# EDGAR Filing Document

**Accession Number:** 0000819923
**File Stem:** 0000819923-26-000006
**Filing Date:** 2026-4
**Character Count:** 116251
**Document Hash:** 31467eb3eb000025e421d6bcdbc2e1b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000819923-26-000006.hdr.sgml**: 20260420

**ACCESSION NUMBER**: 0000819923-26-000006

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260420

**DATE AS OF CHANGE**: 20260420

**EFFECTIVENESS DATE**: 20260420

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MIDLAND NATIONAL LIFE SEPARATE ACCOUNT A
- **CENTRAL INDEX KEY:** 0000819923

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** SD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05271
- **FILM NUMBER:** 26873483

**BUSINESS ADDRESS:**
- **STREET 1:** 8300 MILLS CIVIC PARKWAY
- **CITY:** WEST DES MOINES
- **STATE:** IA
- **ZIP:** 50266
- **BUSINESS PHONE:** 6053355700

**MAIL ADDRESS:**
- **STREET 1:** 8300 MILLS CIVIC PARKWAY
- **CITY:** WEST DES MOINES
- **STATE:** IA
- **ZIP:** 50266

## Series and Classes Contracts Data

### MIDLAND NATIONAL LIFE SEPARATE ACCOUNT A (Series ID: S000010315)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000028542 | Variable Universal Life                |  |
| C000028543 | Advisor Variable Universal Life        |  |
| C000028544 | Advantage Variable Universal Life      |  |
| C000028545 | Variable Universal Life 2              |  |
| C000028546 | Foundation Variable Universal Life 1.1 |  |
| C000028547 | Variable Universal Life 4              |  |
| C000028548 | Variable Univeral Life 3               |  |
| C000028549 | Premier Variable Universal Life 1.1    |  |
| C000028550 | Variable Executive Universal Life 2    |  |
| C000028551 | Variable Executive Universal Life      |  |
| C000028552 | Survivorship Variable Universal Life   |  |
| C000059945 | VUL-CV                                 |  |
| C000062110 | VUL-DB                                 |  |
| C000072048 | Premier VUL III                        |  |
| C000078342 | VUL-CV 2                               |  |

**Midland National Life**

**Insurance Company**

**Separate Account A**

**Financial Statements**

**December 31, 2025 and 2024**

------

**Midland National Life Insurance Company**

**Separate Account A**

**Index**

**Page(s)**

**Report of Independent Registered Public Accounting Firm**&nbsp;&nbsp;&nbsp;&nbsp;1-3

**Financial Statements**

Statements of Net Assets&nbsp;&nbsp;&nbsp;&nbsp;4–5

Statements of Operations&nbsp;&nbsp;&nbsp;&nbsp;6–7

Statements of Changes in Net Assets&nbsp;&nbsp;&nbsp;&nbsp;8–11

Notes to Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;12–32

------

**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 A

***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 A indicated in the table below as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of Midland National Life Insurance Company Separate Account A as of December 31, 2025, 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 Fund I -<br>Government Money Market Portfolio (1) | Lord Abbett Series Fund, Inc. - Growth and<br>Income Portfolio (1) |
| Fidelity Variable Insurance Products Fund I -<br>High Income Portfolio (1) | Lord Abbett Series Fund, Inc. - Mid-Cap<br>Stock Portfolio (1) |
| Fidelity Variable Insurance Products<br>Fund I - Equity-Income Portfolio (1) | Lord Abbett Series Fund, Inc. - Dividend<br>Growth Portfolio (1) |
| Fidelity Variable Insurance Products Fund I -<br>Growth Portfolio (1) | Alger Fund - Large Cap Growth Portfolio (1) |
| Fidelity Variable Insurance Products Fund I -<br>Overseas Portfolio (1) | Alger Fund - Mid Cap Growth Portfolio (1) |
| Fidelity Variable Insurance Products Fund I -<br>Mid Cap Portfolio (1) | Alger Fund - Capital Appreciation Portfolio (1) |
| Fidelity Variable Insurance Products Fund I -<br>Freedom Income Portfolio (1) | Alger Fund - Small Cap Growth Portfolio (1) |
| Fidelity Variable Insurance Products Fund I -<br>Freedom 2010 Portfolio (1) | Invesco Variable Insurance Funds -<br>Diversified Dividend Fund (1) |
| Fidelity Variable Insurance Products Fund I -<br>Freedom 2015 Portfolio (1) | Invesco Variable Insurance Funds - Health<br>Care Fund (1) |
| Fidelity Variable Insurance Products Fund I -<br>Freedom 2020 Portfolio (1) | Invesco Variable Insurance Funds -<br>International Equity Fund (1) |
| Fidelity Variable Insurance Products Fund I -<br>Freedom 2025 Portfolio (1) | VanEck Worldwide Insurance Trust - Global<br>Resources Fund (1) |
| Fidelity Variable Insurance Products Fund I -<br>Freedom 2030 Portfolio (1) | PIMCO Variable Insurance Trust - Total<br>Return Portfolio (1) |

---

------

---

| | |
|:---|:---|
| Fidelity Variable Insurance Products Fund II<br>- Asset Manager 50% Portfolio (1) | PIMCO Variable Insurance Trust - Low<br>Duration Portfolio (1) |
| Fidelity Variable Insurance Products Fund II -<br>Investment Grade Bond Portfolio (1) | PIMCO Variable Insurance Trust - High<br>Yield Portfolio (1) |
| Fidelity Variable Insurance Products Fund II<br>- Index 500 Portfolio (1) | PIMCO Variable Insurance Trust - Real<br>Return Portfolio (1) |
| Fidelity Variable Insurance Products Fund II<br>- Contrafund Portfolio (1) | Goldman Sachs Variable Insurance Trust -<br>Small Cap Equity Insights Fund (1) |
| Fidelity Variable Insurance Products Fund II<br>- Asset Manager 70% Portfolio (1) | Goldman Sachs Variable Insurance Trust -<br>Large Cap Value Fund (1) |
| Fidelity Variable Insurance Products Fund III - Balanced Portfolio (1) | Neuberger Berman Advisors Management<br>Trust - AMT Mid Cap Intrinsic Value Portfolio (1) |
| Fidelity Variable Insurance Products Fund<br>III - Growth & Income Portfolio (1) | Profunds VP - Japan (1) |
| Fidelity Variable Insurance Products Fund<br>III - Growth Opportunities Portfolio (1) | Profunds VP - Energy (1) |
| Lincoln VIP American Century Funds -<br>Balanced Fund (1) | Profunds VP - Small-Cap Value (1) |
| Lincoln VIP American Century Funds -<br>Capital Appreciation Fund (1) | Profunds VP - Ultra Mid-Cap (1) |
| Lincoln VIP American Century Funds -<br>International Fund (1) | Vanguard Variable Insurance Funds -<br>Balanced (1) |
| Lincoln VIP American Century Funds - Value<br>Fund (1) | Vanguard Variable Insurance Funds - Total<br>Bond Market Index (1) |
| Lincoln VIP American Century Funds -<br>Disciplined Core Value Fund (1) | Vanguard Variable Insurance Funds - High<br>Yield Bond (1) |
| MFS Variable Insurance Trust - Growth<br>Series (1) | Vanguard Variable Insurance Funds -<br>International (1) |
| MFS Variable Insurance Trust - Investors<br>Trust Series (1) | Vanguard Variable Insurance Funds - Mid-<br>Cap Index (1) |
| MFS Variable Insurance Trust - New<br>Discovery Series (1) | Vanguard Variable Insurance Funds - Real<br>Estate Index (1) |
| MFS Variable Insurance Trust - Research<br>Series (1) | Vanguard Variable Insurance Funds - Small<br>Company Growth (1) |
| MFS Variable Insurance Trust - Total Return<br>Series (1) | Vanguard Variable Insurance Funds - Short<br>Term Investment Grade (1) |
| MFS Variable Insurance Trust - Utilities<br>Series (1) | Vanguard Variable Insurance Funds - Total<br>Stock Market Index (1) |
| Fidelity Variable Insurance Products Fund I - Freedom 2030 Portfolio (1) | PIMCO Variable Insurance Trust - Total Return Portfolio (1) |
| Fidelity Variable Insurance Products Fund II - Asset Manager Portfolio (1) | PIMCO Variable Insurance Trust - Low Duration Portfolio (1) |
| Fidelity Variable Insurance Products Fund II - Investment Grade Bond Portfolio (1) | PIMCO Variable Insurance Trust - High Yield Portfolio (1) |
| Fidelity Variable Insurance Products Fund II - Index 500 Portfolio (1) | PIMCO Variable Insurance Trust - Real Return Portfolio (1) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the years ended December 31, 2025 and 2024.

------

***Basis for Opinions***

These financial statements are the responsibility of the Midland National Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Midland National Life Insurance Company Separate Account A based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the subaccounts of Midland National Life Insurance Company Separate Account A in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2025 by correspondence with the transfer agents of the investee mutual funds and the fund managers; when replies were not received from the transfer agents of the investee mutual funds and the fund managers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Des Moines, Iowa

April 17, 2026

We have served as the auditor of one or more of the subaccounts of Midland National Life Insurance Company Separate Account A since 1987.

------

**Midland National Life Insurance Company**

**Separate Account A**

**Statements of Net Assets**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| Assets: |  |  |  |
| Investments in portfolio shares, at fair value (Note 1): | **Shares** | **Cost** | **Net Assets** |
| Fidelity Variable Insurance Products |  |  |  |
| Fund I |  |  |  |
| Government Money Market Portfolio | 8755263 | $8755263 | $8755263 |
| High Income Portfolio | 1117794 | 5547145 | 5454836 |
| Equity-Income Portfolio | 989140 | 23855615 | 29110381 |
| Growth Portfolio | 992608 | 86305253 | 96997682 |
| Overseas Portfolio | 473105 | 12071901 | 13019850 |
| Mid Cap Portfolio | 749817 | 27229916 | 28125631 |
| Freedom Income Portfolio | 5998 | 66476 | 70113 |
| Freedom 2010 Portfolio | 2 | 28 | 28 |
| Freedom 2015 Portfolio | 23594 | 302233 | 282657 |
| Freedom 2020 Portfolio | 38345 | 514898 | 508458 |
| Freedom 2025 Portfolio | 29000 | 450018 | 500245 |
| Freedom 2030 Portfolio | 52557 | 838562 | 929204 |
| Fidelity Variable Insurance Products |  |  |  |
| Fund II |  |  |  |
| Asset Manager 50% Portfolio | 239823 | 3733425 | 4225675 |
| Investment Grade Bond Portfolio | 631202 | 8087977 | 7170456 |
| Index 500 Portfolio | 173918 | 49794365 | 114808748 |
| Contrafund Portfolio | 1850508 | 83870117 | 110826946 |
| Asset Manager 70% Portfolio | 139644 | 2741644 | 3612589 |
| Fidelity Variable Insurance Products |  |  |  |
| Fund III |  |  |  |
| Balanced Portfolio | 336117 | 7117165 | 8910457 |
| Growth & Income Portfolio | 506257 | 12918740 | 16883663 |
| Growth Opportunities Portfolio | 361328 | 20201401 | 36020779 |
| Lincoln VIP American Century Funds |  |  |  |
| Balanced Fund | 305193 | 2326273 | 2760472 |
| Capital Appreciation Fund | 737438 | 11379921 | 11179562 |
| International Fund | 1071084 | 11685655 | 13115425 |
| Value Fund | 2684480 | 32990984 | 34680803 |
| Disciplined Core Value Fund | 330527 | 2898040 | 3199499 |
| MFS Variable Insurance Trust |  |  |  |
| Growth Series | 483213 | 29647242 | 32786010 |
| Investors Trust Series | 83266 | 2434217 | 2178236 |
| New Discovery Series | 633118 | 10251948 | 9876639 |
| Research Series | 241900 | 7512097 | 7375531 |
| Total Return Series | 25038 | 602356 | 584138 |
| Utilities Series | 146528 | 5080613 | 5528518 |
| Lord Abbett Series Fund, Inc. |  |  |  |
| Growth and Income Portfolio | 328534 | 12071996 | 13785277 |
| Mid-Cap Stock Portfolio | 602432 | 15198609 | 15693356 |
| Dividend Growth Portfolio | 93435 | 1649526 | 1853744 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account A**

**Statements of Net Assets**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| Assets: |  |  |  |
| Investments in portfolio shares, at fair value (Note 1): | **Shares** | **Cost** | **Net Assets** |
| Alger Fund |  |  |  |
| Large Cap Growth Portfolio | 255704 | 20601836 | 26380944 |
| Mid Cap Growth Portfolio | 450625 | 9283502 | 10733891 |
| Capital Appreciation Portfolio | 283823 | 25072320 | 36570645 |
| Small Cap Growth Portfolio | 316119 | 6945373 | 5892451 |
| Invesco Variable Insurance Funds |  |  |  |
| Diversified Dividend Fund | 68859 | 1840367 | 1874333 |
| Health Care Fund | 72386 | 2058650 | 2163629 |
| International Equity Fund | 198523 | 7156615 | 7168659 |
| VanEck Worldwide Insurance Trust |  |  |  |
| Global Resources Fund | 379996 | 8941492 | 12733667 |
| PIMCO Variable Insurance Trust |  |  |  |
| Total Return Portfolio | 2461221 | 24840008 | 23258537 |
| Low Duration Portfolio | 39617 | 397696 | 387451 |
| High Yield Portfolio | 306011 | 2319902 | 2267539 |
| Real Return Portfolio | 143316 | 1686114 | 1721220 |
| Goldman Sachs Variable Insurance Trust |  |  |  |
| Small Cap Equity Insights Fund | 464519 | 5936551 | 6633332 |
| Large Cap Value Fund | 717217 | 6395635 | 5866833 |
| Neuberger Berman Advisors |  |  |  |
| Management Trust |  |  |  |
| AMT Mid Cap Intrinsic Value Portfolio | 178438 | 2921384 | 2928168 |
| Profunds VP |  |  |  |
| Japan | 15156 | 979477 | 1061520 |
| Energy | 71636 | 2908510 | 2632616 |
| Small-Cap Value | 31040 | 1321079 | 1392754 |
| Ultra Mid-Cap | 63979 | 2136865 | 2660249 |
| Vanguard Variable Insurance Funds |  |  |  |
| Balanced | 140995 | 3215324 | 3582680 |
| Total Bond Market Index | 132237 | 1437428 | 1428158 |
| High Yield Bond | 102229 | 755554 | 771825 |
| International | 769293 | 20271848 | 21994082 |
| Mid-Cap Index | 484452 | 11416919 | 13545280 |
| Real Estate Index | 288932 | 3541381 | 3342943 |
| Small Company Growth | 532849 | 9957681 | 10161432 |
| Short Term Investment Grade | 59476 | 613894 | 634609 |
| Total Stock Market Index | 127505 | 5979083 | 7768876 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account A**

