5	%		12,448		9,465		0.8	%
Total Bank Loans	$	1,330,923	$	1,305,983		100.0	%	$	1,245,769	$	1,232,890		100.0	%

193

The following tables summarize the security type, admitted values, estimated fair values and ratings distribution for the Company’s investments in Parents, Subsidiaries and Affiliates at September 30, 2021 and December 31, 2020:

(In thousands)
	At September 30, 2021							At December 31, 2020
	Estimated Fair Value		Admitted Value		% of total			Estimated Fair Value		Admitted Value		% of total
Issuer Obligations/Affiliates	$	7,536	$	3,805		0.8	%	$	32,599	$	28,612		4.6	%
Structured Securities/Affiliates		428,573		427,461		88.5	%		533,762		537,425		86.9	%
Bank Loans/Affiliates		52,055		51,923		10.7	%		52,489		52,355		8.5	%
Total Parent, Subsidiaries and Affliliates	$	488,164	$	483,189		100.0	%	$	618,850	$	618,392		100.0	%
	At September 30, 2021							At December 31, 2020
NAIC Designation	Estimated Fair Value		Admitted Value		% of total			Estimated Fair Value		Admitted Value		% of total
1	$	326,417	$	322,082		66.7	%	$	362,161	$	358,142		57.9	%
2		33,939		33,940		7.0	%		104,760		105,459		17.1	%
3		73,285		68,777		14.2	%		98,003		94,135		15.2	%
4		10,867		8,230		1.7	%		53,926		60,656		9.8	%
5		43,656		50,160		10.4	%		—		—		0.0	%
6		—		—		0.0	%		—		—		0.0	%
Total Parent, Subsidiaries and Affliliates	$	488,164	$	483,189		100.0	%	$	618,850	$	618,392		100.0	%

Mortgage Loans

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

(in thousands)
Property Type	At September 30, 2021						At December 31, 2020
	Admitted Value			% of total			Admitted Value			% of total
Office	$	1,560,398			40.1	%	$	1,733,208			39.3	%
Retail		765,924			19.7	%		941,150			21.3	%
Hotel		545,302			14.0	%		610,441			13.9	%
Multi-family		449,900			11.6	%		523,106			11.9	%
Other		198,724			5.1	%		272,365			6.2	%
Industrial		325,967			8.4	%		259,261			5.9	%
Medical		52,053			1.3	%		59,936			1.4	%
Residential		0			0.0	%		10,000			0.2	%
Less: Allowance		(6,193	)		-0.2	%		(6,193	)		-0.1	%
	$	3,892,075			100	%	$	4,403,274			100	%

194

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

(in thousands)
Geographic Location	At September 30, 2021						At December 31, 2020
	Admitted Value			% of total			Admitted Value			% of total
Pacific	$	1,272,955			32.7	%	$	1,318,536			30.0	%
South Atlantic		1,097,420			28.2	%		1,298,280			29.5	%
Middle Atlantic		540,647			13.9	%		705,709			16.0	%
Mountain		329,877			8.5	%		309,142			7.0	%
East North Central		229,623			5.9	%		271,257			6.2	%
New England		217,398			5.6	%		225,913			5.1	%
West South Central		108,778			2.8	%		151,767			3.4	%
West North Central		58,570			1.5	%		70,802			1.6	%
East South Central		43,000			1.1	%		58,061			1.3	%
Less: Allowance		(6,193	)		-0.2	%		(6,193	)		-0.1	%
	$	3,892,075			100	%	$	4,403,274			100	%

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

(in thousands)
Year of Origination	Original Amount			Interest Rate Range		Range of LTV at Origination		Admitted Value as of September 30, 2021			% of Total
2016 and Prior	$	2,385,490			3.55%-7.50%		48%-76%	$	2,170,777			55.7	%
2017		222,713			4.15%-5.40%		42%-69%		187,993			4.8	%
2018		484,900			2.50%-7.00%		51%-73%		519,597			13.4	%
2019		535,873			3.55%-8.00%		48%-75%		558,788			14.4	%
2020		168,191			2.65%-4.85%		44%-75%		181,774			4.7	%
YTD 2021		279,127			3.00%-4.25%		51%-75%		279,339			7.2	%
Less: Allowance		(6,193	)						(6,193	)		-0.2	%
	$	4,070,101						$	3,892,075			100.0	%

195

Other Invested Assets

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

	At September 30, 2021				At December 31, 2020
(dollars in thousands)	Admitted Value		Unfunded commitments		Admitted Value		Unfunded commitments
Investments that have underlying characteristics of:
Mortgage loans	$	231,937	$	77,147	$	169,986	$	141,549
Fixed income instruments-Unafilliated		32,636		1,495,807		44,249		606,701
Fixed income instruments-Afilliated		331,301		—		302,943		—
Common stocks-Unaffiliated		748,951		633,416		364,692		526,561
Common stocks-Affiliated		280,394		24,482		198,545		41,837
Real estate		54,492		5,333		99,575		24,531
Surplus notes		1,042,460		—		822,580		—
Collateral loans-Unaffiliated		170,687		97,779		151,919		138,232
Collateral loans-Affiliated		154,723		249,461		104,166		100,622
Miscellaneous other		24,369		—		79,258		25,229
Total other invested assets	$	3,071,950	$	2,583,425	$	2,337,913	$	1,605,262

Derivatives

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

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

196

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

	At September 30, 2021				At December 31, 2020
(dollars in thousands)	Admitted Value		Estimated Fair Value		Admitted Value		Estimated Fair Value
Derivative instruments:
Assets:
Call options	$	427,015	$	1,138,433	$	411,350	$	1,555,260
Futures		19,212		19,212		40,466		40,466
Interest rate floors		5,088		5,088		7,670		7,670
Foreign exchange forwards		3,089		3,089		2		2
Total derivative instruments assets	$	454,404	$	1,165,822	$	459,488	$	1,603,398
	Reported Value		Estimated Fair Value		Reported Value		Estimated Fair Value
Liabilities:
Written options	$	139,335	$	528,654	$	174,648	$	847,281
Foreign exchange forwards		3		3		1,754		1,754
Total derivative instruments liabilities	$	139,338	$	528,657	$	176,402	$	849,035

QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

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

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

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

The credit risk in our investment portfolio is related to the risk of default by the issuers of fixed income invested assets and mortgages held in our portfolio. Our product pricing incorporates a certain level of defaults within our portfolio. Historically, the actual level of defaults has not exceeded the assumed level built into our product pricing. Our investment manager applies vigorous credit analysis prior to the purchase of a security and during the holding period in order to minimize the negative impact from security defaults.

197

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

Midland National sells life and annuity products that provide for a guarantee base return and a higher return tied to several major equity market indices. In order to mitigate this market risk, Midland National purchases over-the-counter index options and futures contracts that compensate us for any appreciation over the strike price and offsets the corresponding increase in the policyholder obligation. Midland National purchases index call options on applicable indices and enters futures contract during the year to fund the annual index credits on our fixed indexed life and annuity policies. The risk associated with these purchases is the fluctuation of costs from period to period. We manage this risk by adjusting caps and participation rates on the applicable indexed products within contractual limitations. By managing the caps and participation rates we can limit the cost of the options and futures to be within product pricing assumptions subject to contractual limitations. Index credits to policyholders were $520.5 million in 2020. Proceeds from option payouts and futures contracts were $529.0 million in 2020. The difference between proceeds received and index credits is the result of over-hedging that occurs as a result of policyholder behavior.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

198

FINANCIAL STATEMENTS

Third Quarter 2021 Financial Statements

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

(Dollars in Thousands, except par value)

	September 30, 2021		December 31, 2020
	(Unaudited)
ADMITTED ASSETS
Bonds	$	52,211,561	$	48,452,287
Stocks
Preferred		1,135,414		771,536
Common - subsidiaries		248,870		279,528
Common - other		602,151		433,602
Mortgage loans		3,892,075		4,403,274
Real estate		100,702		100,995
Policy loans		411,505		404,383
Cash, cash equivalents and short-term investments		1,027,129		1,448,036
Receivable for securities		119,526		3,720
Derivative instruments		454,404		459,488
Other invested assets		3,071,950		2,337,913
Total cash and invested assets		63,275,287		59,094,762
Policy premiums due, deferred or uncollected		155,883		158,947
Accrued investment income		569,740		461,240
Current federal income tax		55,489		74,525
Net deferred tax asset		334,556		303,318
Company owned life insurance		1,252,473		1,124,804
Other admitted assets		82,072		265,303
Separate account assets		6,333,713		5,779,605
Total admitted assets	$	72,059,213	$	67,262,504
LIABILITIES AND CAPITAL AND SURPLUS
Liabilities for future policy benefits	$	45,814,227	$	43,223,475
Liabilities for deposit-type contracts		571,452		344,604
Policy and contract claims		224,271		246,619
Other policyholder funds		3,137		2,958
Total policyholder liabilities		46,613,087		43,817,656
Amounts payable for reinsurance		31,838		62,382
Interest maintenance reserve		94,488		60,632
Asset valuation reserve		653,062		506,759
Repurchase agreements, borrowed money, FHLB advances and collateral on derivatives		8,066,208		7,548,006
Payable for securities		343,870		110,817
Funds held under coinsurance		4,543,074		4,545,324
Derivative instruments		139,338		176,402
Accrued expenses and other liabilities		909,614		688,153
Separate account liabilities		6,058,128		5,541,314
Total liabilities		67,452,707		63,057,445
Capital and surplus
Common stock - $1 par value; 2,549,439 shares authorized, issued, and outstanding		2,549		2,549
Surplus notes		1,037,000		1,037,000
Additional paid-in capital		793,927		793,927
Unassigned surplus		2,773,030		2,371,583
Total capital and surplus		4,606,506		4,205,059
Total liabilities and capital and surplus	$	72,059,213	$	67,262,504

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

199

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

STATEMENTS OF OPERATIONS – STATUTORY BASIS

(Dollars in Thousands)

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
REVENUES
Life insurance and annuity premiums and other considerations	$	1,938,619		$	2,994,289		$	5,492,030		$	5,340,363
Net investment income		816,005			609,494			2,491,175			1,625,131
Commissions and expense allowances on		16,798			15,853			52,791			47,800
Amortization of interest maintenance reserve		7,524			6,290			17,287			18,239
Reserve adjustments on reinsurance ceded		(517,853	)		(69,421	)		(1,467,021	)		(292,323	)
Investment income ceded - funds withheld		(68,509	)		(54,298	)		(216,132	)		(134,682	)
Other income		119,215			72,659			263,206			141,385
Total revenues		2,311,799			3,574,866			6,633,336			6,745,913
BENEFITS AND EXPENSES
Life and annuity policy benefits		828,018			680,292			2,487,845			2,213,037
Increase in liabilities for future life and		939,776			2,620,225			2,590,752			3,653,257
Commissions		112,379			115,039			315,686			285,425
General expenses		67,797			60,775			201,345			192,363
Insurance taxes, licenses and fees		22,702			10,114			60,668			33,270
Net transfers to (from) separate accounts		62,372			(14,258	)		214,427			(2,839	)
Total benefits and expenses		2,033,044			3,472,187			5,870,723			6,374,513
Net gain from operations before federal income taxes and net realized capital gains (losses)		278,755			102,679			762,613			371,400
Federal income tax expense		52,104			49,717			127,878			96,377
Net gain from operations before net realized capital gains (losses)		226,651			52,962			634,735			275,023
Net realized capital gains (losses)		13,687			(103,426	)		32,086			(178,229	)
Net income (loss)	$	240,338		$	(50,464	)	$	666,821		$	96,794

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

200

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS – STATUTORY BASIS

(Dollars in Thousands)

	Three months ended
	Common Stock		Surplus Note		Additional Paid-In Capital		Unassigned Surplus			Total Capital and Surplus
Balances at June 30, 2020 (Unaudited)	$	2,549	$	837,000	$	618,927	$	2,347,028		$	3,805,504
Net income		—		—		—		(50,464	)		(50,464	)
Change in net unrealized capital gains (losses)		—		—		—		(358	)		(358	)
Change in net deferred income tax		—		—		—		74,753			74,753
Change in nonadmitted assets		—		—		—		(43,153	)		(43,153	)
Change in asset valuation reserve		—		—		—		27,690			27,690
Change in surplus as a result of reinsurance		—		—		—		(3,316	)		(3,316	)
Dividends to stockholder		—		—		—		(93,915	)		(93,915	)
Balances at September 30, 2020 (Unaudited)	$	2,549	$	837,000	$	618,927	$	2,258,265		$	3,716,741
Balances at June 30, 2021 (Unaudited)	$	2,549	$	1,037,000	$	793,927	$	2,577,906		$	4,411,382
Net income		—		—		—		240,338			240,338
Change in net unrealized capital gains (losses)		—		—		—		3,728			3,728
Change in net deferred income tax		—		—		—		20,837			20,837
Change in nonadmitted assets		—		—		—		(24,959	)		(24,959	)
Change in asset valuation reserve		—		—		—		(39,919	)		(39,919	)
Change in surplus as a result of reinsurance		—		—		—		(4,901	)		(4,901	)
Balances at September 30, 2021 (Unaudited)	$	2,549	$	1,037,000	$	793,927	$	2,773,030		$	4,606,506
	Nine months ended
	Common Stock		Surplus Note		Additional Paid-In Capital		Unassigned Surplus			Total Capital and Surplus
Balances at December 31, 2019	$	2,549	$	837,000	$	618,927	$	2,393,955		$	3,852,431
Net income		—		—		—		96,794			96,794
Change in net unrealized capital gains (losses)		—		—		—		(73,918	)		(73,918	)
Change in net deferred income tax		—		—		—		113,427			113,427
Change in nonadmitted assets		—		—		—		(100,375	)		(100,375	)
Change in asset valuation reserve		—		—		—		43,418			43,418
Change in surplus as a result of reinsurance		—		—		—		(9,927	)		(9,927	)
Dividends to stockholder		—		—		—		(205,109	)		(205,109	)
Balances at September 30, 2020 (Unaudited)	$	2,549	$	837,000	$	618,927	$	2,258,265		$	3,716,741
Balances at December 31, 2020	$	2,549	$	1,037,000	$	793,927	$	2,371,583		$	4,205,059
Net income		—		—		—		666,821			666,821
Change in net unrealized capital gains (losses)		—		—		—		44,995			44,995
Change in net deferred income tax		—		—		—		38,063			38,063
Change in nonadmitted assets		—		—		—		30,230			30,230
Change in asset valuation reserve		—		—		—		(146,303	)		(146,303	)
Change in surplus as a result of reinsurance		—		—		—		(14,702	)		(14,702	)
Dividends to stockholder		—		—		—		(219,652	)		(219,652	)
Change in accounting principle		—		—		—		1,995			1,995
Balances at September 30, 2021 (Unaudited)	$	2,549	$	1,037,000	$	793,927	$	2,773,030		$	4,606,506

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

201

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

STATEMENTS OF CASH FLOW – STATUTORY BASIS

(Dollars in Thousands)

	Nine months ended September 30,
	2021			2020
	(Unaudited)			(Unaudited)
OPERATING ACTIVITIES
Life insurance and annuity premiums and other considerations	$	5,494,806		$	5,341,380
Net investment income		2,270,717			1,445,304
Other income		156,898			93,867
Benefits paid		(3,969,655	)		(2,464,981	)
Net transfers (to) from separate account		(213,087	)		5,195
Insurance expenses paid		(776,242	)		(643,702	)
Federal income taxes paid		(128,922	)		(46,071	)
Net cash provided by operating activities		2,834,515			3,730,992
INVESTING ACTIVITIES
Proceeds from investments sold, matured or repaid
Bonds		8,050,147			7,490,464
Preferred and common stocks		207,180			68,626
Mortgage loans		816,613			169,695
Real estate		—			63
Other invested assets		300,501			229,635
Miscellaneous proceeds		238,839			198,975
Cost of investments acquired
Bonds		(11,745,217	)		(10,494,532	)
Preferred and common stocks		(725,376	)		(372,387	)
Mortgage loans		(305,193	)		(166,958	)
Real estate		(1,631	)		(55,186	)
Other invested assets		(810,640	)		(502,736	)
Miscellaneous applications		(117,175	)		(118,796	)
Net change in policy loans		(7,123	)		(7,488	)
Net cash used in investing activities		(4,099,075	)		(3,560,625	)
FINANCING ACTIVITIES
Capital and paid in surplus		175,000			—
Net change in collateral liability		(44,191	)		(97,299	)
Net change in repurchase agreements and FHLB advances		479,376			949,576
Net deposits (withdrawals) on deposit-type contracts		216,936			(13,269	)
Dividends paid to stockholder		(219,652	)		(205,109	)
Net change in funds held under coinsurance		(63,953	)		(115,557	)
Net change in remittances and items not allocated		220,216			292,780
Other cash provided		79,921			23,689
Net cash provided by financing activity and other sources		843,653			834,811
RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Net change in cash, cash equivalents and short-term investments		(420,907	)		1,005,178
Cash, cash equivalents and short-term investments:
Beginning of year		1,448,036			494,409
End of year	$	1,027,129		$	1,499,587
SUPPLEMENTAL CASH FLOW
Non-cash transactions:
Capitalized Interest		40,154			49,875

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

202

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(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. The Company is affiliated through common ownership with North American Company for Life and Health Insurance (“North American”), Sammons Securities, Inc. (“Sammons Securities”), Sammons Financial Network, LLC (“SFN”), Sammons Institutional Group, Inc. (“SIG”), SFG Tenura LLC (“Tenura”), Heyday Insurance Agency, LLC (“Heyday”), Beacon Capital Management, Inc. (“Beacon”), SFG Bermuda, LTD (“SFG Bermuda”) and Property Disposition, Inc. (“PDI”).

Basis of presentation

These unaudited interim statutory financial statements include material changes in financial condition or composition from the preceding fiscal year, hence, 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, 2020. The financial information included herein has been derived from the December 31, 2020 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, 2021 and December 31, 2020:

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”) Separate Account at book value. The impact of applying this prescribed practice had no impact on 2021 statutory net income; however, Capital and Surplus as of September 30, 2021 is decreased by $245,508. The impact of applying this prescribed practice had no impact on 2020 statutory net income; however, Capital and Surplus as of December 31, 2020 is decreased by $312,374 as a result of this prescribed practice.

203

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(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 increased the Company’s statutory net income for the nine months ended September 30, 2021 by $135,767 and the cumulative effect on Capital and Surplus at September 30, 2021 was a decrease of $116,142. The impact of applying this prescribed practice increased the Company’s statutory net income for the three months ended September 30, 2021 by $119,064 and the cumulative effect on Capital and Surplus at September 30, 2021 was an increase of $119,064. The impact of applying this prescribed practice decreased the Company’s statutory net income for the year ended December 31, 2020 by $35,751 and the cumulative effect on Capital and Surplus at December 31, 2020 was a decrease of $251,909. The impact of applying this prescribed practice increased the Company’s statutory net income for the nine months ended September 30, 2020 by $91,260 and the cumulative effect on Capital and Surplus at September 30, 2020 was a decrease of $124,899. The impact of applying this prescribed practice decreased the Company’s statutory net income for the three months ended September 30, 2020 by $46,180 and the cumulative effect on Capital and Surplus at September 30, 2020 was a decrease of $46,180.

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, 2021 is $108,245 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 $224,388 would have been established as of September 30, 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 nine months and three months ended September 30, 2021, respectively, and there was no cumulative impact to the Company’s Capital and Surplus at September 30, 2021. The voluntary reserve established as of December 31, 2020 is $126,888 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 $378,798 would have been established as of December 31, 2020 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 of no impact for the year ended December 31, 2020 and there was no cumulative impact to the Company’s Capital and Surplus at December 31, 2020.

204

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

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 nine months ended September 30, 2021 by $937 and the cumulative effect on Capital and Surplus at September 30, 2021 was an increase of $58,208. The impact of applying this prescribed practice increased the Company’s statutory net income for the three months ended September 30, 2021 by $110 and the cumulative effect on Capital and Surplus as September 30, 2021 was an increase of $110. The impact of applying this prescribed practice increased the Company’s statutory net income for the year ended December 31, 2020 by $3,295 and the cumulative effect on Capital and Surplus at December 31, 2020 was an increase of $57,271. The impact of applying this prescribed practice increased the Company’s statutory net income for the nine months ended September 30, 2020 by $2,753 and the cumulative effect on Capital and Surplus at September 30, 2020 was an increase of $56,548. The impact of applying this prescribed practice increased the Company’s statutory net income for the three months ended September 30, 2020 by $1,487 and the cumulative effect on Capital and Surplus at September 30, 2020 was an increase of $1,487.

205

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(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:

	Three months ended September 30,					Nine months ended September 30,
	2021		2020			2021		2020
	(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
Net Income:
(1) Midland National state basis	$	240,338	$	(50,464	)	$	666,821	$	96,794
(2) State prescribed practice that increase (decrease) NAIC SAP:
(a) Economic hedge of call option derivative assets (IAC 191-97)		119,064		(46,180	)		135,767		91,260
(b) Deferral of 2012 annuity mortality table (IAC 191-43)		110		1,487			937		2,573
(3) NAIC SAP (1-2=3)	$	121,164	$	(5,771	)	$	530,117	$	2,961

	As of			As of
	September 30,			December 31,
	2021			2020
	(Unaudited)
Surplus:
(4) Midland National state basis	$	4,606,506		$	4,205,059
(5) State prescribed practices that increase(decrease) NAIC SAP:
(a) Book value of BOLI separate account assets (Bulletin 07-06)		(245,508	)		(312,374	)
(b) Economic hedge of call option derivative assets (IAC 191-97)		(116,142	)		(251,909	)
(c) Deferral of 2012 annuity mortality table (IAC 191-43)		58,208			57,271
(6) NAIC SAP (4-5=6)	$	4,909,948		$	4,712,071

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 $2,035,704 and $1,969,923 as of September 30, 2021 and December 31, 2020, respectively.

If the Company’s subsidiaries had not utilized this prescribed practice, the result would not have triggered a regulatory event at the Company.

206

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

The Company’s investment in MNL Re, Solberg Re and Canal Re at September 30, 2021 was $66,420, $72,130 and $110,320, 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, 2021, respectively, would have been negative $998,084, negative $522,977 and negative $265,773.

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 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 prospectively to reflect actual payments to date and anticipated future payments.

Accounting changes

Beginning January 1, 2021, perpetual preferred stocks are now carried at fair value, not to exceed the current stated call price, in accordance with SSAP No. 32R. The impact of adopting this accounting change increased preferred stocks by $2,526 and increased surplus by $1,995 net of tax impact. This accounting change did not require retroactive application to prior periods.

207

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(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:

	September 30, 2021
					(Unaudited)
Type of Financial Instrument	Estimated Fair Value		Carrying Value		(Level 1)		(Level 2)		(Level 3)		Not Practicable (Carrying Value)
Financial assets:
Bonds	$	56,414,431	$	52,211,561	$	—	$	50,908,694	$	5,505,737	$	—
Preferred stocks		1,187,221		1,135,414		—		1,187,215		6		—
Common stocks		602,151		602,151		462,797		132,912		6,442		—
Mortgage loans		3,894,933		3,892,075		—		3,894,933		—		—
Policy loans		411,505		411,505		—		411,505		—		—
Cash, cash equivalents and short-term investments		1,027,129		1,027,129		846,449		180,680		—		—
Derivative instruments		1,165,822		454,404		19,212		1,146,610		—		—
Other invested assets		1,738,806		1,555,362		—		1,126,147		612,659		23,974
Separate accounts		6,644,490		6,333,713		3,175,373		3,265,940		203,177		—
Financial liabilities:
Liabilities for deposit-type contracts	$	578,541	$	571,452	$	—	$	—	$	578,541	$	—
Repurchase agreements, FHLB advances and collateral on derivative instruments		8,017,924		7,983,191		251,491		7,766,433		—		—
Derivative instruments		528,657		139,338		—		528,657		—		—

208

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

	December 31, 2020
Type of Financial Instrument	Estimated Fair Value		Carrying Value		(Level 1)		(Level 2)		(Level 3)		Not Practicable (Carrying Value)
Financial assets:
Bonds	$	53,763,661	$	48,452,287	$	—	$	48,422,711	$	5,340,950	$	—
Preferred stocks		831,674		771,536		—		831,209		465		—
Common stocks		433,602		433,602		287,409		135,273		10,920		—
Mortgage loans		4,540,386		4,403,274		—		4,540,386		—		—
Policy loans		404,383		404,383		—		404,383		—		—
Cash, cash equivalents and short-term investments		1,448,042		1,448,036		923,238		524,804		—		—
Derivative instruments		1,603,398		459,488		40,466		1,562,932		—		—
Other invested assets		1,420,580		1,266,969		—		906,090		514,490		28,079
Separate accounts		6,174,350		5,779,605		2,839,353		3,127,820		207,177		—
Financial liabilities:
Liabilities for deposit-type contracts	$	353,341	$	344,604	$	—	$	—	$	353,341	$	—
Repurchase agreements, FHLB advances and collateral on derivative instruments		7,614,421		7,548,006		295,682		7,318,739		—		—
Derivative instruments		849,035		176,402		—		849,035		—		—

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.

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.

209

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(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.

210

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

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.

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.

	September 30, 2021
	(Unaudited)
	Level 1		Level 2		Level 3		Net Asset Value		Total
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous	$	—	$	7,692	$	5,538	$	—	$	13,230
Preferred stocks		—		253,368		6		—		253,374
Common stocks - other		462,797		132,912		6,442		—		602,151
Derivative instruments - interest rate floors		—		5,088		—		—	$	5,088
Derivative instruments - foreign exchange forwards		—		3,089		—		—		3,089
Derivative instruments - futures		19,212		—		—		—		19,212
Separate account assets (a)		3,125,841		—		—		—		3,125,841
Financial liabilities (carried at fair value):
Derivative instruments - foreign exchange forwards	$	—	$	3	$	—	$	—	$	3
	December 31, 2020
	Level 1		Level 2		Level 3		Net Asset Value		Total
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous	$	—	$	10,609	$	7,430	$	—	$	18,039
Common stocks - other		287,409		135,273		10,920		—		433,602
Derivative instruments - interest rate floors and swaps		—		7,670		—		—		7,670
Derivative instruments - foreign exchange forwards		—		2		—		—		2
Derivative instruments - futures		40,466		—		—		—		40,466
Separate account assets (a)		2,765,174		—		—		—		2,765,174
Financial liabilities (carried at fair value):
Derivative instruments - foreign exchange forwards	$	—	$	1,754	$	—	$	—	$	1,754

211

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

(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 bank owned life insurance separate accounts.

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. 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, 2021
	(Unaudited)
	Beginning Balance		Transfers into Level 3		Transfers out of Level 3			Total gains and (losses) included in Net Income		Total gains and (losses) in Surplus			Purchases		Sales			Ending Balance
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous	$	7,430	$	—	$	(1,011	)	$	—	$	(824	)	$	—	$	(57	)	$	5,538
Preferred stocks		—		456		—			—		(450	)		—		—			6
Common stocks - other		10,920		—		—			9,138		5,815			348		(19,779	)		6,442
Total assets	$	18,350	$	456	$	(1,011	)	$	9,138	$	4,541		$	348	$	(19,836	)	$	11,986
	December 31, 2020
	Beginning Balance		Transfers into Level 3		Transfers out of Level 3			Total gains and (losses) included in Net Income		Total gains and (losses) in Surplus			Purchases		Sales			Ending Balance
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous	$	—	$	7,430	$	—		$	—	$	—		$	—	$	—		$	7,430
Common stocks - other		11,787		—		—			—		(953	)		163		(77	)		10,920
Total assets	$	11,787	$	7,430	$	—		$	—	$	(953	)	$	163	$	(77	)	$	18,350

212

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(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, 2021
	(Unaudited)
	Admitted Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Bonds
U.S. governments	$	3,077,324	$	329,962	$	31,105	$	3,376,181
All other governments		1,323,410		18,589		37,249		1,304,750
U.S. special revenue & special assessment obligations, non-guaranteed		12,874,940		1,674,724		24,277		14,525,387
Industrial and miscellaneous		33,146,715		2,407,317		165,006		35,389,026
Bank loans		1,305,983		28,664		3,724		1,330,923
Parent, subsidiaries and affiliates		483,189		11,501		6,526		488,164
Total bonds	$	52,211,561	$	4,470,757	$	267,887	$	56,414,431
Preferred stocks	$	1,135,414	$	52,159	$	352	$	1,187,221
	December 31, 2020
	Admitted Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Bonds
U.S. governments	$	2,857,238	$	438,404	$	1,243	$	3,294,399
All other governments		356,028		23,382		1,130		378,280
U.S. special revenue & special assessment obligations, non-guaranteed		12,770,970		2,101,652		1,498		14,871,124
Industrial and miscellaneous		30,616,769		2,923,759		185,289		33,355,239
Bank loans		1,232,890		21,697		8,818		1,245,769
Parent, subsidiaries and affiliates		618,392		12,368		11,910		618,850
Total bonds	$	48,452,287	$	5,521,262	$	209,888	$	53,763,661
Preferred stocks	$	771,536	$	60,144	$	6	$	831,674

213

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

The cost and admitted value of common stocks - subsidiaries and common stocks - other are as follows:

	September 30, 2021
	(Unaudited)
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Admitted Value
Subsidiaries	$	71,422	$	177,448	$	—	$	248,870
Other		494,603		114,465		6,917		602,151
Total	$	566,025	$	291,913	$	6,917	$	851,021
	December 31, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Admitted Value
Subsidiaries	$	71,422	$	208,106	$	—	$	279,528
Other		409,489		28,443		4,330		433,602
Total	$	480,911	$	236,549	$	4,330	$	713,130

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, 2021
	(Unaudited)
	Admitted Value		Estimated Fair Value
Due in one year or less	$	466,309	$	477,898
Due after one year through five years		4,770,455		5,193,731
Due after five years through ten years		8,180,182		9,062,933
Due after ten years		26,206,890		28,592,423
Securities not due at a single maturity date (primarily mortgage-backed securities)		12,587,725		13,087,446
Total Bonds	$	52,211,561	$	56,414,431

214

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(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, 2021
	Less than 12 Months				(Unaudited) 12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Bonds
U.S. governments	$	865,949	$	25,810	$	77,874	$	5,295	$	943,823	$	31,105
All other governments		775,361		36,669		7,838		580		783,199		37,249
U.S. special revenue & special assessment obligations, non-guaranteed		993,505		22,009		33,986		2,268		1,027,491		24,277
Industrial and miscellaneous		5,377,991		110,074		1,900,176		54,932		7,278,167		165,006
Bank loans		214,068		1,593		65,954		2,131		280,022		3,724
Parent, subsidiaries and affiliates		—		—		49,999		6,526		49,999		6,526
Total Bonds		8,226,874		196,155		2,135,827		71,732		10,362,701		267,887
Preferred stocks		97,323		352		—		—		97,323		352
Total bonds and preferred stocks	$	8,324,197	$	196,507	$	2,135,827	$	71,732	$	10,460,024	$	268,239

215

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

	December 31, 2020
	Less than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Bonds
U.S. governments	$	296,626	$	1,243	$	—	$	—	$	296,626	$	1,243
All other governments		127,302		1,130		—		—		127,302		1,130
U.S. special revenue & special assessment obligations, non-guaranteed		93,664		1,252		18,798		246		112,462		1,498
Industrial and miscellaneous		2,595,001		111,608		3,083,063		73,683		5,678,064		185,291
Bank loans		87,699		7,555		68,708		1,263		156,407		8,818
Parent, subsidiaries and affiliates		29,364		2,537		93,411		9,373		122,775		11,910
Total Bonds		3,229,656		125,325		3,263,980		84,565		6,493,636		209,890
Preferred stocks		22		6		—		—		22		6
Total bonds and preferred stocks	$	3,229,678	$	125,331	$	3,263,980	$	84,565	$	6,493,658	$	209,896

216

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(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 as of September 30, 2021:

CUSIP	Book/Adjusted Carrying Value Amortized Cost Before Current Period OTTI		Recognized Other-Than- Temporary Impairment		Amortized Cost After Other-Than- Temporary Impairment		Fair Value at time of OTTI		Date of Financial Statement Where Reported
BGH4HBXH2	$	2,492	$	966	$	1,526	$	1,526		3/31/2021
BGH3LP5T3		7,504		1,692		5,812		5,812		3/31/2021
BGH5C2LS3		9,160		1,998		7,162		7,162		6/30/2021
BGH3LP5T3		3,022		1,014		2,008		1,987		6/30/2021
3137B7N21		1,741		45		1,696		1,696		9/30/2021
3137BBBE9		3,005		200		2,805		2,805		9/30/2021
3137BFXU0		5,358		8		5,350		5,367		9/30/2021
3137BGK32		2,337		43		2,294		2,294		9/30/2021
3137BJP72		753		12		741		741		9/30/2021
12592XBE5		703		32		671		651		9/30/2021
17321JAJ3		347		12		335		318		9/30/2021
17324KAV0		1,889		35		1,854		1,832		9/30/2021
36198FAG7		546		74		472		459		9/30/2021
36248GAF7		442		21		421		413		9/30/2021
46639NAS0		406		62		344		313		9/30/2021
46644RBB0		249		37		212		225		9/30/2021
61690AAF1		1,384		3		1,381		1,345		9/30/2021
92937FAJ0		257		28		229		212		9/30/2021
94989TC7		220		3		217		209		9/30/2021
26249YAG6		17,268		441		16,827		16,600		9/30/2021
12635XAA3		5,449		176		5,273		5,273		9/30/2021
36173MAA4		7,147		1,874		5,273		5,273		9/30/2021
36173MAB2		12,321		1,955		10,366		10,366		9/30/2021
			$	10,731

217

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(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:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Bonds	$	594,970	$	510,044	$	1,768,395	$	1,531,688
Preferred stocks		11,512		3,649		32,214		17,466
Common stocks - other		3,303		3,127		9,436		7,591
Mortgage loans		43,432		52,284		144,113		153,200
Real estate		2,519		500		7,556		1,500
Policy loans		4,454		5,571		15,713		16,776
Cash, cash equivalents and short-term investments		457		944		920		4,634
Derivative instruments		159,463		59,456		542,840		(4,165	)
Other invested assets		43,966		18,466		131,670		70,804
Other investment income		99		247		957		608
Total gross investment income		864,175		654,288		2,653,814		1,800,102
Less: Investment expenses		48,170		44,794		162,639		174,971
Net investment income	$	816,005	$	609,494	$	2,491,175	$	1,625,131

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 $54,986 and $12,063 of net investment income for the nine months ended September 30, 2021 and 2020, 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 61 and 42 for the nine months ended September 30, 2021 and 2020, respectively.

The Company recognized $27,207 and $7,734 of net investment income for the three months ended September 30, 2021 and 2020, 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 19 for both the three months ended September 30, 2021 and 2020, respectively.

The Company recognized $1,847 and $476 of net investment income for the nine months ended September 30, 2021 and 2020, 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 11 and 6 for the nine months ended September 30, 2021 and 2020, respectively.

The Company recognized $941 and $175 of net investment income for the three months ended September 30, 2021 and 2020, 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 5 and 1 for the three months ended September 30, 2021 and 2020, respectively.

218

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

The major categories of net realized capital gains (losses) reflected in the statements of operations are summarized as follows:

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Bonds	$	33,486		$	(54,941	)	$	78,800		$	(79,863	)
Preferred stocks		(64	)		—			607			4,070
Common stocks - other		4,383			—			16,846			(43	)
Mortgage loans		1,439			(40,518	)		221			(40,519	)
Real Estate		—			—			—			63
Short-term investments		—			3			—			3
Derivative instruments		926			(1,451	)		(1,368	)		336
Other invested assets		10,237			(2,900	)		8,204			(46,716	)
Realized capital gain (losses)		50,407			(99,807	)		103,310			(162,669	)
Income tax effects		(12,520	)		(2,689	)		(20,080	)		(1,635	)
Amounts transferred to IMR (net of federal income taxes of $6,433 and $247 for three months ended September 30, 2021 and 2020, respectively and $13,595 and $3,702 for nine months ended September 30, 2021 and 2020, respectively)		(24,200	)		(930	)		(51,144	)		(13,925	)
Net realized capital gain (losses)	$	13,687		$	(103,426	)	$	32,086		$	(178,229	)

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:

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Proceeds from sales	$	777,445		$	266,040		$	2,865,139		$	2,677,971
Gross realized gains		50,895			6,540			99,768			45,631
Gross realized losses		(4,035	)		(2,440	)		(17,467	)		(93,427	)

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.

219

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

Restricted assets

The following assets are subject to applicable restrictions under each of the following areas:

	September 30, 2021
	(Unaudited)
Restricted Asset Category	Total Admitted Restricted		Gross Restricted to Total Assets			Admitted Restricted to Total Admitted Assets
Subject to repurchase agreements	$	4,355,433		6	%		6	%
FHLB capital stock		132,912		0	%		0	%
On deposit with states		3,207		0	%		0	%
Pledged as collateral to FHLB		3,072,795		5	%		5	%
Pledged as collateral not captured in other categories		79,703		0	%		0	%
Total restricted assets	$	7,644,050		11	%		11	%
	December 31, 2020
Restricted Asset Category	Total Admitted Restricted		Gross Restricted to Total Assets			Admitted Restricted to Total Admitted Assets
Subject to repurchase agreements	$	3,983,845		6	%		6	%
FHLB capital stock		132,912		0	%		0	%
On deposit with states		3,207		0	%		0	%
Pledged as collateral to FHLB		3,072,795		5	%		5	%
Pledged as collateral not captured in other categories		60,500		0	%		0	%
Total restricted assets	$	7,253,259		11	%		11	%

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, 2021 and December 31, 2020, the Company owns common stock totaling $132,912, 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, 2021 and December 31, 2020, the Company had outstanding advances of $3,072,795 from FHLB (see Note 5).

220

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

Deposits with regulatory authorities

At September 30, 2021 and December 31, 2020, securities (primarily bonds) with admitted carrying values of $3,207, were on deposit with regulatory authorities as required by law.

221

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

4. DERIVATIVES AND DERIVATIVE INSTRUMENTS

The following table presents the notional amounts, amortized cost, estimated fair value and carrying value of derivatives:

	September 30, 2021
			(Unaudited)
	Notional Amount		Amortized Cost		Estimated Fair Value		Carrying Value
Assets:
Derivative instruments:
Call options	$	21,286,798	$	427,015	$	1,138,433	$	427,015
Futures		646,382		—		19,212		19,212
Interest rate floors		113,000		517		5,088		5,088
Foreign exchange forwards		91,750		—		3,089		3,089
			$	427,532	$	1,165,822	$	454,404
Liabilities:
Derivative instruments:
Foreign exchange forwards	$	80	$	—	$	3	$	3
Written options		8,139,870		139,335		528,654		139,335
			$	139,335	$	528,657	$	139,338
	December 31, 2020
	Notional Amount		Amortized Cost		Estimated Fair Value		Carrying Value
Assets:
Derivative instruments:
Call options	$	18,411,245	$	411,350	$	1,555,260	$	411,350
Futures		899,525		—		40,466		40,466
Interest rate floors		113,000		716		7,670		7,670
Foreign exchange forwards		482		—		2		2
			$	412,066	$	1,603,398	$	459,488
Liabilities:
Derivative instruments:
Foreign exchange forwards	$	49,346	$	—	$	1,754	$	1,754
Written options		6,119,887		174,648		847,281		174,648
			$	174,648	$	849,035	$	176,402

222

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

The following table presents the impact of derivatives on net investment income and change in unrealized capital gains (losses):

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Gain (loss) recognized in net investment income
Options	$	151,294		$	3,109		$	405,561		$	63,214
Futures		7,409			55,431			135,064			(69,316	)
Interest rate swaps		—			246			—			571
Interest rate floors		760			670			2,215			1,366
	$	159,463		$	59,456		$	542,840		$	(4,165	)
Gain (loss) recognized in net unrealized gains (losses):
Interest rate swaps	$	—		$	(242	)	$	—		$	(207	)
Interest rate floors		(706	)		(715	)		(2,384	)		3,408
Foreign exchange derivatives		2,000			(726	)		4,837			(352	)
	$	1,294		$	(1,683	)	$	2,453		$	2,849

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 did not purchase or sell any common stock for the nine months ended September 30, 2021 or for the year ended December 31, 2020. 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, 2021		December 31, 2020
	(Unaudited)
Membership stock - class A	$	10,000	$	10,000
Activity stock		122,912		122,912
Total	$	132,912	$	132,912

The Class A Membership Stock is not eligible for redemption.

223

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

At September 30, 2021 and December 31, 2020, 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, 2021 and 2020 was $43,086 and $42,482, respectively. Interest expense incurred during the three months ended September 30, 2021 and 2020 was $14,446 and $14,805, 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 $3,540,601. 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 date	Fair Value		Carrying Value		Aggregate total borrowing
September 30, 2021 (Unaudited)		4,239,003		3,989,783		3,072,795
December 31, 2020		4,932,421		4,349,009		3,072,795
Maximum amount pledged during reporting period	Fair Value		Carrying Value		Amount borrowed at time of maximum collateral
September 30, 2021 (Unaudited)		4,656,362		4,353,371		3,072,795
December 31, 2020		5,034,115		4,624,514		3,072,795

6. REPURCHASE AGREEMENTS

The following tables summarizes the repurchase agreements accounted for as a secured borrowing for the Company:

Type of Repo Trades Used

	2021
	First Quarter		Second Quarter		Third Quarter
Bilateral (YES/NO)		YES		YES		YES
Tri-party (YES/NO)		YES		YES		YES

224

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

Original (flow) & residual maturity

	2021
	First Quarter		Second Quarter		Third Quarter
Maximum amount
Open - no maturity	$	3,000	$	4,136	$	4,136
Overnight		328,000		328,000		328,000
2 days to 1 week		328,000		328,000		328,000
>1 week to 1 month		328,000		650,633		478,270
>1 month to 3 months		391,633		823,133		328,000
>3 months to 1 year		575,133		656,500		1,368,428
>1 year		3,504,397		3,397,397		3,438,530
Ending balance
Open - no maturity	$	3,000	$	4,136	$	1,136
Overnight		—		—		—
2 days to 1 week		50,000		—		—
>1 week to 1 month		328,000		431,500		478,270
>1 month to 3 months		391,633		—		—
>3 months to 1 year		328,500		641,000		1,368,398
>1 year		3,359,397		3,335,030		2,811,102

225

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

Securities sold under repo- secured borrowing

	2021
	First Quarter		Second Quarter		Third Quarter
Maximum amount
Book adjusted carrying value (“BACV”)		XXX		XXX		XXX
Nonadmitted - subset of BACV		XXX		XXX		XXX
Fair value	$	4,605,216	$	4,651,328	$	4,811,784
Ending Balance
BACV		XXX		XXX		XXX
Nonadmitted - subset of BACV		XXX		XXX		XXX
Fair value	$	4,575,686	$	4,651,328	$	4,811,784

Securities sold under repo- secured borrowing by NAIC designation

	As of September 30, 2021
	NONE		NAIC 1		NAIC 2		NAIC 3
Bonds – BACV	$	—	$	1,683,761	$	394,786	$	—
Bonds – FV		—		1,819,828		428,150		—
LB & SS – BACV		—		2,276,887		—		—
LB & SS – FV		—		2,563,806		—		—
Total assets – BACV	$	—	$	3,960,648	$	394,786	$	—
Total assets – FV	$	—	$	4,383,634	$	428,150	$	—
	As of September 30, 2021
	NAIC 4		NAIC 5		NAIC 6		Non- Admitted
Bonds – BACV	$	—	$	—	$	—	$	—
Bonds – FV		—		—		—		—
LB & SS – BACV		—		—		—		—
LB & SS – FV		—		—		—		—
Total assets – BACV	$	—	$	—	$	—	$	—
Total assets – FV	$	—	$	—	$	—	$	—

226

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

Collateral received- secured borrowing

	2021
	First Quarter		Second Quarter		Third Quarter
Maximum Amount
Cash	$	5,458,163	$	6,187,798	$	6,273,363
Securities (FV)		—		—		—
Ending Balance
Cash	$	4,460,530	$	4,411,665	$	4,658,905
Securities (FV)		—		—		—

Cash and non-cash collateral received- secured borrowing by NAIC designation

	As of September 30, 2021
	NONE		NAIC 1		NAIC 2		NAIC 3
Ending balance
Cash	$	4,658,905	$	—	$	—	$	—
Total collateral assets – FV	$	4,658,905	$	—	$	—	$	—
	As of September 30, 2021
	NAIC 4		NAIC 5		NAIC 6		Does Not Qualify As Admitted
Ending balance
Cash	$	—	$	—	$	—	$	—
Total collateral assets – FV	$	—	$	—	$	—	$	—

Allocation of aggregate collateral by remaining contractual maturity

	As of September 30, 2021
	Fair Value
Overnight and continuous	$	1,136
30 days or less		478,270
> 90 days		4,179,500

227

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(Dollars in Thousands)

Allocation of aggregate collateral reinvested by remaining contractual maturity

	As of September 30, 2021
	Amortized Cost		Fair Value
181 to 365 days	$	1,246	$	1,246
1 to 2 years		27		27
2 to 3 years		62,331		63,323
> 3 years		4,551,475		4,594,263

Liability to return collateral- secured borrowing

	2021
	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER
Maximum amount
Cash (collateral - all)	$	5,458,163	$	6,187,798	$	6,273,363
Securities collateral (FV)		—		—		—
Ending balance
Cash (collateral - all)	$	4,460,530	$	4,411,665	$	4,658,905
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 2,549,439 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 $420,506 in 2021 an amount that is based on restrictions relating to the 2020 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 $2,773,030 is unrestricted and held for the benefit of the Company’s stockholder.

During the nine months ending September 30, 2021, the Company paid ordinary cash dividends in the amount of $219,652 on March 31 to its stockholder, SFG.

228

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Sammons Financial Group, Inc.)

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(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, has issued surplus notes to its parent and holds certain investments in bonds and limited partnership interests in affiliated companies.

The Company has entered into related party transactions in the nine month period ending September 30, 2021.

On April 19, 2021, SFG made a loan to the Company in the amount of $219,304. The loan accrues interest at 1.90% per annum and matures on December 19, 2021. The outstanding balance of the loan at September 30, 2021 is $83,016. The Company incurred interest expense of $1,635 for the nine month period ending September 30, 2021 and $940 for the three month period ending September 30, 2021.

On April 20, 2021, the Company issued guaranteed investment contracts (“GICs”) to SEI for $200,000. The contracts accrue interest at 1% per annum. The Company has incurred interest of $890 for the nine month period ending September 30, 2021 and $500 for the three month period ending September 30, 2021

9. COMMITMENTS AND CONTINGENCIES

For the nine month period ending September 30, 2021, the Company’s outstanding capital commitments to limited partnerships decreased $6,550.

10. SUBSEQUENT EVENTS

The Company evaluated subsequent events through December 9, 2021, the date the unaudited interim financial statements were available to be issued.

On October 31, 2021, the Company entered into a funds withheld coinsurance agreement with SFG Bermuda. Per the agreement, the Company is ceding 100% of certain fixed index annuity policies inforce as of the effective date and 80% of all fixed indexed annuity policies issued on or after October 1, 2021. The inforce block ceded had policyholder liabilities of approximately $2.9 billion as of the effective date.

There were no additional subsequent event transactions that required disclosure in the financial statements.

229

OTHER INFORMATION

THE REGISTERED SEPARATE ACCOUNT

Registered Separate Account. The Midland National Life Separate Account C invests your premiums that are allocated to, and Contract Value that is transferred to, the Subaccounts. The Registered Separate Account was established under the insurance laws of the State of South Dakota in March 1991 and is now governed by Iowa law. It is registered with the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940.

We are the legal owner of all assets held in the Registered Separate Account and use the assets to support your Contract and other variable annuity Contracts. We may permit charges owed to us to stay in the Registered Separate Account. Thus, we may also participate proportionately in the Registered Separate Account. These accumulated amounts belong to us and we may transfer them from the Registered Separate Account to our General Account. The assets in the Registered Separate Account equal to the reserves and other liabilities of the Registered Separate Account may not be charged with liabilities arising out of our other business. The obligations under the Contracts are our obligations. The income, gains and losses (realized and unrealized) of the Registered Separate Account are credited to or charged against the Registered Separate Account without regard to our other income, gains, or losses. Under certain unlikely circumstances, one Subaccount of the Registered Separate Account may be liable for claims relating to the operations of another Subaccount.

Our Right to Change How We Operate the Registered Separate Account.

We have the right to modify how we operate the Registered Separate Account. In making any changes, we may not seek approval of Owners (unless approval is required by law). We have the right to:

• add Investment Options to, or remove Investment Options from our Registered Separate Account;

• combine two or more Subaccounts;

• withdraw assets relating to our variable annuities from one Subaccount and put them into another. However, if required, we would first seek approval from the Securities and Exchange Commission;

• eliminate an Investment Portfolio’s shares and substitute shares of another Investment Portfolio or another open-end, registered investment company. This may happen if the Investment Portfolio’s shares are no longer available for investment or, if in our judgment, further investment in the Investment Portfolio is inappropriate in view of the Registered Separate Account’s purposes. However, if required, we would first seek approval from the Securities and Exchange Commission and the insurance regulator where the Contract is delivered;

• end the registration of our Registered Separate Account under the Investment Company Act of 1940;

• operate our Registered Separate Account under the direction of a committee or discharge such a committee at any time (the committee may be composed entirely of “interested persons” of Midland under the Investment Company Act of 1940); and

230

• 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 an 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 the 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, 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.

231

While we hold assets in the Non-Registered Separate Account we have established under the Iowa Insurance Law to support our obligations under Cycle Investments, the Cycle Investments are General Account obligations.

MODIFICATION TO THE CONTRACT

Upon notice to you, we may modify the Contract to:

(a) permit the Contract or the Separate Accounts to comply with any applicable law or regulation issued by a government agency;

(b) assure continued qualification of the Contract under the Internal Revenue Code or other federal or state laws relating to retirement annuities or variable annuity Contracts;

(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.

232

ADMINISTRATIVE PROCEDURES

If you have any questions about your Contract or need to make changes, then contact the registered representative who sold you the Contract, 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 : (866) 747-3421 (toll-free)

Fax : (866) 511-7038 (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 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.

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.

233

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. Sammons Financial Network may enter into written sales agreements with other broker-dealers (“selling firms”) for the sale of the Contracts. We pay commissions to Sammons Financial Network for sales of the Contracts.

Sales commissions are based on each premium payment. The maximum commission payable on a premium payment is 6.50%. Where lower commissions are paid on premium payments, we may also pay trail commissions up to 1.00% beginning in the second Contract Year.

We also pay for Sammons Financial Network’s operating and other expenses, including the following sales expenses: sales representative training allowances; compensation and bonuses for the Sammons Financial Network’s management team; advertising expenses; and all other expenses of distributing the Contracts.

Sammons Financial Network pays selling firms all or a portion of the commissions received for their sales of the Contract. Registered representatives and their managers are also eligible for various cash benefits, such as bonuses, insurance benefits and financing arrangements, and non-cash compensation items that we may provide jointly with Sammons Financial Network. Sales of the Contract may help these registered representatives and their supervisors qualify for such benefits. This compensation may influence your registered representative to recommend this Contract over another investment.

Non-cash items that we and Sammons Financial Network may provide include conferences, seminars and trips (including travel, lodging and meals in connection therewith), entertainment, merchandise and other similar items.

A portion of the payments made to selling firms may be passed on to their registered representatives in accordance with their internal compensation programs. Those programs may also include other types of cash and non-cash compensation and other benefits. Ask your registered representative for further information about what your registered representative and the selling firm for which he or she works may receive in connection with your purchase of a Contract.

In addition to ordinary commissions, Sammons Financial Network operating and other expenses and non-cash items, we provide payments to certain third parties for training, product development, marketing and development efforts with selling firms, and other wholesaling and relationship management services. It is possible that these third parties, or their personnel, may also act as your registered investment advisor providing advice with respect to portfolio allocations in the Contract. Please be certain to review your registered investment advisor’s Form ADV Part 2A and 2B carefully for disclosure about their compensation and conflicts of interest in connection with the Contracts.    Also note that your investment advisor could also be the broker-dealer, or a registered representative of the broker-dealer, who sold you the Contract; in that case, they would also receive commissions and other compensation for selling you the Contract, in addition to any investment advisory fees that you pay to your registered investment advisor (either directly or through partial withdrawals of your Accumulation Value in the Contract).

We intend to recoup commissions and other sales expenses indirectly through the following fees and charges deducted under the Contract: (a) the mortality and expense risks charge; (b) asset based administration charges, and (c) payments, if any, received from the investment portfolios, their distributors, service providers and/or managers. Commissions and other incentives or payments described above are not charged directly to you but they are reflected in the fees and charges that you do pay directly or indirectly.

234

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.

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.

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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 registered representative, 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 www.SRSLiveWell.com or by writing us at our mailing address P.O. Box 9261 Des Moines, IA 50306-9261 or by telephone at (866) 747-3421.

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 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.

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Exemption from Exchange Act Reporting

We are relying on the exemption provided by Rule 12h-7 under the 1934 Act. In reliance on that exemption, we do not file periodic and current reports that we would be otherwise required to file pursuant to Section 15(d) of the 1934 Act.

Payment of Contract Proceeds

We will generally pay any Death Benefits, withdrawals, or surrenders within seven days after receiving the required form(s) in Good Order at our Customer Service Center.

We may delay payment or transfers for one or more of the following reasons:

• We cannot determine the amount of the payment,

• the New York Stock Exchange is closed,

• trading in securities has been restricted by the SEC,

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

• The SEC by order permits us to delay payment to protect our Owners, or

• Your premium check(s) have not cleared your bank.

If, pursuant to SEC rules, any Investment Portfolio suspends payment of redemption proceeds including, in the case of a money market fund Subaccount (which is the Subaccount used as the Default Account), in connection with liquidation of the underlying portfolio or as a result of portfolio liquidity levels then we will delay payment of any transfer (including a transfer under a DCA program), partial withdrawal, surrender, or Death Benefit 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, 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.

APPENDIX A –INVESTMENT PORTFOLIOS AVAILABLE UNDER THE CONTRACT

The following is a list of the portfolios currently available under the Contract. More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which can be amended from time to time and can be found online at www.srslivewell.com/prospectus. 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.

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FUND TYPE	INVESTMENT PORTFOLIO AND ADVISER/ SUBADVISER	CURRENT EXPENSE (expenses/ average assets)			AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2020)
					1 Year			5 Year			10 Year
US Insurance Allocation--50% to 70% Equity	American Funds IS® Asset Allocation Capital Research and Management Company		0.80	%		10.87	%		7.48	%		8.73	%
US Insurance Fund World Large-Stock Growth	American Funds IS® Global Growth Capital Research and Management Company		1.06	%		28.67	%		13.05	%		11.30	%
US Insurance Allocation--50% to 70% Equity	Calvert VP SRI Balanced Calvert Research and Management		0.88	%		13.22	%		6.90	%		7.89	%
US Insurance Small Growth	ClearBridge Variable Small Cap Growth Legg Mason Partners Fund Advisor, LLC / ClearBridge Investments, LLC		1.06	%		40.99	%		13.59	%		14.83	%
US Insurance Large Blend	DWS Equity 500 Index VIP DWS Investment Management Americas, Inc. / Northern Trust Investments Inc		0.71	%		16.05	%		10.62	%		11.83	%
US Insurance Large Growth	Fidelity® VIP Growth Opportunities Fidelity Management & Research Company LLC / FMR Investment Management (U.K.) Limited;Fidelity Management & Research (Japan) Limited;Fidelity Management & Research (HK) Ltd;		0.89	%		68.21	%		24.64	%		21.70	%

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FUND TYPE	INVESTMENT PORTFOLIO AND ADVISER/ SUBADVISER	CURRENT EXPENSE (expenses/ average assets)			AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2020)
					1 Year			5 Year			10 Year
US Insurance Mid-Cap Blend	Fidelity® VIP Mid Cap Fidelity Management & Research Company LLC / FMR Investment Management (U.K.) Limited;Fidelity Management & Research (Japan) Limited;Fidelity Management & Research (HK) Ltd;		0.87	%		16.28	%		7.16	%		9.37	%
US Insurance Multisector Bond	Lord Abbett Series Bond-Debenture Lord, Abbett & Co LLC		0.91	%		5.86	%		4.45	%		5.53	%
US Insurance Short-Term Bond	Lord Abbett Series Short Duration Inc Lord, Abbett & Co LLC		0.86	%		1.74	%		1.21	%		0.00	%
US Insurance Inflation-Protected Bond	PIMCO VIT Real Return Adv Pacific Investment Management Company, LLC		0.94	%		10.10	%		2.39	%		2.53	%
US Insurance Ultrashort Bond	PIMCO VIT Short-Term Adv Pacific Investment Management Company, LLC		0.72	%		0.77	%		0.60	%		0.27	%
US Insurance Large Value	Principal Equity Income Principal Global Investors, LLC		0.88	%		4.75	%		8.11	%		10.27	%
US Insurance Intermediate Core-Plus Bond	Western Asset Core Plus VIT Legg Mason Partners Fund Advisor, LLC / Western Asset Management Company Pte Ltd. – Singapore;Western Asset Management Company, LLC;Western Asset Management Company Ltd. – Japan;Western Asset Management Company Limited – UK;		0.79	%		7.59	%		3.34	%		5.07	%
US Fund Money Market - Taxable	Fidelity® VIP Government Money Mkt Svc 21 Fidelity Management & Research Company LLC / FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd		0.49	%		1.11	%		0.71	%		0.99	%

1 The Fidelity VIP Government Money Mkt Svc 2 Money Market Subaccount operates as the Default Account and is not available for direct investment.

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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.

APPENDIX C – CYCLE INVESTMENT UNIT VALUE EXAMPLES

For each active Cycle Investment, the Cycle Investment Unit Value will be calculated on each Cycle Business Day based on each (A) Cycle Investment’s Fair Value as determined by the Fair Value Calculation Agent; (B) the number of Cycle Investment units held; and (C) the Floor Rate or Buffer Rate applicable to the Cycle Investment.

FOR CYCLE INVESTMENTS WITH A FLOOR RATE:

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 lesser of:

(A) 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

and

(B) The Cycle Investment Unit Value adjusted for the Proportional Cap Rate

The percentage gain in the Cycle Investment Unit Value, prior to the Cycle End Date, is limited by the Proportional Cap Rate, which is the Cap Rate multiplied by the amount of time that has elapsed since the Cycle Start Date.

The maximum Cycle Investment Unit Value is adjusted for the Proportional Cap Rate = { Initial Cycle Investment Unit Value } x {1 + (Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]}. This is the maximum that the Cycle Investment Unit Value can be prior to the Cycle End Date.

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.

(A) The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,250,000 / 100,000 = $12.50

(B) The initial Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 20% x (150/(365 x 3)} = $10.27. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$12.50, $10.27} = $10.27.

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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.

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 20% x (150/(365 x 3)} = $10.27. This is the maximum that the Cycle Investment Unit Value can be.

The Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$9.00, $10.27} = $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 limited 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]) x (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) x (Cycle Investment Unit Value at the time of the Withdrawal) = 9,000 x $10 = $90,000.

Example 2: A -10% Floor Cycle that had an initial Cycle Investment of $100,000, takes a withdrawal prior to the Cycle End Date. The current Cycle Investment Unit Value is $7.00 (note: if the Floor Rate applied prior to the Cycle End Date, the Cycle Investment Unit Value would be $9.00 = $10 * (1 + Cycle Floor Rate)) and current number of Cycle Investment Units of 10,000 has a withdrawal of $7,000.

(A) The number of Cycle Investment Units withdrawn = (dollar amount of the Withdrawal) / (Cycle Investment Unit Value at the time of the Withdrawal) = $7,000 / $7.00 = 1,000.

(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) x (Cycle Investment Unit Value at the time of the Withdrawal) = 9,000 x $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% + Cycle 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) x (Cycle Investment Unit Value at the time of the Withdrawal) = 9,000 x $7 = $63,000.

On the Cycle End Date

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 that 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.

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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).

(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 x (1+50%) = $15.00

(D) Cycle End Date Unit Value Cap = $10 x (1+20%) = $12.00

(E) Cycle End Date Unit Value Floor = $10 x (1+ -10%) = $9.00

Cycle Investment Unit Value = (C) subject to being no greater than (D) and no less than (E) = Max {$9.00 and Min($15.00, $12.00)} = $12.00

Example 2: A Cycle Investment matures, the Cap Rate is 20%, Index Value on the Cycle End Date is 800, Index Value on the Start Date is 1,000, and the Floor Rate is -10%.

(A) Initial Cycle Investment Unit Value = $10.00

(B) Change in Index Value = (800 – 1,000)/1,000 = -20%

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

(D) Cycle End Date Unit Value Cap = $10 x (1+20%) = $12.00

(E) Cycle End Date Unit Value Floor = $10 x (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 x (1+10%) = $11.00

(D) Cycle End Date Unit Value Cap = $10 x (1+20%) = $12.00

(E) Cycle End Date Unit Value Floor = $10 x (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($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) x (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 x 10,000 = $123,100.

FOR CYCLE INVESTMENTS WITH A BUFFER 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 lesser of:

(A) 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 Units

and

(B) The Cycle Investment Unit Value adjusted for the Proportional Cap Rate

The percentage gain in the Cycle Investment Unit Value, prior to the Cycle End Date, is limited by the Proportional Cap Rate, which is the Cap Rate multiplied by the amount of time that has elapsed since the Cycle Start Date.

The maximum Cycle Investment Unit Value is adjusted for the Proportional Cap Rate = { Initial Cycle Investment Unit Value } x {1 + ( Cap Rate) x [(number of days elapsed since Cycle Start Date) / (number of days in a Cycle Term)]}. This is the maximum that the Cycle Investment Unit Value can be prior to the Cycle End Date

Example 1: A Cycle Investment that is 150 days since the Cycle Start Date, has a one year Cycle Term, a 20% Cap Rate, a Fair Value of $1,250,000, and current number of Cycle Investment Units of 100,000.

(A) The fair value per Cycle Units outstanding = Fair Value / number of Cycle Investment Units = $1,250,000 / 100,000 = $12.50

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + (Cap Rate) x (number of days elapsed since Cycle Start Date) / (number of days in a Cycle Term)]} = $10 x {1+ 20% x (150/365)} = $10.82. This is the maximum that the Cycle Investment Unit Value can be.

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Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$12.50, $10.82} = $10.82

Example 2: A Cycle Investment that is 150 days since the Start Date, has a one year Cycle Term, a 20% Cap Rate, a Fair Value of $900,000, and current number of Cycle Investment Units of 100,000.

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

(B) The maximum Cycle Investment Unit Value adjusted for the Proportional Cap Rate = {Initial Cycle Investment Unit Value} x {1 + ( Cap Rate) x [(number of days elapsed since Start Date) / (number of days in a Cycle Term)]}= $10 x {1+ 20% x (150/365)} = $10.82. This is the maximum that the Cycle Investment Unit Value can be.

Cycle Investment Unit Value = Lesser of (A) and (B) = Min {$9.00, $10.82} = $9.00

During the Cycle Term prior to the Cycle End Date, no Buffer Rate or Floor Rate applies. Thus, during the Cycle Term, the decrease in the Cycle Investment Unit Value is not limited by the Buffer Rate or Floor Rate protection.

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 Unit 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.

On the Cycle End Date

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

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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) 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 Cycle 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 Cycle Buffer Rate (i.e., is a loss greater than the Buffer Rate) then the Cycle’s End Date Unit Value Buffer equals the Initial Unit Value multiplied by one plus the quantity of the Change in Index Value minus the Buffer Rate.

(F) Maturity Unit Value

Cycle Investment Unit Value is the greater of (i) (E); or (ii) the lesser of (C) and (D).

Example 1: A Cycle Investment matures, the Cap Rate is 20%, Index Value on the Cycle End Date is 950, Index Value on the Start Date is 1,000, and the Buffer Rate is -10%.

(A) Initial Cycle Investment Unit Value = $10.00

(B) Change in Index Value = (950 – 1,000)/1,000 = -5.0%

(C) Cycle End Date initial Unit Value = $10 x (1+-5.0%) = $9.50

(D) Cycle End Date Unit Value Cap = $10 x (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 x (1+-20.0%) = $8.00

(D) Cycle End Date Unit Value Cap = $10 x (1+20%) = $12.00

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(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 x (1+10.0%) = $11.00

(D) Cycle End Date Unit Value Cap = $10 x (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 x (1+50.0%) = $15.00

(D) Cycle End Date Unit Value Cap = $10 x (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.

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 x $13.00 = $130,000

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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 x $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 x $12.00 = $300,000

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APPENDIX D – INDEX DISCLAIMERS

The Cycle Investments track certain Securities Indices that are published by third parties. Midland National uses these Securities Indices under license from the Indices’ respective publishers. The following information about the Indices is included in this Prospectus in accordance with Midland National’s license agreements with the publishers of the Indices:

Standard & Poor’s requires that the following disclaimer be included in this prospectus:

The Cycle Investments are not sponsored, endorsed, sold or promoted by Standard & Poor’s (“S&P”) or its third party licensors. Neither S&P nor its third party licensors makes any representation or warranty, express or implied, to the owners of the Contract or any member of the public regarding the advisability of investing in securities generally or in the Contract particularly or the ability of the S&P 500 Index (the “Index”) to track general stock market performance. S&P’s and its third party licensor’s only relationship to Midland National is the licensing of certain trademarks and trade names of S&P and the third party licensors and of the Index which is determined, composed and calculated by S&P or its third party licensors without regard to Midland National or the Contract. S&P and its third party licensors have no obligation to take the needs of Midland National or the owners of the Contract into consideration in determining, composing or calculating the Index. Neither S&P nor its third party licensors is responsible for and has not participated in the determination of the prices and amount of the Contract or the timing of the issuance or sale of the Contract or in the determination or calculation of the equation by which the Contract is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Contract.

NEITHER S&P, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE INDEX OR ANY DATA INCLUDED THEREIN WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS 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.

The name “S&P 500 Index” is a trademark of Standard & Poor’s and has been licensed for use by Midland National.

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APPENDIX E – FAIR VALUE FORMULAS

We compute the Cycle Investment Unit Value using the Fair Value. The Cycle Business Day’s Cycle Investment Unit Value will equal the Fair Value per Cycle Values outstanding (see A Below) subject to the maximum Cycle Investment Unit Value Cap, which is adjusted for the Proportional Cap Rate (see B below).

A. Cycle Business Day Fair Value per Cycle Units 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.

B. Cycle Business Day maximum Cycle Investment Unit Value, which is adjusted for the Proportional Cap Rate

If the Cycle Business Day Fair Value per Cycle Units outstanding is greater than the Initial Cycle Investment Unit Value (i.e., $10.00), we determine the Cycle Business Day maximum Cycle Investment Unit Value, which is adjusted for the Proportional Cap Rate. The Cycle Business Day maximum Cycle Investment Unit Value, which is adjusted for the Proportional Cap Rate equals: (i) the Initial Cycle Investment Unit Value multiplied by (ii) one plus the Proportional Cap Rate. The Proportional Cap Rate is equal to the (i) the Cap Rate multiplied by (ii) the number of days lapsed during the Cycle Term divided by the number of days in the Cycle Term.

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.

On the Cycle End Date. For each Cycle Investment, we determine the Cycle Investment Unit Value on its Cycle End Date based on the change in the Index Value (see A below), the Cap Rate, and the Floor Rate or the Buffer Rate, as applicable. As of the Cycle End Date, we compute the Cycle End Date Initial Unit Value (see B below). The Cycle End Date Unit Value will equal the Cycle End Date Initial Unit Value subject to the Cycle End Date Unit Value Cap (see C below) and the Cycle End Date Unit Value Floor for Cycles Investments with Floor Rates (see D below) and the Cycle End Date Unit Value Cap (see C below) and the Buffer Rate (see E below) for Cycle Investments with Buffer Rates (see E below),

A. Change in the Index Value

The change in 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.

B. 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 A above.

C. 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.

D. Cycle End Date Unit Value Floor

The Cycle End Date Unit Value Floor equals the Initial Cycle Investment Unit Value multiplied by one plus the Floor Rate (which is a negative number).

E. Cycle End Date Unit Value Buffer

The Cycle End Date Unit Value Buffer equals any negative change in the Index Value offset by the Buffer Rate. If there is negative change of less than the Buffer Rate, then impact is 0% to Unit Value. If there is negative change greater than the Buffer Rate, then the Cycle End Date Unit Value Buffer is the Initial Cycle Investment Unit Value multiplied by one plus the difference between the change and the Buffer Rate (which is a negative number).

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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, 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 e

ach Cycle Investment on the Start Date and, at the end of the current report period.

We have contracted with IHS Markit, 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 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 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 an applicable proxy for the risk-free interest rate (currently LIBOR Swap rates).

Calculation of Fair Value for Cycle Investments with a Floor 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).

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The formulas for the above components are:

1) Zero coupon bond = (Maturity Value) / [(1 + d)^T]

Whereas; d = the discount rate for the term T (prevailing risk free rate, currently LIBOR Swap rate, for term T) and T = time until Cycle End Date

2) Black-Scholes formula for a call option = S_tN(d₁) – Ke^-rTN(d₂); where

d₁ = [ln(S_t/K) + (r + s²/2)T] / sÖT

d₂ = d₁ – sÖT

Below are the inputs to calculate the at-the-money call option:

S_t = 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

T = time until Cycle End Date

s = 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) – S_tN(-d₁); where

d₁ = [ln(S_t/K) + (r + s²/2)T] / sÖT

d₂ = d₁ – sÖT

Below are the inputs to calculate the at-the-money put option:

S_t = 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

T = time until Cycle End Date

s = 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 = S_tN(d₁) – Ke^-rTN(d₂); where

d₁ = [ln(S_t/K) + (r + s²/2)T] / sÖT

d₂ = d₁ – sÖT

Below are the inputs to calculate the out-of-the-money call option:

S_t = 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

T = time until Cycle End Date

s = 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) – S_tN(-d₁); where

d₁ = [ln(St/K) + (r + s²/2)T] / sÖT

d₂ = d₁ – sÖT

Below are the inputs to calculate the out-of-the-money put option:

S_t = the index level at the time of the valuation

S₀ = the starting index level

K= strike price which is equal to S₀(1 - Floor Rate)

N(x) = is cumulative probability function for the standard normal distribution

r = risk free rate for term T less the annual dividend yield on the index

T = time until Cycle End Date

s = 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:

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).

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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, currently LIBOR Swap rate, for term T) and T = time until Cycle End Date

2) Black-Scholes formula for a call option = S_tN(d₁) – Ke^-rTN(d₂); where

d₁ = [ln(S_t/k) + (r + s²/2)T] / sÖT

d₂ = d₁ – sÖT

Below are the inputs to calculate the at-the-money call option:

S_t = 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

T = time until Cycle End Date

s = 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 = S_tN(d₁) – Ke^-rTN(d₂); where

d₁ = [ln(S_t/k) + (r + s²/2)T] / sÖT

d₂ = d₁ – sÖT

Below are the inputs to calculate the out-of-the-money call option:

S_t = 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

T = time until Cycle End Date

s = 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) – S_tN(-d₁); where

d₁ = [ln(S_t/k) + (r + s²/2)T] / sÖT

d₂ = d₁ – sÖT

Below are the inputs to calculate the out-of-the-money put option:

S_t = 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

T = time until Cycle End Date

s = 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.

Component	6-Year Cycle; -10% Floor			6-Year Cycle; -10% Floor
Cycle Term (in months)		72			72
Valuation Date (months since Cycle Start Date)		12			66
Cap Rate		26	%		26	%
Time to End Date (in months)		60			6
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)		9.39		$	9.87
2) Fair Value of hypothetical at-the-money call option (ATM Call)		0.22		$	0.00
3) Fair Value of hypothetical at-the-money put option (ATM Put)		4.18		$	4.04
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)		0.05		$	0.00
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)		3.37		$	3.04
6) Fair Value {1) + 2) - 3) - 4) + 5)}		8.76		$	8.87
7) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.43		$	12.38
Cycle Investment Unit Value = Lessor 6) and 7)	$	8.76		$	8.87
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.39		$	9.87
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	1.16		$	0.19
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$	2.34		$	1.25
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.46		$	0.00
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	1.79		$	0.60
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$	9.55		$	9.40
7) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.43		$	12.38
Cycle Investment Unit Value = Lessor 6) and 7)	$	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)	$	9.39		$	9.87
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	2.22		$	1.20
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$	1.54		$	0.27
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	1.10		$	0.12
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	1.16		$	0.09
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$	10.12		$	10.76
7) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.43		$	12.38
Cycle Investment Unit Value = Lessor 6) and 7)	$	10.12		$	10.76
Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.39		$	9.87
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	4.27		$	3.91
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$	0.81		$	0.01
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	2.63		$	1.54
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.60		$	0.00
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$	10.81		$	12.23
7) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.43		$	12.38
Cycle Investment Unit Value = Lessor 6) and 7)	$	10.43		$	12.23
Input Values used above as follows
Bond discount rate		1.05	%		0.22	%
Annual dividend yield		1.55	%		1.55	%
Risk free rate		1.02	%		0.14	%
ATM Call volatility		21.38	%		21.38	%
ATM Put volatility		21.38	%		21.38	%
OTM Call volatility		19.06	%		19.06	%
OTM Put volatility		22.50	%		22.50	%

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Examples Fair Value Per Cycle Investment Unit: 3-Year Cycle; -10% Floor.

Component	3-Year Cycle; -10% Floor			3-Year Cycle; -10% Floor
Cycle Term (in months)		36			36
Valuation Date (months since Cycle Start Date)		12			30
Cap Rate		11	%		11	%
Time to End Date (in months)		24			6
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.89		$	9.93
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)	$	4.10		$	4.04
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.01		$	0.00
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	3.18		$	3.04
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$	8.98		$	8.94
7) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.37		$	10.92
Cycle Investment Unit Value = Lessor 6) and 7)	$	8.98		$	8.94
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.89		$	9.93
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	0.58		$	0.17
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$	1.75		$	1.23
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.27		$	0.03
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	1.20		$	0.60
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$	9.65		$	9.44
7) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.37		$	10.92
Cycle Investment Unit Value = Lessor 6) and 7)	$	9.65		$	9.44
Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.89		$	9.93
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	1.60		$	1.17
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$	0.83		$	0.25
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.97		$	0.49
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.54		$	0.08
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$	10.22		$	10.45
7) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.37		$	10.92
Cycle Investment Unit Value = Lessor 6) and 7)	$	10.22		$	10.45
Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.89		$	9.93
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	3.91		$	3.91
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$	0.23		$	0.01
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	2.97		$	2.83
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.14		$	0.00
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$	10.74		$	11.01
7) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.37		$	10.92
Cycle Investment Unit Value = Lessor 6) and 7)	$	10.37		$	10.92
Input Values used above as follows
Bond discount rate		0.38	%		0.22	%
Annual dividend yield		1.55	%		1.55	%
Risk free rate		0.54	%		0.14	%
ATM Call volatility		20.36	%		20.36	%
ATM Put volatility		20.36	%		20.36	%
OTM Call volatility		18.49	%		18.49	%
OTM Put volatility		22.30	%		22.30	%

254

Examples Fair Value Per Cycle Investment Unit: 1-Year Cycle; -10% Floor.