**Statements of Operations**

**Year Ended December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Dividend**<br>**Income (a)** |<br>**Capital Gains**<br>**Distributions (b)** |<br>**Investment**<br>**Income**<br>**(c)=(a+b)** | **Administrative**<br>**Expense and**<br>**Mortality and**<br>**Expense Risk (d)** |<br>**Net Investment**<br>**Income (Loss)**<br>**(e)=(c-d)** |<br>**Net Realized**<br>**Gain (Loss) on**<br>**Investments (f)** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation) on**<br>**Investments (g)** | **Realized and Change**<br>**in Unrealized Gains**<br> **(Losses) on Investments**<br>**(h)=(f+g)** | **Net Increase (Decrease)**<br>**in Net Assets**<br>**Resulting from Operations**<br>**(i)=(e+h)** |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |  |  |  |
| Fund I |  |  |  |  |  |  |  |  |  |
| Government Money Market Portfolio | $387240 | $— | $387240 | $17417 | $369823 | $— | $— | $— | $369823 |
| High Income Portfolio | 345315 |  | 345315 | 18983 | 326332 | (134071) | 314529 | 180458 | 506790 |
| Equity-Income Portfolio | 495433 | 1527500 | 2022933 | 140177 | 1882756 | 298600 | 2389902 | 2688502 | 4571258 |
| Growth Portfolio | 268176 | 11898297 | 12166473 | 482846 | 11683627 | 2840907 | (2136577) | 704330 | 12387957 |
| Overseas Portfolio | 203036 | 1128601 | 1331637 | 37945 | 1293692 | 28719 | 720748 | 749467 | 2043159 |
| Mid Cap Portfolio | 112310 | 2890514 | 3002824 | 49565 | 2953259 | 115830 | (220474) | (104644) | 2848615 |
| Freedom Income Portfolio | 2247 | 23 | 2270 | 72 | 2198 | 296 | 3641 | 3937 | 6135 |
| Freedom 2010 Portfolio | 1 |  | 1 |  | 1 | 1 | (1) |  | 1 |
| Freedom 2015 Portfolio | 8385 | 10482 | 18867 | 270 | 18597 | (1445) | 13610 | 12165 | 30762 |
| Freedom 2020 Portfolio | 13534 | 24785 | 38319 | 569 | 37750 | 107 | 21425 | 21532 | 59282 |
| Freedom 2025 Portfolio | 12524 | 17060 | 29584 | 3057 | 26527 | 5286 | 34005 | 39291 | 65818 |
| Freedom 2030 Portfolio | 21239 | 37929 | 59168 | 1814 | 57354 | 6287 | 63116 | 69403 | 126757 |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |  |  |  |
| Fund II |  |  |  |  |  |  |  |  |  |
| Asset Manager 50 % Portfolio | 101783 | 184724 | 286507 | 26972 | 259535 | 26237 | 264654 | 290891 | 550426 |
| Investment Grade Bond Portfolio | 253458 |  | 253458 | 14965 | 238493 | (165035) | 411584 | 246549 | 485042 |
| Index 500 Portfolio | 1239601 | 556810 | 1796411 | 339141 | 1457270 | 6498419 | 9569426 | 16067845 | 17525115 |
| Contrafund Portfolio | 144996 | 16514445 | 16659441 | 358991 | 16300450 | 2894386 | 335518 | 3229904 | 19530354 |
| Asset Manager 70% Portfolio | 62488 | 112434 | 174922 | 19210 | 155712 | 78910 | 324534 | 403444 | 559156 |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |  |  |  |
| Fund III |  |  |  |  |  |  |  |  |  |
| Balanced Portfolio | 145956 | 409048 | 555004 | 20234 | 534770 | 187978 | 428122 | 616100 | 1150870 |
| Growth & Income Portfolio | 244920 | 1478919 | 1723839 | 50020 | 1673819 | 1214646 | 139709 | 1354355 | 3028174 |
| Growth Opportunities Portfolio |  | 512353 | 512353 | 128534 | 383819 | 2480294 | 3743287 | 6223581 | 6607400 |
| Lincoln VIP American Century Funds |  |  |  |  |  |  |  |  |  |
| Balanced Fund | 49772 |  | 49772 | 6136 | 43636 | 35681 | 161310 | 196991 | 240627 |
| Capital Appreciation Fund |  | 1827540 | 1827540 | 27389 | 1800151 | 566854 | (1480063) | (913209) | 886942 |
| International Fund | 154269 |  | 154269 | 29342 | 124927 | (237882) | 1868032 | 1630150 | 1755077 |
| Value Fund | 502950 | 2379460 | 2882410 | 52798 | 2829612 | 263207 | 1440120 | 1703327 | 4532939 |
| Disciplined Core Value Fund | 50552 |  | 50552 | 11036 | 39516 | 8412 | 354820 | 363232 | 402748 |
| MFS Variable Insurance Trust |  |  |  |  |  |  |  |  |  |
| Growth Series |  | 5697755 | 5697755 | 89213 | 5608542 | 713607 | (2769543) | (2055936) | 3552606 |
| Investors Trust Series | 34143 | 873808 | 907951 | 6939 | 901012 | 21437 | (661924) | (640487) | 260525 |
| New Discovery Series |  |  |  | 23163 | (23163) | (709017) | 1858405 | 1149388 | 1126225 |
| Research Series | 67118 | 1644786 | 1711904 | 21019 | 1690885 | 48919 | (913030) | (864111) | 826774 |
| Total Return Series | 14867 | 39643 | 54510 | 902 | 53608 | (1975) | 4980 | 3005 | 56613 |
| Utilities Series | 149674 | 68450 | 218124 | 7308 | 210816 | 61071 | 436321 | 497392 | 708208 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account A**

**Statements of Operations**

**Year Ended December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Dividend**<br>**Income (a)** |<br>**Capital Gains**<br>**Distributions (b)** |<br>**Investment**<br>**Income**<br>**(c)=(a+b)** | **Administrative**<br>**Expense and**<br>**Mortality and**<br>**Expense Risk (d)** |<br>**Net Investment**<br>**Income (Loss)**<br>**(e)=(c-d)** |<br>**Net Realized**<br>**Gain (Loss) on**<br>**Investments (f)** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation) on**<br>**Investments (g)** | **Realized and Change**<br>**in Unrealized Gains**<br> **(Losses) on Investments**<br>**(h)=(f+g)** | **Net Increase (Decrease)**<br>**in Net Assets**<br>**Resulting from Operations**<br>**(i)=(e+h)** |
| Lord Abbett Series Fund, Inc. |  |  |  |  |  |  |  |  |  |
| Growth and Income Portfolio | 74294 | 1376692 | 1450986 | 29602 | 1421384 | 123275 | 491645 | 614920 | 2036304 |
| Mid-Cap Stock Portfolio | 50099 | 1216810 | 1266909 | 30603 | 1236306 | 64796 | (291907) | (227111) | 1009195 |
| Dividend Growth Portfolio | 10399 | 136731 | 147130 | 3388 | 143742 | 14228 | 88367 | 102595 | 246337 |
| Alger Fund |  |  |  |  |  |  |  |  |  |
| Large Cap Growth Portfolio |  | 2843000 | 2843000 | 38651 | 2804349 | 1586338 | 1980272 | 3566610 | 6370959 |
| Mid Cap Growth Portfolio |  |  |  | 20746 | (20746) | (230754) | 1809503 | 1578749 | 1558003 |
| Capital Appreciation Portfolio |  | 5756136 | 5756136 | 55702 | 5700434 | 1337616 | 2152414 | 3490030 | 9190464 |
| Small Cap Growth Portfolio |  | 68400 | 68400 | 9687 | 58713 | (142834) | 390915 | 248081 | 306794 |
| Invesco Variable Insurance Funds |  |  |  |  |  |  |  |  |  |
| Diversified Dividend Fund | 28549 | 136504 | 165053 | 3019 | 162034 | (21612) | 114140 | 92528 | 254562 |
| Health Care Fund |  | 83485 | 83485 | 2722 | 80763 | 31448 | 174923 | 206371 | 287134 |
| International Equity Fund | 99357 | 440986 | 540343 | 7049 | 533294 | (46931) | 541820 | 494889 | 1028183 |
| VanEck Worldwide Insurance Trust |  |  |  |  |  |  |  |  |  |
| Global Resources Fund | 275964 |  | 275964 | 11588 | 264376 | 184929 | 2976946 | 3161875 | 3426251 |
| PIMCO Variable Insurance Trust |  |  |  |  |  |  |  |  |  |
| Total Return Portfolio | 947765 |  | 947765 | 27825 | 919940 | (815645) | 1806042 | 990397 | 1910337 |
| Low Duration Portfolio | 15867 |  | 15867 | 1073 | 14794 | (5005) | 10835 | 5830 | 20624 |
| High Yield Portfolio | 136832 |  | 136832 | 2889 | 133943 | (9578) | 59775 | 50197 | 184140 |
| Real Return Portfolio | 61409 |  | 61409 | 2832 | 58577 | (32548) | 125252 | 92704 | 151281 |
| Goldman Sachs Variable Insurance Trust |  |  |  |  |  |  |  |  |  |
| Small Cap Equity Insights Fund | 46101 | 524662 | 570763 | 8423 | 562340 | 123718 | 223450 | 347168 | 909508 |
| Large Cap Value Fund | 70691 | 879335 | 950026 | 5664 | 944362 | (45888) | (304727) | (350615) | 593747 |
| Neuberger Berman Advisors |  |  |  |  |  |  |  |  |  |
| Management Trust |  |  |  |  |  |  |  |  |  |
| AMT Mid Cap Intrinsic Value Portfolio | 11725 | 275125 | 286850 | 3650 | 283200 | 36583 | (27258) | 9325 | 292525 |
| Profunds VP |  |  |  |  |  |  |  |  |  |
| Japan | 34268 | 127692 | 161960 | 1734 | 160226 | 6588 | 40040 | 46628 | 206854 |
| Energy | 67043 | 374129 | 441172 | 2825 | 438347 | (72772) | (203507) | (276279) | 162068 |
| Small-Cap Value | 4652 | 59658 | 64310 | 1193 | 63117 | (2304) | 5753 | 3449 | 66566 |
| Ultra Mid-Cap | 30386 |  | 30386 | 4369 | 26017 | 30857 | (7630) | 23227 | 49244 |
| Vanguard Variable Insurance Funds |  |  |  |  |  |  |  |  |  |
| Balanced | 73719 | 315761 | 389480 | 7785 | 381695 | 39703 | 112737 | 152440 | 534135 |
| Total Bond Market Index | 47445 |  | 47445 | 2271 | 45174 | (46106) | 92038 | 45932 | 91106 |
| High Yield Bond | 49893 |  | 49893 | 564 | 49329 | (8702) | 28102 | 19400 | 68729 |
| International | 180710 | 1217944 | 1398654 | 24222 | 1374432 | 335163 | 1945502 | 2280665 | 3655097 |
| Mid-Cap Index | 163885 | 652898 | 816783 | 12456 | 804327 | 251997 | 373174 | 625171 | 1429498 |
| Real Estate Index | 92204 | 59039 | 151243 | 4831 | 146412 | (20075) | (26735) | (46810) | 99602 |
| Small Company Growth | 44783 | 636641 | 681424 | 11605 | 669819 | (129239) | 39730 | (89509) | 580310 |
| Short Term Investment Grade | 23199 |  | 23199 | 688 | 22511 | (3943) | 21554 | 17611 | 40122 |
| Total Stock Market Index | 79912 | 373048 | 452960 | 14805 | 438155 | 151209 | 611018 | 762227 | 1200382 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account A**

**Statements of Changes in Net Assets**

**Year Ended December 31, 2025**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Net Assets**<br>**Beginning**<br>**of Year (a)** | **Net Increase**<br>**(Decrease) in Net**<br>**Assets Resulting**<br>**from Operations (b)** |<br>**Net**<br>**Premiums (c)** |<br>**Transfers of**<br>**Policy Loans (d)** |<br>**Transfers of**<br>**Cost of**<br>**Insurance (e)** |<br>**Transfers of**<br>**Surrenders (f)** |<br>**Transfers of**<br>**Death Benefits (g)** |<br>**Transfers**<br>**of Other**<br>**Terminations (h)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (i)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(j)=(c+d+e+f+g+h+i)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(k)=(b+j)** | **Net Assets**<br>**End of**<br>**Year**<br>**(l)=(a+k)** |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |  |  |  |  |  |  |
| Fund I |  |  |  |  |  |  |  |  |  |  |  |  |
| Government Money Market Portfolio | $13462831 | $369823 | $619669 | $172553 | $(733310) | $(656760) | $(54536) | $(48486) | $(4376521) | $(5077391) | $(4707568) | $8755263 |
| High Income Portfolio | 5258471 | 506790 | 253658 | 44174 | (324443) | (149597) | (43918) | (32098) | (58201) | (310425) | 196365 | 5454836 |
| Equity-Income Portfolio | 25633386 | 4571258 | 720086 | 174703 | (1102280) | (369598) | (226493) | (97286) | (193395) | (1094263) | 3476995 | 29110381 |
| Growth Portfolio | 89906473 | 12387957 | 1408870 | 371558 | (2295649) | (2587300) | (940656) | (415632) | (837939) | (5296748) | 7091209 | 96997682 |
| Overseas Portfolio | 11154621 | 2043159 | 488931 | 122500 | (556004) | (383605) | (68023) | (55135) | 273406 | (177930) | 1865229 | 13019850 |
| Mid Cap Portfolio | 25766340 | 2848615 | 698868 | 145955 | (869569) | (508853) | (216307) | (135925) | 396507 | (489324) | 2359291 | 28125631 |
| Freedom Income Portfolio | 66061 | 6135 | 2805 |  | (6317) |  |  |  | 1429 | (2083) | 4052 | 70113 |
| Freedom 2010 Portfolio |  | 1 | 172 |  | (131) |  |  |  | (14) | 27 | 28 | 28 |
| Freedom 2015 Portfolio | 266064 | 30762 | 24816 | 2510 | (39198) |  |  |  | (2297) | (14169) | 16593 | 282657 |
| Freedom 2020 Portfolio | 450907 | 59282 | 5464 | 1224 | (6427) | (2571) |  |  | 579 | (1731) | 57551 | 508458 |
| Freedom 2025 Portfolio | 530448 | 65818 | 12778 | 3079 | (16796) | (111788) |  |  | 16706 | (96021) | (30203) | 500245 |
| Freedom 2030 Portfolio | 904991 | 126757 | 29939 | 7427 | (39269) | (103922) |  | (3406) | 6687 | (102544) | 24213 | 929204 |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |  |  |  |  |  |  |
| Fund II |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset Manager 50 % Portfolio | 3954307 | 550426 | 195050 | 33666 | (278667) | (76128) | (41410) | (24480) | (87089) | (279058) | 271368 | 4225675 |
| Investment Grade Bond Portfolio | 7079618 | 485042 | 480227 | 65661 | (497048) | (148212) | (63546) | (67502) | (163784) | (394204) | 90838 | 7170456 |
| Index 500 Portfolio | 104979831 | 17525115 | 2453444 | 671124 | (3004100) | (3253069) | (1006581) | (595963) | (2961053) | (7696198) | 9828917 | 114808748 |
| Contrafund Portfolio | 95928371 | 19530354 | 1674226 | 521050 | (2403421) | (2192810) | (977803) | (336164) | (916857) | (4631779) | 14898575 | 110826946 |
| Asset Manager 70% Portfolio | 3263310 | 559156 | 156290 | 56266 | (237367) | (74050) | (70630) | (2085) | (38301) | (209877) | 349279 | 3612589 |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |  |  |  |  |  |  |
| Fund III |  |  |  |  |  |  |  |  |  |  |  |  |
| Balanced Portfolio | 8105229 | 1150870 | 285312 | 61267 | (349027) | (280298) | (26727) | (36573) | 404 | (345642) | 805228 | 8910457 |
| Growth & Income Portfolio | 14721722 | 3028174 | 393351 | 87117 | (600284) | (379151) | (171532) | (172691) | (23043) | (866233) | 2161941 | 16883663 |
| Growth Opportunities Portfolio | 30870716 | 6607400 | 456678 | 176393 | (742490) | (504504) | (264658) | (132676) | (446080) | (1457337) | 5150063 | 36020779 |
| Lincoln VIP American Century Funds |  |  |  |  |  |  |  |  |  |  |  |  |
| Balanced Fund | 2652221 | 240627 | 96662 | 22653 | (129323) | (69574) | (24177) | (10624) | (17993) | (132376) | 108251 | 2760472 |
| Capital Appreciation Fund | 11304816 | 886942 | 299052 | 79502 | (417429) | (326184) | (50321) | (129473) | (467343) | (1012196) | (125254) | 11179562 |
| International Fund | 11961925 | 1755077 | 578586 | 171052 | (659310) | (235070) | (54433) | (56911) | (345491) | (601577) | 1153500 | 13115425 |
| Value Fund | 29384177 | 4532939 | 932984 | 207309 | (1067002) | (556264) | (186492) | (185663) | 1618815 | 763687 | 5296626 | 34680803 |
| Disciplined Core Value Fund | 2940978 | 402748 | 95505 | 19703 | (112014) | (89249) | (31860) | (22942) | (3370) | (144227) | 258521 | 3199499 |
| MFS Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |  |
| Growth Series | 31329198 | 3552606 | 604503 | 177612 | (773239) | (1014054) | (311054) | (192840) | (586722) | (2095794) | 1456812 | 32786010 |
| Investors Trust Series | 2081504 | 260525 | 52129 | 13763 | (86710) | (57505) | (64639) | (3510) | (17321) | (163793) | 96732 | 2178236 |
| New Discovery Series | 9421632 | 1126225 | 278724 | 83472 | (360518) | (222800) | (85325) | (67380) | (297391) | (671218) | 455007 | 9876639 |
| Research Series | 6859030 | 826774 | 152415 | 35755 | (223526) | (85361) | (42527) | (53576) | (93453) | (310273) | 516501 | 7375531 |
| Total Return Series | 525545 | 56613 | 25399 | 2442 | (30660) | (3483) | (1193) | (14447) | 23922 | 1980 | 58593 | 584138 |
| Utilities Series | 5071231 | 708208 | 176371 | 37985 | (189738) | (68856) | (18845) | (102613) | (85225) | (250921) | 457287 | 5528518 |
| Lord Abbett Series Fund, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |
| Growth and Income Portfolio | 12397357 | 2036304 | 407012 | 79479 | (500324) | (270774) | (44804) | (137620) | (181353) | (648384) | 1387920 | 13785277 |
| Mid-Cap Stock Portfolio | 15207193 | 1009195 | 661706 | 118040 | (654484) | (351885) | (174188) | (43567) | (78654) | (523032) | 486163 | 15693356 |
| Dividend Growth Portfolio | 1531087 | 246337 | 30081 | 14214 | (35363) | (3650) |  | (12040) | 83078 | 76320 | 322657 | 1853744 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account A**

**Statements of Changes in Net Assets**

**Year Ended December 31, 2025**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Net Assets**<br>**Beginning**<br>**of Year (a)** | **Net Increase**<br>**(Decrease) in Net**<br>**Assets Resulting**<br>**from Operations (b)** |<br>**Net**<br>**Premiums (c)** |<br>**Transfers of**<br>**Policy Loans (d)** |<br>**Transfers of**<br>**Cost of**<br>**Insurance (e)** |<br>**Transfers of**<br>**Surrenders (f)** |<br>**Transfers of**<br>**Death Benefits (g)** |<br>**Transfers**<br>**of Other**<br>**Terminations (h)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (i)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(j)=(c+d+e+f+g+h+i)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(k)=(b+j)** | **Net Assets**<br>**End of**<br>**Year**<br>**(l)=(a+k)** |
| Alger Fund |  |  |  |  |  |  |  |  |  |  |  |  |
| Large Cap Growth Portfolio | 21804151 | 6370959 | 540312 | 139673 | (642419) | (741106) | (396256) | (72680) | (621690) | (1794166) | 4576793 | 26380944 |
| Mid Cap Growth Portfolio | 9848253 | 1558003 | 327576 | 62100 | (392995) | (427939) | (39964) | (92501) | (108642) | (672365) | 885638 | 10733891 |
| Capital Appreciation Portfolio | 29784452 | 9190464 | 586444 | 290802 | (743818) | (1126653) | (175059) | (267667) | (968320) | (2404271) | 6786193 | 36570645 |
| Small Cap Growth Portfolio | 5889389 | 306794 | 142233 | 40914 | (187452) | (221866) | (8223) | (28455) | (40883) | (303732) | 3062 | 5892451 |
| Invesco Variable Insurance Funds |  |  |  |  |  |  |  |  |  |  |  |  |
| Diversified Dividend Fund | 1707233 | 254562 | 80549 | 25280 | (87457) | (23989) | (3623) | (18259) | (59963) | (87462) | 167100 | 1874333 |
| Health Care Fund | 1896391 | 287134 | 137674 | 25840 | (119960) | (13594) | (45985) | (17257) | 13386 | (19896) | 267238 | 2163629 |
| International Equity Fund | 6365083 | 1028183 | 279124 | 98262 | (258001) | (102151) | (23199) | (89599) | (129043) | (224607) | 803576 | 7168659 |
| VanEck Worldwide Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |  |
| Global Resources Fund | 9539799 | 3426251 | 806020 | 127399 | (719596) | (181700) | (97549) | (140245) | (26712) | (232383) | 3193868 | 12733667 |
| PIMCO Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Return Portfolio | 21896281 | 1910337 | 1044385 | 223907 | (1103532) | (526404) | (197727) | (181571) | 192861 | (548081) | 1362256 | 23258537 |
| Low Duration Portfolio | 408146 | 20624 | 13235 | 2987 | (18754) | (6883) | (23189) | (1507) | (7208) | (41319) | (20695) | 387451 |
| High Yield Portfolio | 2127488 | 184140 | 75413 | 26434 | (94805) | (13362) | (850) | (903) | (36016) | (44089) | 140051 | 2267539 |
| Real Return Portfolio | 1624954 | 151281 | 115457 | 10424 | (123797) | (86845) | (565) | (29748) | 60059 | (55015) | 96266 | 1721220 |
| Goldman Sachs Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |  |
| Small Cap Equity Insights Fund | 6047361 | 909508 | 260968 | 49798 | (284009) | (164108) | (31424) | (39462) | (115300) | (323537) | 585971 | 6633332 |
| Large Cap Value Fund | 5666888 | 593747 | 255147 | 55674 | (251593) | (100910) | (27486) | (55395) | (269239) | (393802) | 199945 | 5866833 |
| Neuberger Berman Advisors |  |  |  |  |  |  |  |  |  |  |  |  |
| Management Trust |  |  |  |  |  |  |  |  |  |  |  |  |
| AMT Mid Cap Intrinsic Value Portfolio | 2558551 | 292525 | 94302 | 6863 | (119189) | (22255) | (21760) | (4154) | 143285 | 77092 | 369617 | 2928168 |
| Profunds VP |  |  |  |  |  |  |  |  |  |  |  |  |
| Japan | 726940 | 206854 | 36297 | 19998 | (29531) |  |  |  | 100962 | 127726 | 334580 | 1061520 |
| Energy | 3053057 | 162068 | 147557 | 52131 | (134610) | (88961) | (19812) | (28104) | (510710) | (582509) | (420441) | 2632616 |
| Small-Cap Value | 1333842 | 66566 | 54760 | 9676 | (36350) | (25572) | (5555) | (15849) | 11236 | (7654) | 58912 | 1392754 |
| Ultra Mid-Cap | 3045366 | 49244 | 92387 | 22657 | (76374) | (48169) | (20347) | (23181) | (381334) | (434361) | (385117) | 2660249 |
| Vanguard Variable Insurance Funds |  |  |  |  |  |  |  |  |  |  |  |  |
| Balanced | 3375616 | 534135 | 89092 | 23119 | (172342) | (18875) |  | (107520) | (140545) | (327071) | 207064 | 3582680 |
| Total Bond Market Index | 1389284 | 91106 | 43376 | 11246 | (48766) | (66702) | (3829) | (7768) | 20211 | (52232) | 38874 | 1428158 |
| High Yield Bond | 802494 | 68729 | 41083 | 17624 | (27220) | (53355) |  | (20604) | (56926) | (99398) | (30669) | 771825 |
| International | 19382265 | 3655097 | 617090 | 172805 | (606813) | (325452) | (138778) | (133123) | (629009) | (1043280) | 2611817 | 21994082 |
| Mid-Cap Index | 12940410 | 1429498 | 438750 | 97502 | (398267) | (303688) | (98424) | (102258) | (458243) | (824628) | 604870 | 13545280 |
| Real Estate Index | 3457840 | 99602 | 117684 | 41796 | (111435) | (150190) |  | (45404) | (66950) | (214499) | (114897) | 3342943 |
| Small Company Growth | 9636242 | 580310 | 298895 | 58524 | (264989) | (103226) | (35535) | (61641) | 52852 | (55120) | 525190 | 10161432 |
| Short Term Investment Grade | 745110 | 40122 | 46119 | 70554 | (25946) | (40504) |  | (1621) | (199225) | (150623) | (110501) | 634609 |
| Total Stock Market Index | 6334640 | 1200382 | 211826 | 109870 | (157352) | (104819) | (19186) | (43254) | 236769 | 233854 | 1434236 | 7768876 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account A**

**Statements of Changes in Net Assets**

**Year Ended December 31, 2024**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Net Assets**<br>**Beginning**<br>**of Year (a)** | **Net Increase**<br>**(Decrease) in Net**<br>**Assets Resulting**<br>**from Operations (b)** |<br>**Net**<br>**Premiums (c)** |<br>**Transfers of**<br>**Policy Loans (d)** |<br>**Transfers of**<br>**Cost of**<br>**Insurance (e)** |<br>**Transfers of**<br>**Surrenders (f)** |<br>**Transfers of**<br>**Death Benefits (g)** |<br>**Transfers**<br>**of Other**<br>**Terminations (h)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (i)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(j)=(c+d+e+f+g+h+i)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(k)=(b+j)** | **Net Assets**<br>**End of**<br>**Year**<br>**(l)=(a+k)** |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |  |  |  |  |  |  |
| Fund I |  |  |  |  |  |  |  |  |  |  |  |  |
| Government Money Market Portfolio | $9333314 | $465096 | $559002 | $373460 | $(745988) | $(183538) | $(53224) | $(38623) | $3753332 | $3664421 | $4129517 | $13462831 |
| High Income Portfolio | 5055699 | 424288 | 263931 | 45665 | (324804) | (154477) | (49604) | (20258) | 18031 | (221516) | 202772 | 5258471 |
| Equity-Income Portfolio | 23921178 | 3431909 | 757576 | 169819 | (1123008) | (652023) | (389403) | (100783) | (381879) | (1719701) | 1712208 | 25633386 |
| Growth Portfolio | 73749376 | 21411014 | 1429353 | 516767 | (2294281) | (2468732) | (1173890) | (329206) | (933928) | (5253917) | 16157097 | 89906473 |
| Overseas Portfolio | 11744062 | 534973 | 477697 | 195313 | (555685) | (283781) | (77260) | (43264) | (837434) | (1124414) | (589441) | 11154621 |
| Mid Cap Portfolio | 25837441 | 3862692 | 720806 | 160179 | (922814) | (651946) | (195052) | (136830) | (2908136) | (3933793) | (71101) | 25766340 |
| Freedom Income Portfolio | 52517 | 2588 | 2039 |  | (4585) |  |  |  | 13502 | 10956 | 13544 | 66061 |
| Freedom 2010 Portfolio | 14658 | 1253 | 1774 |  | (2) |  |  |  | (17683) | (15911) | (14658) |  |
| Freedom 2015 Portfolio | 366581 | 21591 | 6585 | 2450 | (37205) |  |  | (46) | (93892) | (122108) | (100517) | 266064 |
| Freedom 2020 Portfolio | 419168 | 31799 | 5051 | 1334 | (7464) | (1235) |  |  | 2254 | (60) | 31739 | 450907 |
| Freedom 2025 Portfolio | 290922 | 22966 | 10605 | 87632 | (13405) |  |  | (19167) | 150895 | 216560 | 239526 | 530448 |
| Freedom 2030 Portfolio | 858640 | 77920 | 28583 | 100427 | (45193) | (51515) | (8575) | (19175) | (36121) | (31569) | 46351 | 904991 |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |  |  |  |  |  |  |
| Fund II |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset Manager 50 % Portfolio | 3961706 | 301110 | 202664 | 45517 | (290552) | (109722) | (71802) | (21461) | (63153) | (308509) | (7399) | 3954307 |
| Investment Grade Bond Portfolio | 8797166 | 97489 | 504238 | 55214 | (585048) | (138166) | (43908) | (54413) | (1552954) | (1815037) | (1717548) | 7079618 |
| Index 500 Portfolio | 88957051 | 21123212 | 2520374 | 703585 | (3030124) | (1856040) | (520609) | (416649) | (2500969) | (5100432) | 16022780 | 104979831 |
| Contrafund Portfolio | 78154461 | 24706542 | 1755982 | 612026 | (2442928) | (2125465) | (458161) | (403016) | (3871070) | (6932632) | 17773910 | 95928371 |
| Asset Manager 70% Portfolio | 3138089 | 310915 | 145716 | 39892 | (226928) | (43419) | (14677) | (19202) | (67076) | (185694) | 125221 | 3263310 |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |  |  |  |  |  |  |
| Fund III |  |  |  |  |  |  |  |  |  |  |  |  |
| Balanced Portfolio | 7443765 | 1107930 | 301739 | 75641 | (347898) | (134958) | (53819) | (48295) | (238876) | (446466) | 661464 | 8105229 |
| Growth & Income Portfolio | 12957056 | 2749176 | 428660 | 81574 | (597981) | (433354) | (53391) | (65885) | (344133) | (984510) | 1764666 | 14721722 |
| Growth Opportunities Portfolio | 23654801 | 8765155 | 521692 | 341343 | (626740) | (724961) | (42242) | (188383) | (829949) | (1549240) | 7215915 | 30870716 |
| Lincoln VIP American Century Funds |  |  |  |  |  |  |  |  |  |  |  |  |
| Balanced Fund | 2615555 | 296960 | 101087 | 25314 | (136392) | (86515) | (29648) | (9365) | (124775) | (260294) | 36666 | 2652221 |
| Capital Appreciation Fund | 9666430 | 2497002 | 298352 | 112901 | (398118) | (315706) | (60253) | (78519) | (417273) | (858616) | 1638386 | 11304816 |
| International Fund | 12082621 | 344441 | 598176 | 256847 | (672013) | (333369) | (57261) | (87178) | (170339) | (465137) | (120696) | 11961925 |
| Value Fund | 28128569 | 2629043 | 965867 | 257491 | (1083469) | (919775) | (95757) | (173341) | (324451) | (1373435) | 1255608 | 29384177 |
| Disciplined Core Value Fund | 2831481 | 349284 | 95142 | 14609 | (112138) | (82225) | (4363) | (22042) | (128770) | (239787) | 109497 | 2940978 |
| MFS Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |  |
| Growth Series | 25819002 | 7853132 | 632467 | 228855 | (761357) | (687068) | (113205) | (123847) | (1518781) | (2342936) | 5510196 | 31329198 |
| Investors Trust Series | 1927727 | 355275 | 66658 | 9364 | (85757) | (97381) | (40448) | (4845) | (49089) | (201498) | 153777 | 2081504 |
| New Discovery Series | 9421908 | 592788 | 292156 | 92961 | (372849) | (252864) | (47378) | (88481) | (216609) | (593064) | (276) | 9421632 |
| Research Series | 6078831 | 1100725 | 151715 | 29361 | (224873) | (159340) | (83410) | (39375) | 5396 | (320526) | 780199 | 6859030 |
| Total Return Series | 490220 | 38665 | 31797 | 1305 | (27234) |  |  |  | (9208) | (3340) | 35325 | 525545 |
| Utilities Series | 4768236 | 534536 | 210430 | 43595 | (199669) | (148981) | (49822) | (9472) | (77622) | (231541) | 302995 | 5071231 |
| Lord Abbett Series Fund, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |
| Growth and Income Portfolio | 12217871 | 2143252 | 413784 | 66046 | (517304) | (195872) | (81266) | (45020) | (1604134) | (1963766) | 179486 | 12397357 |
| Mid-Cap Stock Portfolio | 13829335 | 2024297 | 664090 | 125884 | (674885) | (340222) | (32012) | (93407) | (295887) | (646439) | 1377858 | 15207193 |
| Dividend Growth Portfolio | 4023398 | 349887 | 62256 | 32644 | (59104) |  |  | (213) | (2877781) | (2842198) | (2492311) | 1531087 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account A**