Component	1-Year Cycle; -10% Floor			1-Year Cycle; -10% Floor
Cycle Term (in months)		12			12
Valuation Date (months since Cycle Start Date)		2			10
Cap Rate		6	%		6	%
Time to End Date (in months)		10			2
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.97		$	9.98
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)	$	4.06		$	4.01
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)	$	3.08		$	3.01
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$	8.99		$	8.98
7) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.10		$	10.50
Cycle Investment Unit Value = Lessor 6) and 7)	$	8.99		$	8.98
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.97		$	9.98
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	0.24		$	0.03
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$	1.34		$	1.05
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.09		$	0.00
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.80		$	0.35
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$	9.58		$	9.31
7) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.10		$	10.50
Cycle Investment Unit Value = Lessor 6) and 7)	$	9.58		$	9.31
Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.97		$	9.98
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	1.23		$	1.02
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$	0.36		$	0.04
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.79		$	0.51
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.21		$	0.01
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$	10.27		$	10.45
7) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.10		$	10.50
Cycle Investment Unit Value = Lessor 6) and 7)	$	10.10		$	10.45
Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.97		$	9.98
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	3.86		$	3.97
3) Fair Value of hypothetical at-the-money put option (ATM Put)	$	0.02		$	0.00
4) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	3.26		$	3.37
5) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.02		$	0.00
6) Fair Value {1) + 2) - 3) - 4) + 5)}	$	10.56		$	10.58
7) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.10		$	10.50
Cycle Investment Unit Value = Lessor 6) and 7)	$	10.10		$	10.50
Input Values used above as follows
Bond discount rate		0.28	%		0.16	%
Annual dividend yield		1.55	%		1.55	%
Risk free rate		0.19	%		0.10	%
ATM Call volatility		18.74	%		18.74	%
ATM Put volatility		18.74	%		18.74	%
OTM Call volatility		16.37	%		16.37	%
OTM Put volatility		22.94	%		22.94	%

255

Examples Fair Value Per Cycle Investment Unit: 6-Year Cycle; -20% Buffer.

Component	6-Year Cycle; -20% Buffer			6-Year Cycle; -20% Buffer
Cycle Term (in months)		72			72
Valuation Date (months since Cycle Start Date)		12			66
Cap Rate		79	%		79	%
Time to End Date (in months)		60			6
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.39		$	9.87
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	0.22		$	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)	$	2.63		$	2.06
5) Fair Value {1) + 2) - 3) - 4)}	$	6.98		$	7.81
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	11.32		$	17.24
Cycle Investment Unit Value = Lessor 5) and 6)	$	6.98		$	7.81
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.39		$	9.87
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	1.16		$	0.19
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.04		$	0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	1.33		$	0.22
5) Fair Value {1) + 2) - 3) - 4)}	$	9.18		$	9.84
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	11.32		$	17.24
Cycle Investment Unit Value = Lessor 5) and 6)	$	9.18		$	9.84
Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.39		$	9.87
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	2.22		$	1.20
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.17		$	0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.84		$	0.02
5) Fair Value {1) + 2) - 3) - 4)}	$	10.60		$	11.04
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	11.32		$	17.24
Cycle Investment Unit Value = Lessor 5) and 6)	$	10.60		$	11.04
Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.39		$	9.87
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	4.27		$	3.91
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.71		$	0.01
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.43		$	0.00
5) Fair Value {1) + 2) - 3) - 4)}	$	12.52		$	13.77
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	11.32		$	17.24
Cycle Investment Unit Value = Lessor 5) and 6)	$	11.32		$	13.77
Input Values used above as follows
Bond discount rate		1.05	%		0.22	%
Annual dividend yield		1.55	%		1.55	%
Risk free rate		1.02	%		0.14	%
ATM Call volatility		21.38	%		21.38	%
OTM Call volatility		16.34	%		16.34	%
OTM Put volatility		23.73	%		23.73	%

256

Examples Fair Value Per Cycle Investment Unit: 6-Year Cycle; -30% Buffer.

Component	6-Year Cycle; -30% Buffer			6-Year Cycle; -30% Buffer
Cycle Term (in months)		72			72
Valuation Date (months since Cycle Start Date)		12			66
Cap Rate		45	%		45	%
Time to End Date (in months)		60			6
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.39		$	9.87
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	0.22		$	0.00
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)	$	1.97		$	1.15
5) Fair Value {1) + 2) - 3) - 4)}	$	7.64		$	8.71
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.75		$	14.13
Cycle Investment Unit Value = Lessor 5) and 6)	$	7.64		$	8.71
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.39		$	9.87
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	1.16		$	0.19
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.21		$	0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.94		$	0.05
5) Fair Value {1) + 2) - 3) - 4)}	$	9.40		$	10.00
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.75		$	14.13
Cycle Investment Unit Value = Lessor 5) and 6)	$	9.40		$	10.00
Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.39		$	9.87
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	2.22		$	1.20
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.60		$	0.01
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.58		$	0.00
5) Fair Value {1) + 2) - 3) - 4)}	$	10.42		$	11.05
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.75		$	14.13
Cycle Investment Unit Value = Lessor 5) and 6)	$	10.42		$	11.05
Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.39		$	9.87
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	4.27		$	3.91
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	1.72		$	0.45
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.29		$	0.00
5) Fair Value {1) + 2) - 3) - 4)}	$	11.64		$	13.32
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.75		$	14.13
Cycle Investment Unit Value = Lessor 5) and 6)	$	10.75		$	13.32
Input Values used above as follows
Bond discount rate		1.05	%		0.22	%
Annual dividend yield		1.55	%		1.55	%
Risk free rate		1.02	%		0.14	%
ATM Call volatility		21.38	%		21.38	%
OTM Call volatility		17.83	%		17.83	%
OTM Put volatility		25.09	%		25.09	%

257

Examples Fair Value Per Cycle Investment Unit: 3-Year Cycle; -10% Buffer.

Component	3-Year Cycle; -10% Buffer			3-Year Cycle; -10% Buffer
Cycle Term (in months)		36			36
Valuation Date (months since Cycle Start Date)		12			30
Cap Rate		43	%		43	%
Time to End Date (in months)		24			6
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.89		$	9.93
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)	$	3.18		$	3.04
5) Fair Value {1) + 2) - 3) - 4)}	$	6.74		$	6.89
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	11.43		$	13.58
Cycle Investment Unit Value = Lessor 5) and 6)	$	6.74		$	6.89
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.89		$	9.93
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	0.58		$	0.17
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)	$	1.20		$	0.60
5) Fair Value {1) + 2) - 3) - 4)}	$	9.26		$	9.51
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	11.43		$	13.58
Cycle Investment Unit Value = Lessor 5) and 6)	$	9.26		$	9.51
Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.89		$	9.93
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	1.60		$	1.17
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.12		$	0.00
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.54		$	0.08
5) Fair Value {1) + 2) - 3) - 4)}	$	10.83		$	11.02
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	11.43		$	13.58
Cycle Investment Unit Value = Lessor 5) and 6)	$	10.83		$	11.02
Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.89		$	9.93
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	3.91		$	3.91
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.93		$	0.43
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.14		$	0.00
5) Fair Value {1) + 2) - 3) - 4)}	$	12.72		$	13.41
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	11.43		$	13.58
Cycle Investment Unit Value = Lessor 5) and 6)	$	11.43		$	13.41
Input Values used above as follows
Bond discount rate		0.38	%		0.22	%
Annual dividend yield		1.55	%		1.55	%
Risk free rate		0.54	%		0.14	%
ATM Call volatility		20.36	%		20.36	%
OTM Call volatility		15.33	%		15.33	%
OTM Put volatility		22.30	%		22.30	%

258

Examples Fair Value Per Cycle Investment Unit: 1-Year Cycle; -10% Buffer.

Component	1-Year Cycle; -10% Buffer			1-Year Cycle; -10% Buffer
Cycle Term (in months)		12			12
Valuation Date (months since Cycle Start Date)		2			10
Cap Rate		11	%		11	%
Time to End Date (in months)		10			2
Assuming Change in Index Value -40% (for example from 1,000 to 600)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.97		$	9.98
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)	$	3.08		$	3.01
5) Fair Value {1) + 2) - 3) - 4)}	$	6.90		$	6.97
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.18		$	10.92
Cycle Investment Unit Value = Lessor 5) and 6)	$	6.90		$	6.97
Assuming Change in Index Value -10% (for example from 1,000 to 900)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.97		$	9.98
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	0.24		$	0.03
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)	$	0.80		$	0.35
5) Fair Value {1) + 2) - 3) - 4)}	$	9.38		$	9.66
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.18		$	10.92
Cycle Investment Unit Value = Lessor 5) and 6)	$	9.38		$	9.66
Assuming Change in Index Value +10% (for example from 1,000 to 1,100)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.97		$	9.98
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	1.23		$	1.02
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	0.48		$	0.20
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.21		$	0.01
5) Fair Value {1) + 2) - 3) - 4)}	$	10.52		$	10.79
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.18		$	10.92
Cycle Investment Unit Value = Lessor 5) and 6)	$	10.18		$	10.79
Assuming Change in Index Value +40% (for example from 1,000 to 1,400)
1) Fair Value hypothetical zero coupon bond (Bond)	$	9.97		$	9.98
2) Fair Value of hypothetical at-the-money call option (ATM Call)	$	3.86		$	3.97
3) Fair Value of hypothetical out-of-the-money call option (OTM Call)	$	2.77		$	2.87
4) Fair Value of hypothetical out-of-the-money put option (OTM Put)	$	0.02		$	0.00
5) Fair Value {1) + 2) - 3) - 4)}	$	11.04		$	11.08
6) Proportional Cap Rate = $10 * (1 + Cap Rate * (Valuation Date / Cycle Term))	$	10.18		$	10.92
Cycle Investment Unit Value = Lessor 5) and 6)	$	10.18		$	10.92
Input Values used above as follows
Bond discount rate		0.28	%		0.16	%
Annual dividend yield		1.55	%		1.55	%
Risk free rate		0.19	%		0.10	%
ATM Call volatility		18.74	%		18.74	%
OTM Call volatility		14.64	%		14.64	%
OTM Put volatility		22.94	%		22.94	%

259

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 registered representative or our Customer Service Center at:

Sammons Retirement Solutions

P.O. Box 9261

Des Moines, IA 50306-9261 (Regular Mail)

Sammons Retirement Solutions

8300 Mills Civic Parkway

West Des Moines, IA 50266-3833 (Overnight Mail)

Phone: (866) 747-3421

Facsimile: (866) 511-7038

Reports and other information about Midland National Life Insurance Company and Midland National Life Separate Account C are available on the Securities and Exchange Commission’s website at http://www.sec.gov. You may obtain copies of this information, upon your payment of a duplicating fee, by electronic request at this e-mail address: publicinfo@sec.gov.

Dealer Prospectus Delivery Obligations:

All dealers that effect transactions in these securities are required to deliver a prospectus.

EDGAR Contract Identifier No. C000228204

260

STATEMENT OF ADDITIONAL INFORMATION FOR THE

LIVEWELL 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 LiveWell 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 December 9, 2021, 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 December 9, 2021

1

TABLE OF CONTENTS

SEPARATE ACCOUNT AND THE COMPANY	3
SERVICES	3
THE CONTRACT	4
ENTIRE CONTRACT	4
CHANGES TO THE CONTRACT	4
INCONTESTABILITY	4
MISSTATEMENT OF AGE OR SEX	4
NON-PARTICIPATING	4
CLAIMS OF CREDITORS	4
MINIMUM BENEFITS	4
OWNERSHIP	5
ACCUMULATION UNIT VALUE	5
ANNUITY PAYMENTS	5
CALCULATION OF YIELDS AND TOTAL RETURNS	6
OTHER INVESTMENT OPTION YIELD CALCULATIONS	6
STANDARD TOTAL RETURN CALCULATIONS	7
CUMULATIVE TOTAL RETURNS	8
ADJUSTED HISTORICAL PERFORMANCE DATA	8
FEDERAL TAX MATTERS	9
TAX-FREE EXCHANGES (SECTION 1035)	9
REQUIRED DISTRIBUTIONS	9
NON-NATURAL PERSON OWNERS	10
DIVERSIFICATION REQUIREMENTS	10
OWNER CONTROL	10
TAXATION OF QUALIFIED CONTRACTS	10
DISTRIBUTION OF THE CONTRACTS	12
SAFEKEEPING OF ACCOUNT ASSETS	13
STATE REGULATION	13
RECORDS AND REPORTS	13
EXPERTS	14
OTHER INFORMATION	14
AUDITED FINANCIAL STATEMENTS	14

2

SEPARATE ACCOUNT AND THE COMPANY

The Depositor, Midland National Life Insurance Company, is a stock life insurance company. It was organized in 1906, in South Dakota, as a mutual life insurance company at that time named “The Dakota Mutual Life Insurance Company.” We were reincorporated as a stock life insurance company, in 1909. Our name “Midland” was adopted in 1925. We were redomesticated to Iowa in 1999. We are licensed to do business in 49 states, the District of Columbia, Puerto Rico, the Virgin Islands, Guam and the Mariana Islands.

We are regulated and supervised by the Iowa Insurance Department. We are subject to the insurance laws and regulations in every jurisdiction where we sell insurance and annuity contracts. We are engaged in a broad range of insurance and insurance-related activities.

Midland National is a subsidiary of Sammons Enterprises, Inc., Dallas, Texas. Sammons Enterprises has controlling or substantial stock interests in a large number of other companies engaged in the areas of insurance, corporate services, and industrial distribution.

The Registrant, Separate Account C, was established under the insurance laws of the State of South Dakota in March 1991 and is now governed by Iowa law. It is registered with the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940 as a unit investment trust.

SERVICES

Midland National keeps the assets of the Midland National Life Separate Accounts and holds all funds of the Separate Account. Midland National maintains the proceeds of shares of the underlying Investment Options purchased and sold through the Midland National Life Separate Accounts. Financial statements of each Investment Option within Midland National Life Separate Account C and Midland National Life Insurance Company are prepared by PricewaterhouseCoopers LLP, 699 Walnut Street, Suite 1300, Des Moines, IA 50309.

3

THE CONTRACT

ENTIRE CONTRACT

The entire contract between you and us consists of the contract, the attached written application and any attached endorsements, riders, and amendments.

CHANGES TO THE CONTRACT

No one has the right to change any part of the contract or to waive any of its provisions unless the change is approved in writing by one of our officers. Only our President or Secretary may modify the contract.

We may change the contract without your consent to conform to state or federal laws or regulations. A change will be made by attaching an endorsement to the contract.

INCONTESTABILITY

We will not contest the contract.

MISSTATEMENT OF AGE OR SEX

If the age or sex of the annuitant has been misstated, we will adjust the amount of each annuity payment to whatever the applied value would have purchased at the correct age and sex.

Any underpayments made by us will be paid to the payee. Any overpayments made by us will be charged against benefits falling due after adjustment. All underpayments and overpayments will include interest at the rate required by the jurisdiction in which the contract is delivered.

NON-PARTICIPATING

The contract does not participate in the surplus or profits of the Company and the Company does not pay any dividends on it.

CLAIMS OF CREDITORS

To the extent permitted by law, no benefits payable based on the assets in the Separate Account under the contract to a beneficiary or payee are subject to the claims of creditors.

MINIMUM BENEFITS

The annuity payments, surrender values 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.

4

OWNERSHIP

The contract belongs to you. You have all rights granted by the contract, including the right to change owners and beneficiaries, subject to the rights of:

1) Any assignee of record with us;

2) Any irrevocable beneficiary; and

3) Any restricted ownership.

We must receive written notice informing us of any change, designation or revocation. Once recorded, a change, designation or revocation takes effect as of the date the written notice was signed. However, we are not liable for payments made by us before we record the written notice. A change of owner may have adverse tax consequences.

ACCUMULATION UNIT VALUE

We determine Accumulation Unit Values for each Subaccount of our Separate Account at the end of each Valuation Period. The Accumulation Unit Value for each Subaccount was initially set at $10.00. The Accumulation Unit Value for any Business Day is equal to the Accumulation Unit Value for the preceding Business Day multiplied by the net investment factor for that Subaccount on that Business Day.

We determine the net investment factor for each Subaccount every Valuation Period by taking a) divided by b) minus c) where:

a) Is the total of:

1) The net asset value per share at the end of the current Valuation Period; plus

2) Any dividend or capital gains per share reinvested during the current Valuation Period; plus

3) Total accrued, but not yet reinvested, capital gains per share as of the current Valuation Period.

b) Is the net asset value plus the total accrued but not yet reinvested capital gains per share as of the preceding Valuation Period.

c) Is the Mortality and Expense Risk Charge plus the Asset Based Administration Charge for each day in the current Valuation Period.

We reserve the right to subtract any other daily charge for taxes or amounts set aside as a reserve for taxes. Generally, this means that we would adjust unit values to reflect what happens to the Investment Portfolios, and also for any charges.

ANNUITY PAYMENTS

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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.

CALCULATION OF YIELDS AND TOTAL RETURNS

SUBACCOUNT YIELD CALCULATIONS

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Midland National may from time to time disclose the current annualized yield of one or more of the Subaccounts for 30-day periods. The annualized yield of a Subaccount refers to income generated by the Subaccount over a specified 30-day period. Because the yield is annualized, the yield generated by a Subaccount during the 30-day period is assumed to be generated each 30-day period. This yield is computed by dividing the net investment income per accumulation unit earned during the period by the price per unit on the last day of the period, according to the following formula:

YIELD = 2[(	a-b	+1)    6    -1]
	cd

Where:	a =	net investment income earned during the period by the portfolio (or substitute funding vehicle) attributable to shares owned by the Subaccount.
	b =	expenses accrued for the period (net of reimbursements).
	c =	the average daily number of units outstanding during the period.
	d =	the maximum offering price per unit on the last day of the period.

Net investment income will be determined in accordance with rules established by the Securities and Exchange Commission. Accrued expenses will include all recurring fees that are charged to all owner accounts.

Because of the charges and deductions imposed by the Separate Account the yield of the Subaccount will be lower than the yield for the corresponding portfolio. The yield on amounts held in the Subaccounts normally will fluctuate over time. Therefore, the disclosed yield for any given past period is not an indication or representation of future yields or rates of return. The Subaccount’s actual yield will be affected by the types and quality of portfolio securities held by the portfolio, and its operating expenses.

STANDARD TOTAL RETURN CALCULATIONS

Midland National may from time to time also disclose average annual total returns for one or more of the Subaccounts for various periods of time. Average annual total return quotations are computed by finding the average annual compounded rates of return over one, five and ten year periods that would equate the initial amount invested to the ending redeemable value, according to the following formula:

P (1 + T)n	= ERV
Where:	P =	a hypothetical initial payment of $1,000
	T =	average annual total return
	n =	number of years

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ERV = ending redeemable value of a hypothetical $1,000 payment made at the beginning of the one, five, or ten-year period, at the end of the one, five, or ten-year period (or fractional portion thereof).

All recurring fees that are charged to all owner accounts are recognized in the ending redeemable value. This includes a contract charges factor that is calculated by taking the daily Separate Account asset charge. This additional amount is based on an “average” Contract with an initial premium of $100,000. The standard average annual total return calculations assume the contract is surrendered.

Midland National may disclose average annual total returns in various ways, depicting whether the contract is surrendered or maintained in force. Accordingly, Midland National may disclose the following types of average annual total return:

1. The contract is surrendered and

2. The contract is not surrendered.

CUMULATIVE TOTAL RETURNS

Midland National may from time to time also disclose cumulative total returns in conjunction with the annual returns described above. The cumulative returns will be calculated using the following formula.

CTR =	[ERV/P] – 1
Where:	CTR =	the cumulative total return net of Subaccount recurring charges for the period.
	ERV =	ending redeemable value of an assumed $1,000 payment at the beginning of the one, five, or ten-year period at the end of the one, five, or ten-year period (or fractional portion thereof).
	P       =	an assumed initial payment of $1,000.

Midland National may also disclose the value of an assumed payment of $10,000 (or other amounts) at the end of various periods of time.

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

8

the month to get the gross value of the investment at the end of the month. Second, that gross value is then reduced by a “contract charges” factor to reflect the charges imposed under the contract. The contract charges factor is calculated by taking the daily Separate Account asset charge. The total is then divided by 12 to get the monthly contract charges factor, which is then applied to the value of the hypothetical initial payment in the applicable Investment Portfolio to get the value in the Subaccount. The contract charges factor is assumed to be deducted at the beginning of each month. In this manner, the Ending Redeemable Value (“ERV”) of a hypothetical $1,000 initial payment in the Subaccount is calculated each month during the applicable period, to get the ERV at the end of the period. Third, that ERV is then utilized in the formulas above.

This type of performance data may be disclosed on both an average annual total return and a cumulative total return basis. Moreover, it may be disclosed assuming that the contract is not surrendered (i.e., with no deduction for the contingent deferred sales charge) and assuming that the contract is surrendered at the end of the applicable period (i.e., reflecting a deduction for any applicable contingent deferred sales charge).

FEDERAL TAX MATTERS

TAX-FREE EXCHANGES (SECTION 1035)

Midland National accepts premiums which are the proceeds of a contract in a transaction qualifying for a tax-free exchange under Section 1035 of the Internal Revenue Code (“Code”).

We also accept “rollovers” from contracts qualifying as individual retirement annuities or accounts (IRAs), or any other qualified contract which is eligible to “roll-over” into an IRA. The Company differentiates between nonqualified 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 nonqualified 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

9

the surviving spouse of the owner, the contract may be continued with the surviving spouse as the new owner.

The nonqualified 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 nonqualified 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

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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 (the “Secure Act”) increases the beginning date for required minimum distributions from 70 ¹⁄₂ to 72. This change only applies if you will attain age 70 ¹⁄₂ on or after January 1, 2020. . If you reached the age of 70 ¹⁄₂ prior to January 1, 2020, you are still required to use age 70 ¹⁄₂ as the beginning date for required minimum distributions.

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. Eligible designated beneficiaries can withdraw the account value over their lives or a period not exceeding their life expectancies. The only eligible designated beneficiary payouts we administer are those involving the surviving spouse of the deceased owner. For distribution purposes, we will treat non-spouse eligible designated beneficiaries as designated beneficiaries.

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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 1.00% of total premiums received on LiveWell 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

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all selling firms, and the terms of any particular agreement governing the payments may vary among selling firms.

SAFEKEEPING OF ACCOUNT ASSETS

Title to assets of the Separate Account is held by Midland National. The assets are held separate and apart from our Fixed Account assets. Records are maintained of all premiums and redemptions of Investment Portfolio shares held by each of the Subaccounts.

STATE REGULATION

Midland National is subject to the insurance laws and regulations of all the states where it is licensed to operate. The availability of certain contract rights and provisions depends on state approval and/or filing and review processes. Where required by state law or regulation, the contracts will be modified accordingly.

RECORDS AND REPORTS

All records and accounts relating to the Separate Account will be maintained by Midland National. As presently required by the Investment Company Act of 1940 and regulations promulgated thereunder, reports containing such information as may be required under that Act or by any other applicable law or regulation will be sent to owners semi-annually at their last known address of record.

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EXPERTS

The financial statements of Midland National Life Insurance Company Separate Account C as of December 31, 2020 and for the year then ended included in this Statement of Additional Information have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

OTHER INFORMATION

A Registration Statement has been filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, with respect to the contracts discussed in this Statement of Additional Information. Not all of the information set forth in the Registration Statement, amendments and exhibits thereto has been included in this Statement of Additional Information. Statements contained in this Statement of Additional Information concerning the content of the contracts and other legal instruments are intended to be summaries. For a complete statement of the terms of these documents, reference should be made to the instruments filed with the Securities and Exchange Commission.

AUDITED FINANCIALS

Financial Statements of Midland National Life Insurance Company Separate Account C

Financial Statements of Midland National Life Insurance Company

The financial statements of Midland National Life Insurance Company for the period ending December 31, 2020 are included in the prospectus and are incorporated by reference herein.

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Midland National Life

Insurance Company

Separate Account C

Financial Statements

December 31, 2020 and 2019

Midland National Life Insurance Company

Separate Account C

Index

	Page(s)
Report of Independent Registered Public Accounting Firm		1-8
Financial Statements
Statements of Net Assets		9-15
Statements of Operations		16-22
Statements of Changes in Net Assets		23-36
Notes to Financial Statements		37-90

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 (hereafter collectively referred to as the “Subaccounts”) indicated in the table below as of December 31, 2020, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below (other than Lord Abbett Series Fund, Inc.—International Opportunities Portfolio, which only includes a statement of changes in net assets for the period January 1, 2019 to July 31, 2019 (date of liquidation), Janus Henderson Series- GI Unconstrained Bond Portfolio, which only includes a statement of changes in net assets for the period January 1, 2019 to March 1, 2019 (date of liquidation), AB Variable Products Series- Real Estate Investment Portfolio, which only includes a statement of changes in net assets for the period January 1, 2019 to April 18, 2019 (date of liquidation), Delaware Variable Insurance Portfolios- Covered Call Strategy Portfolio, which only includes a statement of changes in net assets for the period January 1, 2019 to April 29, 2019 (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 (other than Lord Abbett Series Fund, Inc.—International Opportunities Portfolio, Janus Henderson Series- GI Unconstrained Bond Portfolio, AB Variable Products Series- Real Estate Investment Portfolio, Delaware Variable Insurance Portfolios- Covered Call Strategy Portfolio) as of December 31, 2020, 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)	Janus Henderson Series- Enterprise Services Portfolio (1)
Fidelity Variable Insurance Products- High Income Portfolio (1)	Janus Henderson Series- Global Research Portfolio (1)
Fidelity Variable Insurance Products- Equity- Income Portfolio (1)	Janus Henderson Series- Mid Cap Value Portfolio (1)
Fidelity Variable Insurance Products- Growth Portfolio (1)	Janus Henderson Series- Balanced Portfolio (1)
Fidelity Variable Insurance Products- Overseas Portfolio (1)	Janus Henderson Series- Flexible Bond Portfolio (1)
Fidelity Variable Insurance Products- Mid Cap Portfolio (1)	Janus Henderson Series- GI Unconstrained Bond Portfolio (4)
Fidelity Variable Insurance Products- Asset Manager Portfolio (1)	PIMCO Variable Insurance Trust- Total Return Portfolio (1)
Fidelity Variable Insurance Products- Investment Grade Bond Portfolio (1)	PIMCO Variable Insurance Trust- Low Duration Portfolio (1)
Fidelity Variable Insurance Products- Index 500 Portfolio (1)	PIMCO Variable Insurance Trust- High Yield Portfolio (1)
Fidelity Variable Insurance Products- Contrafund Portfolio (1)	PIMCO Variable Insurance Trust- Real Return Portfolio (1)

PricewaterhouseCoopers LLP, 699 Walnut Street Suite 1300, Des Moines, IA 50309

   T: (515) 246 3800, F: (515) 246 3811, www.pwc.com/us

Fidelity Variable Insurance Products- Asset Manager: Growth Portfolio (1)	PIMCO Variable Insurance Trust- All Asset Portfolio (1)
Fidelity Variable Insurance Products- Balanced Portfolio (1)	PIMCO Variable Insurance Trust- Global Managed Asset Allocation Portfolio (1)
Fidelity Variable Insurance Products- Growth & Income Portfolio (1)	PIMCO Variable Insurance Trust- Short-Term Portfolio (1)
Fidelity Variable Insurance Products- Growth Opportunities Portfolio (1)	PIMCO Variable Insurance Trust- Emerging Markets Bond Portfolio (1)
Fidelity Variable Insurance Products- Value Strategies Portfolio (1)	PIMCO Variable Insurance Trust- Global Bond Opportunities Portfolio (1)
Fidelity Variable Insurance Products- Strategic Income Portfolio (1)	PIMCO Variable Insurance Trust- Commodity Real Return Strategy Portfolio (1)
Fidelity Variable Insurance Products- Emerging Markets Portfolio (1)	PIMCO Variable Insurance Trust- International Bond (USD-Hedged) Portfolio (1)
Fidelity Variable Insurance Products- Real Estate Portfolio (1)	PIMCO Variable Insurance Trust- Dynamic Bond Adv Portfolio (1)
Fidelity Variable Insurance Products- Funds Manager 50% Portfolio (1)	PIMCO Variable Insurance Trust- Income Advisor Portfolio (1)
Fidelity Variable Insurance Products- Funds Manager 70% Portfolio (1)	Goldman Sachs Variable Insurance Trust- Small Cap Equity Insights Fund (1)
Fidelity Variable Insurance Products- Funds Manager 85% Portfolio (1)	Goldman Sachs Variable Insurance Trust- Large Cap Value Fund (1)
Fidelity Variable Insurance Products- Government Money Market Portfolio Service Class 2 (1)	Goldman Sachs Variable Insurance Trust- Mid Cap Value Fund (1)
Fidelity Variable Insurance Products- International Capital Appreciation Portfolio (2)	Neuberger Berman Advisors Management Trust - Mid-Cap Growth Portfolio (1)
American Century Variable Portfolios, Inc. - Balanced Fund (1)	Neuberger Berman Advisors Management Trust - AMT Mid Cap Intrinsic Value Portfolio (1)
American Century Variable Portfolios, Inc. - Capital Appreciation Fund (1)	BNY Mellon Variable Investment Fund-Appreciation Portfolio (1)
American Century Variable Portfolios, Inc. - International Fund (1)	BNY Mellon Variable Investment Fund- International Value Portfolio (5)
American Century Variable Portfolios, Inc. - Value Fund (1)	BNY Mellon Variable Investment Fund- Sustainable U.S. Equity Portfolio (1)
American Century Variable Portfolios, Inc. - Disciplined Core Value Fund (1)	Invesco Van Kampen Variable Insurance Fund - Growth and Income Portfolio (1)
American Century Variable Portfolios, Inc. - Inflation Protection Fund (1)	Invesco Van Kampen Variable Insurance Fund - Value Opportunities Fund (1)
American Century Variable Portfolios, Inc. - Large Company Value Fund (1)	Invesco Van Kampen Variable Insurance Fund - American Value Fund (1)
American Century Variable Portfolios, Inc. - Mid Cap Value Fund (1)	Morgan Stanley Variable Institutional Funds- Emerging Markets Debt Portfolio (1)
American Century Variable Portfolios, Inc. - Ultra Fund (1)	Morgan Stanley Variable Institutional Funds- Emerging Markets Equity Portfolio (1)
MFS Variable Insurance Trust. - Research Series (1)	Morgan Stanley Variable Institutional Funds- Discovery Portfolio (1)

2

MFS Variable Insurance Trust. - Growth Series (1)	Morgan Stanley Variable Institutional Funds- U.S. Real Estate Portfolio (1)
MFS Variable Insurance Trust. - Investors Trust Series (1)	Northern Lights Variable Trust- Power Income Fund (1)
MFS Variable Insurance Trust. - New Discovery Series (1)	Northern Lights Variable Trust- Power Dividend Index Fund (1)
MFS Variable Insurance Trust. - Corporate Bond Portfolio (1)	AB Variable Products Series- Real Estate Investment Portfolio (6)
MFS Variable Insurance Trust. - Emerging Markets Equity Portfolio (1)	AB Variable Products Series- Dynamic Asset Allocation Portfolio (1)
MFS Variable Insurance Trust. - Technology Portfolio (1)	AB Variable Products Series- Small Cap Growth Portfolio (1)
MFS Variable Insurance Trust. - Global Tactical Allocation Portfolio (1)	AB Variable Products Series- Small Mid Cap Value Portfolio (1)
MFS Variable Insurance Trust. - International Intrinsic Value Portfolio (1)	BlackRock Variable Series Fund, Inc- Basic Value Fund (1)
MFS Variable Insurance Trust. - Utilities Series Portfolio (1)	BlackRock Variable Series Fund, Inc- Capital Appreciation Fund (1)
MFS Variable Insurance Trust. - Blended Research Core Equity Portfolio (1)	BlackRock Variable Series Fund, Inc- Equity Dividend Fund (1)
MFS Variable Insurance Trust. - Global Real Estate Portfolio (1)	BlackRock Variable Series Fund, Inc- Global Allocation Fund (1)
Lord Abbett Series Fund, Inc. - Growth & Income Portfolio (1)	BlackRock Variable Series Fund, Inc- Advantage Large Cap Core Fund (1)
Lord Abbett Series Fund, Inc. - Mid-Cap Stock Portfolio (1)	BlackRock Variable Series Fund, Inc- Large Cap Focus Growth Fund (1)
Lord Abbett Series Fund, Inc. - International Opportunities Portfolio (3)	BlackRock Variable Series Fund, Inc- 60/40 Target Allocation ETF Fund (1)
Lord Abbett Series Fund, Inc. - Bond-Debenture Portfolio (1)	BlackRock Variable Series Fund, Inc- Total Return Portfolio (1)
Lord Abbett Series Fund, Inc. - Fundamental Equity Portfolio (1)	BlackRock Variable Series Fund, Inc- S&P 500 Portfolio (1)
Lord Abbett Series Fund, Inc. - Developing Growth Portfolio (1)	Columbia Variable Portfolio - Contrarian Core 2 Portfolio (1)
Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio (1)	Columbia Variable Portfolio - Dividend Opportunity Portfolio (1)
Alger Fund – Large Cap Growth Portfolio (1)	Columbia Variable Portfolio - Emerging Markets Bond Portfolio (1)
Alger Fund – MidCap Growth Portfolio (1)	Columbia Variable Portfolio - High Yield Portfoli0 (1)
Alger Fund – Capital Appreciation Portfolio (1)	Columbia Variable Portfolio - Select Large-Cap Value Portfolio (1)
Alger Fund – Small Cap Growth Portfolio (1)	Columbia Variable Portfolio - Seligman Global Tech Portfolio (1)
Alger Fund – Capital Appreciation Portfolio Class S (1)	Columbia Variable Portfolio - US Government Mortgage Portfolio (1)
Calvert Variable Series, Inc. – Mid Cap Growth Portfolio (1)	Columbia Variable Portfolio - Strategic Income Portfolio (2)

3

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- Managed Volatility Fund (1)	DWS Variable Insurance Portfolios- Global Small Cap Portfolio (1)
Invesco Variable Insurance Funds- Diversified Dividend Fund (1)	DWS Variable Insurance Portfolios- Small Mid Cap Value Portfolio (1)
Invesco Variable Insurance Funds- Health Care Fund (1)	DWS Variable Insurance Portfolios- CROCI US Portfolio (1)
Invesco Variable Insurance Funds- Global Real Estate Fund (1)	Eaton Vance Variable Trust—Floating Rate Income Portfolio (1)
Invesco Variable Insurance Funds- International Growth Fund (1)	Delaware Variable Insurance Portfolios-Total Return Portfolio (1)
Invesco Variable Insurance Funds- Mid Cap Core Equity Fund (1)	Delaware Variable Insurance Portfolios- International Portfolio (1)
J.P. Morgan Series Trust II- Core Bond Portfolio (1)	Delaware Variable Insurance Portfolios- Opportunity Portfolio (1)
J.P. Morgan Series Trust II- Small Cap Core Portfolio (1)	Delaware Variable Insurance Portfolios- Covered Call Strategy Portfolio (7)
Rydex Variable Trust-Nova Fund (1)	Franklin Templeton Variable Insurance Products Trust- Mutual Shares Fund (1)
Rydex Variable Trust- NASDAQ-100 Fund (1)	Franklin Templeton Variable Insurance Products Trust- Income Fund (1)
Rydex Variable Trust- U.S. Government Money Market Fund (1)	Franklin Templeton Variable Insurance Products Trust-Global Bond Fund (1)
Rydex Variable Trust- Inverse S&P 500 Strategy Fund (1)	Franklin Templeton Variable Insurance Products Trust-Foreign Fund (1)
Rydex Variable Trust- Inverse NASDAQ-100 Strategy Fund (1)	Franklin Templeton Variable Insurance Products Trust- Developing Markets Fund (1)
Rydex Variable Trust- Inverse Government Long Bond Strategy Fund (1)	Franklin Templeton Variable Insurance Products Trust-Mutual Global Discovery Fund (1)
Rydex Variable Trust- Government Long Bond 1.2x Strategy (1)	Franklin Templeton Variable Insurance Products Trust-Rising Dividends Fund (1)
Rydex Variable Trust- NASDAQ-100 2x Strategy Fund (1)	Ivy Variable Insurance Portfolios- Asset Strategy Portfolio (1)
Rydex Variable Trust- Inverse Dow 2x Strategy Fund (1)	Ivy Variable Insurance Portfolios-Balanced Portfolio (1)
Rydex Variable Insurance Funds- Biotechnology Fund (1)	Ivy Variable Insurance Portfolios-Global Equity Income Portfolio (1)
Rydex Variable Insurance Funds- S&P 500 Pure Growth Fund (1)	Ivy Variable Insurance Portfolios-Energy Portfolio (1)
Rydex Variable Insurance Funds- S&P MidCap 400 Pure Growth Fund (1)	Ivy Variable Insurance Portfolios- Global Bond Portfolio (1)
Guggenheim Variable Insurance Funds—Long Short Equity Fund (1)	Ivy Variable Insurance Portfolios-Natural Resources Portfolio (1)

4

Guggenheim Variable Insurance Funds - Multi- Hedge Strategies Fund (1)	Ivy Variable Insurance Portfolios-Growth Portfolio (1)
Guggenheim Variable Insurance Funds - Global Managed Futures Strategy Fund (1)	Ivy Variable Insurance Portfolios-High Income Portfolio (1)
Guggenheim Variable Insurance Funds - Small Cap Value Fund (1)	Ivy Variable Insurance Portfolios- International Core Equity Portfolio (1)
ProFunds VP- Access VP High Yield Fund (1)	Ivy Variable Insurance Portfolios-Global Growth Portfolio (1)
ProFunds VP- Asia 30 (1)	Ivy Variable Insurance Portfolios-Mid Cap Growth Portfolio (1)
ProFunds VP- Banks (1)	Ivy Variable Insurance Portfolios-Science and Technology Portfolio (1)
ProFunds VP- Basic Materials (1)	Ivy Variable Insurance Portfolios-Small Cap Growth Portfolio (1)
ProFunds VP- Bear (1)	Ivy Variable Insurance Portfolios-Small Cap Core Portfolio (1)
ProFunds VP- Biotechnology (1)	Lazard Retirement Series, Inc.- International Equity Portfolio (1)
ProFunds VP- Bull (1)	Lazard Retirement Series, Inc.-Global Dynamic Multi Asset Portfolio (1)
ProFunds VP- Consumer Goods (1)	Legg Mason Partners Variable Equity Trust- Western Asset Variable Global High Yield Bond Portfolio (1)
ProFunds VP- Consumer Services (1)	Legg Mason Partners Variable Equity Trust- ClearBridge Variable Mid Cap Portfolio (1)
ProFunds VP- Dow 30 (1)	Legg Mason Partners Variable Equity Trust- ClearBridge Variable Dividend Strategy Portfolio (1)
ProFunds VP- Emerging Markets (1)	Legg Mason Partners Variable Equity Trust- ClearBridge Variable Small Cap Growth Portfolio (1)
ProFunds VP- Europe 30 (1)	Legg Mason Partners Variable Equity Trust- ClearBridge Variable Aggressive Growth Portfolio (1)
ProFunds VP- Falling U.S. Dollar (1)	Legg Mason Partners Variable Equity Trust-Western Asset Variable Core Bond Plus Portfolio (1)
ProFunds VP- Financials (1)	Legg Mason Partners Variable Equity Trust- ClearBridge Variable Large Cap Growth Portfolio (1)
ProFunds VP- Health Care (1)	QS Legg Mason Partners Variable Income Trust- Dynamic Multi Strategy Portfolio (1)
ProFunds VP- Industrials (1)	Pioneer Variable Contracts Trust-Fund Portfolio (1)
ProFunds VP- International (1)	Pioneer Variable Contracts Trust-Bond Portfolio (1)
ProFunds VP- Internet (1)	Pioneer Variable Contracts Trust- Strategic Income Portfolio (1)
ProFunds VP- Japan (1)	Pioneer Variable Contracts Trust-Equity Income Portfolio (1)
ProFunds VP- Large-Cap Growth (1)	Pioneer Variable Contracts Trust-High Yield Portfolio (1)
ProFunds VP- Large-Cap Value (1)	Prudential Series Funds-Jennison 20/20 Focus Portfolio (1)

5

ProFunds VP- Large- Mid-Cap (1)	Prudential Series Funds-Natural Resources Portfolio (1)
ProFunds VP- Large- Mid-Cap Growth (1)	Prudential Series Funds-SP Prudential US Emerging Growth Portfolio (1)
ProFunds VP- Large- Mid-Cap Value (1)	Royce Capital Fund- Micro-Cap Portfolio (1)
ProFunds VP- Large- Government Money Market (1)	Royce Capital Fund-Small Cap Portfolio (1)
ProFunds VP- Oil & Gas (1)	Alps Fund- Alerian Energy Infrastructure Portfolio (1)
ProFunds VP- NASDAQ-100 (1)	Alps Fund-Red Rocks Global Opportunity III(1)
ProFunds VP- Pharmaceuticals (1)	American Funds IS- Asset Allocation Fund (1)
ProFunds VP- Precious Metals (1)	American Funds IS-Blue Chip Income and Growth Fund (1)
ProFunds VP- Real Estate (1)	American Funds IS-Ultra-Short Bond Fund (1)
ProFunds VP- Rising Rates Opportunity (1)	American Funds IS-Capital Income Builder Fund (1)
ProFunds VP- Semiconductor (1)	American Funds IS-Global Growth Fund (1)
ProFunds VP- Short Dow 30 (1)	American Funds IS-Global Growth and Income Fund (1)
ProFunds VP- Short Emerging Markets (1)	American Funds IS-Global Small Capitalization Fund (1)
ProFunds VP- Short International (1)	American Funds IS-Growth Fund (1)
ProFunds VP- Short Mid-Cap (1)	American Funds IS-Growth-Income Fund (1)
ProFunds VP- Short NASDAQ-100 (1)	American Funds IS-International Fund (1)
ProFunds VP- Short Small-Cap (1)	American Funds IS-International Growth and Income Fund (1)
ProFunds VP- Small-Cap (1)	American Funds IS-New World Fund (1)
ProFunds VP- Small-Cap Growth (1)	American Funds IS-U.S. Government/AAA-Rated Securities Fund (1)
ProFunds VP- Small-Cap Value (1)	Invesco Oppenheimer- Total Return Bond Fund (1)
ProFunds VP- Technology (1)	Invesco Oppenheimer-Discovery Mid Cap Growth Fund (1)
ProFunds VP- Telecommunications (1)	Invesco Oppenheimer-Global Multi-Alternatives Fund (8)
ProFunds VP- U.S. Government Plus (1)	Invesco Oppenheimer-Global Fund (1)
ProFunds VP- UltraBull (1)	Invesco Oppenheimer-International Growth Fund (1)
ProFunds VP- UltraMid-Cap (1)	Invesco Oppenheimer-Main Street Fund (1)
ProFunds VP- UltraNASDAQ-100 (1)	Invesco Oppenheimer- Main Street Small Cap Fund (1)
ProFunds VP- UltraShort Dow 30 (1)	T. Rowe Price- Blue Chip Growth Portfolio (1)
ProFunds VP- UltraShort NASDAQ-100 (1)	T. Rowe Price- Health Sciences Portfolio (1)
ProFunds VP- UltraSmall-Cap (1)	John Hancock Variable Insurance Trust- Financial Industries Portfolio (1)

6

ProFunds VP- Utilities (1)	John Hancock Variable Insurance Trust- Fundamental All Cap Core Portfolio (1)
VanEck Worldwide Insurance Trust- Global Hard Assets Fund (1)	John Hancock Variable Insurance Trust- Select Bond Portfolio (1)
VanEck Worldwide Insurance Trust- Emerging Markets Fund (1)	John Hancock Variable Insurance Trust- Strategic Income Opportunities Portfolio (1)
VanEck Worldwide Insurance Trust- Emerging Markets Bond Fund (1)	Federated Hermes- High Income Bond Portfolio (9)
Janus Henderson Series- Global Technology and Innovation Portfolio (1)	Federated Hermes- Kaufmann Portfolio (9)
Janus Henderson Series- Overseas Portfolio (1)	Federated Hermes- Managed Volatility Portfolio (9)
Janus Henderson Series- Research Portfolio (1)

(1) Statements of operations for the year ended December 31, 2020, and statements of changes in net assets for the years ended December 31, 2020 and 2019.

(2) Statements of net assets and statements of operations for the year ended December 31, 2020, and statements of changes in net assets for the period May 1, 2020 (date of introduction) through December 31, 2020.

(3) Statement of changes in net assets for the period January 1, 2019 through July 31, 2019 (date of liquidation).

(4) Statement of changes in net assets for the period January 1, 2019 through March 1, 2019 (date of liquidation).

(5) Statement of operations for the period January 1, 2020 through April 30, 2020 (date of liquidation), and statement of changes in net assets for the period January 1, 2020 through April 30, 2020 and the year ended December 31, 2019.

(6) Statement of changes in net assets for the period January 1, 2019 through April 18, 2019 (date of liquidation).

(7) Statement of operations for the period January 1, 2020 through December 11, 2020 (date of liquidation), and statement of changes in net assets for the period January 1, 2020 through December 11, 2020 and the year ended December 31, 2019.

(8) Statement of changes in net assets for the period January 1, 2019 through April 29, 2019 (date of liquidation).

(9) Statement of operations for the year ended December 31, 2020, and statement of changes in net assets for the year ended December 31, 2020 and the period May 1, 2019 (date of introduction) through December 31, 2019.

Basis for Opinions

These financial statements are the responsibility of Midland National Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the Subaccounts 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 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.

7

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, 2020 by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

April 23, 2021

We have served as the auditor of one or more of the Subaccounts in Midland National Life Insurance Company Separate Account C since 1993.

8

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

	Shares		Cost		Net Assets
Assets:
Investments in portfolio shares, at fair value (Note 1):
Fidelity Variable Insurance Products
Government Money Market Portfolio		9,787,427	$	9,787,427	$	9,787,427
High Income Portfolio		1,288,862		6,579,315		6,587,049
Equity-Income Portfolio		284,444		6,096,394		6,685,108
Growth Portfolio		89,013		5,885,335		9,135,476
Overseas Portfolio		263,624		5,292,194		6,929,633
Mid Cap Portfolio		430,380		13,742,690		16,098,689
Asset Manager Portfolio		66,168		988,746		1,116,302
Investment Grade Bond Portfolio		247,713		3,202,650		3,431,417
Index 500 Portfolio		64,262		15,402,854		23,666,018
Contrafund Portfolio		847,819		28,964,308		39,822,428
Asset Manager: Growth Portfolio		40,509		721,988		887,421
Balanced Portfolio		163,247		2,955,709		3,734,962
Growth & Income Portfolio		68,577		1,335,368		1,519,482
Growth Opportunities Portfolio		255,886		14,263,285		19,518,772
Value Strategies Portfolio		253,054		3,152,450		3,461,782
Strategic Income Portfolio		1,154,609		13,118,926		13,485,831
Emerging Markets Portfolio		368,225		4,359,980		5,427,630
Real Estate Portfolio		1,078,009		19,721,581		18,444,735
Funds Manager 50% Portfolio		778,267		9,070,271		10,514,394
Funds Manager 70% Portfolio		288,409		3,492,189		3,988,691
Funds Manager 85% Portfolio		74,495		879,520		1,025,047
Government Money Market Portfolio Service Class 2		4,357,277		4,357,277		4,357,277
International Capital Appreciation Portfolio		28,333		596,129		646,274
American Century Variable
Portfolios, Inc.
Balanced Fund		302,406		2,360,729		2,639,998
Capital Appreciation Fund		123,539		1,744,142		2,380,600
International Fund		273,837		2,894,767		3,854,284
Value Fund		5,874,056		58,904,162		65,728,799
Disciplined Core Value Fund		275,256		2,546,184		2,829,639
Inflation Protection Fund		546,224		5,605,022		6,057,618
Large Company Value Fund		24,837		371,929		410,305
Mid Cap Value Fund		1,488,668		29,391,598		30,621,899
Ultra Fund		249,740		4,881,306		6,680,541
MFS Variable Insurance Trust
Research Series		13,725		385,495		449,673
Growth Series		26,430		1,324,528		1,922,507
Investors Trust Series		9,072		268,858		330,272
New Discovery Series		366,015		6,521,534		8,811,176
Corporate Bond Portfolio		522,585		6,196,264		6,553,210
Emerging Markets Equity Portfolio		254,472		3,960,165		4,326,030
Technology Portfolio		319,921		6,889,105		9,325,705
Global Tactical Allocation Portfolio		92,005		1,411,434		1,425,162
International Intrinsic Value Portfolio		494,218		13,287,259		17,035,693
Utilities Series Portfolio		316,345		9,612,280		10,974,016
Blended Research Core Equity Portfolio		31,296		1,608,006		1,773,875
Global Real Estate Portfolio		12,673		211,240		223,797

The accompanying notes are an integral part of these financial statements

9

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

	Shares		Cost		Net Assets
Assets:
Investments in portfolio shares, at fair value (Note 1):
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio		45,824		1,554,272		1,601,094
Mid-Cap Stock Portfolio		73,066		1,684,061		1,760,151
Bond-Debenture Portfolio		1,909,466		23,268,652		23,849,233
Fundamental Equity Portfolio		103,018		1,722,357		1,711,130
Developing Growth Portfolio		129,227		4,561,822		6,096,951
Short Duration Income Portfolio		1,341,841		19,223,722		19,215,169
Alger Fund
LargeCap Growth Portfolio		80,746		5,358,139		7,542,435
MidCap Growth Portfolio		179,248		4,417,783		5,958,203
Capital Appreciation Portfolio		45,842		3,735,642		4,581,915
SmallCap Growth Portfolio		23,153		544,070		1,036,808
Capital Appreciation Portfolio Class S		543,678		41,177,664		50,279,382
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio		106,150		3,361,446		3,619,712
S&P 500 Index Portfolio		11,719		1,634,661		1,945,124
SRI Balanced Portfolio		1,067,829		2,473,683		2,690,929
Invesco Variable Insurance Funds
Technology Fund		50,021		1,329,969		1,828,280
Managed Volatility Fund		55,520		642,641		648,472
Diversified Dividend Fund		28,970		762,504		745,103
Health Care Fund		45,578		1,258,428		1,535,526
Global Real Estate Fund		8,141		126,520		116,666
International Growth Fund		6,549		241,533		274,266
Mid Cap Core Equity Fund		28,457		317,783		291,398
J.P. Morgan Series Trust II
Core Bond Portfolio		156,878		1,758,655		1,863,705
Small Cap Core Portfolio		100,764		2,074,026		2,429,425
Rydex Variable Trust
Nova Fund		3,869		338,173		559,898
NASDAQ-100 Fund		36,219		1,653,253		2,274,528
U.S. Government Money Market Fund		86,303		86,303		86,303
Inverse S&P 500 Strategy Fund		1,109		98,030		45,664
Inverse NASDAQ-100 Strategy Fund		672		28,431		17,010
Inverse Government Long Bond Strategy Fund		143		12,388		9,580
Government Long Bond 1.2x Strategy		7,473		321,285		310,786
NASDAQ-100 2x Strategy Fund		—		—		—
Inverse Dow 2x Strategy Fund		—		—		—
Rydex Variable Insurance Funds
Biotechnology Fund		64,429		5,611,233		6,893,292
S&P 500 Pure Growth Fund		72,582		3,669,244		4,004,339
S&P MidCap 400 Pure Growth Fund		37,496		1,417,084		1,698,938
Guggenheim Variable Insurance Funds
Long Short Equity Fund		70,883		1,009,122		1,020,715
Multi-Hedge Strategies Fund		75,317		1,826,665		1,928,879
Global Managed Futures Strategy Fund		18,190		313,799		296,674
Small Cap Value Fund		80,341		3,209,386		2,995,915

The accompanying notes are an integral part of these financial statements

10

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

	Shares		Cost		Net Assets
Assets:
Investments in portfolio shares, at fair value (Note 1):
ProFunds VP
Access VP High Yield Fund		1,542		41,810		41,796
Asia 30		1,055		62,708		80,009
Banks		1,160		21,070		27,578
Basic Materials		367		22,132		25,467
Bear		1,515		58,453		29,685
Biotechnology		3,219		239,044		264,358
Bull		5,637		291,854		334,702
Consumer Goods		3,814		191,465		237,187
Consumer Services		2,324		165,764		176,939
Dow 30		9,863		246,793		229,519
Emerging Markets		1,603		42,710		58,742
Europe 30		1,728		38,983		35,878
Falling U.S. Dollar		1,456		26,198		26,756
Financials		598		21,742		24,880
Health Care		3,789		275,856		285,948
Industrials		1,804		136,840		163,542
International		2,075		43,711		42,580
Internet		6,210		289,796		363,590
Japan		712		35,196		45,332
Large-Cap Growth		14,140		926,465		1,091,999
Large-Cap Value		9,330		382,445		377,859
Mid-Cap		7,346		142,610		133,330
Mid-Cap Growth		7,430		317,578		354,260
Mid-Cap Value		2,191		86,389		86,232
Government Money Market		4,022,896		4,022,896		4,022,896
Oil & Gas		7,164		207,500		134,545
NASDAQ-100		8,698		474,841		615,178
Pharmaceuticals		1,659		60,970		63,933
Precious Metals		14,439		384,241		446,026
Real Estate		1,580		93,713		91,882
Rising Rates Opportunity		690		34,287		19,158
Semiconductor		1,754		105,989		144,703
Short Dow 30		349		11,440		9,644
Short Emerging Markets		—		—		—
Short International		211		8,032		6,133
Short Mid-Cap		94		2,551		1,884
Short NASDAQ-100		187		4,185		3,405
Short Small-Cap		127		5,063		3,518
Small-Cap		4,727		147,151		188,232
Small-Cap Growth		6,493		215,622		237,390
Small-Cap Value		4,853		195,645		205,866
Technology		6,689		368,014		504,019
Telecommunications		183		5,608		5,900
U.S. Government Plus		12,976		434,785		396,418
UltraBull		33,674		1,224,385		988,666
UltraMid-Cap		12,860		616,322		648,391
UltraNASDAQ-100		9,500		661,999		882,258
UltraShort Dow 30		13		7,329		941
UltraShort NASDAQ-100		28		20,418		590
UltraSmall-Cap		17,655		326,166		409,774
Utilities		3,085		132,842		115,289

The accompanying notes are an integral part of these financial statements

11

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

	Shares		Cost		Net Assets
Assets:
Investments in portfolio shares, at fair value (Note 1):
VanEck Worldwide Insurance Trust
Global Hard Assets Fund		300,414		6,440,139		6,663,338
Emerging Markets Fund		90,997		1,244,439		1,536,938
Emerging Markets Bond Fund		62,833		523,343		554,814
Janus Henderson Series
Global Technology and Innovation Portfolio		540,354		8,446,689		11,077,250
Overseas Portfolio		17,941		508,120		656,299
Research Portfolio		11,751		420,080		561,464
Enterprise Services Portfolio		353,557		24,922,679		30,922,087
Global Research Portfolio		17,569		871,086		1,089,276
Mid Cap Value Portfolio		231,435		3,495,514		3,568,721
Balanced Portfolio		1,196,591		47,160,479		55,162,863
Flexible Bond Portfolio		690,237		8,985,963		9,649,511
PIMCO Variable Insurance Trust
Total Return Portfolio		4,016,770		44,500,730		46,554,357
Low Duration Portfolio		2,766,141		28,202,098		28,712,551
High Yield Portfolio		1,271,149		9,833,367		10,181,904
Real Return Portfolio		1,725,033		21,772,870		24,012,468
All Asset Portfolio		351,381		3,601,688		3,938,978
Global Managed Asset Allocation Portfolio		67,554		821,352		893,068
Short-Term Portfolio		5,544,168		56,810,274		57,770,230
Emerging Markets Bond Portfolio		163,944		2,071,253		2,203,410
Global Bond Opportunities Portfolio		15,231		176,284		185,660
Commodity Real Return Strategy Portfolio		804,605		5,642,571		4,932,228
International Bond (USD-Hedged) Portfolio		209,560		2,316,601		2,355,459
Dynamic Bond Adv Portfolio		220,369		2,290,712		2,333,712
Income Advisor Portfolio		2,611,298		27,731,248		28,750,387
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund		99,313		1,205,169		1,341,725
Large Cap Value Fund		25,827		225,662		239,412
Mid Cap Value Fund		206,530		3,144,691		3,558,519
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio		27,494		787,998		991,422
AMT Mid Cap Intrinsic Value Portfolio		7,949		125,532		122,415
BNY Mellon Variable Investment Fund
Appreciation Portfolio		7,144		271,803		332,922
International Value Portfolio		—		—		—
Sustainable U.S. Equity Portfolio		618		21,755		28,762
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio		27,017		498,217		505,212
Value Opportunities Fund		4,603		21,405		25,825
American Value Fund		7,698		118,124		120,249

The accompanying notes are an integral part of these financial statements

12

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

	Shares		Cost		Net Assets
Assets:
Investments in portfolio shares, at fair value (Note 1):
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio		4,576		34,488		35,101
Emerging Markets Equity Portfolio		12,679		190,853		223,909
Discovery Portfolio		6,765		108,841		192,113
U.S. Real Estate Portfolio		4,360		85,209		74,245
Northern Lights Variable Trust
Power Income Fund		69,038		673,295		626,172
Power Dividend Index Fund		70,714		948,321		919,990
AB Variable Products Series
Dynamic Asset Allocation Portfolio		241,371		3,059,236		3,330,917
Small Cap Growth Portfolio		966		23,693		24,497
Small Mid Cap Value Portfolio		169,289		2,888,563		2,910,076
BlackRock Variable Series Fund, Inc.
Basic Value Fund		203,663		2,772,504		2,741,309
Capital Appreciation Fund		124,282		1,096,578		1,249,034
Equity Dividend Fund		1,700,289		19,235,496		19,808,363
Global Allocation Fund		1,014,065		14,283,516		16,519,119
Advantage Large Cap Core Fund		17,394		469,678		514,509
Large Cap Focus Growth Fund		621,012		10,145,993		13,103,358
60/40 Target Allocation ETF Fund		438,471		5,196,434		5,985,133
Total Return Portfolio		127,789		1,556,191		1,564,132
S&P 500 Portfolio		66,027		1,553,401		1,782,081
Columbia Variable Portfolio
Contrarian Core 2 Portfolio		149,042		3,559,877		4,776,795
Dividend Opportunity Portfolio		145,385		3,518,992		4,233,602
Emerging Markets Bond Portfolio		649,046		6,241,430		6,464,503
High Yield Portfolio		716,849		4,754,140		4,867,407
Select Large-Cap Value Portfolio		25,256		599,154		729,142
Seligman Global Tech Portfolio		180,089		3,703,046		5,089,324
US Government Mortgage Portfolio		212,410		2,275,777		2,294,024
Strategic Income Portfolio		59,070		252,371		257,543
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio		1,486,820		30,989,969		37,096,159
Small Cap Index Portfolio		368,069		5,438,172		6,400,725
Alternative Asset Allocation Portfolio		86,608		1,110,279		1,184,795
Global Small Cap Portfolio		31,430		291,940		357,984
Small Mid Cap Value Portfolio		415,160		5,629,166		4,977,766
CROCI US Portfolio		13,014		182,956		168,798
Eaton Vance Variable Trust
Floating Rate Income Portfolio		1,904,740		17,280,139		17,199,803
Delaware Variable Insurance Portfolios
Total Return Portfolio		26,719		337,304		335,597
International Portfolio		58,884		1,171,007		1,128,220
Opportunity Portfolio		669,474		9,804,259		11,448,002
Covered Call Strategy Portfolio		—		—		—
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund		376,956		6,915,419		6,253,697
Income Fund		1,440,963		21,858,493		21,672,079

The accompanying notes are an integral part of these financial statements

13

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

	Shares		Cost		Net Assets
Assets:
Investments in portfolio shares, at fair value (Note 1):
Global Bond Fund		2,113,644		33,465,066		29,210,565
Foreign Fund		2,740,422		37,725,751		36,392,804
Developing Markets Fund		304,030		2,608,728		3,538,904
Mutual Global Discovery Fund		354,110		6,422,982		5,988,007
Rising Dividends Fund		736,665		19,044,738		21,466,410
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio		378,349		3,277,421		3,950,871
Balanced Portfolio		855,952		6,387,216		7,454,825
Global Equity Income Portfolio		181,726		1,196,843		1,093,882
Energy Portfolio		322,734		989,561		800,671
Global Bond Portfolio		198,575		977,642		1,044,085
Natural Resources Portfolio		193,592		706,558		638,931
Growth Portfolio		343,569		3,681,636		4,364,019
High Income Portfolio		4,141,025		13,656,979		14,059,607
International Core Equity Portfolio		475,711		7,541,524		7,775,781
Global Growth Portfolio		212,555		835,971		912,647
Mid Cap Growth Portfolio		741,711		9,574,175		12,968,074
Science and Technology Portfolio		450,751		12,996,394		16,169,446
Small Cap Growth Portfolio		569,521		5,173,263		6,879,809
Small Cap Core Portfolio		887,527		12,921,101		12,291,898
Lazard Retirement Series, Inc.
International Equity Portfolio		109,375		1,153,501		1,161,559
Global Dynamic Multi Asset Portfolio		98,594		1,226,447		1,333,979
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio		188,627		1,403,470		1,448,658
ClearBridge Variable Mid Cap Portfolio		405,636		8,191,787		10,335,598
ClearBridge Variable Dividend Strategy Portfolio		1,354,811		27,590,933		30,049,701
ClearBridge Variable Small Cap Growth Portfolio		150,769		4,147,861		5,195,487
ClearBridge Variable Aggressive Growth Portfolio		33,528		895,660		988,742
Western Asset Variable Core Bond Plus Portfolio		11,812,125		68,406,596		73,589,537
ClearBridge Variable Large Cap Growth Portfolio		509,621		14,415,817		19,100,602
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy Portfolio		33,052		412,945		405,881
Pioneer Variable Contracts Trust
Fund Portfolio		48,396		753,860		821,287
Bond Portfolio		4,223,817		46,568,563		49,841,041
Strategic Income Portfolio		1,281,650		12,978,967		13,675,201
Equity Income Portfolio		801,760		14,949,613		12,659,788
High Yield Portfolio		112,746		1,027,977		1,033,879
Prudential Series Funds
Jennison 20/20 Focus Portfolio		10,292		241,565		485,480
Natural Resources Portfolio		21,528		495,065		564,254
SP Prudential US Emerging Growth Portfolio		10,486		149,270		270,641
Royce Capital Fund
Micro-Cap Portfolio		33,288		321,314		387,137
Small Cap Portfolio		1,088,462		8,685,149		7,891,351
Alps Fund
Alerian Energy Infrastructure Portfolio		245,735		1,983,521		1,604,648
Red Rocks Global Opportunity Portfolio		115,879		1,552,856		1,697,631

The accompanying notes are an integral part of these financial statements

14

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

	Shares		Cost		Net Assets
Assets:
Investments in portfolio shares, at fair value (Note 1):
American Funds IS
Asset Allocation Fund		3,398,723		78,046,945		88,570,731
Blue Chip Income and Growth Fund		2,562,229		33,916,844		36,024,945
Ultra-Short Bond Fund		2,048,876		22,785,493		22,701,543
Capital Income Builder Fund		1,541,352		15,443,990		16,723,670
Global Growth Fund		466,817		14,481,690		18,882,735
Global Growth and Income Fund		911,904		13,161,998		14,909,631
Global Small Capitalization Fund		184,807		4,482,426		5,852,838
Growth Fund		382,291		29,805,214		44,819,781
Growth-Income Fund		777,822		37,171,999		41,994,585
International Fund		374,946		7,230,225		8,717,502
International Growth and Income Fund		395,845		6,674,323		7,449,803
New World Fund		1,176,262		26,745,518		36,511,158
U.S. Government/AAA-Rated Securities Fund		2,706,372		34,596,312		34,858,071
Invesco Oppenheimer
Total Return Bond Fund		473,707		3,796,684		3,936,503
Discovery Mid Cap Growth Fund		40,405		3,034,644		3,961,727
Global Fund		113,240		4,745,604		5,816,026
International Growth Fund		5,151,651		12,703,263		15,661,018
Main Street Fund		315,425		8,920,390		9,305,031
Main Street Small Cap Fund		196,928		4,456,516		5,299,345
T. Rowe Price
Blue Chip Growth Portfolio		1,148,502		40,789,728		55,679,399
Health Sciences Portfolio		411,881		18,910,702		23,872,615
John Hancock Variable Insurance Trust
Financial Industries Portfolio		61,405		721,613		778,002
Fundamental All Cap Core Portfolio		3,209		75,545		96,473
Select Bond Portfolio		21,706		311,676		317,121
Strategic Income Opportunities Portfolio		30,845		410,338		446,640
Federated Hermes
High Income Bond Portfolio		66,175		390,980		422,194
Kaufmann Portfolio		172,537		3,508,630		4,080,488
Managed Volatility Portfolio		6,203		66,194		68,794

The accompanying notes are an integral part of these financial statements

15

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend Income (a)		Capital Gains Distributions (b)		Investment Income (c)=(a+b)		Administrative Expense and Mortality and Expense Risk (d)		Contract Maintenance Charge (e)		Expenses (f)=(d+e)		Net Investment Income (Loss) (g)=(c-f)			Net Realized Gain (Loss) on Investments (h)			Change in Net Unrealized Appreciation (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains (Losses) on Investments (j)=(h+i)			Net Increase (Decrease) in Net Assets Resulting from Operations (k)=(g+j)
Fidelity Variable Insurance Products
Government Money Market Portfolio	$	24,641	$	—	$	24,641	$	101,303	$	771	$	102,074	$	(77,433	)	$	—		$	—		$	—		$	(77,433	)
High Income Portfolio		334,310		—		334,310		89,378		584		89,962		244,348			(289,154	)		88,572			(200,582	)		43,766
Equity-Income Portfolio		106,440		299,465		405,905		83,226		1,804		85,030		320,875			(74,981	)		5,095			(69,886	)		250,989
Growth Portfolio		5,847		808,119		813,966		108,706		4,665		113,371		700,595			379,060			1,607,407			1,986,467			2,687,062
Overseas Portfolio		15,103		27,224		42,327		81,722		733		82,455		(40,128	)		190,908			659,581			850,489			810,361
Mid Cap Portfolio		56,560		—		56,560		176,941		1,656		178,597		(122,037	)		(154,625	)		2,510,432			2,355,807			2,233,770
Asset Manager Portfolio		14,769		14,319		29,088		15,569		471		16,040		13,048			(20,631	)		122,211			101,580			114,628
Investment Grade Bond Portfolio		71,367		1,281		72,648		47,332		808		48,140		24,508			61,900			172,202			234,102			258,610
Index 500 Portfolio		340,643		70,537		411,180		279,948		21,254		301,202		109,978			1,480,288			1,892,910			3,373,198			3,483,176
Contrafund Portfolio		37,978		185,532		223,510		468,394		5,052		473,446		(249,936	)		1,765,810			7,451,106			9,216,916			8,966,980
Asset Manager: Growth Portfolio		8,377		11,030		19,407		11,121		428		11,549		7,858			31,232			81,700			112,932			120,790
Balanced Portfolio		41,447		40,750		82,197		37,879		419		38,298		43,899			68,195			430,933			499,128			543,027
Growth & Income Portfolio		28,791		77,252		106,043		24,548		856		25,404		80,639			150,773			55,563			206,336			286,975
Growth Opportunities Portfolio		272		484,471		484,743		146,143		1,495		147,638		337,105			1,186,353			4,486,457			5,672,810			6,009,915
Value Strategies Portfolio		35,628		195,390		231,018		38,756		166		38,922		192,096			(458,233	)		244,848			(213,385	)		(21,289	)
Strategic Income Portfolio		394,817		123,554		518,371		160,844		979		161,823		356,548			(40,664	)		371,275			330,611			687,159
Emerging Markets Portfolio		26,716		448,167		474,883		50,755		236		50,991		423,892			113,078			553,864			666,942			1,090,834
Real Estate Portfolio		344,737		749,881		1,094,618		225,225		1,488		226,713		867,905			(447,279	)		(1,862,291	)		(2,309,570	)		(1,441,665	)
Funds Manager 50% Portfolio		85,548		129,797		215,345		128,844		298		129,142		86,203			400,718			1,380,079			1,780,797			1,867,000
Funds Manager 70% Portfolio		27,010		78,468		105,478		42,296		450		42,746		62,732			(5,565	)		447,474			441,909			504,641
Funds Manager 85% Portfolio		6,619		31,501		38,120		11,977		58		12,035		26,085			(8,933	)		123,517			114,584			140,669
Government Money Market Portfolio Service Class 2		8,918		—		8,918		52,052		378		52,430		(43,512	)		—			—			—			(43,512	)
International Capital Appreciation Portfolio		578		—		578		1,510		6		1,516		(938	)		447			50,145			50,592			49,654
American Century Variable Portfolios, Inc.
Balanced Fund		22,190		61,925		84,115		26,277		155		26,432		57,683			33,250			119,285			152,535			210,218
Capital Appreciation Fund		—		251,813		251,813		30,863		617		31,480		220,333			44,601			492,032			536,633			756,966
International Fund		13,716		50,548		64,264		49,902		431		50,333		13,931			10,698			666,354			677,052			690,983
Value Fund		1,252,813		1,443,751		2,696,564		728,701		5,023		733,724		1,962,840			252,404			(1,975,906	)		(1,723,502	)		239,338
Disciplined Core Value Fund		37,474		83,886		121,360		32,469		222		32,691		88,669			(59,402	)		209,835			150,433			239,102
Inflation Protection Fund		75,037		—		75,037		71,954		188		72,142		2,895			34,866			377,824			412,690			415,585
Large Company Value Fund		6,141		3,361		9,502		8,469		—		8,469		1,033			(3,909	)		(5,406	)		(9,315	)		(8,282	)
Mid Cap Value Fund		444,386		—		444,386		343,854		1,795		345,649		98,737			(214,658	)		194,186			(20,472	)		78,265
Ultra Fund		—		518,699		518,699		84,945		153		85,098		433,601			225,805			1,357,427			1,583,232			2,016,833
MFS Variable Insurance Trust
Research Series		2,809		16,429		19,238		5,803		353		6,156		13,082			8,644			37,501			46,145			59,227
Growth Series		—		118,217		118,217		29,128		895		30,023		88,194			198,872			211,394			410,266			498,460
Investors Trust Series		1,691		8,969		10,660		4,127		119		4,246		6,414			529			22,820			23,349			29,763
New Discovery Series		—		751,330		751,330		89,305		1,056		90,361		660,969			54,687			2,245,099			2,299,786			2,960,755
Corporate Bond Portfolio		170,198		14,708		184,906		64,561		2,043		66,604		118,302			56,288			251,915			308,203			426,505
Emerging Markets Equity Portfolio		109,729		207,265		316,994		47,477		226		47,703		269,291			(105,690	)		190,938			85,248			354,539
Technology Portfolio		—		—		—		81,699		564		82,263		(82,263	)		346,405			2,092,345			2,438,750			2,356,487
Global Tactical Allocation Portfolio		19,692		60,015		79,707		16,608		122		16,730		62,977			(5,552	)		4,328			(1,224	)		61,753
International Intrinsic Value Portfolio		121,825		318,706		440,531		193,936		684		194,620		245,911			861,477			1,761,819			2,623,296			2,869,207
Utilities Series Portfolio		239,726		283,646		523,372		131,116		785		131,901		391,471			370,393			(277,503	)		92,890			484,361
Blended Research Core Equity Portfolio		21,919		81,922		103,841		20,819		84		20,903		82,938			19,779			100,712			120,491			203,429
Global Real Estate Portfolio		6,427		3,689		10,116		2,908		18		2,926		7,190			(39,674	)		6,990			(32,684	)		(25,494	)

The accompanying notes are an integral part of these financial statements

16

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend Income (a)		Capital Gains Distributions (b)		Investment Income (c)=(a+b)		Administrative Expense and Mortality and Expense Risk (d)		Contract Maintenance Charge (e)		Expenses (f)=(d+e)		Net Investment Income (Loss) (g)=(c-f)			Net Realized Gain (Loss) on Investments (h)			Change in Net Unrealized Appreciation (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains (Losses) on Investments (j)=(h+i)			Net Increase (Decrease) in Net Assets Resulting from Operations (k)=(g+j)
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio		24,860		—		24,860		19,186		571		19,757		5,103			(6,823	)		16,017			9,194			14,297
Mid-Cap Stock Portfolio		17,215		—		17,215		21,749		479		22,228		(5,013	)		(80,689	)		53,908			(26,781	)		(31,794	)
Bond-Debenture Portfolio		857,083		—		857,083		287,912		1,523		289,435		567,648			(96,220	)		675,267			579,047			1,146,695
Fundamental Equity Portfolio		19,425		2,417		21,842		18,609		139		18,748		3,094			(59,495	)		42,218			(17,277	)		(14,183	)
Developing Growth Portfolio		—		522,082		522,082		48,771		286		49,057		473,025			79,163			1,716,356			1,795,519			2,268,544
Short Duration Income Portfolio		522,992		—		522,992		249,550		1,144		250,694		272,298			(130,404	)		180,205			49,801			322,099
Alger Fund
LargeCap Growth Portfolio		10,822		967,598		978,420		89,408		318		89,726		888,694			666,439			1,719,224			2,385,663			3,274,357
MidCap Growth Portfolio		—		648,969		648,969		64,879		503		65,382		583,587			382,502			1,453,130			1,835,632			2,419,219
Capital Appreciation Portfolio		—		591,451		591,451		56,256		640		56,896		534,555			148,102			683,635			831,737			1,366,292
SmallCap Growth Portfolio		8,656		58,072		66,728		11,146		193		11,339		55,389			23,559			356,700			380,259			435,648
Capital Appreciation Portfolio Class S		—		6,884,266		6,884,266		571,006		3,688		574,694		6,309,572			1,814,800			6,784,281			8,599,081			14,908,653
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio		11,720		196,498		208,218		35,051		143		35,194		173,024			(180	)		175,979			175,799			348,823
S&P 500 Index Portfolio		23,203		45,708		68,911		19,412		70		19,482		49,429			6,920			148,242			155,162			204,591
SRI Balanced Portfolio		31,411		64,817		96,228		23,689		132		23,821		72,407			362			192,699			193,061			265,468
Invesco Variable Insurance Funds
Technology Fund		—		132,288		132,288		21,120		—		21,120		111,168			69,343			346,286			415,629			526,797
Managed Volatility Fund		13,438		14,569		28,007		9,509		—		9,509		18,498			(36,534	)		(32,470	)		(69,004	)		(50,506	)
Diversified Dividend Fund		21,428		17,820		39,248		9,097		28		9,125		30,123			(7,928	)		(37,441	)		(45,369	)		(15,246	)
Health Care Fund		4,363		33,213		37,576		19,217		18		19,235		18,341			56,335			91,332			147,667			166,008
Global Real Estate Fund		5,540		3,375		8,915		4,093		—		4,093		4,822			(17,056	)		(27,427	)		(44,483	)		(39,661	)
International Growth Fund		6,742		7,349		14,091		7,685		—		7,685		6,406			(14,305	)		20,045			5,740			12,146
Mid Cap Core Equity Fund		1,262		54,583		55,845		6,647		—		6,647		49,198			(13,337	)		(19,053	)		(32,390	)		16,808
J.P. Morgan Series Trust II
Core Bond Portfolio		40,141		—		40,141		26,360		—		26,360		13,781			61,932			49,380			111,312			125,093
Small Cap Core Portfolio		19,073		125,612		144,685		26,433		—		26,433		118,252			(83,281	)		255,753			172,472			290,724
Rydex Variable Trust
Nova Fund		4,554		53,425		57,979		8,888		—		8,888		49,091			(2,121	)		(24,946	)		(27,067	)		22,024
NASDAQ-100 Fund		4,517		180,235		184,752		26,124		—		26,124		158,628			97,036			377,256			474,292			632,920
U.S. Government Money Market Fund		76		7		83		1,367		—		1,367		(1,284	)		(1	)		—			(1	)		(1,285	)
Inverse S&P 500 Strategy Fund		473		—		473		1,165		—		1,165		(692	)		(22,704	)		(6,248	)		(28,952	)		(29,644	)
Inverse NASDAQ-100 Strategy Fund		153		—		153		429		—		429		(276	)		(52,560	)		45,567			(6,993	)		(7,269	)
Inverse Government Long Bond Strategy Fund		25		—		25		151		—		151		(126	)		(895	)		(1,422	)		(2,317	)		(2,443	)
Government Long Bond 1.2x Strategy		548		—		548		5,423		—		5,423		(4,875	)		(199,601	)		(7,369	)		(206,970	)		(211,845	)
NASDAQ-100 2x Strategy Fund		—		—		—		—		—		—		—			—			—			—			—
Inverse Dow 2x Strategy Fund		—		—		—		—		—		—		—			—			—			—			—
Rydex Variable Insurance Funds
Biotechnology Fund		—		516,885		516,885		80,020		558		80,578		436,307			455,111			316,587			771,698			1,208,005
S&P 500 Pure Growth Fund		—		782,906		782,906		47,577		349		47,926		734,980			1,621			104,127			105,748			840,728
S&P MidCap 400 Pure Growth Fund		—		60,245		60,245		18,338		67		18,405		41,840			222			334,764			334,986			376,826
Guggenheim Variable Insurance Funds
Long Short Equity Fund		7,221		—		7,221		11,383		45		11,428		(4,207	)		(10,866	)		62,585			51,719			47,512
Multi-Hedge Strategies Fund		25,065		—		25,065		25,458		227		25,685		(620	)		23,964			88,988			112,952			112,332
Global Managed Futures Strategy Fund		11,820		1,733		13,553		4,110		26		4,136		9,417			(1,839	)		(1,870	)		(3,709	)		5,708
Small Cap Value Fund		24,850		179,874		204,724		30,099		230		30,329		174,395			(159,042	)		(45,009	)		(204,051	)		(29,656	)