**Statements of Changes in Net Assets**

**Year Ended December 31, 2024**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Net Assets**<br>**Beginning**<br>**of Year (a)** | **Net Increase**<br>**(Decrease) in Net**<br>**Assets Resulting**<br>**from Operations (b)** |<br>**Net**<br>**Premiums (c)** |<br>**Transfers of**<br>**Policy Loans (d)** |<br>**Transfers of**<br>**Cost of**<br>**Insurance (e)** |<br>**Transfers of**<br>**Surrenders (f)** |<br>**Transfers of**<br>**Death Benefits (g)** |<br>**Transfers**<br>**of Other**<br>**Terminations (h)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (i)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(j)=(c+d+e+f+g+h+i)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(k)=(b+j)** | **Net Assets**<br>**End of**<br>**Year**<br>**(l)=(a+k)** |
| Alger Fund |  |  |  |  |  |  |  |  |  |  |  |  |
| Large Cap Growth Portfolio | 16850393 | 6988842 | 542115 | 176619 | (615091) | (406765) | (44173) | (70040) | (1617749) | (2035084) | 4953758 | 21804151 |
| Mid Cap Growth Portfolio | 8607664 | 1558514 | 362416 | 96785 | (406968) | (187029) | (39229) | (65241) | (78659) | (317925) | 1240589 | 9848253 |
| Capital Appreciation Portfolio | 21100141 | 9923182 | 613052 | 152724 | (738384) | (440752) | (101887) | (155119) | (568505) | (1238871) | 8684311 | 29784452 |
| Small Cap Growth Portfolio | 7201873 | 396458 | 152088 | 49924 | (213952) | (83367) | (4501) | (23592) | (1585542) | (1708942) | (1312484) | 5889389 |
| Invesco Variable Insurance Funds |  |  |  |  |  |  |  |  |  |  |  |  |
| Diversified Dividend Fund | 1670422 | 203274 | 69797 | 28524 | (84729) | (19350) | (30577) | (5225) | (124903) | (166463) | 36811 | 1707233 |
| Health Care Fund | 1905143 | 82697 | 139023 | 31975 | (117128) | (72295) | (425) | (14221) | (58378) | (91449) | (8752) | 1896391 |
| International Equity Fund | 6340156 | 31634 | 301885 | 97989 | (260631) | (163958) | (18707) | (40941) | 77656 | (6707) | 24927 | 6365083 |
| VanEck Worldwide Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |  |
| Global Resources Fund | 9823663 | (278292) | 844601 | 138244 | (767465) | (311045) | (61357) | (40413) | 191863 | (5572) | (283864) | 9539799 |
| PIMCO Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Return Portfolio | 20927351 | 525403 | 1043309 | 235053 | (1088195) | (682907) | (149193) | (156153) | 1241613 | 443527 | 968930 | 21896281 |
| Low Duration Portfolio | 1382156 | 15291 | 12679 | 2951 | (19625) | (1301) |  | (3005) | (981000) | (989301) | (974010) | 408146 |
| High Yield Portfolio | 2057599 | 138178 | 78494 | 10507 | (99272) | (17557) | (10261) | (2138) | (28062) | (68289) | 69889 | 2127488 |
| Real Return Portfolio | 3313390 | 24121 | 104649 | 8190 | (121489) | (30347) |  | (10961) | (1662599) | (1712557) | (1688436) | 1624954 |
| Goldman Sachs Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |  |
| Small Cap Equity Insights Fund | 5332678 | 983524 | 245335 | 68158 | (276564) | (125083) | (12765) | (32691) | (135231) | (268841) | 714683 | 6047361 |
| Large Cap Value Fund | 4954412 | 895207 | 248125 | 83472 | (267553) | (113312) | (23058) | (21704) | (88701) | (182731) | 712476 | 5666888 |
| Neuberger Berman Advisors |  |  |  |  |  |  |  |  |  |  |  |  |
| Management Trust |  |  |  |  |  |  |  |  |  |  |  |  |
| AMT Mid Cap Intrinsic Value Portfolio | 2370582 | 236444 | 95415 | 45135 | (120323) | (15071) | (12039) | (4463) | (37129) | (48475) | 187969 | 2558551 |
| Profunds VP |  |  |  |  |  |  |  |  |  |  |  |  |
| Japan | 569568 | 124057 | 33340 | 5266 | (28236) |  |  | (7144) | 30089 | 33315 | 157372 | 726940 |
| Energy | 3196672 | 128690 | 158866 | 54783 | (139783) | (57799) | (34027) | (13034) | (241311) | (272305) | (143615) | 3053057 |
| Small-Cap Value | 1315504 | 71205 | 59567 | 16471 | (40194) | (17732) | (280) | (4204) | (66495) | (52867) | 18338 | 1333842 |
| Ultra Mid-Cap | 2576012 | 462615 | 102473 | 16487 | (76705) | (60843) | (71279) | (26485) | 123091 | 6739 | 469354 | 3045366 |
| Vanguard Variable Insurance Funds |  |  |  |  |  |  |  |  |  |  |  |  |
| Balanced | 3305780 | 463869 | 83758 | 21789 | (162129) | (5014) | (23765) | (2663) | (306009) | (394033) | 69836 | 3375616 |
| Total Bond Market Index | 950460 | 18851 | 48364 | 7731 | (49949) | (10440) | (5258) |  | 429525 | 419973 | 438824 | 1389284 |
| High Yield Bond | 760509 | 47262 | 44576 | 10094 | (38147) | (7442) |  | (5623) | (8735) | (5277) | 41985 | 802494 |
| International | 18177725 | 1674126 | 622634 | 201378 | (601448) | (582078) | (125755) | (98452) | 114135 | (469586) | 1204540 | 19382265 |
| Mid-Cap Index | 11870143 | 1635128 | 427489 | 127218 | (390796) | (329511) | (36156) | (65381) | (297724) | (564861) | 1070267 | 12940410 |
| Real Estate Index | 3307346 | 157498 | 98708 | 40506 | (113736) | (81852) | (26768) | (4756) | 80894 | (7004) | 150494 | 3457840 |
| Small Company Growth | 9032118 | 991821 | 306289 | 75464 | (274786) | (202403) | (46021) | (36668) | (209572) | (387697) | 604124 | 9636242 |
| Short Term Investment Grade | 529694 | 26915 | 19013 | 187636 | (24717) | (5295) | (1044) | (469) | 13377 | 188501 | 215416 | 745110 |
| Total Stock Market Index | 5518679 | 1225212 | 208743 | 104813 | (146976) | (93329) | (44034) | (21798) | (416670) | (409251) | 815961 | 6334640 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

**1. Organization and Significant Accounting Policies**

**Organization**

Midland National Life Separate Account A ("Separate Account"), a unit investment trust pursuant to the provisions of the Investment Company Act of 1940 as amended, is a segregated investment account of Midland National Life Insurance Company (the "Company") in accordance with the provisions of the Iowa Insurance laws. The Separate Account follows the accounting and reporting guidance in FASB Accounting Standards Codification 946. The assets and liabilities of the Separate Account are clearly identified and distinguished from the other assets and liabilities of the Company. The Separate Account is used to fund fifteen variable universal life insurance products, each with different characteristics. The dates in which products were introduced result in different product groups. Sammons Financial Network, an affiliate, serves as the underwriter of the variable products. There are no new variable life insurance products being sold.

**Investments**

The Separate Account invests in specified portfolios of Fidelity Variable Insurance Products Fund I ("VIPF"), Fidelity Variable Insurance Products Fund II ("VIPF II"), Fidelity Variable Insurance Products Fund III ("VIPF III"), Lincoln Variable Insurance Portfolio American Century Funds ("LVIP ACVP"), MFS Variable Insurance Trust ("MFS"), Lord Abbett Series Fund, Inc. ("LAC"), Alger Fund ("FAM"), Invesco Variable Insurance Funds ("INV"), VanEck Worldwide Insurance Trust ("VanEck"), PIMCO Variable Insurance Trust ("PIMCO"), Goldman Sachs Variable Insurance Trust ("Goldman"), Neuberger Berman Advisors Management Trust ("Neuberger"), ProFunds VP ("PF") and Vanguard Variable Insurance Funds ("Vanguard"), (collectively "the Funds"), each diversified open-end management companies registered under the Investment Company Act of 1940, as directed by participants. All portfolios have been in existence for more than two years.

Effective May 1, 2021 the VanEck Global Hard Assets Fund was renamed the VanEck Global Resources Fund.

Effective April 29, 2022 the INV International Growth Fund was renamed the INV International Equity Fund.

Effective March 17, 2023 the PF Oil & Gas Fund was renamed the PF Energy Fund.

Effective April 26, 2024, the American Century Variable Portfolios, Inc. ("ACVP") was reorganized into the LVIP ACVP.

Effective May 1, 2025, the VIPF II Asset Manager Portfolio was renamed the VIPF II Asset Manager 50% Portfolio and the VIPF II Asset Manager Growth Portfolio was renamed the VIPF II Asset Manager 70% Portfolio.

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

**Fair Value**

Investments in shares of the Funds are valued at the net asset values (fair values) of the respective portfolios of the Funds corresponding to the investment portfolios of the Separate Account. Investment transactions are recorded on the trade date (the date the order to buy or sell is executed). Dividends are automatically reinvested in shares of the Funds.

Generally accepted accounting principles ("GAAP") define fair value as an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value standards also establish a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

The Company determines the fair value of its investments, in the absence of observable market prices, using the valuation methodologies described below applied on a consistent basis. For some investments, market activity may be minimal or nonexistent and management's determination of fair value is then based on the best information available in the circumstances and may incorporate management's own assumptions, which involves a significant degree of judgment.

Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories.

Level 1 – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments included in Level 1 are mutual funds. As required by the fair value measurements guidance, the Company does not adjust the quoted price for these financial instruments, even in situations where it holds a large position and a sale could reasonably impact the quoted price.

Level 2 – Fair values are based on quoted prices for similar assets or liabilities in active and inactive markets. Inactive markets involve few transactions for similar assets or liabilities and the prices are not current or price quotations vary substantially over time or among market makers, which would include some broker quotes. Level 2 inputs also include corroborated market data such as interest rate spreads, yield curves, volatilities, prepayment speeds, credit risks and default rates. The Company does not hold any Level 2 securities in the Separate Account.

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

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

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, 2025, 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 | $858369194 | $— | $— | $858369194 |

---

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, 2025.

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 life policy reserves. However, the Company retains the right to charge for any federal income tax incurred which is attributable to the Separate Account if the law is changed. Charges for state and local taxes, if any, attributable to the Separate Account may also be made.

**Use of Estimates**

The preparation of financial statements in conformity with GAAP 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.

**Segment Reporting**

The Company has designated the Director of Product Operations as the chief operating decision maker ("CODM") for the subaccounts. The CODM has determined that each subaccount of the Separate Account constitutes a single operating segment and therefore, a single reportable segment. We report our subaccount results consistent with the manner in which the CODM reviews the increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while also monitoring the net assets of each of the subaccounts within the Separate Account. Investment performance of the subaccounts may vary based on the

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

underlying fund's investment objectives specified in the fund prospectus. The accounting policies used to measure profit and loss of the segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the Statements of Net Assets as net assets. Refer to the Statements of Operations and Changes in Net Assets and related notes for each subaccount's operating segment significant expenses.

**Subsequent Events**

The Separate Account has evaluated subsequent events through April 17, 2026, which is the date the financial statements were available to be issued. There are no additional subsequent transactions that require disclosure in the financial statements.

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

**2. Expenses**

The Company is compensated for certain expenses as described below. The rates of each applicable charge are described in the Separate Account's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A contract administration fee (admin charge) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A mortality and expense risk (M&E) charge is charged in return for the Company's assumption of risks associated with adverse mortality experience or excess administrative expenses in connection with policies issued. This fee is charged directly to the individual portfolios of the Funds based on the net asset value of the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A cost of insurance rate is applied based on a number of factors including sex, attained age, face amount of insurance, and rating class of the Insured person at the time of the charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A sales and premium tax charge is deducted from each premium payment made prior to deposit into the separate account.

The rates of each applicable charge depending on the product are summarized below:

---

| | | |
|:---|:---|:---|
| **Product** | **M&E Charge** | **Admin Charge** |
| Advanced Variable Universal Life\* | 0.90% | $7 per month |
| Advisor Variable Universal Life\* | 1.40% | $10 per month |
| Foundation Variable Universal Life\*^ | 0.90% | $7 per month |
| Premier Variable Universal Life 1.1\* | 0.90% | $7 per month |
| Premier Variable Universal Life 3 \*# | 0.80% | $10 per month |
| Survivorship Variable Universal Life\* | 0.50% | $10 per month |
| Variable Executive Universal Life 2\* | 0.90% | $6 per month |
| Variable Executive Universal Life\* | 0.90% | $5 per month |
| Variable Universal Life\* | 0.90% | $5 per month |
| Variable Universal Life 2\* | 0.90% | $5 per month |
| Variable Universal Life 3\* | 0.90% | $7 per month |
| Variable Universal Life 4\* | 0.90% | $7 per month |
| Variable Universal Life -- Cash Value\* | 0.60% | $12 per month |
| Variable Universal Life -- Cash Value 2 \*& | 0.60% | $12 per month |
| Variable Universal Life -- Death Benefit\* | 0.90% | $8 per month |
| \*New contracts are no longer being issued for this product | \*New contracts are no longer being issued for this product | \*New contracts are no longer being issued for this product |
| ^M&E charge drops to 0.10% upon reaching the 10th anniversary | ^M&E charge drops to 0.10% upon reaching the 10th anniversary | ^M&E charge drops to 0.10% upon reaching the 10th anniversary |
| #M&E charge drops to 0.00% upon reaching the 10th anniversary | #M&E charge drops to 0.00% upon reaching the 10th anniversary | #M&E charge drops to 0.00% upon reaching the 10th anniversary |
| &M&E charge drops to 0.05% upon reaching the 10th anniversary | &M&E charge drops to 0.05% upon reaching the 10th anniversary | &M&E charge drops to 0.05% upon reaching the 10th anniversary |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**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, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| **Portfolio** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Fidelity Variable Insurance Products |  |  |  |  |
| Fund I |  |  |  |  |
| Government Money Market Portfolio | $2393340 | $7100908 | $8495226 | $4365709 |
| High Income Portfolio | 1890678 | 1874771 | 494257 | 425023 |
| Equity-Income Portfolio | 2599791 | 1811298 | 2350688 | 2287678 |
| Growth Portfolio | 13224947 | 6838067 | 20251788 | 7109120 |
| Overseas Portfolio | 3838607 | 2722844 | 1572226 | 2018090 |
| Mid Cap Portfolio | 4305737 | 1841801 | 3904512 | 4548517 |
| Freedom Income Portfolio | 4956 | 4841 | 17319 | 4154 |
| Freedom 2010 Portfolio | 66 | 39 | 1881 | 17711 |
| Freedom 2015 Portfolio | 49465 | 45037 | 29026 | 131418 |
| Freedom 2020 Portfolio | 45045 | 9029 | 33220 | 8690 |
| Freedom 2025 Portfolio | 138685 | 208179 | 268886 | 40122 |
| Freedom 2030 Portfolio | 112215 | 157405 | 183461 | 194753 |
| Fidelity Variable Insurance Products |  |  |  |  |
| Fund II |  |  |  |  |
| Asset Manager 50% Portfolio | 371859 | 391383 | 227133 | 441156 |
| Investment Grade Bond Portfolio | 667687 | 823399 | 657270 | 2240763 |
| Index 500 Portfolio | 3056407 | 9295335 | 5669564 | 9757780 |
| Contrafund Portfolio | 18213073 | 6544402 | 14096240 | 10423602 |
| Asset Manager 70% Portfolio | 251156 | 305320 | 150948 | 259522 |
| Fidelity Variable Insurance Products |  |  |  |  |
| Fund III |  |  |  |  |
| Balanced Portfolio | 890523 | 701396 | 888025 | 967099 |
| Growth & Income Portfolio | 3821232 | 3013647 | 1380016 | 1266343 |
| Growth Opportunities Portfolio | 5371522 | 6445040 | 759337 | 2418753 |
| Lincoln VIP American Century Funds |  |  |  |  |
| Balanced Fund | 114554 | 203294 | 133904 | 346326 |
| Capital Appreciation Fund | 4710403 | 3922447 | 2432887 | 2675076 |
| International Fund | 1931978 | 2408629 | 3768650 | 4062980 |
| Value Fund | 5578231 | 1984933 | 5418973 | 4340967 |
| Disciplined Core Value Fund | 117263 | 221975 | 122705 | 334692 |
| MFS Variable Insurance Trust |  |  |  |  |
| Growth Series | 6021992 | 2509244 | 3302819 | 3457369 |
| Investors Trust Series | 950867 | 213648 | 208657 | 258983 |
| New Discovery Series | 926108 | 1620489 | 311678 | 929231 |
| Research Series | 1814517 | 433906 | 537680 | 455874 |
| Total Return Series | 113991 | 58402 | 98673 | 62944 |
| Utilities Series | 527370 | 567476 | 665914 | 647408 |
| Lord Abbett Series Fund, Inc. |  |  |  |  |
| Growth and Income Portfolio | 1727538 | 954539 | 1329455 | 2317885 |
| Mid-Cap Stock Portfolio | 2454699 | 1741424 | 3445759 | 2498104 |
| Dividend Growth Portfolio | 307974 | 87912 | 2406633 | 5159184 |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| **Portfolio** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Alger Fund |  |  |  |  |
| Large Cap Growth Portfolio | 7391180 | 6380997 | 2519386 | 4587673 |
| Mid Cap Growth Portfolio | 591102 | 1284214 | 2838299 | 3175725 |
| Capital Appreciation Portfolio | 7724733 | 4428570 | 1155403 | 2439014 |
| Small Cap Growth Portfolio | 205496 | 450515 | 152482 | 1849618 |
| Invesco Variable Insurance Funds |  |  |  |  |
| Diversified Dividend Fund | 262717 | 188145 | 197578 | 269348 |
| Health Care Fund | 378727 | 317860 | 136273 | 230594 |
| International Equity Fund | 876915 | 568227 | 521181 | 384121 |
| VanEck Worldwide Insurance Trust |  |  |  |  |
| Global Resources Fund | 1019934 | 987941 | 1306366 | 1066090 |
| PIMCO Variable Insurance Trust |  |  |  |  |
| Total Return Portfolio | 5354268 | 4982409 | 2691632 | 1408093 |
| Low Duration Portfolio | 37849 | 64375 | 30475 | 1004153 |
| High Yield Portfolio | 197311 | 107458 | 246293 | 194473 |
| Real Return Portfolio | 3107544 | 3103982 | 171123 | 1843810 |
| Goldman Sachs Variable Insurance Trust |  |  |  |  |
| Small Cap Equity Insights Fund | 1087117 | 848317 | 1029861 | 775087 |
| Large Cap Value Fund | 1894375 | 1343813 | 3378580 | 2806208 |
| Neuberger Berman Advisors |  |  |  |  |
| Management Trust |  |  |  |  |
| AMT Mid Cap Intrinsic Value Portfolio | 2015131 | 1654840 | 1177680 | 1107168 |
| Profunds VP |  |  |  |  |
| Japan | 382025 | 94073 | 405374 | 271766 |
| Energy | 639430 | 783592 | 521247 | 571612 |
| Small-Cap Value | 173779 | 118316 | 140738 | 182459 |
| Ultra Mid-Cap | 317632 | 725976 | 524733 | 504375 |
| Vanguard Variable Insurance Funds |  |  |  |  |
| Balanced | 473861 | 419238 | 490233 | 638162 |
| Total Bond Market Index | 325940 | 332998 | 554149 | 102049 |
| High Yield Bond | 136169 | 186236 | 154512 | 114745 |
| International | 5159334 | 4828183 | 6503914 | 6158914 |
| Mid-Cap Index | 1209239 | 1229539 | 2235624 | 2493733 |
| Real Estate Index | 400471 | 468559 | 466913 | 285843 |
| Small Company Growth | 1195636 | 580935 | 392854 | 741570 |
| Short Term Investment Grade | 194121 | 322233 | 273057 | 65761 |
| Total Stock Market Index | 1963514 | 1291505 | 1055792 | 1002962 |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