The accompanying notes are an integral part of these financial statements

17

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend Income (a)		Capital Gains Distributions (b)		Investment Income (c)=(a+b)		Administrative Expense and Mortality and Expense Risk (d)		Contract Maintenance Charge (e)		Expenses (f)=(d+e)		Net Investment Income (Loss) (g)=(c-f)			Net Realized Gain (Loss) on Investments (h)			Change in Net Unrealized Appreciation (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains (Losses) on Investments (j)=(h+i)			Net Increase (Decrease) in Net Assets Resulting from Operations (k)=(g+j)
ProFunds VP
Access VP High Yield Fund		8,174		—		8,174		2,165		—		2,165		6,009			(5,796	)		(1,565	)		(7,361	)		(1,352	)
Asia 30		715		6,516		7,231		1,556		—		1,556		5,675			3,271			9,914			13,185			18,860
Banks		551		—		551		767		—		767		(216	)		(446	)		(11,325	)		(11,771	)		(11,987	)
Basic Materials		147		1,772		1,919		504		—		504		1,415			(2,456	)		1,570			(886	)		529
Bear		199		—		199		1,228		—		1,228		(1,029	)		(5,043	)		(4,646	)		(9,689	)		(10,718	)
Biotechnology		68		26,267		26,335		7,806		—		7,806		18,529			4,524			3,567			8,091			26,620
Bull		176		9,729		9,905		9,946		—		9,946		(41	)		(29,303	)		(83,583	)		(112,886	)		(112,927	)
Consumer Goods		1,120		1,487		2,607		3,979		—		3,979		(1,372	)		(14,261	)		58,356			44,095			42,723
Consumer Services		—		31,167		31,167		2,963		—		2,963		28,204			4,672			(3,261	)		1,411			29,615
Dow 30		1,023		51,598		52,621		3,886		—		3,886		48,735			(2,122	)		(13,038	)		(15,160	)		33,575
Emerging Markets		299		—		299		1,941		—		1,941		(1,642	)		(27,466	)		9,647			(17,819	)		(19,461	)
Europe 30		904		—		904		875		—		875		29			(4,738	)		(3,749	)		(8,487	)		(8,458	)
Falling U.S. Dollar		108		—		108		599		—		599		(491	)		(5,723	)		6,820			1,097			606
Financials		156		1,700		1,856		787		—		787		1,069			(8,349	)		(3,822	)		(12,171	)		(11,102	)
Health Care		—		36,060		36,060		7,204		—		7,204		28,856			(2,099	)		524			(1,575	)		27,281
Industrials		188		2,081		2,269		3,158		—		3,158		(889	)		(8,948	)		10,860			1,912			1,023
International		196		—		196		1,384		—		1,384		(1,188	)		(34,399	)		1,952			(32,447	)		(33,635	)
Internet		—		43,968		43,968		8,904		—		8,904		35,064			28,372			66,874			95,246			130,310
Japan		121		—		121		801		—		801		(680	)		622			6,322			6,944			6,264
Large-Cap Growth		—		97,756		97,756		21,904		—		21,904		75,852			(23,753	)		182,330			158,577			234,429
Large-Cap Value		4,064		48,527		52,591		8,911		—		8,911		43,680			(48,547	)		(39,516	)		(88,063	)		(44,383	)
Mid-Cap		1,138		35,147		36,285		27,176		—		27,176		9,109			(514,073	)		(19,905	)		(533,978	)		(524,869	)
Mid-Cap Growth		—		23,741		23,741		6,829		—		6,829		16,912			(10,649	)		37,273			26,624			43,536
Mid-Cap Value		307		6,153		6,460		1,821		—		1,821		4,639			(5,750	)		(1,852	)		(7,602	)		(2,963	)
Government Money Market		1,302		—		1,302		76,438		—		76,438		(75,136	)		(1	)		—			(1	)		(75,137	)
Oil & Gas		3,780		1,672		5,452		4,829		—		4,829		623			(95,377	)		(27,871	)		(123,248	)		(122,625	)
NASDAQ-100		—		29,027		29,027		11,479		—		11,479		17,548			95,033			36,580			131,613			149,161
Pharmaceuticals		63		—		63		1,519		—		1,519		(1,456	)		(2,038	)		8,544			6,506			5,050
Precious Metals		1,399		—		1,399		19,894		—		19,894		(18,495	)		260,738			(108,901	)		151,837			133,342
Real Estate		1,267		1,911		3,178		2,517		—		2,517		661			17,668			(20,693	)		(3,025	)		(2,364	)
Rising Rates Opportunity		149		—		149		488		—		488		(339	)		(7,869	)		(1,505	)		(9,374	)		(9,713	)
Semiconductor		336		6,533		6,869		3,520		—		3,520		3,349			7,045			29,688			36,733			40,082
Short Dow 30		26		—		26		2,476		—		2,476		(2,450	)		(61,838	)		(1,041	)		(62,879	)		(65,329	)
Short Emerging Markets		—		—		—		—		—		—		—			—			—			—			—
Short International		43		—		43		190		—		190		(147	)		(280	)		(1,012	)		(1,292	)		(1,439	)
Short Mid-Cap		29		—		29		68		—		68		(39	)		(1,150	)		419			(731	)		(770	)
Short NASDAQ-100		7		—		7		60		—		60		(53	)		(1,168	)		(553	)		(1,721	)		(1,774	)
Short Small-Cap		26		—		26		960		—		960		(934	)		(36,508	)		284			(36,224	)		(37,158	)
Small-Cap		95		5,956		6,051		4,186		—		4,186		1,865			(5,164	)		24,505			19,341			21,206
Small-Cap Growth		—		22,559		22,559		5,756		—		5,756		16,803			(44,261	)		20,304			(23,957	)		(7,154	)
Small-Cap Value		22		10,024		10,046		2,232		—		2,232		7,814			(13,365	)		10,971			(2,394	)		5,420
Technology		—		42,995		42,995		11,130		—		11,130		31,865			89,082			58,917			147,999			179,864
Telecommunications		49		—		49		130		—		130		(81	)		(453	)		820			367			286
U.S. Government Plus		68		33,384		33,452		7,266		—		7,266		26,186			30,042			(48,179	)		(18,137	)		8,049
UltraBull		6,470		571,223		577,693		14,910		—		14,910		562,783			(49,855	)		(351,500	)		(401,355	)		161,428
UltraMid-Cap		1,060		93,846		94,906		11,819		—		11,819		83,087			32,088			29,740			61,828			144,915
UltraNASDAQ-100		—		161,520		161,520		16,821		—		16,821		144,699			152,778			132,541			285,319			430,018
UltraShort Dow 30		101		—		101		134		—		134		(33	)		(894	)		(20	)		(914	)		(947	)
UltraShort NASDAQ-100		9		—		9		99		—		99		(90	)		(1,539	)		7			(1,532	)		(1,622	)
UltraSmall-Cap		424		50,316		50,740		6,510		—		6,510		44,230			74,193			71,592			145,785			190,015
Utilities		1,525		21,289		22,814		2,442		—		2,442		20,372			(11,591	)		(22,720	)		(34,311	)		(13,939	)

The accompanying notes are an integral part of these financial statements

18

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend Income (a)		Capital Gains Distributions (b)		Investment Income (c)=(a+b)		Administrative Expense and Mortality and Expense Risk (d)		Contract Maintenance Charge (e)		Expenses (f)=(d+e)		Net Investment Income (Loss) (g)=(c-f)			Net Realized Gain (Loss) on Investments (h)			Change in Net Unrealized Appreciation (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains (Losses) on Investments (j)=(h+i)			Net Increase (Decrease) in Net Assets Resulting from Operations (k)=(g+j)
VanEck Worldwide Insurance Trust
Global Hard Assets Fund		44,082		—		44,082		77,976		183		78,159		(34,077	)		(444,261	)		1,479,464			1,035,203			1,001,126
Emerging Markets Fund		27,773		41,714		69,487		18,088		—		18,088		51,399			84,509			56,969			141,478			192,877
Emerging Markets Bond Fund		62,399		—		62,399		7,598		—		7,598		54,801			12,111			(1,463	)		10,648			65,449
Janus Henderson Series
Global Technology and Innovation Portfolio		—		709,956		709,956		104,715		484		105,199		604,757			947,823			1,774,692			2,722,515			3,327,272
Overseas Portfolio		5,571		—		5,571		6,034		40		6,074		(503	)		11,777			86,287			98,064			97,561
Research Portfolio		1,034		37,925		38,959		6,327		48		6,375		32,584			31,717			44,030			75,747			108,331
Enterprise Services Portfolio		—		1,891,131		1,891,131		324,755		1,946		326,701		1,564,430			843,696			2,302,483			3,146,179			4,710,609
Global Research Portfolio		5,017		49,597		54,614		11,649		68		11,717		42,897			10,204			98,921			109,125			152,022
Mid Cap Value Portfolio		35,902		67,044		102,946		42,068		248		42,316		60,630			(148,783	)		(1,895	)		(150,678	)		(90,048	)
Balanced Portfolio		690,084		650,872		1,340,956		587,401		4,135		591,536		749,420			1,532,260			3,167,056			4,699,316			5,448,736
Flexible Bond Portfolio		210,701		—		210,701		105,880		4,238		110,118		100,583			194,503			457,898			652,401			752,984
PIMCO Variable Insurance Trust
Total Return Portfolio		981,270		512,466		1,493,736		656,638		6,277		662,915		830,821			1,070,226			1,165,284			2,235,510			3,066,331
Low Duration Portfolio		307,006		—		307,006		374,658		2,210		376,868		(69,862	)		(866	)		497,183			496,317			426,455
High Yield Portfolio		460,424		—		460,424		141,031		479		141,510		318,914			(104,940	)		55,038			(49,902	)		269,012
Real Return Portfolio		296,824		—		296,824		296,149		2,137		298,286		(1,462	)		96,041			2,038,298			2,134,339			2,132,877
All Asset Portfolio		182,758		—		182,758		52,891		284		53,175		129,583			(6,867	)		59,261			52,394			181,977
Global Managed Asset Allocation Portfolio		61,764		14,938		76,702		10,374		43		10,417		66,285			3,112			42,378			45,490			111,775
Short-Term Portfolio		652,457		—		652,457		756,349		4,051		760,400		(107,943	)		82,758			1,016,512			1,099,270			991,327
Emerging Markets Bond Portfolio		91,730		—		91,730		26,629		70		26,699		65,031			(8,339	)		58,609			50,270			115,301
Global Bond Opportunities Portfolio		5,497		—		5,497		2,960		10		2,970		2,527			(10,346	)		16,207			5,861			8,388
Commodity Real Return Strategy Portfolio		278,771		—		278,771		57,178		590		57,768		221,003			(503,956	)		258,882			(245,074	)		(24,071	)
International Bond (USD-Hedged) Portfolio		128,477		—		128,477		28,914		138		29,052		99,425			6,360			(17,924	)		(11,564	)		87,861
Dynamic Bond Adv Portfolio		61,330		—		61,330		29,512		205		29,717		31,613			(4,728	)		35,967			31,239			62,852
Income Advisor Portfolio		1,175,928		71,159		1,247,087		362,861		1,449		364,310		882,777			(715,036	)		233,809			(481,227	)		401,550
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund		2,573		15,999		18,572		18,375		20		18,395		177			(164,974	)		173,080			8,106			8,283
Large Cap Value Fund		3,139		4,131		7,270		2,896		—		2,896		4,374			(6,498	)		6,700			202			4,576
Mid Cap Value Fund		19,998		50,796		70,794		40,457		—		40,457		30,337			(43,201	)		295,373			252,172			282,509
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio		—		59,288		59,288		12,835		—		12,835		46,453			55,334			184,039			239,373			285,826
AMT Mid Cap Intrinsic Value Portfolio		1,239		—		1,239		2,853		—		2,853		(1,614	)		(105,413	)		28,385			(77,028	)		(78,642	)
BNY Mellon Variable Investment Fund
Appreciation Portfolio		1,938		27,359		29,297		9,246		—		9,246		20,051			5,983			30,889			36,872			56,923
International Value Portfolio		300		—		300		81		—		81		219			(1,321	)		(1,044	)		(2,365	)		(2,146	)
Sustainable U.S. Equity Portfolio		425		569		994		890		—		890		104			(3,181	)		3,904			723			827
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio		8,776		7,408		16,184		11,969		—		11,969		4,215			(37,878	)		17,822			(20,056	)		(15,841	)
Value Opportunities Fund		19		962		981		562		—		562		419			(7,511	)		7,619			108			527
American Value Fund		681		1,039		1,720		2,926		—		2,926		(1,206	)		(17,839	)		8,766			(9,073	)		(10,279	)
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio		2,015		—		2,015		1,228		—		1,228		787			(4,028	)		2,493			(1,535	)		(748	)
Emerging Markets Equity Portfolio		2,236		2,828		5,064		4,122		—		4,122		942			110			20,057			20,167			21,109
Discovery Portfolio		—		14,816		14,816		3,252		—		3,252		11,564			24,957			80,744			105,701			117,265
U.S. Real Estate Portfolio		1,952		2,177		4,129		2,103		—		2,103		2,026			(7,794	)		(17,232	)		(25,026	)		(23,000	)

The accompanying notes are an integral part of these financial statements

19

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend Income (a)		Capital Gains Distributions (b)		Investment Income (c)=(a+b)		Administrative Expense and Mortality and Expense Risk (d)		Contract Maintenance Charge (e)		Expenses (f)=(d+e)		Net Investment Income (Loss) (g)=(c-f)			Net Realized Gain (Loss) on Investments (h)			Change in Net Unrealized Appreciation (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains (Losses) on Investments (j)=(h+i)			Net Increase (Decrease) in Net Assets Resulting from Operations (k)=(g+j)
Northern Lights Variable Trust
Power Income Fund		13,360		—		13,360		9,217		65		9,282		4,078			(11,893	)		(50,835	)		(62,728	)		(58,650	)
Power Dividend Index Fund		57,140		—		57,140		20,378		111		20,489		36,651			(742,376	)		144,400			(597,976	)		(561,325	)
AB Variable Products Series
Dynamic Asset Allocation Portfolio		47,194		—		47,194		40,619		113		40,732		6,462			22,669			104,328			126,997			133,459
Small Cap Growth Portfolio		—		2,235		2,235		527		3		530		1,705			6,407			(1,677	)		4,730			6,435
Small Mid Cap Value Portfolio		20,167		124,232		144,399		32,322		127		32,449		111,950			(312,955	)		283,689			(29,266	)		82,684
BlackRock Variable Series Fund, Inc.
Basic Value Fund		47,670		61,239		108,909		32,263		172		32,435		76,474			(327,773	)		146,343			(181,430	)		(104,956	)
Capital Appreciation Fund		—		110,978		110,978		12,308		57		12,365		98,613			6,556			250,069			256,625			355,238
Equity Dividend Fund		309,820		641,438		951,258		204,062		1,070		205,132		746,126			(250,597	)		111,498			(139,099	)		607,027
Global Allocation Fund		188,095		923,743		1,111,838		193,203		1,151		194,354		917,484			262,951			1,524,205			1,787,156			2,704,640
Advantage Large Cap Core Fund		4,198		44,506		48,704		6,853		73		6,926		41,778			(50,192	)		61,594			11,402			53,180
Large Cap Focus Growth Fund		—		743,031		743,031		131,397		8,969		140,366		602,665			336,927			2,910,490			3,247,417			3,850,082
60/40 Target Allocation ETF Fund		78,401		10,117		88,518		59,745		120		59,865		28,653			111,913			554,874			666,787			695,440
Total Return Portfolio		25,786		75,111		100,897		17,451		4,328		21,779		79,118			6,631			794			7,425			86,543
S&P 500 Portfolio		24,183		103,771		127,954		18,629		5,184		23,813		104,141			3,240			157,123			160,363			264,504
Columbia Variable Portfolio
Contrarian Core 2 Portfolio		—		—		—		50,315		234		50,549		(50,549	)		349,125			505,146			854,271			803,722
Dividend Opportunity Portfolio		—		—		—		47,433		309		47,742		(47,742	)		184,256			(156,575	)		27,681			(20,061	)
Emerging Markets Bond Portfolio		205,397		—		205,397		82,462		717		83,179		122,218			28,071			155,659			183,730			305,948
High Yield Portfolio		231,528		—		231,528		56,330		427		56,757		174,771			(68,354	)		52,363			(15,991	)		158,780
Select Large-Cap Value Portfolio		—		—		—		11,593		55		11,648		(11,648	)		(17,485	)		(27,005	)		(44,490	)		(56,138	)
Seligman Global Tech Portfolio		—		296,736		296,736		46,396		177		46,573		250,163			202,392			1,119,914			1,322,306			1,572,469
US Government Mortgage Portfolio		28,068		4,254		32,322		16,930		37		16,967		15,355			16,637			10,224			26,861			42,216
Strategic Income Portfolio		—		—		—		465		—		465		(465	)		95			5,172			5,267			4,802
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio		406,895		1,785,268		2,192,163		402,925		3,574		406,499		1,785,664			365,638			3,171,353			3,536,991			5,322,655
Small Cap Index Portfolio		41,919		477,446		519,365		63,603		326		63,929		455,436			(320,627	)		896,523			575,896			1,031,332
Alternative Asset Allocation Portfolio		28,923		—		28,923		15,441		83		15,524		13,399			(6,190	)		10,319			4,129			17,528
Global Small Cap Portfolio		2,090		—		2,090		4,278		28		4,306		(2,216	)		(20,150	)		80,920			60,770			58,554
Small Mid Cap Value Portfolio		48,111		354,067		402,178		55,870		399		56,269		345,909			(557,336	)		25,733			(531,603	)		(185,694	)
CROCI US Portfolio		4,008		10,279		14,287		2,588		26		2,614		11,673			(28,858	)		(26,074	)		(54,932	)		(43,259	)
Eaton Vance Variable Trust
Floating Rate Income Portfolio		633,873		—		633,873		249,351		2,022		251,373		382,500			(875,201	)		168,587			(706,614	)		(324,114	)
Delaware Variable Insurance Portfolios
Total Return Portfolio		7,837		36,113		43,950		4,730		26		4,756		39,194			(11,618	)		(35,963	)		(47,581	)		(8,387	)
International Portfolio		—		317,860		317,860		15,272		12		15,284		302,576			(141,052	)		(124,781	)		(265,833	)		36,743
Opportunity Portfolio		69,235		1,691,230		1,760,465		127,984		1,001		128,985		1,631,480			55,217			(754,957	)		(699,740	)		931,740
Covered Call Strategy Portfolio		3,791		14,130		17,921		1,422		10		1,432		16,489			(10,825	)		(10,257	)		(21,082	)		(4,593	)
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund		165,259		229,754		395,013		75,401		464		75,865		319,148			(375,475	)		(404,728	)		(780,203	)		(461,055	)
Income Fund		1,244,086		17,622		1,261,708		274,323		1,521		275,844		985,864			(298,728	)		(990,096	)		(1,288,824	)		(302,960	)

The accompanying notes are an integral part of these financial statements

20

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend Income (a)		Capital Gains Distributions (b)		Investment Income (c)=(a+b)		Administrative Expense and Mortality and Expense Risk (d)		Contract Maintenance Charge (e)		Expenses (f)=(d+e)		Net Investment Income (Loss) (g)=(c-f)			Net Realized Gain (Loss) on Investments (h)			Change in Net Unrealized Appreciation (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains (Losses) on Investments (j)=(h+i)			Net Increase (Decrease) in Net Assets Resulting from Operations (k)=(g+j)
Global Bond Fund		2,472,317		—		2,472,317		380,908		2,460		383,368		2,088,949			(733,702	)		(3,382,672	)		(4,116,374	)		(2,027,425	)
Foreign Fund		1,095,917		—		1,095,917		415,672		3,164		418,836		677,081			(1,063,023	)		(424,046	)		(1,487,069	)		(809,988	)
Developing Markets Fund		134,457		84,381		218,838		42,458		378		42,836		176,002			112,752			168,474			281,226			457,228
Mutual Global Discovery Fund		134,540		107,761		242,301		74,722		284		75,006		167,295			(453,464	)		(198,417	)		(651,881	)		(484,586	)
Rising Dividends Fund		245,114		1,039,494		1,284,608		256,947		1,262		258,209		1,026,399			263,495			1,400,919			1,664,414			2,690,813
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio		72,922		61,603		134,525		50,968		516		51,484		83,041			17,278			328,201			345,479			428,520
Balanced Portfolio		107,128		408,289		515,417		96,601		783		97,384		418,033			(100,409	)		561,506			461,097			879,130
Global Equity Income Portfolio		27,756		—		27,756		13,722		117		13,839		13,917			(89,229	)		92,966			3,737			17,654
Energy Portfolio		13,857		—		13,857		9,495		117		9,612		4,245			(363,744	)		(82,665	)		(446,409	)		(442,164	)
Global Bond Portfolio		34,317		—		34,317		12,739		64		12,803		21,514			(3,201	)		23,962			20,761			42,275
Natural Resources Portfolio		13,072		—		13,072		7,830		38		7,868		5,204			(86,645	)		(23,932	)		(110,577	)		(105,373	)
Growth Portfolio		—		547,695		547,695		50,071		263		50,334		497,361			(17,335	)		543,066			525,731			1,023,092
High Income Portfolio		846,341		—		846,341		161,854		1,256		163,110		683,231			(652,810	)		495,186			(157,624	)		525,607
International Core Equity Portfolio		165,720		1,286		167,006		88,886		659		89,545		77,461			(102,932	)		434,927			331,995			409,456
Global Growth Portfolio		3,476		—		3,476		10,195		54		10,249		(6,773	)		(149,878	)		308,878			159,000			152,227
Mid Cap Growth Portfolio		—		548,793		548,793		112,493		528		113,021		435,772			507,475			2,770,542			3,278,017			3,713,789
Science and Technology Portfolio		—		1,616,060		1,616,060		158,132		931		159,063		1,456,997			595,514			1,959,454			2,554,968			4,011,965
Small Cap Growth Portfolio		—		—		—		73,201		482		73,683		(73,683	)		(624,465	)		2,394,757			1,770,292			1,696,609
Small Cap Core Portfolio		—		543,885		543,885		133,463		789		134,252		409,633			(956,767	)		1,089,488			132,721			542,354
Lazard Retirement Series, Inc.
International Equity Portfolio		23,458		34,372		57,830		13,698		54		13,752		44,078			(55,220	)		97,194			41,974			86,052
Global Dynamic Multi Asset Portfolio		7,999		13,890		21,889		16,208		124		16,332		5,557			39,122			(41,520	)		(2,398	)		3,159
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio		48,693		—		48,693		15,719		119		15,838		32,855			(13,913	)		53,468			39,555			72,410
ClearBridge Variable Mid Cap Portfolio		3,397		124,931		128,328		111,637		641		112,278		16,050			66,118			1,220,190			1,286,308			1,302,358
ClearBridge Variable Dividend Strategy Portfolio		326,588		222,006		548,594		317,095		1,389		318,484		230,110			(395,159	)		1,177,754			782,595			1,012,705
ClearBridge Variable Small Cap Growth Portfolio		—		367,751		367,751		53,222		250		53,472		314,279			7,184			1,163,719			1,170,903			1,485,182
ClearBridge Variable Aggressive Growth Portfolio		5,151		84,631		89,782		12,233		42		12,275		77,507			(6,582	)		50,432			43,850			121,357
Western Asset Variable Core Bond Plus Portfolio		1,321,344		—		1,321,344		905,970		8,330		914,300		407,044			48,688			4,426,486			4,475,174			4,882,218
ClearBridge Variable Large Cap Growth Portfolio		2,867		692,489		695,356		210,227		1,165		211,392		483,964			640,581			3,200,998			3,841,579			4,325,543
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy Portfolio		6,649		—		6,649		5,078		22		5,100		1,549			(2,075	)		(40,277	)		(42,352	)		(40,803	)
Pioneer Variable Contracts Trust
Fund Portfolio		3,424		58,287		61,711		8,829		27		8,856		52,855			(17,489	)		117,132			99,643			152,498
Bond Portfolio		1,309,373		—		1,309,373		609,417		3,878		613,295		696,078			11,078			2,432,718			2,443,796			3,139,874
Strategic Income Portfolio		422,783		40,090		462,873		167,577		1,192		168,769		294,104			1,116			448,264			449,380			743,484
Equity Income Portfolio		282,223		456,686		738,909		153,230		736		153,966		584,943			(3,033,428	)		2,076,034			(957,394	)		(372,451	)
High Yield Portfolio		51,713		—		51,713		13,205		92		13,297		38,416			9,130			(60,115	)		(50,985	)		(12,569	)
Prudential Series Funds
Jennison 20/20 Focus Portfolio		—		—		—		5,522		73		5,595		(5,595	)		11,329			103,808			115,137			109,542
Natural Resources Portfolio		—		—		—		6,390		39		6,429		(6,429	)		(40,091	)		99,246			59,155			52,726
SP Prudential US Emerging Growth Portfolio		—		—		—		3,979		20		3,999		(3,999	)		94,461			19,156			113,617			109,618
Royce Capital Fund
Micro-Cap Portfolio		—		5,528		5,528		4,575		27		4,602		926			(39,014	)		92,802			53,788			54,714
Small Cap Portfolio		58,359		124,349		182,708		87,330		683		88,013		94,695			(508,146	)		(289,403	)		(797,549	)		(702,854	)
Alps Fund
Alerian Energy Infrastructure Portfolio		44,981		—		44,981		17,074		62		17,136		27,845			(113,758	)		(319,426	)		(433,184	)		(405,339	)
Red Rocks Global Opportunity Portfolio		175,245		24,805		200,050		17,427		119		17,546		182,504			(10,675	)		(50,726	)		(61,401	)		121,103

The accompanying notes are an integral part of these financial statements

21

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend Income (a)		Capital Gains Distributions (b)		Investment Income (c)=(a+b)		Administrative Expense and Mortality and Expense Risk (d)		Contract Maintenance Charge (e)		Expenses (f)=(d+e)		Net Investment Income (Loss) (g)=(c-f)			Net Realized Gain (Loss) on Investments (h)			Change in Net Unrealized Appreciation (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains (Losses) on Investments (j)=(h+i)			Net Increase (Decrease) in Net Assets Resulting from Operations (k)=(g+j)
American Funds IS
Asset Allocation Fund		1,163,200		350,664		1,513,864		965,344		2,950		968,294		545,570			642,712			7,481,605			8,124,317			8,669,887
Blue Chip Income and Growth Fund		506,851		389,397		896,248		407,294		10,236		417,530		478,718			(548,396	)		2,382,370			1,833,974			2,312,692
Ultra-Short Bond Fund		41,423		—		41,423		262,210		1,207		263,417		(221,994	)		(104,280	)		(18,474	)		(122,754	)		(344,748	)
Capital Income Builder Fund		428,391		—		428,391		208,104		743		208,847		219,544			153,057			33,780			186,837			406,381
Global Growth Fund		20,504		357,813		378,317		176,780		572		177,352		200,965			378,123			3,212,201			3,590,324			3,791,289
Global Growth and Income Fund		137,817		294,009		431,826		148,747		337		149,084		282,742			23,649			889,233			912,882			1,195,624
Global Small Capitalization Fund		5,470		264,262		269,732		57,492		182		57,674		212,058			50,454			935,396			985,850			1,197,908
Growth Fund		73,331		853,460		926,791		447,863		1,508		449,371		477,420			1,865,419			12,914,040			14,779,459			15,256,879
Growth-Income Fund		434,979		985,589		1,420,568		470,953		1,729		472,682		947,886			450,328			3,159,654			3,609,982			4,557,868
International Fund		33,736		—		33,736		96,445		234		96,679		(62,943	)		(170,964	)		1,199,018			1,028,054			965,111
International Growth and Income Fund		83,567		—		83,567		80,578		321		80,899		2,668			18,950			273,431			292,381			295,049
New World Fund		11,772		329,505		341,277		385,238		2,348		387,586		(46,309	)		1,043,645			5,554,151			6,597,796			6,551,487
U.S. Government/AAA-Rated Securities Fund		552,196		576,008		1,128,204		338,562		805		339,367		788,837			461,675			155,375			617,050			1,405,887
Invesco Oppenheimer
Total Return Bond Fund		98,654		—		98,654		38,608		161		38,769		59,885			43,934			105,799			149,733			209,618
Discovery Mid Cap Growth Fund		—		269,715		269,715		38,839		213		39,052		230,663			46,284			815,668			861,952			1,092,615
Global Fund		21,579		178,948		200,527		64,360		268		64,628		135,899			(103,801	)		1,150,878			1,047,077			1,182,976
International Growth Fund		83,746		175,966		259,712		161,794		901		162,695		97,017			(16,888	)		2,529,602			2,512,714			2,609,731
Main Street Fund		97,735		827,700		925,435		111,621		10,015		121,636		803,799			(338,670	)		329,070			(9,600	)		794,199
Main Street Small Cap Fund		16,146		64,385		80,531		57,199		173		57,372		23,159			(299,802	)		1,007,093			707,291			730,450
T. Rowe Price
Blue Chip Growth Portfolio		—		1,790,116		1,790,116		602,768		2,787		605,555		1,184,561			3,481,296			8,612,463			12,093,759			13,278,320
Health Sciences Portfolio		—		1,308,740		1,308,740		235,937		1,180		237,117		1,071,623			597,862			3,378,299			3,976,161			5,047,784
John Hancock Variable Insurance Trust
Financial Industries Portfolio		7,189		59,350		66,539		7,089		47		7,136		59,403			(30,983	)		34,984			4,001			63,404
Fundamental All Cap Core Portfolio		157		2,450		2,607		1,058		6		1,064		1,543			55			18,044			18,099			19,642
Select Bond Portfolio		7,855		—		7,855		2,726		15		2,741		5,114			2,186			6,505			8,691			13,805
Strategic Income Opportunities Portfolio		6,370		—		6,370		5,118		32		5,150		1,220			3,597			30,471			34,068			35,288
Federated Hermes
High Income Bond Portfolio		27,807		—		27,807		6,247		47		6,294		21,513			(17,766	)		20,452			2,686			24,199
Kaufmann Portfolio		—		117,647		117,647		28,726		136		28,862		88,785			8,066			530,812			538,878			627,663
Managed Volatility Portfolio		1,183		—		1,183		593		1		594		589			2,551			1,131			3,682			4,271

The accompanying notes are an integral part of these financial statements

22

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)			Net Premiums (c)		Transfers of Policy Loans (d)			Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
Fidelity Variable Insurance Products
Government Money Market Portfolio	$	6,389,717	$	(77,433	)	$	175,399	$	(622	)	$	(1,522,750	)	$	(264,422	)	$	(268,219	)	$	5,355,757		$	3,475,143		$	3,397,710		$	9,787,427
High Income Portfolio		12,059,687		43,766			275,909		599			(450,472	)		(280,799	)		(124,773	)		(4,936,868	)		(5,516,404	)		(5,472,638	)		6,587,049
Equity-Income Portfolio		7,166,866		250,989			28,835		(806	)		(370,104	)		(127,594	)		(203,773	)		(59,305	)		(732,747	)		(481,758	)		6,685,108
Growth Portfolio		7,729,119		2,687,062			16,762		(142	)		(538,329	)		(32,253	)		(152,941	)		(573,802	)		(1,280,705	)		1,406,357			9,135,476
Overseas Portfolio		6,565,374		810,361			42,729		411			(410,318	)		(134,640	)		(130,855	)		186,571			(446,102	)		364,259			6,929,633
Mid Cap Portfolio		15,243,046		2,233,770			818,491		8,275			(457,038	)		(521,297	)		(288,714	)		(937,844	)		(1,378,127	)		855,643			16,098,689
Asset Manager Portfolio		1,184,709		114,628			2,710		(57	)		(150,720	)		(2,297	)		(29,277	)		(3,394	)		(183,035	)		(68,407	)		1,116,302
Investment Grade Bond Portfolio		3,418,470		258,610			14,530		324			(484,459	)		(24,881	)		(77,819	)		326,642			(245,663	)		12,947			3,431,417
Index 500 Portfolio		21,551,004		3,483,176			1,712,444		2,086			(1,039,074	)		(229,398	)		(617,551	)		(1,196,669	)		(1,368,162	)		2,115,014			23,666,018
Contrafund Portfolio		33,859,564		8,966,980			2,176,656		9,071			(1,591,673	)		(1,070,928	)		(542,036	)		(1,985,206	)		(3,004,116	)		5,962,864			39,822,428
Asset Manager: Growth Portfolio		798,018		120,790			25,663		(493	)		(58,209	)		(1,888	)		(12,454	)		15,994			(31,387	)		89,403			887,421
Balanced Portfolio		2,994,631		543,027			21,485		(97	)		(297,037	)		(7,860	)		(48,896	)		529,709			197,304			740,331			3,734,962
Growth & Income Portfolio		1,666,471		286,975			11,807		(244	)		(127,903	)		(6,077	)		(41,539	)		(270,008	)		(433,964	)		(146,989	)		1,519,482
Growth Opportunities Portfolio		4,894,768		6,009,915			7,473,783		—			(824,189	)		(900,927	)		(318,148	)		3,183,570			8,614,089			14,624,004			19,518,772
Value Strategies Portfolio		4,212,064		(21,289	)		17,614		(570	)		(167,199	)		(148,236	)		(107,292	)		(323,310	)		(728,993	)		(750,282	)		3,461,782
Strategic Income Portfolio		11,890,430		687,159			1,457,317		—			(334,320	)		(399,830	)		(389,432	)		574,507			908,242			1,595,401			13,485,831
Emerging Markets Portfolio		4,085,653		1,090,834			336,377		—			(62,317	)		(63,409	)		(97,735	)		138,227			251,143			1,341,977			5,427,630
Real Estate Portfolio		19,207,943		(1,441,665	)		2,366,820		—			(353,469	)		(823,936	)		(447,880	)		(63,078	)		678,457			(763,208	)		18,444,735
Funds Manager 50% Portfolio		5,531,550		1,867,000			2,128,804		—			(62,573	)		(142,918	)		(98,999	)		1,291,530			3,115,844			4,982,844			10,514,394
Funds Manager 70% Portfolio		3,215,544		504,641			412,814		—			(2,926	)		(61,029	)		(41,140	)		(39,213	)		268,506			773,147			3,988,691
Funds Manager 85% Portfolio		957,280		140,669			94,614		—			—			(110,784	)		(24,223	)		(32,509	)		(72,902	)		67,767			1,025,047
Government Money Market Portfolio Service Class 2		3,782,351		(43,512	)		411,452		—			(75,907	)		(323,281	)		(83,026	)		689,200			618,438			574,926			4,357,277
International Capital Appreciation Portfolio		—		49,654			286,257		—			—			—			(11,588	)		321,951			596,620			646,274			646,274
American Century Variable Portfolios, Inc.
Balanced Fund		1,630,677		210,218			629,880		(24	)		(193,628	)		(148,298	)		(23,333	)		534,506			799,103			1,009,321			2,639,998
Capital Appreciation Fund		2,336,783		756,966			11,519		(1,242	)		(195,363	)		(9,560	)		(27,294	)		(491,209	)		(713,149	)		43,817			2,380,600
International Fund		3,652,645		690,983			13,236		3,237			(227,109	)		(91,932	)		(107,018	)		(79,758	)		(489,344	)		201,639			3,854,284
Value Fund		63,837,412		239,338			6,752,407		2,601			(1,448,734	)		(2,802,548	)		(1,386,133	)		534,456			1,652,049			1,891,387			65,728,799
Disciplined Core Value Fund		1,786,997		239,102			662,098		(71	)		(63,208	)		(31,465	)		(74,432	)		310,618			803,540			1,042,642			2,829,639
Inflation Protection Fund		5,470,382		415,585			970,342		(67	)		(375,289	)		(99,417	)		(150,196	)		(173,722	)		171,651			587,236			6,057,618
Large Company Value Fund		581,962		(8,282	)		3,588		—			(41,141	)		—			(19,696	)		(106,126	)		(163,375	)		(171,657	)		410,305
Mid Cap Value Fund		28,990,438		78,265			4,025,312		—			(619,906	)		(833,007	)		(754,946	)		(264,257	)		1,553,196			1,631,461			30,621,899
Ultra Fund		4,847,138		2,016,833			578,061		—			(157,393	)		(1,011,866	)		(185,253	)		593,021			(183,430	)		1,833,403			6,680,541
MFS Variable Insurance Trust
Research Series		524,343		59,227			235		—			(18,847	)		(7,744	)		(18,345	)		(89,196	)		(133,897	)		(74,670	)		449,673
Growth Series		2,277,555		498,460			7,441		382			(141,583	)		(15,904	)		(25,784	)		(678,060	)		(853,508	)		(355,048	)		1,922,507
Investors Trust Series		312,969		29,763			204		642			(7,021	)		—			(6,898	)		613			(12,460	)		17,303			330,272
New Discovery Series		5,768,564		2,960,755			1,186,133		296			(211,488	)		(250,916	)		(129,998	)		(512,170	)		81,857			3,042,612			8,811,176
Corporate Bond Portfolio		3,996,954		426,505			1,453,828		—			(109,295	)		(168,060	)		(109,865	)		1,063,143			2,129,751			2,556,256			6,553,210
Emerging Markets Equity Portfolio		3,967,495		354,539			410,949		—			(74,189	)		(114,398	)		(66,675	)		(151,691	)		3,996			358,535			4,326,030
Technology Portfolio		4,536,402		2,356,487			1,666,617		—			(127,087	)		(262,447	)		(113,887	)		1,269,620			2,432,816			4,789,303			9,325,705
Global Tactical Allocation Portfolio		1,362,722		61,753			38,918		—			(53,326	)		(1,088	)		(44,137	)		60,320			687			62,440			1,425,162
International Intrinsic Value Portfolio		14,878,599		2,869,207			1,178,211		—			(476,357	)		(949,021	)		(337,651	)		(127,295	)		(712,113	)		2,157,094			17,035,693
Utilities Series Portfolio		11,022,016		484,361			1,345,640		—			(603,901	)		(319,917	)		(254,153	)		(700,030	)		(532,361	)		(48,000	)		10,974,016
Blended Research Core Equity Portfolio		1,822,295		203,429			187,108		—			(205,787	)		(31,585	)		(13,232	)		(188,353	)		(251,849	)		(48,420	)		1,773,875
Global Real Estate Portfolio		337,178		(25,494	)		105,197		—			(4,041	)		(3,301	)		(3,362	)		(182,380	)		(87,887	)		(113,381	)		223,797

The accompanying notes are an integral part of these financial statements

23

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)			Net Premiums (c)		Transfers of Policy Loans (d)			Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio		1,652,412		14,297			6,590		—			(18,087	)		(7,281	)		(38,954	)		(7,883	)		(65,615	)		(51,318	)		1,601,094
Mid-Cap Stock Portfolio		2,067,659		(31,794	)		5,351		1,119			(165,325	)		(53,568	)		(34,477	)		(28,814	)		(275,714	)		(307,508	)		1,760,151
Bond-Debenture Portfolio		23,012,603		1,146,695			3,228,506		—			(705,369	)		(1,168,752	)		(598,723	)		(1,065,727	)		(310,065	)		836,630			23,849,233
Fundamental Equity Portfolio		1,757,521		(14,183	)		46,280		—			(28,212	)		(33,191	)		(30,342	)		13,257			(32,208	)		(46,391	)		1,711,130
Developing Growth Portfolio		2,951,762		2,268,544			786,257		—			(91,531	)		(200,648	)		(64,933	)		447,500			876,645			3,145,189			6,096,951
Short Duration Income Portfolio		19,527,957		322,099			3,753,074		—			(1,423,564	)		(1,150,850	)		(730,378	)		(1,083,169	)		(634,887	)		(312,788	)		19,215,169
Alger Fund
LargeCap Growth Portfolio		5,626,299		3,274,357			34,544		(2,118	)		(523,859	)		(121,357	)		(183,878	)		(561,553	)		(1,358,221	)		1,916,136			7,542,435
MidCap Growth Portfolio		4,401,275		2,419,219			38,949		776			(349,592	)		(64,642	)		(118,927	)		(368,855	)		(862,291	)		1,556,928			5,958,203
Capital Appreciation Portfolio		3,519,221		1,366,292			17,596		—			(319,034	)		(18,166	)		(186,230	)		202,236			(303,598	)		1,062,694			4,581,915
SmallCap Growth Portfolio		725,070		435,648			726		428			(54,934	)		(3,785	)		(8,656	)		(57,689	)		(123,910	)		311,738			1,036,808
Capital Appreciation Portfolio Class S		42,742,263		14,908,653			3,832,496		—			(1,501,169	)		(1,966,663	)		(1,312,465	)		(6,423,733	)		(7,371,534	)		7,537,119			50,279,382
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio		2,765,780		348,823			694,160		296			(102,919	)		(191,982	)		(66,741	)		172,295			505,109			853,932			3,619,712
S&P 500 Index Portfolio		1,444,394		204,591			3,542		—			(200,098	)		(4,271	)		(39,259	)		536,225			296,139			500,730			1,945,124
SRI Balanced Portfolio		969,305		265,468			702,984		—			(51,704	)		(63,055	)		(91,474	)		959,405			1,456,156			1,721,624			2,690,929
Invesco Variable Insurance Funds
Technology Fund		1,198,233		526,797			10,845		404			(17,474	)		—			(27,189	)		136,664			103,250			630,047			1,828,280
Managed Volatility Fund		886,021		(50,506	)		1,058		(1,118	)		(155,821	)		(7,871	)		(12,076	)		(11,215	)		(187,043	)		(237,549	)		648,472
Diversified Dividend Fund		804,640		(15,246	)		5,689		(2,021	)		(7,347	)		—			(9,084	)		(31,528	)		(44,291	)		(59,537	)		745,103
Health Care Fund		1,694,997		166,008			8,500		(32	)		(76,480	)		—			(58,546	)		(198,921	)		(325,479	)		(159,471	)		1,535,526
Global Real Estate Fund		271,311		(39,661	)		213		—			—			(11,317	)		(9,563	)		(94,317	)		(114,984	)		(154,645	)		116,666
International Growth Fund		313,835		12,146			—		—			(1,486	)		—			(11,137	)		(39,092	)		(51,715	)		(39,569	)		274,266
Mid Cap Core Equity Fund		295,438		16,808			537		—			(5,355	)		(3,105	)		(10,101	)		(2,824	)		(20,848	)		(4,040	)		291,398
J.P. Morgan Series Trust II
Core Bond Portfolio		2,079,002		125,093			7,522		1,177			(289,622	)		(38,378	)		(57,542	)		36,453			(340,390	)		(215,297	)		1,863,705
Small Cap Core Portfolio		2,187,263		290,724			16,817		(352	)		(186,335	)		(15,531	)		(41,091	)		177,930			(48,562	)		242,162			2,429,425
Rydex Variable Trust
Nova Fund		847,228		22,024			1,174		296			(3,013	)		—			(3,261	)		(304,550	)		(309,354	)		(287,330	)		559,898
NASDAQ-100 Fund		1,340,877		632,920			7,518		(2,850	)		(23,629	)		(29,874	)		(25,659	)		375,225			300,731			933,651			2,274,528
U.S. Government Money Market Fund		124,031		(1,285	)		—		—			(26,727	)		—			(9,706	)		(10	)		(36,443	)		(37,728	)		86,303
Inverse S&P 500 Strategy Fund		41,658		(29,644	)		914		—			(5,301	)		(136	)		(620	)		38,793			33,650			4,006			45,664
Inverse NASDAQ-100 Strategy Fund		35,787		(7,269	)		124		—			(6	)		(97	)		(46	)		(11,483	)		(11,508	)		(18,777	)		17,010
Inverse Government Long Bond Strategy Fund		11,198		(2,443	)		—		—			(1,655	)		—			(437	)		2,917			825			(1,618	)		9,580
Government Long Bond 1.2x Strategy		124,669		(211,845	)		10,065		—			—			—			(20,240	)		408,137			397,962			186,117			310,786
NASDAQ-100 2x Strategy Fund		—		—			—		—			—			—			—			—			—			—			—
Inverse Dow 2x Strategy Fund		—		—			—		—			—			—			—			—			—			—			—
Rydex Variable Insurance Funds
Biotechnology Fund		6,058,557		1,208,005			82,452		—			(163,493	)		(271,002	)		(90,667	)		69,440			(373,270	)		834,735			6,893,292
S&P 500 Pure Growth Fund		4,290,516		840,728			210,784		—			(406,125	)		(733,123	)		(125,157	)		(73,284	)		(1,126,905	)		(286,177	)		4,004,339
S&P MidCap 400 Pure Growth Fund		1,585,408		376,826			7,100		—			(23,082	)		(2,215	)		(22,920	)		(222,179	)		(263,296	)		113,530			1,698,938
Guggenheim Variable Insurance Funds
Long Short Equity Fund		825,276		47,512			92,878		428			(27,019	)		—			(16,088	)		97,728			147,927			195,439			1,020,715
Multi-Hedge Strategies Fund		2,005,173		112,332			17,417		—			(93,639	)		(124,507	)		(50,467	)		62,570			(188,626	)		(76,294	)		1,928,879
Global Managed Futures Strategy Fund		367,226		5,708			3,820		—			(15,694	)		(14,549	)		(3,824	)		(46,013	)		(76,260	)		(70,552	)		296,674
Small Cap Value Fund		2,747,725		(29,656	)		380,559		—			(45,090	)		(53,243	)		(66,840	)		62,460			277,846			248,190			2,995,915

The accompanying notes are an integral part of these financial statements

24

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)			Net Premiums (c)		Transfers of Policy Loans (d)		Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
ProFunds VP
Access VP High Yield Fund		145,287		(1,352	)		—		—		(95,343	)		—			(3,346	)		(3,450	)		(102,139	)		(103,491	)		41,796
Asia 30		69,847		18,860			—		—		(6,144	)		—			(2,562	)		8			(8,698	)		10,162			80,009
Banks		52,386		(11,987	)		378		—		(13,781	)		—			(1,180	)		1,762			(12,821	)		(24,808	)		27,578
Basic Materials		24,969		529			—		—		—			—			(1,378	)		1,347			(31	)		498			25,467
Bear		54,539		(10,718	)		131		—		—			—			(996	)		(13,271	)		(14,136	)		(24,854	)		29,685
Biotechnology		319,069		26,620			864		—		(9,024	)		(34,062	)		(14,845	)		(24,264	)		(81,331	)		(54,711	)		264,358
Bull		1,324,552		(112,927	)		1,031		—		(21,690	)		—			(30,931	)		(825,333	)		(876,923	)		(989,850	)		334,702
Consumer Goods		144,514		42,723			427		—		(3,228	)		—			(1,747	)		54,498			49,950			92,673			237,187
Consumer Services		115,044		29,615			—		—		(4,487	)		(9,495	)		(5,693	)		51,955			32,280			61,895			176,939
Dow 30		140,000		33,575			—		—		—			—			(23,278	)		79,222			55,944			89,519			229,519
Emerging Markets		60,942		(19,461	)		161		—		(143,722	)		—			(5,576	)		166,398			17,261			(2,200	)		58,742
Europe 30		65,288		(8,458	)		—		—		(18,026	)		—			(2,825	)		(101	)		(20,952	)		(29,410	)		35,878
Falling U.S. Dollar		28,678		606			—		—		—			—			(2,525	)		(3	)		(2,528	)		(1,922	)		26,756
Financials		73,035		(11,102	)		—		—		—			—			(2,140	)		(34,913	)		(37,053	)		(48,155	)		24,880
Health Care		310,528		27,281			323		—		(40,685	)		(17,300	)		(11,204	)		17,005			(51,861	)		(24,580	)		285,948
Industrials		187,693		1,023			61		—		(6,820	)		(1,824	)		(3,251	)		(13,340	)		(25,174	)		(24,151	)		163,542
International		45,390		(33,635	)		—		—		—			—			(3,134	)		33,959			30,825			(2,810	)		42,580
Internet		268,072		130,310			7,733		—		(17,366	)		(14,925	)		(4,492	)		(5,742	)		(34,792	)		95,518			363,590
Japan		38,851		6,264			—		—		—			—			(660	)		877			217			6,481			45,332
Large-Cap Growth		868,675		234,429			84		—		(141,529	)		(19,856	)		(40,799	)		190,995			(11,105	)		223,324			1,091,999
Large-Cap Value		570,190		(44,383	)		400		—		(135,585	)		—			(15,845	)		3,082			(147,948	)		(192,331	)		377,859
Mid-Cap		2,977,627		(524,869	)		859		—		(35,101	)		—			(40,397	)		(2,244,789	)		(2,319,428	)		(2,844,297	)		133,330
Mid-Cap Growth		297,810		43,536			—		—		(15,083	)		—			(10,980	)		38,977			12,914			56,450			354,260
Mid-Cap Value		99,634		(2,963	)		—		—		(2,913	)		—			(3,789	)		(3,737	)		(10,439	)		(13,402	)		86,232
Government Money Market		2,912,327		(75,137	)		1,688		—		(335,150	)		(3,306	)		(335,670	)		1,858,144			1,185,706			1,110,569			4,022,896
Oil & Gas		283,197		(122,625	)		—		—		(1,834	)		(546	)		(9,340	)		(14,307	)		(26,027	)		(148,652	)		134,545
NASDAQ-100		685,380		149,161			1,148		—		—			—			(41,659	)		(178,852	)		(219,363	)		(70,202	)		615,178
Pharmaceuticals		83,608		5,050			841		—		(26,620	)		—			(349	)		1,403			(24,725	)		(19,675	)		63,933
Precious Metals		725,931		133,342			17		—		(305,796	)		(9,651	)		(56,273	)		(41,544	)		(413,247	)		(279,905	)		446,026
Real Estate		250,321		(2,364	)		—		—		(21,091	)		(7,281	)		(5,280	)		(122,423	)		(156,075	)		(158,439	)		91,882
Rising Rates Opportunity		36,098		(9,713	)		—		—		(4,603	)		—			(2,619	)		(5	)		(7,227	)		(16,940	)		19,158
Semiconductor		112,770		40,082			—		—		(19,764	)		—			(4,488	)		16,103			(8,149	)		31,933			144,703
Short Dow 30		2,821		(65,329	)		—		—		—			(354	)		(12,542	)		85,048			72,152			6,823			9,644
Short Emerging Markets		—		—			—		—		—			—			—			—			—			—			—
Short International		7,613		(1,439	)		—		—		—			—			(41	)		—			(41	)		(1,480	)		6,133
Short Mid-Cap		3,007		(770	)		2		—		—			(355	)		—			—			(353	)		(1,123	)		1,884
Short NASDAQ-100		243		(1,774	)		—		—		—			(165	)		—			5,101			4,936			3,162			3,405
Short Small-Cap		5,715		(37,158	)		—		—		—			(328	)		(4,503	)		39,792			34,961			(2,197	)		3,518
Small-Cap		284,232		21,206			983		—		—			—			(12,763	)		(105,426	)		(117,206	)		(96,000	)		188,232
Small-Cap Growth		221,210		(7,154	)		7		—		(11,167	)		—			(5,948	)		40,442			23,334			16,180			237,390
Small-Cap Value		97,219		5,420			—		—		—			—			(6,374	)		109,601			103,227			108,647			205,866
Technology		321,408		179,864			—		—		(4,921	)		(3,250	)		(41,554	)		52,472			2,747			182,611			504,019
Telecommunications		5,006		286			384		—		—			—			(1,204	)		1,428			608			894			5,900
U.S. Government Plus		147,073		8,049			—		—		(6,426	)		(2,628	)		(42,862	)		293,212			241,296			249,345			396,418
UltraBull		593,749		161,428			13,373		—		(13,987	)		(3,638	)		(26,561	)		264,302			233,489			394,917			988,666
UltraMid-Cap		412,736		144,915			12,945		—		(36,884	)		(19,539	)		(17,525	)		151,743			90,740			235,655			648,391
UltraNASDAQ-100		466,110		430,018			12,876		—		(10,567	)		(128,824	)		(30,464	)		143,109			(13,870	)		416,148			882,258
UltraShort Dow 30		1,890		(947	)		—		—		—			—			—			(2	)		(2	)		(949	)		941
UltraShort NASDAQ-100		2,212		(1,622	)		—		—		—			—			—			—			—			(1,622	)		590
UltraSmall-Cap		139,999		190,015			14,029		—		(7,045	)		(4,538	)		(15,947	)		93,261			79,760			269,775			409,774
Utilities		87,157		(13,939	)		823		—		—			—			(12,858	)		54,106			42,071			28,132			115,289

The accompanying notes are an integral part of these financial statements

25

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)			Net Premiums (c)		Transfers of Policy Loans (d)			Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
VanEck Worldwide Insurance Trust
Global Hard Assets Fund		5,651,543		1,001,126			141,336		(661	)		(249,164	)		(130,568	)		(96,176	)		345,902			10,669			1,011,795			6,663,338
Emerging Markets Fund		1,622,587		192,877			12,507		(2,377	)		(128,162	)		(11,775	)		(100,541	)		(48,178	)		(278,526	)		(85,649	)		1,536,938
Emerging Markets Bond Fund		461,861		65,449			3,683		—			(32,880	)		—			(9,379	)		66,080			27,504			92,953			554,814
Janus Henderson Series
Global Technology and Innovation Portfolio		5,605,246		3,327,272			2,129,217		—			(634,289	)		(363,476	)		(218,440	)		1,231,720			2,144,732			5,472,004			11,077,250
Overseas Portfolio		488,302		97,561			174,825		—			(31,416	)		(23,604	)		(6,835	)		(42,534	)		70,436			167,997			656,299
Research Portfolio		536,101		108,331			57,890		—			(58,619	)		(73,720	)		(7,953	)		(566	)		(82,968	)		25,363			561,464
Enterprise Services Portfolio		24,865,839		4,710,609			3,888,477		—			(652,959	)		(831,291	)		(694,857	)		(363,731	)		1,345,639			6,056,248			30,922,087
Global Research Portfolio		969,267		152,022			149,839		—			(11,951	)		(2,587	)		(5,687	)		(161,627	)		(32,013	)		120,009			1,089,276
Mid Cap Value Portfolio		3,477,494		(90,048	)		557,810		—			(89,278	)		(111,863	)		(110,921	)		(64,473	)		181,275			91,227			3,568,721
Balanced Portfolio		41,323,181		5,448,736			10,188,433		—			(814,237	)		(980,112	)		(1,735,491	)		1,732,353			8,390,946			13,839,682			55,162,863
Flexible Bond Portfolio		6,994,524		752,984			1,061,252		—			(31,043	)		(135,964	)		(185,956	)		1,193,714			1,902,003			2,654,987			9,649,511
PIMCO Variable Insurance Trust
Total Return Portfolio		50,056,375		3,066,331			3,137,847		4,281			(3,258,962	)		(1,711,941	)		(1,862,184	)		(2,877,390	)		(6,568,349	)		(3,502,018	)		46,554,357
Low Duration Portfolio		25,289,738		426,455			5,092,837		—			(1,780,966	)		(2,176,299	)		(1,055,837	)		2,916,623			2,996,358			3,422,813			28,712,551
High Yield Portfolio		11,878,657		269,012			1,735,982		(156	)		(420,877	)		(455,599	)		(303,023	)		(2,522,092	)		(1,965,765	)		(1,696,753	)		10,181,904
Real Return Portfolio		21,521,058		2,132,877			1,931,292		—			(693,395	)		(1,188,993	)		(809,756	)		1,119,385			358,533			2,491,410			24,012,468
All Asset Portfolio		4,350,224		181,977			167,586		—			(103,309	)		(492,692	)		(69,046	)		(95,762	)		(593,223	)		(411,246	)		3,938,978
Global Managed Asset Allocation Portfolio		569,726		111,775			286,832		—			(51,633	)		—			(22,544	)		(1,088	)		211,567			323,342			893,068
Short-Term Portfolio		44,795,827		991,327			12,226,037		—			(3,007,438	)		(2,898,617	)		(2,538,506	)		8,201,600			11,983,076			12,974,403			57,770,230
Emerging Markets Bond Portfolio		1,987,562		115,301			214,563		—			(60,612	)		(19,533	)		(34,844	)		973			100,547			215,848			2,203,410
Global Bond Opportunities Portfolio		351,738		8,388			474		—			—			(122,571	)		(559	)		(51,810	)		(174,466	)		(166,078	)		185,660
Commodity Real Return Strategy Portfolio		5,244,209		(24,071	)		217,607		—			(150,245	)		(270,718	)		(158,631	)		74,077			(287,910	)		(311,981	)		4,932,228
International Bond (USD-Hedged) Portfolio		2,017,025		87,861			382,666		—			(53,150	)		(81,837	)		(59,621	)		62,515			250,573			338,434			2,355,459
Dynamic Bond Adv Portfolio		2,574,903		62,852			274,686		—			(57,503	)		(103,440	)		(67,144	)		(350,642	)		(304,043	)		(241,191	)		2,333,712
Income Advisor Portfolio		34,058,314		401,550			4,435,049		—			(729,768	)		(294,001	)		(2,060,588	)		(7,060,169	)		(5,709,477	)		(5,307,927	)		28,750,387
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund		1,622,180		8,283			8,022		(1,570	)		(49,553	)		(15,212	)		(43,859	)		(186,566	)		(288,738	)		(280,455	)		1,341,725
Large Cap Value Fund		245,289		4,576			7,457		—			(10,307	)		—			(3,984	)		(3,619	)		(10,453	)		(5,877	)		239,412
Mid Cap Value Fund		3,256,746		282,509			17,565		23			(241,983	)		(22,576	)		(79,101	)		345,336			19,264			301,773			3,558,519
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio		991,797		285,826			5,745		—			(24,358	)		(3,221	)		(18,803	)		(245,564	)		(286,201	)		(375	)		991,422
AMT Mid Cap Intrinsic Value Portfolio		347,181		(78,642	)		2,499		—			(424	)		—			(3,026	)		(145,173	)		(146,124	)		(224,766	)		122,415
BNY Mellon Variable Investment Fund
Appreciation Portfolio		357,379		56,923			402		—			(44,384	)		—			(15,175	)		(22,223	)		(81,380	)		(24,457	)		332,922
International Value Portfolio		12,552		(2,146	)		—		—			—			—			(2,914	)		(7,492	)		(10,406	)		(12,552	)		—
Sustainable U.S. Equity Portfolio		55,040		827			450		—			(18,694	)		—			(1,984	)		(6,877	)		(27,105	)		(26,278	)		28,762
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio		591,115		(15,841	)		63		—			(40,688	)		(1,385	)		(16,772	)		(11,280	)		(70,062	)		(85,903	)		505,212
Value Opportunities Fund		25,814		527			—		—			—			—			(510	)		(6	)		(516	)		11			25,825
American Value Fund		157,644		(10,279	)		—		—			(12,476	)		—			(11,355	)		(3,285	)		(27,116	)		(37,395	)		120,249
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio		63,483		(748	)		—		—			(23,126	)		—			(3,713	)		(795	)		(27,634	)		(28,382	)		35,101
Emerging Markets Equity Portfolio		209,484		21,109			188		—			(12,979	)		—			(11,388	)		17,495			(6,684	)		14,425			223,909
Discovery Portfolio		82,756		117,265			—		—			—			—			(6,673	)		(1,235	)		(7,908	)		109,357			192,113
U.S. Real Estate Portfolio		121,382		(23,000	)		229		—			(4,208	)		(4,155	)		(1,372	)		(14,631	)		(24,137	)		(47,137	)		74,245

The accompanying notes are an integral part of these financial statements

26

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)			Net Premiums (c)		Transfers of Policy Loans (d)		Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
Northern Lights Variable Trust
Power Income Fund		819,116		(58,650	)		6,332		—		(48,027	)		(166	)		(8,651	)		(83,782	)		(134,294	)		(192,944	)		626,172
Power Dividend Index Fund		8,225,059		(561,325	)		35,663		—		(24,062	)		(6,962	)		(50,857	)		(6,697,526	)		(6,743,744	)		(7,305,069	)		919,990
AB Variable Products Series
Dynamic Asset Allocation Portfolio		3,039,410		133,459			151,436		—		(16,498	)		(5,251	)		(102,520	)		130,881			158,048			291,507			3,330,917
Small Cap Growth Portfolio		68,815		6,435			—		—		—			—			(2,412	)		(48,341	)		(50,753	)		(44,318	)		24,497
Small Mid Cap Value Portfolio		2,957,126		82,684			197,035		—		(121,537	)		(79,966	)		(51,065	)		(74,201	)		(129,734	)		(47,050	)		2,910,076
BlackRock Variable Series Fund, Inc.
Basic Value Fund		3,350,527		(104,956	)		398,345		—		(69,923	)		(533,079	)		(42,066	)		(257,539	)		(504,262	)		(609,218	)		2,741,309
Capital Appreciation Fund		920,991		355,238			5,878		—		(9,451	)		(39,460	)		(14,784	)		30,622			(27,195	)		328,043			1,249,034
Equity Dividend Fund		16,238,995		607,027			1,911,330		—		(419,525	)		(550,836	)		(509,699	)		2,531,071			2,962,341			3,569,368			19,808,363
Global Allocation Fund		14,718,867		2,704,640			1,392,564		—		(344,505	)		(1,097,836	)		(357,647	)		(496,964	)		(904,388	)		1,800,252			16,519,119
Advantage Large Cap Core Fund		675,815		53,180			35,508		—		(8,413	)		(66,531	)		(6,905	)		(168,145	)		(214,486	)		(161,306	)		514,509
Large Cap Focus Growth Fund		7,798,946		3,850,082			1,562,629		—		(215,386	)		(446,361	)		(152,559	)		706,007			1,454,330			5,304,412			13,103,358
60/40 Target Allocation ETF Fund		3,443,481		695,440			2,263,065		—		(392,057	)		(195,311	)		(52,036	)		222,551			1,846,212			2,541,652			5,985,133
Total Return Portfolio		1,101,828		86,543			300,084		—		—			—			(20,414	)		96,091			375,761			462,304			1,564,132
S&P 500 Portfolio		1,335,784		264,504			159,268		—		(11,348	)		—			(16,930	)		50,803			181,793			446,297			1,782,081
Columbia Variable Portfolio
Contrarian Core 2 Portfolio		3,895,613		803,722			661,062		—		(308,926	)		(229,232	)		(79,639	)		34,195			77,460			881,182			4,776,795
Dividend Opportunity Portfolio		4,140,119		(20,061	)		709,809		—		(53,795	)		(217,432	)		(106,702	)		(218,336	)		113,544			93,483			4,233,602
Emerging Markets Bond Portfolio		7,190,869		305,948			77,422		—		(175,198	)		(415,403	)		(229,650	)		(289,485	)		(1,032,314	)		(726,366	)		6,464,503
High Yield Portfolio		4,594,476		158,780			445,202		—		(108,948	)		(180,987	)		(167,198	)		126,082			114,151			272,931			4,867,407
Select Large-Cap Value Portfolio		1,362,084		(56,138	)		178,440		—		(42,497	)		(663,858	)		(7,824	)		(41,065	)		(576,804	)		(632,942	)		729,142
Seligman Global Tech Portfolio		2,505,080		1,572,469			1,640,126		—		(141,636	)		(160,903	)		(61,261	)		(264,551	)		1,011,775			2,584,244			5,089,324
US Government Mortgage Portfolio		690,202		42,216			1,420,587		—		(9,944	)		(105,059	)		(34,455	)		290,477			1,561,606			1,603,822			2,294,024
Strategic Income Portfolio		—		4,802			79,137		—		—			(4,462	)		(2,347	)		180,413			252,741			257,543			257,543
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio		29,072,836		5,322,655			6,534,011		—		(170,562	)		(2,275,901	)		(548,702	)		(838,178	)		2,700,668			8,023,323			37,096,159
Small Cap Index Portfolio		5,275,493		1,031,332			854,110		—		(131,849	)		(139,941	)		(71,663	)		(416,757	)		93,900			1,125,232			6,400,725
Alternative Asset Allocation Portfolio		1,446,683		17,528			13,279		—		(160,345	)		(86,564	)		(39,766	)		(6,020	)		(279,416	)		(261,888	)		1,184,795
Global Small Cap Portfolio		411,529		58,554			30,004		—		(48,162	)		(14,724	)		(9,701	)		(69,516	)		(112,099	)		(53,545	)		357,984
Small Mid Cap Value Portfolio		5,248,149		(185,694	)		248,833		—		(95,752	)		(236,177	)		(122,740	)		121,147			(84,689	)		(270,383	)		4,977,766
CROCI US Portfolio		265,919		(43,259	)		—		—		(29,661	)		(37,925	)		(9,943	)		23,667			(53,862	)		(97,121	)		168,798
Eaton Vance Variable Trust
Floating Rate Income Portfolio		24,554,913		(324,114	)		1,341,768		—		(1,140,984	)		(1,045,629	)		(717,698	)		(5,468,453	)		(7,030,996	)		(7,355,110	)		17,199,803
Delaware Variable Insurance Portfolios
Total Return Portfolio		411,863		(8,387	)		—		—		—			(16,668	)		(11,073	)		(40,138	)		(67,879	)		(76,266	)		335,597
International Portfolio		1,408,252		36,743			12,155		—		(78,066	)		62			(12,897	)		(238,029	)		(316,775	)		(280,032	)		1,128,220
Opportunity Portfolio		11,982,424		931,740			166,798		—		(331,630	)		(679,778	)		(236,830	)		(384,722	)		(1,466,162	)		(534,422	)		11,448,002
Covered Call Strategy Portfolio		133,172		(4,593	)		—		—		(593	)		—			(971	)		(127,015	)		(128,579	)		(133,172	)		—
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund		7,147,158		(461,055	)		312,032		—		(151,781	)		(380,040	)		(201,783	)		(10,834	)		(432,406	)		(893,461	)		6,253,697
Income Fund		23,159,363		(302,960	)		2,474,737		—		(655,314	)		(1,137,709	)		(941,549	)		(924,489	)		(1,184,324	)		(1,487,284	)		21,672,079

The accompanying notes are an integral part of these financial statements

27

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)			Net Premiums (c)		Transfers of Policy Loans (d)		Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
Global Bond Fund		31,244,957		(2,027,425	)		2,574,548		—		(612,318	)		(1,559,202	)		(896,989	)		486,994			(6,967	)		(2,034,392	)		29,210,565
Foreign Fund		37,432,029		(809,988	)		2,727,647		—		(809,104	)		(1,993,857	)		(987,328	)		833,405			(229,237	)		(1,039,225	)		36,392,804
Developing Markets Fund		3,721,215		457,228			141,367		—		(152,845	)		(190,847	)		(150,705	)		(286,509	)		(639,539	)		(182,311	)		3,538,904
Mutual Global Discovery Fund		7,050,017		(484,586	)		636,830		—		(120,632	)		(519,816	)		(122,053	)		(451,753	)		(577,424	)		(1,062,010	)		5,988,007
Rising Dividends Fund		21,134,814		2,690,813			1,947,156		—		(494,320	)		(2,166,662	)		(534,095	)		(1,111,296	)		(2,359,217	)		331,596			21,466,410
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio		4,602,673		428,520			20,144		—		(446,831	)		(366,546	)		(150,434	)		(136,655	)		(1,080,322	)		(651,802	)		3,950,871
Balanced Portfolio		7,972,759		879,130			158,559		—		(395,932	)		(230,971	)		(350,002	)		(578,718	)		(1,397,064	)		(517,934	)		7,454,825
Global Equity Income Portfolio		1,212,070		17,654			4,654		—		(49,943	)		(126,539	)		(11,325	)		47,311			(135,842	)		(118,188	)		1,093,882
Energy Portfolio		1,459,571		(442,164	)		71,440		—		(37,045	)		(30,209	)		(17,561	)		(203,361	)		(216,736	)		(658,900	)		800,671
Global Bond Portfolio		1,093,855		42,275			111,854		—		(8,096	)		(240,321	)		(41,504	)		86,022			(92,045	)		(49,770	)		1,044,085
Natural Resources Portfolio		858,039		(105,373	)		83,149		—		(26,627	)		(53,483	)		(24,192	)		(92,582	)		(113,735	)		(219,108	)		638,931
Growth Portfolio		3,490,002		1,023,092			866,114		—		(82,329	)		(26,649	)		(46,377	)		(859,834	)		(149,075	)		874,017			4,364,019
High Income Portfolio		13,827,906		525,607			713,441		—		(310,461	)		(704,291	)		(374,443	)		381,848			(293,906	)		231,701			14,059,607
International Core Equity Portfolio		7,688,531		409,456			506,065		—		(299,097	)		(299,622	)		(128,026	)		(101,526	)		(322,206	)		87,250			7,775,781
Global Growth Portfolio		853,071		152,227			650		—		(4,653	)		—			(12,338	)		(76,310	)		(92,651	)		59,576			912,647
Mid Cap Growth Portfolio		7,345,062		3,713,789			1,926,609		—		(238,897	)		(398,018	)		(158,153	)		777,682			1,909,223			5,623,012			12,968,074
Science and Technology Portfolio		11,002,776		4,011,965			2,450,721		—		(327,300	)		(343,002	)		(267,401	)		(358,313	)		1,154,705			5,166,670			16,169,446
Small Cap Growth Portfolio		6,262,869		1,696,609			456,079		—		(156,156	)		(242,628	)		(123,280	)		(1,013,684	)		(1,079,669	)		616,940			6,879,809
Small Cap Core Portfolio		12,108,958		542,354			1,018,197		—		(355,651	)		(357,973	)		(220,520	)		(443,467	)		(359,414	)		182,940			12,291,898
Lazard Retirement Series, Inc.
International Equity Portfolio		1,066,624		86,052			83,323		—		(19,615	)		(37,409	)		(24,168	)		6,752			8,883			94,935			1,161,559
Global Dynamic Multi Asset Portfolio		1,423,630		3,159			4,045		—		(62,353	)		(91,280	)		(35,987	)		92,765			(92,810	)		(89,651	)		1,333,979
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio		1,216,548		72,410			250,486		—		—			(46,481	)		(45,886	)		1,581			159,700			232,110			1,448,658
ClearBridge Variable Mid Cap Portfolio		8,962,113		1,302,358			1,144,512		—		(150,306	)		(407,093	)		(211,186	)		(304,800	)		71,127			1,373,485			10,335,598
ClearBridge Variable Dividend Strategy Portfolio		22,541,018		1,012,705			3,581,203		—		(667,929	)		(258,365	)		(1,371,287	)		5,212,356			6,495,978			7,508,683			30,049,701
ClearBridge Variable Small Cap Growth Portfolio		4,103,400		1,485,182			625,039		—		(142,604	)		(55,704	)		(131,896	)		(687,930	)		(393,095	)		1,092,087			5,195,487
ClearBridge Variable Aggressive Growth Portfolio		1,094,690		121,357			500		—		(8,139	)		(12,005	)		(13,498	)		(194,163	)		(227,305	)		(105,948	)		988,742
Western Asset Variable Core Bond Plus Portfolio		68,641,263		4,882,218			11,887,691		—		(1,179,446	)		(3,682,934	)		(2,365,943	)		(4,593,312	)		66,056			4,948,274			73,589,537
ClearBridge Variable Large Cap Growth Portfolio		14,416,052		4,325,543			3,297,775		—		(295,529	)		(854,202	)		(398,457	)		(1,390,580	)		359,007			4,684,550			19,100,602
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy Portfolio		430,218		(40,803	)		3,218		—		(2,509	)		—			(7,546	)		23,303			16,466			(24,337	)		405,881
Pioneer Variable Contracts Trust
Fund Portfolio		688,984		152,498			24		—		—			(29,050	)		(1,885	)		10,716			(20,195	)		132,303			821,287
Bond Portfolio		46,394,735		3,139,874			6,222,746		—		(1,062,031	)		(2,946,989	)		(1,458,799	)		(448,495	)		306,432			3,446,306			49,841,041
Strategic Income Portfolio		13,237,496		743,484			1,328,282		—		(225,112	)		(736,793	)		(418,767	)		(253,389	)		(305,779	)		437,705			13,675,201
Equity Income Portfolio		13,842,968		(372,451	)		731,983		—		(300,167	)		(578,431	)		(306,267	)		(357,847	)		(810,729	)		(1,183,180	)		12,659,788
High Yield Portfolio		1,231,954		(12,569	)		4,959		—		(1,931	)		(140,111	)		(31,173	)		(17,250	)		(185,506	)		(198,075	)		1,033,879
Prudential Series Funds
Jennison 20/20 Focus Portfolio		395,034		109,542			5		—		—			—			(5,085	)		(14,016	)		(19,096	)		90,446			485,480
Natural Resources Portfolio		890,071		52,726			19,402		—		(14,944	)		(9,912	)		(23,952	)		(349,137	)		(378,543	)		(325,817	)		564,254
SP Prudential US Emerging Growth Portfolio		370,390		109,618			9,030		—		(24,589	)		(128,610	)		(5,817	)		(59,381	)		(209,367	)		(99,749	)		270,641
Royce Capital Fund
Micro-Cap Portfolio		473,354		54,714			1,296		—		(2,603	)		(37,079	)		(2,806	)		(99,739	)		(140,931	)		(86,217	)		387,137
Small Cap Portfolio		8,893,239		(702,854	)		228,300		—		(222,381	)		(440,007	)		(242,310	)		377,364			(299,034	)		(1,001,888	)		7,891,351
Alps Fund
Alerian Energy Infrastructure Portfolio		1,759,551		(405,339	)		170,405		—		(37,453	)		(114,460	)		(29,014	)		260,958			250,436			(154,903	)		1,604,648
Red Rocks Global Opportunity Portfolio		1,583,062		121,103			67,287		—		(62,127	)		(27,424	)		(43,645	)		59,375			(6,534	)		114,569			1,697,631