**4. Summary of Changes from Unit Transactions**

Transactions in units for the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | | | **Net Increase/** | | | **Net Increase/** |
| **Portfolio** | **Purchases** | **Sales** | **(Decrease)** | **Purchases** | **Sales** | **(Decrease)** |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |
| Fund I |  |  |  |  |  |  |
| Government Money Market Portfolio | 394653 | 820494 | (425841) | 775413 | 463830 | 311583 |
| High Income Portfolio | 99955 | 111908 | (11953) | 37099 | 44965 | (7866) |
| Equity-Income Portfolio | 50749 | 69203 | (18454) | 30383 | 61126 | (30743) |
| Growth Portfolio | 100823 | 162217 | (61394) | 50868 | 110505 | (59637) |
| Overseas Portfolio | 216816 | 227298 | (10482) | 81543 | 126769 | (45226) |
| Mid Cap Portfolio | 127853 | 139600 | (11747) | 37358 | 152247 | (114889) |
| Freedom Income Portfolio | 524 | 641 | (117) | 931 | 292 | 639 |
| Freedom 2010 Portfolio | 13 | 12 | 1 | 89 | 795 | (706) |
| Freedom 2015 Portfolio | 1278 | 1826 | (548) | 496 | 5719 | (5223) |
| Freedom 2020 Portfolio | 445 | 503 | (58) | 369 | 368 | 1 |
| Freedom 2025 Portfolio | 7745 | 11336 | (3591) | 11351 | 1760 | 9591 |
| Freedom 2030 Portfolio | 6337 | 10027 | (3690) | 6992 | 7957 | (965) |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |
| Fund II |  |  |  |  |  |  |
| Asset Manager 50% Portfolio | 14013 | 20599 | (6586) | 23465 | 29635 | (6170) |
| Investment Grade Bond Portfolio | 91522 | 114694 | (23172) | 67946 | 181058 | (113112) |
| Index 500 Portfolio | 172153 | 293939 | (121786) | 190573 | 281404 | (90831) |
| Contrafund Portfolio | 154590 | 214356 | (59766) | 103250 | 232942 | (129692) |
| Asset Manager 70% Portfolio | 14692 | 20707 | (6015) | 8638 | 15019 | (6381) |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |
| Fund III |  |  |  |  |  |  |
| Balanced Portfolio | 57911 | 65823 | (7912) | 20420 | 33398 | (12978) |
| Growth & Income Portfolio | 96379 | 111699 | (15320) | 19275 | 40446 | (21171) |
| Growth Opportunities Portfolio | 74323 | 89447 | (15124) | 19853 | 41360 | (21507) |
| Lincoln VIP American Century Funds |  |  |  |  |  |  |
| Balanced Fund | 46577 | 50618 | (4041) | 6010 | 14931 | (8921) |
| Capital Appreciation Fund | 104474 | 121360 | (16886) | 54639 | 70287 | (15648) |
| International Fund | 176954 | 212329 | (35375) | 250168 | 273758 | (23590) |
| Value Fund | 208531 | 191658 | 16873 | 160536 | 192454 | (31918) |
| Disciplined Core Value Fund | 54185 | 58018 | (3833) | 4390 | 10914 | (6524) |
| MFS Variable Insurance Trust |  |  |  |  |  |  |
| Growth Series | 50839 | 84964 | (34125) | 54960 | 93236 | (38276) |
| Investors Trust Series | 39766 | 43038 | (3272) | 2054 | 6634 | (4580) |
| New Discovery Series | 77455 | 93298 | (15843) | 20824 | 34337 | (13513) |
| Research Series | 7976 | 14148 | (6172) | 5490 | 12430 | (6940) |
| Total Return Series | 2721 | 2694 | 27 | 2617 | 2688 | (71) |
| Utilities Series | 17735 | 26315 | (8580) | 21892 | 29798 | (7906) |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | | | **Net Increase/** | | | **Net Increase/** |
| **Portfolio** | **Purchases** | **Sales** | **(Decrease)** | **Purchases** | **Sales** | **(Decrease)** |
| Lord Abbett Series Fund, Inc. |  |  |  |  |  |  |
| Growth and Income Portfolio | 45036 | 61630 | (16594) | 20746 | 91409 | (70663) |
| Mid-Cap Stock Portfolio | 111285 | 125434 | (14149) | 92244 | 109168 | (16924) |
| Dividend Growth Portfolio | 8606 | 7199 | 1407 | 57175 | 128666 | (71491) |
| Alger Fund |  |  |  |  |  |  |
| Large Cap Growth Portfolio | 165908 | 191936 | (26028) | 99397 | 137199 | (37802) |
| Mid Cap Growth Portfolio | 36764 | 54022 | (17258) | 86085 | 100890 | (14805) |
| Capital Appreciation Portfolio | 101232 | 129699 | (28467) | 27899 | 46025 | (18126) |
| Small Cap Growth Portfolio | 27415 | 37094 | (9679) | 12835 | 76270 | (63435) |
| Invesco Variable Insurance Funds |  |  |  |  |  |  |
| Diversified Dividend Fund | 30752 | 34521 | (3769) | 16723 | 23155 | (6432) |
| Health Care Fund | 18902 | 19259 | (357) | 17465 | 19610 | (2145) |
| International Equity Fund | 81902 | 93069 | (11167) | 56225 | 57098 | (873) |
| VanEck Worldwide Insurance Trust |  |  |  |  |  |  |
| Global Resources Fund | 475819 | 496693 | (20874) | 242261 | 236352 | 5909 |
| PIMCO Variable Insurance Trust |  |  |  |  |  |  |
| Total Return Portfolio | 532492 | 567500 | (35008) | 407293 | 374983 | 32310 |
| Low Duration Portfolio | 3101 | 6323 | (3222) | 1369 | 75255 | (73886) |
| High Yield Portfolio | 78375 | 80174 | (1799) | 10166 | 13546 | (3380) |
| Real Return Portfolio | 244409 | 246122 | (1713) | 15406 | 125218 | (109812) |
| Goldman Sachs Variable Insurance Trust |  |  |  |  |  |  |
| Small Cap Equity Insights Fund | 60682 | 68599 | (7917) | 33441 | 40731 | (7290) |
| Large Cap Value Fund | 68895 | 79960 | (11065) | 104565 | 109107 | (4542) |
| Neuberger Berman Advisors Management Trust |  |  |  |  |  |  |
| AMT Mid Cap Intrinsic Value Portfolio | 62843 | 60671 | 2172 | 38361 | 38982 | (621) |
| Profunds VP |  |  |  |  |  |  |
| Japan | 9294 | 6504 | 2790 | 11077 | 9531 | 1546 |
| Energy | 48272 | 100176 | (51904) | 40989 | 58482 | (17493) |
| Small-Cap Value | 18135 | 18304 | (169) | 7507 | 9404 | (1897) |
| Ultra Mid-Cap | 7620 | 15862 | (8242) | 11896 | 12116 | (220) |
| Vanguard Variable Insurance Funds |  |  |  |  |  |  |
| Balanced | 14451 | 22952 | (8501) | 8945 | 20370 | (11425) |
| Total Bond Market Index | 45844 | 49567 | (3723) | 53901 | 23025 | 30876 |
| High Yield Bond | 9586 | 13666 | (4080) | 6007 | 6317 | (310) |
| International | 231056 | 270604 | (39548) | 300319 | 318117 | (17798) |
| Mid-Cap Index | 51425 | 68980 | (17555) | 89568 | 105683 | (16115) |
| Real Estate Index | 35792 | 43794 | (8002) | 14791 | 14943 | (152) |
| Small Company Growth | 47062 | 47896 | (834) | 32071 | 40819 | (8748) |
| Short Term Investment Grade | 19286 | 30374 | (11088) | 43297 | 29483 | 13814 |
| Total Stock Market Index | 37599 | 31738 | 5861 | 16470 | 24273 | (7803) |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

**5. Financial Highlights**

The Company's variable life insurance products have unique combinations of features and fees that are charged against the contract owner's account balance. Differences in the fee structures result in a variety of unit values, expense ratios and total returns.