The accompanying notes are an integral part of these financial statements

28

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)			Net Premiums (c)		Transfers of Policy Loans (d)		Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
American Funds IS
Asset Allocation Fund		67,128,532		8,669,887			19,016,521		—		(1,243,228	)		(4,032,756	)		(1,754,629	)		786,404			12,772,312			21,442,199			88,570,731
Blue Chip Income and Growth Fund		33,582,903		2,312,692			4,396,609		—		(534,363	)		(1,553,146	)		(838,930	)		(1,340,820	)		129,350			2,442,042			36,024,945
Ultra-Short Bond Fund		11,045,280		(344,748	)		6,967,361		—		(5,388,248	)		(3,565,077	)		(1,308,534	)		15,295,509			12,001,011			11,656,263			22,701,543
Capital Income Builder Fund		17,233,347		406,381			1,038,214		—		(563,788	)		(1,136,299	)		(353,967	)		99,782			(916,058	)		(509,677	)		16,723,670
Global Growth Fund		11,989,570		3,791,289			3,905,661		—		(196,868	)		(971,442	)		(244,921	)		609,446			3,101,876			6,893,165			18,882,735
Global Growth and Income Fund		11,434,351		1,195,624			1,492,863		—		(80,811	)		(642,713	)		(228,144	)		1,738,461			2,279,656			3,475,280			14,909,631
Global Small Capitalization Fund		4,652,407		1,197,908			686,321		—		(36,133	)		(193,884	)		(68,567	)		(385,214	)		2,523			1,200,431			5,852,838
Growth Fund		29,881,613		15,256,879			4,765,550		—		(831,398	)		(2,097,390	)		(651,586	)		(1,503,887	)		(318,711	)		14,938,168			44,819,781
Growth-Income Fund		36,495,223		4,557,868			6,205,871		—		(1,082,561	)		(2,785,802	)		(815,246	)		(580,768	)		941,494			5,499,362			41,994,585
International Fund		7,796,962		965,111			916,902		—		(144,253	)		(339,357	)		(182,849	)		(295,014	)		(44,571	)		920,540			8,717,502
International Growth and Income Fund		6,885,708		295,049			999,219		—		(192,677	)		(284,051	)		(147,065	)		(106,380	)		269,046			564,095			7,449,803
New World Fund		30,590,094		6,551,487			4,259,333		—		(606,454	)		(1,475,457	)		(706,668	)		(2,101,177	)		(630,423	)		5,921,064			36,511,158
U.S. Government/AAA-Rated Securities Fund		14,512,239		1,405,887			12,953,919		—		(716,770	)		(1,439,726	)		(342,607	)		8,485,129			18,939,945			20,345,832			34,858,071
Invesco Oppenheimer
Total Return Bond Fund		2,497,124		209,618			478,807		—		(5,847	)		(111,544	)		(125,695	)		994,040			1,229,761			1,439,379			3,936,503
Discovery Mid Cap Growth Fund		2,537,512		1,092,615			760,531		—		(29,317	)		(51,390	)		(43,214	)		(305,010	)		331,600			1,424,215			3,961,727
Global Fund		5,016,048		1,182,976			459,984		—		(77,687	)		(413,050	)		(101,480	)		(250,765	)		(382,998	)		799,978			5,816,026
International Growth Fund		11,452,452		2,609,731			3,180,235		—		(141,168	)		(588,491	)		(252,653	)		(599,088	)		1,598,835			4,208,566			15,661,018
Main Street Fund		9,695,219		794,199			703,665		—		(171,084	)		(132,896	)		(173,858	)		(1,410,214	)		(1,184,387	)		(390,188	)		9,305,031
Main Street Small Cap Fund		4,988,917		730,450			512,430		—		(133,062	)		(390,304	)		(84,672	)		(324,414	)		(420,022	)		310,428			5,299,345
T. Rowe Price
Blue Chip Growth Portfolio		41,710,940		13,278,320			8,619,836		—		(786,361	)		(2,468,928	)		(962,508	)		(3,711,900	)		690,139			13,968,459			55,679,399
Health Sciences Portfolio		15,981,066		5,047,784			4,409,750		—		(261,805	)		(565,756	)		(454,784	)		(283,640	)		2,843,765			7,891,549			23,872,615
John Hancock Variable Insurance Trust
Financial Industries Portfolio		500,705		63,404			225,990		—		(2,541	)		(2,044	)		(6,519	)		(993	)		213,893			277,297			778,002
Fundamental All Cap Core Portfolio		77,274		19,642			—		—		—			—			—			(443	)		(443	)		19,199			96,473
Select Bond Portfolio		159,157		13,805			21,040		—		(52,318	)		(13,578	)		(17,959	)		206,974			144,159			157,964			317,121
Strategic Income Opportunities Portfolio		282,324		35,288			84,160		—		—			—			(15,196	)		60,064			129,028			164,316			446,640
Federated Hermes
High Income Bond Portfolio		346,785		24,199			183,257		—		—			(72,945	)		(7,074	)		(52,028	)		51,210			75,409			422,194
Kaufmann Portfolio		740,188		627,663			1,455,255		—		(10,898	)		—			(21,647	)		1,289,927			2,712,637			3,340,300			4,080,488
Managed Volatility Portfolio		25,983		4,271			38,001		—		—			—			(594	)		1,133			38,540			42,811			68,794

The accompanying notes are an integral part of these financial statements

29

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)		Net Premiums (c)		Transfers of Policy Loans (d)			Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
Fidelity Variable Insurance Products
Government Money Market Portfolio	$	11,296,135	$	47,037	$	92,107	$	(558	)	$	(870,372	)	$	(108,952	)	$	(300,772	)	$	(3,764,908	)	$	(4,953,455	)	$	(4,906,418	)	$	6,389,717
High Income Portfolio		4,109,077		904,186		1,516,557		(886	)		(316,988	)		(1,001,555	)		(327,879	)		7,177,175			7,046,424			7,950,610			12,059,687
Equity-Income Portfolio		6,570,148		1,605,583		300,652		(65	)		(844,201	)		(61,934	)		(175,289	)		(228,028	)		(1,008,865	)		596,718			7,166,866
Growth Portfolio		6,756,009		1,994,019		177,410		(232	)		(801,289	)		(60,256	)		(371,555	)		35,013			(1,020,909	)		973,110			7,729,119
Overseas Portfolio		5,760,737		1,425,246		96,203		(1,210	)		(614,125	)		(64,104	)		(242,992	)		205,619			(620,609	)		804,637			6,565,374
Mid Cap Portfolio		12,880,026		2,753,533		1,450,432		(6,718	)		(626,403	)		(555,372	)		(363,876	)		(288,576	)		(390,513	)		2,363,020			15,243,046
Asset Manager Portfolio		988,568		163,952		286		(55	)		(44,464	)		(6,291	)		(18,204	)		100,917			32,189			196,141			1,184,709
Investment Grade Bond Portfolio		3,319,039		268,371		30,831		278			(383,822	)		(16,539	)		(123,577	)		323,889			(168,940	)		99,431			3,418,470
Index 500 Portfolio		15,222,800		4,570,088		4,286,048		(2,960	)		(1,658,256	)		(180,712	)		(416,957	)		(269,047	)		1,758,116			6,328,204			21,551,004
Contrafund Portfolio		26,061,685		7,603,396		4,188,399		(8,500	)		(1,298,974	)		(674,588	)		(930,904	)		(1,080,950	)		194,483			7,797,879			33,859,564
Asset Manager: Growth Portfolio		692,215		139,551		23,876		(471	)		(35,162	)		—			(46,319	)		24,328			(33,748	)		105,803			798,018
Balanced Portfolio		2,415,987		544,284		17,729		(90	)		(197,482	)		(42,982	)		(97,761	)		354,946			34,360			578,644			2,994,631
Growth & Income Portfolio		1,369,397		416,068		22,748		(244	)		(60,484	)		(42,572	)		(45,948	)		7,506			(118,994	)		297,074			1,666,471
Growth Opportunities Portfolio		2,202,365		1,026,432		1,370,171		—			(735,611	)		(16,875	)		(73,544	)		1,121,830			1,665,971			2,692,403			4,894,768
Value Strategies Portfolio		3,481,341		1,117,073		475,161		(27	)		(79,061	)		(228,265	)		(86,810	)		(467,348	)		(386,350	)		730,723			4,212,064
Strategic Income Portfolio		9,340,409		883,435		2,118,504		—			(498,181	)		(468,001	)		(399,836	)		914,100			1,666,586			2,550,021			11,890,430
Emerging Markets Portfolio		3,145,115		867,411		527,790		—			(130,077	)		(56,441	)		(132,675	)		(135,470	)		73,127			940,538			4,085,653
Real Estate Portfolio		13,743,142		2,997,518		3,604,600		—			(580,427	)		(672,948	)		(532,239	)		648,297			2,467,283			5,464,801			19,207,943
Funds Manager 50% Portfolio		3,305,990		616,378		1,886,565		—			(28,214	)		—			(105,139	)		(144,030	)		1,609,182			2,225,560			5,531,550
Funds Manager 70% Portfolio		2,187,534		505,912		704,309		—			(6,693	)		(84,411	)		(70,102	)		(21,005	)		522,098			1,028,010			3,215,544
Funds Manager 85% Portfolio		881,870		200,203		254,803		—			(350,600	)		—			(46,834	)		17,838			(124,793	)		75,410			957,280
Government Money Market Portfolio Service Class 2		2,550,426		15,416		103,232		—			(260,531	)		(536,771	)		(179,605	)		2,090,184			1,216,509			1,231,925			3,782,351
American Century Variable Portfolios, Inc.
Balanced Fund		1,243,684		223,286		359,218		(23	)		(99,799	)		(64,066	)		(37,197	)		5,574			163,707			386,993			1,630,677
Capital Appreciation Fund		1,560,985		554,041		11,534		475			(71,680	)		(6,233	)		(26,341	)		314,002			221,757			775,798			2,336,783
International Fund		2,900,218		744,711		20,846		(4,373	)		(277,746	)		(88,302	)		(121,477	)		478,768			7,716			752,427			3,652,645
Value Fund		49,039,862		12,659,252		8,849,608		(4,040	)		(2,404,823	)		(2,574,519	)		(1,491,383	)		(236,545	)		2,138,298			14,797,550			63,837,412
Disciplined Core Value Fund		1,478,926		305,139		286,700		510			(199,479	)		(19,205	)		(51,163	)		(14,431	)		2,932			308,071			1,786,997
Inflation Protection Fund		5,679,743		406,676		602,025		(214	)		(570,441	)		(200,079	)		(251,604	)		(195,724	)		(616,037	)		(209,361	)		5,470,382
Large Company Value Fund		431,595		124,055		5,502		—			(13,823	)		(23,831	)		(28,445	)		86,909			26,312			150,367			581,962
Mid Cap Value Fund		20,178,339		5,765,154		5,900,733		387			(1,122,668	)		(593,643	)		(978,216	)		(159,648	)		3,046,945			8,812,099			28,990,438
Ultra Fund		4,360,242		1,258,106		358,216		—			(312,483	)		(79,212	)		(194,225	)		(543,506	)		(771,210	)		486,896			4,847,138
MFS Variable Insurance Trust
Research Series		544,784		149,489		491		—			(4,597	)		—			(13,318	)		(152,506	)		(169,930	)		(20,441	)		524,343
Growth Series		1,590,189		618,713		14,776		382			(192,372	)		(2,604	)		(26,478	)		274,949			68,653			687,366			2,277,555
Investors Trust Series		247,965		72,148		4,930		631			(2,851	)		(3,689	)		(14,284	)		8,119			(7,144	)		65,004			312,969
New Discovery Series		3,381,752		1,446,431		1,122,084		291			(197,659	)		(124,802	)		(129,331	)		269,798			940,381			2,386,812			5,768,564
Corporate Bond Portfolio		3,009,012		381,275		1,044,254		—			(147,437	)		(34,398	)		(148,971	)		(106,781	)		606,667			987,942			3,996,954
Emerging Markets Equity Portfolio		2,677,402		560,903		1,117,841		—			(96,554	)		(110,942	)		(52,072	)		(129,083	)		729,190			1,290,093			3,967,495
Technology Portfolio		3,062,555		1,088,325		827,453		—			(170,084	)		(54,488	)		(153,533	)		(63,826	)		385,522			1,473,847			4,536,402
Global Tactical Allocation Portfolio		1,019,727		135,123		102,521		—			(35,302	)		(21,834	)		(45,417	)		207,904			207,872			342,995			1,362,722
International Intrinsic Value Portfolio		11,345,060		2,772,095		2,544,044		—			(446,210	)		(328,216	)		(415,716	)		(592,458	)		761,444			3,533,539			14,878,599
Utilities Series Portfolio		8,005,693		1,960,969		1,744,015		—			(255,083	)		(226,289	)		(297,136	)		89,847			1,055,354			3,016,323			11,022,016
Blended Research Core Equity Portfolio		2,091,274		510,041		194,734		—			(14,539	)		(139,484	)		(21,543	)		(798,188	)		(779,020	)		(268,979	)		1,822,295
Global Real Estate Portfolio		—		9,896		240,595		—			—			—			(1,497	)		88,184			327,282			337,178			337,178

The accompanying notes are an integral part of these financial statements

30

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)			Net Premiums (c)		Transfers of Policy Loans (d)			Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio		1,418,592		291,932			50,482		—			(58,355	)		(15,517	)		(38,919	)		4,197			(58,112	)		233,820			1,652,412
Mid-Cap Stock Portfolio		2,017,140		402,397			37,714		(1,020	)		(165,649	)		(45,961	)		(80,339	)		(96,623	)		(351,878	)		50,519			2,067,659
International Opportunities Portfolio		5,854,396		650,258			23,734		122			(322,007	)		(117,948	)		(120,595	)		(5,967,960	)		(6,504,654	)		(5,854,396	)		—
Bond-Debenture Portfolio		17,841,186		2,194,244			3,657,965		—			(981,992	)		(515,118	)		(656,661	)		1,472,979			2,977,173			5,171,417			23,012,603
Fundamental Equity Portfolio		1,512,416		295,932			61,915		—			(28,536	)		(42,674	)		(62,327	)		20,795			(50,827	)		245,105			1,757,521
Developing Growth Portfolio		2,539,423		603,700			552,517		—			(14,409	)		(130,628	)		(68,151	)		(530,690	)		(191,361	)		412,339			2,951,762
Short Duration Income Portfolio		16,864,578		579,200			6,133,460		—			(1,700,243	)		(889,050	)		(895,259	)		(564,729	)		2,084,179			2,663,379			19,527,957
Alger Fund
LargeCap Growth Portfolio		5,649,133		1,360,000			42,789		(2,163	)		(687,854	)		(78,759	)		(170,248	)		(486,599	)		(1,382,834	)		(22,834	)		5,626,299
MidCap Growth Portfolio		3,315,112		954,979			40,023		(506	)		(279,943	)		(43,401	)		(129,396	)		544,407			131,184			1,086,163			4,401,275
Capital Appreciation Portfolio		3,107,490		924,610			41,060		—			(425,734	)		(2,561	)		(53,055	)		(72,589	)		(512,879	)		411,731			3,519,221
SmallCap Growth Portfolio		640,494		174,362			1,203		421			(44,561	)		—			(5,503	)		(41,346	)		(89,786	)		84,576			725,070
Capital Appreciation Portfolio Class S		35,116,472		10,740,212			3,194,333		—			(1,536,309	)		(1,878,558	)		(1,231,912	)		(1,661,975	)		(3,114,421	)		7,625,791			42,742,263
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio		1,951,529		596,895			132,200		291			(18,648	)		(978	)		(65,460	)		169,951			217,356			814,251			2,765,780
S&P 500 Index Portfolio		1,335,229		356,153			9,860		—			(174,315	)		(15,560	)		(42,618	)		(24,355	)		(246,988	)		109,165			1,444,394
SRI Balanced Portfolio		256,115		83,273			315,576		—			—			—			(6,490	)		320,831			629,917			713,190			969,305
Invesco Variable Insurance Funds
Technology Fund		887,568		303,096			13,495		198			(35,594	)		(8,433	)		(17,636	)		55,539			7,569			310,665			1,198,233
Managed Volatility Fund		856,720		138,779			8,139		—			(17,248	)		(21,241	)		(19,077	)		(60,051	)		(109,478	)		29,301			886,021
Diversified Dividend Fund		716,583		168,467			6,291		(25	)		(68,513	)		—			(19,323	)		1,160			(80,410	)		88,057			804,640
Health Care Fund		1,474,378		424,541			11,322		(30	)		(154,979	)		(16,003	)		(31,183	)		(13,049	)		(203,922	)		220,619			1,694,997
Global Real Estate Fund		168,990		40,853			202		—			(18,577	)		(33,644	)		(18,534	)		132,021			61,468			102,321			271,311
International Growth Fund		153,261		40,668			—		—			(18,059	)		(6,522	)		(28,334	)		172,821			119,906			160,574			313,835
Mid Cap Core Equity Fund		220,938		50,712			848		—			(10,889	)		(5,463	)		(18,602	)		57,894			23,788			74,500			295,438
J.P. Morgan Series Trust II
Core Bond Portfolio		3,189,953		160,387			23,337		(1,146	)		(417,373	)		(79,643	)		(96,319	)		(700,194	)		(1,271,338	)		(1,110,951	)		2,079,002
Small Cap Core Portfolio		1,781,995		406,518			20,144		(55	)		(160,002	)		(8,694	)		(62,613	)		209,970			(1,250	)		405,268			2,187,263
Rydex Variable Trust
Nova Fund		701,253		274,083			6,368		291			(38,576	)		(9,919	)		(5,543	)		(80,729	)		(128,108	)		145,975			847,228
NASDAQ-100 Fund		1,057,358		337,938			7,709		—			(53,347	)		(11,499	)		(13,234	)		15,952			(54,419	)		283,519			1,340,877
U.S. Government Money Market Fund		445,354		(999	)		1		—			(56,614	)		(22,372	)		(22,955	)		(218,384	)		(320,324	)		(321,323	)		124,031
Inverse S&P 500 Strategy Fund		57,051		(13,446	)		60		—			—			(201	)		(1,074	)		(732	)		(1,947	)		(15,393	)		41,658
Inverse NASDAQ-100 Strategy Fund		49,606		(14,523	)		5,133		—			—			(6,295	)		(206	)		2,072			704			(13,819	)		35,787
Inverse Government Long Bond Strategy Fund		36,479		(4,088	)		—		—			—			—			(290	)		(20,903	)		(21,193	)		(25,281	)		11,198
Government Long Bond 1.2x Strategy		155,464		58,494			49		—			(35,352	)		(3,871	)		(13,565	)		(36,550	)		(89,289	)		(30,795	)		124,669
NASDAQ-100 2x Strategy Fund		—		—			—		—			—			—			—			—			—			—			—
Inverse Dow 2x Strategy Fund		—		—			—		—			—			—			—			—			—			—			—
Rydex Variable Insurance Funds
Biotechnology Fund		5,377,373		1,187,872			207,681		—			(191,220	)		(119,046	)		(233,674	)		(170,429	)		(506,688	)		681,184			6,058,557
S&P 500 Pure Growth Fund		3,449,466		854,677			527,095		—			(99,581	)		(274,077	)		(98,600	)		(68,464	)		(13,627	)		841,050			4,290,516
S&P MidCap 400 Pure Growth Fund		1,402,480		195,111			24,660		—			(23,733	)		(9,247	)		(31,168	)		27,305			(12,183	)		182,928			1,585,408
Guggenheim Variable Insurance Funds
Long Short Equity Fund		617,103		31,467			164,239		421			(6,171	)		(8,329	)		(17,608	)		44,154			176,706			208,173			825,276
Multi-Hedge Strategies Fund		2,257,538		78,733			87,797		—			(87,013	)		(249,289	)		(81,341	)		(1,252	)		(331,098	)		(252,365	)		2,005,173
Global Managed Futures Strategy Fund		392,483		6,613			5,891		—			(2,641	)		(11,762	)		(25,275	)		1,917			(31,870	)		(25,257	)		367,226
Small Cap Value Fund		2,355,101		485,028			246,086		—			(89,132	)		(21,476	)		(105,162	)		(122,720	)		(92,404	)		392,624			2,747,725

The accompanying notes are an integral part of these financial statements

31

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)			Net Premiums (c)		Transfers of Policy Loans (d)		Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
ProFunds VP
Access VP High Yield Fund		258,731		19,566			41		—		(11,952	)		(18,320	)		(10,710	)		(92,069	)		(133,010	)		(113,444	)		145,287
Asia 30		60,652		8,504			—		—		(997	)		(2,071	)		(2,743	)		6,502			691			9,195			69,847
Banks		43,616		13,610			1		—		—			(2,926	)		(2,278	)		363			(4,840	)		8,770			52,386
Basic Materials		42,888		5,150			2		—		(11,266	)		(9,970	)		(1,836	)		1			(23,069	)		(17,919	)		24,969
Bear		87,088		(20,400	)		198		—		(9,081	)		(3,377	)		(1,916	)		2,027			(12,149	)		(32,549	)		54,539
Biotechnology		321,578		36,514			454		—		(36,264	)		(17,262	)		(16,031	)		30,080			(39,023	)		(2,509	)		319,069
Bull		687,801		218,722			1,298		—		(51,168	)		(34,205	)		(69,003	)		571,107			418,029			636,751			1,324,552
Consumer Goods		76,661		24,387			487		—		(6,548	)		—			(8,244	)		57,771			43,466			67,853			144,514
Consumer Services		123,818		28,477			27		—		(32,625	)		(1,767	)		(10,570	)		7,684			(37,251	)		(8,774	)		115,044
Dow 30		151,386		25,401			—		—		—			—			(6,750	)		(30,037	)		(36,787	)		(11,386	)		140,000
Emerging Markets		71,589		11,944			—		—		(9,142	)		—			(5,465	)		(7,984	)		(22,591	)		(10,647	)		60,942
Europe 30		70,156		9,990			2		—		(11,157	)		—			(3,702	)		(1	)		(14,858	)		(4,868	)		65,288
Falling U.S. Dollar		32,846		(1,387	)		1		—		—			—			(2,781	)		(1	)		(2,781	)		(4,168	)		28,678
Financials		49,249		11,352			—		—		(2,379	)		—			(2,265	)		17,078			12,434			23,786			73,035
Health Care		490,365		54,291			30		—		(16,246	)		(109,338	)		(18,234	)		(90,340	)		(234,128	)		(179,837	)		310,528
Industrials		110,012		32,060			106		—		(5,371	)		(13,950	)		(8,084	)		72,920			45,621			77,681			187,693
International		44,929		7,148			—		—		—			—			(6,686	)		(1	)		(6,687	)		461			45,390
Internet		385,249		62,002			444		—		(31,313	)		(73,445	)		(11,137	)		(63,728	)		(179,179	)		(117,177	)		268,072
Japan		47,826		7,628			—		—		(2,096	)		(12,496	)		(645	)		(1,366	)		(16,603	)		(8,975	)		38,851
Large-Cap Growth		740,051		178,070			585		—		(31,079	)		—			(43,245	)		24,293			(49,446	)		128,624			868,675
Large-Cap Value		439,372		100,073			482		—		(10,197	)		—			(18,483	)		58,943			30,745			130,818			570,190
Mid-Cap		2,630,056		275,135			1,604		—		(74,578	)		—			(92,896	)		238,306			72,436			347,571			2,977,627
Mid-Cap Growth		276,021		56,287			5		—		(17,853	)		(2,820	)		(29,168	)		15,338			(34,498	)		21,789			297,810
Mid-Cap Value		114,532		21,273			—		—		(19,058	)		(5,699	)		(8,933	)		(2,481	)		(36,171	)		(14,898	)		99,634
Government Money Market		5,522,693		(60,519	)		4,649		—		(280,641	)		(527,026	)		(374,001	)		(1,372,828	)		(2,549,847	)		(2,610,366	)		2,912,327
Oil & Gas		410,449		18,401			1		—		(3,471	)		(37,299	)		(20,091	)		(84,793	)		(145,653	)		(127,252	)		283,197
NASDAQ-100		685,118		211,033			446		—		(65,111	)		(34,877	)		(49,503	)		(61,726	)		(210,771	)		262			685,380
Pharmaceuticals		112,035		12,095			456		—		—			(38,819	)		(6,593	)		4,434			(40,522	)		(28,427	)		83,608
Precious Metals		580,199		248,250			202		—		(25,889	)		(87,906	)		(41,397	)		52,472			(102,518	)		145,732			725,931
Real Estate		233,780		55,243			—		—		(3,777	)		(5,907	)		(12,680	)		(16,338	)		(38,702	)		16,541			250,321
Rising Rates Opportunity		106,509		(10,413	)		—		—		(704	)		(2,793	)		(4,095	)		(52,406	)		(59,998	)		(70,411	)		36,098
Semiconductor		33,289		24,947			1		—		—			—			(5,274	)		59,807			54,534			79,481			112,770
Short Dow 30		3,664		(775	)		—		—		—			—			(66	)		(2	)		(68	)		(843	)		2,821
Short Emerging Markets		—		—			—		—		—			—			—			—			—			—			—
Short International		19,689		(3,198	)		1		—		(6,040	)		(2,854	)		(47	)		62			(8,878	)		(12,076	)		7,613
Short Mid-Cap		3,990		(1,022	)		—		—		—			—			(63	)		102			39			(983	)		3,007
Short NASDAQ-100		405		(121	)		—		—		—			—			(42	)		1			(41	)		(162	)		243
Short Small-Cap		20,735		(3,911	)		—		—		(7,513	)		(3,585	)		(118	)		107			(11,109	)		(15,020	)		5,715
Small-Cap		209,307		42,382			1		—		(51,096	)		(2,695	)		(22,826	)		109,159			32,543			74,925			284,232
Small-Cap Growth		257,385		39,533			25		—		(18,582	)		(9,392	)		(15,432	)		(32,327	)		(75,708	)		(36,175	)		221,210
Small-Cap Value		86,612		16,387			31		—		—			—			(6,117	)		306			(5,780	)		10,607			97,219
Technology		152,767		76,703			139		—		(6,493	)		(3,512	)		(13,663	)		115,467			91,938			168,641			321,408
Telecommunications		13,550		1,763			2		—		—			(4,735	)		(5,938	)		364			(10,307	)		(8,544	)		5,006
U.S. Government Plus		257,704		18,751			199		—		(2,110	)		(30,229	)		(9,719	)		(87,523	)		(129,382	)		(110,631	)		147,073
UltraBull		466,571		241,316			485		—		(45,128	)		(54,136	)		(9,715	)		(5,644	)		(114,138	)		127,178			593,749
UltraMid-Cap		610,133		259,876			—		—		(26,876	)		(1,360	)		(16,872	)		(412,165	)		(457,273	)		(197,397	)		412,736
UltraNASDAQ-100		346,340		224,017			—		—		(69,358	)		(87,511	)		(14,487	)		67,109			(104,247	)		119,770			466,110
UltraShort Dow 30		3,200		(6,934	)		1		—		—			—			—			5,623			5,624			(1,310	)		1,890
UltraShort NASDAQ-100		4,703		2,617			—		—		—			—			—			(5,108	)		(5,108	)		(2,491	)		2,212
UltraSmall-Cap		137,118		69,545			486		—		(12,128	)		(42,712	)		(1,105	)		(11,205	)		(66,664	)		2,881			139,999
Utilities		78,896		21,753			1,097		—		(4,481	)		(8,402	)		(19,694	)		17,988			(13,492	)		8,261			87,157

The accompanying notes are an integral part of these financial statements

32

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)			Net Premiums (c)		Transfers of Policy Loans (d)			Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
VanEck Worldwide Insurance Trust
Global Hard Assets Fund		5,266,523		522,916			117,956		349			(351,436	)		(76,345	)		(129,484	)		301,064			(137,896	)		385,020			5,651,543
Emerging Markets Fund		1,457,114		410,141			17,924		133			(121,732	)		(13,518	)		(34,595	)		(92,880	)		(244,668	)		165,473			1,622,587
Emerging Markets Bond Fund		492,835		58,517			5,501		—			(61,857	)		(80	)		(7,439	)		(25,616	)		(89,491	)		(30,974	)		461,861
Janus Henderson Series
Global Technology and Innovation Portfolio		3,437,928		1,530,270			1,113,788		—			(243,845	)		(1,675	)		(107,102	)		(124,118	)		637,048			2,167,318			5,605,246
Overseas Portfolio		395,000		97,908			15,601		—			(19,382	)		—			(5,350	)		4,525			(4,606	)		93,302			488,302
Research Portfolio		464,875		136,378			34,203		—			(1,097	)		—			(21,365	)		(76,893	)		(65,152	)		71,226			536,101
Enterprise Services Portfolio		16,238,499		5,703,336			6,020,510		—			(1,012,503	)		(1,094,077	)		(595,798	)		(394,128	)		2,924,004			8,627,340			24,865,839
Global Research Portfolio		683,618		202,391			288,564		—			(11,486	)		(178,495	)		(6,952	)		(8,373	)		83,258			285,649			969,267
Mid Cap Value Portfolio		2,579,014		751,461			435,319		—			(232,111	)		(109,661	)		(149,036	)		202,508			147,019			898,480			3,477,494
Balanced Portfolio		24,628,415		5,943,506			12,307,554		—			(890,938	)		(1,116,750	)		(1,124,952	)		1,576,346			10,751,260			16,694,766			41,323,181
Flexible Bond Portfolio		5,303,727		403,872			2,172,048		—			(357,502	)		(113,537	)		(186,997	)		(227,087	)		1,286,925			1,690,797			6,994,524
GI Unconstrained Bond Portfolio		942,017		(9,473	)		113		—			—			(12,643	)		(240	)		(919,774	)		(932,544	)		(942,017	)		—
PIMCO Variable Insurance Trust
Total Return Portfolio		47,287,227		3,180,673			4,931,328		(6,358	)		(2,960,962	)		(1,668,926	)		(2,026,570	)		1,319,963			(411,525	)		2,769,148			50,056,375
Low Duration Portfolio		24,682,261		625,999			5,597,025		—			(1,021,953	)		(972,764	)		(1,152,376	)		(2,468,454	)		(18,522	)		607,477			25,289,738
High Yield Portfolio		7,294,631		1,069,806			1,512,168		41			(573,484	)		(195,992	)		(298,297	)		3,069,784			3,514,220			4,584,026			11,878,657
Real Return Portfolio		20,301,950		1,378,083			2,658,714		—			(737,626	)		(943,364	)		(730,955	)		(405,744	)		(158,975	)		1,219,108			21,521,058
All Asset Portfolio		4,586,867		436,737			41,041		—			(88,514	)		(426,382	)		(140,419	)		(59,106	)		(673,380	)		(236,643	)		4,350,224
Global Managed Asset Allocation Portfolio		440,541		69,801			104,616		—			(17,467	)		(61,200	)		(28,929	)		62,364			59,384			129,185			569,726
Short-Term Portfolio		47,247,593		583,785			6,604,106		—			(2,575,487	)		(3,308,057	)		(2,174,326	)		(1,581,787	)		(3,035,551	)		(2,451,766	)		44,795,827
Emerging Markets Bond Portfolio		1,578,041		215,717			299,962		—			(49,564	)		(36,984	)		(63,922	)		44,312			193,804			409,521			1,987,562
Global Bond Opportunities Portfolio		341,868		15,736			6,433		—			(5,830	)		—			(12,861	)		6,392			(5,866	)		9,870			351,738
Commodity Real Return Strategy Portfolio		5,142,150		500,758			159,276		—			(248,664	)		(283,621	)		(175,360	)		149,670			(398,699	)		102,059			5,244,209
International Bond (USD-Hedged) Portfolio		1,539,607		90,972			448,026		—			(24,484	)		(20,691	)		(82,419	)		66,014			386,446			477,418			2,017,025
Dynamic Bond Adv Portfolio		2,152,016		75,385			375,609		—			(48,301	)		(216,117	)		(71,050	)		307,361			347,502			422,887			2,574,903
Income Advisor Portfolio		24,253,965		1,910,546			9,007,561		—			(546,277	)		(107,639	)		(1,588,128	)		1,128,286			7,893,803			9,804,349			34,058,314
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund		1,611,852		351,351			28,093		(837	)		(204,443	)		(30,002	)		(64,134	)		(69,700	)		(341,023	)		10,328			1,622,180
Large Cap Value Fund		601,559		58,665			6,384		—			(7,547	)		—			(3,432	)		(410,340	)		(414,935	)		(356,270	)		245,289
Mid Cap Value Fund		2,714,840		774,606			34,542		(107	)		(309,574	)		(20,765	)		(113,032	)		176,236			(232,700	)		541,906			3,256,746
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio		608,374		200,068			10,643		—			(70,808	)		—			(15,919	)		259,439			183,355			383,423			991,797
AMT Mid Cap Intrinsic Value Portfolio		208,610		29,639			6,149		—			(3,820	)		—			(2,632	)		109,235			108,932			138,571			347,181
BNY Mellon Variable Investment Fund
Appreciation Portfolio		278,795		91,600			484		—			(1,925	)		—			(33,224	)		21,649			(13,016	)		78,584			357,379
International Value Portfolio		33,455		4,095			1		—			(2,138	)		—			(23,639	)		778			(24,998	)		(20,903	)		12,552
Sustainable U.S. Equity Portfolio		29,142		11,217			456		—			—			—			(1,514	)		15,739			14,681			25,898			55,040
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio		485,152		106,169			163		—			(53,088	)		(39,369	)		(54,457	)		146,545			(206	)		105,963			591,115
Value Opportunities Fund		48,247		10,320			—		—			(5,230	)		—			(915	)		(26,608	)		(32,753	)		(22,433	)		25,814
American Value Fund		136,422		28,718			—		—			(548	)		—			(9,185	)		2,237			(7,496	)		21,222			157,644
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio		104,046		10,779			105		—			(1,141	)		(29,002	)		(20,759	)		(545	)		(51,342	)		(40,563	)		63,483
Emerging Markets Equity Portfolio		318,320		36,954			229		—			(17,650	)		(46,802	)		(38,745	)		(42,822	)		(145,790	)		(108,836	)		209,484
Discovery Portfolio		134,709		55,939			1		—			(10,023	)		—			(4,449	)		(93,421	)		(107,892	)		(51,953	)		82,756
U.S. Real Estate Portfolio		148,599		21,970			467		—			(13,308	)		(36,997	)		(8,551	)		9,202			(49,187	)		(27,217	)		121,382

The accompanying notes are an integral part of these financial statements

33

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)			Net Premiums (c)		Transfers of Policy Loans (d)		Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
Northern Lights Variable Trust
Power Income Fund		1,086,635		61,673			10,010		—		(76,668	)		(247,775	)		(19,435	)		4,676			(329,192	)		(267,519	)		819,116
Power Dividend Index Fund		13,943,760		(664,520	)		3,476,332		—		(451,368	)		(2,541	)		(857,224	)		(7,219,380	)		(5,054,181	)		(5,718,701	)		8,225,059
AB Variable Products Series
Real Estate Investment Portfolio		1,929,587		247,000			1,690		—		(54,606	)		—			(12,344	)		(2,111,327	)		(2,176,587	)		(1,929,587	)		—
Dynamic Asset Allocation Portfolio		909,782		231,616			1,990,360		—		(6,115	)		(24,416	)		(68,455	)		6,638			1,898,012			2,129,628			3,039,410
Small Cap Growth Portfolio		44,952		15,481			—		—		(4,658	)		—			(4,421	)		17,461			8,382			23,863			68,815
Small Mid Cap Value Portfolio		2,119,867		417,109			703,106		—		(72,227	)		(99,234	)		(73,099	)		(38,396	)		420,150			837,259			2,957,126
BlackRock Variable Series Fund, Inc.
Basic Value Fund		3,248,128		656,927			181,326		—		(221,530	)		(345,137	)		(68,273	)		(100,914	)		(554,528	)		102,399			3,350,527
Capital Appreciation Fund		888,609		249,081			2,818		—		(27,348	)		(151,054	)		(18,567	)		(22,548	)		(216,699	)		32,382			920,991
Equity Dividend Fund		11,414,294		3,090,750			2,575,181		—		(622,021	)		(547,448	)		(480,172	)		808,411			1,733,951			4,824,701			16,238,995
Global Allocation Fund		14,193,918		2,178,368			763,980		—		(470,583	)		(919,984	)		(355,080	)		(671,752	)		(1,653,419	)		524,949			14,718,867
Advantage Large Cap Core Fund		754,291		174,921			5,198		—		(12,188	)		(221,873	)		(26,495	)		1,961			(253,397	)		(78,476	)		675,815
Large Cap Focus Growth Fund		3,549,201		1,402,847			2,017,428		—		(103,091	)		(137,557	)		(58,726	)		1,128,844			2,846,898			4,249,745			7,798,946
60/40 Target Allocation ETF Fund		1,124,633		387,594			2,177,523		—		(66,706	)		(251,941	)		(69,078	)		141,456			1,931,254			2,318,848			3,443,481
Total Return Portfolio		46,347		12,176			1,009,699		—		—			—			—			33,606			1,043,305			1,055,481			1,101,828
S&P 500 Portfolio		424,266		203,745			732,839		—		—			—			(4,272	)		(20,794	)		707,773			911,518			1,335,784
Columbia Variable Portfolio
Contrarian Core 2 Portfolio		3,121,580		945,048			388,547		—		(142,201	)		(177,323	)		(112,196	)		(127,842	)		(171,015	)		774,033			3,895,613
Dividend Opportunity Portfolio		3,096,000		720,874			727,096		—		(126,603	)		(88,458	)		(169,694	)		(19,096	)		323,245			1,044,119			4,140,119
Emerging Markets Bond Portfolio		7,541,962		773,148			130,115		—		(253,069	)		(456,733	)		(247,657	)		(296,897	)		(1,124,241	)		(351,093	)		7,190,869
High Yield Portfolio		3,905,408		570,790			234,683		—		(206,984	)		(211,286	)		(164,163	)		466,028			118,278			689,068			4,594,476
Select Large-Cap Value Portfolio		916,799		252,355			125,090		—		—			(1,290	)		(12,083	)		81,213			192,930			445,285			1,362,084
Seligman Global Tech Portfolio		1,010,282		628,822			834,201		—		(2,263	)		(12,132	)		(52,014	)		98,184			865,976			1,494,798			2,505,080
US Government Mortgage Portfolio		133,229		7,645			345,104		—		—			—			(6,813	)		211,037			549,328			556,973			690,202
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio		17,052,810		5,569,987			8,733,194		—		(1,016,129	)		(818,173	)		(595,840	)		146,987			6,450,039			12,020,026			29,072,836
Small Cap Index Portfolio		3,215,472		835,538			1,222,446		—		(173,806	)		(168,499	)		(78,012	)		422,354			1,224,483			2,060,021			5,275,493
Alternative Asset Allocation Portfolio		1,702,929		200,265			89,123		—		(45,776	)		(295,072	)		(63,463	)		(141,323	)		(456,511	)		(256,246	)		1,446,683
Global Small Cap Portfolio		319,339		61,622			1,815		—		(15,115	)		(9,924	)		(23,853	)		77,645			30,568			92,190			411,529
Small Mid Cap Value Portfolio		4,793,463		910,586			207,368		—		(161,257	)		(281,193	)		(133,771	)		(87,047	)		(455,900	)		454,686			5,248,149
CROCI US Portfolio		253,619		70,408			—		—		(395	)		(25,004	)		(15,022	)		(17,687	)		(58,108	)		12,300			265,919
Eaton Vance Variable Trust
Floating Rate Income Portfolio		23,552,140		1,317,693			4,307,367		—		(2,439,854	)		(692,761	)		(1,387,250	)		(102,422	)		(314,920	)		1,002,773			24,554,913
Delaware Variable Insurance Portfolios
Total Return Portfolio		308,840		63,817			—		—		(3,790	)		—			(3,460	)		46,456			39,206			103,023			411,863
International Portfolio		1,155,473		282,583			159,889		—		(58,445	)		(31,119	)		(23,263	)		(76,866	)		(29,804	)		252,779			1,408,252
Opportunity Portfolio		10,459,941		2,859,620			189,303		—		(382,700	)		(664,203	)		(275,062	)		(204,475	)		(1,337,137	)		1,522,483			11,982,424
Covered Call Strategy Portfolio		104,813		21,064			9,000		—		—			(2,409	)		(1,214	)		1,918			7,295			28,359			133,172
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund		6,165,205		1,269,702			478,233		—		(169,978	)		(414,244	)		(231,290	)		49,530			(287,749	)		981,953			7,147,158
Income Fund		19,446,807		2,825,884			2,460,166		—		(531,963	)		(488,583	)		(768,767	)		215,819			886,672			3,712,556			23,159,363

The accompanying notes are an integral part of these financial statements

34

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)			Net Premiums (c)		Transfers of Policy Loans (d)		Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
Global Bond Fund		29,381,151		205,712			5,043,294		—		(1,486,495	)		(1,245,452	)		(1,060,527	)		407,274			1,658,094			1,863,806			31,244,957
Foreign Fund		32,674,138		3,757,537			4,087,041		—		(1,441,673	)		(1,917,830	)		(1,004,348	)		1,277,164			1,000,354			4,757,891			37,432,029
Developing Markets Fund		3,508,427		810,004			273,139		—		(216,001	)		(211,670	)		(109,178	)		(333,506	)		(597,216	)		212,788			3,721,215
Mutual Global Discovery Fund		6,229,211		1,380,885			381,892		—		(182,731	)		(330,667	)		(155,959	)		(272,614	)		(560,079	)		820,806			7,050,017
Rising Dividends Fund		16,561,268		4,514,809			2,384,642		—		(661,591	)		(517,925	)		(667,941	)		(478,448	)		58,737			4,573,546			21,134,814
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio		4,214,265		813,959			60,654		—		(117,104	)		(116,929	)		(174,131	)		(78,041	)		(425,551	)		388,408			4,602,673
Balanced Portfolio		6,889,458		1,384,916			224,813		—		(126,710	)		(74,164	)		(239,358	)		(86,196	)		(301,615	)		1,083,301			7,972,759
Global Equity Income Portfolio		1,082,235		226,911			595		—		—			(15,588	)		(20,578	)		(61,505	)		(97,076	)		129,835			1,212,070
Energy Portfolio		1,082,284		(38,022	)		169,592		—		(46,094	)		(7,376	)		(22,162	)		321,349			415,309			377,287			1,459,571
Global Bond Portfolio		981,104		77,421			124,326		—		(28,522	)		(17,987	)		(28,519	)		(13,968	)		35,330			112,751			1,093,855
Natural Resources Portfolio		615,557		61,090			79,583		—		(25,511	)		(28,846	)		(20,240	)		176,406			181,392			242,482			858,039
Growth Portfolio		2,540,547		860,736			376,678		—		(224,031	)		(88,802	)		(102,194	)		127,068			88,719			949,455			3,490,002
High Income Portfolio		12,671,462		1,300,333			2,307,297		—		(773,280	)		(452,602	)		(563,481	)		(661,823	)		(143,889	)		1,156,444			13,827,906
International Core Equity Portfolio		6,287,420		1,101,261			1,264,046		—		(294,007	)		(486,837	)		(166,545	)		(16,807	)		299,850			1,401,111			7,688,531
Global Growth Portfolio		619,413		153,798			119,967		—		(3,831	)		(9,710	)		(19,650	)		(6,916	)		79,860			233,658			853,071
Mid Cap Growth Portfolio		5,076,728		1,738,013			1,076,690		—		(117,487	)		(86,754	)		(187,959	)		(154,169	)		530,321			2,268,334			7,345,062
Science and Technology Portfolio		6,792,018		3,324,695			2,130,734		—		(276,564	)		(424,983	)		(295,353	)		(247,771	)		886,063			4,210,758			11,002,776
Small Cap Growth Portfolio		4,274,134		930,434			1,688,397		—		(279,792	)		(178,500	)		(179,600	)		7,796			1,058,301			1,988,735			6,262,869
Small Cap Core Portfolio		9,753,034		2,211,047			1,554,940		—		(335,524	)		(485,498	)		(318,066	)		(270,975	)		144,877			2,355,924			12,108,958
Lazard Retirement Series, Inc.
International Equity Portfolio		809,568		167,908			134,993		—		(7,093	)		—			(28,352	)		(10,400	)		89,148			257,056			1,066,624
Global Dynamic Multi Asset Portfolio		1,480,104		222,893			95,737		—		(44,084	)		(185,240	)		(37,292	)		(108,488	)		(279,367	)		(56,474	)		1,423,630
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio		740,055		102,402			170,135		—		(20,624	)		(8,577	)		(41,977	)		275,134			374,091			476,493			1,216,548
ClearBridge Variable Mid Cap Portfolio		6,854,418		2,129,938			1,300,445		—		(380,630	)		(356,551	)		(239,048	)		(346,459	)		(22,243	)		2,107,695			8,962,113
ClearBridge Variable Dividend Strategy Portfolio		10,619,124		3,284,874			2,084,458		—		(343,897	)		(542,065	)		(700,450	)		8,138,974			8,637,020			11,921,894			22,541,018
ClearBridge Variable Small Cap Growth Portfolio		3,162,135		828,897			657,558		—		(202,703	)		(161,810	)		(121,050	)		(59,627	)		112,368			941,265			4,103,400
ClearBridge Variable Aggressive Growth Portfolio		887,811		205,211			40,127		—		(38,372	)		—			(53,669	)		53,582			1,668			206,879			1,094,690
Western Asset Variable Core Bond Plus Portfolio		55,352,016		5,971,617			15,231,009		—		(1,924,736	)		(2,562,387	)		(2,136,494	)		(1,289,762	)		7,317,630			13,289,247			68,641,263
ClearBridge Variable Large Cap Growth Portfolio		8,584,085		2,885,628			4,631,396		—		(556,315	)		(535,728	)		(314,047	)		(278,967	)		2,946,339			5,831,967			14,416,052
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy Portfolio		422,692		57,232			3,341		—		—			(14,532	)		(9,029	)		(29,486	)		(49,706	)		7,526			430,218
Pioneer Variable Contracts Trust
Fund Portfolio		582,979		162,804			7,024		—		(15,128	)		—			(7,702	)		(40,993	)		(56,799	)		106,005			688,984
Bond Portfolio		40,731,920		3,099,757			7,560,645		—		(1,719,022	)		(2,040,378	)		(1,315,263	)		77,076			2,563,058			5,662,815			46,394,735
Strategic Income Portfolio		11,954,464		961,738			2,309,881		—		(752,028	)		(620,721	)		(644,891	)		29,053			321,294			1,283,032			13,237,496
Equity Income Portfolio		10,079,474		2,489,857			2,108,544		—		(249,986	)		(296,856	)		(291,843	)		3,778			1,273,637			3,763,494			13,842,968
High Yield Portfolio		1,201,429		147,725			7,621		—		(36,757	)		(20,681	)		(46,526	)		(20,857	)		(117,200	)		30,525			1,231,954
Prudential Series Funds
Jennison 20/20 Focus Portfolio		289,459		81,106			233		—		—			(12,355	)		(3,320	)		39,911			24,469			105,575			395,034
Natural Resources Portfolio		512,795		42,841			9,073		—		(14,887	)		(22,581	)		(7,590	)		370,420			334,435			377,276			890,071
SP Prudential US Emerging Growth Portfolio		419,675		128,909			—		—		(29,163	)		—			(12,408	)		(136,623	)		(178,194	)		(49,285	)		370,390
Royce Capital Fund
Micro-Cap Portfolio		439,782		76,450			340		—		(24,543	)		(1,712	)		(6,641	)		(10,322	)		(42,878	)		33,572			473,354
Small Cap Portfolio		8,283,097		1,368,832			429,480		—		(407,402	)		(422,551	)		(431,265	)		73,048			(758,690	)		610,142			8,893,239
Alps Fund
Alerian Energy Infrastructure Portfolio		1,546,879		292,343			134,179		—		(17,192	)		(205,705	)		(19,106	)		28,153			(79,671	)		212,672			1,759,551
Red Rocks Global Opportunity Portfolio		1,177,653		423,075			238,092		—		(148,883	)		(50,651	)		(43,684	)		(12,540	)		(17,666	)		405,409			1,583,062

The accompanying notes are an integral part of these financial statements

35

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting from Operations (b)		Net Premiums (c)		Transfers of Policy Loans (d)		Transfers of Surrenders (e)			Transfers of Death Benefits (f)			Transfers of Other Terminations (g)			Interfund and Net Transfers (to) from General Account (h)			Net Increase (Decrease) in Net Assets from Capital Share Transactions (i)=(c+d+e+f+g+h)			Total Increase (Decrease) in Net Assets (j)=(b+i)			Net Assets End of Year (k)=(a+j)
American Funds IS
Asset Allocation Fund		41,272,047		8,978,090		21,000,423		—		(871,824	)		(2,834,643	)		(1,510,225	)		1,094,664			16,878,395			25,856,485			67,128,532
Blue Chip Income and Growth Fund		24,755,085		5,122,704		7,120,107		—		(809,935	)		(1,518,957	)		(996,235	)		(89,866	)		3,705,114			8,827,818			33,582,903
Ultra-Short Bond Fund		11,075,480		8,769		4,634,286		—		(2,695,822	)		(369,474	)		(474,890	)		(1,133,069	)		(38,969	)		(30,200	)		11,045,280
Capital Income Builder Fund		13,739,071		2,304,563		2,551,359		—		(257,455	)		(549,235	)		(327,557	)		(227,399	)		1,189,713			3,494,276			17,233,347
Global Growth Fund		6,906,376		2,554,774		3,175,980		—		(164,727	)		(399,476	)		(212,351	)		128,994			2,528,420			5,083,194			11,989,570
Global Growth and Income Fund		8,809,205		2,550,931		1,924,406		—		(107,706	)		(1,466,812	)		(255,160	)		(20,513	)		74,215			2,625,146			11,434,351
Global Small Capitalization Fund		3,041,269		948,096		1,186,939		—		(28,639	)		(344,364	)		(101,138	)		(49,756	)		663,042			1,611,138			4,652,407
Growth Fund		21,307,468		6,375,363		4,693,010		—		(838,874	)		(1,248,892	)		(513,071	)		106,609			2,198,782			8,574,145			29,881,613
Growth-Income Fund		24,681,484		6,468,508		7,624,972		—		(753,376	)		(1,231,422	)		(686,857	)		391,914			5,345,231			11,813,739			36,495,223
International Fund		6,210,405		1,314,414		1,298,040		—		(129,490	)		(438,288	)		(108,255	)		(349,864	)		272,143			1,586,557			7,796,962
International Growth and Income Fund		4,886,791		1,086,385		1,306,171		—		(246,845	)		(59,684	)		(136,209	)		49,099			912,532			1,998,917			6,885,708
New World Fund		22,371,637		6,246,967		5,487,418		—		(956,513	)		(1,223,464	)		(732,556	)		(603,395	)		1,971,490			8,218,457			30,590,094
U.S. Government/AAA-Rated Securities Fund		9,996,749		390,390		5,513,579		—		(529,156	)		(835,439	)		(181,503	)		157,619			4,125,100			4,515,490			14,512,239
Invesco Oppenheimer
Total Return Bond Fund		1,381,911		111,768		1,020,305		—		(2,671	)		(41,590	)		(65,816	)		93,217			1,003,445			1,115,213			2,497,124
Discovery Mid Cap Growth Fund		1,200,322		496,850		628,500		—		(21,206	)		(76,387	)		(88,148	)		397,581			840,340			1,337,190			2,537,512
Global Multi-Alternatives Fund		87,065		2,819		—		—		—			—			(1,557	)		(88,327	)		(89,884	)		(87,065	)		—
Global Fund		3,736,216		1,109,144		1,099,014		—		(161,194	)		(8,593	)		(159,568	)		(598,971	)		170,688			1,279,832			5,016,048
International Growth Fund		6,284,910		1,970,033		3,928,824		—		(290,475	)		(285,452	)		(213,150	)		57,762			3,197,509			5,167,542			11,452,452
Main Street Fund		5,103,092		1,740,295		2,711,146		—		(176,680	)		(58,592	)		(130,821	)		506,779			2,851,832			4,592,127			9,695,219
Main Street Small Cap Fund		3,567,016		919,604		854,601		—		(76,690	)		(189,301	)		(94,388	)		8,075			502,297			1,421,901			4,988,917
T. Rowe Price
Blue Chip Growth Portfolio		24,860,206		7,656,991		11,235,855		—		(836,514	)		(1,022,597	)		(863,380	)		680,379			9,193,743			16,850,734			41,710,940
Health Sciences Portfolio		10,053,170		3,080,585		4,765,939		—		(353,392	)		(147,556	)		(364,667	)		(1,053,013	)		2,847,311			5,927,896			15,981,066
John Hancock Variable Insurance Trust
Financial Industries Portfolio		143,851		72,287		215,307		—		—			—			(3,077	)		72,337			284,567			356,854			500,705
Fundamental All Cap Core Portfolio		49,138		17,912		1,575		—		—			—			—			8,649			10,224			28,136			77,274
Select Bond Portfolio		3,876		2,871		74,936		—		(60,825	)		—			(2,641	)		140,940			152,410			155,281			159,157
Strategic Income Opportunities Portfolio		86,302		13,106		172,256		—		—			—			(2,292	)		12,952			182,916			196,022			282,324
Federated Hermes
High Income Bond Portfolio		—		9,510		288,364		—		—			—			(2,479	)		51,390			337,275			346,785			346,785
Kaufmann Portfolio		—		40,059		583,815		—		—			—			(3,063	)		119,377			700,129			740,188			740,188
Managed Volatility Portfolio		—		1,408		24,574		—		—			—			—			1			24,575			25,983			25,983

The accompanying notes are an integral part of these financial statements

36

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 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 nine 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”), J.P. Morgan Series Trust II (“JP”), Rydex Variable Trust (“RYDEX”), 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 Insurance Fund (“BNY”), the Invesco Van Kampen Variable Insurance Funds (“IVKVI”), 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 Portfolio (“DEL”), the Franklin Templeton Variable Insurance Products Trust (“FTVIP”), the Ivy Funds Variable Insurance Portfolios (“IVY VIP”), the Lazard Retirement Series, Inc. (“LRS”), the Legg Mason Partners Variable Equity Trust (“LMVET”), the QS Legg Mason Partners Variable Income Trust (“LMVIT”), the Pioneer Variable Contracts Trust (“PIONEER VCT”), the Prudential Series Funds (“PRUDENTIAL”), the Royce Capital Fund

(“ROYCE”), the Guggenheim Variable Insurance Funds (“GVIF”), the Rydex Variable Insurance Funds (“RYDEX VIF”), the Alps Fund (“ALPS”), the American Funds IS (“AFIS”), the Invesco Oppenheimer (“INV OPP”), the T. Rowe Price (“T. ROWE”) and the John Hancock Variable Insurance Trust (“JHVIT”), (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. During 2019 the Separate Account began offering a new portfolio of funds, provided by Federated Hermes (“FED H”).

Effective April 29, 2016, the LMVET ClearBridge Variable Mid Cap Core Portfolio will be renamed the LMVET ClearBridge Variable Mid Cap Portfolio.

Effective May 1, 2016, several funds had name changes. The PF Money Market Portfolio was renamed the PF Government Money Market Portfolio, the Van Eck Emerging Markets Fund was renamed the VanEck Emerging Markets Fund, the Van Eck Unconstrained Emerging Markets Bond Fund was renamed the VanEck Unconstrained Emerging Markets Bond Fund, the Van Eck Global Hard Assets Fund was renamed the VanEck Global Hard Assets Fund, and the AFIS Cash Management Fund was renamed the AFIS Ultra-Short Bond Fund.

37

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Effective May 1, 2016, the TVF Directional Allocation Portfolio was closed to new investors and on June 6, 2016 the portfolio was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Transparent Value. 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 not transferred when the fund closed were moved to the American Fund IS Cash Management Fund.

Effective June 28, 2016, the EVVT Bond Initial Portfolio was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Eaton Vance 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 not transferred when the fund closed were moved the American Funds IS UltraShort Fund.

Effective September 23, 2016, the CAM SRI Large Cap Core Portfolio merged with the CAM S&P 500 Index Portfolio.

Effective September 30, 2016, the Ivy Funds Variable Insurance Portfolios (“IVY VIP”) was renamed the Ivy Variable Insurance Portfolios (“IVY VIP”).

Effective November 30, 2016, the RYDEX Nova Fund had a share split as shown in the following table.

	Split Ratio
Fund	(New to Old Shares)
RYDEX Nova Fund		2:1

Effective November 30, 2016, several RYDEX funds had reverse share splits as shown in the following table.

	Split Ratio
Fund	(New to Old Shares)
RYDEX Inverse Dow 2x Strategy Fund		1:3
RYDEX Inverse Government Long Bond Strategy Fund		1:3
RYDEX Inverse NASDAQ-100 Strategy Fund		1:4
RYDEX Inverse S&P 500 Strategy Fund		1:6

Effective December 2, 2016, several PF funds had reverse share splits as shown in the following table.

	Split Ratio
Fund	(New to Old Shares)
PF Japan Portfolio		1:4
PF Telecommunications Portfolio		1:4
PF Bear Portfolio		1:5
PF Short Mid-Cap Portfolio		1:8
PF Rising Rates Opportunity Portfolio		1:10

Effective December 31, 2016, Eaton Vance Corporation acquired the assets of Calvert Investment Management, Inc. The announcement of acquisition was done on October 21, 2016.

38

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Effective January 13, 2017, the EVVT Large Cap Value Portfolio was closed to new investors and on April 28, 2017 the portfolio was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Eaton Vance 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 April 28, 2017 were transferred to the American Funds IS UltraShort Fund.

Effective February 7, 2017, the NLVT Adaptive Allocation Portfolio 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 2/28/2017 were transferred to the Profunds Government Money Market.

Effective March 3, 2017, the IVY VIP Small Cap Value Portfolio was renamed the IVY VIP Small Cap Core Portfolio.

Effective April 28, 2017, the JANUS Janus Portfolio was renamed the JANUS Research Portfolio, the OPP Core Bond Fund was renamed the OPP Total Return Bond Fund, and the IVY VIP Global Natural Resources Portfolio was renamed the IVY VIP Natural Resources Portfolio.

Effective May 1, 2017, the DEUT VIP Large Cap Value Portfolio was renamed the DEUT VIP CROCI US Portfolio, the Dreyfus Socially Responsible Growth Portfolio was renamed the Dreyfus Sustainable U.S. Equity Portfolio, and the Morgan Stanley Universal Institutional Funds was renamed MSVIF.

Effective June 2, 2017, the Janus Aspen Series Portfolios was renamed the JANUS and the JANUS Global Unconstrained Bond Portfolio was renamed he JANUS GI Unconstrained Bond Portfolio and the JANUS Perkins Mid Cap Value Portfolio was renamed the JANUS Mid Cap Value Portfolio.

Effective June 12, 2017, the BRVS Large Cap Core Fund was renamed the BRVS Advantage Large Cap Core Fund and the BRVS Large Cap Growth Fund was renamed the BRVS Large Cap Focus Growth Fund.

The LMVET Clearbridge Variable Large Cap Growth Portfolio, the CVP Select Large-Cap Value Portfolio, the CVP Seligman Global Tech Portfolio, the CVP US Government Mortgage Portfolio, the First Investor Life Series (“FILS”) Covered Call Strategy Portfolio, the PIMCO Income Advisor Portfolio, and the NLVT Power Dividend Index Fund were introduced effective August 1, 2017.

Effective August 1, 2017, the DEUT VIP Global Small Cap Portfolio, the VIPF Overseas Portfolio, the IVY VIP Asset Strategy Portfolio, the IVY VIP Dividend Opportunities Portfolio, the IVY VIP Global Growth Portfolio, the JANUS Research Portfolio, the JANUS Overseas Portfolio, the PIONEER VCT Fund Portfolio, the PIONEER VCT High Yield Portfolio, the NLVT Power Income Fund, the LMVIT Dynamic Multi-Strategy Portfolio, and the ROYCE Micro-Cap Portfolio were closed to new investors. All policyowners were be given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge.

39

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Effective December 11, 2017, two PF funds had reverse share splits as shown in the following table.

	Split Ratio
Fund	(New to Old Shares)
PF Short Emerging Markets Portfolio		1:5
PF UltraShort NASDAQ-100 Portfolio		1:8

Effective March 29, 2018 the BRVS iShares Equity Appreciation Fund and the BRVS iShares Dynamic Fixed Income Fund were liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of BlackRock Variable 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 3/29/2018 were transferred to the American Funds IS Ultra-Short Bond fund.

Effective April 30, 2018 the INV Global Health Care Fund was renamed the INV Health Care Fund and the IVY VIP Dividend Opportunities Portfolio was renamed IVY VIP Global Equity Income Portfolio.

Effective May 1, 2018 the IVY VIP Balanced Portfolio, the PRUDENTIAL Natural Resources Portfolio, and the PRUDENTIAL SP Prudential US Emerging Growth Portfolio were closed to new investors.

Effective May 1, 2018 the Separate Account began offering a new portfolio of funds, provided by JHVIT. The funds available under this portfolio include the JHVIT Financial Industries Portfolio, the JHVIT Fundamental All Cap Core Portfolio, the JHVIT Select Bond Portfolio, and the JHVIT Strategic Income Opportunities Portfolio. In addition, the CAM SRI Balanced Portfolio was introduced on May 1, 2018.

Effective June 18, 2018 the BRVS Total Return Portfolio and the BRVS S&P 500 Portfolio were introduced.

Effective July 2, 2018 the Deutsche Variable Insurance Portfolio was renamed the DWS Variable Insurance Portfolios.

Effective July 30, 2018 the PIMCO Foreign Bond (USD-Hedged) Portfolio was renamed the PIMCO International Bond (USD-Hedged) Portfolio, the PIMCO Unconstrained Bond Adv Portfolio was renamed the PIMCO Dynamic Bond Adv Portfolio, and the PIMCO Global Bond Unhedged Portfolio was renamed the PIMCO Global Bond Opportunities Portfolio.

Effective July 15, 2018 the BRVS iShares Alternative Strategies Fund was closed to new investors and on August 31, 2018 the fund was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of BlackRock Variable 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 August 31, 2018 were transferred to the American Funds IS Ultra-Short Bond Fund.

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.

40

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

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 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.

41

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Effective November 15, 2019, four PF funds had reverse share splits as shown in the following table.

	Split Ratio
Fund	(New to Old Shares)
PF Ultrashort Dow 30 Portfolio		1:8
PF Short NASDAQ-100 Portfolio		1:4
PF Short Dow 30 Portfolio		1:4
PF Short International Portfolio		1:4

Effective November 15, 2019, one PF fund had a forward share split as shown in the following table.

	Split Ratio
Fund	(New to Old Shares)
PF Internet Portfolio		3:1

Effective April 28, 2020, all the FED funds were renamed the FED H.

Effective April 29, 2020, the JANUS Global Technology Portfolio was renamed the JANUS Global Technology and Innovation Portfolio.

Effective April 30, 2020, the ALPS Red Rocks Listed Private Equity Portfolio was renamed the ALPS Red Rocks Global Opportunity

Effective April 30, 2020, the BNY Mellon International Value Portfolio was closed to new investors and liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of BNY Mellon Variable Insurance Fund. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at April 28, 2020 were transferred to the PF Money Market Portfolio.

Effective May 1, 2020, the VIPF International Capital Appreciation Portfolio and the CVP Strategic Income Portfolio were introduced. In addition, the JANUS Overseas Portfolio was reopened to new investors.

Effective May 1, 2020, the Van Eck Unconstrained Emerging Markets Bond Fund was renamed the Van Eck Emerging Markets Bond Fund and the NLVT Power Dividend Index Fund was closed to new investors.

Effective August 21, 2020, one RYDEX fund had a reverse share split as shown in the following table.

	Split Ratio
Fund	(New to Old Shares)
RYDEX Inverse Dow 2x Strategy Fund		1:5

Effective September 24, 2020, the DEL Covered Call Strategy Portfolio was closed to new investors and on December 11, 2020 the portfolio was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Delaware Variable Insurance Portfolio Trust.

42

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

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 Portfolio		1:4
PF UltraShort NASDAQ-100 Portfolio		1:4
PF Short Small-Cap Portfolio		1:4
PF UltraShort Dow 30 Portfolio		1:5

Effective December 11, 2020, one PF fund had a forward share split as shown in the following table.

	Split Ratio
Fund	(New to Old Shares)
PF Ultra NASDAQ-100 Portfolio		2:1

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.

Current accounting standards 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 hierarchal 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.

43

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

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 December 31, 2020, the Company’s investments were classified as follows:

	Quoted prices		Significant
	in active		other		Significant
	markets for		observable		unobservable
	identical assets		inputs		inputs
Assets	(Level 1)		(Level 2)		(Level 3)		Total
Mutual Funds	$	2,052,450,193	$	—	$	—	$	2,052,450,193

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, 2020.

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.

44

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

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. The sponsor company, Midland National Life Insurance Company, pays fees to an affiliate of Guggenheim for providing administrative services on certain variable annuity products.

Subsequent Events

The Separate Account has evaluated the financial statements for subsequent events through the date which the financial statements were issued. Excluding the events below there are no additional transactions that require disclosure in the financial statements.

Effective March 18, 2021, the NLVT Power Income Fund was closed and liquidated.

Effective April 26, 2021, the PF Access VP High Yield Fund will be renamed the PF Profunds Access VP High Yield Fund.

Effective April 30, 2021, the Invesco Oppenheimer Fund will be renamed the Invesco V.I Fund. In addition, the INV OPP Total Return Bond Fund will be renamed the INV OPP Core Bond Fund, the INV OPP Mid Cap Core Equity Fund will be renamed the INV OPP Main Street Mid Cap Fund, and the Van Eck Global Hard Assets Fund will be renamed the Van Eck Global Resources Fund.

Effective April 30, 2021, the INV OPP Managed Volatility Fund will merge with the INV OPP Equity and Income Fund and the INV OPP Value Opportunities Fund will merge with the INV OPP American Value Fund.

Effective May 1, 2021, the PIONEER VCT Fund Portfolio will be reopened to new investors. In addition, the AFIS Blue Chip Income and Growth Fund will be renamed the AFIS Washington Mutual Investors Fund, the AFIS Global Growth and Income Fund will be renamed the AFIS Capital World Growth and Income Fund, and the AFIS US Government/AAA-Rated Securities Fund will be renamed the AFIS US Government Securities Fund.

Effective May 1, 2021, eight new funds will be introduced including the CVP Emerging Markets Portfolio, the DUET VIP High Income Portfolio, the VIPF Investment Grade Bond Portfolio, the INV OPP Balanced-Risk Allocation Fund, INV OPP Core Plus Bond Fund, INV OPP Diversified Dividend Fund, INV OPP Equity and Income Fund, and the INV OPP Small Cap Equity Fund.

Effective May 1, 2021, the Separate Account will begin offering a new portfolio of funds, provided by Principal VC (“PRIN”). This portfolio will consist 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.

45

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Effective May 1, 2021, fourteen funds will be closed to new investors. These include the DUET 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 Growth Portfolio, the IVY VIP High Income Portfolio, the IVY International Core Equity Portfolio, the IVY VIP Mid Cap Growth Portfolio, the IVY VIP Natural Resources Portfolio, the IVY Science and Technology Portfolio, the IVY VIP Small Cap Core Portfolio, and the IVY Small Cap Growth Portfolio.

Effective May 5, 2021, the LAC Developing Growth Portfolio will be closed to new investors.

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 fee 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.

• A transfer charge is imposed on each transfer between portfolios of the Separate Account in excess of a stipulated number of transfers in any one contract year. A deferred sales charge may be imposed in the event of a full or partial withdrawal within the stipulated number of years.

The rates of each applicable charge depending on the product are summarized below.