The following table illustrates the lowest and highest total return by portfolio currently offered by the Company. 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** | **December 31** | **December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| |<br>**Units** | **Unit Fair Value**<br>**Lowest to**<br>**Highest** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio\*** | **Expense Ratio**<br>**Lowest to**<br>**Highest\*\*** | **Total Return**<br>**Lowest to**<br>**Highest\*\*\*** |
| Net assets represented by |  |  |  |  |  |  |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |
| Fund I |  |  |  |  |  |  |
| Government Money Market Portfolio |  |  |  |  |  |  |
| 2025 | 694176 | $10.81 to 21.18 | $8755263 | 3.49% | 0.00% to 1.40% | 2.69% to 4.13% |
| 2024 | 1120017 | 10.52 to 20.57 | $13462831 | 4.24% | 0.00% to 1.40% | 3.64% to 5.10% |
| 2023 | 808434 | 10.15 to 19.79 | $9333314 | 4.70% | 0.00% to 1.40% | 3.44% to 4.89% |
| 2022 | 1170634 | 9.82 to 19.07 | $12858238 | 1.64% | 0.00% to 1.40% | 0.03% to 1.44% |
| 2021 | 766245 | 9.81 to 19.01 | $8405754 | 0.01% | 0.00% to 1.40% | -1.38% to 0.01% |
| High Income Portfolio |  |  |  |  |  |  |
| 2025 | 199451 | 22.35 to 64.97 | $5454836 | 6.45% | 0.00% to 1.40% | 8.83% to 10.36% |
| 2024 | 211404 | 20.27 to 59.52 | $5258471 | 6.01% | 0.00% to 1.40% | 7.45% to 8.97% |
| 2023 | 219270 | 18.62 to 55.23 | $5055699 | 5.60% | 0.00% to 1.40% | 8.95% to 10.48% |
| 2022 | 227300 | 16.87 to 50.54 | $4817040 | 4.76% | 0.00% to 1.40% | -12.60% to -11.37% |
| 2021 | 255851 | 19.06 to 57.66 | $6071181 | 5.22% | 0.00% to 1.40% | 2.96% to 4.41% |
| Equity-Income Portfolio |  |  |  |  |  |  |
| 2025 | 470412 | 38.89 to 219.38 | $29110381 | 1.81% | 0.00% to 1.40% | 17.37% to 19.02% |
| 2024 | 488866 | 32.76 to 186.36 | $25633386 | 1.81% | 0.00% to 1.40% | 13.74% to 15.35% |
| 2023 | 519609 | 28.47 to 163.36 | $23921178 | 1.86% | 0.00% to 1.40% | 9.11% to 10.65% |
| 2022 | 556214 | 25.79 to 149.27 | $23309133 | 1.84% | 0.00% to 1.40% | -6.28% to -4.96% |
| 2021 | 597491 | 27.21 to 158.79 | $26336178 | 1.93% | 0.00% to 1.40% | 23.16% to 24.89% |
| Growth Portfolio |  |  |  |  |  |  |
| 2025 | 1010582 | 69.63 to 450.34 | $96997682 | 0.29% | 0.00% to 1.40% | 13.30% to 14.90% |
| 2024 | 1071976 | 60.91 to 396.28 | $89906473 | 0.00% | 0.00% to 1.40% | 28.57% to 30.39% |
| 2023 | 1131613 | 46.95 to 307.30 | $73749376 | 0.13% | 0.00% to 1.40% | 34.35% to 36.24% |
| 2022 | 1180155 | 34.63 to 228.05 | $57200413 | 0.58% | 0.00% to 1.40% | -25.51% to -24.46% |
| 2021 | 1242006 | 46.07 to 305.21 | $80737029 | 0.00% | 0.00% to 1.40% | 21.50% to 23.21% |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31** | **December 31** | **December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| |<br>**Units** | **Unit Fair Value**<br>**Lowest to**<br>**Highest** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio\*** | **Expense Ratio**<br>**Lowest to**<br>**Highest\*\*** | **Total Return**<br>**Lowest to**<br>**Highest\*\*\*** |
| Overseas Portfolio |  |  |  |  |  |  |
| 2025 | 459908 | 20.26 to 75.00 | $13019850 | 1.68% | 0.00% to 1.40% | 18.72% to 20.39% |
| 2024 | 470390 | 16.87 to 62.98 | $11154621 | 1.66% | 0.00% to 1.40% | 3.58% to 5.05% |
| 2023 | 515616 | 16.10 to 60.62 | $11744062 | 1.33% | 0.00% to 1.40% | 18.84% to 20.51% |
| 2022 | 501867 | 13.39 to 50.86 | $9659674 | 0.93% | 0.00% to 1.40% | -25.53% to -24.48% |
| 2021 | 541413 | 17.78 to 68.10 | $13779578 | 0.47% | 0.00% to 1.40% | 18.04% to 19.70% |
| Mid Cap Portfolio |  |  |  |  |  |  |
| 2025 | 591681 | 42.05 to 90.26 | $28125631 | 0.42% | 0.00% to 1.40% | 10.20% to 11.75% |
| 2024 | 603428 | 37.72 to 81.18 | $25766340 | 0.53% | 0.00% to 1.40% | 15.85% to 17.49% |
| 2023 | 718317 | 32.19 to 69.44 | $25837441 | 0.59% | 0.00% to 1.40% | 13.48% to 15.08% |
| 2022 | 769338 | 28.04 to 60.64 | $24067114 | 0.46% | 0.00% to 1.40% | -15.93% to -14.74% |
| 2021 | 814028 | 32.97 to 71.49 | $29945021 | 0.62% | 0.00% to 1.40% | 23.86% to 25.60% |
| Freedom Income Portfolio |  |  |  |  |  |  |
| 2025 | 3684 | 16.61 to 20.17 | $70113 | 3.30% | 0.00% to 1.40% | 8.43% to 9.63% |
| 2024 | 3801 | 15.31 to 18.40 | $66061 | 3.77% | 0.00% to 1.40% | 3.30% to 4.45% |
| 2023 | 3162 | 14.83 to 17.61 | $52517 | 3.74% | 0.00% to 1.40% | 6.74% to 7.91% |
| 2022 | 6734 | 13.89 to 16.32 | $102572 | 2.26% | 0.00% to 1.40% | -13.01% to -12.05% |
| 2021 | 8150 | 15.97 to 18.56 | $141056 | 0.97% | 0.00% to 1.40% | 2.22% to 3.35% |
| Freedom 2010 Portfolio |  |  |  |  |  |  |
| 2025 | 1 | 24.13 to 24.13 | $28 | 5.73% | 0.00% to 1.40% | 10.42% to 10.42% |
| 2024 |  | 21.85 to 21.85 | $0 | 1.30% | 0.00% to 1.40% | 5.27% to 5.27% |
| 2023 | 706 | 20.76 to 20.76 | $14658 | 4.18% | 0.00% to 1.40% | 9.37% to 9.37% |
| 2022 | 551 | 15.72 to 18.98 | $10457 | 1.88% | 0.00% to 1.40% | -14.47% to -13.61% |
| 2021 | 1968 | 18.43 to 21.97 | $39245 | 0.33% | 0.00% to 1.40% | 4.73% to 5.79% |
| Freedom 2015 Portfolio |  |  |  |  |  |  |
| 2025 | 10655 | 21.91 to 26.61 | $282657 | 3.06% | 0.00% to 1.40% | 11.31% to 11.87% |
| 2024 | 11203 | 21.89 to 23.79 | $266064 | 2.94% | 0.00% to 1.40% | 5.99% to 6.52% |
| 2023 | 16426 | 20.65 to 22.33 | $366581 | 3.60% | 0.00% to 1.40% | 10.40% to 10.95% |
| 2022 | 17955 | 18.71 to 20.13 | $361441 | 2.06% | 0.00% to 1.40% | -15.02% to -14.68% |
| 2021 | 19462 | 22.02 to 23.60 | $459090 | 1.24% | 0.00% to 1.40% | 7.16% to 7.59% |
| Freedom 2020 Portfolio |  |  |  |  |  |  |
| 2025 | 17872 | 23.29 to 29.24 | $508458 | 2.82% | 0.00% to 1.40% | 12.09% to 13.33% |
| 2024 | 17930 | 20.78 to 25.83 | $450907 | 2.97% | 0.00% to 1.40% | 6.53% to 7.71% |
| 2023 | 17929 | 19.51 to 24.00 | $419168 | 3.21% | 0.00% to 1.40% | 11.17% to 12.40% |
| 2022 | 18324 | 17.54 to 21.38 | $381316 | 2.00% | 0.00% to 1.40% | -16.61% to -15.69% |
| 2021 | 18426 | 21.04 to 25.38 | $455455 | 1.08% | 0.00% to 1.40% | 8.27% to 9.47% |
| Freedom 2025 Portfolio |  |  |  |  |  |  |
| 2025 | 17557 | 24.40 to 32.54 | $500245 | 2.43% | 0.00% to 1.40% | 13.00% to 14.59% |
| 2024 | 21148 | 21.60 to 28.43 | $530448 | 3.00% | 0.00% to 1.40% | 6.95% to 8.47% |
| 2023 | 11557 | 21.13 to 26.23 | $290922 | 3.20% | 0.00% to 1.40% | 12.38% to 13.62% |
| 2022 | 13558 | 18.02 to 23.11 | $287785 | 1.59% | 0.00% to 1.40% | -17.34% to -16.43% |
| 2021 | 48057 | 21.87 to 27.68 | $1263234 | 1.50% | 0.00% to 1.40% | 9.62% to 10.83% |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31** | **December 31** | **December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| |<br>**Units** | **Unit Fair Value**<br>**Lowest to**<br>**Highest** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio\*** | **Expense Ratio**<br>**Lowest to**<br>**Highest\*\*** | **Total Return**<br>**Lowest to**<br>**Highest\*\*\*** |
| Freedom 2030 Portfolio | | | | | | |
| 2025 | 28582 | 27.04 to 35.63 | $929204 | 2.32% | 0.00% to 1.40% | 14.26% to 15.52% |
| 2024 | 32272 | 23.66 to 30.88 | $904991 | 2.32% | 0.00% to 1.40% | 8.21% to 9.41% |
| 2023 | 33237 | 21.87 to 28.25 | $858640 | 2.45% | 0.00% to 1.40% | 13.45% to 14.70% |
| 2022 | 40569 | 18.48 to 24.65 | $901599 | 1.50% | 0.00% to 1.40% | -17.78% to -16.87% |
| 2021 | 100914 | 22.54 to 29.69 | $2768106 | 1.44% | 0.00% to 1.40% | 11.14% to 12.37% |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |
| Fund II |  |  |  |  |  |  |
| Asset Manager 50% Portfolio |  |  |  |  |  |  |
| 2025 | 100053 | 27.26 to 87.50 | $4225675 | 2.49% | 0.00% to 1.40% | 13.39% to 14.98% |
| 2024 | 106639 | 23.77 to 76.94 | $3954307 | 2.43% | 0.00% to 1.40% | 6.98% to 8.50% |
| 2023 | 112809 | 21.96 to 71.70 | $3961706 | 2.32% | 0.00% to 1.40% | 11.38% to 12.94% |
| 2022 | 119537 | 19.49 to 64.18 | $3740131 | 1.93% | 0.00% to 1.40% | -16.12% to -14.94% |
| 2021 | 130483 | 22.91 to 76.29 | $4805391 | 1.60% | 0.00% to 1.40% | 8.39% to 9.92% |
| Investment Grade Bond Portfolio |  |  |  |  |  |  |
| 2025 | 400709 | 15.46 to 38.49 | $7170456 | 3.56% | 0.00% to 1.40% | 5.73% to 7.22% |
| 2024 | 423881 | 14.43 to 36.29 | $7079618 | 3.11% | 0.00% to 1.40% | 0.37% to 1.79% |
| 2023 | 536993 | 14.19 to 36.05 | $8797166 | 2.54% | 0.00% to 1.40% | 4.73% to 6.20% |
| 2022 | 561315 | 13.38 to 34.32 | $8689179 | 2.15% | 0.00% to 1.40% | -14.17% to -12.96% |
| 2021 | 604633 | 15.38 to 39.86 | $10813805 | 2.16% | 0.00% to 1.40% | -1.99% to -0.61% |
| Index 500 Portfolio |  |  |  |  |  |  |
| 2025 | 1635562 | 62.16 to 192.49 | $114808748 | 1.13% | 0.00% to 1.40% | 16.14% to 17.78% |
| 2024 | 1757348 | 52.91 to 165.24 | $104979831 | 1.31% | 0.00% to 1.40% | 23.15% to 24.90% |
| 2023 | 1848179 | 42.47 to 133.77 | $88957051 | 1.47% | 0.00% to 1.40% | 24.44% to 26.19% |
| 2022 | 1963530 | 33.74 to 107.17 | $75447163 | 1.38% | 0.00% to 1.40% | -19.35% to -18.21% |
| 2021 | 2065527 | 41.35 to 132.49 | $97504480 | 1.26% | 0.00% to 1.40% | 26.79% to 28.58% |
| Contrafund Portfolio |  |  |  |  |  |  |
| 2025 | 1310030 | 64.01 to 233.00 | $110826946 | 0.14% | 0.00% to 1.40% | 19.79% to 21.48% |
| 2024 | 1369796 | 52.83 to 193.92 | $95928371 | 0.19% | 0.00% to 1.40% | 31.92% to 33.79% |
| 2023 | 1499488 | 39.58 to 146.55 | $78154461 | 0.50% | 0.00% to 1.40% | 31.60% to 33.45% |
| 2022 | 1582666 | 29.73 to 111.03 | $62154926 | 0.47% | 0.00% to 1.40% | -27.34% to -26.31% |
| 2021 | 1666184 | 40.45 to 152.34 | $89015042 | 0.06% | 0.00% to 1.40% | 26.06% to 27.83% |
| Asset Manager 70% Portfolio |  |  |  |  |  |  |
| 2025 | 94838 | 31.68 to 64.68 | $3612589 | 1.82% | 0.00% to 1.40% | 16.95% to 18.24% |
| 2024 | 100853 | 26.85 to 55.31 | $3263310 | 1.79% | 0.00% to 1.40% | 9.59% to 10.81% |
| 2023 | 107234 | 24.24 to 50.47 | $3138089 | 1.79% | 0.00% to 1.40% | 15.10% to 16.37% |
| 2022 | 113281 | 20.83 to 43.85 | $2875257 | 1.72% | 0.00% to 1.40% | -18.03% to -16.88% |
| 2021 | 120227 | 25.06 to 53.33 | $3673486 | 1.44% | 0.00% to 1.40% | 12.38% to 13.96% |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31** | **December 31** | **December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| |<br>**Units** | **Unit Fair Value**<br>**Lowest to**<br>**Highest** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio\*** | **Expense Ratio**<br>**Lowest to**<br>**Highest\*\*** | **Total Return**<br>**Lowest to**<br>**Highest\*\*\*** |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |
| Fund III |  |  |  |  |  |  |
| Balanced Portfolio |  |  |  |  |  |  |
| 2025 | 188533 | 43.70 to 65.07 | $8910457 | 1.72% | 0.00% to 1.40% | 13.60% to 15.20% |
| 2024 | 196445 | 38.03 to 58.61 | $8105229 | 1.84% | 0.00% to 1.40% | 14.30% to 15.92% |
| 2023 | 209423 | 32.89 to 51.02 | $7443765 | 1.73% | 0.00% to 1.40% | 19.84% to 21.53% |
| 2022 | 214916 | 27.13 to 42.36 | $6334121 | 1.23% | 0.00% to 1.40% | -19.08% to -17.94% |
| 2021 | 218257 | 33.15 to 52.09 | $7888436 | 0.96% | 0.00% to 1.40% | 16.62% to 18.26% |
| Growth & Income Portfolio |  |  |  |  |  |  |
| 2025 | 275965 | 52.03 to 91.29 | $16883663 | 1.55% | 0.00% to 1.40% | 19.81% to 21.50% |
| 2024 | 291285 | 42.93 to 76.99 | $14721722 | 1.49% | 0.00% to 1.40% | 20.51% to 22.21% |
| 2023 | 312456 | 35.22 to 63.57 | $12957056 | 1.66% | 0.00% to 1.40% | 17.07% to 18.72% |
| 2022 | 326897 | 29.74 to 54.03 | $11475789 | 1.59% | 0.00% to 1.40% | -6.27% to -4.95% |
| 2021 | 346276 | 31.37 to 57.35 | $12918496 | 2.50% | 0.00% to 1.40% | 24.20% to 25.95% |
| Growth Opportunities Portfolio |  |  |  |  |  |  |
| 2025 | 351188 | 95.84 to 134.08 | $36020779 | 0.00% | 0.00% to 1.40% | 20.25% to 21.95% |
| 2024 | 366312 | 78.98 to 110.06 | $30870716 | 0.00% | 0.00% to 1.40% | 36.95% to 38.89% |
| 2023 | 387819 | 57.16 to 79.32 | $23654801 | 0.00% | 0.00% to 1.40% | 43.63% to 45.65% |
| 2022 | 405099 | 39.44 to 54.52 | $16978467 | 0.00% | 0.00% to 1.40% | -39.01% to -38.15% |
| 2021 | 432673 | 64.08 to 88.23 | $29510303 | 0.00% | 0.00% to 1.40% | 10.39% to 11.94% |
| Lincoln VIP American Century Funds |  |  |  |  |  |  |
| Balanced Fund |  |  |  |  |  |  |
| 2025 | 82507 | 31.59 to 47.26 | $2760472 | 1.84% | 0.00% to 1.40% | 8.09% to 9.51% |
| 2024 | 86548 | 28.89 to 44.94 | $2652221 | 2.06% | 0.00% to 1.40% | 10.50% to 11.95% |
| 2023 | 95469 | 25.84 to 40.47 | $2615555 | 1.92% | 0.00% to 1.40% | 14.79% to 16.29% |