Product	M&E Charge	Admin Fee	Maintenance Fee
Midland National Advantage Variable Annuity*	0.95%	0.00%	$	30.00
Midland National Advantage II*	1.40%	0.00%	$	30.00
Midland National Advantage III*	1.35%	0.00%	$	30.00
Midland National MNL Advisor*	1.55%	0.00%	$	30.00
Midland National Variable Annuity*	1.25%	0.15%	$	33.00
Midland National Variable Annuity II*	1.25%	0.15%	$	35.00
Midland National Vector Variable Annuity*	0.85% to 1.10%	0.45%	$	30.00
Midland National Vector II Variable Annuity*	1.20% to 1.45%	0.45%	$	30.00
Sammons Retirement Solutions LiveWell Variable Annuity	1.00% to 1.30%	0.35%	$	40.00
Sammons Retirement Solutions LiveWell Freedom Variable Annuity	0.90%	0.35%	$	40.00

* New contracts are no longer being issued for this product

46

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, 2020 and 2019 were as follows:

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
Fidelity Variable Insurance Products
Government Money Market Portfolio	$	16,346,466	$	12,948,756	$	22,552,633	$	27,459,051
High Income Portfolio		7,001,351		12,273,406		21,546,372		14,022,648
Equity-Income Portfolio		734,002		1,145,875		1,284,645		1,776,518
Growth Portfolio		1,840,596		2,420,706		1,320,446		1,956,904
Overseas Portfolio		677,822		1,164,053		947,424		1,327,036
Mid Cap Portfolio		1,551,043		3,051,208		3,653,510		2,547,946
Asset Manager Portfolio		32,972		202,959		165,401		86,201
Investment Grade Bond Portfolio		1,147,610		1,368,765		1,723,961		1,851,650
Index 500 Portfolio		2,429,250		3,687,434		5,862,575		3,753,115
Contrafund Portfolio		4,846,240		8,100,293		8,157,973		4,915,314
Asset Manager: Growth Portfolio		89,158		112,687		138,655		133,643
Balanced Portfolio		845,185		603,982		580,559		412,601
Growth & Income Portfolio		1,483,421		1,836,744		1,385,239		1,324,328
Growth Opportunities Portfolio		13,850,572		4,899,377		3,895,430		2,007,689
Value Strategies Portfolio		1,030,786		1,567,685		1,055,057		1,074,771
Strategic Income Portfolio		3,312,367		2,047,577		3,719,264		1,734,432
Emerging Markets Portfolio		1,436,108		761,073		627,787		550,439
Real Estate Portfolio		4,102,395		2,556,034		4,697,555		1,836,342
Funds Manager 50% Portfolio		9,471,568		6,269,522		2,521,887		562,542
Funds Manager 70% Portfolio		535,258		204,020		1,077,584		254,640
Funds Manager 85% Portfolio		305,130		351,948		661,543		621,219
Government Money Market Portfolio Service Class 2		1,759,681		1,184,755		2,703,872		1,471,947
International Capital Appreciation Portfolio		602,580		6,898		—		—
American Century Variable Portfolios, Inc.
Balanced Fund		1,519,476		662,691		489,590		294,163
Capital Appreciation Fund		869,079		1,361,894		1,197,317		685,234
International Fund		729,127		1,204,539		1,036,402		887,716
Value Fund		10,438,796		6,823,906		11,587,989		5,903,585
Disciplined Core Value Fund		1,565,907		673,698		1,092,003		946,992
Inflation Protection Fund		1,717,989		1,543,443		966,377		1,529,570
Large Company Value Fund		73,190		235,533		1,024,822		985,795
Mid Cap Value Fund		4,720,390		3,068,457		8,319,657		2,690,314
Ultra Fund		3,486,715		3,236,545		2,495,052		2,835,856
MFS Variable Insurance Trust
Research Series		42,903		163,718		405,792		533,022
Growth Series		243,702		1,009,016		1,389,497		1,173,826
Investors Trust Series		156,980		163,024		79,968		72,196
New Discovery Series		3,672,910		2,930,084		3,983,762		2,180,969
Corporate Bond Portfolio		3,358,789		1,110,736		1,799,976		1,117,744
Emerging Markets Equity Portfolio		942,854		669,567		1,475,186		668,488
Technology Portfolio		4,375,590		2,025,038		1,685,733		908,335
Global Tactical Allocation Portfolio		269,611		205,946		380,921		128,148
International Intrinsic Value Portfolio		3,094,643		3,560,845		3,251,900		2,055,155
Utilities Series Portfolio		2,867,960		3,008,850		2,754,072		1,414,717
Blended Research Core Equity Portfolio		405,894		574,805		445,875		1,044,895
Global Real Estate Portfolio		236,390		317,088		403,366		73,034

47

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio		64,840		125,353		195,484		143,684
Mid-Cap Stock Portfolio		151,658		432,385		158,703		486,719
International Opportunities Portfolio		—		—		536,062		7,031,433
Bond-Debenture Portfolio		5,077,947		4,820,365		5,588,507		2,002,130
Fundamental Equity Portfolio		219,905		249,020		195,557		202,709
Developing Growth Portfolio		2,730,542		1,380,872		1,729,820		1,685,666
Short Duration Income Portfolio		9,068,908		9,431,497		9,587,473		7,151,447
Alger Fund
LargeCap Growth Portfolio		2,798,477		3,268,005		368,043		1,727,305
MidCap Growth Portfolio		1,471,842		1,750,547		1,921,250		1,375,970
Capital Appreciation Portfolio		1,328,723		1,097,766		721,266		901,101
SmallCap Growth Portfolio		68,046		136,567		45,251		106,688
Capital Appreciation Portfolio Class S		10,695,386		11,757,348		7,141,777		5,830,845
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio		1,335,593		657,461		894,271		499,442
S&P 500 Index Portfolio		778,618		433,051		477,203		635,257
SRI Balanced Portfolio		2,021,950		493,388		652,925		8,997
Invesco Variable Insurance Funds
Technology Fund		587,128		372,710		221,647		134,481
Managed Volatility Fund		45,847		214,392		73,203		150,850
Diversified Dividend Fund		76,650		90,820		598,683		601,402
Health Care Fund		259,295		566,434		389,909		578,966
Global Real Estate Fund		79,141		189,302		174,282		110,504
International Growth Fund		296,283		341,591		443,759		312,433
Mid Cap Core Equity Fund		84,293		55,944		167,181		123,758
J.P. Morgan Series Trust II
Core Bond Portfolio		549,251		875,859		1,609,110		2,846,028
Small Cap Core Portfolio		516,589		446,899		652,815		453,465
Rydex Variable Trust
Nova Fund		106,113		366,377		118,755		250,363
NASDAQ-100 Fund		827,826		368,466		205,728		250,103
U.S. Government Money Market Fund		83		37,810		421,012		742,334
Inverse S&P 500 Strategy Fund		129,471		96,513		4,925		7,232
Inverse NASDAQ-100 Strategy Fund		16,465		28,248		7,815		7,631
Inverse Government Long Bond Strategy Fund		2,936		2,237		6,535		28,106
Government Long Bond 1.2x Strategy		6,737,092		6,344,006		6,684,907		6,774,371
NASDAQ-100 2x Strategy Fund		—		—		—		—
Inverse Dow 2x Strategy Fund		—		—		—		—
Rydex Variable Insurance Funds
Biotechnology Fund		2,262,325		2,199,288		898,511		1,321,999
S&P 500 Pure Growth Fund		1,394,079		1,786,004		1,047,358		1,022,550
S&P MidCap 400 Pure Growth Fund		131,543		352,998		140,733		172,555
Guggenheim Variable Insurance Funds
Long Short Equity Fund		219,109		75,389		222,668		51,496
Multi-Hedge Strategies Fund		384,327		573,573		182,003		492,125
Global Managed Futures Strategy Fund		36,026		102,868		751,738		785,867
Small Cap Value Fund		811,667		359,426		571,480		521,149

48

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
ProFunds VP
Access VP High Yield Fund		103,952		200,082		125,911		255,170
Asia 30		89,147		92,170		79,149		80,221
Banks		22,277		35,313		46,322		51,852
Basic Materials		32,707		31,323		15,556		38,494
Bear		25,726		40,891		2,265		16,271
Biotechnology		306,460		369,263		127,467		173,093
Bull		526,043		1,403,007		1,266,492		846,225
Consumer Goods		354,102		305,524		158,237		90,997
Consumer Services		157,576		97,093		195,940		229,667
Dow 30		144,723		40,043		115,962		155,522
Emerging Markets		208,450		192,833		71,990		95,947
Europe 30		12,027		32,950		36,080		50,555
Falling U.S. Dollar		20,325		23,345		4,602		8,057
Financials		8,849		44,833		55,668		42,831
Health Care		274,079		297,085		286,873		485,455
Industrials		189,412		215,475		207,746		145,992
International		160,914		131,277		970		8,529
Internet		368,349		368,077		316,291		497,581
Japan		4,509		4,972		4,489		21,955
Large-Cap Growth		656,687		591,939		553,821		438,861
Large-Cap Value		293,430		397,698		433,305		355,904
Mid-Cap		2,624,090		4,934,409		8,500,735		8,473,698
Mid-Cap Growth		282,070		252,243		158,408		176,884
Mid-Cap Value		26,803		32,602		51,962		87,401
Government Money Market		8,031,525		6,920,955		4,984,355		7,594,720
Oil & Gas		256,310		281,714		146,257		287,290
NASDAQ-100		825,026		1,026,841		840,370		1,064,398
Pharmaceuticals		19,038		45,218		26,963		55,789
Precious Metals		837,926		1,269,667		413,015		534,008
Real Estate		100,058		255,472		145,188		176,353
Rising Rates Opportunity		1,743		9,309		3,138		62,427
Semiconductor		152,836		157,636		201,683		142,226
Short Dow 30		1,071,258		1,001,556		1		146
Short Emerging Markets		—		—		—		—
Short International		4,740		4,928		1,486		10,448
Short Mid-Cap		2,585		2,977		1,243		1,279
Short NASDAQ-100		14,378		9,495		1		53
Short Small-Cap		408,488		374,461		1,909		12,731
Small-Cap		183,408		298,749		148,754		122,409
Small-Cap Growth		504,775		464,639		169,684		228,724
Small-Cap Value		223,783		112,741		17,139		25,396
Technology		671,562		636,949		574,172		483,066
Telecommunications		3,291		2,763		4,483		14,832
U.S. Government Plus		952,590		685,108		157,988		290,354
UltraBull		918,918		122,646		336,367		461,756
UltraMid-Cap		2,299,567		2,125,740		5,956,683		6,439,401
UltraNASDAQ-100		649,238		518,409		413,680		529,208
UltraShort Dow 30		101		135		146,754		141,189
UltraShort NASDAQ-100		9		99		68,952		74,207
UltraSmall-Cap		1,352,900		1,228,910		1,238,445		1,310,615
Utilities		186,045		123,602		231,083		234,963

49

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
VanEck Worldwide Insurance Trust
Global Hard Assets Fund		1,230,221		1,253,629		859,400		1,084,794
Emerging Markets Fund		518,842		745,969		370,591		586,438
Emerging Markets Bond Fund		632,141		549,836		402,761		496,567
Janus Henderson Series
Global Technology and Innovation Portfolio		6,624,665		3,875,176		2,299,976		1,396,070
Overseas Portfolio		215,732		145,799		106,017		108,590
Research Portfolio		141,685		192,071		88,869		109,231
Enterprise Services Portfolio		7,660,875		4,750,807		6,658,991		2,706,213
Global Research Portfolio		252,874		241,990		403,490		268,998
Mid Cap Value Portfolio		1,060,411		818,506		1,057,131		681,584
Balanced Portfolio		19,522,642		10,382,276		15,184,256		3,495,164
Flexible Bond Portfolio		4,412,665		2,410,078		3,842,970		2,470,951
GI Unconstrained Bond Portfolio		—		—		74,638		1,002,914
PIMCO Variable Insurance Trust
Total Return Portfolio		22,227,309		27,964,837		18,202,749		17,858,756
Low Duration Portfolio		14,063,563		11,137,068		6,679,964		6,364,252
High Yield Portfolio		10,456,508		12,103,359		8,146,657		4,310,391
Real Return Portfolio		4,939,161		4,582,092		2,618,649		2,729,963
All Asset Portfolio		554,217		1,017,855		503,864		1,116,393
Global Managed Asset Allocation Portfolio		372,768		94,916		198,409		134,713
Short-Term Portfolio		36,235,993		24,360,859		10,944,577		13,517,418
Emerging Markets Bond Portfolio		488,566		322,988		688,841		441,076
Global Bond Opportunities Portfolio		10,713		182,651		26,175		28,327
Commodity Real Return Strategy Portfolio		688,709		755,617		483,882		723,000
International Bond (USD-Hedged) Portfolio		716,897		366,899		788,049		382,616
Dynamic Bond Adv Portfolio		574,555		846,985		916,261		501,699
Income Advisor Portfolio		9,568,518		14,395,219		11,701,014		3,204,780
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund		344,316		632,876		680,710		1,008,334
Large Cap Value Fund		30,750		36,830		80,374		486,930
Mid Cap Value Fund		537,410		487,808		717,352		854,445
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio		429,868		669,616		831,701		590,999
AMT Mid Cap Intrinsic Value Portfolio		88,709		236,448		315,598		170,044
BNY Mellon Variable Investment Fund
Appreciation Portfolio		263,971		325,300		168,778		152,255
International Value Portfolio		340		10,527		7,889		32,846
Sustainable U.S. Equity Portfolio		52,069		79,070		36,080		21,027
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio		102,660		168,507		433,567		391,282
Value Opportunities Fund		54,082		54,179		13,306		41,889
American Value Fund		62,175		90,497		122,509		121,981

50

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio		20,074		46,921		22,844		71,547
Emerging Markets Equity Portfolio		247,130		252,872		95,759		224,795
Discovery Portfolio		131,182		127,527		25,941		111,471
U.S. Real Estate Portfolio		22,155		44,266		65,007		110,474
Northern Lights Variable Trust
Power Income Fund		49,636		179,851		99,706		422,464
Power Dividend Index Fund		480,087		7,187,180		5,650,952		10,680,720
AB Variable Products Series
Real Estate Investment Portfolio		—		—		83,456		2,184,196
Dynamic Asset Allocation Portfolio		399,251		234,740		2,074,881		152,775
Small Cap Growth Portfolio		70,248		119,297		26,904		9,853
Small Mid Cap Value Portfolio		802,689		820,473		1,350,022		655,487
BlackRock Variable Series Fund, Inc.
Basic Value Fund		704,808		1,132,597		924,267		1,180,808
Capital Appreciation Fund		195,478		124,060		164,491		237,481
Equity Dividend Fund		6,643,111		2,934,644		4,816,101		1,990,164
Global Allocation Fund		2,869,943		2,856,846		1,414,754		2,511,978
Advantage Large Cap Core Fund		151,540		324,249		88,214		308,247
Large Cap Focus Growth Fund		4,611,387		2,554,392		4,207,769		677,718
60/40 Target Allocation ETF Fund		2,747,177		872,311		2,444,806		450,544
Total Return Portfolio		603,905		149,028		1,296,295		250,360
S&P 500 Portfolio		400,363		114,429		829,437		52,047
Columbia Variable Portfolio
Contrarian Core 2 Portfolio		1,312,330		1,285,421		551,273		768,404
Dividend Opportunity Portfolio		797,914		732,112		1,023,656		747,642
Emerging Markets Bond Portfolio		293,464		1,203,560		484,608		1,342,751
High Yield Portfolio		1,357,192		1,068,271		1,019,786		722,896
Select Large-Cap Value Portfolio		212,780		801,230		277,028		98,851
Seligman Global Tech Portfolio		2,739,469		1,477,531		1,552,553		466,026
US Government Mortgage Portfolio		2,285,905		708,944		637,677		90,305
Strategic Income Portfolio		261,144		8,868		—		—
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio		11,020,997		6,534,665		11,688,877		4,200,927
Small Cap Index Portfolio		2,199,740		1,650,404		2,242,572		702,587
Alternative Asset Allocation Portfolio		85,006		351,024		164,689		581,828
Global Small Cap Portfolio		94,625		208,940		198,272		152,858
Small Mid Cap Value Portfolio		1,167,486		906,267		895,465		1,023,894
CROCI US Portfolio		61,759		103,948		29,501		63,467
Eaton Vance Variable Trust
Floating Rate Income Portfolio		4,356,253		11,004,749		6,780,845		6,385,441
Delaware Variable Insurance Portfolios
Total Return Portfolio		62,752		91,437		127,486		77,460
International Portfolio		410,580		424,779		591,505		522,249
Opportunity Portfolio		2,153,297		1,987,979		728,957		1,763,106
Covered Call Strategy Portfolio		19,583		131,673		12,366		5,346
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund		1,324,064		1,437,322		1,513,174		1,107,267
Income Fund		4,372,545		4,571,005		4,378,696		2,310,569

51

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
Global Bond Fund		5,619,120		3,537,138		6,606,184		3,238,744
Foreign Fund		4,035,197		3,587,353		5,053,541		3,562,220
Developing Markets Fund		434,002		897,538		256,021		865,895
Mutual Global Discovery Fund		1,315,883		1,726,011		1,314,455		1,155,075
Rising Dividends Fund		3,461,633		4,794,451		5,858,005		2,920,254
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio		255,640		1,252,922		364,239		577,560
Balanced Portfolio		785,257		1,764,287		994,786		674,287
Global Equity Income Portfolio		111,357		233,283		346,872		127,021
Energy Portfolio		662,344		874,835		1,292,237		894,991
Global Bond Portfolio		449,884		520,415		225,031		166,858
Natural Resources Portfolio		193,059		301,592		323,843		145,350
Growth Portfolio		1,509,087		1,160,801		1,713,787		954,808
High Income Portfolio		4,803,111		4,413,787		4,626,956		3,983,110
International Core Equity Portfolio		898,412		1,143,158		2,066,471		1,181,923
Global Growth Portfolio		17,952		117,377		595,938		64,866
Mid Cap Growth Portfolio		4,744,647		2,399,652		2,438,375		1,021,068
Science and Technology Portfolio		5,231,706		2,620,004		3,542,199		1,833,057
Small Cap Growth Portfolio		613,755		1,767,107		2,377,560		935,436
Small Cap Core Portfolio		1,974,430		1,924,212		3,717,105		1,646,481
Lazard Retirement Series, Inc.
International Equity Portfolio		187,758		134,796		189,541		109,850
Global Dynamic Multi Asset Portfolio		208,030		295,283		91,784		387,372
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio		500,876		308,321		726,253		307,892
ClearBridge Variable Mid Cap Portfolio		1,580,014		1,492,837		1,387,144		1,403,285
ClearBridge Variable Dividend Strategy Portfolio		15,077,607		8,351,519		12,031,076		2,130,633
ClearBridge Variable Small Cap Growth Portfolio		1,274,043		1,352,860		1,575,033		1,117,369
ClearBridge Variable Aggressive Growth Portfolio		109,815		259,615		120,075		105,011
Western Asset Variable Core Bond Plus Portfolio		14,308,901		13,835,801		15,413,149		6,080,674
ClearBridge Variable Large Cap Growth Portfolio		3,558,534		2,715,563		5,138,754		1,701,080
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy Portfolio		38,515		20,500		14,907		61,760
Pioneer Variable Contracts Trust
Fund Portfolio		114,984		82,324		140,534		101,795
Bond Portfolio		6,776,159		5,773,648		7,338,483		4,024,973
Strategic Income Portfolio		1,974,231		1,985,906		2,583,337		2,038,542
Equity Income Portfolio		2,331,846		2,557,631		7,594,771		1,308,482
High Yield Portfolio		85,891		232,980		115,284		191,396
Prudential Series Funds
Jennison 20/20 Focus Portfolio		130		24,820		41,779		21,954
Natural Resources Portfolio		88,094		473,065		536,197		210,366
SP Prudential US Emerging Growth Portfolio		9,327		222,693		31,478		215,478
Royce Capital Fund
Micro-Cap Portfolio		42,161		182,167		75,820		81,964
Small Cap Portfolio		907,312		1,111,651		1,610,980		1,410,324
Alps Fund
Alerian Energy Infrastructure Portfolio		558,629		280,348		266,648		340,588
Red Rocks Global Opportunity Portfolio		562,531		386,561		486,835		505,998

52

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
American Funds IS
Asset Allocation Fund		23,778,287		10,460,405		25,702,655		6,025,093
Blue Chip Income and Growth Fund		6,145,739		5,537,671		10,008,454		3,866,856
Ultra-Short Bond Fund		32,511,593		20,732,576		8,872,083		8,880,806
Capital Income Builder Fund		2,319,686		3,016,200		3,253,328		1,850,853
Global Growth Fund		5,930,929		2,628,088		4,259,537		1,265,968
Global Growth and Income Fund		4,002,907		1,440,509		2,791,043		2,148,930
Global Small Capitalization Fund		1,091,828		877,246		1,511,308		679,097
Growth Fund		7,620,054		7,461,345		7,195,831		2,444,051
Growth-Income Fund		8,840,817		6,951,437		11,623,395		3,093,480
International Fund		2,010,285		2,117,798		1,740,857		1,287,188
International Growth and Income Fund		1,509,469		1,237,756		1,656,497		609,301
New World Fund		3,907,448		4,584,180		5,554,139		2,720,602
U.S. Government/AAA-Rated Securities Fund		36,315,193		16,586,411		8,982,095		4,739,671
Invesco Oppenheimer
Total Return Bond Fund		2,085,554		795,909		1,757,764		725,253
Discovery Mid Cap Growth Fund		1,585,393		1,023,130		1,358,676		337,030
Global Multi-Alternatives Fund		—		—		1,182		90,520
Global Fund		1,297,523		1,544,621		2,137,230		1,344,545
International Growth Fund		3,397,437		1,701,586		4,578,801		1,041,503
Main Street Fund		2,022,875		2,403,463		4,880,798		975,556
Main Street Small Cap Fund		1,276,610		1,673,472		1,470,037		610,003
T. Rowe Price
Blue Chip Growth Portfolio		11,316,063		9,441,364		12,740,887		2,905,027
Health Sciences Portfolio		7,329,478		3,414,090		5,941,993		2,562,441
John Hancock Variable Insurance Trust
Financial Industries Portfolio		490,398		217,102		326,857		14,799
Fundamental All Cap Core Portfolio		4,054		2,954		25,521		10,595
Select Bond Portfolio		261,858		112,585		219,249		64,264
Strategic Income Opportunities Portfolio		182,525		52,277		191,265		4,421
Federated Hermes
High Income Bond Portfolio		411,920		339,197		339,676		3,714
Kaufmann Portfolio		3,024,717		223,295		822,179		124,580
Managed Volatility Portfolio		284,898		245,768		24,573		62

53

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, 2020 and 2019 were as follows:

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
Fidelity Variable Insurance Products
Government Money Market Portfolio		1,527,031		1,206,490		320,541			2,106,295		2,563,246		(456,951	)
High Income Portfolio		303,564		522,594		(219,030	)		879,154		554,741		324,413
Equity-Income Portfolio		11,165		34,354		(23,189	)		20,429		57,096		(36,667	)
Growth Portfolio		24,521		51,907		(27,386	)		21,739		41,728		(19,989	)
Overseas Portfolio		30,292		54,480		(24,188	)		31,494		66,045		(34,551	)
Mid Cap Portfolio		92,123		149,238		(57,115	)		113,531		119,885		(6,354	)
Asset Manager Portfolio		163		8,789		(8,626	)		3,246		3,004		242
Investment Grade Bond Portfolio		64,897		76,012		(11,115	)		92,806		100,663		(7,857	)
Index 500 Portfolio		157,593		118,319		39,274			414,334		113,464		300,870
Contrafund Portfolio		213,902		251,525		(37,623	)		244,263		180,309		63,954
Asset Manager: Growth Portfolio		1,460		2,477		(1,017	)		4,130		5,037		(907	)
Balanced Portfolio		25,271		21,338		3,933			15,345		14,843		502
Growth & Income Portfolio		55,123		61,704		(6,581	)		43,827		46,602		(2,775	)
Growth Opportunities Portfolio		894,271		270,669		623,602			224,477		58,136		166,341
Value Strategies Portfolio		37,773		86,816		(49,043	)		37,790		57,753		(19,963	)
Strategic Income Portfolio		238,664		165,393		73,271			286,098		140,771		145,327
Emerging Markets Portfolio		62,157		53,636		8,521			48,096		42,017		6,079
Real Estate Portfolio		217,865		166,398		51,467			255,584		105,025		150,559
Funds Manager 50% Portfolio		674,516		412,415		262,101			165,170		37,743		127,427
Funds Manager 70% Portfolio		26,595		10,365		16,230			48,787		14,406		34,381
Funds Manager 85% Portfolio		14,322		20,571		(6,249	)		31,534		37,481		(5,947	)
Government Money Market Portfolio Service Class 2		190,465		123,574		66,891			284,939		154,573		130,366
International Capital Appreciation Portfolio		47,011		447		46,564			—		—		—
American Century Variable Portfolios, Inc.
Balanced Fund		127,873		41,760		86,113			37,580		11,993		25,587
Capital Appreciation Fund		12,431		27,136		(14,705	)		21,579		15,008		6,571
International Fund		36,410		62,132		(25,722	)		46,199		47,686		(1,487	)
Value Fund		520,510		378,548		141,962			453,697		294,936		158,761
Disciplined Core Value Fund		121,142		37,661		83,481			61,367		48,547		12,820
Inflation Protection Fund		156,513		131,457		25,056			85,940		123,953		(38,013	)
Large Company Value Fund		4,309		14,166		(9,857	)		54,972		51,405		3,567
Mid Cap Value Fund		261,070		163,978		97,092			292,662		120,894		171,768
Ultra Fund		98,286		107,396		(9,110	)		86,206		119,992		(33,786	)
MFS Variable Insurance Trust
Research Series		664		4,577		(3,913	)		11,604		17,690		(6,086	)
Growth Series		2,608		21,894		(19,286	)		34,494		30,762		3,732
Investors Trust Series		4,821		5,487		(666	)		2,279		2,533		(254	)
New Discovery Series		133,431		97,657		35,774			123,015		78,016		44,999
Corporate Bond Portfolio		258,248		87,413		170,835			148,132		96,601		51,531
Emerging Markets Equity Portfolio		62,427		62,001		426			130,226		61,752		68,474
Technology Portfolio		127,893		63,829		64,064			47,952		32,406		15,546
Global Tactical Allocation Portfolio		14,991		15,097		(106	)		25,071		9,170		15,901
International Intrinsic Value Portfolio		144,284		170,871		(26,587	)		149,998		107,704		42,294
Utilities Series Portfolio		149,724		177,428		(27,704	)		144,934		78,927		66,007
Blended Research Core Equity Portfolio		21,639		39,627		(17,988	)		18,811		78,278		(59,467	)
Global Real Estate Portfolio		22,656		33,047		(10,391	)		37,534		6,690		30,844

54

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio		1,912		4,341		(2,429	)		2,695		4,752		(2,057	)
Mid-Cap Stock Portfolio		6,857		17,962		(11,105	)		4,227		18,415		(14,188	)
International Opportunities Portfolio		—		—		—			21,100		271,116		(250,016	)
Bond-Debenture Portfolio		331,839		357,912		(26,073	)		370,190		140,718		229,472
Fundamental Equity Portfolio		14,200		15,216		(1,016	)		9,022		10,733		(1,711	)
Developing Growth Portfolio		83,645		53,441		30,204			66,261		80,234		(13,973	)
Short Duration Income Portfolio		827,779		887,123		(59,344	)		872,138		679,763		192,375
Alger Fund
LargeCap Growth Portfolio		60,695		99,595		(38,900	)		11,296		67,882		(56,586	)
MidCap Growth Portfolio		26,476		52,961		(26,485	)		56,315		52,376		3,939
Capital Appreciation Portfolio		16,922		25,471		(8,549	)		9,039		24,744		(15,705	)
SmallCap Growth Portfolio		55		3,843		(3,788	)		226		3,652		(3,426	)
Capital Appreciation Portfolio Class S		158,499		396,465		(237,966	)		114,331		229,459		(115,128	)
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio		67,759		33,482		34,277			33,706		20,517		13,189
S&P 500 Index Portfolio		38,119		18,098		20,021			22,404		28,718		(6,314	)
SRI Balanced Portfolio		160,015		41,761		118,254			55,460		388		55,072
Invesco Variable Insurance Funds
Technology Fund		13,511		11,299		2,212			4,830		4,352		478
Managed Volatility Fund		743		8,163		(7,420	)		1,086		5,056		(3,970	)
Diversified Dividend Fund		3,260		7,331		(4,071	)		42,937		48,502		(5,565	)
Health Care Fund		7,361		18,280		(10,919	)		13,578		21,028		(7,450	)
Global Real Estate Fund		7,361		18,233		(10,872	)		14,202		8,544		5,658
International Growth Fund		23,223		28,353		(5,130	)		36,360		26,317		10,043
Mid Cap Core Equity Fund		2,267		3,602		(1,335	)		9,775		7,779		1,996
J.P. Morgan Series Trust II
Core Bond Portfolio		40,148		65,194		(25,046	)		125,932		234,209		(108,277	)
Small Cap Core Portfolio		15,787		16,980		(1,193	)		15,177		15,953		(776	)
Rydex Variable Trust
Nova Fund		1,822		12,540		(10,718	)		3,872		8,567		(4,695	)
NASDAQ-100 Fund		11,975		6,822		5,153			4,058		5,787		(1,729	)
U.S. Government Money Market Fund		—		4,068		(4,068	)		43,621		77,620		(33,999	)
Inverse S&P 500 Strategy Fund		104,997		87,067		17,930			3,340		4,484		(1,144	)
Inverse NASDAQ-100 Strategy Fund		38,279		55,086		(16,807	)		13,950		11,245		2,705
Inverse Government Long Bond Strategy Fund		1,667		1,076		591			2,769		12,023		(9,254	)
Government Long Bond 1.2x Strategy		274,663		267,710		6,953			333,053		335,862		(2,809	)
NASDAQ-100 2x Strategy Fund		—		—		—			—		—		—
Inverse Dow 2x Strategy Fund		—		—		—			—		—		—
Rydex Variable Insurance Funds
Biotechnology Fund		77,523		92,596		(15,073	)		38,907		63,290		(24,383	)
S&P 500 Pure Growth Fund		27,989		74,618		(46,629	)		45,875		46,766		(891	)
S&P MidCap 400 Pure Growth Fund		5,791		23,927		(18,136	)		10,066		10,966		(900	)
Guggenheim Variable Insurance Funds
Long Short Equity Fund		19,582		5,991		13,591			19,291		3,512		15,779
Multi-Hedge Strategies Fund		34,240		52,615		(18,375	)		13,589		46,575		(32,986	)
Global Managed Futures Strategies Fund		2,658		11,098		(8,440	)		82,648		88,662		(6,014	)
Small Cap Value Fund		47,204		26,219		20,985			26,850		32,843		(5,993	)

55

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
ProFunds VP
Access VP High Yield Fund		6,603		12,291		(5,688	)		7,803		16,543		(8,740	)
Asia 30		6,686		7,380		(694	)		6,455		6,842		(387	)
Banks		4,683		7,304		(2,621	)		8,062		8,847		(785	)
Basic Materials		2,433		2,628		(195	)		1,066		3,005		(1,939	)
Bear		20,125		29,899		(9,774	)		1,438		8,727		(7,289	)
Biotechnology		8,732		11,639		(2,907	)		4,638		6,033		(1,395	)
Bull		29,001		81,930		(52,929	)		70,756		47,946		22,810
Consumer Goods		17,915		15,847		2,068			7,593		4,964		2,629
Consumer Services		4,913		3,677		1,236			8,413		9,826		(1,413	)
Dow 30		5,954		2,026		3,928			6,338		8,370		(2,032	)
Emerging Markets		33,622		35,618		(1,996	)		12,439		16,290		(3,851	)
Europe 30		1,640		4,306		(2,666	)		3,682		5,315		(1,633	)
Falling U.S. Dollar		4,143		4,700		(557	)		880		1,383		(503	)
Financials		837		5,911		(5,074	)		5,992		4,409		1,583
Health Care		9,783		11,979		(2,196	)		11,036		21,196		(10,160	)
Industrials		10,448		12,737		(2,289	)		10,729		8,156		2,573
International		23,271		23,817		(546	)		127		1,116		(989	)
Internet		8,416		8,986		(570	)		8,642		13,237		(4,595	)
Japan		543		448		95			564		2,510		(1,946	)
Large-Cap Growth		23,401		25,013		(1,612	)		17,632		19,654		(2,022	)
Large-Cap Value		17,136		29,266		(12,130	)		28,271		27,602		669
Mid-Cap		180,658		365,690		(185,032	)		567,103		580,780		(13,677	)
Mid-Cap Growth		13,216		12,888		328			7,680		8,953		(1,273	)
Mid-Cap Value		1,496		2,325		(829	)		3,211		5,632		(2,421	)
Government Money Market		1,047,606		885,493		162,113			639,619		946,236		(306,617	)
Oil & Gas		43,379		53,397		(10,018	)		15,526		36,132		(20,606	)
NASDAQ-100		22,900		30,296		(7,396	)		27,265		34,428		(7,163	)
Pharmaceuticals		1,160		2,549		(1,389	)		700		3,185		(2,485	)
Precious Metals		177,075		258,680		(81,605	)		117,373		141,864		(24,491	)
Real Estate		9,053		20,203		(11,150	)		10,855		13,592		(2,737	)
Rising Rates Opportunity		1,578		7,915		(6,337	)		696		34,240		(33,544	)
Semiconductor		7,199		7,666		(467	)		10,257		7,356		2,901
Short Dow 30		1,016,268		1,008,424		7,844			—		60		(60	)
Short Emerging Markets		—		—		—			—		—		—
Short International		1,634		1,671		(37	)		366		3,300		(2,934	)
Short Mid-Cap		2,065		2,424		(359	)		794		848		(54	)
Short NASDAQ-100		23,614		16,064		7,550			—		58		(58	)
Short Small-Cap		367,212		367,570		(358	)		842		9,603		(8,761	)
Small-Cap		15,081		22,349		(7,268	)		9,465		8,159		1,306
Small-Cap Growth		24,644		25,245		(601	)		8,356		11,564		(3,208	)
Small-Cap Value		17,861		11,048		6,813			1,137		1,564		(427	)
Technology		20,415		19,205		1,210			21,969		18,457		3,512
Telecommunications		297		225		72			344		1,184		(840	)
U.S. Government Plus		39,940		30,024		9,916			9,488		18,107		(8,619	)
UltraBull		14,505		4,983		9,522			14,818		19,993		(5,175	)
UltraMid-Cap		125,333		114,564		10,769			292,882		315,021		(22,139	)
UltraNASDAQ-100		5,361		4,952		409			6,146		7,875		(1,729	)
UltraShort Dow 30		—		599		(599	)		509,892		510,274		(382	)
UltraShort NASDAQ-100		1		1,348		(1,347	)		662,850		663,625		(775	)
UltraSmall-Cap		104,588		88,590		15,998			88,642		92,790		(4,148	)
Utilities		8,534		6,856		1,678			12,231		12,607		(376	)

56

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
VanEck Worldwide Insurance Trust
Global Hard Assets Fund		157,027		132,823		24,204			72,417		82,834		(10,417	)
Emerging Markets Fund		12,144		18,694		(6,550	)		9,585		15,800		(6,215	)
Emerging Markets Bond Fund		39,913		36,296		3,617			28,390		33,361		(4,971	)
Janus Henderson Series
Global Technology and Innovation Portfolio		153,006		96,535		56,471			71,096		47,190		23,906
Overseas Portfolio		21,495		15,127		6,368			11,480		12,056		(576	)
Research Portfolio		3,707		8,079		(4,372	)		1,706		5,144		(3,438	)
Enterprise Services Portfolio		294,875		222,911		71,964			276,680		129,353		147,327
Global Research Portfolio		10,635		13,049		(2,414	)		20,278		14,676		5,602
Mid Cap Value Portfolio		61,912		50,609		11,303			50,587		39,472		11,115
Balanced Portfolio		1,018,435		600,003		418,432			841,237		193,976		647,261
Flexible Bond Portfolio		367,933		200,434		167,499			339,254		223,936		115,318
GI Unconstrained Bond Portfolio		—		—		—			7,210		106,164		(98,954	)
PIMCO Variable Insurance Trust
Total Return Portfolio		1,670,377		2,193,134		(522,757	)		1,430,726		1,415,912		14,814
Low Duration Portfolio		1,365,809		1,072,501		293,308			609,703		611,584		(1,881	)
High Yield Portfolio		708,788		842,632		(133,844	)		553,003		288,774		264,229
Real Return Portfolio		406,446		392,872		13,574			239,000		250,060		(11,060	)
All Asset Portfolio		32,980		86,091		(53,111	)		31,953		88,909		(56,956	)
Global Managed Asset Allocation Portfolio		25,440		7,561		17,879			17,163		11,834		5,329
Short-Term Portfolio		3,559,634		2,331,640		1,227,994			997,399		1,302,319		(304,920	)
Emerging Markets Bond Portfolio		33,369		25,171		8,198			53,119		34,648		18,471
Global Bond Opportunities Portfolio		525		18,867		(18,342	)		1,920		2,552		(632	)
Commodity Real Return Strategy Portfolio		99,462		162,249		(62,787	)		58,627		139,714		(81,087	)
International Bond (USD-Hedged) Portfolio		52,727		30,837		21,890			68,183		33,112		35,071
Dynamic Bond Adv Portfolio		48,911		78,580		(29,669	)		78,101		45,491		32,610
Income Advisor Portfolio		794,669		1,417,751		(623,082	)		1,046,549		291,015		755,534
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund		20,493		36,049		(15,556	)		35,024		51,098		(16,074	)
Large Cap Value Fund		1,316		1,919		(603	)		3,575		27,420		(23,845	)
Mid Cap Value Fund		21,924		19,943		1,981			24,129		34,704		(10,575	)
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio		10,398		19,077		(8,679	)		25,564		19,339		6,225
AMT Mid Cap Intrinsic Value Portfolio		5,347		15,948		(10,601	)		13,692		8,381		5,311
BNY Mellon Variable Investment Fund
Appreciation Portfolio		11,229		14,915		(3,686	)		7,003		7,345		(342	)
International Value Portfolio		8		1,479		(1,471	)		912		3,804		(2,892	)
Sustainable U.S. Equity Portfolio		2,503		3,923		(1,420	)		1,766		982		784
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio		6,672		11,209		(4,537	)		24,249		22,954		1,295
Value Opportunities Fund		5,119		5,183		(64	)		641		3,428		(2,787	)
American Value Fund		4,459		6,406		(1,947	)		7,194		7,678		(484	)

57

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio		1,324		3,287		(1,963	)		1,106		4,688		(3,582	)
Emerging Markets Equity Portfolio		20,598		21,282		(684	)		7,001		21,007		(14,006	)
Discovery Portfolio		3,698		3,899		(201	)		15		3,917		(3,902	)
U.S. Real Estate Portfolio		1,764		3,770		(2,006	)		3,923		7,577		(3,654	)
Northern Lights Variable Trust
Power Income Fund		4,062		18,241		(14,179	)		8,288		41,418		(33,130	)
Power Dividend Index Fund		56,931		834,309		(777,378	)		600,350		1,153,879		(553,529	)
AB Variable Products Series
Real Estate Investment Portfolio		—		—		—			127		140,698		(140,571	)
Dynamic Asset Allocation Portfolio		28,552		15,381		13,171			163,096		9,694		153,402
Small Cap Growth Portfolio		2,106		4,300		(2,194	)		770		419		351
Small Mid Cap Value Portfolio		43,499		48,950		(5,451	)		65,983		34,798		31,185
BlackRock Variable Series Fund, Inc.
Basic Value Fund		37,405		69,838		(32,433	)		34,321		66,400		(32,079	)
Capital Appreciation Fund		2,813		3,815		(1,002	)		403		9,593		(9,190	)
Equity Dividend Fund		332,589		172,026		160,563			203,364		104,787		98,577
Global Allocation Fund		130,514		191,064		(60,550	)		56,389		186,792		(130,403	)
Advantage Large Cap Core Fund		4,690		15,478		(10,788	)		2,286		14,921		(12,635	)
Large Cap Focus Growth Fund		164,613		98,273		66,340			213,140		28,305		184,835
60/40 Target Allocation ETF Fund		215,549		64,745		150,804			205,828		36,756		169,072
Total Return Portfolio		45,834		12,845		32,989			121,154		23,843		97,311
S&P 500 Portfolio		24,715		8,075		16,640			71,250		3,912		67,338
Columbia Variable Portfolio
Contrarian Core 2 Portfolio		72,119		65,758		6,361			34,872		44,689		(9,817	)
Dividend Opportunity Portfolio		58,473		50,463		8,010			72,636		48,662		23,974
Emerging Markets Bond Portfolio		9,098		100,434		(91,336	)		11,901		109,527		(97,626	)
High Yield Portfolio		91,189		86,624		4,565			64,522		56,265		8,257
Select Large-Cap Value Portfolio		20,421		76,111		(55,690	)		26,104		7,992		18,112
Seligman Global Tech Portfolio		159,452		90,520		68,932			99,640		35,532		64,108
US Government Mortgage Portfolio		210,582		64,954		145,628			61,021		8,585		52,436
Strategic Income Portfolio		23,343		762		22,581			—		—		—
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio		427,403		282,903		144,500			542,516		205,812		336,704
Small Cap Index Portfolio		106,589		91,461		15,128			106,234		37,370		68,864
Alternative Asset Allocation Portfolio		6,013		34,840		(28,827	)		10,402		55,147		(44,745	)
Global Small Cap Portfolio		7,665		14,892		(7,227	)		14,025		11,914		2,111
Small Mid Cap Value Portfolio		59,370		67,039		(7,669	)		36,266		65,142		(28,876	)
CROCI US Portfolio		3,080		7,227		(4,147	)		141		4,027		(3,886	)
Eaton Vance Variable Trust
Floating Rate Income Portfolio		343,589		977,329		(633,740	)		509,530		536,836		(27,306	)
Delaware Variable Insurance Portfolios
Total Return Portfolio		1,618		7,284		(5,666	)		9,496		5,735		3,761
International Portfolio		7,249		31,895		(24,646	)		37,973		39,142		(1,169	)
Opportunity Portfolio		40,797		154,294		(113,497	)		25,209		133,567		(108,358	)
Covered Call Strategy Portfolio		189		12,121		(11,932	)		1,052		374		678
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund		74,265		94,958		(20,693	)		50,598		64,974		(14,376	)
Income Fund		254,284		341,278		(86,994	)		223,534		160,512		63,022

58

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
Global Bond Fund		336,924		336,139		785			450,339		291,181		159,158
Foreign Fund		326,800		335,256		(8,456	)		403,197		302,903		100,294
Developing Markets Fund		20,661		77,990		(57,329	)		22,908		80,438		(57,530	)
Mutual Global Discovery Fund		82,068		127,005		(44,937	)		36,953		76,792		(39,839	)
Rising Dividends Fund		109,919		213,358		(103,439	)		146,705		139,304		7,401
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio		9,817		89,480		(79,663	)		8,172		42,105		(33,933	)
Balanced Portfolio		19,270		103,167		(83,897	)		18,794		39,270		(20,476	)
Global Equity Income Portfolio		5,447		13,323		(7,876	)		1,003		6,912		(5,909	)
Energy Portfolio		165,813		198,318		(32,505	)		217,885		157,983		59,902
Global Bond Portfolio		37,334		47,626		(10,292	)		17,660		14,520		3,140
Natural Resources Portfolio		28,948		54,755		(25,807	)		52,661		22,105		30,556
Growth Portfolio		38,906		38,707		199			41,096		37,890		3,206
High Income Portfolio		347,170		377,318		(30,148	)		316,663		322,615		(5,952	)
International Core Equity Portfolio		63,019		86,856		(23,837	)		112,750		87,794		24,956
Global Growth Portfolio		977		6,075		(5,098	)		8,413		3,627		4,786
Mid Cap Growth Portfolio		165,614		94,527		71,087			71,668		52,879		18,789
Science and Technology Portfolio		137,252		84,961		52,291			114,939		69,820		45,119
Small Cap Growth Portfolio		40,173		103,894		(63,721	)		116,118		54,390		61,728
Small Cap Core Portfolio		86,091		108,741		(22,650	)		90,795		79,349		11,446
Lazard Retirement Series, Inc.
International Equity Portfolio		11,700		10,158		1,542			15,650		7,732		7,918
Global Dynamic Multi Asset Portfolio		13,847		19,259		(5,412	)		7,106		25,951		(18,845	)
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio		34,226		22,570		11,656			51,555		23,013		28,542
ClearBridge Variable Mid Cap Portfolio		86,459		76,917		9,542			74,298		75,203		(905	)
ClearBridge Variable Dividend Strategy Portfolio		754,678		475,223		279,455			530,543		107,483		423,060
ClearBridge Variable Small Cap Growth Portfolio		40,410		56,569		(16,159	)		59,437		51,389		8,048
ClearBridge Variable Aggressive Growth Portfolio		1,844		22,643		(20,799	)		9,009		8,894		115
Western Asset Variable Core Bond Plus Portfolio		1,177,295		1,200,820		(23,525	)		1,209,355		533,429		675,926
ClearBridge Variable Large Cap Growth Portfolio		198,444		167,824		30,620			359,385		127,677		231,708
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy Portfolio		2,759		1,365		1,394			557		4,466		(3,909	)
Pioneer Variable Contracts Trust
Fund Portfolio		2,421		3,212		(791	)		1,841		4,684		(2,843	)
Bond Portfolio		480,522		461,711		18,811			550,372		327,347		223,025
Strategic Income Portfolio		134,259		160,231		(25,972	)		193,934		168,045		25,889
Equity Income Portfolio		94,779		140,051		(45,272	)		133,798		65,123		68,675
High Yield Portfolio		2,895		17,595		(14,700	)		4,565		13,511		(8,946	)
Prudential Series Funds
Jennison 20/20 Focus Portfolio		10		874		(864	)		2,355		970		1,385
Natural Resources Portfolio		19,772		90,899		(71,127	)		100,478		37,715		62,763
SP Prudential US Emerging Growth Portfolio		366		9,420		(9,054	)		1,726		11,543		(9,817	)
Royce Capital Fund
Micro-Cap Portfolio		3,791		17,152		(13,361	)		3,212		7,026		(3,814	)
Small Cap Portfolio		71,621		88,121		(16,500	)		41,125		90,904		(49,779	)
Alps Fund
Alerian Energy Infrastructure Portfolio		92,321		49,454		42,867			29,870		42,634		(12,764	)
Red Rocks Global Opportunity Portfolio		29,942		30,373		(431	)		37,578		40,439		(2,861	)

59

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
American Funds IS
Asset Allocation Fund		1,763,189		721,734		1,041,455			1,843,077		433,357		1,409,720
Blue Chip Income and Growth Fund		441,140		410,751		30,389			605,957		277,857		328,100
Ultra-Short Bond Fund		3,463,282		2,195,677		1,267,605			920,470		926,297		(5,827	)
Capital Income Builder Fund		183,204		266,907		(83,703	)		270,876		158,921		111,955
Global Growth Fund		352,553		154,640		197,913			262,946		82,800		180,146
Global Growth and Income Fund		281,494		109,810		171,684			167,164		157,491		9,673
Global Small Capitalization Fund		62,433		67,520		(5,087	)		105,307		52,962		52,345
Growth Fund		343,235		334,283		8,952			282,677		136,659		146,018
Growth-Income Fund		503,963		430,151		73,812			563,678		195,615		368,063
International Fund		186,716		188,965		(2,249	)		133,543		110,321		23,222
International Growth and Income Fund		145,014		122,239		22,775			142,606		55,521		87,085
New World Fund		320,090		370,517		(50,427	)		417,785		237,897		179,888
U.S. Government/AAA-Rated Securities Fund		3,200,373		1,480,564		1,719,809			854,332		457,365		396,967
Invesco Oppenheimer
Total Return Bond Fund		169,766		66,108		103,658			157,066		66,065		91,001
Discovery Mid Cap Growth Fund		73,737		51,363		22,374			71,255		20,344		50,911
Global Multi-Alternatives Fund		—		—		—			38		9,743		(9,705	)
Global Fund		72,018		98,758		(26,740	)		112,783		100,160		12,623
International Growth Fund		288,592		142,134		146,458			409,534		98,956		310,578
Main Street Fund		90,488		169,642		(79,154	)		309,614		72,633		236,981
Main Street Small Cap Fund		91,343		124,998		(33,655	)		84,089		43,538		40,551
T. Rowe Price
Blue Chip Growth Portfolio		538,971		502,003		36,968			776,117		179,780		596,337
Health Sciences Portfolio		462,744		250,914		211,830			465,856		219,740		246,116
John Hancock Variable Insurance Trust
Financial Industries Portfolio		47,703		22,632		25,071			30,054		1,133		28,921
Fundamental All Cap Core Portfolio		148		154		(6	)		1,869		914		955
Select Bond Portfolio		22,463		9,905		12,558			20,149		5,837		14,312
Strategic Income Opportunities Portfolio		17,524		4,463		13,061			18,349		221		18,128
Federated Hermes
High Income Bond Portfolio		38,791		33,146		5,645			33,665		246		33,419
Kaufmann Portfolio		245,285		16,841		228,444			79,676		11,859		67,817
Managed Volatility Portfolio		30,035		25,997		4,038			2,425		—		2,425

60

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 was developed by determining 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 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**		Total Return Lowest to Highest***
Net assets represented by
Fidelity Variable Insurance Products
Government Money Market Portfolio
2020		930,135		$7.81 to 13.36	$	9,787,427		0.30	%		0.95% to 1.55%		-2.30% to -0.63%
2019		609,594		7.99 to 13.50	$	6,389,717		1.45	%		0.95% to 1.55%		-0.90% to 1.05%
2018		1,066,545		8.11 to 13.42	$	11,296,135		0.96	%		0.95% to 1.55%		-1.27% to 0.69%
2017		1,222,766		8.06 to 13.39	$	12,927,349		0.46	%		0.95% to 1.55%		-2.35% to -0.28%
2016		537,525		8.17 to 13.49	$	5,702,461		0.10	%		0.95% to 1.55%		-2.81% to -0.74%
High Income Portfolio
2020		378,909		10.83 to 28.47	$	6,587,049		3.59	%		0.95% to 1.65%		0.19% to 1.45%
2019		597,939		11.01 to 28.06	$	12,059,687		7.32	%		0.95% to 1.55%		12.27% to 13.68%
2018		273,526		9.72 to 24.69	$	4,109,077		13.31	%		0.95% to 1.55%		-5.74% to -4.54%
2017		389,972		10.21 to 25.86	$	6,022,440		2.99	%		0.95% to 1.55%		4.59% to 5.91%
2016		971,321		11.88 to 24.42	$	18,861,790		8.45	%		0.95% to 1.55%		11.69% to 13.09%
Equity-Income Portfolio
2020		185,468		19.42 to 63.49	$	6,685,108		1.54	%		0.95% to 1.55%		3.66% to 5.43%
2019		208,657		17.05 to 60.34	$	7,166,866		1.91	%		0.95% to 1.55%		23.47% to 25.91%
2018		245,323		13.81 to 48.02	$	6,570,148		2.14	%		0.95% to 1.55%		-11.17% to -9.41%
2017		300,652		14.93 to 53.10	$	8,907,143		1.47	%		0.95% to 1.55%		9.11% to 11.59%
2016		376,454		13.68 to 47.70	$	9,774,609		2.14	%		0.95% to 1.55%		14.00% to 16.60%
Growth Portfolio
2020		103,342		39.25 to 105.81	$	9,135,476		0.07	%		0.95% to 1.55%		40.08% to 42.19%
2019		130,728		26.82 to 74.57	$	7,729,119		0.22	%		0.95% to 1.55%		30.73% to 32.71%
2018		150,717		21.32 to 56.30	$	6,756,009		0.22	%		0.95% to 1.55%		-2.86% to -1.38%
2017		172,145		21.80 to 57.20	$	7,746,338		0.20	%		0.95% to 1.55%		31.56% to 33.55%
2016		186,071		15.86 to 42.93	$	6,313,943		0.03	%		0.95% to 1.55%		-1.88% to -0.40%
Overseas Portfolio
2020		282,895		17.25 to 34.21	$	6,929,633		0.22	%		0.95% to 1.65%		12.32% to 14.24%
2019		307,083		13.23 to 30.01	$	6,565,374		1.55	%		0.95% to 1.55%		23.86% to 26.30%
2018		341,634		10.68 to 23.82	$	5,760,737		1.32	%		0.95% to 1.55%		-17.50% to -15.86%
2017		395,965		12.82 to 28.36	$	8,054,715		1.22	%		0.95% to 1.55%		25.91% to 28.76%
2016		449,447		10.08 to 22.07	$	7,167,103		1.20	%		0.95% to 1.55%		-8.25% to -6.16%
Mid Cap Portfolio
2020		665,757		13.35 to 52.45	$	16,098,689		0.36	%		0.95% to 1.65%		14.67% to 16.75%
2019		722,872		11.47 to 44.93	$	15,243,046		0.71	%		0.95% to 1.55%		19.83% to 22.01%
2018		729,226		9.43 to 36.82	$	12,880,026		0.46	%		0.95% to 1.55%		-17.10% to -15.58%
2017		748,760		11.21 to 43.62	$	15,996,166		0.52	%		0.95% to 1.55%		16.58% to 19.40%
2016		701,998		15.14 to 36.53	$	13,075,933		0.33	%		0.95% to 1.55%		8.24% to 10.87%

61

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Asset Manager Portfolio
2020		35,853		19.31 to 40.11	$	1,116,302		1.28	%	0.95% to 1.55%	11.93% to 13.45%
2019		44,479		17.25 to 35.41	$	1,184,709		1.78	%	0.95% to 1.55%	15.33% to 16.90%
2018		44,236		14.96 to 30.37	$	988,568		1.63	%	0.95% to 1.55%	-7.77% to -6.51%
2017		45,483		16.22 to 32.54	$	1,108,425		1.73	%	0.95% to 1.55%	11.16% to 12.67%
2016		50,399		14.59 to 28.92	$	1,103,446		1.30	%	0.95% to 1.55%	0.50% to 1.87%
Investment Grade Bond Portfolio
2020		166,405		13.39 to 28.24	$	3,431,417		2.08	%	0.95% to 1.55%	6.52% to 8.13%
2019		177,520		11.74 to 26.18	$	3,418,470		2.67	%	0.95% to 1.55%	6.28% to 8.37%
2018		185,377		11.05 to 24.21	$	3,319,039		2.21	%	0.95% to 1.55%	-3.64% to -1.73%
2017		222,145		11.46 to 24.68	$	4,019,611		2.18	%	0.95% to 1.55%	1.03% to 3.01%
2016		265,273		11.35 to 24.02	$	4,645,035		2.13	%	0.95% to 1.55%	1.49% to 3.49%
Index 500 Portfolio
2020		824,903		13.87 to 91.04	$	23,666,018		1.51	%	0.95% to 1.65%	14.75% to 16.83%
2019		785,629		11.91 to 78.08	$	21,551,004		1.90	%	0.95% to 1.55%	27.28% to 29.78%
2018		484,759		17.69 to 60.29	$	15,222,800		1.65	%	0.95% to 1.55%	-7.47% to -5.64%
2017		616,686		18.31 to 64.02	$	20,080,603		1.63	%	0.95% to 1.55%	17.42% to 20.26%
2016		708,709		15.59 to 53.34	$	18,936,510		1.30	%	0.95% to 1.55%	7.91% to 10.53%
Contrafund Portfolio
2020		1,178,776		12.37 to 111.47	$	39,822,428		0.10	%	0.95% to 1.65%	27.08% to 29.00%
2019		1,216,399		13.18 to 86.57	$	33,859,564		0.27	%	0.95% to 1.55%	28.10% to 30.03%
2018		1,152,445		10.17 to 66.72	$	26,061,685		0.53	%	0.95% to 1.55%	-8.91% to -7.53%
2017		1,154,260		11.03 to 72.28	$	29,362,042		0.86	%	0.95% to 1.55%	18.65% to 20.44%
2016		1,005,538		15.56 to 60.14	$	23,032,917		0.64	%	0.95% to 1.55%	5.12% to 6.71%
Asset Manager: Growth Portfolio
2020		24,803		20.37 to 43.77	$	887,421		0.99	%	0.95% to 1.55%	14.29% to 15.84%
2019		25,820		17.82 to 37.86	$	798,018		1.52	%	0.95% to 1.55%	19.71% to 21.34%
2018		26,726		14.89 to 31.25	$	692,215		1.46	%	0.95% to 1.55%	-9.99% to -8.76%
2017		25,904		16.54 to 34.32	$	763,812		1.24	%	0.95% to 1.55%	15.81% to 17.37%
2016		26,923		14.28 to 29.32	$	678,289		1.25	%	0.95% to 1.55%	-0.15% to 1.21%
Balanced Portfolio
2020		107,172		26.36 to 40.63	$	3,734,962		1.23	%	0.95% to 1.55%	19.35% to 20.97%
2019		103,239		21.05 to 33.66	$	2,994,631		1.68	%	0.95% to 1.55%	22.78% to 28.45%
2018		102,737		16.98 to 27.42	$	2,415,987		1.38	%	0.95% to 1.55%	-6.77% to -5.35%
2017		112,357		19.50 to 29.03	$	2,792,652		1.28	%	0.95% to 1.55%	13.48% to 15.02%
2016		150,941		17.18 to 25.29	$	3,218,268		1.22	%	0.95% to 1.55%	4.55% to 5.97%
Growth & Income Portfolio
2020		40,129		22.03 to 42.53	$	1,519,482		1.81	%	0.95% to 1.55%	4.68% to 6.58%
2019		46,710		20.57 to 39.99	$	1,666,471		4.65	%	0.95% to 1.55%	21.11% to 28.24%
2018		49,486		16.68 to 31.19	$	1,369,397		0.32	%	0.95% to 1.55%	-11.67% to -10.06%
2017		57,456		17.16 to 34.75	$	1,777,858		1.17	%	0.95% to 1.55%	12.78% to 15.51%
2016		65,708		15.22 to 30.15	$	1,752,760		1.55	%	0.95% to 1.55%	11.99% to 14.71%
Growth Opportunities Portfolio
2020		859,730		15.19 to 75.22	$	19,518,772		0.00	%	0.95% to 1.65%	64.16% to 66.64%
2019		236,128		10.94 to 45.59	$	4,894,768		0.07	%	0.95% to 1.55%	9.44% to 39.17%
2018		69,787		25.67 to 33.09	$	2,202,365		0.12	%	0.95% to 1.55%	9.76% to 11.14%
2017		70,470		23.34 to 30.07	$	2,010,137		0.26	%	0.95% to 1.55%	31.53% to 32.91%
2016		76,426		17.75 to 22.85	$	1,642,818		0.23	%	0.95% to 1.55%	-1.92% to -0.88%
Value Strategies Portfolio
2020		158,855		12.67 to 28.16	$	3,461,782		0.93	%	0.95% to 1.65%	5.41% to 7.00%
2019		207,898		11.88 to 26.31	$	4,212,064		1.46	%	0.95% to 1.55%	30.85% to 32.83%
2018		227,861		8.97 to 19.81	$	3,481,341		0.72	%	0.95% to 1.55%	-19.51% to -18.28%
2017		253,806		11.01 to 24.24	$	4,727,608		1.29	%	0.95% to 1.55%	16.21% to 17.96%
2016		228,649		15.28 to 20.55	$	3,697,663		0.96	%	0.95% to 1.55%	6.63% to 8.24%
Strategic Income Portfolio
2020		1,058,570		10.85 to 13.01	$	13,485,831		3.11	%	1.15% to 1.65%	5.72% to 5.93%
2019		985,299		10.81 to 12.28	$	11,890,430		3.47	%	1.15% to 1.35%	9.17% to 9.39%
2018		839,972		9.89 to 11.23	$	9,340,409		3.87	%	1.15% to 1.35%	-4.13% to -3.94%
2017		710,192		10.31 to 11.69	$	8,233,259		3.39	%	1.15% to 1.35%	6.11% to 6.32%
2016		534,063		10.94 to 10.99	$	5,845,982		3.73	%	1.00% to 1.50%	6.57% to 6.78%

62

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Emerging Markets Portfolio
2020		307,443		16.41 to 17.88	$	5,427,630		0.56	%	1.15% to 1.65%	29.12% to 29.38%
2019		298,922		12.70 to 13.82	$	4,085,653		1.44	%	1.15% to 1.35%	27.46% to 27.72%
2018		292,843		9.95 to 10.82	$	3,145,115		0.57	%	1.15% to 1.35%	-19.27% to -19.10%
2017		274,546		12.32 to 13.38	$	3,638,965		0.59	%	1.15% to 1.35%	45.09% to 45.37%
2016		147,226		9.16 to 9.20	$	1,349,736		0.14	%	1.00% to 1.50%	1.57% to 1.77%
Real Estate Portfolio
2020		1,174,541		10.54 to 16.01	$	18,444,735		1.83	%	1.15% to 1.65%	-8.04% to -7.86%
2019		1,123,074		11.45 to 17.37	$	19,207,943		1.71	%	1.15% to 1.35%	21.30% to 21.54%
2018		972,515		9.43 to 14.29	$	13,743,142		2.65	%	1.15% to 1.35%	-7.72% to -7.53%
2017		975,021		10.20 to 15.46	$	14,953,636		1.58	%	1.15% to 1.35%	2.38% to 2.59%
2016		968,831		14.99 to 15.07	$	14,545,145		1.27	%	1.00% to 1.50%	4.05% to 4.26%
Funds Manager 50% Portfolio
2020		652,743		13.07 to 16.56	$	10,514,394		1.07	%	1.15% to 1.65%	12.36% to 12.58%
2019		390,642		11.62 to 14.71	$	5,531,550		1.77	%	1.15% to 1.35%	16.11% to 16.34%
2018		263,215		10.00 to 12.64	$	3,305,990		1.55	%	1.15% to 1.35%	-6.65% to -6.46%
2017		198,441		10.70 to 13.52	$	2,669,845		1.03	%	1.15% to 1.35%	12.72% to 12.94%
2016		202,694		11.91 to 11.97	$	2,420,472		1.20	%	1.00% to 1.50%	2.68% to 2.89%
Funds Manager 70% Portfolio
2020		211,343		13.83 to 19.19	$	3,988,691		0.75	%	1.15% to 1.65%	14.38% to 14.61%
2019		195,113		12.07 to 16.74	$	3,215,544		1.29	%	1.15% to 1.35%	20.85% to 21.09%
2018		160,732		9.98 to 13.83	$	2,187,534		0.96	%	1.15% to 1.35%	-8.92% to -8.74%
2017		141,689		10.95 to 15.15	$	2,124,719		0.82	%	1.15% to 1.35%	17.35% to 17.58%
2016		128,472		12.82 to 12.89	$	1,652,282		1.07	%	1.00% to 1.50%	3.45% to 3.66%
Funds Manager 85% Portfolio
2020		51,994		14.43 to 21.46	$	1,025,047		0.67	%	1.15% to 1.65%	15.69% to 15.92%
2019		58,243		12.46 to 18.51	$	957,280		1.10	%	1.15% to 1.35%	24.45% to 24.70%
2018		64,190		10.01 to 14.84	$	881,870		0.66	%	1.15% to 1.35%	-10.31% to -10.13%
2017		66,292		11.14 to 16.52	$	1,036,023		0.73	%	1.15% to 1.35%	21.26% to 21.50%
2016		44,169		13.53 to 13.59	$	599,483		0.87	%	1.00% to 1.50%	4.06% to 4.27%
Government Money Market Portfolio Service Class 2
2020		471,550		9.22 to 9.34	$	4,357,277		0.22	%	1.15% to 1.65%	-1.11% to -0.91%
2019		404,659		9.33 to 9.43	$	3,782,351		2.05	%	1.15% to 1.35%	0.40% to 0.60%
2018		274,293		9.29 to 9.37	$	2,550,426		1.29	%	1.15% to 1.35%	0.03% to 0.23%
2017		204,960		9.29 to 9.29	$	1,903,208		0.41	%	1.15% to 1.35%	-0.92% to -0.92%
2016		237,859		9.37 to 9.37	$	2,229,175		0.01	%	1.00% to 1.50%	-1.33% to -1.33%
International Capital Appreciation Portfolio
2020		46,564		13.87 to 13.89	$	646,274		0.18	%	1.15% to 1.65%	38.70% to 38.88%
American Century Variable
Portfolios, Inc.
Balanced Fund
2020		171,886		11.17 to 33.93	$	2,639,998		1.04	%	0.95% to 1.65%	9.48% to 11.46%
2019		85,773		10.64 to 30.58	$	1,630,677		1.46	%	0.95% to 1.55%	6.42% to 18.72%
2018		60,186		16.21 to 25.87	$	1,243,684		1.46	%	0.95% to 1.55%	-6.45% to -4.74%
2017		66,901		17.33 to 27.29	$	1,467,007		1.57	%	0.95% to 1.55%	10.83% to 12.84%
2016		96,579		14.86 to 24.29	$	1,890,953		1.45	%	0.95% to 1.55%	4.09% to 5.98%
Capital Appreciation Fund
2020		35,591		51.06 to 77.03	$	2,380,600		0.00	%	0.95% to 1.55%	39.01% to 41.11%
2019		50,296		36.73 to 54.84	$	2,336,783		0.00	%	0.95% to 1.55%	32.28% to 34.28%
2018		43,725		27.77 to 41.02	$	1,560,985		0.00	%	0.95% to 1.55%	-7.50% to -6.10%
2017		56,685		29.90 to 43.88	$	2,121,643		0.00	%	0.95% to 1.55%	18.85% to 20.64%
2016		54,467		24.98 to 36.54	$	1,724,354		0.00	%	0.95% to 1.55%	0.73% to 2.25%
International Fund
2020		145,052		13.01 to 30.49	$	3,854,284		0.37	%	0.95% to 1.90%	21.15% to 24.47%
2019		170,774		10.74 to 24.56	$	3,652,645		0.73	%	0.95% to 1.90%	23.55% to 26.93%
2018		172,262		8.69 to 19.40	$	2,900,218		1.26	%	0.95% to 1.90%	-18.35% to -16.10%
2017		194,253		10.65 to 23.20	$	3,936,889		0.78	%	0.95% to 1.90%	26.26% to 29.70%
2016		196,227		8.43 to 18.08	$	3,120,591		0.93	%	0.85% to 1.55%	-8.94% to -6.45%
Value Fund
2020		3,366,384		11.91 to 47.11	$	65,728,799		1.93	%	0.95% to 1.65%	-1.81% to -0.12%
2019		3,224,422		11.96 to 47.31	$	63,837,412		1.97	%	0.95% to 1.55%	23.30% to 25.72%
2018		3,065,660		9.54 to 37.77	$	49,039,862		1.62	%	0.95% to 1.55%	-11.89% to -10.14%
2017		2,797,772		10.65 to 42.16	$	50,910,805		1.48	%	0.95% to 1.55%	5.17% to 7.55%
2016		2,383,218		15.67 to 39.32	$	41,913,966		1.55	%	0.95% to 1.55%	16.49% to 19.14%

63

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Disciplined Core Value Fund
2020		169,691		11.78 to 32.40	$	2,829,639		1.62	%	0.95% to 1.90%	7.40% to 10.39%
2019		86,210		10.71 to 29.39	$	1,786,997		1.86	%	0.95% to 1.90%	7.12% to 22.58%
2018		73,390		12.96 to 24.04	$	1,478,926		1.66	%	0.95% to 1.90%	-10.58% to -8.08%
2017		95,945		14.50 to 26.18	$	2,120,192		1.82	%	0.95% to 1.90%	15.94% to 19.16%
2016		94,538		12.51 to 23.14	$	1,762,167		2.66	%	0.85% to 1.55%	9.14% to 12.13%
Inflation Protection Fund
2020		499,768		10.42 to 15.39	$	6,057,618		1.30	%	0.95% to 1.65%	6.90% to 8.52%
2019		474,712		9.64 to 14.18	$	5,470,382		2.29	%	0.95% to 1.55%	5.79% to 7.87%
2018		512,725		8.98 to 13.15	$	5,679,743		2.82	%	0.95% to 1.55%	-5.61% to -3.74%
2017		513,891		9.36 to 13.66	$	6,144,459		2.54	%	0.95% to 1.55%	0.57% to 2.69%
2016		558,254		9.15 to 13.30	$	6,660,454		1.83	%	0.95% to 1.55%	1.25% to 3.40%
Large Company Value Fund
2020		22,008		15.03 to 22.67	$	410,305		1.24	%	0.95% to 1.90%	-1.04% to 1.52%
2019		31,865		15.19 to 22.33	$	581,962		2.52	%	0.95% to 1.90%	22.93% to 26.10%
2018		28,298		12.36 to 17.71	$	431,595		1.79	%	0.95% to 1.90%	-11.36% to -9.06%
2017		40,383		12.75 to 19.47	$	678,885		1.37	%	0.95% to 1.90%	6.94% to 9.91%
2016		69,646		11.92 to 17.72	$	1,068,958		1.82	%	0.85% to 1.55%	11.07% to 13.94%
Mid Cap Value Fund
2020		1,465,158		11.72 to 34.15	$	30,621,899		1.49	%	0.95% to 1.90%	-2.56% to 0.15%
2019		1,368,066		11.73 to 34.10	$	28,990,438		1.91	%	0.95% to 1.90%	24.31% to 27.77%
2018		1,196,299		9.21 to 26.68	$	20,178,339		1.36	%	0.95% to 1.90%	-16.14% to -13.79%
2017		1,028,234		10.72 to 30.95	$	20,474,619		1.42	%	0.95% to 1.90%	7.43% to 10.42%
2016		907,794		17.78 to 28.03	$	16,892,336		1.53	%	0.85% to 1.55%	18.50% to 21.56%
Ultra Fund
2020		176,506		13.73 to 47.32	$	6,680,541		0.00	%	0.95% to 1.90%	44.41% to 48.14%
2019		185,616		15.24 to 31.94	$	4,847,138		0.00	%	0.95% to 1.90%	29.84% to 33.19%
2018		219,402		11.48 to 23.98	$	4,360,242		0.11	%	0.95% to 1.90%	-2.74% to -0.36%
2017		144,118		11.56 to 24.07	$	2,892,088		0.22	%	0.95% to 1.90%	27.48% to 30.76%
2016		62,392		14.43 to 18.41	$	987,916		0.17	%	0.85% to 1.55%	0.97% to 3.37%
MFS Variable Insurance Trust
Research Series
2020		11,622		29.91 to 42.27	$	449,673		0.58	%	0.95% to 1.40%	13.50% to 15.21%
2019		15,535		26.35 to 37.06	$	524,343		0.64	%	0.95% to 1.40%	29.39% to 31.35%
2018		21,621		20.36 to 28.50	$	544,784		0.67	%	0.95% to 1.40%	-6.95% to -5.53%
2017		16,081		21.88 to 30.47	$	439,389		1.27	%	0.95% to 1.40%	20.10% to 21.91%
2016		19,722		18.22 to 25.25	$	440,413		0.78	%	0.95% to 1.40%	6.66% to 7.46%
Growth Series
2020		35,031		43.03 to 63.80	$	1,922,507		0.00	%	0.95% to 1.40%	28.35% to 30.29%
2019		54,317		33.48 to 49.46	$	2,277,555		0.00	%	0.95% to 1.40%	34.44% to 36.48%
2018		50,585		26.22 to 36.60	$	1,590,189		0.06	%	0.95% to 1.40%	-0.08% to 1.44%
2017		54,737		25.85 to 36.45	$	1,692,492		0.07	%	0.95% to 1.40%	27.92% to 29.85%
2016		52,572		20.13 to 28.35	$	1,263,117		0.03	%	0.95% to 1.40%	-0.04% to 1.21%
Investors Trust Series
2020		9,831		28.48 to 36.02	$	330,272		0.53	%	0.95% to 1.40%	11.35% to 12.53%
2019		10,497		25.58 to 32.01	$	312,969		0.65	%	0.95% to 1.40%	28.65% to 30.01%
2018		10,751		20.44 to 24.62	$	247,965		0.82	%	0.95% to 1.40%	-7.63% to -6.60%
2017		12,151		22.13 to 26.36	$	300,384		0.69	%	0.95% to 1.40%	20.54% to 21.87%
2016		12,410		18.36 to 21.63	$	251,318		0.82	%	0.95% to 1.40%	6.12% to 7.29%
New Discovery Series
2020		242,603		14.37 to 96.63	$	8,811,176		0.00	%	0.95% to 1.65%	42.06% to 44.21%
2019		206,829		15.43 to 67.17	$	5,768,564		0.00	%	0.95% to 1.40%	37.86% to 39.94%
2018		161,830		11.06 to 48.07	$	3,381,752		0.00	%	0.95% to 1.40%	-4.11% to -2.65%
2017		141,752		11.40 to 49.48	$	3,178,688		0.00	%	0.95% to 1.40%	23.28% to 25.14%
2016		120,575		13.48 to 39.62	$	2,351,074		0.00	%	0.95% to 1.40%	6.59% to 7.77%
Corporate Bond Portfolio
2020		507,623		10.69 to 13.18	$	6,553,210		3.23	%	1.15% to 1.65%	8.86% to 9.07%
2019		336,788		11.11 to 12.08	$	3,996,954		3.40	%	1.15% to 1.35%	12.92% to 13.15%
2018		285,257		9.83 to 10.68	$	3,009,012		3.62	%	1.15% to 1.35%	-4.61% to -4.42%
2017		337,728		10.29 to 11.17	$	3,740,989		3.94	%	1.15% to 1.35%	4.69% to 4.90%
2016		240,658		10.60 to 10.65	$	2,554,034		5.84	%	1.00% to 1.50%	4.56% to 4.77%

64

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Emerging Markets Equity Portfolio
2020		347,963		12.31 to 13.80	$	4,326,030		2.65	%	1.15% to 1.65%	8.85% to 9.07%
2019		347,537		11.31 to 11.86	$	3,967,495		0.39	%	1.15% to 1.35%	18.57% to 18.81%
2018		279,063		9.54 to 9.99	$	2,677,402		0.12	%	1.15% to 1.35%	-15.29% to -15.12%
2017		140,088		11.26 to 11.77	$	1,581,252		0.92	%	1.15% to 1.35%	35.82% to 36.10%
2016		46,908		8.29 to 8.33	$	389,170		0.49	%	1.00% to 1.50%	7.58% to 7.80%
Technology Portfolio
2020		223,568		22.64 to 44.24	$	9,325,705		0.00	%	1.15% to 1.65%	44.44% to 44.73%
2019		159,504		15.66 to 30.56	$	4,536,402		0.00	%	1.15% to 1.35%	34.05% to 34.32%
2018		143,958		11.67 to 22.75	$	3,062,555		0.00	%	1.15% to 1.35%	0.15% to 0.35%
2017		108,390		11.64 to 22.67	$	2,353,173		0.00	%	1.15% to 1.35%	36.80% to 37.07%
2016		108,325		16.46 to 16.54	$	1,785,849		0.00	%	1.00% to 1.50%	6.93% to 7.15%
Global Tactical Allocation Portfolio
2020		102,241		11.66 to 14.13	$	1,425,162		1.41	%	1.15% to 1.65%	4.56% to 4.77%
2019		102,347		11.14 to 13.49	$	1,362,722		2.64	%	1.15% to 1.35%	12.77% to 12.99%
2018		86,446		9.87 to 11.94	$	1,019,727		0.50	%	1.15% to 1.35%	-6.09% to -5.90%
2017		122,063		10.50 to 12.69	$	1,535,748		2.73	%	1.15% to 1.35%	9.11% to 9.32%
2016		84,702		11.55 to 11.61	$	979,859		0.00	%	1.00% to 1.50%	4.56% to 4.77%
International Intrinsic Value Portfolio
2020		727,659		12.25 to 24.09	$	17,035,693		0.76	%	1.15% to 1.65%	18.59% to 18.83%
2019		754,246		12.56 to 20.27	$	14,878,599		1.49	%	1.15% to 1.35%	23.97% to 24.22%
2018		711,952		10.12 to 16.32	$	11,345,060		0.97	%	1.15% to 1.35%	-10.94% to -10.76%
2017		630,846		11.36 to 18.29	$	11,319,744		1.38	%	1.15% to 1.35%	25.12% to 25.37%
2016		443,000		14.52 to 14.59	$	6,438,766		1.23	%	1.00% to 1.50%	2.45% to 2.65%
Utilities Series Portfolio
2020		584,085		11.45 to 19.11	$	10,974,016		2.18	%	1.15% to 1.65%	4.20% to 4.41%
2019		611,789		13.03 to 18.30	$	11,022,016		3.98	%	1.15% to 1.35%	23.13% to 23.37%
2018		545,782		10.57 to 14.84	$	8,005,693		0.84	%	1.15% to 1.35%	-0.55% to -0.35%
2017		514,610		10.62 to 14.89	$	7,582,594		4.42	%	1.15% to 1.35%	12.96% to 13.19%
2016		464,431		13.09 to 13.15	$	6,088,629		3.74	%	1.00% to 1.50%	9.74% to 9.96%
Blended Research Core Equity Portfolio
2020		111,347		12.16 to 16.16	$	1,773,875		1.22	%	1.15% to 1.65%	13.51% to 13.74%
2019		129,335		12.97 to 14.21	$	1,822,295		1.51	%	1.15% to 1.35%	27.15% to 27.40%
2018		188,802		10.18 to 11.15	$	2,091,274		1.28	%	1.15% to 1.35%	-9.23% to -9.05%
2017		157,770		12.20 to 12.26	$	1,926,691		1.69	%	1.15% to 1.35%	18.86% to 19.10%
2016		47,719		10.27 to 10.30	$	490,595		1.34	%	1.00% to 1.50%	6.72% to 6.94%
Global Real Estate Portfolio
2020		20,453		10.90 to 11.88	$	223,797		2.29	%	1.15% to 1.65%	-0.21% to -0.01%
2019		30,844		10.93 to 10.94	$	337,178		2.13	%	1.15% to 1.35%	9.26% to 9.41%
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio
2020		57,719		21.11 to 32.75	$	1,601,094		1.53	%	0.95% to 1.40%	0.71% to 1.73%
2019		60,148		20.84 to 32.34	$	1,652,412		1.69	%	0.95% to 1.40%	20.13% to 21.33%
2018		62,205		17.24 to 26.77	$	1,418,592		1.33	%	0.95% to 1.40%	-9.93% to -9.02%
2017		74,874		19.03 to 29.56	$	1,916,553		1.31	%	0.95% to 1.40%	11.20% to 12.31%
2016		83,368		17.01 to 26.44	$	1,881,106		1.41	%	0.95% to 1.40%	14.85% to 16.01%
Mid-Cap Stock Portfolio
2020		59,659		17.80 to 42.22	$	1,760,151		0.90	%	0.95% to 1.40%	-0.08% to 1.53%
2019		70,764		17.04 to 41.78	$	2,067,659		0.90	%	0.95% to 1.40%	19.55% to 21.48%
2018		84,952		14.06 to 34.54	$	2,017,140		0.65	%	0.95% to 1.40%	-17.19% to -15.85%
2017		103,864		14.63 to 41.23	$	2,965,787		0.55	%	0.95% to 1.40%	3.63% to 5.82%
2016		132,965		14.12 to 39.14	$	3,521,556		0.48	%	0.95% to 1.40%	12.90% to 15.29%
International Opportunities Portfolio
2019		—		—	$	0		1.92	%	0.95% to 1.40%	n/a
2018		250,017		12.82 to 26.60	$	5,854,396		0.88	%	0.95% to 1.40%	-25.86% to -24.39%
2017		288,234		17.29 to 35.25	$	8,941,762		1.10	%	0.95% to 1.40%	34.64% to 37.90%
2016		347,117		12.57 to 25.82	$	7,840,838		0.87	%	0.95% to 1.40%	-7.43% to -5.18%

65

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Bond-Debenture Portfolio
2020		1,665,760		11.23 to 14.72	$	23,849,233		3.66	%	1.15% to 1.65%	5.86% to 6.07%
2019		1,691,833		11.07 to 13.88	$	23,012,603		4.29	%	1.15% to 1.35%	11.83% to 12.06%
2018		1,462,361		9.89 to 12.38	$	17,841,186		4.53	%	1.15% to 1.35%	-5.31% to -5.12%
2017		1,395,341		10.44 to 13.05	$	18,051,413		4.91	%	1.15% to 1.35%	7.75% to 7.97%
2016		989,650		12.03 to 12.09	$	11,923,220		5.10	%	1.00% to 1.50%	10.63% to 10.85%
Fundamental Equity Portfolio
2020		94,541		11.98 to 19.06	$	1,711,130		1.12	%	1.15% to 1.65%	0.40% to 0.61%
2019		95,557		11.92 to 18.94	$	1,757,521		1.30	%	1.15% to 1.35%	19.89% to 20.13%
2018		97,268		9.94 to 15.77	$	1,512,416		1.65	%	1.15% to 1.35%	-9.39% to -9.21%
2017		87,303		17.25 to 17.37	$	1,510,765		1.04	%	1.15% to 1.35%	11.07% to 11.29%
2016		91,478		15.53 to 15.61	$	1,423,577		1.18	%	1.00% to 1.50%	14.19% to 14.42%
Developing Growth Portfolio
2020		162,728		15.76 to 38.96	$	6,096,951		0.00	%	1.15% to 1.65%	70.28% to 70.62%
2019		132,524		15.77 to 22.83	$	2,951,762		0.00	%	1.15% to 1.35%	30.00% to 30.26%
2018		146,497		12.12 to 17.53	$	2,539,423		0.00	%	1.15% to 1.35%	3.47% to 3.68%
2017		99,135		11.71 to 16.91	$	1,662,341		0.00	%	1.15% to 1.35%	28.19% to 28.44%
2016		98,595		13.10 to 13.16	$	1,293,233		0.00	%	1.00% to 1.50%	-3.91% to -3.72%
Short Duration Income Portfolio
2020		1,794,042		10.58 to 10.82	$	19,215,169		2.70	%	1.15% to 1.65%	1.74% to 1.95%
2019		1,853,386		10.39 to 10.61	$	19,527,957		3.11	%	1.15% to 1.35%	3.65% to 3.85%
2018		1,661,011		10.01 to 10.22	$	16,864,578		3.99	%	1.15% to 1.35%	-0.21% to -0.01%
2017		1,106,388		10.02 to 10.22	$	11,247,886		4.29	%	1.15% to 1.35%	0.82% to 1.02%
2016		668,380		10.08 to 10.11	$	6,743,618		4.00	%	1.00% to 1.50%	2.08% to 2.29%
Alger Fund
LargeCap Growth Portfolio
2020		176,154		30.39 to 56.24	$	7,542,435		0.16	%	0.95% to 1.40%	62.67% to 65.45%
2019		215,054		18.45 to 34.33	$	5,626,299		0.00	%	0.95% to 1.40%	23.79% to 26.23%
2018		271,640		14.68 to 27.47	$	5,649,133		0.00	%	0.95% to 1.40%	-0.73% to 1.24%
2017		327,042		14.57 to 27.41	$	6,786,993		0.00	%	0.95% to 1.40%	24.43% to 27.25%
2016		393,955		11.50 to 21.76	$	6,527,385		0.00	%	0.95% to 1.40%	-3.95% to -1.77%
MidCap Growth Portfolio
2020		141,563		33.35 to 53.66	$	5,958,203		0.00	%	0.95% to 1.40%	60.33% to 63.07%
2019		168,048		18.08 to 33.24	$	4,401,275		0.00	%	0.95% to 1.40%	26.53% to 29.02%
2018		164,109		14.29 to 26.02	$	3,315,112		0.00	%	0.95% to 1.40%	-10.11% to -8.33%
2017		202,877		15.89 to 28.67	$	4,517,235		0.00	%	0.95% to 1.40%	25.72% to 28.57%
2016		251,756		12.39 to 22.52	$	4,393,261		0.00	%	0.95% to 1.40%	-2.21% to 0.02%
Capital Appreciation Portfolio
2020		87,877		37.93 to 78.45	$	4,581,915		0.00	%	0.95% to 1.40%	38.33% to 40.41%
2019		96,426		27.13 to 56.43	$	3,519,221		0.00	%	0.95% to 1.40%	30.47% to 32.44%
2018		112,131		20.58 to 43.03	$	3,107,490		0.09	%	0.95% to 1.40%	-2.62% to -1.14%
2017		123,843		20.91 to 43.97	$	3,521,120		0.16	%	0.95% to 1.40%	27.92% to 29.85%
2016		143,197		16.18 to 34.20	$	3,086,508		0.16	%	0.95% to 1.40%	-1.93% to -0.45%
SmallCap Growth Portfolio
2020		24,929		35.28 to 71.82	$	1,036,808		0.98	%	1.30% to 1.90%	63.19% to 65.57%
2019		28,717		21.40 to 43.38	$	725,070		0.00	%	1.30% to 1.90%	26.27% to 28.11%
2018		32,143		16.78 to 33.86	$	640,494		0.00	%	1.30% to 1.90%	-0.98% to 0.47%
2017		37,725		16.78 to 33.70	$	746,906		0.00	%	1.30% to 1.90%	25.69% to 27.52%
2016		44,028		13.22 to 28.96	$	680,183		0.00	%	0.85% to 1.45%	3.72% to 5.23%
Capital Appreciation Portfolio Class S
2020		1,414,534		13.04 to 37.38	$	50,279,382		0.00	%	1.15% to 1.65%	39.50% to 39.78%
2019		1,652,500		14.64 to 26.74	$	42,742,263		0.00	%	1.15% to 1.35%	31.46% to 31.72%
2018		1,767,628		11.12 to 20.30	$	35,116,472		0.00	%	1.15% to 1.35%	-1.71% to -1.51%
2017		1,805,119		11.31 to 20.62	$	36,708,181		0.00	%	1.15% to 1.35%	28.99% to 29.25%
2016		1,757,056		15.87 to 15.95	$	27,932,263		0.00	%	1.00% to 1.50%	-1.12% to -0.93%

66

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*		Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio
2020		169,492		14.52 to 35.07		$3,619,712		0.37%	0.95% to 1.65%	10.03% to 11.19%
2019		135,215		19.06 to 31.85		$2,765,780		0.45%	0.95% to 1.40%	28.50% to 30.12%
2018		122,026		14.71 to 24.73		$1,951,529		0.67%	0.95% to 1.40%	-6.52% to -5.34%
2017		106,881		15.60 to 26.38		$1,862,527		0.69%	0.95% to 1.40%	9.23% to 10.60%
2016		108,711		14.16 to 24.09		$1,778,568		0.00%	0.95% to 1.40%	4.90% to 6.22%
S&P 500 Index Portfolio
2020		77,843		15.96 to 40.40		$1,945,124		1.37%	0.95% to 1.65%	15.71% to 16.98%
2019		57,822		13.69 to 34.53		$1,444,394		1.70%	0.95% to 1.40%	28.49% to 29.91%
2018		64,136		17.82 to 26.58		$1,335,229		2.03%	0.95% to 1.40%	-6.68% to -5.64%
2017		76,599		18.96 to 28.17		$1,663,499		1.47%	0.95% to 1.40%	19.01% to 20.32%
2016		81,964		15.82 to 23.41		$1,515,372		1.30%	0.95% to 1.40%	9.31% to 10.52%
SRI Balanced Portfolio
2020		199,727		13.45 to 13.52		$2,690,929		1.72%	0.95% to 1.65%	13.22% to 13.44%
2019		81,473		11.88 to 11.92		$969,305		0.94%	0.95% to 1.40%	22.61% to 22.86%
2018		26,401		9.69 to 9.70		$256,115		3.16%	0.95% to 1.40%	-3.09% to -2.96%
Invesco Variable Insurance Funds
Technology Fund
2020		42,169		36.52 to 55.29		$1,828,280		0.00%	0.95% to 1.40%	42.58% to 44.73%
2019		39,957		25.06 to 38.59		$1,198,233		0.00%	0.95% to 1.40%	32.59% to 34.59%
2018		39,479		18.84 to 28.96		$887,568		0.00%	0.95% to 1.40%	-2.88% to -1.40%
2017		33,087		19.65 to 29.67		$753,802		0.00%	0.95% to 1.40%	31.87% to 33.86%
2016		20,092		14.84 to 22.38		$339,618		0.00%	0.95% to 1.40%	-3.16% to -1.69%
Managed Volatility Fund
2020		23,140		23.78 to 30.76		$648,472		1.75%	0.95% to 1.40%	-3.64% to -2.42%
2019		30,560		22.80 to 31.84		$886,021		1.35%	0.95% to 1.40%	15.37% to 17.46%
2018		34,530		18.43 to 27.38		$856,720		1.74%	0.95% to 1.40%	-13.43% to -11.85%
2017		37,821		21.13 to 31.37		$1,071,793		1.16%	0.95% to 1.40%	7.57% to 9.52%
2016		53,249		19.50 to 28.93		$1,379,034		1.70%	0.95% to 1.40%	7.61% to 9.57%
Diversified Dividend Fund
2020		57,070		11.42 to 14.09		$745,103		2.77%	0.95% to 1.40%	-2.04% to -0.81%
2019		61,141		10.28 to 14.20		$804,640		4.09%	0.95% to 1.40%	21.70% to 23.91%
2018		66,707		8.45 to 11.46		$716,583		2.86%	0.95% to 1.40%	-10.10% to -8.45%
2017		73,764		9.40 to 12.52		$860,319		1.59%	0.95% to 1.40%	5.64% to 7.55%
2016		93,420		8.52 to 11.64		$1,020,691		1.46%	0.95% to 1.40%	11.70% to 13.73%
Health Care Fund
2020		42,262		30.27 to 38.11		$1,535,526		0.27%	0.95% to 1.40%	11.69% to 13.38%
2019		53,181		27.10 to 33.62		$1,694,997		0.04%	0.95% to 1.40%	29.30% to 31.25%
2018		60,632		20.96 to 25.80		$1,474,378		0.00%	0.95% to 1.40%	-1.55% to -0.05%
2017		59,493		21.29 to 26.07		$1,462,576		0.36%	0.95% to 1.40%	13.03% to 14.73%
2016		69,202		18.26 to 22.95		$1,465,196		0.00%	0.95% to 1.40%	-13.47% to -12.30%
Global Real Estate Fund
2020		10,620		9.70 to 13.01		$116,666		2.86%	1.30% to 1.90%	-15.62% to -13.91%
2019		21,492		11.50 to 15.12		$271,311		4.65%	1.30% to 1.90%	18.37% to 20.76%
2018		15,834		9.71 to 12.52		$168,990		3.32%	1.30% to 1.90%	-9.62% to -7.78%
2017		19,967		10.75 to 13.57		$236,006		3.02%	1.30% to 1.90%	8.81% to 11.00%
2016		21,304		9.88 to 12.23		$228,979		3.01%	0.85% to 1.45%	-1.73% to 0.25%
International Growth Fund
2020		18,888		13.08 to 17.16		$274,266		2.29%	1.30% to 1.90%	9.94% to 11.99%
2019		24,018		11.90 to 15.32		$313,835		1.24%	1.30% to 1.90%	23.95% to 26.27%
2018		13,975		9.60 to 12.13		$153,261		1.32%	1.30% to 1.90%	-18.06% to -16.52%
2017		34,589		11.71 to 14.53		$450,107		1.57%	1.30% to 1.90%	18.64% to 20.84%
2016		32,886		9.87 to 12.03		$357,909		1.32%	0.85% to 1.45%	-4.02% to -2.22%
Mid Cap Core Equity Fund
2020		16,785		15.33 to 19.67		$291,398		0.43%	1.30% to 1.90%	5.35% to 7.16%
2019		18,120		14.55 to 18.48		$295,438		0.19%	1.30% to 1.90%	20.92% to 23.05%
2018		16,124		12.03 to 15.02		$220,938		0.12%	1.30% to 1.90%	-14.53% to -13.01%
2017		23,986		13.51 to 17.27		$383,293		0.31%	1.30% to 1.90%	10.50% to 12.84%
2016		30,586		12.23 to 15.06		$427,305		0.00%	0.85% to 1.45%	9.71% to 11.20%

67

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*		Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
J.P. Morgan Series Trust II
Core Bond Portfolio
2020		138,043		10.95 to 14.73		$1,863,705		2.04%	0.95% to 1.40%	5.39% to 6.83%
2019		163,089		9.12 to 13.79		$2,079,002		2.55%	0.95% to 1.40%	5.08% to 7.15%
2018		271,366		8.67 to 12.87		$3,189,953		2.23%	0.95% to 1.40%	-2.83% to -0.90%
2017		244,804		8.76 to 12.99		$2,956,412		2.50%	0.95% to 1.40%	0.47% to 2.60%
2016		285,934		8.72 to 12.66		$3,395,498		3.66%	0.95% to 1.40%	-0.95% to 1.15%
Small Cap Core Portfolio
2020		69,708		24.19 to 41.83		$2,429,425		0.83%	0.95% to 1.40%	10.71% to 12.61%
2019		70,901		19.61 to 37.52		$2,187,263		0.39%	0.95% to 1.40%	21.02% to 23.40%
2018		71,677		16.21 to 30.71		$1,781,995		0.41%	0.95% to 1.40%	-14.46% to -12.77%
2017		80,679		18.95 to 35.56		$2,328,221		0.31%	0.95% to 1.40%	11.94% to 14.14%
2016		103,406		16.93 to 31.46		$2,639,261		0.43%	0.95% to 1.40%	16.78% to 19.08%
Rydex Variable Trust
Nova Fund
2020		13,914		32.78 to 50.16		$559,898		0.65%	0.95% to 1.40%	17.13% to 18.90%
2019		24,632		27.98 to 42.62		$847,228		1.18%	0.95% to 1.40%	41.53% to 43.67%
2018		29,327		19.77 to 29.96		$701,253		0.17%	0.95% to 1.40%	-12.51% to -11.17%
2017		27,237		22.60 to 34.07		$742,031		0.05%	0.95% to 1.40%	28.60% to 30.54%
2016		32,874		17.57 to 26.36		$692,932		0.00%	0.95% to 1.40%	12.92% to 14.63%
NASDAQ-100 Fund
2020		33,377		50.48 to 78.18		$2,274,528		0.25%	0.95% to 1.40%	41.46% to 43.59%
2019		28,224		35.68 to 54.99		$1,340,877		0.12%	0.95% to 1.40%	33.55% to 35.57%
2018		29,953		26.72 to 40.97		$1,057,358		0.00%	0.95% to 1.40%	-4.20% to -2.74%
2017		27,872		27.89 to 42.55		$1,031,427		0.00%	0.95% to 1.40%	27.96% to 29.88%
2016		22,039		23.92 to 33.09		$627,513		0.00%	0.95% to 1.40%	3.68% to 4.98%
U.S. Government Money Market Fund
2020		9,554		7.26 to 9.52		$86,303		0.07%	0.95% to 1.45%	-2.75% to -0.88%
2019		13,622		7.43 to 9.60		$124,031		1.11%	0.95% to 1.45%	-1.53% to -0.09%
2018		47,621		7.55 to 9.61		$445,354		0.38%	0.95% to 1.45%	-1.81% to -0.37%
2017		60,153		7.69 to 9.65		$572,532		0.00%	0.95% to 1.45%	-2.36% to -0.94%
2016		23,570		7.87 to 9.74		$220,542		0.00%	0.95% to 1.45%	-2.37% to -0.95%
Inverse S&P 500 Strategy Fund
2020		50,856		0.75 to 1.03		$45,664		1.08%	0.95% to 1.40%	-26.62% to -25.73%
2019		32,926		1.02 to 1.63		$41,658		0.81%	0.95% to 1.40%	-24.55% to -23.64%
2018		34,070		1.35 to 2.14		$57,051		0.00%	0.95% to 1.40%	1.74% to 2.98%
2017		40,345		1.33 to 2.09		$65,662		0.00%	0.95% to 1.40%	-19.10% to -18.13%
2016		73,955		1.64 to 2.44		$148,204		0.00%	0.95% to 1.40%	-13.88% to -12.84%
Inverse NASDAQ-100 Strategy Fund
2020		55,051		0.26 to 0.35		$17,010		0.58%	0.95% to 1.40%	-39.20% to -38.59%
2019		71,858		0.43 to 0.57		$35,787		0.53%	0.95% to 1.40%	-29.90% to -29.20%
2018		69,153		0.62 to 0.80		$49,606		0.00%	0.95% to 1.40%	-3.98% to -3.01%
2017		87,116		0.65 to 1.27		$66,748		0.00%	0.95% to 1.40%	-26.11% to -25.37%
2016		119,942		0.87 to 1.11		$121,182		0.00%	0.95% to 1.40%	-11.23% to -10.34%
Inverse Government Long Bond Strategy Fund
2020		5,576		1.62 to 1.92		$9,580		0.24%	0.95% to 1.40%	-22.61% to -21.84%
2019		4,985		2.10 to 2.46		$11,198		0.00%	0.95% to 1.40%	-15.04% to -14.18%
2018		14,239		2.47 to 2.97		$36,479		0.00%	0.95% to 1.40%	1.86% to 2.89%
2017		4,174		2.43 to 2.78		$10,769		0.00%	0.95% to 1.40%	-10.64% to -9.75%
2016		9,898		2.71 to 3.23		$28,913		0.00%	0.95% to 1.40%	-4.82% to -3.86%
Government Long Bond 1.2x Strategy
2020		13,410		18.94 to 24.07		$310,786		0.25%	0.95% to 1.40%	19.01% to 20.81%
2019		6,457		15.91 to 19.93		$124,669		2.48%	0.95% to 1.40%	13.99% to 15.71%
2018		9,266		13.96 to 17.22		$155,464		1.46%	0.95% to 1.40%	-7.65% to -6.25%
2017		14,583		15.12 to 18.37		$260,461		1.12%	0.95% to 1.40%	6.98% to 8.59%
2016		20,845		14.13 to 16.92		$336,452		5.09%	0.95% to 1.40%	-2.74% to -1.27%

68

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**		Total Return Lowest to Highest***
Rydex Variable Insurance Funds
Biotechnology Fund
2020		259,748		14.61 to 27.44	$	6,893,292		0.00	%		1.15% to 1.65%		19.68% to 19.92%
2019		274,821		12.19 to 22.88	$	6,058,557		0.00	%		1.15% to 1.35%		23.00% to 23.24%
2018		299,204		9.90 to 18.56	$	5,377,373		0.00	%		1.15% to 1.35%		-10.67% to -10.49%
2017		309,349		11.07 to 20.74	$	6,335,674		0.00	%		1.15% to 1.35%		27.71% to 27.96%
2016		314,517		16.13 to 16.21	$	5,082,563		0.00	%		1.00% to 1.50%		-20.74% to -20.58%
S&P 500 Pure Growth Fund
2020		149,921		12.85 to 28.76	$	4,004,339		0.00	%		1.15% to 1.65%		25.61% to 25.87%
2019		196,550		13.13 to 22.85	$	4,290,516		0.00	%		1.15% to 1.35%		24.90% to 25.15%
2018		197,441		10.50 to 18.26	$	3,449,466		0.00	%		1.15% to 1.35%		-6.91% to -6.72%
2017		178,493		11.27 to 19.58	$	3,356,794		0.00	%		1.15% to 1.35%		22.73% to 22.98%
2016		125,350		15.84 to 15.92	$	1,990,152		0.00	%		1.00% to 1.50%		1.20% to 1.40%
S&P MidCap 400 Pure Growth Fund
2020		90,505		13.53 to 19.20	$	1,698,938		0.00	%		1.15% to 1.65%		28.71% to 28.97%
2019		108,641		10.50 to 14.89	$	1,585,408		0.00	%		1.15% to 1.35%		13.86% to 14.09%
2018		109,541		9.21 to 13.05	$	1,402,480		0.00	%		1.15% to 1.35%		-15.98% to -15.81%
2017		85,002		10.95 to 15.50	$	1,289,701		0.00	%		1.15% to 1.35%		17.17% to 17.41%
2016		65,558		13.14 to 13.20	$	863,140		0.00	%		1.00% to 1.50%		1.32% to 1.52%
Guggenheim Variable Insurance Funds
Long Short Equity Fund
2020		81,310		12.01 to 16.89	$	1,020,715		0.78	%		0.95% to 1.65%		3.06% to 3.94%
2019		67,719		11.60 to 16.25	$	825,276		0.52	%		0.95% to 1.40%		4.12% to 5.02%
2018		51,940		11.14 to 15.48	$	617,103		0.00	%		0.95% to 1.40%		-14.89% to -13.94%
2017		58,807		12.97 to 18.03	$	812,450		0.33	%		0.95% to 1.40%		12.59% to 13.77%
2016		55,939		11.44 to 15.85	$	690,817		0.00	%		0.95% to 1.50%		-1.34% to -0.30%
Multi-Hedge Strategies Fund
2020		178,747		10.53 to 10.88	$	1,928,879		1.27	%		1.15% to 1.65%		5.94% to 6.16%
2019		197,122		9.93 to 10.25	$	2,005,173		2.27	%		1.15% to 1.35%		3.60% to 3.81%
2018		230,108		9.57 to 9.88	$	2,257,538		0.00	%		1.15% to 1.35%		-6.35% to -6.17%
2017		285,836		10.45 to 10.52	$	2,992,781		0.00	%		1.15% to 1.35%		2.29% to 2.49%
2016		340,483		10.22 to 10.27	$	3,484,188		0.11	%		0.85% to 1.45%		-1.82% to -1.62%
Global Managed Futures Strategies Fund
2020		34,118		8.64 to 10.20	$	296,674		3.56	%		1.15% to 1.65%		1.22% to 1.42%
2019		42,558		8.53 to 10.06	$	367,226		0.87	%		1.15% to 1.35%		6.69% to 6.91%
2018		48,572		8.00 to 9.42	$	392,483		0.00	%		1.15% to 1.35%		-10.25% to -10.07%
2017		46,227		8.91 to 10.48	$	416,230		1.42	%		1.15% to 1.35%		7.26% to 7.47%
2016		56,508		8.31 to 8.35	$	470,218		3.01	%		0.85% to 1.45%		-15.91% to -15.74%
Small Cap Value Fund
2020		188,894		10.46 to 16.30	$	2,995,915		0.87	%		1.15% to 1.65%		-2.30% to -2.11%
2019		167,909		10.69 to 16.65	$	2,747,725		0.82	%		1.15% to 1.35%		20.93% to 21.18%
2018		173,902		8.83 to 13.74	$	2,355,101		0.39	%		1.15% to 1.35%		-13.84% to -13.67%
2017		162,176		10.24 to 15.91	$	2,558,208		0.40	%		1.15% to 1.35%		2.31% to 2.52%
2016		203,114		15.45 to 15.52	$	3,139,446		0.10	%		0.85% to 1.45%		24.91% to 25.16%
ProFunds VP
Access VP High Yield Fund
2020		2,600		14.31 to 18.23	$	41,796		8.74	%		1.30% to 1.90%		-3.41% to -1.80%
2019		8,288		14.42 to 19.48	$	145,287		4.11	%		1.30% to 1.90%		8.46% to 10.87%
2018		17,028		13.29 to 17.57	$	258,731		3.85	%		1.30% to 1.90%		-4.15% to -2.00%
2017		14,091		14.19 to 17.93	$	229,753		4.89	%		1.30% to 1.90%		1.30% to 3.34%
2016		25,847		14.01 to 17.35	$	409,262		3.49	%		0.85% to 1.45%		5.36% to 7.49%
Asia 30
2020		4,762		15.91 to 18.97	$	80,009		0.95	%		1.30% to 1.90%		31.87% to 33.46%
2019		5,456		12.06 to 14.21	$	69,847		0.26	%		1.30% to 1.90%		22.88% to 24.36%
2018		5,843		9.21 to 11.43	$	60,652		0.40	%		1.30% to 1.90%		-21.22% to -19.86%
2017		9,158		11.69 to 14.26	$	117,521		0.00	%		1.30% to 1.90%		28.64% to 30.84%
2016		7,741		9.59 to 10.90	$	78,213		0.90	%		0.85% to 1.45%		-2.09% to -0.91%

69

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Banks
2020		4,657		5.43 to 6.48	$	27,578		1.38	%	1.30% to 1.90%	-17.80% to -16.81%
2019		7,279		6.52 to 7.79	$	52,386		1.04	%	1.30% to 1.90%	32.13% to 33.86%
2018		8,064		4.69 to 5.82	$	43,616		0.25	%	1.30% to 1.90%	-20.82% to -19.45%
2017		14,551		5.92 to 7.23	$	96,800		0.13	%	1.30% to 1.90%	13.76% to 15.71%
2016		21,861		5.21 to 6.24	$	125,039		0.10	%	0.85% to 1.45%	19.53% to 20.91%
Basic Materials
2020		1,696		13.89 to 16.93	$	25,467		0.58	%	1.30% to 1.90%	13.32% to 14.87%
2019		1,892		11.68 to 14.74	$	24,969		0.29	%	1.30% to 1.90%	14.12% to 16.08%
2018		3,831		10.23 to 12.86	$	42,888		0.26	%	1.30% to 1.90%	-20.19% to -18.73%
2017		7,655		12.82 to 15.82	$	111,540		0.56	%	1.30% to 1.90%	19.22% to 21.37%
2016		5,782		10.76 to 12.69	$	66,637		0.60	%	0.85% to 1.45%	14.87% to 16.67%
Bear
2020		28,541		0.96 to 1.17	$	29,685		0.47	%	1.30% to 1.90%	-28.00% to -27.02%
2019		38,315		1.33 to 1.60	$	54,539		0.09	%	1.30% to 1.90%	-25.41% to -24.40%
2018		45,604		1.78 to 2.11	$	87,088		0.00	%	1.30% to 1.90%	0.71% to 2.09%
2017		49,737		1.77 to 2.07	$	95,271		0.00	%	1.30% to 1.90%	-20.58% to -19.51%
2016		52,976		2.23 to 2.57	$	127,038		0.00	%	0.85% to 1.45%	-15.54% to -14.69%
Biotechnology
2020		7,641		29.36 to 39.09	$	264,358		0.02	%	1.30% to 1.90%	11.30% to 13.49%
2019		10,548		26.38 to 34.44	$	319,069		0.00	%	1.30% to 1.90%	12.34% to 14.55%
2018		11,943		23.63 to 30.07	$	321,578		0.00	%	1.30% to 1.90%	-10.02% to -8.28%
2017		15,974		26.26 to 33.75	$	477,485		0.00	%	1.30% to 1.90%	18.28% to 20.84%
2016		19,526		22.20 to 27.93	$	491,608		0.00	%	0.85% to 1.45%	-18.43% to -16.65%
Bull
2020		16,086		17.74 to 24.51	$	334,702		0.02	%	1.30% to 1.90%	12.04% to 14.53%
2019		69,015		15.84 to 21.40	$	1,324,552		0.35	%	1.30% to 1.90%	24.45% to 27.22%
2018		46,205		12.73 to 16.82	$	687,801		0.00	%	1.30% to 1.90%	-9.39% to -7.37%
2017		95,202		14.05 to 18.16	$	1,551,482		0.00	%	1.30% to 1.90%	15.25% to 17.81%
2016		90,174		12.19 to 15.25	$	1,228,781		0.00	%	0.85% to 1.45%	5.89% to 8.14%
Consumer Goods
2020		9,395		21.65 to 28.40	$	237,187		0.59	%	1.30% to 1.90%	26.42% to 28.78%
2019		7,327		17.60 to 22.05	$	144,514		2.14	%	1.30% to 1.90%	22.33% to 24.37%
2018		4,698		14.39 to 18.77	$	76,661		1.13	%	1.30% to 1.90%	-17.67% to -15.91%
2017		8,337		17.47 to 22.33	$	169,427		1.47	%	1.30% to 1.90%	11.22% to 13.57%
2016		12,131		15.71 to 19.66	$	214,397		1.64	%	0.85% to 1.45%	0.08% to 2.21%
Consumer Services
2020		5,633		27.10 to 36.08	$	176,939		0.00	%	1.30% to 1.90%	23.81% to 26.25%
2019		4,397		22.04 to 28.58	$	115,044		0.00	%	1.30% to 1.90%	20.29% to 22.60%
2018		5,810		18.21 to 23.31	$	123,818		0.00	%	1.30% to 1.90%	-2.96% to -1.04%
2017		9,951		18.76 to 23.83	$	215,762		0.00	%	1.30% to 1.90%	14.19% to 16.55%
2016		10,305		16.52 to 20.45	$	194,430		0.00	%	0.85% to 1.45%	0.55% to 2.58%
Dow 30
2020		11,740		17.05 to 21.56	$	229,519		0.55	%	1.30% to 1.90%	4.34% to 6.02%
2019		7,812		16.34 to 20.34	$	140,000		0.09	%	1.30% to 1.90%	18.69% to 20.60%
2018		9,844		13.77 to 16.86	$	151,386		0.00	%	1.30% to 1.90%	-8.73% to -7.25%
2017		10,930		14.48 to 18.18	$	182,323		0.00	%	1.30% to 1.90%	19.66% to 22.01%
2016		9,988		12.10 to 14.74	$	131,454		0.00	%	0.85% to 1.45%	9.71% to 11.37%
Emerging Markets
2020		7,214		7.16 to 9.43	$	58,742		0.50	%	1.30% to 1.90%	22.36% to 24.96%
2019		9,211		5.85 to 7.55	$	60,942		0.48	%	1.30% to 1.90%	19.96% to 22.51%
2018		13,062		4.88 to 6.23	$	71,589		0.23	%	1.30% to 1.90%	-18.20% to -16.37%
2017		27,496		5.97 to 7.45	$	186,590		0.12	%	1.30% to 1.90%	28.69% to 31.54%
2016		22,668		4.64 to 5.53	$	116,103		0.32	%	0.85% to 1.45%	7.19% to 9.30%
Europe 30
2020		4,253		7.30 to 9.30	$	35,878		1.79	%	1.30% to 1.90%	-11.96% to -10.50%
2019		6,919		8.29 to 10.39	$	65,288		2.63	%	1.30% to 1.90%	14.25% to 16.15%
2018		8,552		7.26 to 9.06	$	70,156		2.59	%	1.30% to 1.90%	-16.72% to -15.24%
2017		8,886		8.72 to 10.69	$	86,997		1.78	%	1.30% to 1.90%	16.13% to 18.17%
2016		9,390		7.51 to 8.81	$	77,994		2.72	%	0.85% to 1.45%	4.57% to 6.15%

70

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Falling U.S. Dollar
2020		5,210		5.05 to 5.22	$	26,756		0.39	%	1.30% to 1.90%	2.32% to 2.58%
2019		5,767		4.94 to 5.15	$	28,678		0.04	%	1.30% to 1.90%	-4.66% to -4.32%
2018		6,270		5.18 to 5.56	$	32,846		0.00	%	1.30% to 1.90%	-8.54% to -7.94%
2017		6,843		5.66 to 6.04	$	39,268		0.00	%	1.30% to 1.90%	5.89% to 6.58%
2016		7,450		5.35 to 5.67	$	40,388		0.00	%	0.85% to 1.45%	-8.09% to -7.49%
Financials
2020		2,449		8.25 to 10.98	$	24,880		0.32	%	1.30% to 1.90%	-5.24% to -3.38%
2019		7,523		8.70 to 11.36	$	73,035		0.22	%	1.30% to 1.90%	25.67% to 28.14%
2018		5,940		6.97 to 8.87	$	49,249		0.32	%	1.30% to 1.90%	-13.57% to -11.90%
2017		15,740		8.02 to 10.37	$	143,511		0.11	%	1.30% to 1.90%	14.02% to 16.55%
2016		117,382		7.03 to 8.89	$	966,039		0.04	%	0.85% to 1.45%	11.30% to 13.72%
Health Care
2020		9,867		24.61 to 32.77	$	285,948		0.00	%	1.30% to 1.90%	10.39% to 12.56%
2019		12,063		22.29 to 29.11	$	310,528		0.00	%	1.30% to 1.90%	15.15% to 17.42%
2018		22,223		19.61 to 25.92	$	490,365		0.00	%	1.30% to 1.90%	0.82% to 3.08%
2017		17,789		19.45 to 24.42	$	385,951		0.00	%	1.30% to 1.90%	16.77% to 19.06%
2016		68,810		16.65 to 20.51	$	1,315,986		0.00	%	0.85% to 1.45%	-7.35% to -5.53%
Industrials
2020		7,403		18.73 to 24.93	$	163,542		0.11	%	1.30% to 1.90%	12.63% to 14.85%
2019		9,692		16.97 to 21.71	$	187,693		0.00	%	1.30% to 1.90%	26.07% to 28.36%
2018		7,119		13.21 to 16.91	$	110,012		0.10	%	1.30% to 1.90%	-15.87% to -14.20%
2017		11,053		15.70 to 19.94	$	197,506		0.20	%	1.30% to 1.90%	18.08% to 20.52%
2016		8,497		13.30 to 16.55	$	125,630		0.17	%	0.85% to 1.45%	13.62% to 15.74%
International
2020		5,799		6.26 to 7.47	$	42,580		0.45	%	1.30% to 1.90%	1.39% to 2.77%
2019		6,345		6.17 to 7.27	$	45,390		0.26	%	1.30% to 1.90%	15.28% to 16.85%
2018		7,334		5.35 to 6.76	$	44,929		0.00	%	1.30% to 1.90%	-18.59% to -16.85%
2017		14,171		6.58 to 8.13	$	107,712		0.00	%	1.30% to 1.90%	17.74% to 20.23%
2016		12,976		5.59 to 6.70	$	80,595		0.00	%	0.85% to 1.45%	-4.24% to -2.30%
Internet
2020		6,641		49.06 to 63.90	$	363,590		0.00	%	1.30% to 1.90%	45.71% to 48.36%
2019		7,211		33.44 to 43.07	$	268,072		0.00	%	1.30% to 1.90%	13.97% to 16.10%
2018		11,806		29.34 to 37.10	$	385,249		0.00	%	1.30% to 1.90%	1.30% to 3.21%
2017		11,237		28.96 to 36.37	$	363,555		0.00	%	1.30% to 1.90%	31.39% to 33.97%
2016		12,539		22.05 to 27.15	$	307,871		0.00	%	0.85% to 1.45%	1.90% to 3.91%
Japan
2020		4,516		8.44 to 10.68	$	45,332		0.29	%	1.30% to 1.90%	12.23% to 14.04%
2019		4,421		7.52 to 9.49	$	38,851		0.14	%	1.30% to 1.90%	16.16% to 18.15%
2018		6,367		6.48 to 8.04	$	47,826		0.00	%	1.30% to 1.90%	-14.48% to -13.00%
2017		6,194		7.57 to 9.24	$	53,758		0.00	%	1.30% to 1.90%	14.68% to 16.64%
2016		15,216		6.60 to 7.92	$	110,735		0.00	%	0.85% to 1.45%	-2.80% to -1.13%
Large-Cap Growth
2020		35,785		24.90 to 34.90	$	1,091,999		0.00	%	1.30% to 1.90%	26.30% to 29.24%
2019		37,397		19.99 to 27.01	$	868,675		0.00	%	1.30% to 1.90%	24.46% to 27.22%
2018		39,419		16.06 to 21.23	$	740,051		0.00	%	1.30% to 1.90%	-5.16% to -3.13%
2017		48,720		16.75 to 21.91	$	966,247		0.00	%	1.30% to 1.90%	20.87% to 23.68%
2016		40,785		14.16 to 17.72	$	665,632		0.04	%	0.85% to 1.45%	1.50% to 3.66%
Large-Cap Value
2020		25,061		12.53 to 16.21	$	377,859		0.86	%	1.30% to 1.90%	-3.50% to -1.79%
2019		37,191		12.99 to 16.50	$	570,190		1.00	%	1.30% to 1.90%	25.31% to 27.52%
2018		36,522		10.36 to 12.94	$	439,372		0.75	%	1.30% to 1.90%	-13.72% to -12.19%
2017		58,880		12.01 to 15.53	$	834,969		0.83	%	1.30% to 1.90%	9.54% to 11.97%
2016		66,923		10.97 to 13.87	$	856,099		0.80	%	0.85% to 1.45%	11.46% to 13.94%
Mid-Cap
2020		7,822		15.10 to 20.41	$	133,330		0.07	%	1.30% to 1.90%	6.84% to 9.33%
2019		192,854		14.13 to 18.67	$	2,977,627		0.01	%	1.30% to 1.90%	19.16% to 21.93%
2018		206,531		11.86 to 15.31	$	2,630,056		0.00	%	1.30% to 1.90%	-15.96% to -13.99%
2017		247,613		14.11 to 17.80	$	3,823,445		0.00	%	1.30% to 1.90%	9.43% to 11.97%
2016		252,920		12.90 to 15.90	$	3,577,317		0.00	%	0.85% to 1.45%	14.01% to 16.66%

71

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Mid-Cap Growth
2020		15,758		19.26 to 25.27	$	354,260		0.00	%	1.30% to 1.90%	16.62% to 18.80%
2019		15,430		16.98 to 21.72	$	297,810		0.00	%	1.30% to 1.90%	20.09% to 22.27%
2018		16,703		14.14 to 17.87	$	276,021		0.00	%	1.30% to 1.90%	-14.94% to -13.34%
2017		23,686		16.62 to 20.99	$	451,663		0.00	%	1.30% to 1.90%	14.36% to 16.67%
2016		28,573		14.53 to 17.99	$	468,951		0.00	%	0.85% to 1.45%	9.10% to 11.31%
Mid-Cap Value
2020		5,201		14.19 to 18.08	$	86,232		0.33	%	1.30% to 1.90%	-1.12% to 0.52%
2019		6,031		14.16 to 17.62	$	99,634		0.18	%	1.30% to 1.90%	19.81% to 21.75%
2018		8,452		11.81 to 14.75	$	114,532		0.07	%	1.30% to 1.90%	-16.29% to -14.80%
2017		20,107		14.11 to 18.25	$	323,868		0.15	%	1.30% to 1.90%	6.81% to 9.18%
2016		30,569		13.21 to 16.71	$	468,145		0.11	%	0.85% to 1.45%	20.06% to 22.61%
Government Money Market
2020		532,131		6.42 to 9.00	$	4,022,896		0.04	%	1.30% to 1.90%	-3.49% to -1.25%
2019		370,018		6.65 to 9.11	$	2,912,327		0.74	%	1.30% to 1.90%	-2.79% to -0.53%
2018		676,635		6.84 to 9.16	$	5,522,693		0.35	%	1.30% to 1.90%	-3.15% to -0.89%
2017		840,720		7.07 to 9.24	$	6,983,028		0.02	%	1.30% to 1.90%	-3.51% to -1.27%
2016		415,989		7.40 to 9.36	$	3,536,380		0.02	%	0.85% to 1.45%	-3.42% to -1.27%
Oil & Gas
2020		28,010		4.32 to 5.76	$	134,545		1.81	%	1.30% to 1.90%	-36.72% to -35.47%
2019		38,028		6.83 to 8.92	$	283,197		1.36	%	1.30% to 1.90%	4.78% to 6.85%
2018		58,634		6.52 to 8.35	$	410,449		1.79	%	1.30% to 1.90%	-22.98% to -21.46%
2017		84,586		8.37 to 10.63	$	761,640		1.15	%	1.30% to 1.90%	-6.59% to -4.66%
2016		140,512		8.96 to 11.15	$	1,347,231		1.35	%	0.85% to 1.45%	19.91% to 22.27%
NASDAQ-100
2020		12,973		40.13 to 55.42	$	615,178		0.00	%	1.30% to 1.90%	40.57% to 43.69%
2019		20,368		28.55 to 38.57	$	685,380		0.00	%	1.30% to 1.90%	32.00% to 34.94%
2018		27,531		21.63 to 28.23	$	685,118		0.00	%	1.30% to 1.90%	-5.26% to -3.24%
2017		33,311		22.30 to 29.17	$	878,315		0.00	%	1.30% to 1.90%	25.65% to 28.56%
2016		63,804		17.75 to 22.33	$	1,250,808		0.00	%	0.85% to 1.45%	1.43% to 3.64%
Pharmaceuticals
2020		3,036		17.68 to 22.86	$	63,933		0.09	%	1.30% to 1.90%	8.75% to 10.67%
2019		4,425		16.26 to 20.66	$	83,608		0.96	%	1.30% to 1.90%	10.23% to 12.17%
2018		6,910		14.75 to 18.41	$	112,035		1.24	%	1.30% to 1.90%	-9.35% to -7.74%
2017		8,247		16.27 to 19.96	$	147,974		1.06	%	1.30% to 1.90%	6.68% to 8.56%
2016		12,522		15.25 to 18.39	$	211,731		0.42	%	0.85% to 1.45%	-6.95% to -5.31%
Precious Metals
2020		91,374		4.43 to 5.99	$	446,026		0.24	%	1.30% to 1.90%	19.72% to 22.20%
2019		172,978		3.70 to 4.90	$	725,931		0.04	%	1.30% to 1.90%	40.82% to 43.74%
2018		197,469		2.66 to 3.41	$	580,199		0.00	%	1.30% to 1.90%	-16.46% to -14.81%
2017		231,622		3.19 to 4.00	$	801,627		0.00	%	1.30% to 1.90%	1.67% to 3.66%
2016		218,288		3.13 to 3.86	$	722,397		0.00	%	0.85% to 1.45%	50.54% to 53.42%
Real Estate
2020		7,521		10.67 to 14.10	$	91,882		0.74	%	1.30% to 1.90%	-9.56% to -7.83%
2019		18,671		11.80 to 15.51	$	250,321		1.95	%	1.30% to 1.90%	22.34% to 24.81%
2018		21,408		9.64 to 12.43	$	233,780		1.59	%	1.30% to 1.90%	-9.01% to -7.16%
2017		10,685		10.60 to 13.38	$	124,847		4.41	%	1.30% to 1.90%	4.29% to 6.39%
2016		12,156		10.16 to 12.58	$	137,417		3.02	%	0.85% to 1.45%	2.04% to 4.10%
Rising Rates Opportunity
2020		17,474		0.98 to 1.16	$	19,158		0.54	%	1.30% to 1.90%	-28.80% to -27.97%
2019		23,811		1.27 to 1.61	$	36,098		0.10	%	1.30% to 1.90%	-20.26% to -18.85%
2018		57,355		1.59 to 1.98	$	106,509		0.00	%	1.30% to 1.90%	0.56% to 2.34%
2017		26,545		1.58 to 1.94	$	48,570		0.00	%	1.30% to 1.90%	-14.93% to -13.43%
2016		63,493		1.85 to 2.24	$	129,889		0.00	%	0.85% to 1.45%	-8.42% to -6.81%
Semiconductor
2020		4,641		29.68 to 37.27	$	144,703		0.26	%	1.30% to 1.90%	39.94% to 42.13%
2019		5,108		21.21 to 26.22	$	112,770		0.32	%	1.30% to 1.90%	44.70% to 46.96%
2018		2,207		14.66 to 17.84	$	33,289		0.00	%	1.30% to 1.90%	-13.29% to -11.93%
2017		1,948		17.31 to 20.26	$	36,793		0.23	%	1.30% to 1.90%	31.24% to 33.01%
2016		2,809		13.19 to 14.99	$	39,241		0.03	%	0.85% to 1.45%	24.99% to 25.12%

72

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Short Dow 30
2020		10,264		0.77 to 0.95	$	9,644		0.42	%	1.30% to 1.90%	-23.69% to -22.58%
2019		2,420		1.07 to 1.18	$	2,821		0.04	%	1.30% to 1.90%	-21.71% to -21.16%
2018		2,480		1.37 to 1.50	$	3,664		0.00	%	1.30% to 1.90%	-0.78% to -0.08%
2017		2,541		1.38 to 1.58	$	3,755		0.00	%	1.30% to 1.90%	-24.39% to -23.52%
2016		2,968		1.83 to 2.07	$	5,809		0.00	%	0.85% to 1.45%	-19.00% to -18.43%
Short Emerging Markets
2020		—		—	$	0		0.00	%	1.30% to 1.90%	n/a
2019		—		—	$	0		0.00	%	1.30% to 1.90%	n/a
2018		—		—	$	0		0.00	%	1.30% to 1.90%	n/a
2017		—		2.67 to 2.67	$	0		0.00	%	1.30% to 1.90%	-29.62% to -29.62%
2016		251		3.80 to 3.80	$	951		0.00	%	0.85% to 1.45%	-18.31% to -18.31%
Short International
2020		2,670		2.23 to 2.34	$	6,133		0.63	%	1.30% to 1.90%	-19.12% to -18.83%
2019		2,707		2.76 to 2.84	$	7,613		0.32	%	1.30% to 1.90%	-19.58% to -19.38%
2018		5,641		3.43 to 3.53	$	19,689		0.00	%	1.30% to 1.90%	12.44% to 12.72%
2017		5,649		3.05 to 3.13	$	17,533		0.00	%	1.30% to 1.90%	-22.71% to -22.51%
2016		5,658		4.00 to 4.04	$	22,711		0.00	%	0.85% to 1.45%	-8.22% to -8.13%
Short Mid-Cap
2020		2,066		0.81 to 0.91	$	1,884		1.18	%	1.30% to 1.90%	-28.89% to -28.32%
2019		2,425		1.14 to 1.26	$	3,007		0.27	%	1.30% to 1.90%	-23.57% to -23.04%
2018		2,479		1.49 to 1.63	$	3,990		0.00	%	1.30% to 1.90%	7.57% to 8.33%
2017		2,534		1.39 to 1.51	$	3,763		0.00	%	1.30% to 1.90%	-17.45% to -16.87%
2016		2,587		1.68 to 1.81	$	4,621		0.00	%	0.85% to 1.45%	-22.63% to -22.08%
Short NASDAQ-100
2020		7,909		0.37 to 0.43	$	3,405		0.41	%	1.30% to 1.90%	-44.53% to -43.99%
2019		360		0.67 to 0.67	$	243		0.14	%	1.30% to 1.90%	-30.25% to -30.25%
2018		418		0.97 to 0.97	$	405		0.00	%	1.30% to 1.90%	-5.87% to -5.87%
2017		479		1.03 to 1.25	$	492		0.00	%	1.30% to 1.90%	-27.52% to -26.28%
2016		3,503		1.42 to 1.70	$	5,773		0.00	%	0.85% to 1.45%	-12.81% to -12.37%
Short Small-Cap
2020		4,666		0.66 to 0.76	$	3,518		0.57	%	1.30% to 1.90%	-34.38% to -33.75%
2019		5,024		1.08 to 1.18	$	5,715		0.06	%	1.30% to 1.90%	-23.20% to -22.74%
2018		13,785		1.41 to 1.52	$	20,735		0.00	%	1.30% to 1.90%	7.01% to 7.65%
2017		15,041		1.32 to 1.41	$	21,057		0.00	%	1.30% to 1.90%	-16.81% to -16.31%
2016		17,220		1.58 to 1.69	$	28,825		0.00	%	0.85% to 1.45%	-23.99% to -23.53%
Small-Cap
2020		10,953		14.66 to 20.25	$	188,232		0.04	%	1.30% to 1.90%	13.03% to 15.54%
2019		18,222		12.97 to 17.53	$	284,232		0.00	%	1.30% to 1.90%	19.35% to 22.01%
2018		16,916		10.87 to 14.37	$	209,307		0.00	%	1.30% to 1.90%	-15.91% to -14.03%
2017		23,012		12.92 to 16.71	$	338,478		0.00	%	1.30% to 1.90%	8.57% to 10.98%
2016		32,393		11.90 to 15.06	$	440,535		0.00	%	0.85% to 1.45%	15.57% to 18.14%
Small-Cap Growth
2020		11,095		19.75 to 24.08	$	237,390		0.00	%	1.30% to 1.90%	13.64% to 15.18%
2019		11,696		16.80 to 22.70	$	221,210		0.00	%	1.30% to 1.90%	15.02% to 17.58%
2018		14,904		14.60 to 19.30	$	257,385		0.00	%	1.30% to 1.90%	-9.01% to -6.97%
2017		22,458		15.86 to 20.75	$	415,721		0.00	%	1.30% to 1.90%	8.99% to 11.51%
2016		31,058		14.55 to 18.61	$	521,485		0.00	%	0.85% to 1.45%	15.98% to 18.38%
Small-Cap Value
2020		13,191		13.85 to 17.39	$	205,866		0.01	%	1.30% to 1.90%	-2.02% to -0.49%
2019		6,378		14.13 to 17.47	$	97,219		0.00	%	1.30% to 1.90%	18.82% to 20.68%
2018		6,805		11.52 to 14.94	$	86,612		0.00	%	1.30% to 1.90%	-17.06% to -15.33%
2017		12,852		13.49 to 17.65	$	202,299		0.01	%	1.30% to 1.90%	5.84% to 8.30%
2016		64,723		12.75 to 16.30	$	962,479		0.00	%	0.85% to 1.45%	24.53% to 26.80%
Technology
2020		11,888		36.15 to 48.13	$	504,019		0.00	%	1.30% to 1.90%	39.69% to 42.44%
2019		10,678		25.88 to 33.79	$	321,408		0.00	%	1.30% to 1.90%	40.05% to 42.81%
2018		7,166		18.48 to 23.66	$	152,767		0.00	%	1.30% to 1.90%	-5.77% to -3.90%
2017		11,161		19.61 to 24.91	$	248,374		0.08	%	1.30% to 1.90%	30.42% to 33.11%
2016		5,954		15.53 to 18.71	$	103,172		0.00	%	0.85% to 1.45%	8.70% to 10.62%

73

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Telecommunications
2020		474		11.65 to 13.49	$	5,900		0.89	%	1.30% to 1.90%	0.45% to 1.46%
2019		402		11.59 to 13.29	$	5,006		1.88	%	1.30% to 1.90%	11.77% to 12.89%
2018		1,242		10.37 to 11.78	$	13,550		4.17	%	1.30% to 1.90%	-17.34% to -16.50%
2017		2,048		12.40 to 14.10	$	26,980		0.38	%	1.30% to 1.90%	-4.77% to -3.72%
2016		53,902		13.02 to 14.65	$	753,817		0.13	%	0.85% to 1.45%	18.36% to 19.67%
U.S. Government Plus
2020		18,153		17.77 to 24.90	$	396,418		0.02	%	1.30% to 1.90%	16.42% to 19.13%
2019		8,237		15.26 to 20.90	$	147,073		0.74	%	1.30% to 1.90%	14.04% to 16.69%
2018		16,856		13.38 to 17.91	$	257,704		0.87	%	1.30% to 1.90%	-8.79% to -6.65%
2017		11,630		15.02 to 18.97	$	198,838		0.17	%	1.30% to 1.90%	5.83% to 7.97%
2016		59,078		14.19 to 17.57	$	956,100		0.00	%	0.85% to 1.45%	-3.59% to -1.94%
UltraBull
2020		31,328		25.82 to 36.73	$	988,666		0.82	%	1.30% to 1.90%	15.47% to 18.28%
2019		21,806		22.36 to 30.63	$	593,749		0.32	%	1.30% to 1.90%	54.35% to 57.94%
2018		26,981		14.49 to 19.64	$	466,571		0.00	%	1.30% to 1.90%	-18.60% to -16.60%
2017		31,169		17.80 to 23.55	$	669,377		0.00	%	1.30% to 1.90%	35.92% to 39.20%
2016		22,446		14.03 to 16.74	$	360,275		0.00	%	0.85% to 1.45%	15.04% to 16.78%
UltraMid-Cap
2020		29,383		19.98 to 26.60	$	648,391		0.20	%	1.30% to 1.90%	1.49% to 3.50%
2019		18,611		20.09 to 25.70	$	412,736		0.00	%	1.30% to 1.90%	42.78% to 45.37%
2018		40,750		14.07 to 18.48	$	610,133		0.00	%	1.30% to 1.90%	-29.27% to -27.72%
2017		46,847		20.48 to 25.57	$	1,005,435		0.00	%	1.30% to 1.90%	24.81% to 27.20%
2016		49,743		16.59 to 20.10	$	858,209		0.00	%	0.85% to 1.45%	33.70% to 36.13%
UltraNASDAQ-100
2020		6,221		126.60 to 174.85	$	882,258		0.00	%	1.30% to 1.90%	79.72% to 83.71%
2019		5,812		71.90 to 95.18	$	466,110		0.00	%	1.30% to 1.90%	73.58% to 77.17%
2018		7,541		41.42 to 54.41	$	346,340		0.00	%	1.30% to 1.90%	-12.72% to -10.81%
2017		7,962		48.87 to 61.00	$	421,197		0.00	%	1.30% to 1.90%	63.05% to 66.16%
2016		7,352		30.45 to 34.99	$	243,338		0.00	%	0.85% to 1.45%	5.36% to 6.42%
UltraShort Dow30
2020		9,203		0.10 to 0.10	$	941		7.11	%	1.30% to 1.90%	-46.98% to -46.98%
2019		9,803		0.19 to 0.19	$	1,890		3.03	%	1.30% to 1.90%	-38.64% to -38.64%
2018		10,185		0.30 to 0.32	$	3,200		0.00	%	1.30% to 1.90%	-2.44% to -1.85%
2017		16,836		0.31 to 0.33	$	5,438		0.00	%	1.30% to 1.90%	-41.82% to -41.47%
2016		24,820		0.53 to 0.56	$	13,766		0.00	%	0.85% to 1.45%	-33.94% to -33.55%
UltraShort NASDAQ-100
2020		33,769		0.02 to 0.02	$	590		0.65	%	1.30% to 1.90%	-72.44% to -72.27%
2019		35,116		0.06 to 0.06	$	2,212		0.74	%	1.30% to 1.90%	-52.20% to -51.90%
2018		35,891		0.12 to 0.13	$	4,703		0.00	%	1.30% to 1.90%	-14.65% to -14.09%
2017		37,158		0.14 to 0.15	$	5,665		0.00	%	1.30% to 1.90%	-46.83% to -46.48%
2016		37,513		0.27 to 0.29	$	10,691		0.00	%	0.85% to 1.45%	-22.96% to -22.45%
UltraSmall-Cap
2020		26,004		14.10 to 18.10	$	409,774		0.15	%	1.30% to 1.90%	12.16% to 14.08%
2019		10,006		12.57 to 15.86	$	139,999		0.00	%	1.30% to 1.90%	41.98% to 44.41%
2018		14,154		8.85 to 10.98	$	137,118		0.00	%	1.30% to 1.90%	-29.63% to -28.41%
2017		14,172		12.58 to 15.80	$	198,759		0.00	%	1.30% to 1.90%	20.67% to 23.03%
2016		9,953		11.17 to 12.84	$	117,261		0.00	%	0.85% to 1.45%	35.40% to 36.62%
Utilities
2020		5,864		16.60 to 21.78	$	115,289		1.51	%	1.30% to 1.90%	-5.76% to -4.00%
2019		4,186		18.23 to 22.69	$	87,157		3.33	%	1.30% to 1.90%	18.95% to 20.86%
2018		4,562		15.33 to 18.77	$	78,896		1.58	%	1.30% to 1.90%	-0.42% to 1.19%
2017		6,833		16.03 to 18.55	$	119,953		2.63	%	1.30% to 1.90%	7.49% to 8.83%
2016		9,545		14.92 to 17.05	$	154,597		2.46	%	0.85% to 1.45%	11.79% to 13.19%
VanEck Worldwide Insurance Trust
Global Hard Assets Fund
2020		479,886		6.38 to 29.80	$	6,663,338		0.72	%	0.95% to 1.90%	14.74% to 17.99%
2019		455,682		5.56 to 25.26	$	5,651,543		0.00	%	0.95% to 1.90%	7.71% to 10.81%
2018		466,099		5.16 to 22.80	$	5,266,523		0.00	%	0.95% to 1.90%	-30.90% to -28.96%
2017		524,574		7.30 to 32.78	$	8,487,983		0.00	%	0.95% to 1.90%	-5.52% to -2.62%
2016		626,212		7.73 to 33.90	$	10,135,813		0.39	%	0.85% to 1.50%	38.55% to 42.35%

74

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Emerging Markets Fund
2020		29,835		28.12 to 55.17	$	1,536,938		1.76	%	0.95% to 1.40%	14.07% to 16.14%
2019		36,385		29.02 to 47.98	$	1,622,587		0.53	%	0.95% to 1.40%	27.05% to 29.36%
2018		42,600		18.01 to 37.46	$	1,457,114		0.29	%	0.95% to 1.40%	-25.58% to -24.21%
2017		63,611		24.02 to 49.93	$	2,802,208		0.39	%	0.95% to 1.40%	46.08% to 49.61%
2016		52,001		16.22 to 33.71	$	1,568,804		0.46	%	0.95% to 1.40%	-3.20% to -0.84%
Emerging Markets Bond Fund
2020		32,467		13.62 to 19.21	$	554,814		12.28	%	0.95% to 1.40%	6.71% to 7.89%
2019		28,850		11.55 to 17.81	$	461,861		0.63	%	0.95% to 1.40%	10.39% to 11.55%
2018		33,821		10.46 to 15.96	$	492,835		9.63	%	0.95% to 1.40%	-8.05% to -7.03%
2017		49,355		10.67 to 17.17	$	791,433		2.53	%	0.95% to 1.40%	9.54% to 11.19%
2016		65,434		9.74 to 15.44	$	945,819		0.00	%	0.95% to 1.40%	4.26% to 5.42%
Janus Henderson Series
Global Technology and Innovation Portfolio
2020		227,665		13.89 to 52.13	$	11,077,250		0.00	%	1.15% to 1.65%	48.70% to 49.00%
2019		171,194		17.10 to 34.99	$	5,605,246		0.00	%	1.15% to 1.35%	42.88% to 43.16%
2018		147,288		11.96 to 24.44	$	3,437,928		0.00	%	1.15% to 1.35%	-0.45% to -0.25%
2017		106,809		12.00 to 24.50	$	2,538,098		0.00	%	1.15% to 1.35%	42.98% to 43.26%
2016		66,993		17.02 to 17.10	$	1,142,061		0.08	%	1.00% to 1.50%	12.32% to 12.55%
Overseas Portfolio
2020		55,050		11.34 to 13.62	$	656,299		0.97	%	1.15% to 1.65%	14.46% to 14.69%
2019		48,682		9.91 to 11.89	$	488,302		1.74	%	1.15% to 1.35%	25.01% to 25.26%
2018		49,258		7.93 to 9.50	$	395,000		1.75	%	1.15% to 1.35%	-16.28% to -16.11%
2017		56,799		9.47 to 11.34	$	543,020		2.24	%	1.15% to 1.35%	29.06% to 29.31%
2016		52,504		7.34 to 7.37	$	385,736		4.72	%	1.00% to 1.50%	-7.96% to -7.77%
Research Portfolio
2020		17,589		31.84 to 32.25	$	561,464		0.19	%	1.15% to 1.65%	30.79% to 31.06%
2019		21,961		24.34 to 24.61	$	536,101		0.29	%	1.15% to 1.35%	33.41% to 33.68%
2018		25,399		18.25 to 18.41	$	464,875		0.37	%	1.15% to 1.35%	-4.15% to -3.96%
2017		31,413		19.04 to 19.17	$	599,282		0.27	%	1.15% to 1.35%	25.85% to 26.10%
2016		30,729		15.13 to 15.20	$	465,551		0.37	%	1.00% to 1.50%	-1.07% to -0.88%
Enterprise Services Portfolio
2020		1,214,723		12.77 to 26.66	$	30,922,087		0.00	%	1.15% to 1.65%	17.58% to 17.82%
2019		1,142,759		15.07 to 22.63	$	24,865,839		0.06	%	1.15% to 1.35%	33.34% to 33.61%
2018		995,432		11.29 to 16.93	$	16,238,499		0.12	%	1.15% to 1.35%	-2.00% to -1.81%
2017		687,373		11.51 to 17.25	$	11,539,277		0.13	%	1.15% to 1.35%	25.39% to 25.64%
2016		354,446		13.66 to 13.73	$	4,847,632		0.03	%	1.00% to 1.50%	10.60% to 10.82%
Global Research Portfolio
2020		48,040		15.58 to 23.25	$	1,089,276		0.49	%	1.15% to 1.65%	18.15% to 18.39%
2019		50,454		13.17 to 19.64	$	969,267		0.93	%	1.15% to 1.35%	26.99% to 27.24%
2018		44,852		10.36 to 15.43	$	683,618		1.07	%	1.15% to 1.35%	-8.34% to -8.15%
2017		44,442		11.29 to 16.80	$	738,548		0.83	%	1.15% to 1.35%	24.99% to 25.24%
2016		42,850		13.35 to 13.42	$	573,168		0.87	%	1.00% to 1.50%	0.45% to 0.65%
Mid Cap Value Portfolio
2020		208,421		11.63 to 17.86	$	3,568,721		1.02	%	1.15% to 1.65%	-2.54% to -2.34%
2019		197,118		11.92 to 18.29	$	3,477,494		1.07	%	1.15% to 1.35%	28.30% to 28.56%
2018		186,003		9.28 to 14.22	$	2,579,014		0.98	%	1.15% to 1.35%	-14.98% to -14.81%
2017		192,293		10.90 to 16.70	$	3,154,990		0.66	%	1.15% to 1.35%	12.11% to 12.34%
2016		172,121		14.79 to 14.86	$	2,548,863		0.87	%	1.00% to 1.50%	17.17% to 17.40%
Balanced Portfolio
2020		2,669,628		11.61 to 21.17	$	55,162,863		1.43	%	1.15% to 1.65%	12.50% to 12.72%
2019		2,251,196		13.21 to 18.78	$	41,323,181		1.72	%	1.15% to 1.35%	20.63% to 20.88%
2018		1,603,935		10.94 to 15.54	$	24,628,415		1.86	%	1.15% to 1.35%	-0.92% to -0.72%
2017		990,962		11.03 to 15.65	$	15,400,133		1.40	%	1.15% to 1.35%	16.56% to 16.79%
2016		772,313		13.34 to 13.40	$	10,307,917		2.11	%	1.00% to 1.50%	2.92% to 3.13%
Flexible Bond Portfolio
2020		788,942		11.56 to 12.43	$	9,649,511		2.53	%	1.15% to 1.65%	8.77% to 8.99%
2019		621,443		10.61 to 11.40	$	6,994,524		2.64	%	1.15% to 1.35%	7.81% to 8.03%
2018		506,125		9.84 to 10.56	$	5,303,727		2.42	%	1.15% to 1.35%	-2.62% to -2.42%
2017		395,731		10.09 to 10.82	$	4,255,966		2.48	%	1.15% to 1.35%	1.97% to 2.17%
2016		409,203		10.54 to 10.59	$	4,314,965		2.75	%	1.00% to 1.50%	0.85% to 1.05%

75

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
GI Unconstrained Bond Portfolio
2019		—		—	$	0		1.29	%	1.15% to 1.35%	n/a
2018		98,954		9.51 to 9.58	$	942,017		2.55	%	1.15% to 1.35%	-5.06% to -4.87%
2017		92,634		10.02 to 10.07	$	928,697		3.20	%	1.15% to 1.35%	0.34% to 0.54%
2016		92,217		9.99 to 10.01	$	921,572		7.36	%	1.00% to 1.50%	3.20% to 3.41%
PIMCO Variable Insurance Trust
Total Return Portfolio
2020		3,527,603		10.27 to 19.87	$	46,554,357		2.03	%	0.95% to 1.90%	4.76% to 7.62%
2019		4,050,360		10.68 to 18.47	$	50,056,375		3.04	%	0.95% to 1.90%	4.48% to 7.34%
2018		4,035,547		9.99 to 17.20	$	47,287,227		2.56	%	0.95% to 1.90%	-4.12% to -1.49%
2017		3,903,746		10.19 to 17.46	$	47,973,212		2.02	%	0.95% to 1.90%	1.17% to 3.93%
2016		3,818,433		10.51 to 16.80	$	46,163,641		2.09	%	0.85% to 1.50%	-1.00% to 1.71%
Low Duration Portfolio
2020		2,779,815		9.51 to 13.86	$	28,712,551		1.14	%	0.95% to 1.90%	-0.50% to 2.02%
2019		2,486,507		9.37 to 13.59	$	25,289,738		2.68	%	0.95% to 1.90%	0.36% to 3.05%
2018		2,488,388		9.33 to 13.19	$	24,682,261		1.84	%	0.95% to 1.90%	-3.23% to -0.62%
2017		2,110,065		9.64 to 13.27	$	21,281,171		1.18	%	0.95% to 1.90%	-2.23% to 0.39%
2016		1,997,087		9.86 to 13.22	$	20,264,692		1.59	%	0.85% to 1.50%	-2.18% to 0.45%
High Yield Portfolio
2020		633,058		11.59 to 26.35	$	10,181,904		4.17	%	0.95% to 1.90%	1.80% to 4.75%
2019		766,902		11.11 to 25.16	$	11,878,657		4.84	%	0.95% to 1.90%	10.46% to 13.66%
2018		502,674		9.82 to 22.14	$	7,294,631		5.04	%	0.95% to 1.90%	-6.32% to -3.59%
2017		558,843		10.22 to 22.96	$	8,637,362		4.90	%	0.95% to 1.90%	2.64% to 5.60%
2016		593,692		12.28 to 21.74	$	9,233,370		5.52	%	0.85% to 1.50%	8.31% to 11.38%
Real Return Portfolio
2020		2,135,710		10.60 to 18.82	$	24,012,468		1.30	%	0.95% to 1.90%	7.76% to 10.66%
2019		2,122,136		9.97 to 17.01	$	21,521,058		1.56	%	0.95% to 1.90%	4.61% to 7.42%
2018		2,133,195		9.33 to 15.83	$	20,301,950		2.42	%	0.95% to 1.90%	-5.69% to -3.14%
2017		2,200,216		9.68 to 16.35	$	21,756,775		2.26	%	0.95% to 1.90%	-0.10% to 2.68%
2016		2,059,005		9.47 to 15.92	$	19,988,829		2.23	%	0.85% to 1.50%	1.48% to 4.20%
All Asset Portfolio
2020		304,908		12.76 to 17.00	$	3,938,978		4.41	%	0.95% to 1.90%	4.20% to 6.67%
2019		358,019		11.99 to 16.34	$	4,350,224		2.78	%	0.95% to 1.90%	7.90% to 10.47%
2018		414,975		9.97 to 14.82	$	4,586,867		3.10	%	0.95% to 1.90%	-8.72% to -6.53%
2017		427,745		11.66 to 15.90	$	5,085,136		4.54	%	0.95% to 1.90%	9.49% to 12.09%
2016		455,788		10.42 to 14.22	$	4,857,731		2.63	%	0.85% to 1.50%	9.02% to 11.61%
Global Managed Asset Allocation Portfolio
2020		67,354		13.26 to 13.43	$	893,068		8.44	%	1.15% to 1.65%	15.14% to 15.38%
2019		49,475		11.51 to 11.64	$	569,726		2.22	%	1.15% to 1.35%	15.39% to 15.62%
2018		44,146		9.98 to 10.07	$	440,541		1.60	%	1.15% to 1.35%	-6.88% to -6.70%
2017		42,294		10.72 to 10.79	$	453,296		2.40	%	1.15% to 1.35%	12.47% to 12.69%
2016		35,831		9.53 to 9.57	$	341,433		2.33	%	1.00% to 1.50%	2.53% to 2.73%
Short-Term Portfolio
2020		5,617,645		10.09 to 10.39	$	57,770,230		1.27	%	1.15% to 1.65%	0.77% to 0.97%
2019		4,389,651		10.18 to 10.29	$	44,795,827		2.25	%	1.15% to 1.35%	1.32% to 1.52%
2018		4,694,571		10.05 to 10.13	$	47,247,593		2.03	%	1.15% to 1.35%	0.06% to 0.26%
2017		4,498,478		10.04 to 10.11	$	45,244,074		1.53	%	1.15% to 1.35%	0.93% to 1.13%
2016		4,502,212		9.95 to 9.99	$	44,840,939		1.46	%	1.00% to 1.50%	0.90% to 1.10%
Emerging Markets Bond Portfolio
2020		168,484		11.53 to 13.42	$	2,203,410		4.38	%	1.15% to 1.65%	5.16% to 5.38%
2019		160,286		10.95 to 12.73	$	1,987,562		4.33	%	1.15% to 1.35%	13.12% to 13.34%
2018		141,815		9.67 to 11.23	$	1,578,041		4.10	%	1.15% to 1.35%	-6.11% to -5.92%
2017		113,889		10.29 to 11.94	$	1,334,555		4.83	%	1.15% to 1.35%	8.30% to 8.51%
2016		83,940		10.95 to 11.00	$	920,654		5.18	%	1.00% to 1.50%	11.68% to 11.90%
Global Bond Opportunities Portfolio
2020		17,483		10.61 to 10.75	$	185,660		2.05	%	1.15% to 1.65%	8.53% to 8.75%
2019		35,825		9.77 to 9.88	$	351,738		2.34	%	1.15% to 1.35%	4.60% to 4.81%
2018		36,457		9.34 to 9.43	$	341,868		6.30	%	1.15% to 1.35%	-5.58% to -5.39%
2017		38,990		9.90 to 9.97	$	386,836		1.92	%	1.15% to 1.35%	7.07% to 7.28%
2016		40,963		9.24 to 9.29	$	379,316		1.43	%	1.00% to 1.50%	2.54% to 2.75%

76

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Commodity Real Return Strategy Portfolio
2020		976,246		5.02 to 9.73	$	4,932,228		5.48	%	1.15% to 1.65%	-0.13% to 0.07%
2019		1,039,033		5.03 to 9.73	$	5,244,209		4.40	%	1.15% to 1.35%	9.86% to 10.08%
2018		1,120,120		4.58 to 8.85	$	5,142,150		2.05	%	1.15% to 1.35%	-15.36% to -15.19%
2017		1,252,137		5.41 to 10.45	$	6,786,599		10.65	%	1.15% to 1.35%	0.68% to 0.88%
2016		1,324,651		5.37 to 5.40	$	7,123,636		1.05	%	1.00% to 1.50%	13.33% to 13.56%
International Bond (USD-Hedged) Portfolio
2020		201,369		11.19 to 11.83	$	2,355,459		5.88	%	1.15% to 1.65%	4.03% to 4.24%
2019		179,479		10.74 to 11.35	$	2,017,025		1.70	%	1.15% to 1.35%	5.47% to 5.68%
2018		144,408		10.18 to 10.74	$	1,539,607		1.36	%	1.15% to 1.35%	0.64% to 0.85%
2017		73,753		10.10 to 10.65	$	781,044		5.88	%	1.15% to 1.35%	1.29% to 1.49%
2016		41,620		10.46 to 10.49	$	435,755		1.54	%	1.00% to 1.50%	4.94% to 5.15%
Dynamic Bond Adv Portfolio
2020		211,426		10.84 to 11.13	$	2,333,712		2.50	%	1.15% to 1.65%	3.30% to 3.50%
2019		241,095		10.49 to 10.76	$	2,574,903		4.13	%	1.15% to 1.35%	3.42% to 3.63%
2018		208,485		10.13 to 10.38	$	2,152,016		2.73	%	1.15% to 1.35%	-0.43% to -0.23%
2017		224,134		10.16 to 10.40	$	2,322,720		1.65	%	1.15% to 1.35%	3.50% to 3.71%
2016		184,597		10.00 to 10.03	$	1,848,338		1.79	%	1.00% to 1.50%	3.23% to 3.43%
Income Advisor Portfolio
2020		2,554,048		10.78 to 11.33	$	28,750,387		3.74	%	1.15% to 1.65%	4.97% to 5.19%
2019		3,177,130		10.72 to 10.77	$	34,058,314		3.40	%	1.15% to 1.35%	7.00% to 7.22%
2018		2,421,596		10.01 to 10.04	$	24,253,965		3.50	%	1.15% to 1.35%	-1.07% to -0.87%
2017		630,868		10.12 to 10.13	$	6,386,284		0.84	%	1.15% to 1.35%	1.22% to 1.30%
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund
2020		58,336		16.73 to 26.14	$	1,341,725		0.17	%	0.95% to 1.90%	4.85% to 7.56%
2019		73,892		15.96 to 24.30	$	1,622,180		0.47	%	0.95% to 1.90%	20.55% to 23.66%
2018		89,966		12.19 to 19.65	$	1,611,852		0.53	%	0.95% to 1.90%	-11.78% to -9.49%
2017		89,065		13.16 to 21.71	$	1,776,378		0.46	%	0.95% to 1.90%	7.53% to 10.51%
2016		128,423		12.24 to 19.65	$	2,279,264		1.18	%	0.85% to 1.45%	19.20% to 22.04%
Large Cap Value Fund
2020		11,220		19.27 to 22.61	$	239,412		1.30	%	0.95% to 1.40%	1.97% to 3.00%
2019		11,823		18.61 to 21.95	$	245,289		0.82	%	0.95% to 1.40%	23.37% to 24.74%
2018		35,668		14.87 to 17.60	$	601,559		2.12	%	0.95% to 1.40%	-10.32% to -9.33%
2017		12,121		16.57 to 19.41	$	219,163		1.40	%	0.95% to 1.40%	7.69% to 8.82%
2016		17,716		15.39 to 17.84	$	293,658		2.01	%	0.95% to 1.40%	9.37% to 10.53%
Mid Cap Value Fund
2020		125,109		23.01 to 30.21	$	3,558,519		0.59	%	0.95% to 1.40%	5.57% to 7.38%
2019		123,128		19.28 to 28.13	$	3,256,746		0.81	%	0.95% to 1.40%	27.77% to 30.28%
2018		133,703		15.09 to 21.59	$	2,714,840		1.26	%	0.95% to 1.40%	-13.03% to -11.31%
2017		166,043		17.35 to 24.35	$	3,806,884		0.68	%	0.95% to 1.40%	7.58% to 10.02%
2016		200,671		16.08 to 22.13	$	4,206,027		1.31	%	0.95% to 1.40%	9.96% to 12.46%
Mid-Cap Growth Portfolio
2020		22,317		39.16 to 47.83	$	991,422		0.00	%	0.95% to 1.40%	36.67% to 38.39%
2019		30,996		27.60 to 34.56	$	991,797		0.00	%	0.95% to 1.40%	29.28% to 31.23%
2018		24,771		21.35 to 26.34	$	608,374		0.00	%	0.95% to 1.40%	-8.83% to -7.45%
2017		44,576		23.42 to 28.46	$	1,189,961		0.00	%	0.95% to 1.40%	21.56% to 23.39%
2016		26,813		19.85 to 23.06	$	586,906		0.00	%	0.95% to 1.40%	1.90% to 3.18%
AMT Mid Cap Intrinsic Value Portfolio
2020		5,816		17.45 to 22.60	$	122,415		0.53	%	0.95% to 1.40%	-4.98% to -3.54%
2019		16,417		18.18 to 23.43	$	347,181		0.85	%	0.95% to 1.40%	13.92% to 15.64%
2018		11,106		15.79 to 20.26	$	208,610		1.01	%	0.95% to 1.40%	-17.34% to -16.08%
2017		6,804		18.90 to 24.14	$	155,171		0.56	%	0.95% to 1.40%	13.92% to 15.64%
2016		19,451		16.42 to 20.88	$	368,313		0.65	%	0.95% to 1.40%	13.36% to 15.07%

77

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
BNY Mellon Variable Investment Fund
Appreciation Portfolio
2020		12,486		22.36 to 29.77	$	332,922		0.56	%	1.30% to 1.90%	18.90% to 21.24%
2019		16,172		18.81 to 25.06	$	357,379		0.96	%	1.30% to 1.90%	30.85% to 33.63%
2018		16,514		14.37 to 18.76	$	278,795		0.91	%	1.30% to 1.90%	-10.50% to -8.59%
2017		27,469		16.06 to 21.00	$	505,415		1.29	%	1.30% to 1.90%	22.41% to 25.25%
2016		35,122		13.54 to 16.77	$	533,985		1.51	%	0.85% to 1.45%	4.40% to 6.51%
International Value Portfolio
2020		—		—	$	0		4.78	%	1.30% to 1.90%	n/a
2019		1,471		7.52 to 9.55	$	12,552		2.06	%	1.30% to 1.90%	17.91% to 19.99%
2018		4,363		6.38 to 7.96	$	33,455		1.86	%	1.30% to 1.90%	-19.74% to -18.31%
2017		4,403		7.94 to 9.75	$	41,407		1.37	%	1.30% to 1.90%	23.94% to 26.12%
2016		4,884		6.41 to 7.73	$	36,762		2.12	%	0.85% to 1.45%	-4.82% to -3.14%
Sustainable U.S. Equity Portfolio
2020		1,111		24.12 to 29.19	$	28,762		1.01	%	1.30% to 1.90%	20.14% to 21.71%
2019		2,531		20.08 to 23.98	$	55,040		1.02	%	1.30% to 1.90%	29.99% to 31.69%
2018		1,747		15.44 to 18.21	$	29,142		1.60	%	1.30% to 1.90%	-7.52% to -6.30%
2017		1,815		16.70 to 19.44	$	32,387		0.97	%	1.30% to 1.90%	11.59% to 13.05%
2016		1,959		14.96 to 17.19	$	31,051		1.01	%	0.85% to 1.45%	7.09% to 8.17%
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio
2020		29,340		15.50 to 19.90	$	505,212		1.60	%	1.30% to 1.90%	-1.51% to 0.18%
2019		33,877		15.74 to 20.55	$	591,115		1.26	%	1.30% to 1.90%	20.74% to 23.11%
2018		32,582		13.04 to 16.69	$	485,152		1.79	%	1.30% to 1.90%	-16.46% to -14.80%
2017		34,885		15.61 to 19.59	$	617,019		1.61	%	1.30% to 1.90%	10.29% to 12.46%
2016		65,031		14.15 to 17.42	$	1,030,227		0.81	%	0.85% to 1.45%	15.50% to 17.77%
Value Opportunities Fund
2020		2,107		11.62 to 14.28	$	25,825		0.07	%	1.30% to 1.90%	2.17% to 3.61%
2019		2,171		11.38 to 13.78	$	25,814		0.00	%	1.30% to 1.90%	26.21% to 27.99%
2018		4,958		9.02 to 10.77	$	48,247		0.00	%	1.30% to 1.90%	-21.79% to -20.68%
2017		5,175		11.53 to 13.57	$	64,054		0.01	%	1.30% to 1.90%	13.72% to 15.32%
2016		6,035		10.30 to 11.77	$	66,332		0.06	%	0.85% to 1.45%	14.55% to 15.47%
American Value Fund
2020		6,841		15.24 to 20.15	$	120,249		0.49	%	1.30% to 1.90%	-2.66% to -0.79%
2019		8,788		15.66 to 20.31	$	157,644		0.43	%	1.30% to 1.90%	20.36% to 22.67%
2018		9,272		13.01 to 16.56	$	136,422		0.17	%	1.30% to 1.90%	-15.92% to -14.30%
2017		14,070		15.48 to 19.32	$	247,138		0.52	%	1.30% to 1.90%	5.87% to 7.89%
2016		13,022		14.62 to 17.91	$	212,113		0.10	%	0.85% to 1.45%	11.20% to 13.33%
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio
2020		2,311		13.22 to 18.13	$	35,101		4.09	%	1.30% to 1.90%	1.85% to 4.07%
2019		4,274		12.98 to 17.42	$	63,483		6.40	%	1.30% to 1.90%	10.19% to 12.58%
2018		7,856		11.78 to 15.67	$	104,046		3.87	%	1.30% to 1.90%	-10.31% to -8.25%
2017		14,230		13.13 to 17.08	$	218,427		4.58	%	1.30% to 1.90%	5.77% to 8.17%
2016		10,493		12.42 to 15.21	$	144,333		7.34	%	0.85% to 1.45%	6.72% to 8.77%
Emerging Markets Equity Portfolio
2020		17,155		11.05 to 14.71	$	223,909		1.03	%	1.30% to 1.90%	10.43% to 12.60%
2019		17,839		10.00 to 13.06	$	209,484		1.12	%	1.30% to 1.90%	15.40% to 17.68%
2018		31,845		8.67 to 11.10	$	318,320		0.37	%	1.30% to 1.90%	-20.37% to -18.79%
2017		31,687		11.02 to 13.91	$	398,099		0.64	%	1.30% to 1.90%	30.57% to 33.19%
2016		24,003		8.44 to 10.45	$	231,227		0.59	%	0.85% to 1.45%	3.06% to 5.14%
Discovery Portfolio
2020		3,151		58.00 to 62.41	$	192,113		0.00	%	1.30% to 1.90%	144.86% to 146.08%
2019		3,352		23.05 to 26.43	$	82,756		0.00	%	1.30% to 1.90%	35.69% to 37.06%
2018		7,254		16.98 to 19.28	$	134,709		0.00	%	1.30% to 1.90%	7.13% to 8.22%
2017		7,626		15.85 to 18.24	$	131,241		0.00	%	1.30% to 1.90%	34.38% to 36.00%
2016		8,528		11.80 to 13.41	$	108,488		4.96	%	0.85% to 1.45%	-11.63% to -10.56%