| 2022 | 97416 | 22.25 to 35.08 | $2311826 | 1.15% | 0.00% to 1.40% | -18.41% to -17.35% |
| 2021 | 101520 | 26.97 to 42.78 | $2927492 | 0.73% | 0.00% to 1.40% | 14.16% to 15.65% |
| Capital Appreciation Fund |  |  |  |  |  |  |
| 2025 | 214634 | 44.03 to 100.77 | $11179562 | 0.00% | 0.00% to 1.40% | 5.23% to 6.72% |
| 2024 | 231520 | 41.36 to 95.47 | $11304816 | 0.00% | 0.00% to 1.40% | 23.23% to 24.98% |
| 2023 | 247168 | 33.18 to 77.24 | $9666430 | 0.00% | 0.00% to 1.40% | 19.02% to 20.69% |
| 2022 | 263928 | 27.56 to 64.70 | $8598132 | 0.00% | 0.00% to 1.40% | -29.11% to -28.11% |
| 2021 | 281123 | 38.43 to 91.00 | $12723159 | 0.00% | 0.00% to 1.40% | 9.61% to 11.16% |
| International Fund |  |  |  |  |  |  |
| 2025 | 583379 | 18.26 to 33.99 | $13115425 | 1.23% | 0.00% to 1.40% | 14.37% to 15.98% |
| 2024 | 618754 | 15.78 to 29.72 | $11961925 | 1.67% | 0.00% to 1.40% | 1.17% to 2.61% |
| 2023 | 642344 | 15.42 to 29.23 | $12082621 | 1.42% | 0.00% to 1.40% | 11.01% to 12.57% |
| 2022 | 685132 | 13.73 to 26.22 | $11500573 | 1.28% | 0.00% to 1.40% | -25.80% to -24.75% |
| 2021 | 669730 | 18.30 to 35.24 | $15030782 | 0.16% | 0.00% to 1.40% | 7.24% to 8.75% |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31** | **December 31** | **December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| |<br>**Units** | **Unit Fair Value**<br>**Lowest to**<br>**Highest** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio\*** | **Expense Ratio**<br>**Lowest to**<br>**Highest\*\*** | **Total Return**<br>**Lowest to**<br>**Highest\*\*\*** |
| Value Fund | | | | | | |
| 2025 | 739462 | 41.10 to 83.11 | $34680803 | 1.57% | 0.00% to 1.40% | 14.41% to 16.02% |
| 2024 | 722589 | 35.52 to 73.21 | $29384177 | 2.98% | 0.00% to 1.40% | 7.95% to 9.48% |
| 2023 | 754507 | 32.52 to 67.48 | $28128569 | 2.31% | 0.00% to 1.40% | 7.59% to 9.10% |
| 2022 | 802379 | 29.88 to 62.41 | $27519186 | 2.08% | 0.00% to 1.40% | -0.85% to 0.54% |
| 2021 | 916265 | 29.80 to 62.64 | $31213232 | 1.84% | 0.00% to 1.40% | 22.78% to 24.51% |
| Disciplined Core Value Fund | | | | | | |
| 2025 | 75784 | 38.56 to 49.97 | $3199499 | 1.65% | 0.00% to 1.40% | 13.60% to 14.74% |
| 2024 | 79617 | 33.66 to 46.45 | $2940978 | 1.34% | 0.00% to 1.40% | 11.51% to 12.98% |
| 2023 | 86141 | 29.83 to 41.45 | $2831481 | 1.49% | 0.00% to 1.40% | 7.15% to 8.54% |
| 2022 | 87902 | 27.53 to 38.49 | $2668312 | 1.72% | 0.00% to 1.40% | -13.95% to -12.82% |
| 2021 | 89726 | 31.62 to 44.51 | $3142744 | 1.11% | 0.00% to 1.40% | 21.93% to 23.53% |
| MFS Variable Insurance Trust |  |  |  |  |  |  |
| Growth Series |  |  |  |  |  |  |
| 2025 | 480783 | 51.88 to 103.11 | $32786010 | 0.00% | 0.00% to 1.40% | 10.64% to 12.19% |
| 2024 | 514908 | 46.47 to 92.73 | $31329198 | 0.00% | 0.00% to 1.40% | 29.63% to 31.47% |
| 2023 | 553184 | 35.52 to 71.18 | $25819002 | 0.00% | 0.00% to 1.40% | 33.98% to 48.64% |
| 2022 | 591005 | 26.28 to 52.86 | $20426688 | 0.00% | 0.00% to 1.40% | -37.64% to -31.63% |
| 2021 | 617743 | 38.63 to 78.02 | $31496968 | 0.00% | 0.00% to 1.40% | 21.82% to 23.53% |
| Investors Trust Series |  |  |  |  |  |  |
| 2025 | 41074 | 49.97 to 61.23 | $2178236 | 1.60% | 0.00% to 1.40% | 12.33% to 13.46% |
| 2024 | 44346 | 44.11 to 54.40 | $2081504 | 0.71% | 0.00% to 1.40% | 18.21% to 19.40% |
| 2023 | 48926 | 37.00 to 45.93 | $1927727 | 0.71% | 0.00% to 1.40% | 17.68% to 18.86% |
| 2022 | 52421 | 31.18 to 38.95 | $1741017 | 0.64% | 0.00% to 1.40% | -17.40% to -16.57% |
| 2021 | 56150 | 37.42 to 47.06 | $2244893 | 0.67% | 0.00% to 1.40% | 25.43% to 26.69% |
| New Discovery Series |  |  |  |  |  |  |
| 2025 | 208760 | 40.27 to 102.13 | $9876639 | 0.00% | 0.00% to 1.40% | 11.39% to 12.96% |
| 2024 | 224603 | 35.69 to 91.23 | $9421632 | 0.00% | 0.00% to 1.40% | 5.23% to 6.72% |
| 2023 | 238116 | 33.47 to 86.26 | $9421908 | 0.00% | 0.00% to 1.40% | 12.83% to 14.41% |
| 2022 | 245925 | 29.29 to 76.07 | $8536497 | 0.00% | 0.00% to 1.40% | -30.73% to -29.76% |
| 2021 | 249954 | 41.73 to 109.28 | $12455302 | 0.00% | 0.00% to 1.40% | 0.38% to 1.80% |
| Research Series |  |  |  |  |  |  |
| 2025 | 132776 | 53.63 to 70.83 | $7375531 | 0.94% | 0.00% to 1.40% | 11.62% to 12.85% |
| 2024 | 138948 | 47.65 to 63.33 | $6859030 | 0.61% | 0.00% to 1.40% | 17.21% to 18.87% |
| 2023 | 145888 | 40.18 to 53.76 | $6078831 | 0.51% | 0.00% to 1.40% | 20.72% to 22.42% |
| 2022 | 150681 | 32.91 to 44.31 | $5171367 | 0.44% | 0.00% to 1.40% | -18.36% to -17.21% |
| 2021 | 167102 | 39.85 to 54.01 | $6991105 | 0.55% | 0.00% to 1.40% | 23.07% to 24.80% |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31** | **December 31** | **December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| |<br>**Units** | **Unit Fair Value**<br>**Lowest to**<br>**Highest** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio\*** | **Expense Ratio**<br>**Lowest to**<br>**Highest\*\*** | **Total Return**<br>**Lowest to**<br>**Highest\*\*\*** |
| Total Return Series | | | | | | |
| 2025 | 19299 | 24.40 to 31.31 | $584138 | 2.68% | 0.00% to 1.40% | 9.95% to 11.16% |
| 2024 | 19272 | 22.19 to 28.16 | $525545 | 2.68% | 0.00% to 1.40% | 6.57% to 7.75% |
| 2023 | 19343 | 20.83 to 26.16 | $490220 | 2.03% | 0.00% to 1.40% | 9.24% to 10.44% |
| 2022 | 20693 | 19.06 to 23.71 | $471195 | 1.38% | 0.00% to 1.40% | -10.57% to -9.58% |
| 2021 | 28800 | 21.32 to 26.25 | $734197 | 1.89% | 0.00% to 1.40% | 12.87% to 14.12% |
| Utilities Series | | | | | | |
| 2025 | 161390 | 26.94 to 38.11 | $5528518 | 2.82% | 0.00% to 1.40% | 13.41% to 15.01% |
| 2024 | 169970 | 23.75 to 33.17 | $5071231 | 2.34% | 0.00% to 1.40% | 10.10% to 11.66% |
| 2023 | 177876 | 21.57 to 29.73 | $4768236 | 3.41% | 0.00% to 1.40% | -3.47% to -2.11% |
| 2022 | 191193 | 22.35 to 30.40 | $5256522 | 2.42% | 0.00% to 1.40% | -0.64% to 0.76% |
| 2021 | 185232 | 22.49 to 30.21 | $5079616 | 1.67% | 0.00% to 1.40% | 12.51% to 14.09% |
| Lord Abbett Series Fund, Inc. |  |  |  |  |  |  |
| Growth and Income Portfolio |  |  |  |  |  |  |
| 2025 | 324705 | 36.24 to 65.48 | $13785277 | 0.57% | 0.00% to 1.40% | 15.66% to 17.29% |
| 2024 | 341299 | 30.97 to 56.34 | $12397357 | 0.84% | 0.00% to 1.40% | 18.92% to 20.60% |
| 2023 | 411962 | 25.75 to 47.14 | $12217871 | 0.92% | 0.00% to 1.40% | 11.62% to 13.19% |
| 2022 | 444459 | 22.80 to 42.02 | $11704244 | 1.25% | 0.00% to 1.40% | -10.70% to -9.44% |
| 2021 | 466011 | 25.24 to 46.82 | $13593783 | 1.08% | 0.00% to 1.40% | 27.23% to 29.02% |
| Mid-Cap Stock Portfolio |  |  |  |  |  |  |
| 2025 | 429414 | 30.42 to 78.67 | $15693356 | 0.32% | 0.00% to 1.40% | 5.56% to 7.05% |
| 2024 | 443563 | 28.48 to 73.86 | $15207193 | 0.48% | 0.00% to 1.40% | 13.29% to 14.90% |
| 2023 | 460487 | 24.85 to 64.60 | $13829335 | 0.46% | 0.00% to 1.40% | 13.82% to 15.42% |
| 2022 | 481164 | 21.59 to 56.25 | $12583361 | 0.77% | 0.00% to 1.40% | -12.45% to -11.21% |
| 2021 | 514369 | 24.37 to 63.67 | $15174124 | 0.60% | 0.00% to 1.40% | 26.91% to 28.70% |
| Dividend Growth Portfolio |  |  |  |  |  |  |
| 2025 | 34322 | 41.17 to 57.79 | $1853744 | 0.61% | 0.00% to 1.40% | 14.37% to 15.98% |
| 2024 | 32915 | 35.99 to 49.83 | $1531087 | 0.30% | 0.00% to 1.40% | 20.43% to 22.14% |
| 2023 | 104406 | 29.89 to 40.80 | $4023398 | 0.40% | 0.00% to 1.40% | 14.72% to 16.33% |
| 2022 | 33141 | 26.05 to 35.07 | $1091250 | 0.55% | 0.00% to 1.40% | -14.75% to -13.55% |
| 2021 | 86864 | 30.56 to 40.57 | $3326462 | 1.00% | 0.00% to 1.40% | 23.87% to 25.62% |
| Alger Fund |  |  |  |  |  |  |
| Large Cap Growth Portfolio |  |  |  |  |  |  |
| 2025 | 342174 | 54.57 to 82.06 | $26380944 | 0.00% | 0.00% to 1.40% | 28.46% to 30.27% |
| 2024 | 368202 | 42.27 to 63.05 | $21804151 | 0.00% | 0.00% to 1.40% | 40.89% to 42.89% |
| 2023 | 406004 | 29.85 to 44.17 | $16850393 | 0.00% | 0.00% to 1.40% | 30.83% to 32.67% |
| 2022 | 416259 | 22.70 to 33.53 | $13038441 | 0.00% | 0.00% to 1.40% | -39.51% to -38.65% |
| 2021 | 412677 | 37.34 to 55.43 | $21038305 | 0.00% | 0.00% to 1.40% | 10.29% to 11.84% |
| Mid Cap Growth Portfolio |  |  |  |  |  |  |
| 2025 | 244652 | 34.54 to 50.00 | $10733891 | 0.00% | 0.00% to 1.40% | 15.14% to 16.76% |
| 2024 | 261910 | 29.65 to 42.86 | $9848253 | 0.00% | 0.00% to 1.40% | 19.38% to 21.07% |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31** | **December 31** | **December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| |<br>**Units** | **Unit Fair Value**<br>**Lowest to**<br>**Highest** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio\*** | **Expense Ratio**<br>**Lowest to**<br>**Highest\*\*** | **Total Return**<br>**Lowest to**<br>**Highest\*\*\*** |
| 2023 | 276715 | 24.55 to 35.44 | $8607664 | 0.00% | 0.00% to 1.40% | 21.47% to 23.17% |
| 2022 | 293949 | 19.98 to 28.80 | $7411372 | 0.00% | 0.00% to 1.40% | -36.96% to -36.07% |
| 2021 | 334421 | 31.34 to 45.42 | $13052006 | 0.00% | 0.00% to 1.40% | 2.75% to 4.20% |
| Capital Appreciation Portfolio | | | | | | |
| 2025 | 354559 | 85.70 to 141.42 | $36570645 | 0.00% | 0.00% to 1.40% | 31.02% to 32.87% |
| 2024 | 383026 | 65.08 to 107.94 | $29784452 | 0.00% | 0.00% to 1.40% | 46.06% to 48.13% |
| 2023 | 401152 | 44.33 to 73.90 | $21100141 | 0.00% | 0.00% to 1.40% | 41.15% to 43.13% |
| 2022 | 423971 | 31.25 to 52.35 | $15597775 | 0.00% | 0.00% to 1.40% | -37.40% to -36.52% |
| 2021 | 447793 | 49.68 to 83.64 | $25903632 | 0.00% | 0.00% to 1.40% | 17.47% to 19.13% |
| SmallCap Growth Portfolio | | | | | | |
| 2025 | 172072 | 29.07 to 43.81 | $5892451 | 0.00% | 0.00% to 1.40% | 4.44% to 5.81% |
| 2024 | 181751 | 27.70 to 41.95 | $5889389 | 0.34% | 0.00% to 1.40% | 6.62% to 8.02% |
| 2023 | 245186 | 25.85 to 39.34 | $7201873 | 0.00% | 0.00% to 1.40% | 14.88% to 16.37% |
| 2022 | 262472 | 22.39 to 34.25 | $6618550 | 0.00% | 0.00% to 1.40% | -38.88% to -38.08% |
| 2021 | 270953 | 36.44 to 56.03 | $11029957 | 0.00% | 0.00% to 1.40% | -7.37% to -6.15% |
| Invesco Variable Insurance Funds |  |  |  |  |  |  |
| Diversified Dividend Fund |  |  |  |  |  |  |
| 2025 | 57880 | 18.55 to 40.04 | $1874333 | 1.59% | 0.00% to 1.40% | 14.13% to 15.74% |
| 2024 | 61649 | 16.26 to 34.63 | $1707233 | 1.85% | 0.00% to 1.40% | 11.63% to 13.22% |
| 2023 | 68081 | 14.56 to 30.61 | $1670422 | 1.90% | 0.00% to 1.40% | 7.53% to 9.04% |
| 2022 | 82513 | 13.54 to 28.10 | $1848401 | 1.91% | 0.00% to 1.40% | -3.04% to -1.68% |
| 2021 | 80285 | 13.97 to 28.61 | $1808409 | 2.10% | 0.00% to 1.40% | 17.24% to 18.89% |
| Health Care Fund |  |  |  |  |  |  |
| 2025 | 54422 | 27.26 to 50.44 | $2163629 | 0.00% | 0.00% to 1.40% | 13.72% to 15.33% |
| 2024 | 54779 | 23.70 to 43.96 | $1896391 | 0.00% | 0.00% to 1.40% | 2.71% to 4.17% |
| 2023 | 56924 | 22.81 to 42.41 | $1905143 | 0.00% | 0.00% to 1.40% | 1.59% to 3.02% |
| 2022 | 61106 | 22.19 to 41.38 | $2008499 | 0.00% | 0.00% to 1.40% | -14.52% to -13.32% |
| 2021 | 63146 | 25.67 to 47.97 | $2399571 | 0.20% | 0.00% to 1.40% | 10.74% to 12.30% |
| International Equity Fund |  |  |  |  |  |  |
| 2025 | 314585 | 16.35 to 24.74 | $7168659 | 1.47% | 0.00% to 1.40% | 14.88% to 16.50% |
| 2024 | 325752 | 14.24 to 21.26 | $6365083 | 1.83% | 0.00% to 1.40% | -0.79% to 0.62% |
| 2023 | 326625 | 14.35 to 21.15 | $6340156 | 0.20% | 0.00% to 1.40% | 16.51% to 18.15% |
| 2022 | 354858 | 12.32 to 17.92 | $5842085 | 1.60% | 0.00% to 1.40% | -19.44% to -18.31% |
| 2021 | 357618 | 15.29 to 21.96 | $7215931 | 1.30% | 0.00% to 1.40% | 4.42% to 5.89% |
| VanEck Worldwide Insurance Trust |  |  |  |  |  |  |
| Global Resources Fund |  |  |  |  |  |  |
| 2025 | 1025786 | 10.38 to 47.34 | $12733667 | 2.48% | 0.00% to 1.40% | 34.59% to 36.48% |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31** | **December 31** | **December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| |<br>**Units** | **Unit Fair Value**<br>**Lowest to**<br>**Highest** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio\*** | **Expense Ratio**<br>**Lowest to**<br>**Highest\*\*** | **Total Return**<br>**Lowest to**<br>**Highest\*\*\*** |
| 2024 | 1046660 | 7.61 to 34.86 | $9539799 | 2.65% | 0.00% to 1.40% | -4.19% to -2.83% |
| 2023 | 1040751 | 7.83 to 36.05 | $9823663 | 2.72% | 0.00% to 1.40% | -4.92% to -3.58% |
| 2022 | 1069935 | 8.12 to 37.58 | $10540772 | 1.74% | 0.00% to 1.40% | 6.89% to 8.39% |