78

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
U.S. Real Estate Portfolio
2020		6,169		10.32 to 13.85	$	74,245		2.00	%	1.30% to 1.90%	-19.99% to -18.38%
2019		8,175		12.90 to 16.97	$	121,382		1.78	%	1.30% to 1.90%	14.54% to 16.85%
2018		11,829		11.27 to 14.52	$	148,599		2.48	%	1.30% to 1.90%	-11.20% to -9.39%
2017		13,643		12.69 to 16.31	$	191,465		1.44	%	1.30% to 1.90%	-0.71% to 1.44%
2016		10,847		12.78 to 16.08	$	150,865		0.69	%	0.85% to 1.45%	2.83% to 5.07%
Northern Lights Variable Trust
Adaptive Allocation Portfolio
2017		—		—	$	0		0.00	%	1.30% to 1.90%	n/a
2016		745,164		7.02 to 8.84	$	6,287,771		0.00	%	0.85% to 1.45%	-2.33% to 0.04%
Power Income Fund
2020		66,534		9.41 to 9.53	$	626,172		1.85	%	1.15% to 1.65%	-7.24% to -7.05%
2019		80,713		10.14 to 10.25	$	819,116		2.05	%	1.15% to 1.35%	6.28% to 6.49%
2018		113,843		9.53 to 9.63	$	1,086,635		2.12	%	1.15% to 1.35%	-4.62% to -4.42%
2017		121,905		9.98 to 10.08	$	1,219,911		0.88	%	1.15% to 1.35%	0.75% to 0.95%
2016		119,818		9.93 to 9.98	$	1,190,117		0.00	%	1.00% to 1.50%	2.97% to 3.18%
Power Dividend Index Fund
2020		108,012		8.50 to 8.56	$	919,990		1.25	%	1.15% to 1.65%	-8.50% to -8.32%
2019		885,390		9.29 to 9.33	$	8,225,059		2.07	%	1.15% to 1.35%	-4.42% to -3.88%
2018		1,438,919		9.69 to 9.72	$	13,943,760		1.90	%	1.15% to 1.35%	-9.29% to -9.00%
2017		322,095		10.68 to 10.69	$	3,439,562		0.05	%	1.15% to 1.35%	6.78% to 6.87%
AB Variable Products Series
Real Estate Investment Portfolio
2019		—		—	$	0		2.22	%	1.15% to 1.35%	n/a
2018		140,571		13.69 to 13.81	$	1,929,587		1.86	%	1.15% to 1.35%	-5.74% to -5.55%
2017		172,352		14.52 to 14.62	$	2,507,758		1.61	%	1.15% to 1.35%	4.95% to 5.16%
2016		144,991		13.84 to 13.90	$	2,009,142		1.34	%	1.00% to 1.50%	5.95% to 6.16%
Dynamic Asset Allocation Portfolio
2020		243,826		11.57 to 14.07	$	3,330,917		1.48	%	1.15% to 1.65%	3.45% to 3.66%
2019		230,655		11.17 to 13.57	$	3,039,410		2.65	%	1.15% to 1.35%	13.70% to 13.92%
2018		77,253		9.81 to 11.91	$	909,782		1.47	%	1.15% to 1.35%	-8.60% to -8.41%
2017		53,972		10.73 to 13.01	$	695,261		1.82	%	1.15% to 1.35%	12.79% to 13.02%
2016		71,596		11.45 to 11.51	$	820,963		0.59	%	1.00% to 1.50%	1.98% to 2.18%
Small Cap Growth Portfolio
2020		676		36.20 to 36.67	$	24,497		0.00	%	1.15% to 1.65%	51.58% to 51.88%
2019		2,870		23.88 to 24.14	$	68,815		0.00	%	1.15% to 1.35%	34.18% to 34.45%
2018		2,519		17.80 to 17.96	$	44,952		0.00	%	1.15% to 1.35%	-2.44% to -2.24%
2017		1,620		18.24 to 18.37	$	29,628		0.00	%	1.15% to 1.35%	31.99% to 32.26%
2016		2,422		13.82 to 13.89	$	33,521		0.00	%	1.00% to 1.50%	4.79% to 5.00%
Small Mid Cap Value Portfolio
2020		159,470		11.09 to 19.94	$	2,910,076		0.69	%	1.15% to 1.65%	1.67% to 1.87%
2019		164,921		10.90 to 19.58	$	2,957,126		0.34	%	1.15% to 1.35%	18.29% to 18.53%
2018		133,736		9.21 to 16.51	$	2,119,867		0.28	%	1.15% to 1.35%	-16.44% to -16.27%
2017		111,441		11.01 to 19.72	$	2,179,500		0.22	%	1.15% to 1.35%	11.34% to 11.56%
2016		115,978		17.59 to 17.68	$	2,041,996		0.28	%	1.00% to 1.50%	23.12% to 23.37%
BlackRock Variable Series Fund, Inc.
Basic Value Fund
2020		146,538		12.15 to 19.52	$	2,741,309		1.57	%	1.15% to 1.65%	1.74% to 1.95%
2019		178,971		11.98 to 19.15	$	3,350,527		2.07	%	1.15% to 1.35%	21.87% to 22.12%
2018		211,050		9.82 to 15.68	$	3,248,128		1.62	%	1.15% to 1.35%	-9.35% to -9.17%
2017		216,653		10.82 to 17.26	$	3,689,563		1.29	%	1.15% to 1.35%	6.57% to 6.78%
2016		189,455		16.09 to 16.17	$	3,052,926		1.41	%	1.00% to 1.50%	16.14% to 16.38%
Capital Appreciation Fund
2020		35,199		21.13 to 35.70	$	1,249,034		0.00	%	1.15% to 1.65%	39.62% to 39.90%
2019		36,201		25.24 to 25.52	$	920,991		0.00	%	1.15% to 1.35%	29.78% to 30.04%
2018		45,391		19.45 to 19.62	$	888,609		0.00	%	1.15% to 1.35%	0.75% to 0.95%
2017		51,199		19.31 to 19.44	$	993,206		0.00	%	1.15% to 1.35%	31.17% to 31.43%
2016		50,474		14.72 to 14.79	$	745,023		0.00	%	1.00% to 1.50%	-1.47% to -1.28%

79

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**		Total Return Lowest to Highest***
Equity Dividend Fund
2020		974,221		11.85 to 21.05	$	19,808,363		1.72	%		1.15% to 1.65%		2.18% to 2.38%
2019		813,658		12.81 to 20.56	$	16,238,995		1.83	%		1.15% to 1.35%		25.75% to 26.00%
2018		715,081		10.18 to 16.32	$	11,414,294		1.86	%		1.15% to 1.35%		-8.66% to -8.48%
2017		566,070		11.13 to 17.83	$	9,952,277		1.58	%		1.15% to 1.35%		14.93% to 15.16%
2016		412,279		15.41 to 15.48	$	6,358,296		1.56	%		1.00% to 1.50%		14.50% to 14.73%
Global Allocation Fund
2020		1,023,271		13.48 to 16.38	$	16,519,119		1.20	%		1.15% to 1.65%		19.09% to 19.32%
2019		1,083,821		11.31 to 13.72	$	14,718,867		1.25	%		1.15% to 1.35%		16.18% to 16.41%
2018		1,214,224		9.72 to 11.79	$	14,193,918		0.87	%		1.15% to 1.35%		-8.83% to -8.64%
2017		1,288,463		10.66 to 12.91	$	16,525,815		1.32	%		1.15% to 1.35%		12.19% to 12.41%
2016		1,245,044		11.42 to 11.48	$	14,239,018		1.29	%		1.00% to 1.50%		2.41% to 2.62%
Advantage Large Cap Core Fund
2020		19,678		26.07 to 26.40	$	514,509		0.71	%		1.15% to 1.65%		17.89% to 18.13%
2019		30,466		22.11 to 22.35	$	675,815		1.00	%		1.15% to 1.35%		26.83% to 27.09%
2018		43,101		17.43 to 17.59	$	754,291		1.30	%		1.15% to 1.35%		-6.78% to -6.60%
2017		44,002		18.70 to 18.83	$	825,109		0.96	%		1.15% to 1.35%		20.34% to 20.58%
2016		55,102		15.54 to 15.62	$	857,631		0.85	%		1.00% to 1.50%		8.78% to 9.00%
Large Cap Focus Growth Fund
2020		462,241		13.02 to 38.43	$	13,103,358		0.00	%		1.15% to 1.65%		41.50% to 41.79%
2019		395,901		11.45 to 27.11	$	7,798,946		0.00	%		1.15% to 1.35%		30.56% to 30.82%
2018		211,066		8.76 to 20.72	$	3,549,201		0.00	%		1.15% to 1.35%		1.38% to 1.59%
2017		123,956		11.39 to 20.40	$	2,428,145		0.00	%		1.15% to 1.35%		27.50% to 27.75%
2016		94,271		15.89 to 15.97	$	1,500,082		0.47	%		1.00% to 1.50%		6.10% to 6.32%
iShares Alternatives Strategies Fund
2018		—		—	$	0		0.00	%		1.15% to 1.35%		n/a
2017		108,680		10.55 to 11.30	$	1,223,435		3.03	%		1.15% to 1.35%		10.94% to 11.16%
2016		74,957		10.12 to 10.17	$	759,535		2.89	%		1.00% to 1.50%		4.80% to 5.01%
60/40 Target Allocation ETF Fund
2020		428,532		11.70 to 14.11	$	5,985,133		1.66	%		1.15% to 1.65%		12.81% to 13.04%
2019		277,728		12.11 to 12.49	$	3,443,481		2.65	%		1.15% to 1.35%		19.60% to 19.84%
2018		108,656		10.12 to 10.42	$	1,124,633		1.02	%		1.15% to 1.35%		-6.46% to -6.27%
2017		60,383		11.04 to 11.12	$	667,193		2.15	%		1.15% to 1.35%		13.19% to 13.41%
2016		36,958		9.75 to 9.80	$	360,655		2.56	%		1.00% to 1.50%		4.74% to 4.95%
iShares Dynamic Fixed Income Fund
2018		—		—	$	0		0.00	%		1.15% to 1.35%		n/a
2017		88,979		10.13 to 10.21	$	904,440		2.30	%		1.15% to 1.35%		2.21% to 2.42%
2016		52,273		9.92 to 9.97	$	519,734		2.28	%		1.00% to 1.50%		1.94% to 2.14%
iShares Equity Appreciation Fund
2018		—		—	$	0		0.00	%		1.15% to 1.35%		n/a
2017		36,391		11.23 to 11.48	$	416,419		1.76	%		1.15% to 1.35%		19.94% to 20.18%
2016		30,920		9.51 to 9.56	$	294,935		1.61	%		1.00% to 1.50%		7.59% to 7.81%
Total Return Portfolio
2020		134,918		11.61 to 11.61	$	1,564,132		1.93	%		1.15% to 1.65%		7.20% to 7.20%
2019		101,929		10.83 to 10.83	$	1,101,828		1.70	%		1.15% to 1.35%		7.79% to 7.79%
2018		4,618		10.05 to 10.05	$	46,347		0.52	%		1.15% to 1.35%		0.48% to 0.48%
S&P 500 Portfolio
2020		130,931		13.61 to 13.61	$	1,782,081		1.55	%		1.15% to 1.65%		16.46% to 16.46%
2019		114,291		11.69 to 11.69	$	1,335,784		2.69	%		1.15% to 1.35%		29.34% to 29.34%
2018		46,953		9.04 to 9.04	$	424,266		1.82	%		1.15% to 1.35%		-9.64% to -9.64%

80

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Columbia Variable Portfolio
Contrarian Core 2 Portfolio
2020		224,793		15.76 to 22.49	$	4,776,795		0.00	%	1.15% to 1.65%	20.36% to 20.60%
2019		218,432		13.08 to 18.65	$	3,895,613		0.00	%	1.15% to 1.35%	31.03% to 31.29%
2018		228,249		9.97 to 14.20	$	3,121,580		0.00	%	1.15% to 1.35%	-10.37% to -10.19%
2017		197,596		11.11 to 15.81	$	3,086,917		0.00	%	1.15% to 1.35%	19.86% to 20.10%
2016		115,762		13.10 to 13.17	$	1,518,631		0.00	%	1.00% to 1.50%	6.96% to 7.17%
Dividend Opportunity Portfolio
2020		273,530		11.50 to 15.75	$	4,233,602		0.00	%	1.15% to 1.65%	-0.46% to -0.26%
2019		265,520		12.41 to 15.79	$	4,140,119		0.00	%	1.15% to 1.35%	22.10% to 22.34%
2018		241,546		10.15 to 12.91	$	3,096,000		0.00	%	1.15% to 1.35%	-7.27% to -7.09%
2017		250,379		10.94 to 13.89	$	3,458,480		0.00	%	1.15% to 1.35%	12.60% to 12.82%
2016		241,432		12.26 to 12.31	$	2,963,524		0.00	%	1.00% to 1.50%	11.89% to 12.11%
Emerging Markets Bond Portfolio
2020		517,413		11.16 to 12.63	$	6,464,503		3.01	%	1.15% to 1.65%	5.72% to 5.93%
2019		608,749		10.54 to 11.92	$	7,190,869		4.95	%	1.15% to 1.35%	10.58% to 10.80%
2018		706,375		9.52 to 10.76	$	7,541,962		4.27	%	1.15% to 1.35%	-8.63% to -8.45%
2017		795,122		10.41 to 11.75	$	9,287,340		4.56	%	1.15% to 1.35%	10.20% to 10.42%
2016		675,007		10.59 to 10.64	$	7,158,148		2.42	%	1.00% to 1.50%	9.59% to 9.81%
High Yield Portfolio
2020		363,617		11.03 to 13.56	$	4,867,407		4.89	%	1.15% to 1.65%	4.88% to 5.09%
2019		359,052		11.14 to 12.91	$	4,594,476		5.47	%	1.15% to 1.35%	14.96% to 15.19%
2018		350,795		11.11 to 11.21	$	3,905,408		5.58	%	1.15% to 1.35%	-5.29% to -5.10%
2017		395,439		11.73 to 11.81	$	4,645,428		5.49	%	1.15% to 1.35%	4.75% to 4.96%
2016		383,433		11.20 to 11.25	$	4,298,366		6.52	%	1.00% to 1.50%	10.16% to 10.38%
Select Large-Cap Value Portfolio
2020		57,356		12.69 to 12.77	$	729,142		0.00	%	1.15% to 1.65%	5.37% to 5.58%
2019		113,046		12.04 to 12.10	$	1,362,084		0.00	%	1.15% to 1.35%	24.73% to 24.98%
2018		94,934		9.65 to 9.68	$	916,799		0.00	%	1.15% to 1.35%	-13.63% to -13.46%
2017		23,737		11.18 to 11.18	$	265,359		0.00	%	1.15% to 1.35%	11.76% to 11.85%
Seligman Global Tech Portfolio
2020		236,402		21.48 to 21.63	$	5,089,324		0.00	%	1.15% to 1.65%	43.84% to 44.13%
2019		167,470		14.94 to 15.01	$	2,505,080		0.00	%	1.15% to 1.35%	52.89% to 53.20%
2018		103,362		9.77 to 9.80	$	1,010,282		0.00	%	1.15% to 1.35%	-9.68% to -9.50%
2017		55,511		10.82 to 10.82	$	600,465		0.00	%	1.15% to 1.35%	8.16% to 8.25%
US Government Mortgage Portfolio
2020		211,411		10.85 to 10.92	$	2,294,024		1.88	%	1.15% to 1.65%	3.44% to 3.65%
2019		65,783		10.49 to 10.54	$	690,202		0.39	%	1.15% to 1.35%	5.07% to 5.28%
2018		13,347		9.98 to 10.01	$	133,229		3.71	%	1.15% to 1.35%	0.23% to 0.43%
2017		2,871		9.96 to 9.97	$	28,594		0.05	%	1.15% to 1.35%	-0.41% to -0.33%
Strategic Income Portfolio
2020		22,581		11.40 to 11.42	$	257,543		0.00	%	1.15% to 1.65%	14.02% to 14.17%
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio
2020		1,478,697		12.36 to 26.59	$	37,096,159		1.23	%	1.15% to 1.65%	16.05% to 16.28%
2019		1,334,197		11.65 to 22.87	$	29,072,836		1.45	%	1.15% to 1.35%	28.91% to 29.17%
2018		997,493		9.03 to 17.70	$	17,052,810		1.55	%	1.15% to 1.35%	-6.22% to -6.03%
2017		1,123,273		11.21 to 18.84	$	20,848,853		1.35	%	1.15% to 1.35%	19.45% to 19.69%
2016		863,561		15.66 to 15.74	$	13,556,369		1.49	%	1.00% to 1.50%	9.83% to 10.04%
Small Cap Index Portfolio
2020		290,840		13.81 to 22.91	$	6,400,725		0.72	%	1.15% to 1.65%	17.49% to 17.72%
2019		275,712		11.74 to 19.46	$	5,275,493		0.72	%	1.15% to 1.35%	23.20% to 23.44%
2018		206,848		9.52 to 15.76	$	3,215,472		0.70	%	1.15% to 1.35%	-12.62% to -12.44%
2017		212,406		10.88 to 18.00	$	3,794,397		0.62	%	1.15% to 1.35%	12.51% to 12.73%
2016		172,972		15.89 to 15.97	$	2,751,551		0.48	%	1.00% to 1.50%	19.09% to 19.33%
Alternative Asset Allocation Portfolio
2020		107,424		11.00 to 11.14	$	1,184,795		2.20	%	1.15% to 1.65%	3.90% to 4.11%
2019		136,251		10.58 to 10.70	$	1,446,683		3.82	%	1.15% to 1.35%	12.82% to 13.04%
2018		180,996		9.38 to 9.47	$	1,702,929		1.93	%	1.15% to 1.35%	-10.57% to -10.39%
2017		206,819		10.49 to 10.56	$	2,173,864		2.09	%	1.15% to 1.35%	5.58% to 5.79%
2016		216,735		9.94 to 9.98	$	2,156,135		2.24	%	1.00% to 1.50%	3.58% to 3.79%

81

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Global Small Cap Growth Portfolio
2020		22,135		16.11 to 16.32	$	357,984		0.54	%	1.15% to 1.65%	15.37% to 15.60%
2019		29,362		13.97 to 14.12	$	411,529		0.00	%	1.15% to 1.35%	19.45% to 19.69%
2018		27,251		11.69 to 11.80	$	319,339		0.00	%	1.15% to 1.35%	-21.81% to -21.65%
2017		35,520		14.95 to 15.06	$	531,759		0.00	%	1.15% to 1.35%	18.00% to 18.24%
2016		35,153		12.67 to 12.73	$	445,792		0.12	%	1.00% to 1.50%	-0.02% to 0.18%
Small Mid Cap Value Portfolio
2020		321,168		10.25 to 16.22	$	4,977,766		0.94	%	1.15% to 1.65%	-2.44% to -2.24%
2019		328,837		10.50 to 16.59	$	5,248,149		0.38	%	1.15% to 1.35%	19.37% to 19.61%
2018		357,713		8.78 to 13.87	$	4,793,463		1.06	%	1.15% to 1.35%	-17.45% to -17.29%
2017		314,554		10.63 to 16.77	$	5,149,941		0.28	%	1.15% to 1.35%	8.66% to 8.88%
2016		146,442		15.33 to 15.40	$	2,247,799		0.13	%	1.00% to 1.50%	14.91% to 15.14%
CROCI US Portfolio
2020		11,523		14.62 to 14.81	$	168,798		1.84	%	1.15% to 1.65%	-13.59% to -13.42%
2019		15,670		16.92 to 17.10	$	265,919		1.74	%	1.15% to 1.35%	30.71% to 30.97%
2018		19,556		12.94 to 13.06	$	253,619		2.31	%	1.15% to 1.35%	-11.91% to -11.74%
2017		21,525		11.20 to 14.79	$	316,728		1.12	%	1.15% to 1.35%	20.81% to 21.06%
2016		23,732		12.16 to 12.22	$	288,948		0.65	%	1.00% to 1.50%	-5.90% to -5.71%
Eaton Vance Variable Trust
Floating Rate Income Portfolio
2020		1,453,639		10.64 to 11.99	$	17,199,803		3.04	%	1.15% to 1.65%	0.63% to 0.83%
2019		2,087,379		10.56 to 11.90	$	24,554,913		4.27	%	1.15% to 1.35%	5.64% to 5.86%
2018		2,114,685		9.98 to 11.24	$	23,552,140		3.82	%	1.15% to 1.35%	-1.42% to -1.22%
2017		1,856,159		10.12 to 11.38	$	20,976,134		3.38	%	1.15% to 1.35%	2.04% to 2.25%
2016		1,700,502		11.07 to 11.13	$	18,840,585		3.28	%	1.00% to 1.50%	7.48% to 7.70%
Large-Cap Value Portfolio
2017		—		—	$	0		0.00	%	1.15% to 1.35%	n/a
2016		47,061		15.90 to 15.98	$	750,069		0.00	%	1.00% to 1.50%	7.61% to 7.82%
Bond Initial Portfolio
2016		—		—	$	0		4.69	%	1.00% to 1.50%	n/a
Delaware Variable Insurance Portfolios
Total Return Portfolio
2020		25,528		13.14 to 13.31	$	335,597		0.00	%	1.15% to 1.65%	-0.45% to -0.25%
2019		31,194		13.20 to 13.34	$	411,863		0.00	%	1.15% to 1.35%	17.29% to 17.52%
2018		27,433		11.25 to 11.35	$	308,840		0.00	%	1.15% to 1.35%	-8.90% to -8.72%
2017		35,458		12.35 to 12.44	$	438,039		0.00	%	1.15% to 1.35%	10.26% to 10.48%
2016		34,523		11.20 to 11.26	$	386,775		0.00	%	1.00% to 1.50%	5.19% to 5.40%
International Portfolio
2020		77,015		14.60 to 14.79	$	1,128,220		0.00	%	1.15% to 1.65%	5.72% to 5.93%
2019		101,661		13.81 to 13.97	$	1,408,252		0.80	%	1.15% to 1.35%	23.23% to 23.48%
2018		102,830		11.21 to 11.31	$	1,155,473		0.76	%	1.15% to 1.35%	-13.34% to -13.17%
2017		86,661		12.94 to 13.02	$	1,122,163		0.51	%	1.15% to 1.35%	31.19% to 31.45%
2016		23,070		9.86 to 9.91	$	228,048		0.92	%	1.00% to 1.50%	-5.49% to -5.30%
Opportunity Portfolio
2020		778,559		13.01 to 14.83	$	11,448,002		0.59	%	1.15% to 1.65%	9.31% to 9.53%
2019		892,056		11.89 to 13.54	$	11,982,424		1.33	%	1.15% to 1.35%	28.37% to 28.62%
2018		1,000,414		9.25 to 10.52	$	10,459,941		0.57	%	1.15% to 1.35%	-16.52% to -16.36%
2017		1,113,124		11.07 to 12.58	$	13,938,681		0.61	%	1.15% to 1.35%	17.41% to 17.64%
2016		1,026,650		10.64 to 10.69	$	10,950,110		0.38	%	1.00% to 1.50%	6.80% to 7.02%
Covered Call Strategy Portfolio
2020		—		—	$	0		5.69	%	1.15% to 1.65%	n/a
2019		11,932		11.14 to 11.19	$	133,172		1.04	%	1.15% to 1.35%	19.74% to 19.98%
2018		11,254		9.30 to 9.33	$	104,813		0.92	%	1.15% to 1.35%	-11.20% to -11.02%
2017		2,960		10.48 to 10.48	$	31,030		0.00	%	1.15% to 1.35%	4.82% to 4.82%

82

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**		Total Return Lowest to Highest***
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund
2020		397,095		10.45 to 16.62	$	6,253,697		2.47	%		1.15% to 1.65%		-6.32% to -6.13%
2019		417,788		11.15 to 17.70	$	7,147,158		1.85	%		1.15% to 1.35%		20.93% to 21.17%
2018		432,164		9.21 to 14.61	$	6,165,205		2.55	%		1.15% to 1.35%		-10.29% to -10.11%
2017		456,919		10.26 to 16.25	$	7,290,214		2.41	%		1.15% to 1.35%		6.90% to 7.11%
2016		407,247		15.10 to 15.18	$	6,156,063		2.06	%		1.00% to 1.50%		14.50% to 14.73%
Income Fund
2020		1,549,894		11.33 to 14.29	$	21,672,079		5.55	%		1.15% to 1.65%		-0.66% to -0.46%
2019		1,636,888		11.40 to 14.35	$	23,159,363		5.26	%		1.15% to 1.35%		14.50% to 14.73%
2018		1,573,866		9.94 to 12.51	$	19,446,807		5.00	%		1.15% to 1.35%		-5.59% to -5.40%
2017		1,609,697		10.52 to 13.22	$	21,122,939		4.29	%		1.15% to 1.35%		8.21% to 8.42%
2016		1,283,929		12.14 to 12.20	$	15,598,217		4.75	%		1.00% to 1.50%		12.49% to 12.72%
Global Bond Fund
2020		2,977,823		9.22 to 9.92	$	29,210,565		8.18	%		1.15% to 1.65%		-6.56% to -6.37%
2019		2,977,038		9.86 to 10.59	$	31,244,957		6.93	%		1.15% to 1.35%		0.64% to 0.85%
2018		2,817,880		9.78 to 10.50	$	29,381,151		0.00	%		1.15% to 1.35%		0.56% to 0.77%
2017		2,678,138		9.72 to 10.42	$	27,761,595		0.00	%		1.15% to 1.35%		0.56% to 0.76%
2016		2,456,441		10.30 to 10.35	$	25,322,604		0.00	%		1.00% to 1.50%		1.56% to 1.76%
Foreign Fund
2020		3,210,344		9.78 to 12.28	$	36,392,804		2.97	%		1.15% to 1.65%		-2.49% to -2.29%
2019		3,218,800		10.02 to 11.78	$	37,432,029		1.69	%		1.15% to 1.35%		11.02% to 11.24%
2018		3,118,506		9.01 to 10.59	$	32,674,138		2.79	%		1.15% to 1.35%		-16.58% to -16.41%
2017		2,912,676		10.80 to 12.67	$	36,631,813		2.53	%		1.15% to 1.35%		15.13% to 15.36%
2016		2,526,994		10.93 to 10.98	$	27,653,297		1.86	%		1.00% to 1.50%		5.74% to 5.95%
Developing Markets Fund
2020		264,790		13.34 to 14.41	$	3,538,904		3.70	%		1.15% to 1.65%		15.61% to 15.84%
2019		322,119		11.54 to 12.44	$	3,721,215		0.98	%		1.15% to 1.35%		25.00% to 25.25%
2018		379,649		9.23 to 9.94	$	3,508,427		0.90	%		1.15% to 1.35%		-16.93% to -16.76%
2017		388,010		11.11 to 11.95	$	4,314,059		0.96	%		1.15% to 1.35%		38.53% to 38.81%
2016		432,533		8.02 to 8.06	$	3,469,945		0.82	%		1.00% to 1.50%		15.87% to 16.10%
Mutual Global Discovery Fund
2020		396,053		10.43 to 15.32	$	5,988,007		2.06	%		1.15% to 1.65%		-5.75% to -5.56%
2019		440,990		11.06 to 16.22	$	7,050,017		1.67	%		1.15% to 1.35%		22.70% to 22.95%
2018		480,829		9.00 to 13.19	$	6,229,211		2.51	%		1.15% to 1.35%		-12.42% to -12.24%
2017		466,679		10.27 to 15.03	$	6,911,351		1.98	%		1.15% to 1.35%		7.15% to 7.36%
2016		393,100		13.93 to 14.00	$	5,481,837		1.64	%		1.00% to 1.50%		10.67% to 10.89%
Rising Dividends Fund
2020		861,597		12.29 to 26.01	$	21,466,410		1.15	%		1.15% to 1.65%		14.41% to 14.64%
2019		965,036		13.38 to 22.69	$	21,134,814		1.24	%		1.15% to 1.35%		27.50% to 27.75%
2018		957,635		10.49 to 17.76	$	16,561,268		1.25	%		1.15% to 1.35%		-6.35% to -6.17%
2017		889,587		11.19 to 18.92	$	16,482,913		1.51	%		1.15% to 1.35%		18.95% to 19.18%
2016		802,219		15.80 to 15.88	$	12,689,207		1.37	%		1.00% to 1.50%		14.49% to 14.72%
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio
2020		258,496		13.89 to 15.48	$	3,950,871		1.71	%		1.15% to 1.65%		12.35% to 12.57%
2019		338,159		12.35 to 13.75	$	4,602,673		2.12	%		1.15% to 1.35%		20.15% to 20.39%
2018		372,092		10.27 to 11.42	$	4,214,265		1.81	%		1.15% to 1.35%		-6.71% to -6.53%
2017		440,494		11.00 to 12.22	$	5,348,248		1.54	%		1.15% to 1.35%		16.69% to 16.92%
2016		503,731		10.40 to 10.45	$	5,242,709		0.59	%		1.00% to 1.50%		-3.87% to -3.68%
Balanced Portfolio
2020		409,881		13.64 to 18.37	$	7,454,825		1.39	%		1.15% to 1.65%		12.58% to 12.81%
2019		493,778		12.11 to 16.29	$	7,972,759		1.76	%		1.15% to 1.35%		20.46% to 20.70%
2018		514,254		10.04 to 13.49	$	6,889,458		1.73	%		1.15% to 1.35%		-4.54% to -4.35%
2017		581,661		14.01 to 14.11	$	8,161,913		1.53	%		1.15% to 1.35%		9.88% to 10.10%
2016		634,134		12.75 to 12.81	$	8,093,987		1.65	%		1.00% to 1.50%		0.66% to 0.86%
Global Equity Income Portfolio
2020		61,052		17.83 to 18.06	$	1,093,882		2.41	%		1.15% to 1.65%		1.76% to 1.97%
2019		68,928		17.52 to 17.71	$	1,212,070		2.84	%		1.15% to 1.35%		21.50% to 21.74%
2018		74,837		14.42 to 14.55	$	1,082,235		1.68	%		1.15% to 1.35%		-12.87% to -12.69%
2017		79,487		16.55 to 16.66	$	1,318,325		1.40	%		1.15% to 1.35%		14.02% to 14.24%
2016		82,249		14.52 to 14.59	$	1,195,551		1.18	%		1.00% to 1.50%		5.52% to 5.73%

83

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Energy Portfolio
2020		217,485		3.60 to 4.20	$	800,671		1.23	%	1.15% to 1.65%	-37.69% to -37.56%
2019		249,990		5.78 to 6.73	$	1,459,571		0.00	%	1.15% to 1.35%	2.09% to 2.29%
2018		190,088		5.66 to 6.58	$	1,082,284		0.00	%	1.15% to 1.35%	-35.03% to -34.90%
2017		161,100		8.71 to 10.12	$	1,410,594		0.62	%	1.15% to 1.35%	-13.81% to -13.64%
2016		175,858		10.11 to 10.16	$	1,779,688		0.12	%	1.00% to 1.50%	32.75% to 33.01%
Global Bond Portfolio
2020		88,181		11.53 to 11.97	$	1,044,085		3.21	%	1.15% to 1.65%	6.70% to 6.91%
2019		98,473		10.80 to 11.20	$	1,093,855		3.47	%	1.15% to 1.35%	7.95% to 8.17%
2018		95,333		9.99 to 10.35	$	981,104		2.91	%	1.15% to 1.35%	-1.52% to -1.32%
2017		77,606		10.42 to 10.49	$	811,142		2.59	%	1.15% to 1.35%	2.87% to 3.08%
2016		71,482		10.13 to 10.18	$	725,672		3.36	%	1.00% to 1.50%	5.60% to 5.81%
Natural Resources Portfolio
2020		110,000		5.46 to 11.37	$	638,931		1.75	%	1.15% to 1.65%	-13.17% to -13.00%
2019		135,807		6.29 to 8.91	$	858,039		0.86	%	1.15% to 1.35%	7.99% to 8.20%
2018		105,251		5.82 to 8.24	$	615,557		0.35	%	1.15% to 1.35%	-24.27% to -24.11%
2017		117,999		7.69 to 10.87	$	909,763		0.11	%	1.15% to 1.35%	1.59% to 1.79%
2016		69,065		7.57 to 7.60	$	522,924		0.64	%	1.00% to 1.50%	22.15% to 22.39%
Growth Portfolio
2020		127,715		12.43 to 36.22	$	4,364,019		0.00	%	1.15% to 1.65%	28.79% to 29.05%
2019		127,516		15.60 to 28.07	$	3,490,002		0.00	%	1.15% to 1.35%	34.75% to 35.02%
2018		124,310		11.57 to 20.79	$	2,540,547		0.04	%	1.15% to 1.35%	0.90% to 1.11%
2017		129,658		20.42 to 20.56	$	2,652,657		0.26	%	1.15% to 1.35%	27.61% to 27.86%
2016		133,831		16.00 to 16.08	$	2,144,618		0.02	%	1.00% to 1.50%	-0.13% to 0.07%
High Income Portfolio
2020		1,094,364		11.37 to 13.03	$	14,059,607		6.07	%	1.15% to 1.65%	4.60% to 4.81%
2019		1,124,512		10.86 to 12.43	$	13,827,906		7.36	%	1.15% to 1.35%	9.70% to 9.92%
2018		1,130,464		9.89 to 11.31	$	12,671,462		6.74	%	1.15% to 1.35%	-3.43% to -3.24%
2017		1,236,981		10.23 to 11.69	$	14,372,995		5.31	%	1.15% to 1.35%	5.25% to 5.46%
2016		1,217,081		11.03 to 11.08	$	13,439,253		7.44	%	1.00% to 1.50%	14.63% to 14.86%
International Core Equity Portfolio
2020		532,325		11.10 to 14.93	$	7,775,781		2.14	%	1.15% to 1.65%	5.75% to 5.96%
2019		556,162		10.49 to 14.09	$	7,688,531		1.54	%	1.15% to 1.35%	17.10% to 17.34%
2018		531,206		8.95 to 12.01	$	6,287,420		1.66	%	1.15% to 1.35%	-18.92% to -18.76%
2017		445,061		11.03 to 14.78	$	6,533,485		1.35	%	1.15% to 1.35%	21.51% to 21.75%
2016		385,765		12.08 to 12.14	$	4,670,742		1.27	%	1.00% to 1.50%	-0.27% to -0.07%
Global Growth Portfolio
2020		45,228		15.35 to 20.48	$	912,647		0.39	%	1.15% to 1.65%	18.96% to 19.20%
2019		50,326		12.89 to 17.19	$	853,071		0.61	%	1.15% to 1.35%	24.24% to 24.49%
2018		45,540		10.36 to 13.80	$	619,413		0.50	%	1.15% to 1.35%	-7.53% to -7.35%
2017		52,970		11.20 to 14.90	$	778,903		0.05	%	1.15% to 1.35%	22.86% to 23.10%
2016		55,479		12.04 to 12.10	$	669,188		0.23	%	1.00% to 1.50%	-4.34% to -4.15%
Mid Cap Growth Portfolio
2020		407,452		13.97 to 33.33	$	12,968,074		0.00	%	1.15% to 1.65%	47.00% to 47.29%
2019		336,365		15.48 to 22.63	$	7,345,062		0.00	%	1.15% to 1.35%	36.09% to 36.36%
2018		317,576		11.37 to 16.59	$	5,076,728		0.00	%	1.15% to 1.35%	-1.41% to -1.21%
2017		184,153		11.52 to 16.80	$	3,077,186		0.00	%	1.15% to 1.35%	25.20% to 25.45%
2016		188,033		13.32 to 13.39	$	2,511,391		0.00	%	1.00% to 1.50%	4.69% to 4.90%
Science and Technology Portfolio
2020		450,131		13.71 to 39.53	$	16,169,446		0.00	%	1.15% to 1.65%	33.54% to 33.81%
2019		397,840		15.88 to 29.54	$	11,002,776		0.00	%	1.15% to 1.35%	47.48% to 47.78%
2018		352,721		10.75 to 19.99	$	6,792,018		0.00	%	1.15% to 1.35%	-6.51% to -6.32%
2017		281,262		11.49 to 21.34	$	5,900,528		0.00	%	1.15% to 1.35%	30.35% to 30.61%
2016		276,852		16.26 to 16.34	$	4,507,672		0.00	%	1.00% to 1.50%	0.18% to 0.38%
Small Cap Growth Portfolio
2020		286,578		13.99 to 25.08	$	6,879,809		0.00	%	1.15% to 1.65%	35.81% to 36.09%
2019		350,299		13.00 to 18.43	$	6,262,869		0.00	%	1.15% to 1.35%	21.71% to 21.96%
2018		288,571		10.67 to 15.11	$	4,274,134		0.35	%	1.15% to 1.35%	-5.41% to -5.22%
2017		194,088		11.27 to 15.94	$	3,074,994		0.00	%	1.15% to 1.35%	21.47% to 21.71%
2016		179,990		13.04 to 13.10	$	2,349,692		0.00	%	1.00% to 1.50%	1.53% to 1.74%

84

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Small Cap Core Portfolio
2020		575,131		12.46 to 22.55	$	12,291,898		0.00	%	1.15% to 1.65%	5.59% to 5.80%
2019		597,781		11.80 to 21.31	$	12,108,958		0.00	%	1.15% to 1.35%	22.66% to 22.91%
2018		586,335		9.61 to 17.34	$	9,753,034		0.13	%	1.15% to 1.35%	-11.69% to -11.52%
2017		541,759		10.88 to 19.60	$	10,437,705		0.00	%	1.15% to 1.35%	12.21% to 12.43%
2016		483,311		17.35 to 17.43	$	8,394,405		0.35	%	1.00% to 1.50%	27.15% to 27.40%
Lazard Retirement Series, Inc.
International Equity Portfolio
2020		79,835		12.13 to 14.85	$	1,161,559		2.11	%	1.15% to 1.65%	6.78% to 7.00%
2019		78,293		11.35 to 13.88	$	1,066,624		0.36	%	1.15% to 1.35%	19.38% to 19.62%
2018		70,375		11.50 to 11.60	$	809,568		1.71	%	1.15% to 1.35%	-15.07% to -14.90%
2017		65,805		11.17 to 13.63	$	885,891		2.99	%	1.15% to 1.35%	20.70% to 20.94%
2016		44,380		11.22 to 11.27	$	498,073		1.41	%	1.00% to 1.50%	-5.57% to -5.38%
Global Dynamic Multi Asset Portfolio
2020		89,617		11.88 to 15.37	$	1,333,979		0.58	%	1.15% to 1.65%	-0.55% to -0.35%
2019		95,029		11.93 to 15.42	$	1,423,630		0.05	%	1.15% to 1.35%	16.21% to 16.44%
2018		113,874		10.26 to 13.25	$	1,480,104		1.29	%	1.15% to 1.35%	-7.83% to -7.64%
2017		131,444		11.12 to 14.34	$	1,875,157		0.00	%	1.15% to 1.35%	18.92% to 19.15%
2016		150,612		11.98 to 12.04	$	1,806,575		0.27	%	1.00% to 1.50%	1.92% to 2.12%
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio
2020		102,341		11.58 to 14.34	$	1,448,658		3.65	%	1.15% to 1.65%	5.68% to 5.89%
2019		90,685		10.95 to 13.55	$	1,216,548		5.73	%	1.15% to 1.35%	12.48% to 12.71%
2018		62,143		9.72 to 12.02	$	740,055		4.80	%	1.15% to 1.35%	-5.46% to -5.27%
2017		59,840		12.60 to 12.69	$	755,250		6.81	%	1.15% to 1.35%	6.98% to 7.19%
2016		26,707		11.78 to 11.84	$	314,704		5.41	%	1.00% to 1.50%	13.81% to 14.04%
ClearBridge Variable Mid Cap Portfolio
2020		474,707		13.18 to 23.03	$	10,335,598		0.04	%	1.15% to 1.65%	13.56% to 13.78%
2019		465,165		12.06 to 20.24	$	8,962,113		0.38	%	1.15% to 1.35%	30.87% to 31.13%
2018		466,070		9.21 to 15.43	$	6,854,418		0.23	%	1.15% to 1.35%	-13.98% to -13.80%
2017		313,410		10.69 to 17.91	$	5,378,396		0.23	%	1.15% to 1.35%	11.04% to 11.27%
2016		181,020		16.01 to 16.09	$	2,901,900		0.31	%	1.00% to 1.50%	7.65% to 7.86%
ClearBridge Variable Dividend Strategy Portfolio
2020		1,361,021		11.89 to 22.61	$	30,049,701		1.24	%	1.15% to 1.65%	6.05% to 6.26%
2019		1,081,566		13.57 to 21.27	$	22,541,018		1.28	%	1.15% to 1.35%	29.65% to 29.91%
2018		658,506		10.46 to 16.38	$	10,619,124		1.49	%	1.15% to 1.35%	-6.28% to -6.09%
2017		662,445		11.15 to 17.44	$	11,393,886		1.71	%	1.15% to 1.35%	17.42% to 17.65%
2016		354,854		14.75 to 14.82	$	5,241,368		1.78	%	1.00% to 1.50%	13.24% to 13.47%
ClearBridge Variable Small Cap Growth Portfolio
2020		177,253		14.24 to 32.08	$	5,195,487		0.00	%	1.15% to 1.65%	40.99% to 41.27%
2019		193,412		14.51 to 22.70	$	4,103,400		0.00	%	1.15% to 1.35%	24.86% to 25.11%
2018		185,364		11.61 to 18.15	$	3,162,135		0.00	%	1.15% to 1.35%	1.82% to 2.02%
2017		134,260		11.39 to 17.79	$	2,265,491		0.00	%	1.15% to 1.35%	22.25% to 22.50%
2016		84,481		14.45 to 14.52	$	1,221,861		0.00	%	1.00% to 1.50%	4.12% to 4.33%
ClearBridge Variable Aggressive Growth Portfolio
2020		72,627		13.57 to 13.74	$	988,742		0.49	%	1.15% to 1.65%	16.15% to 16.38%
2019		93,426		11.67 to 11.80	$	1,094,690		0.77	%	1.15% to 1.35%	23.07% to 23.32%
2018		93,311		9.47 to 9.57	$	887,811		0.53	%	1.15% to 1.35%	-9.80% to -9.62%
2017		51,539		10.49 to 10.59	$	543,603		0.25	%	1.15% to 1.35%	14.44% to 14.66%
2016		60,450		9.21 to 9.24	$	557,403		0.68	%	1.00% to 1.50%	-0.42% to -0.22%
Western Asset Variable Core Bond Plus Portfolio
2020		6,118,744		10.55 to 12.15	$	73,589,537		1.86	%	1.15% to 1.65%	7.59% to 7.80%
2019		6,142,269		10.90 to 11.27	$	68,641,263		4.58	%	1.15% to 1.35%	10.32% to 10.54%
2018		5,466,343		9.87 to 10.19	$	55,352,016		4.03	%	1.15% to 1.35%	-3.95% to -3.76%
2017		3,804,443		10.27 to 10.59	$	40,107,702		4.66	%	1.15% to 1.35%	4.28% to 4.49%
2016		1,881,488		10.11 to 10.14	$	19,033,799		3.03	%	1.00% to 1.50%	2.78% to 2.98%
ClearBridge Variable Large Cap Growth Portfolio
2020		1,060,091		12.65 to 18.12	$	19,100,602		0.02	%	1.15% to 1.65%	28.66% to 28.92%
2019		1,029,471		13.99 to 14.05	$	14,416,052		0.16	%	1.15% to 1.35%	30.07% to 30.33%
2018		797,763		10.75 to 10.78	$	8,584,085		0.20	%	1.15% to 1.35%	-1.57% to -1.37%
2017		331,712		10.92 to 10.93	$	3,624,472		0.25	%	1.15% to 1.35%	9.24% to 9.33%

85

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**		Total Return Lowest to Highest***
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy VIT Portfolio
2020		33,892		11.95 to 12.11	$	405,881		1.59	%		1.15% to 1.65%		-9.55% to -9.37%
2019		32,498		13.21 to 13.36	$	430,218		2.04	%		1.15% to 1.35%		13.96% to 14.19%
2018		36,407		11.59 to 11.70	$	422,692		1.61	%		1.15% to 1.35%		-8.50% to -8.32%
2017		36,766		12.67 to 12.76	$	466,372		1.19	%		1.15% to 1.35%		12.29% to 12.52%
2016		42,379		11.28 to 11.34	$	478,564		0.89	%		1.00% to 1.50%		-1.81% to -1.61%
Pioneer Variable Contracts Trust
Fund Portfolio
2020		29,118		28.04 to 28.41	$	821,287		0.45	%		1.15% to 1.65%		22.29% to 22.54%
2019		29,909		22.93 to 23.18	$	688,984		0.75	%		1.15% to 1.35%		29.27% to 29.53%
2018		32,752		17.74 to 17.90	$	582,979		0.81	%		1.15% to 1.35%		-3.06% to -2.87%
2017		39,852		18.30 to 18.43	$	730,502		1.24	%		1.15% to 1.35%		19.73% to 19.97%
2016		29,422		15.28 to 15.36	$	449,977		1.58	%		1.00% to 1.50%		8.15% to 8.36%
Bond Portfolio
2020		3,942,638		10.73 to 12.82	$	49,841,041		2.72	%		1.15% to 1.65%		6.97% to 7.18%
2019		3,923,827		10.67 to 11.96	$	46,394,735		3.03	%		1.15% to 1.35%		7.43% to 7.64%
2018		3,700,802		9.92 to 11.11	$	40,731,920		3.08	%		1.15% to 1.35%		-2.33% to -2.13%
2017		3,303,690		10.15 to 11.35	$	37,259,655		2.57	%		1.15% to 1.35%		2.26% to 2.46%
2016		2,639,090		11.03 to 11.08	$	29,147,631		2.51	%		1.00% to 1.50%		2.53% to 2.73%
Strategic Income Portfolio
2020		1,079,626		11.31 to 12.85	$	13,675,201		3.14	%		1.15% to 1.65%		5.93% to 6.14%
2019		1,105,598		10.66 to 12.11	$	13,237,496		3.06	%		1.15% to 1.35%		8.05% to 8.26%
2018		1,079,709		9.86 to 11.19	$	11,954,464		3.03	%		1.15% to 1.35%		-3.26% to -3.06%
2017		1,054,538		10.18 to 11.54	$	12,081,157		3.32	%		1.15% to 1.35%		3.34% to 3.55%
2016		838,274		11.09 to 11.14	$	9,306,527		3.24	%		1.00% to 1.50%		5.88% to 6.10%
Equity Income Portfolio
2020		638,005		11.62 to 21.30	$	12,659,788		2.13	%		1.15% to 1.65%		-1.61% to -1.41%
2019		683,277		12.34 to 21.61	$	13,842,968		2.46	%		1.15% to 1.35%		23.55% to 23.80%
2018		614,602		9.98 to 17.45	$	10,079,474		2.41	%		1.15% to 1.35%		-10.00% to -9.82%
2017		455,042		11.08 to 19.35	$	8,561,884		1.50	%		1.15% to 1.35%		13.64% to 13.86%
2016		259,241		16.91 to 17.00	$	4,390,812		1.91	%		1.00% to 1.50%		17.92% to 18.16%
High Yield Portfolio
2020		74,351		13.87 to 14.05	$	1,033,879		4.56	%		1.15% to 1.65%		0.61% to 0.81%
2019		89,051		13.79 to 13.94	$	1,231,954		4.69	%		1.15% to 1.35%		12.75% to 12.98%
2018		97,997		12.23 to 12.34	$	1,201,429		4.50	%		1.15% to 1.35%		-5.24% to -5.05%
2017		112,617		10.22 to 13.00	$	1,455,901		4.21	%		1.15% to 1.35%		5.57% to 5.79%
2016		120,292		12.23 to 12.28	$	1,472,228		5.91	%		1.00% to 1.50%		12.24% to 12.47%
Prudential Series Funds
Jennison 20/20 Focus Portfolio
2020		18,436		26.33 to 26.33	$	485,480		0.00	%		1.15% to 1.65%		28.66% to 28.66%
2019		19,300		20.47 to 20.47	$	395,034		0.00	%		1.15% to 1.35%		26.68% to 26.68%
2018		17,915		16.16 to 16.16	$	289,459		0.00	%		1.15% to 1.35%		-6.99% to -6.99%
2017		22,159		17.37 to 17.37	$	384,968		0.00	%		1.15% to 1.35%		28.01% to 28.01%
2016		31,278		13.57 to 13.57	$	424,475		0.00	%		1.00% to 1.50%		-0.13% to -0.13%
Natural Resources Portfolio
2020		94,469		5.88 to 10.47	$	564,254		0.00	%		1.15% to 1.65%		10.31% to 10.53%
2019		165,596		5.33 to 9.47	$	890,071		0.00	%		1.15% to 1.35%		8.78% to 8.99%
2018		102,833		4.90 to 8.70	$	512,795		0.00	%		1.15% to 1.35%		-19.52% to -19.36%
2017		131,552		6.09 to 10.79	$	811,491		0.00	%		1.15% to 1.35%		-1.86% to -1.67%
2016		124,593		6.21 to 6.24	$	774,486		0.00	%		1.00% to 1.50%		23.15% to 23.39%
SP Prudential US Emerging Growth Portfolio
2020		9,236		29.20 to 29.58	$	270,641		0.00	%		1.15% to 1.65%		44.92% to 45.22%
2019		18,290		20.15 to 20.37	$	370,390		0.00	%		1.15% to 1.35%		35.32% to 35.59%
2018		28,107		14.89 to 15.02	$	419,675		0.00	%		1.15% to 1.35%		-9.41% to -9.23%
2017		25,997		16.44 to 16.55	$	428,302		0.00	%		1.15% to 1.35%		20.31% to 20.55%
2016		28,099		13.66 to 13.73	$	384,418		0.00	%		1.00% to 1.50%		2.42% to 2.62%
Royce Capital Fund
Micro-Cap Portfolio
2020		27,087		14.21 to 14.39	$	387,137		0.00	%		1.15% to 1.65%		21.89% to 22.14%
2019		40,448		11.65 to 11.78	$	473,354		0.00	%		1.15% to 1.35%		17.64% to 17.87%
2018		44,262		9.91 to 10.00	$	439,782		0.00	%		1.15% to 1.35%		-10.51% to -10.33%
2017		46,074		10.44 to 11.15	$	511,189		0.55	%		1.15% to 1.35%		3.61% to 3.82%
2016		44,814		10.68 to 10.74	$	479,544		0.51	%		1.00% to 1.50%		17.77% to 18.01%

86

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31					Year Ended December 31
	Units		Unit Fair Value Lowest to Highest	Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Small Cap Portfolio
2020		557,863	10.31 to 14.33	$	7,891,351		0.70	%	1.15% to 1.65%	-8.57% to -8.39%
2019		574,363	11.26 to 15.64	$	8,893,239		0.42	%	1.15% to 1.35%	16.85% to 17.08%
2018		624,142	9.63 to 13.36	$	8,283,097		0.32	%	1.15% to 1.35%	-9.73% to -9.55%
2017		678,945	14.67 to 14.77	$	9,979,307		0.79	%	1.15% to 1.35%	3.69% to 3.90%
2016		678,690	14.14 to 14.21	$	9,614,439		1.70	%	1.00% to 1.50%	18.92% to 19.16%
Alps Fund
Alerian Energy Infrastructure Portfolio
2020		272,475	5.57 to 10.43	$	1,604,648		2.67	%	1.15% to 1.65%	-26.14% to -25.99%
2019		229,608	7.54 to 9.27	$	1,759,551		1.69	%	1.15% to 1.35%	18.80% to 19.04%
2018		242,372	6.35 to 7.80	$	1,546,879		1.83	%	1.15% to 1.35%	-20.05% to -19.89%
2017		255,279	7.94 to 9.74	$	2,035,885		2.02	%	1.15% to 1.35%	-2.17% to -1.97%
2016		214,149	8.12 to 8.16	$	1,742,373		2.55	%	1.00% to 1.50%	38.91% to 39.19%
Red Rocks Global Opportunity Portfolio
2020		111,263	14.27 to 15.52	$	1,697,631		10.68	%	1.15% to 1.65%	7.78% to 8.00%
2019		111,694	13.23 to 14.37	$	1,583,062		0.00	%	1.15% to 1.35%	37.96% to 38.24%
2018		114,555	9.58 to 10.39	$	1,177,653		5.29	%	1.15% to 1.35%	-13.71% to -13.54%
2017		132,509	11.09 to 12.02	$	1,584,399		3.76	%	1.15% to 1.35%	23.29% to 23.53%
2016		31,067	9.70 to 9.73	$	301,600		0.89	%	1.00% to 1.50%	6.52% to 6.74%
American Funds IS
Asset Allocation Fund
2020		6,004,701	11.50 to 15.64	$	88,570,731		1.49	%	1.15% to 1.65%	10.65% to 10.87%
2019		4,963,246	12.13 to 14.10	$	67,128,532		1.88	%	1.15% to 1.35%	19.30% to 19.54%
2018		3,553,526	10.16 to 11.80	$	41,272,047		1.66	%	1.15% to 1.35%	-6.12% to -5.93%
2017		2,854,380	10.81 to 12.54	$	35,466,015		1.60	%	1.15% to 1.35%	14.36% to 14.59%
2016		1,757,313	10.89 to 10.94	$	19,162,946		1.76	%	1.00% to 1.50%	7.70% to 7.92%
Blue Chip Income and Growth Fund
2020		2,417,351	11.40 to 15.75	$	36,024,945		1.46	%	1.15% to 1.65%	7.01% to 7.23%
2019		2,386,962	10.64 to 14.68	$	33,582,903		1.99	%	1.15% to 1.35%	19.41% to 19.65%
2018		2,058,862	8.91 to 12.27	$	24,755,085		2.09	%	1.15% to 1.35%	-10.15% to -9.97%
2017		1,617,244	11.13 to 13.63	$	21,744,911		2.12	%	1.15% to 1.35%	15.14% to 15.37%
2016		1,191,707	11.76 to 11.82	$	14,030,863		2.32	%	1.00% to 1.50%	16.91% to 17.14%
Ultra-Short Bond Fund
2020		2,435,388	9.26 to 9.79	$	22,701,543		0.25	%	1.15% to 1.65%	-1.59% to -1.40%
2019		1,167,783	9.41 to 9.93	$	11,045,280		1.66	%	1.15% to 1.35%	0.04% to 0.24%
2018		1,173,610	9.41 to 9.92	$	11,075,480		0.82	%	1.15% to 1.35%	-0.23% to -0.02%
2017		1,347,923	9.43 to 9.93	$	12,736,983		0.07	%	1.15% to 1.35%	-1.18% to -0.98%
2016		1,342,304	9.54 to 9.59	$	12,826,412		0.00	%	1.00% to 1.50%	-1.78% to -1.59%
Capital Income Builder Fund
2020		1,419,418	11.64 to 11.90	$	16,723,670		2.52	%	1.15% to 1.65%	2.71% to 2.92%
2019		1,503,121	11.32 to 11.56	$	17,233,347		2.68	%	1.15% to 1.35%	16.04% to 16.27%
2018		1,391,166	9.74 to 9.94	$	13,739,071		2.72	%	1.15% to 1.35%	-8.50% to -8.32%
2017		1,175,195	10.64 to 10.85	$	12,674,558		2.67	%	1.15% to 1.35%	11.14% to 11.36%
2016		809,445	9.69 to 9.74	$	7,856,367		3.18	%	1.00% to 1.50%	2.39% to 2.60%
Global Growth Fund
2020		960,028	13.10 to 20.76	$	18,882,735		0.13	%	1.15% to 1.65%	28.42% to 28.67%
2019		762,115	13.60 to 16.13	$	11,989,570		1.05	%	1.15% to 1.35%	33.07% to 33.33%
2018		581,969	10.21 to 12.10	$	6,906,376		0.63	%	1.15% to 1.35%	-10.46% to -10.28%
2017		402,383	11.39 to 13.48	$	5,351,879		0.68	%	1.15% to 1.35%	29.36% to 29.62%
2016		263,246	10.35 to 10.40	$	2,729,142		0.75	%	1.00% to 1.50%	-0.98% to -0.78%
Global Growth and Income Fund
2020		969,706	12.58 to 15.68	$	14,909,631		1.05	%	1.15% to 1.65%	7.09% to 7.30%
2019		798,022	13.04 to 14.61	$	11,434,351		1.85	%	1.15% to 1.35%	28.98% to 29.24%
2018		788,349	10.10 to 11.30	$	8,809,205		1.78	%	1.15% to 1.35%	-11.10% to -10.93%
2017		567,275	11.35 to 12.69	$	7,127,276		2.60	%	1.15% to 1.35%	24.14% to 24.39%
2016		407,304	10.15 to 10.20	$	4,141,736		2.16	%	1.00% to 1.50%	5.60% to 5.81%
Global Small Capitalization Fund
2020		336,465	13.96 to 17.61	$	5,852,838		0.10	%	1.15% to 1.65%	27.65% to 27.91%
2019		341,552	12.91 to 13.77	$	4,652,407		0.01	%	1.15% to 1.35%	29.48% to 29.74%
2018		289,207	9.96 to 10.61	$	3,041,269		0.02	%	1.15% to 1.35%	-12.01% to -11.83%
2017		209,334	11.31 to 12.04	$	2,497,720		0.37	%	1.15% to 1.35%	23.94% to 24.19%
2016		140,116	9.65 to 9.69	$	1,355,137		0.08	%	1.00% to 1.50%	0.48% to 0.68%

87

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31					Year Ended December 31
	Units		Unit Fair Value Lowest to Highest	Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**	Total Return Lowest to Highest***
Growth Fund
2020		1,663,314	14.25 to 28.11	$	44,819,781		0.20	%	1.15% to 1.65%	49.68% to 49.98%
2019		1,654,362	14.29 to 18.75	$	29,881,613		0.59	%	1.15% to 1.35%	28.69% to 28.95%
2018		1,508,344	11.10 to 14.54	$	21,307,468		0.30	%	1.15% to 1.35%	-1.85% to -1.65%
2017		1,103,029	11.29 to 14.78	$	15,869,916		0.53	%	1.15% to 1.35%	26.27% to 26.53%
2016		603,340	11.63 to 11.68	$	7,025,261		0.63	%	1.00% to 1.50%	7.75% to 7.97%
Growth-Income Fund
2020		2,356,953	11.95 to 18.31	$	41,994,585		1.11	%	1.15% to 1.65%	11.73% to 11.95%
2019		2,283,141	13.49 to 16.35	$	36,495,223		1.61	%	1.15% to 1.35%	24.17% to 24.42%
2018		1,915,078	10.86 to 13.14	$	24,681,484		1.46	%	1.15% to 1.35%	-3.38% to -3.18%
2017		1,426,572	11.22 to 13.58	$	19,064,147		1.52	%	1.15% to 1.35%	20.44% to 20.68%
2016		912,448	11.19 to 11.25	$	10,231,418		1.54	%	1.00% to 1.50%	9.76% to 9.98%
International Fund
2020		642,754	13.34 to 13.70	$	8,717,502		0.41	%	1.15% to 1.65%	12.13% to 12.36%
2019		645,003	11.92 to 12.19	$	7,796,962		1.31	%	1.15% to 1.35%	21.02% to 21.27%
2018		621,781	9.84 to 10.05	$	6,210,405		1.87	%	1.15% to 1.35%	-14.58% to -14.40%
2017		417,580	11.51 to 11.74	$	4,880,259		1.56	%	1.15% to 1.35%	30.13% to 30.39%
2016		238,483	8.96 to 9.01	$	2,143,281		1.42	%	1.00% to 1.50%	1.83% to 2.04%
International Growth and Income Fund
2020		640,891	11.54 to 12.83	$	7,449,803		1.17	%	1.15% to 1.65%	4.31% to 4.52%
2019		618,116	11.06 to 11.83	$	6,885,708		2.48	%	1.15% to 1.35%	20.82% to 21.06%
2018		531,031	9.16 to 9.78	$	4,886,791		2.53	%	1.15% to 1.35%	-12.65% to -12.48%
2017		353,383	10.48 to 11.18	$	3,723,128		2.50	%	1.15% to 1.35%	23.05% to 23.30%
2016		223,673	8.52 to 8.56	$	1,907,815		2.77	%	1.00% to 1.50%	-0.18% to 0.02%
New World Fund
2020		2,532,532	13.72 to 14.87	$	36,511,158		0.04	%	1.15% to 1.65%	21.64% to 21.88%
2019		2,582,959	11.78 to 12.21	$	30,590,094		0.80	%	1.15% to 1.35%	27.09% to 27.34%
2018		2,403,071	9.27 to 9.59	$	22,371,637		0.76	%	1.15% to 1.35%	-15.41% to -15.24%
2017		1,902,356	10.96 to 11.32	$	20,915,092		0.90	%	1.15% to 1.35%	27.33% to 27.59%
2016		1,383,251	8.60 to 8.65	$	11,927,318		0.70	%	1.00% to 1.50%	3.63% to 3.84%
U.S. Government/AAA-Rated Securities Fund
2020		3,117,013	10.04 to 11.28	$	34,858,071		2.24	%	1.15% to 1.65%	8.01% to 8.23%
2019		1,397,204	10.22 to 10.42	$	14,512,239		2.15	%	1.15% to 1.35%	3.73% to 3.94%
2018		1,000,237	9.85 to 10.02	$	9,996,749		1.25	%	1.15% to 1.35%	-0.85% to -0.65%
2017		866,874	9.92 to 10.09	$	8,709,523		1.10	%	1.15% to 1.35%	-0.08% to 0.12%
2016		768,717	10.03 to 10.08	$	7,730,632		1.33	%	1.00% to 1.50%	-0.36% to -0.16%
Invesco Oppenheimer
Total Return Bond Fund
2020		329,083	11.56 to 12.08	$	3,936,503		3.07	%	1.15% to 1.65%	7.96% to 8.17%
2019		225,425	10.70 to 11.17	$	2,497,124		2.74	%	1.15% to 1.35%	7.79% to 8.00%
2018		134,424	9.92 to 10.34	$	1,381,911		3.07	%	1.15% to 1.35%	-2.64% to -2.45%
2017		141,166	10.18 to 10.60	$	1,489,489		2.13	%	1.15% to 1.35%	2.98% to 3.19%
2016		183,899	10.23 to 10.28	$	1,883,268		3.87	%	1.00% to 1.50%	1.67% to 1.87%
Discovery Mid Cap Growth Fund
2020		167,268	13.48 to 24.92	$	3,961,727		0.00	%	1.15% to 1.65%	38.36% to 38.63%
2019		144,894	14.57 to 17.98	$	2,537,512		0.00	%	1.15% to 1.35%	37.15% to 37.42%
2018		93,983	10.61 to 13.08	$	1,200,322		0.00	%	1.15% to 1.35%	-7.57% to -7.38%
2017		78,421	11.47 to 14.12	$	1,081,791		0.00	%	1.15% to 1.35%	26.74% to 26.99%
2016		69,024	11.07 to 11.12	$	765,062		0.00	%	1.00% to 1.50%	0.71% to 0.91%
Global Multi-Alternatives Fund
2019		—	—	$	0		1.96	%	1.15% to 1.35%	n/a
2018		9,705	8.91 to 8.99	$	87,065		0.68	%	1.15% to 1.35%	-4.61% to -4.42%
2017		9,680	9.34 to 9.41	$	90,846		0.45	%	1.15% to 1.35%	-1.15% to -0.95%
2016		25,872	9.45 to 9.50	$	244,847		1.38	%	1.00% to 1.50%	2.10% to 2.30%
Global Fund
2020		317,456	13.41 to 18.71	$	5,816,026		0.40	%	1.15% to 1.65%	25.63% to 25.88%
2019		344,196	13.00 to 14.86	$	5,016,048		0.66	%	1.15% to 1.35%	29.69% to 29.95%
2018		331,573	10.01 to 11.44	$	3,736,216		0.82	%	1.15% to 1.35%	-14.56% to -14.39%
2017		314,034	11.70 to 13.36	$	4,168,595		0.54	%	1.15% to 1.35%	34.50% to 34.77%
2016		101,878	9.86 to 9.91	$	1,006,775		0.79	%	1.00% to 1.50%	-1.50% to -1.30%

88

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value Lowest to Highest		Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**		Total Return Lowest to Highest***
International Growth Fund
2020		1,158,924		13.06 to 13.65	$	15,661,018		0.62	%		1.15% to 1.65%		19.41% to 19.65%
2019		1,012,466		11.19 to 11.41	$	11,452,452		0.64	%		1.15% to 1.35%		26.24% to 26.49%
2018		701,888		8.86 to 9.02	$	6,284,910		0.63	%		1.15% to 1.35%		-20.64% to -20.48%
2017		321,075		11.15 to 11.34	$	3,621,877		0.70	%		1.15% to 1.35%		24.75% to 25.00%
2016		127,654		9.03 to 9.07	$	1,154,655		0.92	%		1.00% to 1.50%		-4.02% to -3.83%
Main Street Fund
2020		599,106		12.16 to 17.74	$	9,305,031		1.03	%		1.15% to 1.65%		12.16% to 12.39%
2019		678,260		11.64 to 15.78	$	9,695,219		0.75	%		1.15% to 1.35%		29.97% to 30.23%
2018		441,279		8.94 to 12.12	$	5,103,092		0.94	%		1.15% to 1.35%		-9.34% to -9.15%
2017		303,919		10.78 to 13.34	$	3,992,486		1.01	%		1.15% to 1.35%		15.08% to 15.31%
2016		173,754		11.51 to 11.57	$	2,003,711		0.90	%		1.00% to 1.50%		9.81% to 10.03%
Main Street Small Cap Fund
2020		317,905		13.69 to 17.30	$	5,299,345		0.31	%		1.15% to 1.65%		18.03% to 18.26%
2019		351,560		11.68 to 14.63	$	4,988,917		0.00	%		1.15% to 1.35%		24.44% to 24.69%
2018		311,009		9.38 to 11.73	$	3,567,016		0.07	%		1.15% to 1.35%		-11.75% to -11.57%
2017		273,894		10.62 to 13.26	$	3,591,491		0.60	%		1.15% to 1.35%		12.39% to 12.61%
2016		202,405		11.72 to 11.78	$	2,378,265		0.24	%		1.00% to 1.50%		16.09% to 16.33%
Transparent Value VI
Directional Allocation Portfolio
2016		—		—	$	0		0.00	%		1.00% to 1.50%		n/a
T. Rowe Price
Blue Chip Growth Portfolio
2020		2,532,772		12.62 to 22.49	$	55,679,399		0.00	%		1.15% to 1.65%		32.12% to 32.38%
2019		2,495,804		15.03 to 16.99	$	41,710,940		0.00	%		1.15% to 1.35%		27.84% to 28.10%
2018		1,899,467		11.75 to 13.26	$	24,860,206		0.00	%		1.15% to 1.35%		0.28% to 0.48%
2017		1,239,795		11.70 to 13.20	$	16,205,947		0.00	%		1.15% to 1.35%		34.01% to 34.28%
2016		556,025		9.80 to 9.83	$	5,455,076		0.00	%		1.00% to 1.50%		-0.81% to -0.61%
Health Sciences Portfolio
2020		1,456,738		12.30 to 17.87	$	23,872,615		0.00	%		1.15% to 1.65%		27.53% to 27.79%
2019		1,244,908		12.68 to 13.99	$	15,981,066		0.00	%		1.15% to 1.35%		26.91% to 27.16%
2018		998,792		10.00 to 11.01	$	10,053,170		0.00	%		1.15% to 1.35%		-0.50% to -0.30%
2017		710,023		10.05 to 11.05	$	7,168,782		0.00	%		1.15% to 1.35%		25.60% to 25.86%
2016		380,909		8.00 to 8.02	$	3,048,925		0.00	%		1.00% to 1.50%		-11.91% to -11.74%
John Hancock Variable Insurance Trust
Financial Industries Portfolio
2020		71,200		10.91 to 10.96	$	778,002		1.12	%		1.15% to 1.65%		0.61% to 0.82%
2019		46,129		10.84 to 10.88	$	500,705		4.14	%		1.15% to 1.35%		29.75% to 30.01%
2018		17,208		8.35 to 8.37	$	143,851		0.76	%		1.15% to 1.35%		-16.46% to -16.35%
Fundamental All Cap Core Portfolio
2020		6,560		14.70 to 14.74	$	96,473		0.18	%		1.15% to 1.65%		24.95% to 25.07%
2019		6,566		11.77 to 11.79	$	77,274		0.28	%		1.15% to 1.35%		34.36% to 34.49%
2018		5,611		8.76 to 8.76	$	49,138		0.03	%		1.15% to 1.35%		-12.42% to -12.42%
Select Bond Portfolio
2020		27,255		11.61 to 11.67	$	317,121		3.30	%		1.15% to 1.65%		7.39% to 7.61%
2019		14,697		10.81 to 10.85	$	159,157		4.16	%		1.15% to 1.35%		7.27% to 7.49%
2018		385		10.08 to 10.09	$	3,876		3.83	%		1.15% to 1.35%		0.80% to 0.94%
Strategic Income Opportunities Portfolio
2020		40,279		10.91 to 11.14	$	446,640		1.75	%		1.15% to 1.65%		6.91% to 7.12%
2019		27,218		10.37 to 10.40	$	282,324		3.43	%		1.15% to 1.35%		9.27% to 9.48%
2018		9,090		9.49 to 9.50	$	86,302		3.92	%		1.15% to 1.35%		-5.10% to -4.98%
Federated Hermes
High Income Bond Portfolio
2020		39,064		10.79 to 10.83	$	422,194		7.23	%		1.15% to 1.65%		4.04% to 4.25%
2019		33,419		10.37 to 10.38	$	346,785		0.00	%		1.15% to 1.35%		3.74% to 3.81%
Kaufmann Portfolio
2020		296,261		11.99 to 13.88	$	4,080,488		0.00	%		1.15% to 1.65%		26.76% to 27.01%
2019		67,817		10.91 to 10.92	$	740,188		0.00	%		1.15% to 1.35%		9.10% to 9.25%
Managed Volatility Portfolio
2020		6,463		10.64 to 10.67	$	68,794		2.50	%		1.15% to 1.65%		-0.65% to -0.45%
2019		2,425		10.71 to 10.72	$	25,983		0.00	%		1.15% to 1.35%		7.08% to 7.23%

89

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

* 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 harbour 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.

90

Part C

OTHER INFORMATION

Item 27. Exhibits

(a) Resolution of the Board of Directors of Midland National Life Insurance Company authorizing establishment of Separate Account C (2)

(b) Not Applicable

(c) (1)    Distribution Agreement between Sammons Financial Network, LLC and Midland National Life Insurance Company (20)

(2) Registered Representative Contract (8)

(d) (1)    Form of Registered Index-Linked and Variable Annuity Contract (20)

(e) Application for Registered Index-Linked and Variable Annuity Contract (20)

(f) (1)    Articles of Incorporation of Midland National Life Insurance Company (2)

(2) By-laws of Midland National Life Insurance Company (2)

(g) Not Applicable

(h) (1)   Participation Agreement between Midland National Life Insurance Company and Fidelity VIP I and VIP II. (5)

(2) Amendments to Participation Agreement for Fidelity Distributors Corporation/Variable Insurance Products Fund, and Variable Products Fund II. (1)

(3) Participation Agreement between Midland National Life Insurance Company and Fidelity VIP III. (6)

(4) Amendments to Participation Agreement for Fidelity Distributors Corporation/Variable Insurance Products Fund III. (3)

(5) Participation Agreement between Midland National Life Insurance Company and Janus Capital Management LLC. (4)

(6) Rule 22c-2 Agreement between Midland National Life Insurance Company Calvert Distributors, Inc. (7)

(7) SEC Rule 22c-2 Amendment to Participation Agreement between Midland National Life Insurance Company and Fidelity Distributors Corporation. (7)

(8) SEC Rule 22c-2 Supplement to Participation Agreement between Midland National Life Insurance Company and Janus Capital Management LLC. (7)

(9) Rule 22c-2 Shareholder Information Agreement between Midland National and MFS Fund Distributors Inc. (7)

(10) Participation agreement between Midland National Life Insurance Company and BlackRock. (9)

(11) Participation agreement between Midland National Life Insurance Company and DWS. (9)

(12) Participation agreement between Midland National Life Insurance Company and Eaton Vance. (9)

(13) Participation agreement between Midland National Life Insurance Company and Franklin Templeton. (9)

(14) Amendment to Participation agreement between Midland National Life Insurance Company and Franklin Templeton. (9)

(15) Participation agreement between Midland National Life Insurance Company and Ivy Funds. (9)

(16) Participation agreement between Midland National Life Insurance Company and Legg Mason. (9)

(17) Participation agreement between Midland National Life Insurance Company and Pioneer Funds. (9)

(18) Participation agreement between Midland National Life Insurance Company and Prudential. (9)

(19) Participation agreement between Midland National Life Insurance Company and Royce Funds. (9)

(20) Amendment to Participation agreement between Midland National Life Insurance Company and Janus Capital Management LLC. (9)

(21) Participation Agreement between Midland National Life Insurance Company and Massachusetts Financial Variable Insurance Trusts. (9)

(22) Participation Agreement between Midland National Life Insurance Company and Fred Alger Management, Inc. (9)

(23) Participation Agreement between Midland National Life Insurance Company and Calvert Asset Management Company, Inc. (9)

(24) Participation Agreement between Midland National Life Insurance Company and Pacific Investment Management Company LLC. (9)

(25) Participation Agreement between Midland National Life Insurance Company and Rydex Distributors LLC. (9)

(26) Participation Agreement between Midland National Life Insurance Company and AllianceBernstein. (10)

(27) Amendment to Participation Agreement between Midland National Life Insurance Company and American Century. (10)

(28) Participation Agreement Amended and Restated between Midland National Life Insurance Company and DWS. (10)

(29) Participation Agreement between Midland National Life Insurance Company and Lazard. (10)

(30) Participation Agreement between Midland National Life Insurance Company and Lord Abbett. (10)

(31) Amendment to Participation Agreement between Midland National Life Insurance Company and Northern Lights Variable Trust. (10)

(32) Amendment to Participation Agreement between Midland National Life Insurance Company and Van Eck. (10)

(33) Amendment to the Participation Agreement between Midland National Life Insurance Company, American Century Investment Services, Inc. and American Century Investment Management, Inc. (11)

(34) Summary Prospectus Agreement between Midland National Life Insurance Company and Fidelity Distributors Corporation. (11)

(35) Amendment to the Participation Agreement between Midland National Life Insurance Company and Janus Aspen Series. (11)

(36) Amendment to the Participation Agreement between Midland National Life Insurance Company, The Alger American Portfolios and Fred Alger & Company, Incorporated. (12)

(37) Amendment to the Participation Agreement between Midland National Life Insurance Company, Sammons Financial Network, LLC, AllianceBernstein L.P. and AllianceBernstein Investments, Inc. (12)

(38) Amendment to the Participation Agreement between Midland National Life Insurance Company, DWS Variable Series I, DWS Variable Series II, DWS Investments VIT Funds, DWS Investment Distributors, Inc. and Deutsche Investment Management Americas Inc. (12)

(39) Amendment to the Participation Agreement between Midland National Life Insurance Company, Eaton Vance Variable Trust and Eaton Vance Distributors, Inc. (12)

(40) Amendment to the Participation Agreement between Midland National Life Insurance Company, Sammons Financial Network, LLC, Lazard Asset Management Securities LLC and Lazard Retirement Series, LLC. (12)

(41) Amendment to the Participation Agreement between Midland National Life Insurance Company, Legg Mason Partners Variable Equity Trust, Legg Mason Partners Variable Income Trust, Legg Mason Investor Services, LLC and Legg Mason Partners Fund Advisor, LLC. (12)

(42) Amendment to the Participation Agreement between Midland National Life Insurance Company, Lord Abbett Series Fund, Inc. and Lord Abbett Distributor LLC. (12)

(43) Amendment to the Participation Agreement between Midland National Life Insurance Company, Northern Lights Variable Trust and Northern Lights Distributors, LLC. (12)

(44) Amendment to the Participation Agreement between Midland National Life Insurance Company, PIMCO Variable Insurance Trust and PIMCO Investments LLC. (12)

(45) Amendment to the Participation Agreement between Midland National Life Insurance Company, Pioneer Variable Contracts Trust, Pioneer Investment Management, Inc., and Pioneer Funds Distributors, Inc. (12)

(46) Amendment to the Participation Agreement between Midland National Life Insurance Company, Royce Capital Fund and Royce Fund Services, Inc. (12)

(47) Participation Agreement between Midland National Life Insurance Company, First Life Investors Series Funds and First Investors Corporation (13)

(48) Participation Agreement between Midland National Life Insurance Company, Columbia Funds Variable Insurance Trust, Columbia Management Investment Advisers, LLC and Columbia Management Investment Distributors, Inc. (13)

(49) Participation Agreement between Midland National Life Insurance Company, Columbia Funds Variable Insurance Trust I, Columbia Management Investment Advisers, LLC and Columbia Management Investment Distributors, Inc. (13)

(50) Participation Agreement between Midland National Life Insurance Company, Columbia Funds Variable Series Trust II, Columbia Management Investment Advisers, LLC and Columbia Management Investment Distributors, Inc. (13)

(51) Participation Agreement between Midland National Life Insurance Company, Wanger Advisors Trust, Columbia Wanger Asset Management, LLC and Columbia Management Investment Distributors, Inc. (13)

(52) Participation Agreement between Midland National Life Insurance Company, ALPS Variable Investment Trust, ALPS Advisors, Inc and ALPS Portfolio Solutions Distributor, Inc. (14)

(53) Participation Agreement between Midland National Life Insurance Company, American Funds Distributors, Inc., American Funds Service Company, Capital Research and Management Company, and the American Funds Insurance Series. (14)

(54) Participation Agreement between Midland National Life Insurance Company, Oppenheimer Variable Account Funds and Oppenheimer Funds, Inc. (14)

(55) Participation Agreement between Midland National Life Insurance Company, Sammons Financial Network, LLC., Transparent Value Trust, Guggenheim Partners Investment Management, LLC, and ALPS Distributors, Inc. (14)

(56) Amendment to the Participation Agreement between Midland National Life Insurance Company, BlackRock Variable Series Funds, Inc., and BlackRock Investments, LLC. (14)

(57) Amendment to the Participation Agreement between Midland National Life Insurance Company, First Life Investors Series Funds and First Investors Corporation. (14)

(58) Participation Agreement between Midland National Life Insurance Company and T. Rowe Price. (15)

(59) Amendment to the Participation Agreement between Midland National Life Insurance Company, Legg Mason Partners Variable Equity Trust, Legg Mason Partners Variable Income Trust, Legg Mason Investor Services, LLC and Legg Mason Partners Fund Advisor, LLC. (15)

(60) Participation Agreement between Midland National Life Insurance Company, Sammons Financial Network, John Hancock Variable Insurance Trust and John Hancock Distributors, LLC (17)

(61) Participation Agreement between Midland National Life Insurance Company, Federated Insurance Series and Federated Securities Corp. (18)

(k) (1)   Opinion and Consent of Counsel (20)

(2) Power of Attorney (20)

(l) (1)   Consent of Independent Registered Public Accounting Firm (20)

(m) Not Applicable

(n) Not Applicable

(o) Not Applicable

1. Incorporated herein by reference to Pre-Effective Amendment No. 2 for Form S-6 on April 23, 1997 (File No. 333-14061)

2. Incorporated herein by reference to Post-Effective Amendment No. 5 for Form N-4 on February 23, 1998 (File No. 33-64016)

3. Incorporated herein by reference to Post-Effective Amendment No. 6 for Form S-6 on February 15, 2001 (File No. 333-14061)

4. Incorporated herein by reference to Post-Effective Amendment No. 5 for Form N-4 on April 28, 2003 (File No. 333-71800)

5. Incorporated herein by reference to Initial N-4 Filing on June 7, 1993 (File 33-64016)

6. Incorporated herein by reference to Post-Effective Amendment No. 4 for Form N-4 on April 29, 1997 (File No. 33-64016)

7. Incorporated herein by reference to Post-Effective Amendment No. 12 for Form N-4 on April 28, 2008 (File No. 333-108437)

8. Incorporated herein by reference to Pre-Effective Amendment No. 1 for Form N-4 on December 15, 2011 (File No. 333-176870)

9. Incorporated herein by reference to Post-Effective Amendment No. 1 for Form N-4 on April 25, 2012 (File No. 333-176870)

10. Incorporated herein by reference to Post-Effective Amendment No. 2 for Form N-4 on September 20, 2012 (File No. 333-176870)

11. Incorporated herein by reference to Post-Effective Amendment No. 8 for Form N-6 on April 26, 2013 (File No. 333-148824)

12. Incorporated herein by reference to Post-Effective Amendment No. 3 for Form N-4 on April 26, 2013 (File No. 333-176870)

13. Incorporated herein by reference to Post-Effective Amendment No. 4 for Form N-4 on July 12, 2013 (File No. 333-176870)

14. Incorporated herein by reference to Post-Effective Amendment No. 7 for Form N-4 on July 25, 2014 (File No. 333-176870)

15. Incorporated herein by reference to Post-Effective Amendment No. 9 for Form N-4 on July 16, 2015 (File No. 333-176870)

16. Incorporated herein by reference to Post-Effective Amendment No. 11 for Form N-4 on April 25, 2017 (File No. 333-176870)

17. Incorporated herein by reference to Post-Effective Amendment No. 12 for Form N-4 on April 27, 2018 (File No. 333-176870)

18. Incorporated herein by reference to Post-Effective Amendment No. 13 for Form N-4 on April 29, 2019 (File No. 333-176870)

19. Incorporated herein by reference to Post-Effective Amendment No. 14 for Form N-4 on March 6, 2020 (File No. 333-176870)

20. Filed herewith

Item 28. Directors and Officers of the Depositor

Name and Principal Business Address1	Position and Offices with Depositor
Esfandyar E. Dinshaw	Chairman of the Board & Chief Executive Officer
Steven C. Palmitier3	President and Chief Operating Officer – Director
Darron K. Ash	Director
Willard Bunn, III	Director
James Roderick Clark	Director
Thomas Corcoran	Director
George A. Fisk	Director
William D. Heinz	Director
Heather Kreager	Director
Michael M. Masterson	Director

Name and Principal Business Address1	Position and Offices with Depositor
William L. Lowe	President – Sammons Institutional Group
Ronovan G. Ottenbacher	President – Sammons Corporate Markets
Teri L. Ross	President – Shared Services
Robert R. TeKolste	President – SIAG
Kelly Coomer3	Senior Vice President & Chief Information Officer
Anne Cooper	Senior Vice President and Chief Human Resources Officer
Rhonda Elming	Senior Vice President – Annuity Product Development
Brian Hansen.	Senior Vice President, General Counsel & Secretary
Donald T. Lyons	Senior Vice President
John D. Melvin	Senior Vice President & Chief Investment Officer
Joseph E. Paul	Senior Vice President – Corporate Markets
Brett Agnew	Vice President and Associate General Counsel – Securities & Corporate Services
David C. Attaway	Vice President, Chief Financial Officer & Treasurer
Stacy Bagby	Vice President – Sales & Compliance Administration
Marcy Baker	Vice President – Governance & Analysis
Kathleen Bartling2	Vice President – Marketing & Customer Experience Life
Neil Berns	Vice President & Chief Strategy Officer-Life
Jamie Beyer2	Vice President – Valuation
Bryce A. Biklen	Vice President and Chief Distribution Officer SIAG
Jeremy A. Bill2	Vice President – Financial Management & Digital Distribution
Gerald R. Blair3	Vice President, Chief Distribution and Sales Officer
Lori L. Bochner	Vice President – Marketing
Gregory J. Bonzagni	Vice President – National Sales
Jackie Cockrum	Vice President – Administration
Timothy Crawford	Vice President & Associate General Counsel-Life & Annuity Operations
Pam Doeppe	Vice President
Linda M. Durman	Vice President – Risk and Asset Liability Management
Daniel Edsen	Vice President – Finance Reporting
Kirk P. Evans	Vice President – Product Development & Risk Management
Christie Goodrich	Vice President – Life Product
Cyndi Hall	Vice President – Chief Compliance Officer
Jeannie Iannello2	Vice President – Life New Business & Underwriting
Robert Johnson, Jr.	Vice President – Distribution & Sales MNL
Mark Kalinowski3	Vice President – Investment & Hedging Strategies
Marty E. Kennedy	Vice President – Sales Independent Broker Dealer
Richard D. King	Vice President – Strategy, Change Management and Continuous Process Improvement
Tracey E. Knudtson	Vice President – Talent & Organizational Development and HR Business Partner
Craig S. Krimbill	Vice President – Audit
Jai Kuchimanchi3	Vice President & Chief Technology Officer
Khen Leuk3	Vice President – Annuity Product Management
Brent A. Mardis	Vice President, Chief Risk Officer
Kevin Mechtley	Vice President – Legal & Director Government Affairs
Paul J. Mocarski	Vice President & Chief Information Security Officer
Michael Mock	Vice President – Strategy & Corporate Development
Seth Nailor	Vice President – Agency Services
Nicholas Nelson	Vice President – Centralized Services
Thomas A. Nucaro	Vice President & Chief Tax Officer
Jackson Ode	Vice President – Sales MNL
Cheryl O’Heath3	Vice President – Information Technology
Susan B. Osweiler	Vice President – Financial Strategy
Michael A. Pietig	Vice President – Annuity New Business and Suitability
Jan E. Reiser	Vice President – Information Technology

Name and Principal Business Address1	Position and Offices with Depositor
Amy E. Rider	Vice President – Strategic Risk and Mortality Management
Melissa Scheuerman	Vice President – Business & Sales Development
Gary Self2	Vice President – Information Technology
Jeffery S. Stout	Vice President – Corporate Actuarial Modeling
Amy E. Teas	Vice President – Associate General Counsel- Litigation & Shared Services
Sarah Theis	Vice President & Chief Strategy Officer
Rachelle Tieszen2	Vice President – Total Rewards and HR Business Partner
Carmen Walter	Vice President – Product Development Corporate Markets
Heath C. Williams2	Vice President – Information Technology
Pat Glover	Associate Vice President – Financial Reporting
Michael P. Hagan	Associate Vice President – Anti-Money Laundering & Financial Crimes Officer
Theresa B. Kuiper2	Associate Vice President – Treasury Operations
Jodi Schultz2	Associate Vice President – Finance
Jill Williams3	Associate Vice President – Operational Compliance & Chief AML Officer

¹  Unless noted otherwise, the principal business address for each officer and director is 8300 Mills Civic Parkway, West Des Moines, IA 50266

²  One Sammons Plaza, Sioux Falls, SD 57193-9991

³  525 W. Van Buren, Chicago, IL 60607

Item 29. Persons Controlled By or Under Common Control With the Depositor or Registrant.

The Depositor, Midland National Life Insurance Company (Midland) is an indirect subsidiary of Sammons Enterprises, Inc. The Registrant is a segregated asset account of Midland. Shares of Sammons Enterprises, Inc. are held by GreatBanc Trust Company, as Trustee of the Sammons Enterprises, Inc. Employee Stock Ownership Trust (ESOT). Other direct or indirect subsidiaries of Sammons Enterprises, Inc. (SEI), as of December 31, 2020, are:

Name	Jurisdiction	Percent Of Voting Securities Owned
3200 West Twain Holdings I LLC	DE	(No Ownership) Management by Guggenheim Credit Services, LLC
5180 CLO LP	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
5180-2 CLO LP	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
550 Capital, Inc.	DE	100% by Sammons Infrastructure, Inc.
AAFT-MSN 29573 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 29573 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 29573 LLC	DE	100% by AAFT-MSN 29573 Holdco LLC
AAFT-MSN 29574 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 29574 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 29574 LLC	DE	100% by AAFT-MSN 29574 Holdco LLC
AAFT-MSN 31163 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 31163 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 31163 LLC	DE	100% by AAFT-MSN 31163 Holdco LLC
AAFT-MSN 31167 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 31167 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 31167 LLC	DE	100% by AAFT-MSN 31167 Holdco LLC
AAFT-MSN 33227 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 33227 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 33227 LLC	DE	100% by AAFT-MSN 33227 Holdco LLC
AAFT-MSN 33229 Holdco LLC	DE	100% by Acsal Holdco LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
AAFT-MSN 33229 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 33229 LLC	DE	100% by AAFT-MSN 33229 Holdco LLC
AAFT-MSN 33321 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 33321 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 33321 LLC	DE	100% by AAFT-MSN 33321 Holdco LLC
AAFT-MSN 33486 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 33486 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 33486 LLC	DE	100% by AAFT-MSN 33486 Holdco LLC
ABV Holdings, LLC	NC	90% by Heelstone Energy Investor I, LLC
ABV Lessee, LLC	NC	1% by Heelstone Energy II, LLC
AC Storage, LLC	DE	100% by GC Deferred Compensation I, LLC
ACEI Holdco, LLC	DE	100% by GPFT Holdco, LLC
Acsal Holdco LLC	DE	(No Ownership) Management by Guggenheim Credit Services, LLLC
AECORN, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
AJ Highland Park Investors, LLC	DE	100% by Albion at Highland Park, LLC
Albemarle Solar Center, LLC	NC	100% by ABV Holdings, LLC
Albion at Beachwood LLC	DE	50% by Albion DeVille Member LLC
Albion at Evanston Investors I, LLC	DE	100% by Albion Residential LLC
Albion at Evanston, LLC	DE	100% by Albion at Evanston Investors I, LLC
Albion at Highland Park, LLC	DE	100% by Albion Residential LLC
Albion at Oak Park Investors I, LLC	DE	35% by Albion at Oak Park Member, LLC
Albion at Oak Park Member, LLC	DE	100% by Albion Residential LLC
Albion at Oak Park, LLC	DE	100% by Albion at Oak Park Investors I, LLC
Albion at Parklane GP, LLC	DE	100% by Albion Residential LLC
Albion at Parklane Limited Partner, LLC	DE	100% by Albion Residential LLC
Albion Columbus 1, LLC	DE	100% by Albion Residential LLC
Albion Columbus Investors 1, LLC	DE	20% by Albion Columbus 1, LLC
Albion Construction LLC	DE	100% by Albion Residential LLC
Albion DeVille Member LLC	DE	100% by Albion Residential LLC
Albion Jacobs Highland Park, LLC	DE	100% by AJ Highland Park Investors, LLC
Albion Residential LLC	DE	100% by Village Green Consolidated LLC
Albion WM 1, LLC	DE	100% by Albion Columbus Investors 1, LLC
AMC Investor Holdings LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
ASG Mortgage Investors, LLC	DE	35.3% by Compatriot Capital, Inc.
Asheville Resolution Corporation	DE	100% by Consolidated Investment Services, Inc.
Aspen Solar, LLC	NC	100% by PV Project Holdings II, LLC
Asset Consulting Group, LLC	DE	100% by GWM Holdco, LLC
AT Funding Note Issuer, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
AxiaTP Holdings, LLC	DE	34% by Hesa GSTF V, LLC
Balloo Hire Centre Limited	IRE	100% by Briggs Equipment UK Limited
Balsam Solar, LLC	NC	100% by PV Project Holdings II, LLC
BBEP Legacy Holdings, LLC	DE	100% by NZC Guggenheim Fund Limited

Name	Jurisdiction	Percent Of Voting Securities Owned
Beachwood Apartments LLC	DE	100% by Albion at Beachwood LLC
Bennington Stark Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Beulah Belle Grazing Association, LLC	WY	100% by Pathfinder Dumbell Ranch, LLC
BFC Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Bingham CDO L.P.	CYM	(No Ownership) Management by GIM GP Ltd.
Biscay GSTF III, LLC	DE	100% by GLAC Holdings, LLC
Blanford Capital Company #1, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #10, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #11, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #12, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #13, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #14, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #15, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #16, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #17, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #18, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #19, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #2, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #20, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #21, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #22, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #23, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #24, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #25, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #3, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #4, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #5, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #6, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #7, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #8, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #9, LLC	CYM	100% by GIFMS Capital Company, LLC
Bound Brook Capital Corporation	DE	100% by The Liberty Hampshire Company, LLC
BRE NC Solar 1, LLC	NC	100% by PV Project Holdings I, LLC
Briggs Equipment Ireland Limited	IRE	100% by Briggs Equipment UK Limited
Briggs Equipment Mexico, Inc.	DE	100% by Briggs Equipment, Inc.
Briggs Equipment UK Limited	GBR	100% by Briggs UK Holdings, Inc.
Briggs Equipment, Inc.	DE	100% by Briggs International, Inc.
Briggs Equipment, S.A. de C.V.	MEX	99% by Briggs Equipment, Inc. 1% by Briggs Equipment Mexico, Inc.
Briggs International, Inc.	DE	100% by Consolidated Investment Services, Inc.
Briggs UK Holdings, Inc.	DE	100% by Consolidated Investment Services, Inc.
Broadway Solar Center, LLC	NC	100% by ABV Holdings, LLC
Bronco Media MM LLC	DE	100% by Guggenheim Partners Investment Management, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
Cainhoy Land & Timber, LLC	DE	65% by GC Parent Holdings, LLC
Canal Reinsurance Company	IA	100% by Midland National Life Insurance Company
CardCash Holdings, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Carmocela Investimentos Imobiliarios e Turisticosm Unipessoal, Lda	PRT	100% by GNP-MR, LLC
CCE Funding LLC	DE	100% by Compatriot Capital, Inc.
CCI Historic, Inc.	DE	100% by Compatriot Capital, Inc.
CCI/HTC, Inc.	DE	100% by CCI Historic, Inc.
Cedar Solar, LLC	NC	100% by PV Project Holdings II, LLC
Cedar Springs (Cayman) Ltd.	CYM	100% by Cedar Springs Capital Company, LLC
Cedar Springs Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Channel Capital Group Holdings, LLC	DE	38.3% by Nominee Holding Company, LLC
Channel Capital Group LLC	DE	100% by Channel Capital Group Holdings, LLC
Chelsea Creek Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Clear Spring Life Insurance Company	TX	100% by Guggenheim Life and Annuity Company
Clemina Hydro Power GP Ltd.	BC	100% by SRE Hydro Canada Corp
Clemina Hydro Power LP	BC	99% by SRE Hydro Canada Corp 0.01% by Clemina Hydro Power GP Ltd.
Cohen Financial Services (DE), LLC	DE	100% by Pillar Financial, LLC
Collectible Antiquities Company, LLC	DE	100% by GC Deferred Compensation I, LLC
Columbia Mountains Power GP Ltd.	BC	100% by SRE Hydro Canada Corp
Columbia Mountains Power LP	BC	99% by SRE Hydro Canada Corp 0.01% by Columbia Mountains Power GP Ltd.
Community Investments, Inc.	DE	100% by Consolidated Investment Services, Inc.
Compatriot Capital, Inc.	DE	100% by Sammons Equity Alliance, Inc.
Concord Minutemen Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Consolidated Investment Services, Inc.	NV	100% by Sammons Enterprises, Inc.
Constitution, LLC	DE	100% by Consolidated Investment Services, Inc.
Controladora Briggs de Mexico, S. de R.L. de C.V.	MEX	99% by Briggs Equipment, Inc. 1% by Briggs Equipment Mexico, Inc.
Conway Capital, LLC	DE	50% by Guggenheim Life and Annuity Company
Copper River CLO Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Corio Funding, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Corio RR Finance Co., LLC	DE	100% by Corio RR Funding, LLC
Corio RR Finance Co.-2, LLC	DE	100% by Corio RR Funding, LLC
Corio RR Funding, LLC	DE	100% by Corio Funding, LLC
Cornwall Solar Center, LLC	NC	100% by PV Project Holdings V, LLC
Corporate Funding V, LLC	DE	100% by GPFT Holdco, LLC
Corporate Funding VI, LLC	DE	100% by GPFT Holdco, LLC
Crestwood Solar Center, LLC	NC	100% by PV Project Holdings V, LLC
Croton Liquid Markets LLC f/k/a GLM Securities, LLC	DE	100% by Links Holdings LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
Crown Point Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
CSCN LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
DBI/ASG Advisors, LP	DE	14% by ASG Mortgage Investors, LLC
DBI/ASG Mortgage Acquisition Fund I, LP	DE	55.4% by Compatriot Capital, Inc.
DC Solutions LLC	DE	100% by Sammons CAES Holdings, LLC
Dement Farm, LLC	NC	(No Ownership) Management by Heelstone Energy, LLC
Dement Solar Farm, LLC	NC	0.01% by Heelstone Energy, LLC
DG Solar Lessee, LLC	NC	0.01% byHeelstone Energy, LLC
DLPG II Executive, LLC	DE	(No Ownership) Management by DLPG, LLC
DLPG, LLC	DE	100% by Guggenheim Insurance Holdco, LLC
DS Energy Storage Systems LLC	DE	50% by Sammons Energy Storage Holdings LLC
DT Riverdale 0971, LLC	DE	100% by Retail Investors III, LLC
Duplin Solar II, LLC	NC	(No Ownership) Management by Heelstone Energy, LLC
Durham Solar, LLC	NC	100% by PV Project Holdings IV, LLC
E2M Fund II Holdco, LP	DE	47.8% by Compatriot Capital, Inc.
E2M Fund II Holdco, LP	DE	25% by E2M General Partner II, LLC
E2M General Partner II, LLC	DE	17.4% by Compatriot Capital, Inc.
E2M General Partner III, LLC	DE	30% by Compatriot Capital, Inc.
E2M Holdings, LLC	DE	30% by Compatriot Capital, Inc.
E2M Partners, LLC	DE	100% by E2M Holdings, LLC
E2M Strategic Fund (Fund A), LP	DE	56.3% by Compatriot Capital, Inc. 30% by E2M General Partner III, LLC
E2M Villas at RPW, LLC	TX	79.3% by Compatriot Capital, Inc. 20% by E2M/CCI Villas at RPW Holdings, LLC
E2M/CCI Villas at RPW Holdings, LLC	TX	99.4% by Compatriot Capital, Inc.
E2M/SRC Investment Company, LLC	DE	37% by Compatriot Capital, Inc. 60% by E2M Fund II Holdco, LP
Efland Funding 2015-1, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Funding 2015-2, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Funding 2015-3, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Funding 2015-4, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Funding 2016-1, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Funding 2016-2, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Parent 2015-3, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Parent 2016-1, LLC	DE	100% by Elsmere Insurance Agency, LLC
ELM MM LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Elm Solar, LLC	NC	100% by PV Project Holdings II, LLC
ELSL Funding V, LLC	DE	100% by Elsmere Insurance Agency, LLC
ELSL Funding VI, LLC	DE	100% by Elsmere Insurance Agency, LLC
ELSL Funding VII, LLC	DE	100% by Elsmere Insurance Agency, LLC
Elsmere Insurance Agency, LLC	DE	100% by Guggenheim Life and Annuity Company
Energy Asset Holdings LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
English Hydro Power GP Ltd.	BC	100% by SRE Hydro Canada Corp
English Hydro Power LP	BC	99% by Columbia Mountains Power LP 0.01% by English Hydro Power GP Ltd.
Enterhealth, LLC	TX	21.3% by Sammons Capital, Inc.
ESA Newton Grove 1 NC, LLC	NC	100% by PV Project Holdings III, LLC
ESA Selma NC 1, LLC	NC	100% by PV Project Holdings III, LLC
ESA Smithfield 1 NC, LLC	NC	100% by PV Project Holdings III, LLC
ETUR C-B LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
ETUR C-G LLC	DE	100% by Guggenheim Partners Opportunistic Investment Grade Securities Master Fund, Ltd.
ETUR C-G LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Fashion Funding, LLC	DE	100% by GLAC Holdings, LLC
FD Orange Beach 859, LLC	DE	100% by Retail Investors III, LLC
Forklift Operations de Mexico, S.A. de C.V.	MEX	99% by Controladora Briggs de Mexico, S. de R.L. de C.V. 1% by Briggs Equipment Mexico, Inc.
Forrestal Portfolios LLC	DE	100% by Moore’s Creek Capital Corporation
Fosthall Creek Power LP	BC	99% by SRE Hydro Canada Corp
Franklin Park (Cyprus) Limited	CYP	100% by GGIC IIP Holdings LP
Gallahan Funding, LLC	DE	100% by GL Marketing, LLC
GC Deferred Compensation I, LLC	DE	100% by Guggenheim Capital, LLC
GC Disbursement Agent, LLC	DE	100% by Guggenheim Services, LLC
GC Orpheus Investors, LLC	DE	21.7% by Guggenheim Partners Investment Management Holdings, LLC
GC Orpheus Investors, LLC	DE	(No Ownership) Management by Guggenheim Partners, LLC
GC Parent Holdings, LLC	DE	100% by Guggenheim Capital, LLC
GC Pilar Golf Investment, LLC	DE	100% by GC Parent Holdings, LLC
GDP—Pilara Lotes, LLC	DE	100% by GC Parent Holdings, LLC
Generation Financial Group LLC	DE	50% by JLx3, LLC 50% by Guggenheim Partners, LLC
Generation Mortgage Company, LLC	CA	100% by GFMH, LLC
Gerrity Group, LLC	DE	100% by Gerrity Holdings LLC
Gerrity Holdings LLC	DE	40% by Compatriot Capital, Inc.
Gerrity Retail Fund 3 Management, LLC	DE	100% by Gerrity Group, LLC
Gerrity Retail Fund 3, L.P.	DE	40% by Compatriot Capital, Inc. 4.3% by GRF Special, LLC Management by Gerrity Retail Partners 3, LLC
Gerrity Retail Investors 3, LLC	DE	94.7% by Gerrity Group, LLC
Gerrity Retail Partners 3, LLC	DE	100% by Gerrity Group, LLC
GFMH, LLC	DE	99.67% by GPFT Holdco, LLC
GFP Green Inc.	CYM	100% by GGIC, Ltd.
GFP Peru Dunas Holdings, Inc.	CYM	100% by GGIC, Ltd.
GFPIC, L.P.	CYM	34.5% by GFPID, LLC
GFPID, LLC	DE	40% by GC Parent Holdings, LLC
GFS Management (Ireland) Limited	IRL	100% by Guggenheim Fund Solutions, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
GGIC Greenbacker Funding Ltd.	CYM	100% by GGIC, Ltd.
GGIC IIP Holdings Ltd.	CYM	100% by GGIC, Ltd.
GGIC IIP Holdings, L.P.	CYM	(No Ownership) Management by GGIC IIP Holdings Ltd.
GGIC IIP Holdings, L.P.	CYM	85.7% by GGIC, Ltd.
GGIC KTI Holdings Ltd.	CYM	100% by GGIC, Ltd.
GGIC Manager, LLC	DE	100% by GGIC, Ltd.
GGIC, Ltd.	CYM	75.6% by GFPIC, L.P.
GHW Holdco, LLC	DE	66.7% by NZC Guggenheim Fund LLC
GI Holdco II LLC	DE	100% by Guggenheim Partners, LLC
GI Holdco II Sub LLC	DE	100% by GI Holdco II LLC
GI Holdco LLC	DE	100% by GI Holdco II LLC
GIA Europe Holdings, Ltd.	CYM	100% by GWM Holdco, LLC
GIBSL CN, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
GIES Holdco, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
GIES Investment, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
GIES Managing Member, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
GIES, LLC	DE	89.8% by GIES Holdco, LLC
GIES, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
GIFM Holdings Trust	DE	100% by GIFS Capital Company, LLC
GIFMS Capital Company, LLC	CYM	99.5% by The Liberty Hampshire Company, LLC
GIFMS Capital Company, LLC	CYM	(No Ownership) Management by Guggenheim Manager, Inc.
GIFS Capital Company, LLC	CYM	100% by The Liberty Hampshire Company, LLC
Gila Bend Power Partners, LLC	DE	50% by Sammons Power Development, Inc.
GIM GP Ltd.	CYM	100% by Guggenheim Partners Investment Management, LLC
GIS Administrative Services, LLC	DE	100% by Guggenheim Insurance Services, LLC
GIS Asset Company, LLC	DE	100% by Guggenheim Insurance Services, LLC
GL Marketing, LLC	DE	100% by GLAC Holdings, LLC
GLAC GBM Investco, LLC	DE	100% by Guggenheim Life and Annuity Company
GLAC Holdings, LLC	DE	100% by GPFT Holdco, LLC
GLAC Investment Holdings II, LLC	DE	100% by Guggenheim Life and Annuity Company
GLAC Investment Holdings III, LLC	DE	100% by Guggenheim Life and Annuity Company
GLAC Investment Holdings, LLC	DE	100% by Guggenheim Life and Annuity Company
Global 6000 9568 Limited LDC	CYM	50% by GX 9568 Holdings I, LLC 50% by GX 9568 Holdings II, LLC
GM Lansing 824, LLC	DE	100% by Retail Investors III, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
GMI GPIM, LLC	DE	100% by Guggenheim Manager, Inc.
GMI GPIMH, LLC	DE	100% by Guggenheim Manager, Inc.
GN Fund I, LLC	FL	100% by Guggenheim Nicklaus Partners, LLC
GNP-BA S.R.L.	ARG	95% by GNP-BA, LLC
GNP-BA, LLC	FL	100% by Guggenheim Nicklaus Partners, LLC
GNP-IC, LLC	DE	100% by Guggenheim-Nicklaus Fund I, Ltd.
GNP-MR, LLC	ID	100% by Guggenheim-Nicklaus Fund I, Ltd.
GP Feeder Fund Management, LLC	DE	100% by GWM Holdco, LLC
GP Holdco, LLC	DE	99.5% by Guggenheim Partners, LLC
GP Holdco, LLC	DE	(No Ownership) Management by Guggenheim Manager, Inc.
GP India Opportunities Feeder Fund, LP	CYM	(No Ownership) Management by Guggenheim Partners India GP, LLC
GPAM Holdings II, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
GPAM Holdings, Inc.	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
GPC 76, LLC	DE	100% by Guggenheim Advisors, LLC
GPC LIX, LLC	DE	100% by Guggenheim Advisors, LLC
GPFT Holdco, LLC	DE	100% by GP Holdco, LLC
GPH Funding I, LLC	DE	100% by GPH Funding II, LLC
GPH Funding II, LLC	DE	100% by Guggenheim Partners, LLC
GPI Ventures, LLC	DE	100% by Asheville Resolution Corporation
GPIM Holdings VIII, Ltd.	CYM	100% by Guggenheim Partners Investment Management, LLC
GPIMH Sub Holdco, Inc.	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
GPIMH Sub, LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
GPM: Fundrise, LLC	DE	100% by Guggenheim Capital, LLC
GPM-Center Court, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Great Bridge Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
GRF Special, LLC	DE	(No Ownership) Management by Gerrity Group, LLC
GRF Special, LLC	DE	100% by Gerrity Retail Investors 3, LLC
GRREP Holdings, LLC	DE	99.5% by GC Parent Holdings, LLC
GRREP Holdings, LLC	DE	(No Ownership) Management by Guggenheim Manager, Inc.
GS Gamma Advisors, LLC	DE	50% by Guggenheim Partners Investment Management Holdings, LLC
GS Gamma Investments, LLC	DE	(No Ownership) Management by GS Gamma Management, LLC
GS Gamma Management, LLC	DE	50% by Guggenheim Partners Investment Management Holdings, LLC
GSA, LLC	DE	100% by Guggenheim Funds Services, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
GSFI, LLC	DE	70% by Guggenheim Partners, LLC 30% by JLx3, LLC (No Ownership) Management by Guggenheim Partners, LLC
Guggenheim Advisors, LLC	DE	100% by Guggenheim Alternative Asset Management, LLC
Guggenheim Aircraft Opportunity Fund, L.P.	DE	(No Ownership) Management by Guggenheim Aircraft Opportunity GP, LLC
Guggenheim Aircraft Opportunity GP, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Guggenheim Aircraft Opportunity Master Fund, L.P.	DE	(No Ownership) Management by Guggenheim Aircraft Opportunity GP, LLC
Guggenheim Alternative Asset Management, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim Apsley Fund, L.P.	CYM	(No Ownership) Management by Guggenheim Apsley Holdings, LLC
Guggenheim Apsley Holdings, LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Capital Management (Asia) Private Limited	IND	99% by Guggenheim Partners India Holdings, LLC
Guggenheim Capital, LLC	DE	36.5% by SAGE Assets, Inc.
Guggenheim Commercial Real Estate Finance (CA), Inc.	DE	100% by Guggenheim Commercial Real Estate Finance, LLC
Guggenheim Commercial Real Estate Finance, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim Core Plus Fund, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Corporate Funding, LLC	DE	100% by Guggenheim Funds Services, LLC
Guggenheim Corporate Opportunity Fund (Cayman Islands), L.P.	CYM	(No Ownership) Management by Guggenheim Corporate Opportunity Fund GP, LLC
Guggenheim Corporate Opportunity Fund GP, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Guggenheim Corporate Opportunity Fund ILP, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Guggenheim Corporate Opportunity Fund Investment Vehicle, L.P.	CYM	(No Ownership) Management by Guggenheim Corporate Opportunity Fund GP, LLC
Guggenheim Corporate Opportunity Fund, L.P.	DE	(No Ownership) Management by Guggenheim Corporate Opportunity Fund GP, LLC
Guggenheim Credit Services, LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Development Services, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Guggenheim Disbursement Agent, LLC	DE	100% by Guggenheim Services, LLC
Guggenheim Energy LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Energy Opportunities Fund, LP	DE	(No Ownership) Management by Guggenheim Energy LLC
Guggenheim Fund Solutions, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim Funds Distributors, LLC	DE	100% by Guggenheim Funds Services, LLC
Guggenheim Funds Investment Advisors, LLC	DE	100% by Guggenheim Funds Services, LLC
Guggenheim Funds Services, LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
Guggenheim Global Investments Public Limited Company	IRL	100% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Global Investments Public Limited Company	IRL	(No Ownership) Management by Guggenheim Partners Fund Management (Europe) Limited
Guggenheim Golf Properties Investor, LLC	DE	99.5% by GC Parent Holdings, LLC
Guggenheim Golf Properties Investor, LLC	DE	(No Ownership) Management by Guggenheim Manager, Inc.
Guggenheim High-Yield Fund, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim High-Yield Plus Fund LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim High-Yield Plus Fund SPC	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim High-Yield Plus Master Fund SPC	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Holdco Sub II, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim Insurance Holdco, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim Insurance Services, LLC	DE	100% by Guggenheim Insurance Holdco, LLC
Guggenheim Investment Advisors (Europe) Limited	GBR	100% by GIA Europe Holdings, Ltd.
Guggenheim Investment Advisors, LLC	DE	100% by GWM Holdco, LLC
Guggenheim Investor Services, LLC	DE	100% by Guggenheim Funds Services, LLC
Guggenheim Investors Fund LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim KBBO Partners Limited	ARE	500% by Links GKPL Holdco, LLC
Guggenheim Life 1099 Reporting Company, LLC	DE	100% by Guggenheim Life and Annuity Company
Guggenheim Life and Annuity Company	DE	15% by PLIC Holdings, LLC 85% by GLAC Holdings, LLC
Guggenheim Life Reinsurance (U.S.) Corporation	DE	100% by Guggenheim Life and Annuity Company
Guggenheim Loan Agent, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim Loan Fund, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Loan Services Company, Inc.	CA	100% by Guggenheim Loan Services Company, LLC
Guggenheim Loan Services Company, LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Management, LLC	DE	100% by Guggenheim Alternative Asset Management, LLC
Guggenheim Manager, Inc.	DE	100% by Guggenheim Capital, LLC
Guggenheim Nicklaus Partners, LLC	DE	70% by GC Parent Holdings, LLC
Guggenheim NSA Napoli-Mirabella Trust 2019	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Opportunities Investors I-B, LLC	DE	100% by GC Deferred Compensation I, LLC
Guggenheim Opportunities Investors IV, LLC	DE	100% by GC Deferred Compensation I, LLC
Guggenheim Opportunities Investors V, LLC	DE	100% by GC Deferred Compensation I, LLC
Guggenheim Opportunities Investors VI, LLC	DE	100% by GC Deferred Compensation I, LLC
Guggenheim Partners Advisors, LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Partners Advisory Company	SD	100% by Guggenheim Partners, LLC
Guggenheim Partners Europe Limited	IRL	100% by GPIMH Sub Holdco, Inc.

Name	Jurisdiction	Percent Of Voting Securities Owned
Guggenheim Partners Fund Management (Europe) Limited	IRL	100% by GPIMH Sub Holdco, Inc.
Guggenheim Partners Holdings, LLC	DE	100% by GPH Funding I, LLC
Guggenheim Partners India GP, LLC	DE	33.3% by Guggenheim Partners India Holdings, LLC
Guggenheim Partners India Holdings, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim Partners India Limited (Cayman)	CYM	100% by Guggenheim Partners India Holdings, LLC
Guggenheim Partners India Management, LLC	DE	100% by Guggenheim Partners India Holdings, LLC
Guggenheim Partners Investment Management Holdings, LLC	DE	99.5% by GI Holdco LLC (No Ownership) Management by GMI GPIMH, LLC
Guggenheim Partners Investment Management, LLC	DE	99.9% by Guggenheim Partners Investment Management Holdings, LLC (No Ownership) Management by GMI GPIM, LLC
Guggenheim Partners Japan, Ltd.	JPN	100% by Links GPJL Holdco, LLC
Guggenheim Partners London Premises Limited	GBR	100% by Guggenheim Capital, LLC
Guggenheim Partners Opportunistic Investment Grade Securities Fund 2015, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Partners Opportunistic Investment Grade Securities Fund, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Partners Opportunistic Investment Grade Securities Master Fund, Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Opportunistic Investment Grade Securities Fund, Ltd.
Guggenheim Partners Opportunistic Investment Grade Securities Private Pensions Fund, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Partners, LLC	DE	100% by Guggenheim Capital, LLC
Guggenheim Payroll Agent, LLC	DE	100% by Guggenheim Capital, LLC
Guggenheim Portfolio Company VII, LLC	DE	100% by Guggenheim Advisors, LLC
Guggenheim Portfolio Company X, LLC	DE	100% by Guggenheim Advisors, LLC
Guggenheim Premises I, LLC	DE	99.5% by Guggenheim Capital, LLC
Guggenheim Premises I, LLC	DE	(No Ownership) Management by Guggenheim Manager, Inc.
Guggenheim Private Debt Fund 2.0 Managing Member, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Guggenheim Private Debt Fund 2.0, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund 2.0 Managing Member, LLC
Guggenheim Private Debt Fund 2.0, Ltd.	CYM	(No Ownership) Management by Guggenheim Private Debt Fund 2.0 Managing Member, LLC
Guggenheim Private Debt Fund 2.0-I, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund 2.0 Managing Member, LLC
Guggenheim Private Debt Fund 3.0 Managing Member, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Guggenheim Private Debt Fund Managing Member, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Guggenheim Private Debt Fund Note Issuer 2.0, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund 2.0 Managing Member, LLC
Guggenheim Private Debt Fund Note Issuer, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund Managing Member, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
Guggenheim Private Debt Fund Throne Investco, LLC	DE	100% by Guggenheim Private Debt Fund, Ltd. (No Ownership) Management by Guggenheim Private Debt Fund Managing Member, LLC
Guggenheim Private Debt Fund Trinity Investco, LLC	DE	100% by Guggenheim Private Debt Fund, Ltd.
Guggenheim Private Debt Fund, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund Managing Member, LLC
Guggenheim Private Debt Fund, Ltd.	CYM	(No Ownership) Management by Guggenheim Private Debt Fund Managing Member, LLC
Guggenheim Private Debt Master Fund 2.0, LLC	DE	74.6% by Guggenheim Private Debt Fund 2.0, Ltd. 12.4% by Guggenheim Private Debt Fund 2.0, LLC 13.1% by Guggenheim Private Debt Fund 2.0-I, LLC (No Ownership) Management by Guggenheim Private Debt Fund 2.0 Managing Member, LLC
Guggenheim Private Debt Master Fund Investco III, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund Managing Member, LLC
Guggenheim Private Debt Master Fund, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund Managing Member, LLC
Guggenheim Private Debt MFLTB 2.0, LLC	DE	100% by Guggenheim Private Debt Master Fund 2.0, LLC
Guggenheim Receivable Financing, LLC	DE	100% by Guggenheim Services, LLC
Guggenheim Retail Real Estate Partners, LLC	DE	100% by GRREP Holdings, LLC
Guggenheim Securities Credit Partners, LLC	DE	100% by Links Holdings LLC
Guggenheim Securities International, Ltd.	GBR	100% by Links Holdings LLC
Guggenheim Securities, LLC	DE	100% by Links Holdings LLC
Guggenheim Services, LLC	DE	99.5% by Guggenheim Capital, LLC
Guggenheim Services, LLC	DE	(No Ownership) Management by Guggenheim Manager, Inc.
Guggenheim Transparent Value, LLC	DE	99.5% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Transparent Value, LLC	DE	(No Ownership) Management by GPIMH Sub, LLC
Guggenheim Treasury Services (Europe) Limited	GBR	100% by Guggenheim Treasury Services International Limited
Guggenheim Treasury Services Corporation (N.Y.)	DE	100% by The Liberty Hampshire Company, LLC
Guggenheim Treasury Services International Limited	CYM	100% by The Liberty Hampshire Company, LLC
Guggenheim Treasury Services, LLC	DE	100% by Liberty Hampshire Holdings, LLC
Guggenheim Trust Assets, LLC	DE	100% by Guggenheim Securities, LLC
Guggenheim-meZocliq Holdings, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim-Nicklaus Fund I, Ltd.	FL	89.5% by Guggenheim Golf Properties Investor, LLC (No Ownership) Management by GN Fund I, LLC
GW Ocean, LLC	DE	50% by Guggenheim Partners Investment Management, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
GW Phoenix 799, LLC	DE	100% by Retail Investors III, LLC
GWM Holdco, LLC	DE	99.5% by Guggenheim Partners, LLC (No Ownership) Management by Guggenheim Manager, Inc.
GX 9568 Holdings I, LLC	DE	100% by Guggenheim Aircraft Opportunity Master Fund, L.P.
GX 9568 Holdings II, LLC	DE	100% by Guggenheim Aircraft Opportunity Master Fund, L.P.
Harrell’s Hill Solar Center, LLC	NC	100% by PV Project Holdings V, LLC
Heelstone Energy II, LLC	DE	100% by SRE Utility Solar 1, LLC
Heelstone Energy III, LLC	DE	100% by SRE Utility Solar 1, LLC
Heelstone Energy Investor I, LLC	DE	9% by Heelstone Energy II, LLC
Heelstone Energy Investor II, LLC	DE	9% by Heelstone Energy III, LLC
Heelstone Energy Investor III, LLC	DE	1% by Heelstone Energy IV, LLC
Heelstone Energy Investor IV, LLC	DE	1% by Heelstone Energy V, LLC
Heelstone Energy Investor V, LLC	DE	1% by Heelstone Energy VI, LLC
Heelstone Energy Investor VI, LLC	DE	1% by Heelstone Energy VII, LLC
Heelstone Energy Investor VII, LLC	DE	1% by Heelstone Energy VIII, LLC
Heelstone Energy IV, LLC	DE	100% by SRE Utility Solar 1, LLC
Heelstone Energy V, LLC	DE	100% by SRE Utility Solar 1, LLC
Heelstone Energy VI, LLC	DE	100% by SRE Utility Solar 1, LLC
Heelstone Energy VIII, LLC	DE	100% by SRE Utility Solar 1, LLC
Heelstone Energy, LLC	DE	100% by SRE Utility Solar 1, LLC
Heelstone Land Holdings, LLC	DE	100% by SRE Utility Solar 1, LLC
Heestone Energy VII, LLC	DE	100% by SRE Utility Solar 1, LLC
Heroult Holdings LLC	DE	100% by NZC Guggenheim Fund Limited
Hesa GSTF V, LLC	DE	100% by GLAC Holdings, LLC
Highland Solar Center, LLC	NC	100% by PV Project Holdings V, LLC
Hiremech Holdings Limited	GBR	100% by Briggs Equipment UK Limited
Hiremech Limited	GBR	100% by Hiremech Holdings Limited
Hitec Lift Trucks Limited	GBR	100% by Briggs Equipment UK Limited
IDF I, LLC	DE	100% by Guggenheim Life and Annuity Company
IDF II, LLC	DE	100% by Guggenheim Life and Annuity Company
Innovative Solar 23, LLC	NC	100% by PV Project Holdings IV, LLC
Internet Radio Funding II, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Internet Radio Funding, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
IPEX LLC	DE	100% by Generation Financial Group LLC
IPEX Services, LLC	DE	100% by IPEX LLC
Iron Hill CLO Designated Activity Company	IRL	(No Ownership) Management by Guggenheim Partners Europe Limited
I-SAIL, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
Jasmine Asset Funding Limited	CYM	100% by The Liberty Hampshire Company, LLC
Java Acquisition Company 0013, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Java Acquisition Company 0031, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Java Acquisition Company 0049, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Appleton 980, LLC	DE	100% by Retail Investors III, LLC
JL Atascocita 1305, LLC	DE	100% by Retail Investors III, LLC
JL Bentonville 1412, LLC	DE	100% by Retail Investors III, LLC
JL Bryan 991, LLC	DE	100% by Retail Investors III, LLC
JL Delavan 1363, LLC	DE	100% by Retail Investors III, LLC
JL Dripping Springs 1369, LLC	DE	100% by Retail Investors III, LLC
JL Fort Worth 1393, LLC	DE	100% by Retail Investors III, LLC
JL Grand Chute 1216, LLC	DE	100% by Retail Investors III, LLC
JL Hamburg 1301, LLC	DE	100% by Retail Investors III, LLC
JL Henrietta 1273, LLC	DE	100% by Retail Investors III, LLC
JL Huntley 797, LLC	DE	100% by Retail Investors III, LLC
JL Irondequoit 1252, LLC	DE	100% by Retail Investors III, LLC
JL Joplin 1391, LLC	DE	100% by Retail Investors III, LLC
JL Katy 916, LLC	DE	100% by Retail Investors III, LLC
JL Lubbock 1229, LLC	DE	100% by Retail Investors III, LLC
JL Manitowoc 1257, LLC	DE	100% by Retail Investors III, LLC
JL McKinney 823, LLC	DE	100% by Retail Investors III, LLC
JL Midland 1410, LLC	DE	100% by Retail Investors III, LLC
JL Milwaukee 1397, LLC	DE	100% by Retail Investors III, LLC
JL Morton 1375, LLC	DE	100% by Retail Investors III, LLC
JL Muskego 1263, LLC	DE	100% by Retail Investors III, LLC
JL Nicholasville 1389, LLC	DE	100% by Retail Investors III, LLC
JL Normal 1378, LLC	DE	100% by Retail Investors III, LLC
JL Pflugerville 1370, LLC	DE	100% by Retail Investors III, LLC
JL Plover 1320, LLC	DE	100% by Retail Investors III, LLC
JL Princeton 1332, LLC	DE	100% by Retail Investors III, LLC
JL Providence Village 1239, LLC	DE	100% by Retail Investors III, LLC
JL Rib Mountain 1319, LLC	DE	100% by Retail Investors III, LLC
JL Richmond 1314, LLC	DE	100% by Retail Investors III, LLC
JL Romeoville 1318, LLC	DE	100% by Retail Investors III, LLC
JL Round Rock 1371, LLC	DE	100% by Retail Investors III, LLC
JL San Antonio 813, LLC	DE	100% by Retail Investors III, LLC
JL Somers 1403, LLC	DE	100% by Retail Investors III, LLC
JL Spring 1384, LLC	DE	100% by Retail Investors III, LLC
JL Springdale 1357, LLC	DE	100% by Retail Investors III, LLC
JL Sycamore 1379, LLC	DE	100% by Retail Investors III, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
JL Wylie 814, LLC	DE	100% by Retail Investors III, LLC
JLB 2728 Cedar Springs, LP	TX	30% by JLB Partners LLC 70% by Compatriot Capital, Inc.
JLB 99 West Paces Ferry LLC	TX	30% by JLB Partners LLC 70% by Compatriot Capital, Inc.
JLB BUILDERS LLC	TX	100% by JLB Partners LLC
JLB Center Street, LP	TX	30% by JLB Partners LLC 70% by Compatriot Capital, Inc.
JLB Chapman GP LLC	TX	100% by Compatriot Capital, Inc.
JLB Chapman LP	TX	100% by Compatriot Capital, Inc.
JLB Chapman LP	TX	100% by JLB Chapman GP LLC
JLB McLean LLC	DE	39% by Compatriot Capital, Inc. 21.9% by JLB McLean Partners LP
JLB McLean Partners LP	DE	65.7% by JLB Partners LLC
JLB Partners LLC	DE	40% by Compatriot Capital, Inc.
JLB Portales Partners LLC	DE	50% by JLB Portales Partners Mgr L.P.
JLB Portales Partners Mgr L.P.	TX	23.9% by Compatriot Capital, Inc. 76.1% by JLB Partners LLC
JLB REALTY LLC	TX	100% by JLB Partners LLC
JLB RESIDENTIAL LLC	TX	100% by JLB Partners LLC
JLB Stafford Land LP	TX	100% by JLB Partners LLC
JLB Stafford Phase I GP LLC	TX	100% by JLB Partners LLC
JLB Stafford Phase I L.P.	TX	30% by JLB Partners LLC 70% by Compatriot Capital, Inc. (No Ownership) Management by JLB Stafford Phase I GP LLC
JLB Stafford Phase Two GP LLC	TX	100% by JLB Partners LLC
JLB Stafford Phase Two L.P.	TX	15% by JLB Partners LLC 85% by Compatriot Capital, Inc. (No Ownership) Management by JLB Stafford Phase Two GP LLC
JLB West Paces Phase I GP LLC	TX	100% by JLB Partners LLC
JLB West Paces Phase I L.P.	TX	80% by Compatriot Capital, Inc. 19% by JLB Partners LLC 1% & Management by JLB West Paces Phase I GP LLC
JLB Winhall, LP	TX	70% by Compatriot Capital, Inc. 30% by JLB Partners LLC
JLSB Fort Smith 1405, LLC	DE	100% by Retail Investors III, LLC
JLx3, LLC	DE	61.1% by Guggenheim Partners, LLC
KDC Holdings, LLC	DE	50% by E2M/SRC Investment Company, LLC
Kemps Landing Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Kenansville Solar Farm, LLC	NC	100% by SRK Holdings, LLC
Kennecott Funding Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Kips Bay Capital Company #1, LLC	CYM	100% by The Liberty Hampshire Company, LLC
Kips Bay Capital Company #2, LLC	CYM	100% by The Liberty Hampshire Company, LLC
Kips Bay Capital Company #3, LLC	CYM	100% by The Liberty Hampshire Company, LLC
Kips Bay Capital Company #4, LLC	CYM	100% by The Liberty Hampshire Company, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
Kips Bay Capital Company #5, LLC	CYM	100% by The Liberty Hampshire Company, LLC
KLD Funding, LLC	DE	100% by The Liberty Hampshire Company, LLC
Lafayette Solar I, LLC	NC	100% by PV Project Holdings I, LLC
Lansing 824 Retail, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Laramie Wind LLC	WY	100% by Pathfinder Renewable Wind Energy, LLC
Laurinburg Solar, LLC	NC	100% by PV Project Holdings III, LLC
Legacy Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Lexington Parker Capital Company, L.L.C.	DE	100% by The Liberty Hampshire Company, LLC
Liberty Hampshire Holdings, LLC	DE	99.5% by Guggenheim Capital, LLC (No Ownership) Management by Guggenheim Manager, Inc.
Links GKPL Holdco, LLC	DE	100% by Links Holdings LLC
Links GPJL Holdco, LLC	DE	100% by Links Holdings LLC
Links Holdings LLC	DE	99.5% by Guggenheim Partners, LLC (No Ownership) Management by Guggenheim Manager, Inc.
Links Holdings, Inc.	DE	100% by Guggenheim Partners, LLC
Lionel Investors LLC	DE	100% by Orpheus Holdings LLC (No Ownership) Management by Guggenheim Credit Services, LLLC
Littlefield Solar Center, LLC	NC	100% by PV Project Holdings V, LLC
Longhorn Trail Ranch II, Ltd.	TX	40% by Compatriot Capital, Inc.
Magma WCFF II Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
MERLIN Series 2015-A LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
MERLIN Series 2015-B LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
MERLIN Series 2015-C LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Mexcolift Servicios de Personnel, S. de R.L. de C.V.	MEX	99% by Controladora Briggs de Mexico, S. de R.L. de C.V. 1% by Briggs Equipment Mexico, Inc.
meZocliq LLC	DE	41.8% by Guggenheim-meZocliq Holdings, LLC
Midland National Life Insurance Company	IA	100% by Sammons Financial Group, Inc.
Midway Wind, LLC	DE	100% by SRE Midway Member LLC
MNL Reinsurance Company	IA	100% by Midland National Life Insurance Company
Montacargas Yale de Mexico, S.A. de C.V.	MEX	99% by Briggs Equipment, Inc. 1% by Briggs Equipment Mexico, Inc.
Moore’s Creek Capital Corporation	DE	100% by The Liberty Hampshire Company, LLC
Morgan Farm, LLC	NC	100% by PV Project Holdings III, LLC
Morrow Park City Apartments LLC	DE	65.7% by VG Morrow Park Capital LLC
Morrow Park Holding LLC	DE	50% by CCI Historic, Inc.
My Financial Freedom LLC	DE	100% by Sammons Financial Group, Inc.
Mylo, LLC	MO	34.2% by Biscay GSTF III, LLC
Nashville Farms, LLC	NC	100% by PV Project Holdings III, LLC
NC Lincolnshire 624, LLC	DE	100% by Retail Investors III, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
NC Little Rock 642, LLC	DE	100% by Retail Investors III, LLC
NC Mentor 636, LLC	DE	100% by Retail Investors III, LLC
NC Morrisville 644, LLC	DE	100% by Retail Investors III, LLC
NC Naperville 623, LLC	DE	100% by Retail Investors III, LLC
NC San Antonio 628, LLC	DE	100% by Retail Investors III, LLC
NC Tulsa 627, LLC	DE	100% by Retail Investors III, LLC
NE Lewiston 820, LLC	DE	100% by Retail Investors III, LLC
Nominee Holding Company, LLC	DE	100% by GPFT Holdco, LLC
North American Company for Life and Health Insurance	IA	100% by Sammons Financial Group, Inc.
North Carolina Solar III, LLC	NC	(No Ownership) Management by Heelstone Energy, LLC
Northern Forklift (Scotland) Limited	GBR	100% by Briggs Equipment UK Limited
NZC Guggenheim Fund Limited	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
NZC Guggenheim Fund LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
NZC Guggenheim Master Fund Limited	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
NZCG Feeder 1, L.P.	CYM	(No Ownership) Management by GPIM Holdings VIII, Ltd.
NZCG Funding LLC	DE	100% by NZCG Funding Ltd.
NZCG Funding Ltd.	CYM	100% by NZC Guggenheim Master Fund Limited
Optimus Funding Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Orpheus Funding LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Orpheus Holdings LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Otter, Inc.	OK	100% by Sammons Power Development, Inc.
Paragon GBM Investco, LLC	DE	100% by Guggenheim Life and Annuity Company
Parkway Mortgage, Inc.	DE	100% by Consolidated Investment Services, Inc.
Pathfinder Bison Bend, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Buzzard Bird Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Cardwell Access Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Cardwell Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Dumbell Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Land and Ranch Management, LLC	WY	100% by Pathfinder Ranches, LLC
Pathfinder Miracle Mile Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Pathfinder Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Perkins Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Power Transmission LLC	WY	100% by Laramie Wind LLC
Pathfinder Ranches, LLC	WY	100% by PR Holdings Inc.

Name	Jurisdiction	Percent Of Voting Securities Owned
Pathfinder Renewable Wind Energy, LLC	WY	100% by DC Solutions LLC
Pathfinder Sand Creek, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Stewart Creek Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Sun Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Two Iron Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder-Zephyr Wind, LLC	WY	100% by Laramie Wind LLC
Pent House Associates	DE	100% by Albion at Parklane Limited Partner, LLC
Pilar Holdings, LLC	FL	88.4% by GC Pilar Golf Investment, LLC
Pilar Holdings, LLC	FL	(No Ownership) Management by Guggenheim Nicklaus Partners, LLC
Pilara Lotes II, LLC	DE	100% by GC Deferred Compensation I, LLC
Pillar Financial, LLC	DE	19.6% by GPFT Holdco, LLC
Pillar Multifamily, LLC	DE	100% by Pillar Financial, LLC
PLIC Holdings, LLC	DE	100% by Guggenheim Insurance Holdco, LLC
PLUS Funding IV, LLC	DE	(No Ownership) Management by TEK Financial, LLC
PR Holdings Inc.	DE	100% by Sammons Infrastructure, Inc.
Promenade Funding LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Promenade Holdco LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Promenade MM LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Promenade-C LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Property Disposition, Inc.	DE	100% by Sammons Financial Group, Inc.
PV Project Holdings I, LLC	NC	90% by Heelstone Energy Investor III, LLC
PV Project Holdings II, LLC	NC	90% by Heelstone Energy Investor IV, LLC
PV Project Holdings III, LLC	NC	90% by Heelstone Energy Investor V, LLC
PV Project Holdings IV, LLC	NC	90% by Heelstone Energy Investor VI, LLC
PV Project Holdings V, LLC	NC	100% by Heelstone Energy Investor VII, LLC
PV Project Lessee I, LLC	NC	1% by Heelstone Energy IV, LLC
PV Project Lessee II, LLC	NC	1% by Heelstone Energy V, LLC
PV Project Lessee III, LLC	NC	1% by Heelstone Energy VI, LLC
PV Project Lessee IV, LLC	NC	1% by Heelstone Energy VII, LLC
PV Project Lessee V-2015, LLC	DE	(No Ownership) Management by Heelstone Energy VIII, LLC
Raeford Farm, LLC	NC	100% by Heelstone Energy, LLC
Raeford Solar Farm, LLC	NC	0.01% by Heelstone Energy, LLC
Range Energy Storage Systems LLC	WY	50% by Sammons Energy Storage Holdings LLC
Red Hill Solar Center, LLC	NC	100% by SRK Holdings, LLC
Red Toad 1425 A Powatan Road, LLC	NC	100% by PV Project Holdings IV, LLC
Relationship Funding (Cayman) Ltd.	CYM	100% by The Liberty Hampshire Company, LLC
REST, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
REST-NY, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Retail Investors III, LLC	DE	(No Ownership) Management by Stonebridge Investors III, LLC
Retail Investors III, LLC	DE	99.5% by Guggenheim Life and Annuity Company
Ridgefield Funding Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Rio Bravo Wind Capital, LLC	DE	100% by Rio Bravo Wind Renewables, LLC
Rio Bravo Wind Holdings, LLC	DE	100% by Rio Bravo Wind Capital, LLC
Rio Bravo Wind Renewables, LLC	DE	100% by SRE/Franklin Park Rio Bravo, LLC
Rio Bravo Windpower, LLC	DE	100% by Rio Bravo Wind Holdings, LLC
Rockingham Solar, LLC	NC	100% by PV Project Holdings I, LLC
Rosales Funding LLC	DE	19.8% by ETUR C-G LLC 76.5% by Rosales Holdco LLC (No Ownership) Management by Guggenheim Partners Investment Management, LLC
Rosales Holdco LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Rydex Holdings, LLC	KS	100% by Guggenheim Partners Investment Management Holdings, LLC
Saganaw Insurance Agency, LLC	DE	100% by Guggenheim Life and Annuity Company
Saganaw Receivables, LLC f/k/a SG Parent, LLC	DE	100% by Saganaw Insurance Agency, LLC
SAGE Assets, Inc.	DE	100% by Sammons Equity Alliance, Inc.
SAIL 4 Finance, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
SAIL 4 VFN NOTE ISSUER, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
SAILES 4-O, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
SAILS-3, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Samarcand Solar Farm, LLC	NC	100% by SRK Holdings, LLC
Sammons BW, Inc.	DE	100% by Sammons Distribution Holdings, Inc.
Sammons CAES Holdings, LLC	DE	100% by Sammons Infrastructure, Inc.
Sammons Capital, Inc.	DE	100% by Sammons Equity Alliance, Inc.
Sammons Corporation	DE	100% by Consolidated Investment Services, Inc.
Sammons Distribution Holdings, Inc.	DE	100% by Consolidated Investment Services, Inc.
Sammons Energy Storage Holdings LLC	WY	100% by Pathfinder Renewable Wind Energy, LLC
Sammons Enterprises, Inc.	DE	100% by Sammons Enterprises, Inc. ESOT
Sammons Equity Alliance, Inc.	DE	100% by Consolidated Investment Services, Inc.
Sammons Financial Group, Inc.	DE	100% by Consolidated Investment Services, Inc.
Sammons Financial Network, LLC	DE	100% by Sammons Securities, Inc.
Sammons Infrastructure, Inc.	DE	100% by Consolidated Investment Services, Inc.
Sammons Institutional Group, Inc.	DE	100% by Sammons Financial Group, Inc.
Sammons Power Development, Inc.	DE	100% by Sammons Equity Alliance, Inc.
Sammons Renewable Energy Canada Holdings Inc.	BC	100% by SRE/Franklin Park Hydro Canada-1, LLC
Sammons Renewable Energy Holdings, Inc.	DE	100% by Sammons Infrastructure, Inc.

Name	Jurisdiction	Percent Of Voting Securities Owned
Sammons Securities, Inc.	DE	100% by Sammons Financial Group, Inc.
Sands Point Funding Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Sandy Point Capital Company, LLC	DE	100% by GIFS Capital Company, LLC
Saratoga (Cayman), Ltd.	CYM	100% by GIFS Capital Company, LLC
Saratoga Springs Capital Company, LLC	DE	100% by GIFS Capital Company, LLC
Saxondale Funding, LLC	DE	100% by Saganaw Insurance Agency, LLC
SB Newington 433, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
SBTree, Inc.	DE	100% by Guggenheim Partners, LLC
SC-H Elizabethtown 1292, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
SC-H Louisville 1262, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
SC-H Madison 1261, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
SC-H North Vernon 1291, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
SC-H Scottsburg 1268, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Scottwell Funding, LLC	DE	100% by Saganaw Insurance Agency, LLC
SE Orangevale 1223, LLC	DE	100% by Retail Investors III, LLC
SE Sacramento 1224, LLC	DE	100% by Retail Investors III, LLC
SE Union City 1247, LLC	DE	100% by Retail Investors III, LLC
SE Vallejo 1248, LLC	DE	100% by Retail Investors III, LLC
Security Investors, LLC	KS	100% by Rydex Holdings, LLC
Seguros Receivables, LLC	DE	33.3% by Biscay GSTF III, LLC
Sentry Funding 2015-1, LLC	DE	100% by Saganaw Insurance Agency, LLC
Sentry Funding 2015-2, LLC	DE	100% by Saganaw Insurance Agency, LLC
Sentry Funding, LLC	DE	100% by Saganaw Insurance Agency, LLC
Serpentine Hydro Power GP Ltd.	BC	100% by SRE Hydro Canada Corp
Serpentine Hydro Power LP	BC	99% by SRE Hydro Canada Corp 0.01% by Serpentine Hydro Power GP Ltd.
Seven Sticks CLO Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Seven Sticks, LLC	SC	100% by Cainhoy Land & Timber, LLC
SGIA Funding I, LLC	DE	100% by Saganaw Insurance Agency, LLC
SGIA Funding II, LLC	DE	100% by Saganaw Insurance Agency, LLC
Shelby Randolph Road Solar I, LLC	NC	100% by PV Project Holdings I, LLC
SIA Funding, LLC	DE	100% by Saganaw Insurance Agency, LLC
Sibella Funding, LLC	DE	100% by Saganaw Insurance Agency, LLC
SID Solar I, LLC	NC	100% by PV Project Holdings I, LLC
Sifton Road Funding, LLC	DE	100% by Saganaw Insurance Agency, LLC
Ski Partners II, LLC	DE	32.8% by Compatriot Capital, Inc.
Ski Partners, LLC	DE	32.7% by Compatriot Capital, Inc.
SLBCA Developer LLC	DE	50% by VGH Credit LLC 50% by SLBCA Holding LLC
SLBCA Holding LLC	DE	90% by CCI/HTC, Inc. 10% by VGH Credit LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
SLBCA Tenant LLC	DE	99.999% by Compatriot Capital, Inc. 0.001 & Management By SLBCA Holding LLC
Solberg Reinsurance Company	IA	100% by Midland National Life Insurance Company
Soo Line Building City Apartments LLC	DE	85% by SLBCA Holding LLC 15% by SLBCA Tenant LLC
South Blacktree Agency, LLC	DE	100% by SBTree, Inc.
Southside Works City Apartments LLC	DE	10% by Southside Works Holding LLC
Southside Works Holding LLC	DE	50% by CCI Historic, Inc.
SP Land Company, LLC	DE	80% by Ski Partners, LLC
SRE Blocker #1, Inc.	DE	100% by SRE Solar OpCo, Inc.
SRE Blocker #2, Inc.	DE	100% by SRE Wind OpCo, Inc.
SRE Blocker #3, Inc.	DE	100% by SRE Wind OpCo, Inc.
SRE Blocker #4, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.
SRE Blocker #5, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.
SRE Blocker #6, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.
SRE Blocker #7, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.
SRE Blocker #8, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.
SRE DevCo, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.
SRE Focalpoint Holdings, Inc.	DE	100% by SRE Solar OpCo, Inc.
SRE Focalpoint Member, LLC	DE	100% by SRE/Franklin Park Focalpoint, LLC
SRE Hydro Canada Corp	BC	100% by Sammons Renewable Energy Canada Holdings Inc.
SRE Hydro Canada General Services Ltd.	BC	100% by SRE Hydro Canada Corp
SRE Hydro DevCo, Inc.	DE	100% by SRE DevCo, Inc.
SRE Midway HoldCo LLC	DE	100% by SRE/Franklin Park Midway LLC
SRE Midway Member LLC (Class A shares)	DE	100% by SRE/Franklin Park Midway #2 LLC
SRE Midway Member LLC (Class B shares)	DE	100% by SRE Midway HoldCo LLC
SRE OpCo, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.
SRE Solar OpCo, Inc.	DE	100% by SRE OpCo, Inc.
SRE Utility Solar 1, LLC	DE	100% by SRE/Franklin Park Utility Solar 1, LLC
SRE Wind OpCo Inc.	DE	100% by SRE OpCo, Inc.
SRE/Franklin Park Focalpoint, LLC	DE	99.5% by SRE Focalpoint Holdings, Inc.
SRE/Franklin Park Hydro Canada-1, LLC	DE	99.5% by SRE Hydro DevCo, Inc.
SRE/Franklin Park Midway #2 LLC	DE	100% by SRE Blocker #2, Inc.
SRE/Franklin Park Midway LLC	DE	100% by SRE Blocker #2, Inc.
SRE/Franklin Park Rio Bravo, LLC	DE	100% by SRE Blocker #3, Inc.
SRE/Franklin Park Utility Solar 1, LLC	DE	99.5% by SRE Blocker #1, Inc.
SRK Holdings, LLC	NC	90% by Heelstone Energy Investor II, LLC
SRK Lessee, LLC	NC	1% by Heelstone Energy III, LLC
Stellar Funding, Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Stewart Creek Grazing Association, LLC	WY	50% by Pathfinder Sun Ranch, LLC 50% by Pathfinder Stewart Creek Ranch, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
Stonebriar JL Grand Chute 1216, LLC	DE	100% by Retail Investors III, LLC
Stonebriar JL Hamburg 1301, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Stonebriar JL Henrietta 1273, LLC	DE	100% by Retail Investors III, LLC
Stonebriar JL Irondequoit 1252, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Stonebriar JL Milwaukee 1397, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Stonebriar JL Muskego 1263, LLC	DE	100% by Retail Investors III, LLC
Stonebridge Investors I, LLC	DE	99.5% by GC Parent Holdings, LLC (No Ownership) Management by Guggenheim Manager, Inc.
Stonebridge Investors III, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Sudbourne Funding, LLC	DE	100% by Saganaw Insurance Agency, LLC
Sweetgum Solar, LLC	NC	100% by PV Project Holdings II, LLC
Sweetwater River Conservancy Bald and Golden Eagle Bank, LLC	WY	100% by Sweetwater River Conservancy, LLC
Sweetwater River Conservancy Greater Sage-Grouse Habitat Bank, LLC	WY	100% by Sweetwater River Conservancy, LLC
Sweetwater River Conservancy Stream and Riparian Bank, LLC	WY	100% by Sweetwater River Conservancy, LLC
Sweetwater River Conservancy, LLC	WY	100% by Pathfinder Ranches, LLC
TB-JL Biddeford 794, LLC	DE	100% by Retail Investors III, LLC
TCFBK Richton Park 866, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
TEK Financial, LLC	DE	99.5% by Guggenheim Partners, LLC (No Ownership) Management by Guggenheim Manager, Inc.
The Liberty Hampshire Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
The Liberty Hampshire Company, LLC	DE	100% by Guggenheim Treasury Services, LLC
Thomas Creek Capital Corporation	DE	100% by The Liberty Hampshire Company, LLC
Thomas Weisel India Opportunity Fund, L.P.	DE	(No Ownership) Management by Guggenheim Partners India GP, LLC
TLEXP Ellisville 926, LLC	DE	100% by Retail Investors III, LLC
TLEXP Kansas City 1250, LLC	DE	100% by Retail Investors III, LLC
TLEXP Overland Park 978, LLC	DE	100% by Retail Investors III, LLC
TLEXP St. Peters 1200, LLC	DE	100% by Retail Investors III, LLC
TLEXP St. Peters 899, LLC	DE	100% by Retail Investors III, LLC
Toledo-MNG, LLC	DE	90.6% by GC Pilar Golf Investment, LLC
Toledo-SLS, LLC	DE	90.6% by GC Pilar Golf Investment, LLC
Tomorrow, LLC	DE	100% by Guggenheim Life and Annuity Company
Transparent Value Private Limited	IND	100% by Transparent Value, L.L.C.
Transparent Value, L.L.C.	DE	100% by Guggenheim Transparent Value, LLC
Two Crosses Grazing Association, LLC	WY	25% by Pathfinder Buzzard Bird Ranch, LLC 25% by Pathfinder Pathfinder Ranch, LLC 25% by Pathfinder Miracle Mile Ranch, LLC 25% by Pathfinder Sand Creek, LLC
Ulmus Funding LLC	DE	19.8% by Pathfinder Sand Creek, LLCETUR C-G LLC 76.5% by Pathfinder Sand Creek, LLCUlmus Holdco LLC (No Ownership) Management by Guggenheim Partners Investment Management, LLC

Name	Jurisdiction	Percent Of Voting Securities Owned
Ulmus Holdco LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Valcour Bay Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Van Slyke Solar Center, LLC	NC	100% by ABV Holdings, LLC
Venice GSTF I, LLC	DE	100% by GLAC Holdings, LLC
VG ECU Holdings LLC	DE	100% by CCI Historic, Inc.
VG Morrow Park Capital LLC	DE	84.8% by Compatriot Capital, Inc. 15.2% by Morrow Park Holding LLC
VGH Credit LLC	DE	100% by CCI/HTC, Inc.
VGH/Dallas LLC	DE	70% by Village Green Consolidated LLC
Village Green Communications LLC	DE	100% by Village Green Holding LLC
Village Green Consolidated LLC	DE	100% by CCI Historic, Inc.
Village Green Holding LLC	DE	100% by VGH/Dallas LLC
Village Green Management Company LLC	DE	100% by Village Green Holding LLC
V-Suites LLC	DE	100% by Village Green Holding LLC
Washington Lee Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
West Coast QSR Acquisitions, LLC	DE	100% by Guggenheim Development Services, LLC
Westown Financial LLC	DE	100% by Sammons Financial Group, Inc.
Whirlwind 1, LLC	WY	100% by Laramie Wind LLC
White Oak Guggenheim Feeder Fund, LLC	DE	29.2% by GC Deferred Compensation I, LLC (No Ownership) Management by Guggenheim Partners, LLC
White Plains Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Woodbine Legacy Investment Partners, LP	DE	45.7% by Compatriot Capital, Inc.
Wooden Rifle Grazing Association, LLC	WY	20% by Pathfinder Cardwell Ranch, LLC 20% by Pathfinder Bison Bend, LLC 20% by Pathfinder Perkins Ranch, LLC 20% by Pathfinder Cardwell Access, LLC 20% by Pathfinder Two Iron Ranch, LLC
York Road Solar I, LLC	NC	100% by PV Project Holdings I, LLC
ZV Solar 3, LLC	NC	100% by PV Project Holdings IV, LLC

Item 30. Indemnification

Midland National Life Insurance Company indemnifies actions against all officers, directors, and employees to the full extent permitted by Iowa law. This includes any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative. Such indemnification includes expenses, judgments, fines, and amounts paid in settlement of such actions, suits, or proceedings.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission

such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 31a. Relationship of Principal Underwriter to Other Investment Companies

In addition to Midland National Life Separate Account C, Sammons Financial Network, LLC, the principal underwriter/distributor of the Registrant, is also the principal underwriter/distributor for variable universal life policies issued through Midland National Life Separate Account A.

Item 31b. Principal Underwriters

The directors and principal officers of Sammons Financial Network, LLC are as follows:

Name and Principal Business Address	Positions and Offices with Sammons Financial Network, LLC
William L. Lowe 8300 Mills Civic Parkway, West Des Moines, IA 50266	President
Holley Taylor 8300 Mills Civic Parkway, West Des Moines, IA 50266	Chief Compliance Officer - Broker Dealer
Arlen Dykhuis 8300 Mills Civic Parkway, West Des Moines, IA 50266	Financial Operations Principal
Brett Agnew 8300 Mills Civic Parkway, West Des Moines, IA 50266	Corporate Secretary
Theresa B. Kuiper One Sammons Plaza Sioux Falls, SD 57196	Associate Vice President

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	$	12,944,697	$	0	$	0	$	2,643,414

* Represents commissions paid on the LiveWell Variable Annuity and the Legacy Variable Annuity.

** Represents an underwriting fee paid to Sammons Financial Network, LLC for LiveWell Variable Annuity contract and the Legacy Variable Annuity contract under Separate Account C.

Item 32. Location of Accounts and Records

The records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 to 31a-3 promulgated thereunder, are maintained by Midland National Life Insurance Company at 8300 Mills Civic Parkway, West Des Moines, IA 50266 and 525 West Van Buren, Chicago, IL 60607 and 200 SW 6^th Avenue, Topeka, Kansas 66603-3704.

Item 33. Management Services

No management related services are provided to the Registrant, except as discussed in Parts A and B.

Item 34. Fee Representation

Midland National Life Insurance Company represents that all fees and charges deducted under the Contracts, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred and the risk assumed by Midland National Life Insurance Company.

Section 403(b) Representation

Registrant represents that it is relying on a no-action letter dated November 28, 1988, to the American Council of Life Insurance (Ref. No. IP-6-88), regarding sections 22(e), 27(c)(1), and 27(d) of the Investment Company Act of 1940, in connection with redeemability restrictions on Section 403(b) Contracts, and that paragraphs numbered (1) through (4) of that letter will be complied with.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Midland National Life Separate Account C, has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of West Des Moines, and State of Iowa, on this ninth day of December, 2021.

BY:	MIDLAND NATIONAL LIFE SEPARATE
	ACCOUNT C (REGISTRANT)

Attest:	*	By:	*
			ESFANDYAR E. DINSHAW
			Chairman of the Board
		By:	MIDLAND NATIONAL LIFE
			INSURANCE COMPANY (DEPOSITOR)
Attest:	*	By:	*
			ESFANDYAR E. DINSHAW
			Chairman of the Board

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

Signatures	Title
/s/ * ESFANDYAR E. DINSHAW	Chairman of the Board of Directors, Chief Executive Officer (Principal Executive Officer)
/s/ * STEVEN C. PALMITIER	Director, President & Chief Operating Officer
/S/ * DAVID C. ATTAWAY	Vice President & Chief Financial Officer (Principal Financial & Accounting Officer)
/s/ * DARRON K. ASH	Director
/S/ * WILLARD BUNN, III	Director
/S/ * JAMES RODERICK CLARK	Director
/S/ * THOMAS CORCORAN	Director
/S/ * GEORGE A. FISK	Director
/S/ * WILLIAM D. HEINZ	Director
/S/ * HEATHER KREAGER	Director
/S/* MICHAEL M. MASTERSON	Director

*BY:	/s/Brett Agnew	Date: December 9, 2021
	Brett Agnew
	Attorney-in-Fact
	Pursuant to Power of Attorney

Registration No.: 333-255058

 811-07772

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

EXHIBITS

TO

FORM N-4/A

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

FOR

MIDLAND NATIONAL LIFE SEPARATE ACCOUNT C

AND

MIDLAND NATIONAL LIFE INSURANCE COMPANY

EXHIBIT INDEX

Item	Exhibit
27(c)(1)	Distribution Agreement between Sammons Financial Network, LLC and Midland National Life Insurance Company
27(d)(1)	Form of Registered Index-Linked and Variable Annuity Contract
27(e)	Application for Registered Index-Linked and Variable Annuity Contract
27(k)(1)	Opinion and Consent of Counsel
27(k)(2)	Power of Attorney
27(l)(1)	Consent of Independent Registered Public Accounting Firm