| 2021 | 1168478 | 7.49 to 34.84 | $10635402 | 0.45% | 0.00% to 1.40% | 17.27% to 18.92% |
| PIMCO Variable Insurance Trust |  |  |  |  |  |  |
| Total Return Portfolio |  |  |  |  |  |  |
| 2025 | 1404593 | 15.12 to 21.02 | $23258537 | 4.20% | 0.00% to 1.40% | 7.38% to 8.89% |
| 2024 | 1439601 | 13.90 to 19.40 | $21896281 | 4.05% | 0.00% to 1.40% | 1.10% to 2.53% |
| 2023 | 1407291 | 13.57 to 19.01 | $20927351 | 3.46% | 0.00% to 1.40% | 4.46% to 5.93% |
| 2022 | 1493642 | 12.82 to 18.04 | $20990791 | 2.53% | 0.00% to 1.40% | -15.49% to -14.30% |
| 2021 | 1513757 | 14.98 to 21.15 | $24886779 | 1.81% | 0.00% to 1.40% | -2.64% to -1.27% |
| Low Duration Portfolio |  |  |  |  |  |  |
| 2025 | 28176 | 12.99 to 15.83 | $387451 | 3.99% | 0.00% to 1.40% | 4.06% to 5.42% |
| 2024 | 31398 | 12.39 to 15.08 | $408146 | 1.88% | 0.00% to 1.40% | 3.04% to 4.39% |
| 2023 | 105284 | 11.87 to 14.50 | $1382156 | 3.57% | 0.00% to 1.40% | 3.52% to 4.87% |
| 2022 | 106603 | 11.32 to 13.88 | $1335215 | 1.62% | 0.00% to 1.40% | -7.05% to -5.83% |
| 2021 | 116125 | 12.02 to 14.80 | $1546433 | 0.52% | 0.00% to 1.40% | -2.31% to -1.03% |
| High Yield Portfolio |  |  |  |  |  |  |
| 2025 | 93212 | 23.00 to 33.86 | $2267539 | 6.23% | 0.00% to 1.40% | 7.44% to 8.96% |
| 2024 | 95011 | 21.13 to 31.23 | $2127488 | 5.88% | 0.00% to 1.40% | 5.39% to 6.89% |
| 2023 | 98391 | 19.79 to 29.37 | $2057599 | 5.57% | 0.00% to 1.40% | 10.66% to 12.22% |
| 2022 | 102947 | 17.65 to 26.30 | $1923399 | 4.59% | 0.00% to 1.40% | -11.53% to -10.28% |
| 2021 | 123067 | 19.70 to 29.46 | $2555114 | 3.90% | 0.00% to 1.40% | 2.19% to 3.63% |
| Real Return Portfolio |  |  |  |  |  |  |
| 2025 | 105048 | 15.52 to 21.12 | $1721220 | 3.67% | 0.00% to 1.40% | 6.35% to 7.85% |
| 2024 | 106761 | 14.41 to 19.68 | $1624954 | 1.72% | 0.00% to 1.40% | 0.70% to 2.13% |
| 2023 | 216573 | 14.12 to 19.37 | $3313390 | 3.01% | 0.00% to 1.40% | 2.23% to 3.67% |
| 2022 | 224040 | 13.64 to 18.78 | $3311453 | 6.78% | 0.00% to 1.40% | -13.13% to -11.90% |
| 2021 | 241840 | 15.49 to 21.42 | $4051736 | 4.86% | 0.00% to 1.40% | 4.12% to 5.59% |
| Goldman Sachs Variable Insurance Trust |  |  |  |  |  |  |
| Small Cap Equity Insights Fund |  |  |  |  |  |  |
| 2025 | 140018 | 31.41 to 52.00 | $6633332 | 0.73% | 0.00% to 1.40% | 14.53% to 16.14% |
| 2024 | 147935 | 27.43 to 44.77 | $6047361 | 1.01% | 0.00% to 1.40% | 17.39% to 19.05% |
| 2023 | 155225 | 23.37 to 37.61 | $5332678 | 1.00% | 0.00% to 1.40% | 17.62% to 19.28% |
| 2022 | 160651 | 19.87 to 31.53 | $4627819 | 0.29% | 0.00% to 1.40% | -20.50% to -19.38% |
| 2021 | 168101 | 24.99 to 39.11 | $6006725 | 0.49% | 0.00% to 1.40% | 22.07% to 23.79% |
| Large Cap Value Fund |  |  |  |  |  |  |
| 2025 | 159490 | 24.68 to 40.54 | $5866833 | 1.23% | 0.00% to 1.40% | 9.34% to 10.88% |
| 2024 | 170555 | 22.58 to 36.60 | $5666888 | 1.49% | 0.00% to 1.40% | 15.46% to 17.10% |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31** | **December 31** | **December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| |<br>**Units** | **Unit Fair Value**<br>**Lowest to**<br>**Highest** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio\*** | **Expense Ratio**<br>**Lowest to**<br>**Highest\*\*** | **Total Return**<br>**Lowest to**<br>**Highest\*\*\*** |
| 2023 | 175097 | 19.55 to 31.29 | $4954412 | 1.69% | 0.00% to 1.40% | 11.45% to 13.01% |
| 2022 | 193238 | 17.54 to 27.71 | $4833989 | 1.26% | 0.00% to 1.40% | -7.67% to -6.37% |
| 2021 | 217832 | 19.00 to 29.63 | $5836214 | 1.20% | 0.00% to 1.40% | 22.41% to 24.13% |
| Neuberger Berman Advisors Management Trust |  |  |  |  |  |  |
| AMT Mid Cap Intrinsic Value Portfolio |  |  |  |  |  |  |
| 2025 | 86329 | 26.02 to 34.78 | $2928168 | 0.43% | 0.00% to 1.40% | 10.01% to 11.56% |
| 2024 | 84157 | 23.65 to 31.21 | $2558551 | 0.90% | 0.00% to 1.40% | 7.30% to 8.82% |
| 2023 | 84778 | 22.04 to 28.71 | $2370582 | 1.01% | 0.00% to 1.40% | 9.46% to 11.00% |
| 2022 | 93392 | 20.14 to 25.89 | $2356155 | 0.56% | 0.00% to 1.40% | -11.01% to -9.75% |
| 2021 | 107865 | 22.63 to 28.71 | $3010405 | 0.67% | 0.00% to 1.40% | 30.95% to 32.80% |
| Profunds VP |  |  |  |  |  |  |
| Japan |  |  |  |  |  |  |
| 2025 | 36107 | 19.98 to 42.25 | $1061520 | 3.83% | 0.00% to 1.40% | 29.26% to 30.69% |
| 2024 | 33317 | 15.46 to 32.36 | $726940 | 2.57% | 0.00% to 1.40% | 20.87% to 22.22% |
| 2023 | 31771 | 12.79 to 26.50 | $569568 | 0.00% | 0.00% to 1.40% | 33.04% to 34.51% |
| 2022 | 9813 | 9.93 to 19.72 | $141913 | 0.00% | 0.00% to 1.40% | -10.73% to -9.92% |
| 2021 | 8636 | 11.12 to 21.92 | $139218 | 0.00% | 0.00% to 1.40% | 2.96% to 3.89% |
| Energy |  |  |  |  |  |  |
| 2025 | 198292 | 10.89 to 17.35 | $2632616 | 2.36% | 0.00% to 1.40% | 4.39% to 5.86% |
| 2024 | 250196 | 10.29 to 16.41 | $3053057 | 2.27% | 0.00% to 1.40% | 2.32% to 3.77% |
| 2023 | 267689 | 9.92 to 15.83 | $3196672 | 2.12% | 0.00% to 1.40% | -3.85% to -2.49% |
| 2022 | 311477 | 10.17 to 16.25 | $3919011 | 1.36% | 0.00% to 1.40% | 57.22% to 59.43% |
| 2021 | 229178 | 6.38 to 10.20 | $1835074 | 1.93% | 0.00% to 1.40% | 49.82% to 51.93% |
| Small-Cap Value |  |  |  |  |  |  |
| 2025 | 43735 | 21.32 to 32.94 | $1392754 | 0.34% | 0.00% to 1.40% | 3.54% to 5.00% |
| 2024 | 43904 | 20.59 to 31.38 | $1333842 | 0.35% | 0.00% to 1.40% | 4.39% to 5.87% |
| 2023 | 45801 | 19.73 to 29.63 | $1315504 | 0.02% | 0.00% to 1.40% | 11.37% to 12.94% |
| 2022 | 49974 | 17.71 to 26.24 | $1264127 | 0.00% | 0.00% to 1.40% | -13.63% to -12.41% |
| 2021 | 52812 | 20.51 to 29.96 | $1531056 | 0.10% | 0.00% to 1.40% | 26.77% to 28.56% |
| Ultra Mid-Cap |  |  |  |  |  |  |
| 2025 | 52160 | 32.07 to 68.34 | $2660249 | 1.07% | 0.00% to 1.40% | 1.76% to 3.20% |
| 2024 | 60402 | 31.51 to 66.29 | $3045366 | 0.68% | 0.00% to 1.40% | 15.39% to 17.02% |
| 2023 | 60622 | 27.31 to 56.70 | $2576012 | 0.00% | 0.00% to 1.40% | 20.52% to 22.21% |
| 2022 | 64813 | 22.66 to 46.44 | $2246173 | 0.00% | 0.00% to 1.40% | -33.11% to -32.17% |
| 2021 | 71036 | 33.88 to 68.54 | $3611173 | 0.00% | 0.00% to 1.40% | 44.63% to 46.67% |
| Vanguard Variable Insurance Funds |  |  |  |  |  |  |
| Balanced |  |  |  |  |  |  |
| 2025 | 88181 | 33.10 to 42.32 | $3582680 | 2.12% | 0.00% to 1.40% | 14.85% to 16.46% |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31** | **December 31** | **December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| |<br>**Units** | **Unit Fair Value**<br>**Lowest to**<br>**Highest** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio\*** | **Expense Ratio**<br>**Lowest to**<br>**Highest\*\*** | **Total Return**<br>**Lowest to**<br>**Highest\*\*\*** |
| 2024 | 96682 | 28.82 to 36.34 | $3375616 | 2.40% | 0.00% to 1.40% | 13.20% to 14.80% |
| 2023 | 108107 | 25.46 to 31.65 | $3305780 | 2.05% | 0.00% to 1.40% | 12.74% to 14.33% |
| 2022 | 114889 | 22.58 to 27.69 | $3080618 | 1.69% | 0.00% to 1.40% | -15.49% to -14.30% |
| 2021 | 104684 | 26.73 to 32.31 | $3284992 | 1.69% | 0.00% to 1.40% | 17.36% to 19.02% |
| Total Bond Market Index |  |  |  |  |  |  |
| 2025 | 94917 | 12.81 to 16.38 | $1428158 | 3.37% | 0.00% to 1.40% | 5.45% to 6.94% |
| 2024 | 98640 | 12.15 to 15.32 | $1389284 | 2.94% | 0.00% to 1.40% | -0.17% to 1.24% |
| 2023 | 67764 | 12.17 to 15.13 | $950460 | 2.37% | 0.00% to 1.40% | 4.11% to 5.58% |
| 2022 | 67803 | 11.69 to 14.33 | $901700 | 2.04% | 0.00% to 1.40% | -14.42% to -13.21% |
| 2021 | 75136 | 13.66 to 16.52 | $1147809 | 2.08% | 0.00% to 1.40% | -3.08% to -1.72% |
| High Yield Bond |  |  |  |  |  |  |
| 2025 | 29571 | 21.16 to 27.05 | $771825 | 6.34% | 0.00% to 1.40% | 7.67% to 9.18% |
| 2024 | 33651 | 19.65 to 24.78 | $802494 | 5.84% | 0.00% to 1.40% | 4.96% to 6.45% |
| 2023 | 33961 | 18.72 to 23.28 | $760509 | 4.85% | 0.00% to 1.40% | 10.12% to 11.67% |
| 2022 | 35145 | 17.00 to 20.84 | $704817 | 4.93% | 0.00% to 1.40% | -10.62% to -9.36% |
| 2021 | 37133 | 19.02 to 23.00 | $821462 | 4.06% | 0.00% to 1.40% | 2.24% to 3.68% |
| International |  |  |  |  |  |  |
| 2025 | 698216 | 23.12 to 36.12 | $21994082 | 0.87% | 0.00% to 1.40% | 18.30% to 19.97% |
| 2024 | 737764 | 19.54 to 30.14 | $19382265 | 1.22% | 0.00% to 1.40% | 7.49% to 9.01% |
| 2023 | 755562 | 18.18 to 27.68 | $18177725 | 1.60% | 0.00% to 1.40% | 13.06% to 14.65% |
| 2022 | 804137 | 16.08 to 24.16 | $16897950 | 1.13% | 0.00% to 1.40% | -31.09% to -30.12% |
| 2021 | 720639 | 23.34 to 34.61 | $21669824 | 0.29% | 0.00% to 1.40% | -2.91% to -1.54% |
| Mid-Cap Index |  |  |  |  |  |  |
| 2025 | 272915 | 38.70 to 51.50 | $13545280 | 1.24% | 0.00% to 1.40% | 9.99% to 11.54% |
| 2024 | 290470 | 35.18 to 46.22 | $12940410 | 1.40% | 0.00% to 1.40% | 13.47% to 15.08% |
| 2023 | 306585 | 31.01 to 40.21 | $11870143 | 1.41% | 0.00% to 1.40% | 14.22% to 15.83% |
| 2022 | 322378 | 27.15 to 34.75 | $10789707 | 1.06% | 0.00% to 1.40% | -19.95% to -18.82% |
| 2021 | 340443 | 33.91 to 42.84 | $14048130 | 1.14% | 0.00% to 1.40% | 22.63% to 24.36% |
| Real Estate Index |  |  |  |  |  |  |
| 2025 | 120448 | 21.70 to 29.12 | $3342943 | 2.71% | 0.00% to 1.40% | 1.68% to 3.11% |
| 2024 | 128450 | 21.34 to 28.27 | $3457840 | 3.09% | 0.00% to 1.40% | 3.28% to 4.74% |
| 2023 | 128602 | 20.66 to 27.02 | $3307346 | 2.35% | 0.00% to 1.40% | 10.15% to 11.70% |
| 2022 | 129463 | 18.76 to 24.21 | $2986466 | 1.80% | 0.00% to 1.40% | -27.32% to -26.30% |
| 2021 | 142731 | 25.81 to 32.88 | $4473457 | 1.97% | 0.00% to 1.40% | 38.26% to 40.21% |
| Small Company Growth |  |  |  |  |  |  |
| 2025 | 205721 | 41.31 to 52.82 | $10161432 | 0.45% | 0.00% to 1.40% | 4.63% to 6.11% |
| 2024 | 206555 | 39.48 to 49.78 | $9636242 | 0.54% | 0.00% to 1.40% | 9.82% to 11.38% |
| 2023 | 215303 | 35.95 to 44.69 | $9032118 | 0.41% | 0.00% to 1.40% | 17.99% to 19.65% |
| 2022 | 228033 | 30.47 to 37.35 | $8004179 | 0.24% | 0.00% to 1.40% | -26.39% to -25.35% |
| 2021 | 230633 | 41.39 to 50.04 | $10869677 | 0.40% | 0.00% to 1.40% | 12.63% to 14.22% |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31** | **December 31** | **December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| |<br>**Units** | **Unit Fair Value**<br>**Lowest to**<br>**Highest** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio\*** | **Expense Ratio**<br>**Lowest to**<br>**Highest\*\*** | **Total Return**<br>**Lowest to**<br>**Highest\*\*\*** |
| Short Term Investment Grade |  |  |  |  |  |  |
| 2025 | 41598 | 13.75 to 16.70 | $634609 | 3.36% | 0.00% to 1.40% | 5.68% to 6.85% |
| 2024 | 52686 | 13.01 to 15.63 | $745110 | 3.07% | 0.00% to 1.40% | 3.74% to 4.89% |
| 2023 | 38872 | 12.55 to 14.90 | $529694 | 2.07% | 0.00% to 1.40% | 5.00% to 6.16% |
| 2022 | 40233 | 11.45 to 14.04 | $515480 | 1.53% | 0.00% to 1.40% | -7.03% to -5.72% |
| 2021 | 38786 | 12.32 to 14.89 | $528997 | 2.03% | 0.00% to 1.40% | -1.84% to -0.45% |
| Total Stock Market Index |  |  |  |  |  |  |
| 2025 | 122525 | 50.46 to 69.17 | $7768876 | 1.13% | 0.00% to 1.40% | 15.31% to 16.93% |
| 2024 | 116664 | 43.76 to 59.21 | $6334640 | 1.23% | 0.00% to 1.40% | 21.99% to 23.71% |
| 2023 | 124467 | 35.87 to 47.91 | $5518679 | 1.16% | 0.00% to 1.40% | 24.21% to 25.95% |
| 2022 | 124222 | 28.88 to 38.08 | $4363412 | 1.29% | 0.00% to 1.40% | -20.71% to -19.59% |
| 2021 | 131792 | 36.43 to 47.40 | $5792152 | 1.20% | 0.00% to 1.40% | 23.89% to 25.64% |

---

------

**Midland National Life Insurance Company**

**Separate Account A**

**Notes to Financial Statements**

\*&nbsp;&nbsp;&nbsp;&nbsp;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.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;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.

\*\*\*&nbsp;&nbsp;&nbsp;&nbsp;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 of change from inception to the end of the period.

**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 investments of the segregated asset account, on which the policy is based, are not adequately diversified. The Code provides that the "adequately diversified" requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury.

The Internal Revenue Service has issued regulations under Section 817(h) of the Code. Midland National Life believes, based on assurances from the Funds, that the Separate Account satisfies the current requirements of the regulations.